But the peak of the TOPIX in 2007 was 1816 and just before the Lehman shock 1430.

FORBES: Whither Japan Stocks: Is the Bullish Case Still Intact?

On March 11 the Japan REIT index reached a four year eight month high, 10% above the level immediately preceding the Lehman shock.

FORBES: Whither Japan Stocks: Is the Bullish Case Still Intact?

The ECB's efforts have greatly reduced the possibility of a Lehman-like shock, but policymakers elsewhere still fret about the ability of the Europeans to fend off the direst outcomes, not least because they seem unable to come up with any remedies besides fiscal austerity.

ECONOMIST: The world economy

Lehman was one of the biggest commercial paper dealers, and its collapse sent shock waves through the short-term debt markets, limiting the ability of companies to raise short-term cash.

FORBES: Magazine Article