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The Turkish economy has rebounded strongly from a steep downturn in 2001.
But the "welfare-state model" wasn't responsible for the steep downturn.
Few expected such a steep downturn for the industry, including Mr. Watanabe.
The liquidity picture could become even worse if individual investors abandon the market in a steep downturn.
The steep downturn in the economy and housing market has made both commercial and residential real estate less appealing.
Facing a steep downturn in sales of regular advertising, commercial broadcasters like ITV have long pleaded for such a change.
"Add to that the current steep downturn in the book market, and we have more than enough to discuss".
In the past few years, the United States has experienced a steep downturn followed by a steady (though horrendously slow) upturn.
Yet the state's fiscal condition kept deteriorating, battered by a steep downturn, a heavy reliance on the financial sector and decades of unsound policy choices.
Until the recent recession, the deepest fall for the American economy since World War II was a 3.7 percent drop during the brief but steep downturn in 1958.
However, figures from the Australian Department of Immigration and Citizenship have shown a steep downturn in applications for student visas since 2009, recovering slightly only this year.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com