Interest rates were rising as stocks rose in 1999-2000. That presaged a top. In this rally interest rates, both long-term and short-term, are falling.
However, his country is simultaneously experiencing rampant speculation that is so excessive, that it has produced the "boom and bust" characteristics of all past speculative orgies. We have 3 different bubbles to deflate: (1) the stock market, (2) the real estate market, and (3) the debt market.