Nomura Securities strategist Naka Matsuzawa warned in a report published on October 22 that the current credit turmoil surrounding U.S. tech companies and France bears a strong resemblance to the "second wave of shocks" before the 2000 dot-com bubble and the 2008 Lehman crisis. He pointed out that if oil prices rise due to an overheating economy rather than geopolitical factors, the policy space for central banks in the U.S. and Europe would be significantly constrained, making a credit crisis potentially unavoidable.