:century

Author: Peng Jinzhang
Publisher:
Publishing Date: 2000-01-01
Features: In the 1980s, Japan's per capita GDP surpassed that of the United States, and its net foreign assets rose to the top of the world, dominating Asia and venturing into Europe and America, becoming an undeniable economic powerhouse. However, the Japanese, including the government, businesses, and banks, lost their usual vigilance in the haze of prosperity, leading their economy into a bubble—finally collapsing in the late 1990s. Corporate decline, bank reluctance to lend, and cabinet changes marked the downfall of an economic giant! This crisis had systemic and policy-related causes. Conducting an in-depth analysis to identify the root problems and summarize lessons is not only an academic issue but also highly beneficial for China, a developing country with similar cultural traditions and close ties to Japan, in the new century. The author, Peng Jinzhang, a researcher specializing in Japanese economic issues at the Chinese Embassy in Japan, has a profound understanding of this crisis and speaks with full authority.