1,1On September 22nd, 985, the world's five major economic powers (America, Japan, Germany, Britain and France) reached a plaza agreement at new york Plaza Hotel. Since then, the yen has appreciated rapidly. At that time, the exchange rate rose from 1 USD to around 240 yen, and rose to 120 yen a year later. Due to the drastic change of exchange rate, the assets composed of US Treasury bonds suffered book losses, so a large amount of funds entered the Japanese domestic market to avoid exchange rate risks. At that time, in order to subsidize the export industries hit by the appreciation of the yen, the Japanese government began to implement the financial easing policy, resulting in excess circulating funds.
2. Since the late 1970s, Japanese banks began to worry about financing cases from excellent manufacturing enterprises, so they began to tend to provide financing for real estate, retail and individual housing. Since 1980, global deflation has formed an upward channel for the stock market.
From 65438 to 0989, Japan's bubble economy reached its peak. At that time, Japan's economic indicators reached an unprecedented high level, but the so-called bubble economy began to decline because the rise in asset prices could not be supported by industry.
4.1In March, 990, the Japanese Ministry of Finance issued the Regulations on Controlling Land-related Financing to control the total land finance. This man-made sudden braking led to the accelerated decline of the bubble economy that had entered a natural recession, and led to the collapse of the long-term credit system that supported the core of Japan's economy. Since then, the Bank of Japan has also adopted a financial tightening policy, which further led to the bursting of the bubble.
On February 29th 1989 15.87, the average share price reached the highest point, then it began to fall, and the land price also began to fall around 199 1, and the bubble economy began to burst. 1992 in March, the average share price of Nikkei fell below 20,000 points, only half of the highest point 1989. It further fell to 14000 in August. A large number of book assets disappeared in just one or two years. As the price of land has also dropped rapidly, there are also great risks in loans secured by land. At that time, the non-performing loans of major Japanese banks were exposed one after another, which caused a serious blow to Japanese finance.
Revelation:
1, Japan realized in the introspection of its bubble economy in the late 1980s that the change of CPI played a decisive role in the formation of the bubble economy, which is of reference significance for China's economic development decision-making.
2. Pay attention to the balanced development of industries and prevent financial risks.
3. Pay attention to exchange rate and balance of payments.