50 after World War II, 60 time, of profit from United States " aid " , japanese economy begins recovery new life, develop flourishingly. 1964, japanese folk residence built gross to grew about 70% 1954 compared to the same period. 1985, yen begins to appreciate quickly after square agreement is signed, fast also violent wind raises estate price. From 1985 the bottom arrives at the beginning of 1990, japanese city price rose 200% . Final estate bubble is undone, the Japan after 1990 is moved toward " 20 years when lose " , estate steeps fall, fortune shrink, day the current year all GDP is added fast have 0.75% only.
A lot of people think Japanese government is active thorn broken foamy, but actually otherwise. In those day, everybody does not think this is bubble, however superheating, include Japanese decision-making layer. Because of the constrictive policy of this Japan decision-making layer, original intention is for adjusting control.
1987, japanese government raises estate revenue, hold does not trade to be levied to land of two years heavy taxation; Japanese Central Bank also is in in May 1989, in October, will announce 3 times to increase interest rate continuously respectively in December, take finance constrictive policy, announce the commercial bank stops to borrow money to estate; In March 1990, japanese government came on stage " compasses of estate financing gross is made " , severe the credit dimensions that controls land gross and estate; Of the same age will come on stage again in December " outline of land tax system " and " land basic law " , aim to control the house price that soare. But regretful is, a series of policy make land supply decreases, demand exceeds supply, price does not fall to rise instead.
A series of constrictive policy, add on several times add breath hind continuously, the capital catenary of estate begins to rupture, the credit system disintegrate of estate of the Japan that prop up, at the same time of Japan just needed to buy room cost leap, house price steeps fall, abandon begin to appear for the phenomenon.
Respect of this explicit exchange rate, because yen appreciates, yen rises quickly in global purchasing power, japanese foreign trade is sufferred inflict heavy losses on. And around is signed in square agreement, the United States already layout, low buys Japanese property; After waiting for yen to appreciate, again wantonly undersell, the aggravate on certain level foamy is undone.
Sum up, from foamy from beginning to end, although the original intention with Japanese decision-making government is to restrain bubble, but the practice is not proper. It is to be after square agreement above all, yen has appreciate evidence, but not serious still. Right now Japan hopes policy of untie a person, through expanding inside need to develop foreign trade loss in order to be opposite, this is right. But the policy with loose little imagine brought about estate value rocket. And Japan wants to cast off yen completely to appreciate only at that time brought harm, grow in order to stabilize economy, where canal gets main rooms price.
1987 is a node, right now Japanese government has realized estate bubble, but here still put no less than economy. Because this is raising estate revenue while, announce to enlarge public investment unexpectedly, finance policy turns in the round for comfortable. Money + financial double comfortable, let estate bubble finally push to acme. And controlling foamy fashion finally also is " one knife is cut " , make everybody general consider as " active thorn is broken " . Because this says with its " active thorn is broken " , be inferior to saying is hind of out of control inside natural disposition is defeated oneself.
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