The whole world is the most miserable estate bubble, from cause undone!_News

In 100 years of in the past, have the crisis 10 times, 9 estate crisis, 4 tremendous estate crises, each have far-reaching effect. Feline elder brother plans to divide a phase to review crisis of these 4 estate, every phase has him savour.

After the Second World War, japan begins to center energy construction, the result makes a person impressive.

Arrive from 1953 1973, japan transforms from an agricultural country export a nation for the biggest iron and steel on the world and car, what be in Europe and United States like the Motor Corporation that Feng Tian leads is successful, of Japanese commodity rampant, worker of many United States smashs Japanese car in order to have untimely needs. I am normal.

1984, american unfavorable balance of trade is 123.3 billion dollar, this its are Sino-Japanese having 3 class unfavorable balance of trade. 1985, japanese foreign exchange reserve exceeds 400 billion dollar, 50% what take world foreign exchange reserve. Japan replaces the United States to become the greatest creditor nation on the world, its economy exceeds Italy, France, England and Germany, it is the 2nd great creditor nation.

American is panic-stricken. Zhou Si, they by " Japan is made " be surrounded, the product includes Suo Ni, fine can, Shi Le, Ren Tiantang, Feng Tian, or comes from Japan, or comes from Japan, or comes from the Colombian film of bank, supermarket, well-known company and Hollywood. The mark sex that this company and Luo Kefei strap an edifice to be in new York builds the thing that has made Japanese.

Period of at the height of power and splendour, 10% what Japan owns American property, "Buy next United States " , " Japan can say not " , " Japan the first " already became new consensus, those who remain is time problem only.

This also is concerned with American itself.

1978, the 2nd times oil crisis erupts, violent wind of price of the sources of energy rises, american inflation is serious. 1979 summer, paul Volcker takes office as federal to lay in committee chairman, the decision controls inflation. Come 5 years, dollar exchange rate rose nearly 60% . A large number of overseas financing flow into the United States, but exit drops, unfavorable balance of trade became an issue. To improve this kind of condition, american hope devalues through the dollar the exit competition ability that will improve its product. Of course, main goal is Japan.

Then square agreement came out.

In September 1985, beautiful day holds the meeting in hotel of new York square, decide market of joint intervention foreign currency, make the dollar depreciates in order to main money, in order to settle unfavorable balance of trade of American a huge sum, call " square agreement " 5 problems after. Each country begins to be in dollar of usu. in anticipation of or in order to bring about a fall in price of foreign currency market, cause tide of one wave height, the dollar continues to devalue considerably. Devaluation and yen are the biggest appreciate, achieve inside 3 years 86.1% .

How should Japan is opposite? They overrun.

Active finance

Be in " square agreement " later, japanese government decides to reduce tax 1 trillion yen, increase common cause to invest 5 trillion yen. Of the same age in July, government spending added 2 million yen.

Pocket money

Since January 1986, japanese bank has lowered interest 5 times continuously, from 5% fall 2.5% , it is at that time the lowermost interest rate of world main nation. Came 1985 1990, the increase rate of Japanese M2 by 8% rise to 12% above.

Encourage an enterprise to issue bond

Came 1985 1989, company financing forehead grew 5.5 times.

The bank begins a large number of loan, especially housing borrows money.

No matter be pair of enterprises or individual, mortgage loan expands quickly, the bank is contended for extend to employee without assure credit serves as KPI. Came 1986 1991, remaining sum of estate mortgage loan grew one times.

Of yen year appreciate rate more than 5% .

Want capital fund of your hold yen only, you can change through exchange rate achieve the exchange rate earnings of more than 5% , so many international heats up Qian Chong to enter.

There still are a few deposits in hand of ordinary common people, but bank interest rate has dropped, the money had exceeded limit. Must a reliable channel ensures fortune appreciation.

All these money want to cast off, all stock market, estate and go tacit!

The government hopes more capital enter entity, export the negative effect that the setback brings in order to offset, but it is just the opposite to what one wished. On one hand, exit cost is high, company motive force is insufficient, on the other hand, as a result of the long-term and exuberant, prosperity of domestic labor and low cost, the company is not willing to invest in China. But the most important is, in this moment deal far less than investment.

The result is apparent. Stock market is shooting up, land price also is in shoot up.

From 1983 since, countrywide average price from 110000 rise to 590000, in 1991 rose 5.36 times. Tokyo is Japanese estate bubble has representative state most.

The case of land total prices of the Japan end 1988 is 1842 million yen. According to the exchange rate at that time, price tot of the United States 403 million yen. That is to say, islands of a Japan can buy more than 4 dollars, and Tokyo the land total prices of 23 areas is 411 trillion yen. Say so " a Tokyo can buy the United States absolutely " not be fun.

1989, tokyo is silver-colored price be publicitied is a 5 day wood 110 million yen, or every square metre 970 thousand dollar, it is the world's top price, it is record of auspicious Nisi world. 1990, tokyo spent 5000 much yen to buy the family of a 60 square metre, and the youth is below the circumstance that does not have food and beverage the job spent 15 years.

Some circumstances are:

Be in Beijing suburb, 29 farmers remove, land gross area is 800 million yen. Previously, 29 farmers do not earn 1 million yen every year, so they signed an agreement gladly. But inside 5 months, a lot of people begin to regret, their land is in a few short inside the month with respect to value 1.1 billion yen, their income is less than 3 million yen. Billion, be equivalent to them previously plod 300 years.

Await in those days, buying a house is a rare flower. As a result of many applicant, a few buildings must shake sway place the ground to sell. Lottery is very difficult in. Among them a building is 1/3700 in profitability of the first year, it is 1/6200 the 2nd year. Such land also is sold into the building by development, can wide be less than 3 meters, but do not exceed 4 meters, but amount to a few, of the folk that be called " pencil tower " , also by scare buying one sky.

1987, attend tumbledown mother to fail to win lottery, because two children are eager to buying this to cover a house, but victorious rate is 1/3700 only. NHK reporter interviewed her, comfort her to say she will continue in next year, actual triumph rate of the 2nd year is 1/6200.

Development demand is exuberant, but change demesne as a result of land, land contends for battle to happen from time to tome, the appearance that causes the death that tear open change also common occurance, a lot of vicious power look up.

Typical person, be like scholar of Ozaki Kiyoshi, tall stop halfway, and after the violent gang of Osaka appears, east bloc is in the 1969 companies that established his, mix with estate usurious for major servicing, earn the politics after the first pail of gold, black and white two people eat together, serve as next what want Tokyo inaccuracy to tear open change surely only is street, it is OK to find him forever. Settle way, but intermediary cost often is 200-300 10 thousand yuan, he still must invest a project or be the first, have money so, his life is extravagant, in silver beautiful wine, moll must be in 20 years old the following, very powerful, birthday is in 1982, celebrity should congratulate more than 1000 people. But, in 1984, ozaki Qingguang diabetic be in hospital, camouflage becomes 3 detective, the murderer that witness is shot dead.

Real estate is mad, the government can step on brake normally, but 1985 Tokyo started capital to rebuild plan, this plan only then at going up century 70 time, but be abandoned when the market is mad.

Tokyo 1985 population a total 8.35 million. Capital plans newlier to involve 249000 to remove door with 730000 people. In fact, afterwar haste makes major fabric, populous, fire prevention performance is poor, aseismatic performance is poor. They remove or overhaul is a time problem.

The biggest person be benefited of this round of negotiation is slope Qi Tai Ji, as it is said gunman of slope slope employ is killing small Qi, because their business overlaps. Slope lustre too extremely core business also is " estate tears open change + land retains problem " , how many money do you earn?

1986, feng Tian, Suo Ni and can produce continuously the first rank on pop chart of Japanese company income. This is slope lustre too extremely industry. They are passed with nail door contact with makes money, next slowly the land market with top-ranking infiltration, the your writing of slope lustre is detain is noted be in Tokyo on cosmopolitan hall relics.

About 1982, the message that Tokyo congress hall rebuilds came out, but the address is not affirmatory. Sakazawa bought the land of Shinjuku, among them the biggest is in Shinjuku, liudingmu, total prices 7.5 billion yen. No less than anticipates in that way, new governor drives capital hall to transfer Shinjuku. Between one night, the land on his hand shot up sixfold much, add new constellation, acerbity cereal, long wild mix in yokohama with circumjacent area the investment of parallel eaves. That year of his net 156 billion yen, astonish the throughout the country. A lot of people think this is operation of a black box. 1986, 3 grenade are thrown into living room. Fortunately, french bodyguard hid sofa from sofa, otherwise his life is about to lose 80% .

But these are episode. Arouse all people very hard. It is estate market not only, and it is stock market.

1955 to between 1990, day rose in price native landly 70 times, the stock rose in price 100 times above.

Day classics index was in January 1986 13113, was in September 1987 26000, the market prise of Japanese stock market exceeded 1988 in those days gross domestic product. In December 1989, day classics index achieves the history new tall, adjacent 389158.

The enormous wealth effect of estate and stock market makes Japanese entered spec and the period that distribute fund from afterwar extremely economical condition, live in extreme luxury, here cites a few small case:

Everyday in the evening, brandish a move in chess or a movement in wushu was swarmed on the street the person of taxi of 10 thousand dollars, tens of 10 thousand yen on some people flower bought car Cheng of 5 minutes, because the car of the company took millions dollar, and cost is boundless;

Male much more female little, girl very suffer take seriously, the heart that gift of Christmas three-piece suit includes Difanni get object, arrange of France of hotel of prince of slope of bare of 3 interlink ring of Kadeya, Tokyo, a restful night comes down basic 400 thousand did not have. Ask the girl to eat daily prandial cannot little at 50 thousand yen, 200 thousand belong to regular consumption. Little gift cannot under 10 thousand, a month 3 concerts, a film belongs to a week normalization.

To graduate, this is a gold period. Everybody offerred at least 5 quoted price. If they consider employment you, they can give you gift of 100000 yen cash certificate or 400000 yen shopping certificate or a bag. If they are pivotal qualified personnels, car of A Mani, labor person, entrance and foreign journey are likely. This company still makes love letter, if personnel of invite applications for a job comes from a country, he sends Ma Heniu possibly even to him the kin of home town.

At that time, building of an United States will sell Japanese. American quote exceeds 400 million dollar, both sides agrees to pay. Japanese brought a new contract suddenly, the price is 600 million 10 million dollar. Japanese explanation says, their boss was in yesterday " record of auspicious Nisi world " on see, architectural of the Chan Dong on the history is highest price is 600 million dollar. They consider break the record.

...

At that time, japanese root establish at two belief -- " the stock market always can rise " , "House price can rise forever " !

But how likely? 1990, japanese government thinks the land price that rises ceaselessly and stock market broke away from real economic situation completely. Bubble is expanding, can break down sooner or later. Await passively with its, be inferior to taking action actively.

So Japanese government began, this is merciless, if the opportunity comes back, they won't so do.

How are they accomplished?

Constrictive capital since 1989, japanese bank has raised interest rate 5 times, come from 2.5% litres 6% , at the same time monetary supply growth drops quickly.

Strengthen housing loan, strengthen the control that trades to land. Up to by 1991, japanese commercial bank stops basically already to extend to real-estate industry loan.

Adjust land income tax.

"Land tax " policy has been promulgated, the person that provides every hold land is annual must pay is regular proportional duty. House-owner people during room city flourishs corner a large number of land, sold their land, japanese estate market is entered instantly " beg for be more than " glacial times.

After the money is constrictive, what cannot avoid above all is the stock market. By 1987, 41.7% what market prise of Japanese stock market occupies market prise of world stock market, peak was reached 1989, but drop quickly subsequently. Overseas investor thinks bubble is met burst and burst. It is turning point with 1990 New Year, japanese stock market drops. In September 1990, day classics stock market drops on average 44% . Drop on average 55% . Almost all bank, enterprise and stockjobber sufferred huge loss.

To avoid to go bankrupt, a lot of companies must sell estate, instantly supply exceeds demand, house price begins to drop, but cannot sell, built structure does not have lodger, it is empty room everywhere. Foreign investor escapes quickly, capital is tightened up. 1991, the estate bubble with giant Tokyo begins burst and spread to Japan. Up to by 1993, japanese estate goes bankrupt indebted amount is the enterprise 3 million yen.

Because many guaranty borrows money, the bank called in a large number of bad assets. The corresponding period, 21 main banks of Japanese announced the bad loan of 110 billion dollar, among them 1/3 concern with estate. Subsequently, a few banks confronted scandal of con sex loan, cause severe trustful crisis, a few big banks close down in succession.

Bubble was exposed, but the expectation that its influence exceeded a lot of people.

Land price of Japan is in 1991 reach peak, from 1992 since continue to drop. To 2015, the residential price of 6 main cities had dropped 65% , the residential price of all cities fell 53% , and had not restored.

Lose 20 years

Japanese estate bubble is undone, rate of its economy growth is slower than inflationary rate. In 1992 arrive between 2014, GDP average increase rate of Japan is 0.8% , this is the result that the government stimulates ceaselessly.

Dweller wealth is sudden shrink

Society of alleged small appetite also is the response of pair of finance natural resources and confidence, japanese scholar statistic, during estate and stock price drop, wealth loss of Japan reachs 1.5E15 yen, be equivalent to total of individual finance capital.

Management failure

As a result of property slump in price, company balance sheet worsens considerably, the enterprise must repay hard debt, reduce competition ability. Because bad Zhang increases quickly, the bank is damaged badly especially. Japan 1992 to 2003, suspend payment of 180 finance orgnaization.

Japanese government also is a loser.

1991 hind, japanese government debt jumps. 1991, the proportion that Japanese debt holds GDP is 48% , was 2014 230% , far outclass is similar the level of the developed country. Accordingly, international position of Japan also drops considerably.

A lot of Everyman suffer the effect of the times, free and easy rises and fall, of the destiny, even those not exceptional people.

Early before, the wife of slope lustre is when estate bubble is the most serious die, her requirement is less than the divorce inside two years after marriage 75 billion dollar. 1991 hind, land slump in price, the spec fails, his company, once was before Japan 3, collapse. 2001, slope lustre is become suffer from cerebral hemorrhage. But the life that he saved himself, became plant person. He died after 5 years.