Title: Japanese asset price bubble - Wikipedia
Headings: Japanese asset price bubble
Japanese asset price bubble
Contents
Background
Timeline
Identification
Asset prices
Stock prices
Money supply and credit
Causes
The Plaza Accord
Financial liberalization
Monetary policy
Distortions in the tax system
The land lease law
Changes in bank behaviour
Aftermath
Asset price
Corruption
Household impact
Corporate impact
Financial and banking sector
The lost decade
Government policy
Government spending
Zero interest rate policy
Media
Notes
References
External links

Content: By August 1990, the Nikkei stock index had plummeted to half its peak by the time of the fifth monetary tightening by the Bank of Japan (BOJ). By late 1991, other asset prices began to fall. Even though asset prices had visibly collapsed by early 1992, the economy's decline continued for more than a decade. This decline resulted in a huge accumulation of non-performing assets loans (NPL), causing difficulties for many financial institutions. The bursting of the Japanese asset price bubble contributed to what many call the Lost Decade. Japan's annual land prices averaged nationwide have finally risen since the asset bubble collapse, though only mildly at 0.1%, a process that has taken 26 years to show up statistically. Contents
1 Background
2 Timeline
3 Identification
3.1 Asset prices
3.2 Stock prices
3.3 Money supply and credit
4 Causes
4.1 The Plaza Accord
4.2 Financial liberalization
4.3 Monetary policy
4.4 Distortions in the tax system
4.5 The land lease law
4.6 Changes in bank behaviour
5 Aftermath
5.1 Asset price
5.2 Corruption
5.3 Household impact
5.4 Corporate impact
5.5 Financial and banking sector
5.6 The lost decade
6 Government policy
6.1 Government spending
6.2 Zero interest rate policy
7 Media
8 Notes
9 References
10 External links
Background
Early research has found that the rapid increase in Japanese asset prices was largely due to the delayed action by the BOJ to address the issue. At the end of August 1987, the BOJ signaled the possibility of tightening the monetary policy, but decided to delay the decision in view of economic uncertainty related to Black Monday of 1987 in the United States. Later research argued an alternative view, that BOJ reluctance to tighten the monetary policy was in spite of the fact that the economy went into expansion in the second half of 1987. The Japanese economy had just recovered from the endaka recession (日本の円高不況, Nihon no endakafukyō, lit. "