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: 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. " recession caused by appreciation of Japanese Yen"), which occurred from 1985 to 1986. The endaka recession has been closely linked to the Plaza Accord of September 1985, which led to the strong appreciation of the Japanese yen. The term endaka fukyō would in the future be used repeatedly to describe the many times the yen surged and the economy went into recession, posing a conundrum for business and government, trade partners, and anti-monetary interventionists. The strong appreciation of the yen eroded the Japanese economy, since the economy was led by exports and capital investment for export purpose. In fact, in order to overcome the endaka recession and stimulate the local economy, an aggressive fiscal policy was adopted, mainly through expansion of public investment.