As it is commonly known, Japan’s economy boomed after World War II. By the eighties, Japan went from having a low wage economy to one of the higher wage economies. However, within the next decade, the economy became stagnant. Even through large public works programs and increased internal money flow, prices remained deflated until the Bank of Japan purchased approximately seventy trillion yen worth of bonds and securities. As of recent, Japan has become a top exporter among the world’s open economies.
Since the 1990s Japan has been in a deflationary spiral that has greatly impacted the country as a whole. This deflation that crippled the booming economy of the 1970s and 1980s is the result of many contributing factors, the greatest of which was the burst of the asset bubble. This happened in the early 1990s due to the uncontrolled credit supply and quickly growing asset prices. Recovery from the ensuing economic crash some economists claim still has not been accomplished. “In Japan, overall prices have not risen since the late 1990’s,” which is a very bad thing (Gruber).
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