Untitled Essay Research Paper The Economy of

Untitled Essay, Research Paper

The Economy of Japan had experience a enormous growing since the terminal of

the Korean war. The growing of GNP in 1967 and 1968 was above 10 % ( dual

digit growing period ) which exceed states such as Britain, France and Germany.

The economic system experienced a encouragement is due to many grounds, such as: expansion

of industrial installations, monolithic version of western engineering and instruction,

lower the military disbursal to 1 % of GNP, relation with power state, human

resources and their spirit to accomplish & # 8220 ; zero defect plan & # 8221 ; . But after the

foremost and 2nd oil crisis that occur from 1973 onward. The economic system move

downwards partly due to the hapless direction of economic policy. Although

the authorities had effort to set the economic policy but the recovery

was slow. As the glide of hankering continues the demand for export has addition

enormously. With the concern of the United State of this job, president

Reagan and the G5 have signed an understanding with Japan called & # 8220 ; Plaza Agreement & # 8221 ;

, the understanding stated that the exchange rate of Japan and Deutschmark can

appreciate against the U.

S. . Since so the hankering value began to appreciate,

Japan was traveling through a period of trade balance accommodation. While Japan

is prepare to travel through a period of trade balance accommodation, it will besides

endure a period of recession, so the authorities strongly promote concern

activities to beef up the economic system in order to forestall backwash consequence.

It was this event which boost up the GNP and raise the exchange rate. With

this exchange rate advantage it stimulate concern activity on lodging and

stock investing which created a bubble economic system. During this period about

the full state was involve in land guess or other speculate activities.

In this essay it will turn out that land bad activities had create many

negative impacts to the Nipponese society and economic system. First, it will depict

the cause of land guess. Secondly it will discourse on the society and

political effects in Japan and in conclusion it will concentrate on the economic system effects,

more over it will include the wake when the bubble collapse.The root of this bubble economic system is due the moving ridge of land guess. The

broad spread of land guess activities were chiefly because it is profitable.

The bad minutess in assets grew and grew and many believe that

this will last for really long period of clip. One of the ground that leads

to massive investmentin the hazardous activities is because of the success of the Japanese in the

international market during 70*s & # 8211 ; 80*s. Many Nipponese endeavors and concern

adult male had become really affluent. These people have a big amount of equity to put.

Some of these people have focus on hazardous plus such as stocks and land, hence

many of the regular ventures were left buttocks. One of the major cause of

the monolithic dealing in the land market was due the incremental of loans

by Bankss. Fiscal establishment was really positive in imparting money to the

endeavor. This enhance the handiness to the land speculate market.

Each size of this loan is really big. This is because the size of mortgage

in Japan fiscal establishments are based on the collateral, ( house ) while

in North America the size of the mortgage is based on the borrower*s income

watercourse. Therefore the size of loan can be obtain by borrower is larger in

Japan than North America. Besides 62 % of Nipponese families own the place that

they live and in mean the value is near 4 million hankerings. Therefore there

are tonss of possible investors. And during the period of bad activities,

borrowers increase the value of their loans as the value of their collateral

additions. Since plus is extremely liquidate, the figure of possible speculators

are high and borrowers in Japan were able to acquire a larger size loan on existent

estate hence bad activities sink into the degree of common place

proprietor and big endeavor. Beside the method of ciphering mortgage size,

another ground why the size of loan was so big is likely that both the

bank and the investor were behind the land guess activity ( banking

dirt ) . Investors were paying some cardinal money ( kind of a payoff ) to fiscal

establishment in order to obtain a larger size loan. Therefore many fiscal

establishments were over loan during this period. Another signifier of raising hard currency

flow for the speculate market was by braking down a loan that obtain from

a big fiscal establishment to a specific endeavor, so impart a little

piece of this loan to those who was non eligible to obtain a loan from the

bank. These companies that act as the funnel will gain a certain sum of

involvement from these smaller companies ( branch consequence ) . Therefore all categories

of companies and society can easy entree in the speculate market. Other

big corporate, building company, form offense group and even temple

( spiritual ) were besides involve in land guess. Another encouragement

to the bad market was because the authorities ( broad democratic

party ) had originally lower the capital addition revenue enhancement in the early 80*s. Therefore

the net income for proprietor to resale their land was big.

Defects in authorities policy besides indirectly allow investor to acquire off of

belongings revenue enhancement disbursal. For illustration some land proprietor could merely works small

harvests over a big piece of expensive vacant land in urban metropolis and declare

them as agribusiness land. As a consequence they will be revenue enhancement really small. Therefore

the incremental of land bad activities were due to over size loan,

high handiness to the land bad market and indirectly by the

authorities flaws.During the extremum of the land guess there is a rather interesting survey

of land monetary value in Japan. ( 1 ) & # 8220 ; If you sell the full belongings of Tokyo you

can really purchase the full United province and by merely selling the surrounding

land of the Imperial castle you can purchase Canada. & # 8221 ; Although it might of been

a small over exaggerate, but the point is that the land value in Japan comparison

to North America is much higher. Since there is no 1 side of a coin, Land

guess had create many societal jobs in Japan. First, land guess

had rise the rent and lodging cost enormously. As a consequence many immature twosomes

and low income households were unable to organize their ain house clasp. In norm

the cost of a house in Tokyo had raise to about 500 million hankerings. The younger

group with low income can non afford it and the mid age workers may besides non

able to afford it. Primary is because they would hold to give up at least

three-fifth of their income in loan refund. Besides if they have a comparatively

low sum of down payment, there working age may non be long to refund a

mortgage. The longer the amortisation period, the larger the sum of involvement

they bare. The white neckband had become the bondage or forfeit of the ne’er

stoping mortgage payment and high cost of lodging. In 1990 the births live

in Japan was 1.2 million, in fact the figure is the lowest since 1893. Many

analysts believe that one of the ground that lead to this slow growing of

population could be create by high house monetary values. So Nipponese people have

stopped holding kids and big household is rare. Therefore this is one of

the causes of Japan is running our of Nipponese. This is besides a really large societal

issue of the modern Nipponese society but the case in point of the slow growing

of population has now move from high lodging cost to other societal jobs.

During this period, there were tonss of instances sing on the robbery and

suicidal in the constabulary force. ( 1 ) & # 8211 ; Wood, & # 8220 ; The Bubble Economy & # 8221 ; , Sidgwick & A ; Jackson, London 1992 pg.

50

This was chiefly because of the to a great extent debts that these constabularies bare and they

have no other pick than to try to travel above the jurisprudence. Due to the funding

jobs in the existent estate market, it leads to the initiation of what is plan

call & # 8220 ; 2 coevalss mortgage program & # 8221 ; . The initiation of this program was propose

to accommodate the bulk of the white neckband in the Nipponese society. This program

was develop since 1983 but it became more utile from 1985 onwards and the

making of this plan must be father-son that program or already populating

together. ( boy must be older than 20 and must refund the loan by the age at

70 ) The size of the mortgage is determined by the borrower, involvement is flexible

and the appliers must buy an life insurance in order to protect the

hazard of un collectable due to decease. ( Pay by the bank ) Husband and married woman can

besides articulation this plan. Banker said that the applier may able to refund

this loan in 40 yr. and this type of plan besides promote a bonding

relationship between male parent and boy. On one side this plan may let a

regular income worker to be a place proprietor but on the other side this individual

will bare a debt for the full life and base on ballss on to the following coevals.

Furthermore it may restrict on the ingestion of the borrower on other composite

good. The roars in land monetary values besides discourage people & # 8217 ; s incentive to work.

( 2 ) & # 8220 ; Because if any lucky persons inherited or have a piece of land in

metro Tokyo, they will all of a sudden derive a net worth of 250 to 300 million yen. & # 8221 ;

This sum of money is tantamount to honest man*s life clip income plus

retire pension. Since may people acquire rich during this period, the figure

of in-between category income in Japan had enormously increase. Under these

fortunes, many believe they have already achieved the good life therefore

people lose the inducement to work hard and acquire in front. Therefore it will falsify

the societal construction in Japan and make many jobs to the authorities

( revenue enhancements ) . Since the forfeit and cost of place ownership is so high therefore

many Nipponese had prefer to lease. Since the demand of rental market addition,

it besides attracted many investor and speculator. Therefore renters besides suffer

from the incremental rise of land monetary value. In Japan, immature twosomes, low income

group and the aged participated as the major group of renter in Japan.

During this period, proprietors were looking to sell their belongings for high return

and in order to coerce the renter to travel ( after renter moves landlord can

take higher quality renter or resale the belongings for a larger net income ) rent

rises highly high. Many aged were unable to afford such high rent so

( 2 ) & # 8211 ; Wood, & # 8220 ; The Bubble Economy & # 8221 ; , Sidgwick & A ; Jackson, London 1992 pg.

61many were force to travel. As a consequence many had become homeless. In some instances

renter refuses to travel so some proprietor will engage form pack group to coerce

them out. Some of these unfortunate renters will give up the hope in place

ownership in the nucleus and travel further and further off from the centre.

Therefore many of them will pass over 2 to 3 hours to transpose from their

topographic point to work. So either manner, place proprietor ship and renters suffer from the

rise of lodging monetary value. The natural populations are non the lone civilian

of this incident. Many foreign pupils besides suffer from the lodging job.

( 3 ) & # 8220 ; In 1986, there was a statistic taken over a entire figure of 8116 foreign

pupils. Apparently merely 17 % lives in an equal occupant facility. & # 8221 ; The

primary ground was due to the cost of rent, high exchange rate and in conclusion

it was because the local people do non wish to lease their belongings to foreign

pupil. Student associate had propose to construct new occupant lodging but

due to the heat of land guess ( make an addition in the demand of

land ) and high building cost, the new residential lodging will be really

dearly-won. Therefore this new building will likely raise the rent 2 to

3 times. While the lodging job continues for foreign pupils from 80

onward the Nipponese authorities had still declare that they ( 4 ) & # 8220 ; anticipate a

sum of 100,000 new foreign pupil will be coming in during the 21st century. & # 8221 ;

This reflects that the authorities has pay really small consciousness non merely

on the natural population but besides foreign pupil. Beside foreign pupils

and the natural population,

another group that affects by the high land monetary values was foreign embassador.

As the monetary value continued to lift ( specially in Tokyo ) , the embassadors of the

lower wealth states ( such as Africa or Uganda ) were force to travel their

location off from Tokyo due to high rent. Although this job was reflect

to the Nipponese authorities but it was remain un solve. Other side effects

of the land guess was the new residential building during that

epoch. In ( 1000 leaf metropolis ) many of the new building country no longer

hold a big field or play land that similar to a traditional residential

country. ( 3 ) & # 8211 ; Cao Man Kit, & # 8220 ; The Life of Foreign Student in Japan & # 8221 ; , Ming Chang, H.K.

1991, pg.160

( 4 ) & # 8211 ; Cao Man Kit, & # 8220 ; The Life of Foreign Student in Japan & # 8221 ; , Ming Chang, H.K.

1991, pg. 167In one of the Nipponese newspaper there is an advertise article that describes

their prognosis on the living status of the Japanese in the twenty-first century.

( 5 ) & # 8220 ; The hubby should non return place until weekend, during weekdays merely

live in worker*s occupant near their workplace. This resident lodging should

be similar to hotel where it has an into desk that can rinse your fabrics,

postal service and take your message. Their place should be in some rural

or less urban country that 100 kilometers off from work. & # 8221 ; This reflected that the rise

of land value did non merely merely consequence the affordability of the lodging but

besides falsify the life style of the Japan workers as it had reflect in the

earlier incident of the 2 coevalss mortgage. ( 6 ) & # 8220 ; During the bubble economic system

period the districting ordinance in Tokyo has revision to let builder to construct

more capital on the piece of land. So this indirectly rises the possible

of constructing infinite in Tokyo. It will once more raised the existent estate value, belongings

revenue enhancements and traffic congestion degree of the area. & # 8221 ; Harmonizing to the ( 7 ) & # 8220 ; National

Land Agency statistic, about half of houses surveyed in the mid to late 1980s

responded that they had no development programs for the land that they acquired. & # 8221 ;

They seldom built places or flats, but alternatively constructed office edifices

that would convey in steady grosss. From the developer*s point of position,

houses and flat are the least profitable undertakings. So land would about

ne’er allotted for lodging & # 8221 ; . With land guess and the deficit supply

of new building on lodging the Nipponese occupants are really hard

to happen an low-cost topographic point to populate beside the houses that are really far from

work topographic point. In the current Japan election the per centum of participant electors

in Japan has drop below 60 % of the entire population and the broad democractic

did non have 50 % of the place through election. This per centum was the

lowest since WWII and chiefly was because the populations in Japan no longer

believe the broad democratic party can convey them back from recession.

Besides they did non hold a good control system during the bubble economic system, failure

of the recovery plan after the bubble splash. ( plan such as enlargement

in public investing, take downing the involvement rate and series of economic counter

step but the hankering is still reasonably high which discourage export ) In more

specific, during the bubble economic system the authorities did non truly suggest

( 5 ) Cao Man Kit, & # 8220 ; The Strategic of Japan Enterprise & # 8221 ; , Ming Chang, H.K. 1992,

pg. 68

( 6 ) Mc Millian Charles, & # 8220 ; The Japan Industrial System & # 8221 ; , Berlin, New York,

1996, pg. 56

( 7 ) Wood, & # 8220 ; The Bubble Economy & # 8221 ; , Sidgwick & A ; Jackson, London 1992 pg. 89an effectual revenue enhancement jurisprudence until 1990. ( National Land Value Tax- prohibitory revenue enhancement

on net incomes from the sale or transportation of land national land jurisprudence 1974 ) This

revitalizes the local belongings revenue enhancement and appraisal ratio for the fixed plus

revenue enhancement. Another official policy was issue during 1990 was through the fiscal

market in which the authorities regulates on the loan activity. This finally

decelerate down the loan activities mostly in 1991. But still the authorities truly

lagged their response for those who already suffer for 5 old ages of high lodging

cost. More over during the period of bubble economic system, many political relations were either

involve in land guess or was bribe by organize pack group and big

endeavor in order for these people to be more handily to hold more

benefits in the land market. One incident is involve by a concern adult male Kyowa

and a cabinet curate Fumio Abe, where Abe sold the inside informations of where a new

route building in Hokkaido in return for 480 million hankerings. Political dirt

was expose to the public non long after the bubble economic system was splash. Last,

most of the plus of the politicians are in the existent estate market therefore

neither the bank or the functionaries admit the autumn in land monetary values. So when

this incident was expose to the populace, the monetary values of land autumn aggressively around

50 % . And chiefly because of the period of screen up. So many large and little

investors all of a sudden woke up from their happy dreams and face the atrocious

world. With the above grounds the authorities has lost the trust of many

Nipponese. Therefore the land speculate activities had besides consequence the image

of the strong broad democratic. During the bubble splash period, many

pre-graduates and graduated university pupils were unable to happen occupations

in the labour market due to the diet all companies hence many pupils

were thwart about their hereafter. Therefore the supply of the labour market

is distorted by the bubble explosion. Therefore you can see that the land guess

activities had create many societal jobs to the Japan society during the

bubble period and after the bubble burst.During the bubble period the economic system was strongly boost by the sudden rise

of land value and stock market. On the other manus the after math of the bubble

splash was a hurting for the economic system. In general we will look at the effects

on the rise and autumn of the Japan*s economic system.

In 1985 the trade balance in Japan need to hold accommodation therefore the

authorities declare that it needs some force to turn in order to forestall recession

during this adjustment period. ( 8 ) & # 8220 ; In 1989 the GNP has increased by

481,000,000,000,000 hankerings and this was chiefly due to the speculate market. & # 8221 ;

( Peoples put their net income from land to stock market or frailty versa ) Many companies

were chiefly focus on the speculate market. ( 9 ) & # 8220 ; The Tokyo Stock exchange

soared to about 40,000 points, the value of stock and land was far above

the existent value and value of belongings was non rise due to its demand but was

due to guess. Finally when the bubble splash, the vacancy rate went

projectile high due to miss of demand. Many companies had to travel on a rigorous diet

to last, and they made deep cuts in outgos for amusement,

advertisement, communications and much else. & # 8221 ; And the above statement is the

general image of what go on during the bubble economic system. During the aureate

period of land guess, many investors know that the land market in Japan

was limited ( due to the possible and limited geographic country ) so they began

to buy land over sea in Hawaii. ( 10 ) & # 8220 ; The Non H2O forepart lodging monetary value

in Hawaii during 1987 went up by 51 % and the H2O front lodging monetary value went

up more than 100 % . & # 8221 ; This resale land market in Hawaii was chiefly between

the Japanese ; in 1987 the land monetary values was estimation has rise over 60.2 % and

many renters have all of a sudden realize that the rent has enormously increase

and can non afford it, so many people have no topographic point to remain ( particularly the

senior ) . There are several grounds that Nipponese wants to put in Hawaii

such as ; the waterfront position is similar to Japan so it will be a good topographic point

for holiday and retirement, the distance between Japan is comparatively close

( 3 hours trip by plane ) and monolithic left over of equity and advantages in

the exchange rate that has enormously increase the nominal value of their

equity so it is an encouragement for investing. Therefore the moving ridge of land

guess did non merely falsify the land market in Japan but besides affected

foreign state. ( 8 ) Iwami Toru, & # 8220 ; Japan in International Financial System & # 8221 ; , MacMillian Press,

New York 1995, pg. 135

( 9 ) Iwami Toru, & # 8220 ; Japan in International Financial System & # 8221 ; , MacMillian Press,

New York 1995, pg. 135

( 10 ) Kenneth V. Smith, & # 8220 ; Inman News & # 8221 ; , June 1996 Version, Section B4 electronic mail

reference: InmanNews @ aol.com

Looking back at the Nipponese economic system ( 11 ) & # 8220 ; in 1987, 77 out of the top 100

most to a great extent taxed people were involve in land guess ( either have resale

their lands or have big land belongingss ) . This created a really unhealthy

economic system because most of the economic system is depend on the land market and if any

thing go on to the land market, it will falsify the economic system greatly. ( 12 )

& # 8220 ; In 1989 the top 100 most to a great extent revenue enhancement people 95 of them were involve in land

speculation. & # 8221 ; Therefore the state of affairs was worst in the ulterior period this

is chiefly because of the profitableness in the land market. Since many endeavors

merely focal point on speculate market therefore the existent growing of GNP of the state

was merely 4 to 6 % . The growing of the economic system was chiefly on the nominal sector.

The addition in nominal GNP has created monolithic appreciate of hankering, which

had enormously affect the export concerns and the industry industries.

( the nominal monetary value of the good has increase hence alien has less

involvement on Japan goods but this chiefly consequence little and average endeavor )

While some export concern was non making excessively good, accordingly the workers

are non acquiring an appropriate rise in income. ( 13 ) & # 8220 ; In 1986 ( Nissan ) several

of the high executive had experience an income cut by 5 to 10 % and many of

them are really defeated because most of these people were in their 40*s

and have to pay for mortgages and children*s tuition. In ulterior old ages Nissan

had announced to cut 500 in order to equilibrate out their lost. & # 8221 ; Therefore big

industry as Nissan was non making so good during this period. This was

worst in the instance of the little and average endeavor. Many little and medium

size export companies had contract or even shut down during the mid 80*s

and as the moving ridge of income cuts continued, every degree and category of the employees

were involve. On the other manus the high exchange rate was truly an advantage

for importer ( same value purchase more ) such as energy, crude oil and primary

stuff. These companies were all of a sudden going so affluent and the income

of their employees were much higher comparison to those working in the export

endeavor. Therefore there was a big spread on the net income and income between

the two distinguishable groups of company and it was really unhealthy for the white

neckband.

( 11 ) & # 8211 ; Iwami Toru, & # 8220 ; Japan in International Financial System & # 8221 ; , MacMillian

Press, New York 1995, pg. 178

( 12 ) Iwami Toru, & # 8220 ; Japan in International Financial System & # 8221 ; , MacMillian Press,

New York 1995, pg. 178

( 13 ) Cao Man Kit, & # 8220 ; The Strategic of Japan Enterprise & # 8221 ; , Ming Chang, H.K. 1992,

pg. 135

This period of high exchange rate continues until the bubble explosion. The diminution

of the bubble economic system occurs during the Gulf war period, the economic system in Japan

was really rather and at the same clip the authorities had tighten their policy.

( Both revenue enhancement policy and limitation in loans ) As a consequence, the land guess

market and land monetary values fall continuously. The existent estate market is wholly

frozen. The National Land Agency measures that land monetary value of Tokyo and Osaka

has dropped 30 to 50 per centum. ( Entire land wealth is near 2000 trillion hankerings

which is truly a batch ) Many existent estate belongingss were unable to be resale

and at the clip many companies were unable to pay such high involvement payment

hence many of them went bankrupt. While the Bankss seldom make any loan,

many companies cut back in their capital disbursement. In fact this had dampen

the recovery of economic system. Most of these companies that went insolvents were

either little or average size endeavor which deficiency of its separate bank centre.

Large endeavors with separate bank centre besides suffer from non executing

loans by the borrowers ( little and average size endeavor ) . Others big loaning

establishment besides suffer mostly, since the major economic powers at the bubble

period was on the land market hence any diminution in land values would

strongly act upon the balance sheets of Japan*s imparting establishment. As

reported in June 18 1996 The News Times International News that the ( 14 )

& # 8220 ; parliament approves a $ 6. 3 billion bailout for belly-up lodging loaners.

The ballot clears the manner for the constitution of an establishment to neutralize

the assets of the lodging loaner which collapsed under bad loans made to

existent estate speculators before Nipponese land monetary values plummeted in the early

1990s. The seven companies are believed to hold more than $ 65 billion in

bad debts. & # 8221 ; This $ .6.3 billion is merely a piece of the large image because

( 15 ) & # 8220 ; the Finance Ministry said that Japan*s fiscal establishments held

about $ 324 billion in bad loans as of March 31 1996. Analysts believe the

sum could be considerable higher. The authorities in recent yearss has been

working to carry Bankss and farm co-op to hold to take on a bigger

portion of the bailout load

to cut down the cost to taxpayer & # 8221 ; . Harmonizing to a current fiscal station in

Tokyo: ( 16 ) & # 8220 ; Most of the fiscal Bankss declare yesterday that with the

experience of shortage in last twelvemonth, this twelvemonth ( ended till September ) they

had bend shortage into net net income.

( 14 ) & # 8211 ; Kenneth V. Smith, & # 8220 ; Inman News & # 8221 ; , June 1996 Version, Section B4 electronic mail

reference: InmanNews @ aol.com

( 15 ) & # 8211 ; Kenneth V. Smith, & # 8220 ; Inman News & # 8221 ; , June 1996 Version, Section B4 electronic mail

reference: InmanNews @ aol.com

( 16 ) & # 8211 ; Herman Li, & # 8220 ; Singing Tao News & # 8221 ; , November 23 1996, Toronto, Section B 12Banks had consistently write off many of the un collectable histories. But

their gross is still non really high because of low involvement rate and the

incremental of bad debts. Therefore fiscal establishment will still likely

experience rather a long period of recession. & # 8221 ; Therefore residue effects of

the land guess spill over still continues. Land developers besides suffer

mostly. Before the land market clang was expose to the populace, there were

about 1,200 golf class was either approve or under building. Many

pre-member ships were sold but unluckily many of the building are

ne’er finish because of Bankss were drawing back the loan. At extremum, the sum

value of golf member ships market in Japan was nigh 200 billion for 1,700

golf classs. Therefore shuting down 1,200 golf class building was rather

a doomed for the economic system. Another wake of the bubble explosion is the high

vacancy rate in the office edifices in Tokyo. During the late 1980*s, the

new building rate ( for the office edifices ) was dual comparison with

the tradition. After the bubble explosion, the value of plus lessenings and demand

for infinite besides decreases. Therefore many office edifices are unoccupied.

As you can see, the after math of the bubble explosion did non merely impact the

concern endeavor, authorities but besides the grass root people. ( 17 ) & # 8220 ; In

last twelvemonth the economic growing rate was merely about 1 % or less and the authorities

had introduce economic revival policies such as lowest of all time involvement

rates and increased public investing but judgment by the fact that consumer

demand has cooled off and capital investing by the corporate sector is non

doing headway as expected therefore the mentality for economic recovery in

Japan remain brumous & # 8221 ; . The bubble bursting has affected everyone in Japan. ( 18 )

& # 8220 ; The state has clearly become a victim of the same wrenching procedure of

debt deflation that had already been seeable for several old ages in so many

other economic systems. Japan faces the world of straight-out deflation in footings of

falling monetary values. With all that implies for companies inability to keep

their net income borders. Japan was confronting by the fall of 1993 an unpleasant

combination of extra production capacity, falling demand and a wild

high hankering. By August 1993 wholesale monetary values were worsening at an annualized

rate of 4.2 percent. & # 8221 ; Once once more you can see that many Nipponeses are non really

optimistic about the future economic system.

( 17 ) Wood, & # 8220 ; The Bubble Economy & # 8221 ; , Sidgwick & A ; Jackson, London 1992 pg.

205

( 18 ) Wood, & # 8220 ; The Bubble Economy & # 8221 ; , Sidgwick & A ; Jackson, London 1992 pg.

206Therefore you can see that the land guess had create many negative

impacts to the Japan economic system non merely during the bubble period but besides after

the bubble explosion.