1990 Japan Economic Crisis

Research Article
Open access

1990 Japan Economic Crisis

Junjie Zhang 1*
  • 1 Auckland University of Technology    
  • *corresponding author superjiejie@icloud.com
Published on 13 September 2023 | https://doi.org/10.54254/2754-1169/22/20230292
AEMPS Vol.22
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-915371-87-4
ISBN (Online): 978-1-915371-88-1

Abstract

What can each country learn from this? How can economic crises be effectively avoided? When an economic crisis occurs, what can be done to avoid adopting the wrong policies? This paper is based on the economic crisis that occurred in Japan in the 1990s because of the rapid appreciation of the Japanese yen following the signing of the Plaza Agreement. The paper is divided into four sections to analyze the Japanese economic crisis of 1990. It describes the following questions: what led to the crisis in Japan; what impact the crisis had on Japan; what methods the Japanese government used during the crisis and what lessons the crisis brought; what each country can learn from it; and whether they can do better than the Japanese government did when it faced the economic crisis in 1990. Through the study, this paper finds that the Japanese government in 1990 did not immediately deal with and make adjustment plans when faced with the crisis. Secondly, it maintained an optimistic attitude. This is what led to the creation of the economic crisis. And this economic crisis pressed the pause button on Japan, which was growing at a fast pace, and stagnated the Japanese economy for 10 years. The effects of Japan's high ageing population and high divorce rate in that period continue to this day and seriously affect a country's economic development.

Keywords:

Japanese economic crisis, Japan, Bank of Japan, 1990

Zhang,J. (2023). 1990 Japan Economic Crisis. Advances in Economics, Management and Political Sciences,22,88-92.
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References

[1]. Bower, E., (2022). Responding to Crisis in Japan. [online] Csis.org. Available at: <https://www.csis.org/analysis/responding-crisis-japan> [Accessed 29 August 2022].

[2]. KUEPPER, J., (2022). Japan's Lost Decade: A Brief History and Lessons Learned. [online] The Balance. Available at: <https://www.thebalance.com/japan-s-lost-decade-brief-history-and-lessons-1979056> [Accessed 29 August 2022].

[3]. JAMES CHEN. (2009). Plaza accord definition. Investopedia. https://www.investopedia.com/terms/p/plaza-accord.asp.

[4]. Abe, N., (2022). Japan’s Shrinking Economy. [online] Brookings. Available at: <https://www.brookings.edu/opinions/japans-shrinking-economy/> [Accessed 29 August 2022].

[5]. Owen.pham. (2022). The social consequences of Japan's financial crisis in the 1990s. Wondrium Daily. https://www.wondriumdaily.com/the-social-consequences-of-japans-financial-crisis-in-the-1990s/

[6]. Root, A., (2022). Ford and Tesla investors get cold water in the face. Affordability is a problem. https://www.barrons.com/articles/ford-tesla-carmax-used-car-prices-51671725166.

[7]. Yglesias, M., (2022). The real reason Japan's economy keeps stumbling into recession. [online] Vox. Available at: <https://www.vox.com/2015/11/17/9749264/japan-recession-abenomics> [Accessed 29 August 2022].

[8]. John H. Makin. (2019). Japan's lost decade. American Enterprise Institute - AEI. https://www.aei.org/research-products/report/japans-lost-decade-2/.

Cite this article

Zhang,J. (2023). 1990 Japan Economic Crisis. Advances in Economics, Management and Political Sciences,22,88-92.

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About volume

Volume title: Proceedings of the 2023 International Conference on Management Research and Economic Development

ISBN：978-1-915371-87-4(Print) / 978-1-915371-88-1(Online)
Editor：Canh Thien Dang, Javier Cifuentes-Faura
Conference website: https://2023.icmred.org/
Conference date: 28 April 2023
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.22
ISSN：2754-1169(Print) / 2754-1177(Online)

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References

[1]. Bower, E., (2022). Responding to Crisis in Japan. [online] Csis.org. Available at: <https://www.csis.org/analysis/responding-crisis-japan> [Accessed 29 August 2022].

[2]. KUEPPER, J., (2022). Japan's Lost Decade: A Brief History and Lessons Learned. [online] The Balance. Available at: <https://www.thebalance.com/japan-s-lost-decade-brief-history-and-lessons-1979056> [Accessed 29 August 2022].

[3]. JAMES CHEN. (2009). Plaza accord definition. Investopedia. https://www.investopedia.com/terms/p/plaza-accord.asp.

[4]. Abe, N., (2022). Japan’s Shrinking Economy. [online] Brookings. Available at: <https://www.brookings.edu/opinions/japans-shrinking-economy/> [Accessed 29 August 2022].

[5]. Owen.pham. (2022). The social consequences of Japan's financial crisis in the 1990s. Wondrium Daily. https://www.wondriumdaily.com/the-social-consequences-of-japans-financial-crisis-in-the-1990s/

[6]. Root, A., (2022). Ford and Tesla investors get cold water in the face. Affordability is a problem. https://www.barrons.com/articles/ford-tesla-carmax-used-car-prices-51671725166.

[7]. Yglesias, M., (2022). The real reason Japan's economy keeps stumbling into recession. [online] Vox. Available at: <https://www.vox.com/2015/11/17/9749264/japan-recession-abenomics> [Accessed 29 August 2022].

[8]. John H. Makin. (2019). Japan's lost decade. American Enterprise Institute - AEI. https://www.aei.org/research-products/report/japans-lost-decade-2/.

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