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Published in:
2017 | OriginalPaper | Chapter
3. The Bubble Period
Author : Fred R. Schumann
Published in: Changing Trends in Japan's Employment and Leisure Activities
Publisher: Springer Singapore
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Abstract
Postwar Japan’s economy grew rapidly and by the 1980s Japan was an economic superpower. The signing of the Plaza Accord in 1985 is credited for the beginning of Japan’s bubble economy. Japanese companies and consumers began spending large amounts of their yen on foreign properties and goods. Conspicuous consumption ran rampant with the strong yen, cheap credit, and loose monetary policy. This all came to an end with the stock market and real estate markets crashing by the end of 1990, leading to years of economic doldrums now often referred to as Japan’s Lost Decades.