(In the era of bubble economy, the taxi industry in Japan is also the main witness, and it is just like swiping a bus card. Business is booming, only taxi drivers pick passengers, which round gets passengers to pick and choose? Although we all know that Japanese taxis are expensive, compared with that time, it's raining in Mao Mao. In Tokyo, Akasaka is less than five kilometers away from Roppongi, and now the taxi fare is about 1500 to 2,000 yen. However, the starting price of 1989 is 10000 yen, which is totally out of line with the stipulated price. Not too expensive. There is an exaggerated example. In the August issue of 1988 Weekly Wen Chun, it was even recorded that in the afternoon 10, a middle-level cadre of a large enterprise was killed by a 5-minute drive near Ginza. You think it's much, but it's not much. At that time, Nomura Securities gave each member an average annual transportation allowance of 3 million to 4 million yen, and middle-level cadres paid 32 million yen a year. There is also a super legend that once received 654.38 billion yen. I'm afraid I'm a local tyrant in China today, and the BAT Big Three are not so generous. )
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The formation of bubbles-the government's strategy;
The so-called bubble era is generally divided into two eras, 1986 ~ 1992 is the birth and active period of the bubble, and 1992 ~ 1997 is the disillusionment period of the bubble. Now when the Japanese talk about that period of history, the prime minister Nakasone Yasuhiro from 1982 to 1987 comes to mind first. Nakasone's large-scale public investment stimulus policy and financial relaxation policy are regarded as the bane.
1On September 22nd, 985, the finance ministers and central bank governors of the world's five major economic powers (the United States, Japan, Germany, Britain and France) reached a "Plaza Agreement" at new york Plaza Hotel, and Japanese Finance Minister Noboru takeshita succeeded Nakasone. At that time, the exchange rate of the US dollar was too high, resulting in a large trade deficit. For this reason, the troubled United States and four other countries issued a statement announcing their participation in the exchange rate market. Since then, the exchange rates of the four countries have appreciated rapidly against the US dollar. The yen changed from 1 USD to USD 240, and rose to1USD 20 in less than a year.
(Group photo of G5 Finance Ministers before the talks: from left to right, West German Finance Minister Stoltenberg, French Finance Minister Beregovoy, US Finance Minister Baker, British Finance Minister Ron and Japanese Finance Minister Noboru takeshita)
In recent years, domestic coastal export-oriented enterprises have suffered greatly from the appreciation of RMB, and the consequences of exchange rate appreciation need not be said. Now let's talk about Japan's response measures. In order to make up for the losses caused by appreciation to the export economy, the first choice is to expand domestic demand. Of course, because Japan is a free market, expanding domestic demand must deal with the entry of foreign capital.
(Daily News198511)/After the agreement on the Plaza of October, an American tourist who entered the foreign exchange office of Narita Airport had a strong contrast with the Japanese staff. At that time, the yen was 222: 1 against the US dollar, and last month it was 239: 1, with an amazing appreciation. Therefore, when the American tourist exchanged US dollar bills, he felt that he had only changed so little yen in a blink of an eye, and he looked amazed. )
At that time, the world situation was very favorable to Japan. First of all, economically, on June 1987 65438+1October19, new york Dow Jones Industrial Average dropped from 2246.74 to 1738.74, a full drop of 508 points or 22.6%, the highest in history. On the same day, index stock markets in Europe, America, Hong Kong and other regions plummeted. The only thing that is not affected by the herd effect is the Nikkei index, which rose 9.3% against the trend, which is the second highest achievement since the opening of the market and the fifth highest achievement in history.
The prosperity of Japanese stock market is in sharp contrast with the depression of American stock market. Behind it is the great success of 1970' s manufacturing products in Europe and America in the second half of the year. The rampage of Japanese goods has the greatest impact on American manufacturing. 1984, the US trade deficit was123.3 billion US dollars, of which the deficit with Japan was the largest, reaching 36.8 billion US dollars. In 1985, this figure expanded to 49.6 billion US dollars, and smashing Japanese cars became a normal outlet for American auto workers. A large number of factories closed down and the number of unemployed people increased, which led to an increase in crime rate, a sharp drop in housing prices in poor security communities, and capital outflows to the hot money market. At the end of the Cold War, the decline of the two superpowers undoubtedly benefited the third country, which was the same as 9 1 1 after 20065438, and China took the opportunity to develop greatly after the American invasion of Afghanistan. After the war, Japan made great efforts in the second half of the 1950s. After 25 years of rapid growth, both the government and the people had strong financial resources. According to the Federal Reserve, before the bubble crisis, the Japanese government's fiscal savings and foreign exchange reserves totaled 54.5 billion US dollars, ranking first in the world. 1986 In July, Japan's Ministry of Finance submitted a report to the National Assembly, announcing that it had become the world's largest creditor country. At that time, Japan's external net assets were $65.438+0298 billion, while the foreign debt of the United States was $65.438+065.438+065.438+04 billion. From 65438 to 0985, American Banker, an American financial magazine, selected the World Bank's savings list that year, and seven Japanese banks entered the top ten. The first to fourth places are all occupied by the Bank of Japan (Sumitomo Fuji Mitsubishi, Ye Quan), and the reserve of the National Bank of Japan exceeds 100 trillion yen, which is full of confidence.
In order to expand domestic demand, the Japanese government, which has abundant funds to stimulate consumption, began to invest heavily in public utilities. 65438+September 65438+1September 09, 986, the cabinet meeting of economic countermeasures adopted a "special comprehensive economic countermeasure" with a total amount of 3 trillion 632 billion, of which 2.8 trillion was used for the construction of large public buildings and facilities. Since then, the budget has been increased year by year. In the 1980s, the total investment of Japanese public enterprises was 2.91343.9 billion yen. In the 1990s, it reached 460 trillion, 286.9 billion, an increase of 1.6 times. 1992, Japan's public investment accounted for 6.4% of GDP, about three times that of Britain and 3.8 times that of the United States. The expansion of public investment expenditure has always been the main reason for Japan's fiscal deficit, which still puzzles the Japanese government.