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Lost Decade (Japan)
The was a period of economic stagnation in Japan caused by the asset price bubble's collapse in late 1991. The term originally referred to the 1990s, but the 2000s (Lost 20 Years, 失われた20年) and the 2010s (Lost 30 Years, 失われた30年) have been included by commentators as the phenomenon continued. From 1991 to 2003, the Japanese economy, as measured by GDP, grew only 1.14% annually, while average real growth rate between 2000 to 2010 was about 1%, both well below other industrialized nations. Debt levels continued to rise in response to the Global Financial Crisis in Great Recession in 2008, the Tōhoku Earthquake and Tsunami and Fukushima Nuclear Disaster in 2011, and with the COVID-19 pandemic, the subsequent recession in 2020 further damaged the Japanese economy. Broadly impacting the entire Japanese economy, over the period of 1995 to 2007, GDP fell from $5.33 trillion to $4.36 trillion in nominal terms, real wages fell around 5%, while the country experien ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tokyo
Tokyo (; ja, 東京, , ), officially the Tokyo Metropolis ( ja, 東京都, label=none, ), is the capital and largest city of Japan. Formerly known as Edo, its metropolitan area () is the most populous in the world, with an estimated 37.468 million residents ; the city proper has a population of 13.99 million people. Located at the head of Tokyo Bay, the prefecture forms part of the Kantō region on the central coast of Honshu, Japan's largest island. Tokyo serves as Japan's economic center and is the seat of both the Japanese government and the Emperor of Japan. Originally a fishing village named Edo, the city became politically prominent in 1603, when it became the seat of the Tokugawa shogunate. By the mid-18th century, Edo was one of the most populous cities in the world with a population of over one million people. Following the Meiji Restoration of 1868, the imperial capital in Kyoto was moved to Edo, which was renamed "Tokyo" (). Tokyo was devastate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Wages
Real wages are wages adjusted for inflation, or, equivalently, wages in terms of the amount of goods and services that can be bought. This term is used in contrast to nominal wages or unadjusted wages. Because it has been adjusted to account for changes in the prices of goods and services, real wages provide a clearer representation of an individual's wages in terms of what they can afford to buy with those wages – specifically, in terms of the amount of goods and services that can be bought. However, real wages suffer the disadvantage of not being well defined, since the amount of inflation (which can be calculated based on different combinations of goods and services) is itself not well defined. Hence real wage defined as the total amount of goods and services that can be bought with a wage, is also not defined. This is because of changes in the relative prices. Despite difficulty in defining one value for the real wage, in some cases a real wage can be said to have unequiv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflation
In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of inflation is deflation, a sustained decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. As prices do not all increase at the same rate, the consumer price index (CPI) is often used for this purpose. The employment cost index is also used for wages in the United States. Most economists agree that high levels of inflation as well as hyperinflation—which have severely disruptive effects on the real economy—are caused by persistent excessive growth in the money supply. Views on low to moderate rates of inflation are more varied. Low or moderate inflation may be attri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nikkei 225 Index
Nikkei can refer to: *, abbreviated , Nikkei, a large media corporation in Japan *, abbreviated , Nikkei, a major business newspaper published in Japan *, a Japanese stock market index, published by ''Nihon Keizai Shimbun'' *, often simply ''Nikkei,'' people in the Japanese diaspora *, a Japanese-language newspaper published in São Paulo, Brazil {{disambig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ministry Of Finance (Japan)
The is one of the cabinet-level ministries of the Japanese government. The ministry was named the until 2001. The Ministry is headed by the , who is a member of the Cabinet and is typically chosen from members of the Diet by the Prime Minister. Overview The Ministry originated in the 6th century, when the was established as a state treasury in ancient Japan. When a modern system of government was introduced after the Meiji Restoration, the was established as a government body in charge of public finance and monetary affairs. It is said that new ministry employees are subtly reminded that the Ōkura-shō predates by some 1269 years when the new Constitution was imposed on the nation by the U.S. occupation forces in 1947. The Ministry has long been regarded as the most powerful ministry in the Japanese government. After various financial scandals revealed in the 1990s, however, the Ministry lost its power over banking supervision to a newly established Financial Services Ag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Plaza Accord
The Plaza Accord was a joint–agreement signed on September 22, 1985, at the Plaza Hotel in New York City, between France, West Germany, Japan, the United Kingdom, and the United States, to depreciate the U.S. dollar in relation to the French franc, the German Deutsche Mark, the Japanese yen and the British Pound sterling by intervening in currency markets. The U.S. dollar depreciated significantly from the time of the agreement until it was replaced by the Louvre Accord in 1987. Some commentators believe the Plaza Accord contributed to the Japanese asset price bubble of the late 1980s. Background The tight monetary policy of Federal Reserve's Chairman Paul Volcker and the expansionary fiscal policy of President Ronald Reagan's first term in 1981-84 pushed up long-term interest rates and attracted capital inflow, appreciating the dollar. The French government was strongly in favor of currency intervention to reduce it, but US administration officials such as Treasury Secretar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Richard Werner
Richard Andreas Werner (born 5 January 1967) is a German banking and development economist who is a university professor at De Montfort University. He has proposed the "Quantity Theory of Credit", or "Quantity Theory of Disaggregated Credit", which disaggregates credit creation used for the real economy (GDP transactions) on the one hand, and financial transactions on the other hand. In 1995, he proposed a new monetary policy to swiftly deal with banking crises, which he called 'Quantitative Easing', published in the Nikkei. He also first used the expression "QE2" in public, referring to the need to implement 'true quantitative easing' as an expansion in credit creation. His 2001 book ' Princes of the Yen' was a number one general bestseller in Japan. In 2014 he published the first empirical evidence that each bank creates credit when it issues a new loan. Early life In 1989, Werner earned a BSc in economics at the London School of Economics (LSE). During his postgraduate studies ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Krugman
Paul Robin Krugman ( ; born February 28, 1953) is an American economist, who is Distinguished Professor of Economics at the Graduate Center of the City University of New York, and a columnist for ''The New York Times''. In 2008, Krugman was the winner of the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory and New Economic Geography. The Prize Committee cited Krugman's work explaining the patterns of international trade and the geographic distribution of economic activity, by examining the effects of economies of scale and of consumer preferences for diverse goods and services. Krugman was previously a professor of economics at MIT, and later at Princeton University. He retired from Princeton in June 2015, and holds the title of professor emeritus there. He also holds the title of Centennial Professor at the London School of Economics. Krugman was President of the Eastern Economic Association in 2010, and is among the most influential economi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Window Guidance
Window guidance ( ja, 窓口指導) or informal guidance, is an informal policy instrument used to regulate the supply of credit in an industry or sector. Window guidance typically involves the use of benevolent compulsion in order to regulate the supply of credit as a way to achieve policy targets. Window guidance involves the use of monetary policy instruments including lending quotas as an informal way to subsidize or regulate the volume of credit in an industry or financial sector. Window guidance is often associated with the Bank of Japan's policies during the Japanese economic miracle. Window guidance is often criticized for causing inefficient capital allocation as well as being a form of central planning. History Japan Window guidance originated as a way for the Japanese government to finance Japanese rebuilding efforts during the early stages of the Japanese economic miracle. Under the Bank of Japan Law of 1958, the Ministry of Finance took control over the Bank of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of Japan
The is the central bank of Japan.Louis Frédéric, Nussbaum, Louis Frédéric. (2005). "Nihon Ginkō" in The bank is often called for short. It has its headquarters in Chūō, Tokyo, Chūō, Tokyo. History Like most modern Japanese institutions, the Bank of Japan was founded after the Meiji Restoration. Prior to the Restoration, Japan's feudal fiefs all issued their own money, ''Scrip of Edo period Japan, hansatsu'', in an array of incompatible denominations, but the ''New Currency Act'' of Meiji 4 (1871) did away with these and established the yen as the new decimal currency, which had parity with the Mexican silver dollar. The former Han (Japan), han (fiefs) became Prefectures of Japan, prefectures and their mints became private chartered banks which, however, initially retained the right to print money. For a time both the central government and these so-called "national" banks issued money. A period of unanticipated consequences was ended when the Bank of Japan was founded ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Japanese Economic Miracle
The Japanese economic miracle refers to Japan's record period of economic growth between the post-World War II era and the end of the Cold War. During the economic boom, Japan rapidly became the world's second-largest economy (after the United States). By the 1990s, Japan's population demographics had begun to stagnate, and the workforce was no longer expanding as quickly as it had in the previous decades despite per-worker productivity remaining high. Background This economic miracle was the result of post-World War II Japan and West Germany benefitting from the Cold War. The American government reformed Japanese society during the occupation of Japan, making political, economic and civic changes. It occurred chiefly due to the economic interventionism of the Japanese government and partly due to the aid and assistance of the U.S. aid to Asia. After World War II, the U.S. established a significant presence in Japan to slow the expansion of Soviet influence in the Paci ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Japan Property Prices
Japan ( ja, 日本, or , and formally , ''Nihonkoku'') is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the north toward the East China Sea, Philippine Sea, and Taiwan in the south. Japan is a part of the Ring of Fire, and spans an archipelago of 6852 islands covering ; the five main islands are Hokkaido, Honshu (the "mainland"), Shikoku, Kyushu, and Okinawa. Tokyo is the nation's capital and largest city, followed by Yokohama, Osaka, Nagoya, Sapporo, Fukuoka, Kobe, and Kyoto. Japan is the eleventh most populous country in the world, as well as one of the most densely populated and urbanized. About three-fourths of the country's terrain is mountainous, concentrating its population of 123.2 million on narrow coastal plains. Japan is divided into 47 administrative prefectures and eight traditional regions. The Greater Tokyo Area is the most pop ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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