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The Yen and Japan's Economy, 1985-2007

Obstfeld, Maurice

In the late 1980s, Japan’s economy embarked on a period of rapid escalation in the prices
of shares and real estate. This “bubble economy” was followed by a collapse in asset
prices, a reduced pace of real economic growth, banking problems, and deflation. Nearly
two decades after the demise of the bubble economy, the prognosis for Japanese growth
remains uncertain amid a turbulent global economic outlook. Japan’s experience carries
lessons for those hoping to understand and contain the current financial crisis originating
in the United States housing market.

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Academic Units
Center on Japanese Economy and Business
Publisher
Center on Japanese Economy and Business, Graduate School of Business, Columbia University
Series
Center on Japanese Economy and Business Working Papers, 269
Published Here
February 15, 2011
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