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Planet Money

Japan's Lost Decades

Apr 5, 2024
Discover the dramatic rise and fall of Japan's economy, from its 1980s boom to the perplexing 'lost decades.' Explore how a confusing mix of economic policies led to stagnation, despite once being a global powerhouse. Learn about the bursting of Japan's asset bubble and the banking crisis that followed. Delve into innovative strategies like quantitative easing that emerged from the wreckage. The episode offers valuable lessons for other economies, reflecting on recovery, workforce challenges, and the potential future of Japan's economy.
22:50

Podcast summary created with Snipd AI

Quick takeaways

  • Japan's economic miracle in the 1980s led to a severe crash in the early 90s, highlighting the vulnerability of even advanced economies.
  • Japan's struggle with a liquidity trap and unconventional economic measures like forward guidance and quantitative easing to combat economic stagnation.

Deep dives

The Rise and Fall of Japan's Economy in the 1980s

Japan experienced a period of economic dominance in the 1980s, becoming the world's second-largest economy after the US. Japanese companies made significant acquisitions like Sony purchasing Columbia Pictures and Mitsubishi owning Rockefeller Center. However, this economic prosperity was short-lived as Japan faced a severe economic downturn.

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