For our final outline episode, we’ll be tackling the origins and effects of the real-estate bubble which devastated the Japanese economy in 1991, and which so brutally halted the story of Japanese growth. In particular, we’ll be focusing on the ways in which the various problems outlined last week were brought to the fore by the economic chaos of the 1990s.
Listen to the episode
Saving the Sun: A Wall Street Gamble to Save Japan from its Trillion-Dollar Meltdown.
The full text of the
Images (Courtesy of the Wikimedia Foundation unless otherwise noted)
The five men who negotiated the Plaza Accord in 1985. From left to right they are Gerhard Stoltenberg (German Federal Republic), Pierre Bérégovoy (France), James A. Baker III (United States), Nigel Lawson (United Kingdom), and Takeshita Noboru (Japan).
The grounds of the Imperial Palace in downtown Tokyo. According to some estimates, during the height of the asset bubble this ~2 square mile area was worth more than the entire state of California.
The Ginza district of downtown Tokyo. In 1989, 1 square meter of this district would have run you $200,000.
Murayama Tomiichi, the last of the three non-LDP Prime Ministers of the 1990s. Murayama’s most famous accomplishment during his year in office was the issuing of the Murayama Statement apologizing for Japanese behavior in World War II.
Hikikomori suffer from an accute form of social withdrawal in which they refuse to leave a confined area (usually either a house or a single room).