一、冷战中迅速崛起的日本经济从1991年春开始,日本经济出现景气衰退。“这次景气衰退是战后最深刻、持续时间最长的”。这次衰退当然是由多种因素造成的,但由于经济政策上的失误,而导致泡沫经济肆虐,也是重要原因。这种泡沫经济后遗症,首先,表现在资产价格暴跌,连锁反应是税收下降、财政赤字增大。地价从1989年底到1992年夏下降了三成。其次,库存积压增加、生产设备等不动产过剩,从而使新的设备投资回升乏力。第三,股票、地价下跌时破坏了企业、金融部门及家庭的收支平衡,金融机构出现“大量不良债权”,从而导致银行经营恶化、连续亏损、引起金融体系不稳,使日本在国际金融市场上的地位大幅度下降。第四,企业效益连年下降,1993年度全产业 First, the rapid rise of the Japanese economy in the Cold War Since the spring of 1991, Japan’s economy has experienced a recession. “This recession is the deepest and longest period of post-war.” Of course, the downturn is caused by many factors, but it is also an important reason that the bubble economy has been ravaged by economic policy mistakes. This kind of economic sequelae in the bubble economy, first of all, is manifested in a sharp fall in asset prices, a chain reaction of tax revenue declines and an increase of fiscal deficits. Land prices dropped by 30% from the end of 1989 to the summer of 1992. Second, the backlog of inventories has increased and excess real estate such as production equipment has made the recovery of new equipment sluggish. Thirdly, when the decline in stock prices and land prices undermined the balance of payments among enterprises, financial sectors and families, “a large number of unfavorable claims” occurred in financial institutions, which led to the deterioration of the banking business and the continuous loss caused by the instability of the financial system. As a result, The market’s position dropped significantly. Fourth, the decline in corporate profits in recent years, the entire industry in 1993