In the background of easy financial policy and abundant capital, Japan has set off an investment boom, while the long-term low interest rate policy stimulating the land and stock prices to make an incessant sharp rise. Between 1984 and 1989, Japan′s land prices jumped about twice; Japanese stock market surpassed the U.S. and became first in the world in the end of 1987. Prices of land, securities and other assets inflated a lot, overtaking GDP growth unusually, which engendered " bubble economy " characterized by " real estate bubble "," stock bubble "and" bank bubble ".The quantity of money supply far exceeded the nominal GDP growth between 1986 and 1990, and real economic growth also showed an upward trend. However, the main monitoring indicators of monetary policy, consumer prices and other ordinary commodity prices, almost stayed at the same level.





在宽松的金融政策和丰富的资本背景下，日本已经引发投资热潮,而长期的低利率政策刺激土地和股票价格不断急剧上升。从1984年到1989年,日本的土地价格上涨两倍；日本股市超过美国, 在1987年底位居世界第一。土地、证券和其他资产价格大幅膨胀,超越GDP增长异常,导致产生以“房地产泡沫”,“股市泡沫”和“银行泡沫”为特征的“泡沫经济”。 在1986年和1990年期间货币供给的数量远远超过名义上国内生产总值(GDP)增长,并且真正的经济增长还显示一个上升趋势。然而，货币政策、消费者价格和其他普通商品价格的主要监控指标几乎保持在同一水平。