The Japanese asset price bubble….. was an economic bubble in Japan from 1986 to 1991 in which real estate and stock market prices were greatly inflated. The bubble was characterized by rapid acceleration of asset prices and overheated economic activity, as well as an uncontrolled money supply and credit expansion. More specifically, over-confidence and speculation regarding asset and stock prices had been closely associated with excessive monetary easing policy at the time.<\/p>\n
By August 1990, the Nikkei stock index had plummeted to half its peak by the time of the fifth monetary tightening by the Bank of Japan (BOJ)…..the economy’s decline continued for more than a decade. This decline resulted in a huge accumulation of non-performing assets loans (NPL), causing difficulties for many financial institutions. The bursting of the Japanese asset price bubble contributed to what many call the Lost Decade.<\/p><\/blockquote>\n
“…uncontrolled money supply and credit expansion….overheated stock market and real estate bubble.” Sound familiar? It should. We are witnessing a re-run but this time in China. Wait, there’s more…..<\/p>\n
…..At the end of August 1987, the BOJ signaled the possibility of tightening the monetary policy, but decided to delay the decision in view of economic uncertainty related to Black Monday (October 19, 1987) in the US.<\/p>\n
…..BOJ reluctance to tighten the monetary policy was in spite of the fact that the economy went into expansion in the second half of 1987. The Japanese economy had just recovered from the \u201cendaka recession\u201d ….. closely linked to the Plaza Accord of September 1985, which led to the strong appreciation of the Japanese yen.<\/p>\n
…..in order to overcome the \u201cendaka\u201d recession and stimulate the local economy, an aggressive fiscal policy was adopted, mainly through expansion of public investment. Simultaneously, the BOJ declared that curbing the yen\u2019s appreciation was a \u201cnational priority\u201d……<\/p><\/blockquote>\n
Global stock market crash leads to prolonged monetary easing…… aggressive expansion of public investment to stimulate the domestic economy…..central bank efforts to curb appreciation of the currency. We all know how this ends. We’ve seen the movie before.<\/p>\n
It’s like deja-vu, all over again. ~ Yogi Berra<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"
The Shanghai Composite today found support at 3500 today after plunging more than 8% on Monday. The large divergence on 13-week Twiggs Money Flow continues to warn of selling pressure. * Target calculation: 4000 – ( 5000 – 4000 ) = 3000 Japan’s Lost Decade From Wikipedia: The Japanese asset price bubble….. was an economic … <\/p>\n
Continue reading “China: Deja vu all over again”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,41,45,17,57],"tags":[663,912,1237,1934,2344,2680,2811],"class_list":["post-12117","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-china-hk","category-debt-levels","category-japan-korea","category-stock-markets","tag-china","tag-currency-appreciation","tag-endaka-recession","tag-japan","tag-monetary-easing","tag-plaza-accord","tag-public-investment"],"yoast_head":"\nChina: Deja vu all over again - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China: Deja vu all over again - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The Shanghai Composite today found support at 3500 today after plunging more than 8% on Monday. 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He writes on the problems facing China: At the end of 1989, Japan\u2019s bubble economy burst and its economic miracle came to an abrupt\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12275,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/08\/29\/chinas-conundrum-capital-flight-or-deflation\/","url_meta":{"origin":12117,"position":1},"title":"China’s conundrum: Capital flight or deflation","author":"ColinTwiggs","date":"August 29, 2015","format":false,"excerpt":"China's conundrum: Selling FX reserves to support the yuan threatens deflation. 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JPMorgan Chase CEO Jamie\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Extreme Fear","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-10-17-fear.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":14364,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/10\/17\/china-faces-debt-trifecta\/","url_meta":{"origin":12117,"position":3},"title":"China faces debt trifecta","author":"ColinTwiggs","date":"October 17, 2016","format":false,"excerpt":"From PIMCO: Given the size of its economy \u2013 and the high stock of debt for a country at its stage of development \u2013 China\u2019s leverage will be a global issue in the future, not just a China issue. Total debt to GDP in China was around 250% at the\u2026","rel":"","context":"In "Stock Markets"","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2549,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/12\/06\/asset-prices-financial-and-monetary-stability\/","url_meta":{"origin":12117,"position":4},"title":"Asset prices, financial and monetary stability","author":"ColinTwiggs","date":"December 6, 2011","format":false,"excerpt":"If financial imbalances can build up in an environment of low inflation it stands to reason that a monetary policy reaction function that does not respond to these imbalances when they occur can unwittingly accommodate an unsustainable and disruptive boom in the real economy. The result need not take the\u2026","rel":"","context":"In "Debt Levels"","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4861,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/07\/16\/a-lack-of-money-isnt-the-problem-its-time-to-shrink-the-drum-abc-news-australian-broadcasting-corporation\/","url_meta":{"origin":12117,"position":5},"title":"A lack of money isn't the problem: it's time to shrink – The Drum – ABC News","author":"Colin Twiggs","date":"July 16, 2012","format":false,"excerpt":"Alan Kohler: Debt was built up through 30 years of current account imbalances after currencies were finally unshackled from the gold standard in 1971, and the depression of the 70s came to an end in 1982. Central banks, principally the Federal Reserve, complied in the process of debt build-up by\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/12117","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=12117"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/12117\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=12117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=12117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=12117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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