Episode 294 - What Goes Up, Part 5

History of Japan

Isaac Meyer

Japan, History, Japanese

4.8 • 744 Ratings

🗓️ 21 June 2019

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week, the effects of the collapsing asset bubble spread as the extent of the damage caused is revealed; Japan's financial and political leaders scramble to respond, while refusing to admit the scale of the crisis. Plus, the legacies of the bubble era for Japan today.

Transcript

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0:00.0	This week's episode is brought to you by Audible.
0:03.3	Audible has over 425,000 of titles to choose from, all compatible with iPhone, Android,
0:10.3	Kindle, or your MP3 player of choice.
0:13.7	For listeners of the show, Audible is offering a free 30-day trial membership, complete with
0:18.1	credit for a free audiobook of your choice.
0:22.3	You can cancel any time and keep the free book or keep going with one of Audible subscription offers. Go to audibletrial.com
0:28.2	slash Japan to claim your offer. This week, I'm going to recommend The Storm Before the Storm,
0:34.2	the beginning of the end of the Roman Republic, by Mike Duncan. Longtime listeners of the Roman Republic by Mike Duncan.
0:38.6	Longtime listeners of the show know that Mike Duncan's History of Rome podcast was a big
0:43.6	inspiration for me in terms of getting started with this podcast, and I love his current work
0:49.2	on revolutions. This book is also fantastic. It's both a very readable history of, well, the beginning of the end of the Roman Republic, and a very topical one about how the slow collapse of political norms can end up destroying your republic.
1:06.2	Go to audiblepodcast.com slash Japan to claim your copy.
1:37.1	Thank you. audiblepodcast.com slash Japan to claim your copy. Hello and welcome to the History of Japan podcast, episode 294. What Goes Up, Part 5.
1:43.5	When the Bank of Japan first started to seriously tighten up the credit supply in the early months of 1990, they were
1:45.8	inclined to believe that the process, such as it was, was going to go well. Unsustainable risky
1:51.7	loans were an issue, yes, but so long as people could be gently nudged away from them,
1:57.3	the situation could be salvaged. Sure, the economy was probably going to dip a bit.
2:03.5	The Nike Stock Index was so closely tied to land values that it was sure to drop from its
2:09.6	1989 record highs, but that's not the end of the world.
2:14.3	All that had to be done was to let a little air out of the balloon without popping it completely.
2:20.3	Really, how hard could it be?
2:22.3	As it turned out, harder than most people realized, because it turned out that the asset bubble itself was only part of the problem.
	...

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