The Rise & Fall of Japan

Patrick Boyle On Finance

Patrick Boyle

Investing, Business

4.9 • 320 Ratings

🗓️ 24 September 2022

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

Send us a textFrom 1991 through 2001, Japan experienced a period of economic stagnation and price deflation known as "Japan's Lost Decade." This was caused by the collapse of an asset price bubble in late 1991. The term originally referred to the 1990s, but the 2000s and the 2010s can be added to the list due to the country’s economic stagnation. We’ll look at the postwar Japanese economic miracle, the bubble economy of the late 1980’s and the lost decades that Japan has experienced since.&nb...

Transcript

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0:00.0	Hello and welcome. You are listening to Patrick Boyle on Finance, a podcast exploring ideas from quantitative finance, examining events occurring in markets right now and financial history to see what lessons can be taken away, including interviews with some of the most interesting people in the world of finance. To learn more about the podcast, visit onfinance.org.
0:27.6	Japan intervened in the currency markets yesterday to strengthen the yen for the first time since
0:34.0	1998. They did this after the currency fell to a 24-year low, after the Bank of
0:41.2	Japan said that they would stick with their ultra-loose monetary policy. So let's discuss
0:47.0	this intervention and what it means within the context of Japanese economic history. We'll
0:53.1	look at the post-war Japanese economic miracle,
0:56.8	the bubble economy of the late 1980s and the last decades that Japan has experienced since. We'll
1:04.7	also discuss any overlaps between the Japanese economic miracle and the last 30 years of growth that has been seen
1:12.6	in China and discussed to what extent history could repeat itself.
1:17.6	Now to give you some background on this video, I've been thinking quite a bit about the Japanese
1:22.6	economy recently, particularly after making my video on the 1987 crash.
1:29.3	In researching that video I came across an article by George Soros on the causes of the crash,
1:35.3	and in his piece which was written in March 1988, he argued that the 87 crash related
1:42.3	to a transfer of financial and economic power in the global
1:47.1	economy from the United States to the new economic superpower Japan.
1:53.3	Essentially that the world was moving away from the US dollar to the Japanese yen as a reserve
1:59.6	currency and that the US was experiencing a national
2:03.7	identity crisis as it slid into second place.
2:07.7	I'm not here to point out a mistake made by one of the most successful investors in history,
2:13.8	as obviously he has been right much more than he's been wrong in terms of investment,
2:19.1	and his returns do clearly show that.
2:21.8	But it's interesting to look at the parallels, especially as we can see that China has mimicked
	...

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