Stock price and later on price of land that begin slump, that is to say so-called collapse of " bubble economy " will it be the beginning 1990, make Japan's economy sap one's vitality, and in the decline and depression that had begun to fall into for 11 years from then on, " even there is growth occasionally, transient and faint " during that time. For example, real GDP rate of increase of Japan is only that 1% is slightly strong equally in 1992- 199. Though under the function that the policy was stimulated and " consuming ahead of time ", Japan's economy has realized 3.9% of the growth in 1996, but because the government policy fell in 1997, combined with the influence of Asian financial crisis, Japan economy falls into 0.7% of the negative growth for a while again. The Japanese government was forced to take income tax and resident's tax of reducing or remitting, increase government utility investment and such a series of as welfare expenditure, etc. to stimulate economic measure in 1998, but still fail to turn back 0.4% of the negative growth situations in that year of Japan's economy. Slow rise appeared again in Japan's economy after April of 1999, but has come down again since August of 2000. Especially moderated the influence of rising with the price of petroleum by U.S.A.'s economy from the beginning of of 2001, Japan exports and fails with equipment investment, personal consumption is depressing, the price drops continuously. February, the Japan one growth rate of consumer price index (CPI) as- 0.6%, reach by level not minimum since 1999. On March 6, 2001 the Japanese government announced economy had already fallen into the deflation state that never appeared after the war. Japan made small straight rate of increase in the first quarter of 2001. But Japan economy shrink 3.2% in second quarter, declare Japan economy falls into recession for the third time of 10 years.
Since " bubble economy " collapsed, in order to realize the rise with prosperous economy, the Japanese government follows Keynes' doctrine, under the cooperation of expansion monetary policy of reducing the interest rate and increasing the money supply, numerous implementing the expansion specializing in expanding the government utility expenditure financial policies, is it is it make Japan economy even through finance increase fast in a short time to irritate to attempt. For example one cabinet of 8 moon palace ZeXi implemented the so-called " comprehensive economic countermeasure " of the scale of 10,700 billion Japanese yen for the first time in 1992, thereafter all previous governments imitate one after another. Up until now, Japanese government successively put out the similar amazing economic countermeasure 10 times altogether, it is up to more than 130,000 billion Japanese yen to involve the scale of government's revenue and expenditure. Should say last one year in century, in Japanese government to regulating against cycle course play an important role economic their financial policy of person who expand, have " pressed " the wave glided of Japan's economy to a certain extent.
However, are guided the influence of the theory and policy fault, especially the restriction of its one's own system and system " tired " ,etc., under the great dispirited background continuously of economy, fail to form " the finance is driven and increased " all the time between the finance and economy of Japan, the benign cycle of the back feeding finance that increase ", and Japan has fallen into the double mires of the economic crisis and financial predicament finally. In haze that economy increase at a low speed is it shroud to continue and under the situation that aging population develop rapidly, Japan's financial development trend is difficult to have a good prospect. Koizumi advocated the reform after appearing on the stage, announced " the economic finance ran the policy basically " last June either. But because it includes the content of " having an operation " to bureaucracy, also contradicts with current situation of Japan's economy at that time while pursuing, so Koizumi's structure reform can only " have difficulty moving about " . Have received and used some beneficial enlightenment to the financial policy of our country at present too in the analysis on Japan's financial predicament.
This text divides five major parts altogether, first part Through depending on the analysis in such three main financial indexes as degree and government's balance of indebtedness, etc. to financial deficit, national debt, prove the finance of Japan has already been in very difficult condition now. Second part the focal point is from such four respects as theory origin, immediate cause, question essence and government's responsibility, etc., have analyzed to the reason why Japan falls into financial predicament. The third part has discussed the plan for reform of financial structure of economy of Koizumi cabinet mainly. Finally, combine the above is it proposes to of our country some enlightenment that financial policy use at present in the fourth part to analyze.