日本泡沫经济生成和破灭的主要原因是日本宏观政策的失误。在当时复杂的国际、国内环境中,日本货币政策曾经失去平衡,出现过三次重大失误。1986年,日本出现了短暂的经济衰退,史称“日元升值萧条”。但这一过程时间很短,仅仅是日元升值后市场的自动调整,当年年底日本经济便恢复增长。 The main cause of the formation and collapse of the Japanese bubble economy is the failure of Japan’s macroeconomic policy. In the complicated international and domestic environment at that time, Japan’s monetary policy was out of balance and three major mistakes occurred. In 1986, Japan experienced a brief economic recession, known as “the depression of the yen.” However, this process was short-lived and was only an automatic adjustment of the market after the appreciation of the yen. At the end of that year, Japan’s economy returned to growth.