But fiscal policies often targeted unproductive projects, such as rural infrastructure construction, and weaknesses in the banking system dampened the effectiveness of monetary stimulus. As a result, the economy grew by just 1.1%, on average, in the 1990s, far below the 4.5% of the 1980s.
一开始，日本当局再次转向财政和货币扩张。但财政政策常常以非生产性项目为目标，如农村基础设施建设，而银行体系的疲软妨碍了货币刺激的效果。结果，20世纪90年代平均经济增长率只有1.1%，远低于80年代的4.5%。