Japan’s woes are rooted in real-estate and equity bubbles, which were fueled by monetary expansion aimed at stimulating domestic demand after the 1985 Plaza Accord drove up the yen’s value and hurt Japan’s exports. In the early 1990s, the bubbles burst, leaving the private sector with a huge debt overhang.
日本的乱象根源在于房地产和股票泡沫。1985年的广场协议导致日元升值、损害了日本的出口，因此日本采取了货币扩张刺激内需，结果助长了这些泡沫。20世纪90年代初，泡沫破裂，给私人部门留下了巨大的积压债务。除此之外，日本生产率增长停滞不前、需求疲软、人口快速老龄化，呈现出一片衰败迹象。