19591969

80

Bubble economicLiquidity Trap

TAO

Investment trapAbenomics
(Quantitative Easing)
Abstract
"Japan firsts" has always been Japanese proud slogan, in the eyes of Europe and the
United States are pointer power that cannot be ignored, these glory from the rigorous
attitude towards life as well as the Japanese Bushido spirit. From 1959 to 1969 is Japan's
golden decade, by moving the height of the economic development of Japan as the world's
second-largest economy. However, in the case of excessive economic development, Japan
1

economy in 80 years resulted in a bubble economy, and overnight, businesses and foreign
capital began to move overseas, and real estate prices also instant collapse, Japan's
economy fell into a black hole of history. Thus began, Japan's Government and Central
Bank while offering many policies, but Japan's economy has crashed, or even a liquidity
trap and investment trap, ultimately come from civil society and the business can no longer
trust the Government's policy expectations thinking, discourage bold investments all
investments and consumption, causing Japan's "lost 20 years."
The key points of this paper to discuss, under Abe's economic prowess, though short term
does make the outside world sees Japan economy out of its slump, but they made people
realize that is not the beginning of another wave of the economic bubble. In fact, Japan's
recession is that structural problems, such as an ageing population or the Government
rising deficits and a lack of innovation, these internal issues are needed one by one to view,
so this study economic indicators and historical experiences to explore why Abe's
economic policies.

Key Words: Bubble economicLiquidity TrapInvestment trap AbenomicsQuantitative

Easing

2008 311

TAO

2012


3 4

2%

Abenomics

Reflation Policy

1.
2.
3.

1
TAO

19801990 1995~2012
GDP 0.8%-0.08%

2012


2001 2006

2000 1
2009
60 14.7 2009
20
7.4 10.3
2013

TAO

60

40

20

14.7
5.8

4.5

2000

2002

10.3

7.4

5.8

2009

2010

0
2009

2013

12013 1 12

TAO

(1985)
1989

1990 3
5

1989 12 29 38915.87
1991 1992 3
2 1989 8
1 4000

Liquidity Trap

1990

1990
1996 7541997

TAO

2001

--

103 70 GDP
3.5EPFR
68 2001
1 94 2007

20
TAO

()

2012

(1) :
1. 2%
2.
3.
4.
(2)
1.
2.
3.
4.
5. 20
(3)

TAO

1. TPP()
2.2014 13

2012

2%

3
10

2020CO21990
25%

TAO

708

6334
9
9

( )

2008 2013
Index of Consumer Sentiment
Unemployment Rat

Consumer Price Index

1.Index of Consumer Sentiment

2008 2013
4 2013

TAO

1-1 2008 2013

2008 92
1920

31.4 2008
10

2013
76

6 43.5

NHK
40

11

TAO


45
40

35
30
25

20
15
10
5
0
2013

2012

2011

2010

2009

2008

1-1
2. Consumer Price Index
CPI
CPI
CPI

TAO

CPI PPI
2008 2013
2013

2 1-2
2 2008
2.3
12



2013
2009 1.9

2
(CFI)
(CPI)
(CPI)(CFI)
(CPI)2013
8 13.2% 8.9% 2008 4 8

2013 7
2 28 6089
0.1% 3

TAO

13


3.00%
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
-0.50%
-1.00%
-1.50%
-2.00%
-2.50%

2008

2009

2010

2011

2012

2013

1-2
3. Unemployment Rat
(International Labor
Office) 1982 15 (1)(2)
(3)

TAO

2008
2013

3
1-3 2008 2012 4
2009 2010 5.1

14

2007 12 3.9% 4.4%

42 2007 12 270 39
2013

2013
3.8 6 2008 10
6 0.92 5 0.90
0.92
0.8% 13

TAO

3.8
3.3

18
200,000 1
8 170,000 1 2

15

 200,000
3 100
95 2008 5

6.00%
5.00%
4.00%

5.30%

5.10%

4.20%

4.10%

4.20%
3.80%

3.00%

2.00%
TAO

1.00%
0.00%
2008

2009

2010

2011

2012

2013

1-3
( )

16

GDP 2.5 20 GDP

TAO

GDP 2.5
20 0.9

3
5 34 2

17

TPP
TPP

TAO

IMF

18

TAO

19

2020

2020

<>
<<>> :

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TAO

1993<<>> :

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20

1993 <<>>

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<>
2013< >
http://www.epochweek.com/b5/328/12120.htm 2013 5 16
2013< >
http://www.watchinese.com/article/2013/5230 2013 7 5
2013<>http://www.npf.org.tw/post/1/11861
2013 7 9
2011<> http://www.npf.org.tw/post/1/8935
2013 8 15
2013
http://iod.cier.edu.tw/indint/Weekly_report/PDF%E6%AA%94/%E9%80%B1%E5%A0
%B1/2013PDF/1772%E6%9C%9F%E9%9B%99%E9%80%B1%E5%A0%B1.pdf
2013 8 15
2013

TAO

http://www.cnyes.com/economy/indicator/Page/schedule.aspx 2013 8
15
2013
http://big5.xinhuanet.com/gate/big5/news.xinhuanet.com/world/2013-09/19/c_12541362
8.htm 2013 9 20
2013
http://cn.wsj.com/big5/20130815/BASc-015517.asp2013 9 20

21

Japan Cabinet office 2013Monthly Economic Report

http://www.esri.cao.go.jp/index-e.html Date visited : July 72013

TAO

22