日本房地产泡沫研究综述

日本在经济增速放缓、城市化进程进入尾声、出Vl导向型发展模式受阻、Et元升值压力加大的背景下，滋生了房地产泡沫。由于政府政策的失误、产业升级的失败、全民过度的投机，泡沫不断膨胀。最后因为政策突然转变而发生的需求急剧萎缩的刺激下，泡沫破灭。

The Real Estate Bubble in Japan

Under the backgrounds that economic growth was slowing down, urbanization process was coming to an end, export - led development model was unsustainable and yen appreciation pressure was bigger, the real estate bubble of Japan emerged. Because of the fault of government policy, the failure of industrial upgrading and the excessive speculation of the people, the bubble began expanding. Stimulated by the sharp decline in demand arising from the sudden policy change, the bubble finally burst.