1376:
bursting asset "bubble." They are led to explore the implications of their hypothesis on the basis of evidence that suggests that despite the ongoing difficulties in the
Japanese banking sector, desired capital expenditure was for the most part fully financed. They suggest that Japan's sluggish investment activity is likely to be better understood in terms of low levels of desired capital expenditure and not in terms of credit constraints that prohibit firms from financing projects with positive net present value (NPV). Monetary or fiscal policies might increase consumption in the short run, but unless productivity growth increases, there is a legitimate fear that such a policy may simply transform Japan from a low-growth/low-inflation economy to a low-growth/high-inflation economy.
1380:
adopt policies that would first cause short-term harm to the
Japanese people and government. Under this analysis, says Ian Lustick, Japan was stuck on a "local maximum," which it arrived at through gradual increases in its fitness level, set by the economic landscape of the 1970s and 80s. Without an accompanying change in institutional flexibility, Japan was unable to adapt to changing conditions and even though experts may have known which changes needed to be made, they would have been virtually powerless to enact those changes without instituting unpopular policies which would have been harmful in the short-term. Lustick's analysis is rooted in the application of
1329:(a situation in which monetary policy is unable to lower nominal interest rates because it is already close to zero). He explained how truly massive the asset bubble was in Japan by 1990, with a tripling of land and stock market prices during the prosperous 1980s. Japan's high personal savings rates, driven in part by the demographics of an aging population, enabled Japanese firms to rely heavily on traditional bank loans from supporting banking networks, as opposed to issuing stock or bonds via the capital markets to acquire funds. The cozy relationship of corporations to banks and the implicit guarantee of a taxpayer bailout of bank deposits created a significant
1353:. Despite zero interest rates and expansion of the money supply to encourage borrowing, Japanese corporations in aggregate opted to pay down their debts from their own business earnings rather than borrow to invest as firms typically do. Corporate investment, a key demand component of GDP, fell enormously (22% of GDP) between 1990 and its peak decline in 2003. Japanese firms overall became net savers after 1998, as opposed to borrowers. Koo argues that it was massive fiscal stimulus (borrowing and spending by the government) that offset this decline and enabled Japan to maintain its level of GDP. In his view, this avoided a U.S. type
971:
1086:
58:
994:(BoJ) and the Japanese government has focused on halting the deflation and eventually achieving the 2% inflation target since the early 2000s. However, as deflation persisted, the traditional monetary policy of setting low interest rates to stimulate investment and consumption, which typically causes inflation, became ineffective. This ineffectiveness arose because a nominal rate of 0% effectively meant a positive real rate due to the increasing value of cash. This phenomenon is known as the "Zero Interest Rate Constraint".
1106:
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1262:) remains in the top 50. Many Japanese companies replaced a large part of their workforce with temporary workers, who had little job security and fewer benefits. As of 2009, these non-traditional employees made up more than a third of the labor force. For the wider Japanese workforce, wages have stagnated. From their peak in 1997, real wages fell around 13% by 2013, an unprecedented number among developed nations. Surveys by the
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1038:
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percentage of GDP, at ~240% Japan had the highest level of debt of any nation on earth as of 2013. While Japan's is a special case where the majority of public debt is held in the domestic market and by the Bank of Japan, the sheer size of the debt demands large service payments and is a worrying sign of the country's financial health.
1357:, in which U.S. GDP fell by 46%. He argued that monetary policy was ineffective because there was limited demand for funds while firms paid down their liabilities. In a balance sheet recession, GDP declines by the amount of debt repayment and un-borrowed individual savings, leaving government stimulus spending as the primary remedy.
1702:
1379:
In her analysis of Japan's gradual path to economic success and then quick reversal, Jennifer Amyx wrote that
Japanese experts were not unaware of the possible causes of Japan's economic decline. Rather, to return Japan's economy back to the path to economic prosperity, policymakers would have had to
1337:
and reduced lending standards. In so doing they helped inflate the bubble economy to grotesque proportions." The Bank of Japan began increasing interest rates in 1990 due in part to concerns over the bubble and in 1991 land and stock prices began a steep decline, within a few years reaching 60% below
1270:
The wider economy of Japan is still recovering from the impact of the 1991 crash and subsequent lost decades. It took 12 years for Japan's GDP to recover to the same levels as 1995. And as a greater sign of economic malaise, Japan also fell behind in output per capita. In 1991, real output per capita
1300:
rallied to 20,000 in May 2015 from a low of around 9,000 in 2008. The Bank of Japan has set a 2% target for consumer-price inflation, although initial successes has been hampered by a sales tax increase enacted to balance the government budget. However, the impact on wages and consumer sentiment was
1282:
In response to chronic deflation and low growth, Japan has attempted economic stimulus and thereby run a fiscal deficit since 1991. These economic stimuli have had at best nebulous effects on the
Japanese economy and have contributed to the huge debt burden on the Japanese government. Expressed as a
1375:
argue that the anemic performance of the
Japanese economy since the early 1990s is mainly due to the low growth rate of aggregate productivity. Their hypothesis stands in direct contrast to popular explanations that are based in terms of an extended credit crunch that emerged in the aftermath of a
1295:
which sought to address many of the issues raised by Japan's Lost
Decades. His "three arrows" of reform intend to address Japan's chronically low inflation, decreasing worker productivity relative to other developed nations, and demographic issues raised by an aging population. Initially, investor
1213:
Eventually, many of these failing firms became unsustainable, and a wave of consolidation took place, resulting in four national banks in Japan. Many
Japanese firms were burdened with heavy debts, and it became very difficult to obtain credit. Many borrowers turned to
1266:
showed that household income in 2010 had fallen to 1987 levels. According to
Teikoku Databank, Japan's largest credit rating agency, the aggregate sales of all companies in Japan decreased by 3.9% in 2010 compared to 2000, or a decrease of 13,848.2 billion yen.
1305:
poll in
January 2014 found that 73% of Japanese respondents had not personally noticed the effects of Abenomics, only 28 percent expected to see a pay raise, and nearly 70% were considering cutting back spending following the increase in the consumption tax.
1271:
in Japan was 14% higher than that of
Australia, but in 2011 real output had dropped to 14% below Australia's levels. In the span of 30 years, Japan also experienced slower labor productivity growth than other countries. Whereas in 1990 it ranked sixth among
1002:
finally helped Japan reach an inflation rate of above 2%. However, while other major economies focus on suppressing inflation by raising interest rates, Japan aims to firmly establish inflation by maintaining low rates. As a side effect, the
1286:
More than 25 years after the initial market crash, Japan was still feeling the effects of Lost Decades. However, several Japanese policymakers have attempted reforms to address the malaise in the Japanese economy. After
997:
In 2013, BoJ implemented the Quantitative and Qualitative Monetary Easing Policy, and in 2016, it introduced a negative bank rate of −0.1%. This policy achieved mild inflation of around 0–1.0% in the late 2010s. The
1169:
and asset prices fell, leaving overly-leveraged Japanese banks and insurance companies with books full of bad debt. As a result, bank credit growth stagnated. The financial institutions were bailed out through
1022:
While there is some debate on the extent and measurement of Japan's setbacks, the economic effect of the Lost Decades is well established, and Japanese policymakers continue to grapple with its consequences.
1161:
Trying to deflate speculation and keep inflation in check, the Bank of Japan sharply raised inter-bank lending rates in late 1989. This sharp policy caused the bursting of the bubble, and the Japanese
1210:. However, most of these companies were too debt-ridden to do much more than survive on bail-out funds. Schuman believed that Japan's economy did not begin to recover until this practice had ended.
955:
between January 2020 and October 2021. Broadly impacting the entire Japanese economy, over the period of 1995 to 2023, the country's GDP fell from $ 5.33 trillion to $ 4.21 trillion in
1132:
explained, "Japan's banks lent more, with less regard for quality of the borrower, than anyone else's. In doing so they helped inflate the bubble economy to grotesque proportions." Economist
1313:, Jun Saito of the Japan Center for Economic Research stated that the pandemic's impact delivered the "final blow" to Japan's long fledgling economy, which had resumed slow growth in 2018.
1011:
was at 68.36 in June 2024, the lowest level since statistics began in 1970, with the 2020 average set at 100. This devaluation of the currency caused Japan to lose its status as the
1250:, which had dominated their respective industries from the 1960s to the 1990s, had to fend off strong competition from rival firms based in other East Asian countries, particularly
1424:
warned that the United States was in danger of becoming "enmeshed in a Japanese-style deflationary outcome within the next several years." However, this scenario did not happen.
2458:
2424:
2034:
3129:
3109:
2472:
1719:
2735:
2907:
2438:
2832:
2503:
3257:
2252:
1534:
927:, as measured by GDP, grew only 1.14% annually, while the average real growth rate between 2000 and 2010 was about 1%, both well below other
1990:
1400:
of 2007–2009, many Western governments and commentators have referenced the Lost Decades as a distinct economic possibility for stagnating
3273:
2842:
274:
1364:
has argued that Japan's monetary policy was too tight during the Lost Decades and thus prolonged the pain felt by the Japanese economy.
1116:
in the second half of the 20th century ended abruptly at the start of the 1990s. By the late 1980s, the Japanese economy experienced an
974:
Japan's nominal GDP per capita has stagnated around $ 40,000 since the 1990s, while other economies have experienced significant growth.
3351:
2879:
2453:
850:
790:
3346:
548:
1178:, loans and cheap credit from the central bank, and the ability to postpone the recognition of losses, ultimately turning them into
3170:
1677:
956:
3114:
1218:(loan sharks) for loans. As of 2012, the official interest rate was 0.1%; the interest rate has remained below 1% since 1994.
3377:
1263:
2852:
2847:
Hoshi, Takeo, and Anil K. Kashyap. "Will the US and Europe avoid a lost decade? Lessons from Japan’s postcrisis experience."
2534:
2153:
2091:
1789:"(Reference) Monetary Policy under Quantitative and Qualitative Monetary Easing Introduced in 2013 : 日本銀行 Bank of Japan"
800:
725:
1733:
940:
620:
3252:
3216:
2963:
2937:
1971:
1196:
stated that the zombie banks were one of the reasons for the following long stagnation. Additionally, Michael Schuman of
241:
17:
1275:
nations ahead of the United Kingdom, in 2021 labor productivity of Japan was the lowest in the G7 and ranked 29th of 38
3473:
3458:
3453:
3448:
3247:
2912:
1893:
1512:
1012:
398:
373:
2480:
3392:
3104:
932:
625:
748:
456:
986:, and other investments, opting to hold onto cash instead. This tendency, coinciding with the acceleration of the
3397:
3242:
3226:
690:
1764:"Monetary Policy Under the Zero Interest Rate Constraint and Balance Sheet Adjustment : 日本銀行 Bank of Japan"
3290:
2872:
2317:
2169:
1571:
843:
503:
423:
2705:
461:
3300:
3094:
2999:
1487:
999:
715:
1553:
990:, gradually diminished the competitiveness of the economy and the potential growth rate of the country. The
3320:
3278:
2706:"Interview with Edward Prescott: Japan's prolonged slowdown parallels sharp decline in productivity growth"
1918:
1409:
1405:
824:
814:
758:
743:
700:
31:
2273:
982:, the value of cash increases as time passes. In such a situation, Japanese companies began to cut wages,
3463:
3407:
3372:
3315:
3150:
3119:
3066:
2927:
2110:
Werner, Richard A. (2002). "Monetary Policy Implementation in Japan: What They Say versus What They Do".
1482:
1477:
1141:
1032:
878:
653:
583:
2968:
2801:
1310:
948:
944:
795:
648:
403:
262:
2784:
1593:
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3155:
3099:
3089:
3071:
3024:
2922:
2902:
2865:
1529:
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1113:
1019:
in nominal terms, which was approximately half the size of the country's economy a decade earlier.
836:
770:
753:
705:
578:
533:
428:
208:
170:
41:
2377:
488:
3382:
3283:
3014:
2225:
983:
610:
528:
493:
451:
2552:"Richard Koo's Awesome Presentation On The Real Reason Why This Recession Is Completely Different"
1746:
1349:". It was triggered by a collapse in land and stock prices, which caused Japanese firms to become
1291:
was elected as Japanese prime minister in December 2012, Abe introduced a reform program known as
3468:
3443:
3438:
2674:
1346:
1227:
1008:
735:
553:
383:
368:
3433:
3387:
3305:
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2342:
1838:
928:
775:
538:
330:
2053:
1763:
3165:
3160:
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2729:
2248:
1255:
388:
1624:
3206:
3056:
2917:
2504:"Japan's economy has been dealt the 'final blow' by the coronavirus pandemic, says analyst"
1972:"Japan slips into recession, allowing Germany to overtake as world's third-largest economy"
1417:
1042:
658:
513:
418:
279:
175:
82:
970:
8:
3145:
3124:
2202:
1497:
1175:
874:
563:
518:
483:
393:
3325:
2395:
1518:
1502:
1162:
1117:
1016:
952:
864:
730:
558:
413:
310:
305:
3175:
3081:
2978:
2530:
2149:
2142:
2087:
1401:
1385:
1243:
780:
763:
710:
695:
378:
340:
218:
57:
1813:
1788:
1085:
1007:
has become extremely weak, hitting a 37.5-year low of 161 yen/USD in July 2024. The
3330:
3019:
2888:
2721:
2717:
2686:
2119:
2079:
1421:
1354:
1334:
1230:
of the 1980s has not returned to the same pre-crash levels. Japanese firms such as
1171:
1166:
1155:
924:
819:
325:
234:
49:
1991:"Japan loses crown as world's third-largest economy after it slips into recession"
1120:
caused by loan growth quotas dictated upon the banks by Japan's central bank, the
3310:
3201:
2188:
Princes of the Yen. Japan's Central Bankers and the Transformation of the Economy
1750:
1507:
1416:
cited the "lost decades" as a prospect the American economy faced. And in 2010,
1397:
1372:
1207:
1198:
1192:
1125:
936:
720:
523:
508:
498:
408:
196:
94:
3051:
2313:
1523:
1326:
1272:
1203:
1187:
1133:
987:
785:
315:
246:
203:
2287:
3427:
2994:
2837:
Hayashi, Fumio, and Edward C. Prescott. "The 1990s in Japan: A lost decade."
2824:
1368:
1183:
1121:
991:
573:
568:
2123:
1945:"このままでは日本の伝統的企業が海外に買われていく…円安が止まらない日本を待ち受ける"最悪のシナリオ" 政府は円安政策を意図的に進めているように見える"
1650:
1288:
1202:
magazine wrote that these banks kept injecting new funds into unprofitable "
444:
3180:
3009:
2818:
Japan's 'Lost Decade': Causes, Legacies and Issues of Transformative Change
2690:
2008:
1469:
1455:
1441:
1413:
1361:
1330:
1322:
1137:
1129:
1004:
269:
163:
135:
121:
107:
2648:
2622:
2596:
2570:
2083:
1254:, and China, since the 2000s. In 1989, of the world's top 50 companies by
476:
213:
1867:
1342:
1251:
1179:
1105:
964:
543:
149:
1944:
1109:
Rate of change in Japanese property prices, percentage (year over year)
963:
fell around 11%, while the country experienced a stagnant or decreasing
30:
This article is about the Japanese economic crisis. For other uses, see
3046:
3004:
2704:
Dept, International Monetary Fund External Relations (1 January 2002).
1843:
1302:
1297:
960:
615:
598:
345:
294:
180:
3412:
3402:
3185:
2751:
Japan's Financial Crisis: Institutional Rigidity and Reluctant Change
2527:
The Holy Grail of Macroeconomics-Lessons from Japan's Great Recession
1839:"The Yen Appreciates Greatly, Rising From 160 Yen/USD to 154 Yen/USD"
1404:. On 9 February 2009, in warning of the dire consequences facing the
1381:
1350:
1292:
1239:
1145:
979:
641:
361:
335:
1151:
1148:
are insufficient to explain the actions taken by the Bank of Japan.
2947:
2942:
2857:
920:) have been included by commentators as the phenomenon continued.
3038:
1247:
1215:
1388:
to understanding institutional rigidity in the social sciences.
1435:
1345:
wrote that Japan's "Great Recession" that began in 1990 was a "
1259:
1231:
1037:
320:
2597:"More evidence that the BOJ is not trying to create inflation"
1814:"Statistics Bureau Home Page/Consumer Price Index Japan 2023"
3034:
1463:
1276:
1235:
1678:"The Lost Decade: Lessons From Japan's Real Estate Crisis"
2144:
The Return of Depression Economics and the Crisis of 2008
1325:
has argued that Japan's lost decades are an example of a
2473:"Over 70% of Japanese not feeling benefits of Abenomics"
2009:"GDP – Gross Domestic Product 2012 | countryeconomy.com"
3130:
Ministry of Land, Infrastructure, Transport and Tourism
1089:
Japan money supply and inflation rate (year over year)
2816:
Fletcher III, W. Miles, and Peter W. von Staden, eds.
2783:
Meckler, Laura; Weisman, Jonathan (10 February 2009).
2318:"When Consumers Cut Back: An Object Lesson From Japan"
1296:
response to the announced reform was strong, and the
2908:
Foreign commerce and shipping of the Empire of Japan
1431:
1258:, 32 were Japanese; by 2018, only one such company (
2054:"Video interview on BBC News with Eamonn Fingleton"
931:. Debt levels continued to rise in response to the
2452:
2141:
1970:Montgomery, Hanako; He, Laura (15 February 2024).
2734:: CS1 maint: DOI inactive as of September 2024 (
1309:In early 2020, as Japan began to suffer from the
900:originally referred to the 1990s, but the 2000s (
881:'s collapse beginning in 1990. The singular term
3425:
3110:Ministry of Agriculture, Forestry and Fisheries
2764:Lustick, Ian (2011). "Institutional Rigidity".
2672:
2135:
2133:
1526:about the macroeconomics behind the Lost Decade
893:
2782:
2253:National Graduate Institute for Policy Studies
1206:" to keep them afloat, arguing that they were
915:
905:
887:
2873:
2753:. Princeton University Press. pp. 17–18.
1535:List of stock market crashes and bear markets
1226:Despite mild economic recovery in the 2000s,
844:
2367:田中秀臣 『日本経済復活が引き起こすAKB48の終焉』 主婦の友社、2013年、84頁。
2217:
2130:
1969:
1569:
1963:
1919:"円の実力、なぜ過去最低水準 金利差だけではない日本経済の「弱さ」:朝日新聞デジタル"
1136:writes that external pressures such as the
1124:, through a policy mechanism known as the "
3352:Japan Automobile Manufacturers Association
3222:
3212:
2880:
2866:
2454:"Inflation in Japan rises to 30-year high"
2105:
2103:
2069:
2067:
2026:
1572:"Japan eyes end to decades long deflation"
851:
837:
3347:Japan Association of Corporate Executives
2673:Hayashi, Fumio; Prescott, Edward (2002).
2529:. John Wiley & Sons (Asia) Pte. Ltd.
2051:
2032:
3171:Simultaneous recruiting of new graduates
2518:
1868:"円の国際価値が過去最低、BIS ドルなどと大差、通貨地位揺らぐ | 共同通信"
1150:
1104:
1084:
1036:
1000:global inflation surge from 2021 to 2023
969:
3115:Ministry of Economy, Trade and Industry
2763:
2312:
2223:
2180:
2139:
2100:
2064:
1988:
1982:
14:
3426:
3378:Government-business relations in Japan
2200:
2194:
2109:
2073:
1563:
1264:Ministry of Health, Labour and Welfare
27:Period of economic stagnation in Japan
2861:
2501:
2461:from the original on 12 January 2022.
2419:
2417:
2224:Schuman, Michael (19 December 2008).
2052:Fingleton, Eamonn (12 January 2012).
1333:problem, leading to an atmosphere of
2887:
2748:
2703:
2226:"Why Detroit Is Not Too Big to Fail"
2033:Fingleton, Eamonn (6 January 2012).
1989:McCurry, Justin (15 February 2024).
1865:
1714:
1712:
1619:
1617:
1615:
3217:List of Japan natural gas companies
2964:Monetary and fiscal policy of Japan
2675:"The 1990s in Japan: A Lost Decade"
2524:
2288:"昭和という「レガシー」を引きずった平成30年間の経済停滞を振り返る"
2201:Onaran, Yalman (25 November 2011).
1675:
1221:
24:
3274:Agriculture, forestry, and fishing
2913:Agriculture in the Empire of Japan
2810:
2646:
2620:
2594:
2568:
2414:
2370:
1513:Japanese post-war economic miracle
25:
3485:
3393:Research and development in Japan
3105:Japan External Trade Organization
2804:Federal Reserve Bank of St. Louis
2549:
2479:. 27 January 2014. Archived from
1734:"Inflation Japan – CPI inflation"
1709:
1651:"「失われた30年」となる可能性も 次の10年を考えて投資しよう"
1612:
1594:"円は一段と上昇か、日本は次の失われた10年に直面-ムーディーズ"
1316:
3221:
3211:
2502:Huang, Eustance (7 April 2020).
2246:
1462:
1448:
1434:
56:
3398:Science and technology in Japan
3243:International rankings of Japan
3227:List of power stations in Japan
2938:Japan–South Korea trade dispute
2795:
2776:
2757:
2742:
2697:
2666:
2640:
2614:
2588:
2562:
2543:
2495:
2465:
2445:
2431:
2388:
2361:
2335:
2306:
2280:
2266:
2249:"Economic Development of Japan"
2240:
2162:
2148:. W.W. Norton Company Limited.
2045:
2001:
1937:
1925:(in Japanese). 22 December 2023
1911:
1886:
1859:
1831:
1806:
1781:
1756:
1753:(Governor of the Bank of Japan)
1740:
1631:(in Japanese). 23 December 2010
1570:Leika Kihara (17 August 2012).
2829:Examining Japan's Lost Decades
2802:The Seven Faces of 'The Peril'
2785:"Obama Warns of 'Lost Decade'"
2722:10.5089/9781451934359.023.A005
2571:"Why Japan's QE didn't "work""
2274:"Bank of Japan Interest Rates"
2190:. quantumpublishers.com. 2003.
2174:Reuters via The New York Times
2076:New Paradigm in Macroeconomics
1726:
1695:
1669:
1643:
1586:
1546:
13:
1:
3258:Prefectures by GDP per capita
3000:Banknotes of the Japanese yen
2724:(inactive 13 September 2024).
2294:(in Japanese). 20 August 2018
2170:"Japan Raised Interest Rates"
2035:"The Myth of Japan's Failure"
1949:PRESIDENT Online(プレジデントオンライン)
1749:. (In Japanese) 6 June 2022,
1747:How we make monetary policies
1540:
1488:Stock market crashes in India
1013:world's third largest economy
941:Tōhoku earthquake and tsunami
877:in Japan precipitated by the
1847:(in Japanese). 30 April 2024
1009:real effective exchange rate
7:
3408:Standard of living in Japan
3373:Economic relations of Japan
3151:Japanese management culture
3067:Financial services in Japan
2928:Japanese asset price bubble
2839:Review of Economic Dynamics
2679:Review of Economic Dynamics
1600:(in Japanese). 17 June 2016
1483:1991 Indian economic crisis
1478:1997 Asian financial crisis
1427:
1033:Japanese asset price bubble
894:
10:
3490:
2969:Industrial policy of Japan
2649:"The other money illusion"
2349:(in Japanese). 5 July 2012
1030:
945:Fukushima nuclear disaster
862:
29:
3474:2010s in economic history
3459:2000s in economic history
3454:1990s in economic history
3449:Economic history of Japan
3365:
3357:Japan Business Federation
3339:
3266:
3248:List of largest companies
3235:
3194:
3156:Japanese work environment
3138:
3100:Financial Services Agency
3090:Development Bank of Japan
3080:
3072:Japanese financial system
3033:
3025:Scrip of Edo period Japan
2987:
2956:
2923:Japanese economic miracle
2903:Economic history of Japan
2895:
1951:(in Japanese). 9 May 2024
1898:www.stat-search.boj.or.jp
1530:Zero interest rate policy
1493:Economic history of Japan
1391:
1026:
916:
906:
888:
399:Invasion of Taiwan (1895)
374:Invasion of Taiwan (1874)
3383:List of exports of Japan
3015:National Printing Bureau
2841:(2002) 5#1 pp: 206–235.
2425:"Don't Mention the Debt"
2396:"労働生産性の国際比較 | 調査研究・提言活動"
2343:"世帯所得、昭和に逆戻り…10年平均538万円"
2203:"Kill the zombie banks!"
2074:Werner, Richard (2005).
1114:Japan's economic miracle
984:research and development
873:are a lengthy period of
611:Great Hanshin earthquake
529:Second Sino-Japanese War
2823:Funabashi, Yoichi, and
2789:The Wall Street Journal
2749:Amyx, Jennifer (2004).
2124:10.1111/1467-8381.00145
2058:BBC News, 5 min. 26 sec
1703:"Japanese GDP, nominal"
1420:of St. Louis President
1347:balance sheet recession
1228:conspicuous consumption
1144:to reduce the official
923:From 1991 to 2003, the
457:Intervention in Siberia
384:First Sino-Japanese War
3388:National debt of Japan
3062:Capital flows in Japan
2851:63.1 (2015): 110–163.
2691:10.1006/redy.2001.0149
2623:"Rooseveltian Resolve"
2378:"The Japanese Tragedy"
2140:Krugman, Paul (2009).
2112:Asian Economic Journal
1158:
1110:
1102:
1082:
975:
929:industrialized nations
791:Science and technology
539:Attack on Pearl Harbor
462:Great Kantō earthquake
404:Colonization of Taiwan
331:Convention of Kanagawa
171:Former Nine Years' War
114:1000 BC – 300 AD
100:14,000 – 1000 BC
3095:Fair Trade Commission
2974:Trade policy of Japan
2525:Koo, Richard (2009).
2084:10.1057/9780230506077
1866:共同通信 (20 June 2024).
1256:market capitalization
1154:
1108:
1094: M2 money supply
1088:
1040:
973:
504:Invasion of Manchuria
429:Colonization of Korea
389:Treaty of Shimonoseki
128:300 AD – 538 AD
3207:Solar power in Japan
3057:Tokyo Stock Exchange
2918:Income Doubling Plan
2316:(22 February 2009).
1418:Federal Reserve Bank
1163:stock market crashed
1043:inverted yield curve
801:World Heritage Sites
514:February 26 incident
419:Treaty of Portsmouth
280:Battle of Sekigahara
176:Later Three-Year War
3321:Public corporations
3146:Japanese labour law
3125:National Tax Agency
3120:Ministry of Finance
3082:Government agencies
2849:IMF Economic Review
2205:. Salon Media Group
2176:. 25 December 1989.
1498:Economic stagnation
1382:evolutionary theory
1176:Government of Japan
1174:infusions from the
1142:Ministry of Finance
875:economic stagnation
626:Imperial transition
564:Occupation of Japan
554:Soviet–Japanese War
519:Anti-Comintern Pact
394:Triple Intervention
18:Lost decade (Japan)
3464:Economic collapses
3316:Private enterprise
3253:Prefectures by GDP
2831:(Routledge, 2015)
2653:The Money Illusion
2627:The Money Illusion
2601:The Money Illusion
2575:The Money Illusion
2483:on 2 February 2014
2382:The Economist Blog
2322:The New York Times
2039:The New York Times
2013:countryeconomy.com
1720:"Waging a New War"
1554:"Hayashi Prescott"
1519:Princes of the Yen
1503:Employment Ice Age
1159:
1140:and the policy of
1118:asset price bubble
1111:
1103:
1083:
976:
895:Ushinawareta Jūnen
879:asset price bubble
865:Employment Ice Age
691:Capital punishment
667:2019–present
584:Asset price bubble
559:Surrender of Japan
424:Japan–Korea Treaty
414:Russo-Japanese War
369:Ryūkyū Disposition
311:Invasion of Ryukyu
306:Tokugawa shogunate
242:Nanboku-chō period
3421:
3420:
2820:(Routledge, 2014)
2536:978-0-470-82494-8
2439:"The third arrow"
2155:978-0-393-07101-6
2093:978-1-4039-2074-4
1625:"「失われた30年」に向かう日本"
1412:, U.S. President
1402:developed nations
1386:natural selection
1311:COVID-19 pandemic
988:ageing population
949:COVID-19 pandemic
947:in 2011, and the
910:) and the 2010s (
861:
860:
726:Foreign relations
671:
670:
654:Abe assassination
649:COVID-19 pandemic
621:Tōhoku earthquake
379:Satsuma Rebellion
341:Meiji Restoration
219:Kenmu Restoration
16:(Redirected from
3481:
3225:
3224:
3215:
3214:
3020:Tokugawa coinage
2889:Economy of Japan
2882:
2875:
2868:
2859:
2858:
2805:
2799:
2793:
2792:
2780:
2774:
2773:
2761:
2755:
2754:
2746:
2740:
2739:
2733:
2725:
2701:
2695:
2694:
2670:
2664:
2663:
2661:
2659:
2644:
2638:
2637:
2635:
2633:
2618:
2612:
2611:
2609:
2607:
2592:
2586:
2585:
2583:
2581:
2566:
2560:
2559:
2556:Business Insider
2550:White, Gregory.
2547:
2541:
2540:
2522:
2516:
2515:
2513:
2511:
2499:
2493:
2492:
2490:
2488:
2469:
2463:
2462:
2457:. 27 June 2014.
2456:
2449:
2443:
2442:
2435:
2429:
2428:
2421:
2412:
2411:
2409:
2407:
2392:
2386:
2385:
2374:
2368:
2365:
2359:
2358:
2356:
2354:
2339:
2333:
2332:
2330:
2328:
2310:
2304:
2303:
2301:
2299:
2284:
2278:
2277:
2270:
2264:
2263:
2261:
2259:
2244:
2238:
2237:
2235:
2233:
2221:
2215:
2214:
2212:
2210:
2198:
2192:
2191:
2184:
2178:
2177:
2166:
2160:
2159:
2147:
2137:
2128:
2127:
2107:
2098:
2097:
2071:
2062:
2061:
2049:
2043:
2042:
2030:
2024:
2023:
2021:
2019:
2005:
1999:
1998:
1986:
1980:
1979:
1967:
1961:
1960:
1958:
1956:
1941:
1935:
1934:
1932:
1930:
1915:
1909:
1908:
1906:
1904:
1890:
1884:
1883:
1881:
1879:
1863:
1857:
1856:
1854:
1852:
1835:
1829:
1828:
1826:
1824:
1810:
1804:
1803:
1801:
1799:
1785:
1779:
1778:
1776:
1774:
1760:
1754:
1744:
1738:
1737:
1730:
1724:
1723:
1716:
1707:
1706:
1699:
1693:
1692:
1690:
1688:
1676:Nielsen, Barry.
1673:
1667:
1666:
1664:
1662:
1647:
1641:
1640:
1638:
1636:
1621:
1610:
1609:
1607:
1605:
1590:
1584:
1583:
1581:
1579:
1567:
1561:
1560:
1558:
1550:
1472:
1467:
1466:
1458:
1453:
1452:
1451:
1444:
1439:
1438:
1355:Great Depression
1335:crony capitalism
1222:Economic effects
1156:Nikkei 225 Index
1128:". As economist
1099:
1093:
1079:
1073:
1067:
1061:
1055:
1049:
933:financial crisis
925:Japanese economy
919:
918:
909:
908:
899:
897:
891:
890:
853:
846:
839:
683:
579:Economic miracle
494:Nanking incident
489:Financial crisis
326:Perry Expedition
300:
209:Mongol invasions
88:before 14,000 BC
78:
77:
73:
60:
50:History of Japan
37:
36:
21:
3489:
3488:
3484:
3483:
3482:
3480:
3479:
3478:
3424:
3423:
3422:
3417:
3361:
3335:
3284:domestic market
3262:
3231:
3202:Energy in Japan
3190:
3134:
3076:
3029:
2983:
2952:
2891:
2886:
2813:
2811:Further reading
2808:
2800:
2796:
2781:
2777:
2762:
2758:
2747:
2743:
2727:
2726:
2702:
2698:
2671:
2667:
2657:
2655:
2647:Sumner, Scott.
2645:
2641:
2631:
2629:
2621:Sumner, Scott.
2619:
2615:
2605:
2603:
2595:Sumner, Scott.
2593:
2589:
2579:
2577:
2569:Sumner, Scott.
2567:
2563:
2548:
2544:
2537:
2523:
2519:
2509:
2507:
2500:
2496:
2486:
2484:
2471:
2470:
2466:
2451:
2450:
2446:
2441:. 28 June 2014.
2437:
2436:
2432:
2423:
2422:
2415:
2405:
2403:
2394:
2393:
2389:
2376:
2375:
2371:
2366:
2362:
2352:
2350:
2341:
2340:
2336:
2326:
2324:
2314:Tabuchi, Hiroko
2311:
2307:
2297:
2295:
2286:
2285:
2281:
2272:
2271:
2267:
2257:
2255:
2247:Ohno, Kenichi.
2245:
2241:
2231:
2229:
2222:
2218:
2208:
2206:
2199:
2195:
2186:
2185:
2181:
2168:
2167:
2163:
2156:
2138:
2131:
2108:
2101:
2094:
2072:
2065:
2050:
2046:
2031:
2027:
2017:
2015:
2007:
2006:
2002:
1987:
1983:
1968:
1964:
1954:
1952:
1943:
1942:
1938:
1928:
1926:
1917:
1916:
1912:
1902:
1900:
1892:
1891:
1887:
1877:
1875:
1864:
1860:
1850:
1848:
1837:
1836:
1832:
1822:
1820:
1812:
1811:
1807:
1797:
1795:
1787:
1786:
1782:
1772:
1770:
1762:
1761:
1757:
1751:Haruhiko Kuroda
1745:
1741:
1732:
1731:
1727:
1722:. 9 March 2013.
1718:
1717:
1710:
1701:
1700:
1696:
1686:
1684:
1674:
1670:
1660:
1658:
1649:
1648:
1644:
1634:
1632:
1623:
1622:
1613:
1603:
1601:
1592:
1591:
1587:
1577:
1575:
1568:
1564:
1556:
1552:
1551:
1547:
1543:
1508:Great Recession
1468:
1461:
1454:
1449:
1447:
1440:
1433:
1430:
1398:Great Recession
1394:
1373:Edward Prescott
1319:
1224:
1208:too big to fail
1126:window guidance
1101:
1100: Inflation
1097:
1095:
1091:
1081:
1077:
1075:
1071:
1069:
1065:
1063:
1059:
1057:
1053:
1051:
1047:
1035:
1029:
951:and subsequent
937:Great Recession
885:
867:
857:
807:
806:
805:
685:
684:
681:
673:
672:
664:
663:
659:Noto earthquake
634:1989–2019
631:
630:
591:1926–1989
588:
549:Atomic bombings
524:Tripartite Pact
509:May 15 incident
499:Mukden Incident
470:1912–1926
467:
466:
437:1868–1912
434:
433:
409:Boxer Rebellion
354:1603–1868
351:
350:
298:
288:1573–1603
285:
284:
263:Azuchi–Momoyama
255:1336–1573
252:
251:
227:1185–1333
224:
223:
186:
185:
156:710 – 794
153:
142:538 – 710
139:
125:
111:
75:
74:
71:
63:
35:
28:
23:
22:
15:
12:
11:
5:
3487:
3477:
3476:
3471:
3469:2010s in Japan
3466:
3461:
3456:
3451:
3446:
3444:2000s in Japan
3441:
3439:1990s in Japan
3436:
3419:
3418:
3416:
3415:
3410:
3405:
3400:
3395:
3390:
3385:
3380:
3375:
3369:
3367:
3363:
3362:
3360:
3359:
3354:
3349:
3343:
3341:
3337:
3336:
3334:
3333:
3328:
3323:
3318:
3313:
3308:
3303:
3298:
3293:
3288:
3287:
3286:
3276:
3270:
3268:
3264:
3263:
3261:
3260:
3255:
3250:
3245:
3239:
3237:
3233:
3232:
3230:
3229:
3219:
3209:
3204:
3198:
3196:
3192:
3191:
3189:
3188:
3183:
3178:
3173:
3168:
3163:
3158:
3153:
3148:
3142:
3140:
3136:
3135:
3133:
3132:
3127:
3122:
3117:
3112:
3107:
3102:
3097:
3092:
3086:
3084:
3078:
3077:
3075:
3074:
3069:
3064:
3059:
3054:
3052:Osaka Exchange
3049:
3043:
3041:
3031:
3030:
3028:
3027:
3022:
3017:
3012:
3007:
3002:
2997:
2991:
2989:
2985:
2984:
2982:
2981:
2976:
2971:
2966:
2960:
2958:
2954:
2953:
2951:
2950:
2945:
2940:
2935:
2930:
2925:
2920:
2915:
2910:
2905:
2899:
2897:
2893:
2892:
2885:
2884:
2877:
2870:
2862:
2856:
2855:
2845:
2835:
2821:
2812:
2809:
2807:
2806:
2794:
2775:
2756:
2741:
2696:
2685:(1): 206–235.
2665:
2639:
2613:
2587:
2561:
2542:
2535:
2517:
2494:
2464:
2444:
2430:
2413:
2387:
2369:
2360:
2334:
2305:
2279:
2265:
2239:
2216:
2193:
2179:
2161:
2154:
2129:
2118:(2): 111–151.
2099:
2092:
2063:
2044:
2025:
2000:
1981:
1962:
1936:
1910:
1894:"時系列データ表示:グラフ"
1885:
1858:
1830:
1818:www.stat.go.jp
1805:
1780:
1755:
1739:
1725:
1708:
1694:
1668:
1642:
1611:
1585:
1562:
1544:
1542:
1539:
1538:
1537:
1532:
1527:
1524:Richard Werner
1515:
1510:
1505:
1500:
1495:
1490:
1485:
1480:
1474:
1473:
1459:
1445:
1429:
1426:
1410:housing bubble
1393:
1390:
1327:liquidity trap
1318:
1317:Interpretation
1315:
1301:more muted. A
1223:
1220:
1188:Bloomberg News
1134:Richard Werner
1096:
1090:
1076:
1070:
1064:
1058:
1052:
1046:
1028:
1025:
859:
858:
856:
855:
848:
841:
833:
830:
829:
828:
827:
822:
817:
809:
808:
804:
803:
798:
793:
788:
783:
778:
773:
768:
767:
766:
761:
756:
751:
746:
738:
736:Historiography
733:
728:
723:
718:
713:
708:
703:
698:
693:
687:
686:
680:
679:
678:
675:
674:
669:
668:
665:
662:
661:
656:
651:
645:
639:
636:
635:
632:
629:
628:
623:
618:
613:
608:
602:
596:
593:
592:
589:
587:
586:
581:
576:
571:
566:
561:
556:
551:
546:
541:
536:
531:
526:
521:
516:
511:
506:
501:
496:
491:
486:
480:
472:
471:
468:
465:
464:
459:
454:
448:
442:
439:
438:
435:
432:
431:
426:
421:
416:
411:
406:
401:
396:
391:
386:
381:
376:
371:
365:
359:
356:
355:
352:
349:
348:
343:
338:
333:
328:
323:
318:
316:Siege of Osaka
313:
308:
302:
293:
290:
289:
286:
283:
282:
277:
272:
266:
260:
257:
256:
253:
250:
249:
247:Sengoku period
244:
238:
232:
229:
228:
225:
222:
221:
216:
211:
206:
200:
194:
191:
190:
189:794–1185
187:
184:
183:
178:
173:
167:
161:
158:
157:
154:
147:
144:
143:
140:
133:
130:
129:
126:
119:
116:
115:
112:
105:
102:
101:
98:
90:
89:
86:
76:
70:
69:
68:
65:
64:
61:
53:
52:
46:
45:
26:
9:
6:
4:
3:
2:
3486:
3475:
3472:
3470:
3467:
3465:
3462:
3460:
3457:
3455:
3452:
3450:
3447:
3445:
3442:
3440:
3437:
3435:
3434:Heisei period
3432:
3431:
3429:
3414:
3411:
3409:
3406:
3404:
3401:
3399:
3396:
3394:
3391:
3389:
3386:
3384:
3381:
3379:
3376:
3374:
3371:
3370:
3368:
3364:
3358:
3355:
3353:
3350:
3348:
3345:
3344:
3342:
3338:
3332:
3329:
3327:
3324:
3322:
3319:
3317:
3314:
3312:
3309:
3307:
3306:Manufacturing
3304:
3302:
3299:
3297:
3294:
3292:
3289:
3285:
3282:
3281:
3280:
3277:
3275:
3272:
3271:
3269:
3265:
3259:
3256:
3254:
3251:
3249:
3246:
3244:
3241:
3240:
3238:
3234:
3228:
3220:
3218:
3210:
3208:
3205:
3203:
3200:
3199:
3197:
3193:
3187:
3184:
3182:
3179:
3177:
3174:
3172:
3169:
3167:
3164:
3162:
3159:
3157:
3154:
3152:
3149:
3147:
3144:
3143:
3141:
3137:
3131:
3128:
3126:
3123:
3121:
3118:
3116:
3113:
3111:
3108:
3106:
3103:
3101:
3098:
3096:
3093:
3091:
3088:
3087:
3085:
3083:
3079:
3073:
3070:
3068:
3065:
3063:
3060:
3058:
3055:
3053:
3050:
3048:
3045:
3044:
3042:
3040:
3036:
3032:
3026:
3023:
3021:
3018:
3016:
3013:
3011:
3008:
3006:
3003:
3001:
2998:
2996:
2995:Bank of Japan
2993:
2992:
2990:
2986:
2980:
2977:
2975:
2972:
2970:
2967:
2965:
2962:
2961:
2959:
2955:
2949:
2946:
2944:
2941:
2939:
2936:
2934:
2931:
2929:
2926:
2924:
2921:
2919:
2916:
2914:
2911:
2909:
2906:
2904:
2901:
2900:
2898:
2894:
2890:
2883:
2878:
2876:
2871:
2869:
2864:
2863:
2860:
2854:
2850:
2846:
2844:
2840:
2836:
2834:
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2400:公益財団法人日本生産性本部
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3291:Construction
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3176:Shūshin koyō
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3010:Japanese yen
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2656:. Retrieved
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2481:the original
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2292:ダイヤモンド・オンライン
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2016:. Retrieved
2012:
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1995:The Guardian
1994:
1984:
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1953:. Retrieved
1948:
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1927:. Retrieved
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1682:Investopedia
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1628:
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1565:
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1470:2010s portal
1456:2000s portal
1442:1990s portal
1414:Barack Obama
1395:
1378:
1366:
1362:Scott Sumner
1359:
1340:
1338:their peak.
1331:moral hazard
1323:Paul Krugman
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1204:zombie firms
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1180:zombie banks
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1138:Plaza Accord
1130:Paul Krugman
1112:
1080: 1 year
1074: 2-year
1068: 5-year
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1005:Japanese yen
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911:
901:
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871:Lost Decades
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606:Lost Decades
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270:Nanban trade
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3301:Electronics
2658:24 November
2632:24 November
2606:24 November
2580:24 November
2232:23 December
1629:Newsweek日本版
1578:7 September
1367:Economists
1343:Richard Koo
1252:South Korea
1190:writing in
965:price level
883:Lost Decade
701:Earthquakes
544:Pacific War
452:World War I
83:Paleolithic
32:Lost Decade
3428:Categories
3279:Automotive
3047:Nikkei 225
3005:Japan Mint
2710:IMF Survey
2487:28 January
2406:17 October
2353:18 October
2347:日本経済新聞 電子版
2298:18 October
2228:. Time Inc
2209:16 January
1844:The Nikkei
1661:18 October
1635:18 October
1604:18 October
1541:References
1522:: book by
1408:after its
1406:US economy
1396:After the
1360:Economist
1341:Economist
1321:Economist
1303:Kyodo News
1298:Nikkei 225
1289:Shinzō Abe
1031:See also:
961:real wages
863:See also:
616:Cool Japan
484:Militarism
346:Boshin War
299:(Tokugawa)
181:Genpei War
3413:Amakudari
3403:Nemawashi
3326:Transport
3186:Salaryman
1655:MONEYzine
1574:. Reuters
1351:insolvent
1293:Abenomics
1279:members.
1240:Panasonic
980:deflation
953:recession
740:Religion
731:Geography
716:Education
711:Era names
336:Bakumatsu
275:Imjin War
235:Muromachi
214:Genkō War
204:Jōkyū War
3267:Industry
3236:Rankings
2988:Currency
2979:Taxation
2948:Keiretsu
2943:Zaibatsu
2459:Archived
1923:朝日新聞デジタル
1428:See also
1045:in 1990
943:and the
825:Timeline
815:Glossary
786:Post-war
781:Politics
771:Military
744:Buddhism
696:Currency
197:Kamakura
42:a series
40:Part of
3331:Whaling
3296:Defense
3039:finance
3035:Banking
2896:History
2833:excerpt
2827:, eds.
2510:7 April
2258:3 April
1878:21 June
1248:Toshiba
1216:sarakin
1172:capital
1017:Germany
959:terms,
957:nominal
935:in the
917:失われた30年
907:失われた20年
889:失われた10年
820:History
759:Judaism
706:Economy
72:Periods
3311:Mining
3195:Energy
2957:Policy
2853:online
2843:online
2533:
2506:. CNBC
2327:11 May
2152:
2090:
2018:2 June
1955:3 June
1929:3 June
1903:3 June
1851:2 June
1823:2 June
1798:2 June
1773:2 June
1687:26 May
1392:Legacy
1260:Toyota
1246:, and
1232:Toyota
1167:Equity
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1078:
1072:
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1027:Causes
978:Under
796:Sports
764:Shinto
721:Empire
682:Topics
599:Heisei
445:Taishō
321:Sakoku
44:on the
2716:(6).
1557:(PDF)
1244:Sharp
1193:Salon
776:Naval
754:Islam
642:Reiwa
477:Shōwa
362:Meiji
164:Heian
136:Asuka
122:Kofun
108:Yayoi
95:Jōmon
3037:and
2772:(2).
2736:link
2660:2014
2634:2014
2608:2014
2582:2014
2531:ISBN
2512:2020
2489:2014
2408:2023
2355:2020
2329:2010
2300:2020
2260:2011
2234:2008
2211:2013
2150:ISBN
2088:ISBN
2020:2024
1957:2024
1931:2024
1905:2024
1880:2024
1872:共同通信
1853:2024
1825:2024
1800:2024
1775:2024
1689:2020
1663:2020
1637:2020
1606:2020
1580:2012
1384:and
1371:and
1277:OECD
1236:Sony
1199:Time
869:The
150:Nara
2718:doi
2687:doi
2477:AFP
2120:doi
2080:doi
1976:CNN
1186:of
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