From Japan’s Economic Comeback?:
In 1986-87 the Japanese Central Bank lowered its official interest rates in several successive steps. This triggered an unprecedented boom in the stock and property markets. The Nikkei rose from 10,000 in 1985 to 40,000 in 1990 (today, January 2005, the Nikkei is at 11,500). Consequently, the Japanese not only began to spend more on consumption, they also started to invest more, which led to overinvestment. In the first quarter of 1991 the bubble burst and the Japanese economy crashed. It was a classical example of man-made economic disaster as a result of the application of Keynesian recipes.
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Some years before, after the collapse of the Soviet Union with its command economy in 1989, Japanese economists joked that Japan was still the only successful socialist economy in the world. What was meant to be humour at that time subsequently got an ominous ring.