At its peak, there was so much wealth in japan that the real estate market of Tokyo had some pretty crazy anomalies. In the late 80’s it was estimated that the imperial palace covering an area of 3.4 square kilometers in central Tokyo had a real estate land value greater than all of the real estate in California. Of course, the imperial palace was never for sale and this was based on the cost per square feet in the area but it still should give a good idea of just how much money was washing around in Japan.
In this video, we will look at how this all went so wrong and what it can tell us about countries that are today where japan was 40 years ago. #Japan #Economy #Inflation
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Hutchison, M.M., Westermann, F. and Fuest, C. eds., 2006. Japan’s great stagnation: financial and monetary policy lessons for advanced economies. Mit Press.
Lockwood, W.W., 2015. Economic development of Japan (Vol. 2161). Princeton University Press.
Music – https://www.youtube.com/watch?v=KBeTtawWClE