Japanese asset price bubble

The Japanese asset price bubble was an economic bubble in Japan from 1986 to 1991 in which real estate and stock market prices were inflated. In early 1992, this price bubble burst and Japan's economy stagnated; the bubble was characterized by rapid acceleration of asset prices and overheated economic activity, as well as an uncontrolled money supply and credit expansion. More over-confidence and speculation regarding asset and stock prices were associated with excessive monetary easing policy at the time. By August 1990, the Nikkei stock index had plummeted to half its peak by the time of the fifth monetary tightening by the Bank of Japan. By late 1991, asset prices began to fall. Though asset prices had visibly collapsed by early 1992, the economy's decline continued for more than a decade; this decline resulted in a huge accumulation of non-performing assets loans, causing difficulties for many financial institutions. The bursting of the Japanese asset price bubble contributed to. Japan's annual land prices averaged nationwide have risen since the asset bubble collapse, though only mildly at 0.1%, a process that has taken 26 years to show up statistically.

Early research has found that the rapid increase in Japanese asset prices was due to the delayed action by the BOJ to address the issue. At the end of August 1987, the BOJ signaled the possibility of tightening the monetary policy, but decided to delay the decision in view of economic uncertainty related to Black Monday in the US. More recent research supports an alternate view, that BOJ reluctance to tighten the monetary policy was in spite of the fact that the economy went into expansion in the second half of 1987; the Japanese economy had just recovered from the endaka recession, which occurred from 1985 to 1986. The endaka recession has been linked to the Plaza Accord of September 1985, which led to the strong appreciation of the Japanese yen; the term endaka fukyō would in the future be used to describe the many times the yen surged and the economy went into recession, posing a conundrum for business and government, trade partners, anti-monetary interventionists. The strong appreciation of the yen eroded the Japanese economy, since the economy was led by exports and capital investment for export purpose.

In fact, in order to overcome the endaka recession and stimulate the local economy, an aggressive fiscal policy was adopted through expansion of public investment. The BOJ declared that curbing the yen's appreciation was a national priority. To prevent the yen from appreciating further, monetary policy makers pursued aggressive monetary easing and slashed the official discount rate to as low as 2.5% by February 1987. The move failed to curb further appreciation of the yen, which rose from 200.05 ¥/U$ to 128.25 ¥/U$. The course only reversed by the spring of 1988, when the US dollar began to strengthen against the yen; some researchers have pointed out that "with exception of the first discount rate cut, the subsequent four are influenced by the US: second and the third cut was a joint announcement to cut the discount rate while the fourth and fifth was due to joint statement either Japan-US or the G-7". It has been suggested that the US exerted influence to increase the strength of the yen, which would help with the ongoing attempts to reduce the US-Japan current account deficit.

All discount rate cuts announced by the BOJ explicitly expressed the need to stabilize the foreign exchange rate, rather than to stabilize the domestic economy. BOJ hinted at the possibility of tightening the policy due to inflationary pressures within the domestic economy. Despite leaving the official discount rate unchanged during the summer of 1987, the BOJ expressed concern over excessive monetary easing after the money supply and asset prices rose sharply. Nonetheless, Black Monday in the US triggered a delay for the BOJ to switch to a monetary tightening policy; the BOJ increased the discount rate on March 31, 1989. The table below demonstrates the monthly average of the U. S. dollar/Yen spot rate at 17:00 JST. The 1985-1991 asset price bubble affected the entire nation, though the differences in the impact depended on three main factors: the size of the city, the geographical distance from Tokyo metropolis and Osaka, the historical importance of the city in the central government's policy.

Cities within prefectures closer to the Tokyo metropolis experienced far greater pressure in the asset prices compared to cities located in prefectures further from the Tokyo metropolis. For definition purposes, Japan Real Estate Institute has classified Tokyo metropolis, Nagoya, Kyoto and Kobe as the six major cities most impacted by the price bubble; these six major cities experienced far greater asset price inflation compared to other urban land nationwide. By 1991, commercial land prices rose 302.9% compared to 1985, while residential land and industrial land price jumped 180.5% and 162.0% compared to 1985. Nationwide, statistics showed that commercial land, residential land, industrial land prices were up by 80.9%, 51.1%, 51.7%, respectively. By the early 1980s, Tokyo was an important commercial city due to a high concentration of international financial corporations and interests; the demand for office space continued to soar as more economic activities flooded Tokyo commercial districts, resulting in demand outstripping the supp

Simon Katich

Simon Matthew Katich is an Australian cricket coach and former cricketer. He captained New South Wales and until the end of the 2007 season, Derbyshire County Cricket Club. Katich played for Lancashire, represented his birth state of Western Australia and played in Indian Premier League for Kings XI Punjab, he played as a left-handed opening batsman and part-time left-arm unorthodox spin bowler. He played 56 Test matches for Australia from 2001 to 2011. On 12 June 2012 Katich retired from first-class cricket in Australia, but returned to play for Western Australia in 2013. In August 2019, Katich was appointed as the Head Coach for Royal Challengers Bangalore, was present at the 2019 IPL Player Auction in Kolkata in December 2019. Katich is serving as the Football Operations Manager of the Greater Western Sydney Giants AFL club, he is a commentator for ABC Radio Grandstand and the Seven Network. Katich was an AIS Australian Cricket Academy scholarship holder in 1996. and made his debut for the Western Australia state team in the 1996–97 season.

The following season he was a central figure in Western Australia's Sheffield Shield success, scoring an impressive 1,039 first-class runs for the season. He was selected to tour Sri Lanka with the national team the following season but suffered from illness, including a debilitating bout of chicken pox, he recovered to contribute further for his state, highlighted in the 2000–01 domestic season where he helped himself to 1,282 first-class runs. He switched from Western Australia to New South Wales where he lives. Katich made his Test debut in the fourth Test of the 2001 Ashes tour of England, he failed to capitalize making only 15 and was not out 0. In only his second match he bowled for the first time in Test cricket, in the second innings took 6/65 in the 2nd innings against Zimbabwe in Sydney. Following Steve Waugh's retirement in 2004, Katich established himself in the Australian team, his best Test batting performance came against India at Sydney in January 2004, when his 125 and unbeaten 77 saved Australia the Test, a decade long unbeaten record at home.

Despite this, he was dropped in favour of Andrew Symonds for Australia's next Test, in Sri Lanka, when Symonds was dropped after the first two Tests, Katich was picked for the third Test and made a patient 86. He regained his place and enjoyed a good Test series in India in October 2004, where he made good scores of 81 and 99, his good form continued with 118 against New Zealand in March 2005. However, he had a poor Ashes tour of England that year batting at number 6, after scoring only two runs in the following two Tests, he was dropped from the Test side. Katich was fined for showing dissent during the fourth Test to umpire Aleem Dar along with captain Ricky Ponting. Since the commencement of the 2005–06 season, Katich attempted to cement his place in the Australian one day cricket side, having lost his Test place. Australia persisted with him throughout the VB Series and in South Africa, as Katich scored runs consistently. However, he struggled in the DLF Cup in September 2006. Katich was not picked in the 15 man squad to play in the World Cup in the West Indies.

Katich played a total of 45 One day Internationals. Selected for the 2008 Australian team's tour of India he found himself opening the batting with the injury to Phil Jaques, he retained his spot for the home series against New Zealand. In the first Test, at the Gabba, Brisbane, he made 10 in the first innings. However, in the second innings, Katich carried his bat through the innings, he made 131 not out, 48.88% of Australia's total of 268, in an innings in which the next highest score was 31. Katich's batting allowed Australia to post a victory target of 327, which it defended. Katich was selected for the 2009 tour to England and he played in all five Ashes Tests, scoring 341 runs in 8 innings at an average of 42.62. Katich opened the batting with Phillip Hughes for the first two Tests at Cardiff and Lord's but Hughes was dropped for the Third Test at Edgbaston due to poor form, so Katich was partnered by Shane Watson for the final three Tests; this proved successful as Watson and Katich scored more runs at the top of the order than the previous Hughes-Katich combination.

Katich scored his eighth Test century in the First Test with 122. This was backed up in the series with a half century. Katich scored these runs at a strike rate of 53.87. He took six catches in the field and effected two direct hit run outs in the Fifth Test; the 2007–08 domestic season could only be described as a triumph for Katich. He scored 1,506 runs to break Michael Bevan's all-time Pura Cup/Sheffield Shield record for runs in a season as NSW romped home undefeated to claim their 45th title. Aside from being given the honour of captaining NSW in the Pura Cup final against Victoria, Katich contributed scores of 86 and 92 to lead the match on run aggregate as he had done for the season overall, he was crowned the Pura Cup player of the year for his 1506 runs at an average of 94.12. The highlight of Katich's season was undoubtedly his 306 against QLD at the SCG, an innings in which the last 200 runs came at better than a run a ball, it was the first time since Sir Donald Bradman that a player had scored 300 at the SCG, an innings which the Sydney Morning Herald called "superb".

Peter Roebuck cl


Ninpei romanized as Nimpyō, was a Japanese era name after Kyūan and before Kyūju. This period spanned the years from January 1151 through October 1154; the reigning emperor was Konoe-tennō. January 20, 1151 Ninpei gannen: The new era name was created to mark an event or series of events; the previous era ended and a new one commenced in Kyūan 10, on the 26th day of the 1st month of 1151. 1151: Sadaijin Fujiwara no Yorinaga was given additional powers in the imperial court as "Naï-ken," which gave him the duty and opportunity of reading formal written requests before they should be presented to the emperor. This had been amongst the powers of the Kampaku. Factions in the court who favored Yorinaga tended to dislike Daijō Daijin Fujiwara Tadamichi, they employed any means possible to help elevate Yorinaga's position. However, Yorinaga was himself disliked because of his capricious character, his tactics and strategy for enhancing his own prestige were focused on diminishing Tadamichi's role in the court.

April 13, 1152: Emperor Konoe visited the home of Emperor Toba-no-Hōō to celebrate his father's 50th birthday. January 28, 1153: Konoe visited his father's home. Brown, Delmer M. and Ichirō Ishida, eds.. Gukanshō: The Future and the Past. Berkeley: University of California Press. ISBN 978-0-520-03460-0. Japan encyclopedia. Cambridge: Harvard University Press. ISBN 978-0-674-01753-5. Nihon Odai Ichiran. Paris: Royal Asiatic Society, Oriental Translation Fund of Great Britain and Ireland. OCLC 5850691 Varley, H. Paul.. A Chronicle of Gods and Sovereigns: Jinnō Shōtōki of Kitabatake Chikafusa. New York: Columbia University Press. ISBN 9780231049405.