At the beginning of 1990 the market capitalization of Japan—the total value of all the stocks of all the nation’s companies—was larger than that of the United States, which had twice Japan’s population and more than twice its gross domestic product. Land, never cheap in crowded Japan, had become incredibly expensive: according to a widely cited factoid, the land underneath the square mile of Tokyo’s Imperial Palace was worth more than the entire state of California. Welcome to the “bubble economy,” Japan’s equivalent of the Roaring Twenties.除了泡沫經濟(bubble economy),還有金融泡沫(financial bubble)。
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