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🚗 | Look at the successive Fairlady Z!Check out the photos of successive models from the first generation!


Take a look at the successive Fairlady Z! Check out the photos of successive models from the first generation!

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In 1989 (Heisei 4), in the midst of the bubble economy, the XNUMXth generation Fairlady Z was born.

Without the first Fairlady Z, there would be no Nissan today! ?? "S30" (1969-1978) Debuted in 1969 ... → Continue reading

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Bubble economy

Bubble economy(Bubble Keiki,British: bubble boom) Is a popular name for a booming economyBusiness trend indexOn (CI),1986(Showa61 years)12から1991(Heisei3 years)2[2]In 51 months untilJapanHappened inAssetWith rising pricesBoom, And what happened with itSocial phenomenonIs said to be. The situation itselfBubble economyIs the same asBubble economy period(Bubble economy) OrBubble period(Bubble) or simplyバ ブ ル,Heisei economy(Heisei Iki),Showa / Heisei bubbleAlso called (Showa / Heisei bubble)[3][4].Japanese GovernmentNumerically in the official view of11th cycle(Cabinet OfficeThe index is shown by the common name (economic standard date).

However, many people started to feel the atmosphere of a boom.198710 month 19 dayBlack MondayPassed1988Since around[5], In the government's viewNikkei Stock AverageRecorded a record high of 38,957 yen1989With December 12th in betweenBubble burstAfter,1992It is believed that this booming atmosphere was maintained until February.[6].

In addition,21st centuryEnterAmerica-ChugokuThe soaring asset prices centered on housing and finance that occurred in Japan, and the period of economic expansion are called the US bubble and the Chinese bubble. Here, we will explain what happened in Japan.


In Japan, December 1986-February 12stock,Real estateExcessive soaring assets centered onEconomic expansionIt mainly refers to the period. There are many indicators that can be used as a guide.Business trend indexBased on (CI / DI, etc.), land price (6 major cities, regions, average value, etc. of published price / survey price), stock price, GDP (gross GDP growth rate, etc.), consumer prices, private consumption expenditure, etc. Various theories depend on whether or not to do so and the government's view.

In the latter half of the 1980s, due to the excessive daily promotion of real estate value by mass media such as television.[7], Land prices show unusual growth. At the timeTokyo OfYamanote LineinsidelandAt the priceAmericaThe land price in Japan soared to the extent that the whole country could be bought.Nikkei Stock Average The1989(HeiseiFirst year)May 12 OfLarge meetingThe asset price was bubbled, with a record high of 38,957 yen. This is called the "bubble economy."

The bubble economy is often talked about as a consequential theory, and in the period of excessive expansion, it is simply called "prosperity". There was a period of excessive economic expansion due to the bubble economy, and as a reaction to thatBubble burstAs a result, asset prices will fall sharply and financial contractions will occur, causing many economic problems. As a result, the past economic situation is called a bubble in a negative sense.

JapaneseBusiness trend indexSee,Business cycleThis is the expansion period of the 11th cycle in Japan. Although it depends on how the index is taken, it is generally accepted that it refers to the period of 1986 years and 12 months (1991 months) from December 2 to February 4 (3 months).Emperor ShowaHematemesis from September 1988, 9 to the following yearMay 2 OfMourning thanksUntil aboutSelf-restraint moodYes). this is,2002From October2008A long economy that lasted 2 months until February (commonly known as:Izanami business, Mayfly economy, etc.)196511 month - 1970Lasted 7 months, 4 years and 9 months in JulyIzanagi businessNext toWorld War IIIt will be the third longest boom period.

Before the bubble1985,Plaza agreementImmediately after JapanYen recessionSeriously calledrecessionAndOutputThe industry was hit hard, and bankruptcies continued at town factories in Tokyo and Osaka. Japan at that timeGDPThe ratio of the manufacturing industry to the total is high (currently about 18%), and the damage caused by the strong yen to the export industry and the Japanese economy is incomparably greater than it is now.Manufacturing industryThe outflow of sardines outside Japan also began in earnest during this period. Along with the call for expansion of domestic demand, the maximum tax rate, which is the sum of national and local income taxes, was lowered from 88% to 75% in 2, and the take-home income, mainly among the wealthy, doubled, boosting the bubble economy. Was there. It was only a few years after the burst of the bubble in February 1988 from around 1991 that the word "endaka" disappeared from the media and many ordinary people felt the atmosphere of the so-called bubble economy.[Source required].

It took several years for the serious economic problems caused by the bursting of the Japanese bubble to surface, and initially optimism was predominant as a temporary recession.1992PoliticalKiichi MiyazawaEtc. are early due to public fundingBad debtAlthough it mentions processing,Government office,Media, Economic organizations,Financial institutionI was not able to carry it out due to strong opposition from such people. At the same time as the bubble burst1973Has continuedStable growth periodHas come to an endLost ten yearsTriggered.

Origin of the name of the economy (common name)

Real economyThere is no sign that asset prices will rise sharply temporarily and then rapidly fall.It is called this because it looks like it swells and pops. Originally, "bubble" is a word that means "bubble", sofoamIt is also called the economy.1990 eraFrom the beginning, it was called "Heisei economy".

In the late 1980s, the word "bubble" was not generally acknowledged[8].. The word "bubble economy"1987It is said that it was named. The basis "バ ブ ルThe word itself1700 eraSouth Sea Bubble (Nankai foam incident) Is the etymology1990Already has the word "bubble economy"New Word/Buzzword AwardReceived the Silver Award in the buzzword category for "Winners: No Applicable"[† 1].. However, the term was widely and generally recognized after the collapse of the bubble economy. In addition, the period until the economy starts to rise during the recession or the end of the recession is defined as "Bubble burst"(Heisei recession[9]) And so on.

Yukio NoguchiIn November 1987, published a paper entitled "Land Prices Inflated by Bubbles" in the "Weekly Toyo Keizai / Modern Economics Series", saying, "As far as I know, the soaring land prices during this period are referred to as" bubbles. " This is the first time I have specified it. "[10].


政府-Bank of Japan Of金融-Fiscal policyIs considered to be the main cause of the bubble[11].

Stable growthIt was September 1985 that divided the bubble period.Plaza agreementIs[12]. After thatLouvre AccordRapid appreciation of 100 yen or more progresses[12].Milton Friedman"Japan's'bubble economy'is the result of the 1987 Louvre Accord," he said.[13].

Before the bubble1985Japan immediately after the Plaza AccordYen recessionSeriously calledrecessionThe export industry was hit hard, and the town factories in Tokyo and Osaka went bankrupt. Japan at that timeGDPThe ratio of the manufacturing industry to the total is high, and the strong yen has caused damage to the export industry and the Japanese economy, which is incomparable to the present.Manufacturing industryThe outflow of sardines outside Japan also began in earnest during this period.

at that time,DollarBy highTrade deficitWorried aboutThe United States of America TheG5Countries andCooperative interventionA joint statement was issued to the effect. As a result, the yen appreciated sharply. $ 1 240YenWas aroundexchangeThe market price surged to the 1 yen level per dollar a year later. Japan andWest GermanyWas targeted by the US dollar depreciation policy.

To alleviate this shock, the Japanese government is driven by domestic demand.economic growthTo encouragepublic investmentTake aggressive finances such as expansion, while the Bank of Japan graduallyOfficial discount rateReduced (finally 2.5%), in the long runmonetary easingContinued[12].. As a result, while bringing about long-term economic expansion,stock-landToSpeculationIs said to have caused the bubble to occur[12].

Nakasone Cabinet Thetrade frictionAn international promise to expand domestic demand in order to eliminate it (Maekawa Report),So farAusterityI turned around from. He was the Minister of Finance at the time in the 5 supplementary budget after five rate cuts.Kiichi Miyazawa ThePublic worksDecided to expand[14].. Also suddenAppreciation of the yenbydeflationDespite the pressure, the Bank of Japan initially left the official discount rate unchanged, but ratherUnsecured call rateFrom just under 6% to the 8% level at onceLeave highI took the route[15][16].. As a result, it temporarily became a very tight environment, and for the next few years.InflationCaused a drop in rate[17].. On the other hand, from the following year, it turned to easing and lowered the official discount rate to 2.5%, and continued to keep low interest rates after that, but this monetary easing policy was regarded as an international promise at that time, and there are strong expectations that this will be continued. there were[18].. In 1989, the maximum tax rate, which is the sum of national and local income taxes, was reduced from 88% to 75%, and there is funding from the rapid increase in take-home income, mainly among the wealthy, as well as expectations for a decline in the inflation rate and maintenance of low interest rate policies. ByNominal interest rateDecreased significantly and thisMoney illusionAlong with this, investment in land and stocks was activated. Since the BOJ's monetary policy was dominated by the traditional idea of ​​considering wholesale and consumer prices as a standard, the BOJ was in a position to deal with land prices through land measures.[19].

Besides that, in early 1986Crude oil priceHas plummeted and the terms of trade have improved. The trade gain from this is said to have stimulated the economy by becoming as large as the emergency economic measures in May 1987.[20].economist OfHideomi Tanaka"Factors such as the fall in crude oil prices, the Japanese economyPotentialJapan mistakenly overestimated that it had improved, and Japan entered the bubble era. "[21].

The "Bank of Japan Survey Monthly Report" (September 1992) cited "expansion of land mortgage value" as the cause of the bubble and "manyFinancial institutionAimed to expand businessM2 + CDIncreased the growth rate of[22].

In May 1985, the Land Agency announced the "Capital Remodeling Plan," pointing out that "a total of 5 hectares of offices in Tokyo will be needed by 2000, and 5000 skyscrapers will be needed" (office supply at that time). 250 hectares per year)[23].. The intention of the National Land Agency's report was to "deter the rise in land prices," but contrary to that intention.real-estate company-General contractor"The supply of offices has become a national policy. Secure land in the city center," and jumped all at once, eventually giving birth to a "land raiser."[24].National Land AgencyReport contributed to the creation of the bubble[25].

Benjamin FulfordIn the words of (former Nikkei newspaper editorial writer), in 1963Ministry of Home AffairsHowever, in response to a large increase in land pricesProperty taxJapan's land has become the "most favorable investment target" because it has suppressed the tax increase rate of Japan.Land mythOr cited as a distant cause of the bubble[26].


During the five years from 1985 to 1990, the amount of funds of Japanese financial institutions increased by 5%, and they were busy finding lenders.[27].

In the latter half of the 1980s, the rise of equity finance (capital increase due to the issuance of new shares)large companyAccelerating the departure of banks, banks were spilling money with nowhere to go[28].. Since the Plaza Accord, interest rates have fallen. Banks have been unable to earn margins in the traditional way due to the impact of liberalization of interest rates[29].. At the end of 1987, loans to the manufacturing industry, which supported the profits of the city bank, fell below 2% for the first time.[30].

Companies were aggressively making capital investments, but the funds were long-term for banksLoanFinancial institution lending went to real estate because it was not dependent on and was covered by equity financing[27].. Speculative heat is accelerating in Japan, especiallystockSpeculation on the land became popular. Among them, the so-called "land prices will definitely rise" and "land prices will never fall"Land mythThe number of sales for resale increased.Land priceSoared and on the numbersTokyo 23 WardIt is said that you can buy the whole of the United States at the land price ofbankThe landcollateralExpanded lending to. From the end of March 1985 to the end of March 3, lending by national banks increased from 1993 trillion yen to 3 trillion yen.[31].. Soaring asset prices to asset holdersUnrealized gainAnd psychologically loosen the purse stringWealth effectThis stimulated consumption and also had the effect of increasing the feeling of overheating of the economy. Also, since 1986, Japanese companies have been working with Western companies.Was advanced. As corporate profits improve, personal income also increases, and consumption demand rises.Multiplier effectWas born.

Per capita in JapanNational incomeBecame second only to the United States.

At the east exit of Yokohama Station on September 1985, 9The world's largest department storeWas born.

January 1986NTTWas listed, and the stock price reached a high of 2 million yen, which is three times the selling price in two months, and it became an opportunity for companies and individuals to enter the financial tech.[19].. Management of surplus funds of companies represented by "financial technology" (= financial technology)Nihon Keizai ShimbunThe media such as "Special Money Fund" (Specified money trustfund) Activates corporate stock investment and individualsInvestorInduced stock investment. Around this time, major national newspapers expanded the stock market, and financial magazines, financial product critics, real estate transaction critics, etc. appeared to fuel individual financial transactions.[Source required].

Land prices in the three major metropolitan areas have risen since 1986, reaching about 1987% year-on-year in commercial land in Tokyo in 80.[32].

In 1987, the phenomenon spread throughout the economy, and optimism prevailed that the economy would never end as long as demand for land was high. Especially stocks in the United States that happened in October 1987Black MondayConfidence in Japanese stocks arose as it was the first in the world to escape the effects of the simultaneous global stock price depreciation and hit a high. After that, a chain reaction in which speculation calls speculation occurs, and "Iwato business""Shinmu businessThe article that solicited the name of the economy following "" was crowded with magazines.

I came to Japan in the fall of 1988Alan GreenspanThe Fed chairman told the Bank of Japan that "Japanese stock prices may be too high."[33].

1989(XNUMX)May 4,consumption tax(Tax rate 3%) was introduced. At this time, the piggyback price increase occurred[34].. At the same time, along with calls for economic measures and expansion of domestic demand, the maximum tax rate, which is the sum of national and local income taxes, has been reduced from 88% to 75%, and the income from take-home payments, especially the wealthy, has nearly doubled, funding the financial markets. It was decided to do.

Land prices and stock prices are alreadyRevenue return methodThe price is soaring beyond the price that can be reasonably explained by such as, and the Japanese economy can burst at any time.Bubble economyWas rushing into. In the first place, Japan's population growth rate has declined,2007から2008Because it was expected that the population would start to decline[Source required]Although it was pointed out that the demand for land cannot be sustained or increased as it is.[Who?]There is a wide range of strong counterarguments, including the government's view that "Tokyo as the central city of the world will continue to develop and office demand is expanding, while supply is still in short supply." Was working.

Part ofeconomistConsidering land pricesrentClaims to be too cheap,Floor-area ratio OfDeregulationInsisted.

originally,Land priceIf the rate of return rises, the rate of return on the rental factories and buildings operating on it will decline, so it will be rational to sell the land and purchase bonds. As a result, only the industries that can be managed on the soaring land will be located, and the prices will be in equilibrium. However, in Japan, land assets are recorded.Book valueAs it was done in, it was justified to keep the land nominally unchanged in the rate of return. In addition, the difference between the book value and the market value brought unrealized gains, and the company moved to expand its management by introducing funds in the form of an increase in collateral value. In some cases, even if a loss occurs, it can be resolved by using unrealized gains, and management is diversified, high-risk businesses are developed, and even if a loss occurs due to loose management, it is not taken seriously. In such a move, Japanese companies do not increase their profitability.Total assetsHas come to be the primary goal of increasing.

Economic impact

From around 1986Nikkei Stock AverageBegan to skyrocket, 1989May 1238915 yen[35]In addition, the highest price of 38957 yen was recorded at the big meeting Zara on the same day.The rise in stock prices was about three times that of 1985 yen in September 9, and the rate of increase was about 12598%.[36].. PER of Japanese stocks during the bubble period (Price earnings ratio) Was more than 80 times[37].. The PER of Japanese stocks just before the bubble burst was 100-200 times[38].. Land prices, behind stock prices, rose by about 1985% in 1990 compared to 400.[36].

In the five years from 1986 to 1990, non-financial corporations in Japan increased their financial debt at an average annual pace of 5 trillion yen, and households increased their financial debt at an average annual pace of about 142 trillion yen.[39].. At the height of the bubble, the net debt of non-financial corporations was 1990 trillion yen in 636 (the net debt of non-financial corporations was 2008 trillion yen at the end of December 12).[40].

Occurred between 1986-1989Capital gainReached 1452 trillion yen due to rising asset prices[41].. The capital gains on land and stocks earned by households in 1989 were 260 trillion yen.[42].

In the bubble economy, the ordinary profit margin of SMEs exceeded that of large companies.[43].

EconomistSatoshi Matsubara"Japan is in a bubble economyInflationThe reason why it did not become was because many cheap imports came into Japan due to the strong yen. "[44].

Soaring land prices

Cabinet Office OfNational accountsAccording to the report, land assets in Japan peaked at the end of 1990 at the end of the bubble and are estimated to have reached about 2456 trillion yen.[45].. The total price of land in Japan as a whole was 1990 times that at the end of 1985 as of the end of 2.4.[46].. At the peak of the bubble, the total land price in Japan was four times the total land price in the United States.[47].

In the Tokyo area, residential land prices rose 1987% and 1988%, respectively, and commercial land prices rose 22% and 69%, respectively, in 48 and 61.[48].. In the Osaka area, the prices of residential areas in 1989 and 1990 increased by 33% and 56%, respectively, and the prices of commercial areas increased by 1988-1990% in 30-40.[49].

Second World WarLater, it was believed that land prices would continue to rise forever until the bubble burst in the early 1990s.[50].. Land prices did not fall until the burst of the bubble, except during the oil crisis after the war.[50].. Following that was the media, including television at the time, and repeatedly advertised as if the soaring land prices due to land myths would continue forever.[Source required].

Since the latter half of the 1970s, lending projects for high-quality manufacturing industries have been sluggish, and banks have been leaning toward real estate, retail, and housing loans. In the early 1980s, expectations for Tokyo's international cities increased.foreign investmentThe number of affiliated financial institutions increased, and it was expected that there would be a large shortage of offices.[51].. Since the mid-1980s, banks have believed in land myths and expanded land mortgage lending[50].. In the 1980s, Japan had an extremely low land supply due to various regulations, and there was a strong view that the population would continue to increase, causing a land bubble.[52].

1985 years,Development Bank of Japan"Tokyo will become the world's financial center," he said in a report.[19].

Due to Nakasone tax reformCorporate taxFrom 42% to 30%,income taxThe maximum tax rate will be reduced from 70% to 40%Excise taxWas abolished, and disposable income increased by that amount toward the purchase of land and stocks, so land prices and stock prices soared.[Source required].

Land capacity within the metropolitan area by the Nakasone Cabinet (Floor-area ratio) Deregulation, Tokyo Bay Crossing Road (Tokyo Bay Aqua Line) Promotion of construction projects, at that timeShunichi Suzuki (Governor of Tokyo)According to "Second Tokyo Long-term Plan"Tokyo waterfront subcenterReal estate transactions originating in Tokyo have become more active due to the implementation of the concept.

Ministry of Finance (Kasumigaseki),Bank of Japan Head Office(Nihonbashi Hongokucho),Tokyo Stock ExchangeThe triangular area connecting (Nihonbashi Kabutocho) was called ""[53].

The rise in land prices in central Tokyo reached 1986% in 7, showing "outliers" while land prices were settling nationwide.[19].. Not only the soaring price of excellent land such as big cities, but also the land in remote areas such as Hokkaido and Okinawa where profits are not expected were traded at a considerable price in the name of resort development. With the land obtained in this way as collateral, a huge loan was made.Income gainNot (profit from effective use of land)Capital gainIn many cases, the purpose was (gains on price increases that are expected to be obtained by rising land prices in the future).

Tokyo launched in the fall of 1986Shinjuku wardRedevelopment housing "Nishitoyama Tower Homes" ignited the condominium boom[54].. Tokyo launched in April 1987Koto Ward259 people applied for the sale of 38500 units in the condominium "Sky City Minamisuna"[55]. Also,RecruitmentThe success of the real estate transaction for the purchase of the company's Ginza Nippon Light Metal Building was widely reported, and the subsequent real estate transaction became active.[Source required].

Also, even when land prices are risingJNR Clearing CorporationWhen selling unused land, the sale was frozen because it "fueled the rise in land prices," and conversely, the feeling of hunger in the land was fueled, leading to an increase in land prices.[56].

When lending with land as collateral, the loan is usually made with 70% of the assessed value as a guide, but it was not uncommon to over-lend in anticipation of future land price increases. BankruptcyHokkaido Takushoku BankIn some cases, 120% was financed. It was also done to put multiple collateral on a single property. In the background, as the lending competition of financial institutions intensified, there was also the attitude of financial institutions to manage abundant funds anyway and to use them for lending. Part of this loan became non-performing loans due to the subsequent decline in land prices (decrease in collateral value).

The acquisition price of road land has also soared,Shin-Tomei ExpresswayInviting an increase in the funds required for construction such asJapan Highway Public CorporationIt also contributed to the management pressure of. In some cases, expensive land became an obstacle and public works projects of local governments could not proceed.

Rising land prices made it difficult to acquire housing, and the public criticized the government for real estate loans.Total amount regulationThere is a criticism that it led to a rapid decline in land prices. These policy failures regarding land prices can be seen as a problem that the government was unable to respond calmly to the emotional criticisms of the media and the public.[Who?].

Ground clearance

Against the background of abundant fundsUrban redevelopmentThe movement became active. In the excellent districts of the city center, there were cases where land rights were subdivided and many leased land leased houses were mixed, and the rights relationship was complicatedly involved. In JapanLand rent lawThe protection of the borrower's rights was inevitably difficult to promote for large-scale land development projects. Therefore, in order to acquire land around a big city, I represented a major real estate company or received a request.Ground raising shop(mainlyGangsterIt became a social problem as "ground raising" was carried out by the forcible technique of the member).

Banks hate being involved in "land raising" and go directly to high-risk propertiesLoanSeries withoutNon-bankI tried to get a loan[57].

However, there are many cases where the project is canceled without completing the plan, and it is often difficult to use the worm-eaten state after the burst of the bubble economy.VacantWill be left behind. These vacant lots were also called "bubble claw marks". Using such a vacant lot,Coin parkingNarrow calledParking LotWas made.

Soaring housing

During the bubble era in the late 1980s, the government had a slogan of "Housing with five times the annual income."[58].

Rising land prices have made it difficult to acquire suitable detached homes not only in central Tokyo and luxury condominiums, but also in the suburbs of the city. In a detached urban structure like Japan, it was considered that acquiring a detached house was one of the dreams and goals of life, and it was motivated to save money. However, more and more people saw the excessive rise in land prices and thought that they should acquire a house as soon as possible before the price rises any further, and that action also spurred the rise in land prices. Condominium prices in the Tokyo area have reached 8.9 times the average annual salary of office workers[59].. Two-generation loans also appeared when housing prices soared to the point where it was no longer possible to buy with average income. The child's financial resources make up for the areas that cannot be paid by the individual's financial resources.

With soaring land prices and housing, the inheritance tax has increased to a non-negligible amount. While the dream of a salaried worker's home is far away, the burden of inheritance tax has suddenly increased.[60].. In particular, if an inheritance occurs when you cannot afford to take out a loan for many years, you may be in trouble because you cannot prepare the inheritance tax to be paid. In response to this, methods have been adopted to adopt young relatives and reduce the amount of inheritance per person to save inheritance tax.Variable insuranceA tax-saving method was used. However, after the burst of the bubble economy, some contractors were forced into a difficult situation because their asset management plans went wrong.

Housing sugoroku

A model for housing acquisition on the premise of rising land prices was also presented.It is said that if you acquire a small but small condominium while you are young, trade it in and replace it with a condominium with good conditions, you will eventually get the condominium you want or a detached house. Were told.It was explained that simply saving money would never catch up with the soaring housing prices, but purchasing condominiums and single-family homes as assets would be advantageous in anticipation of price increases.

However, after the burst of the bubble economy, it became more difficult to identify properties, such as condominiums in the suburbs of Tokyo where the asset value dropped to less than half, and rural resort condominiums where the asset value virtually disappeared.VillaIn some cases, a large amount of payment remains for the company, and the company is stuck in debt.

On the other hand, he gave up the acquisition of a house that was soaring too early and was called "Give up Rich" without saving income.luxury carな どDurable consumer goodsPurchase orTravelingThere was also a momentary movement to devote to[61].. This led to further overheating of consumption and lower savings rates.

In the Greater Tokyo Area, the rent of rental housing also soared due to the soaring land prices, and eventually it was far from the city center.Saitama,IbarakiThere was also a situation in which commuting time became longer due to being forced to relocate.These soaring land prices and housing problems were concerns of the Japanese government at that time, which led to later land price restraint policies and put pressure on the credit structure.

Resort development

During the bubble period, the construction, real estate, and hotel industries developed resort areas and golf courses one after another.[62].

In 1987General Recreation Area Improvement Act, The so-called "Resort Law" was enacted, and even in areas far from the city, there was an active movement to attract large companies to develop resort facilities. Especially in Hokkaido, resort businesses such as ski resorts have expanded rapidly. This spurred the rise in land prices, such as land that had not been looked at before being traded at a considerable price.

In addition, the price of golf course membership has soared, and along with this, the development of golf courses with luxurious facilities has been promoted nationwide. In addition, in the TV commercial of the golf course at that time, after the bubble economy collapsed, "○ minutes by car from the ○○ motorway ○○ interchange" etc.Tokyo heliportIt was enough to guide you such as "from XX minutes"[Source required].

Three bubble industries

What increased debt especially during the bubble eraNon-manufacturing industryMet[63].Construction industry,real estate business,Non-bankIs called the three bubble industries, and it was an industry in which debt increased significantly compared to other industries.[64].

JNR Clearing Corporation

JNR Clearing CorporationIt is,Old railwayInherited fromUnused landWas sold to reduce debt. Among them 31Haof"Shiodome StationThe ruins are in central TokyoMinato-kuShiodomeAs a "cohesive excellent land"Urban redevelopmentAttracted the attention of. However, in an era when land prices were soaring due to the bubble economy, there was concern that the sale of such land could further increase land prices.Japanese GovernmentIn addition, there was understanding from the business community, the media, and the people's ranks, and it was said that there was no problem at that time that the site of Shiodome Station was not sold when the land price soared.

As a result, after the land price crashed, it was sold, and all other land had to be disposed of before the dissolution of the JNR Settlement Corporation. I had no choice but to do so.In the end, the entire business group was dissolved with increased debt.Eventually, the JNR Settlement Corporation finished its role,1998(10) Disbanded in October.

Japanese National Railways (currentlyJR)In addition to theNippon Telegraph and Telephone Public Corporation(CurrentNTT),Japan Monopoly Corporation(CurrentJT),Japan AirlinesPublic corporations and special corporations such asPrivatizationAs a result, the corporate vitality of society as a whole has increased.

Investing in the world

American recessiontrade frictionExport restrictions were imposed in order to eliminate the problem, and companies had no choice but to look to develop the Japanese domestic market.Financial marketDue to the trend of internationalization, foreign financial institutions have entered the market one after another, and financial transactions have become active.

A well-funded company has acquired real estate and companies outside of Japan. In a famous placeMitsubishi EstatebyRockefeller CenterAcquisition of Rockefeller Group (RGI)[65][66],SonybyColumbia MovieIn cases such as acquisitions, investments and acquisitions were made in real estate, resorts, and companies outside Japan. In addition to companies, some SME owners and individuals who borrowed a large amount of money with land as collateral, and individuals who saved their own home funds also invested in real estate outside Japan.

On the other hand, the accusation that the symbolic buildings and companies were in the hands of Japanese companies and bought the heart of the United States with money (so-called)Japan bashing) Was showered. In addition, investment in real estate outside Japan has been accused of causing soaring local land prices, raising property taxes, damaging normal transactions and disrupting the local economy.

Finding employment

Effective job openings-to-applicants ratioRecorded 1991 times in 1.40. According to a recruitment survey, the same yearHighest college graduateHas increased 2.86 times. Refers to the employees hired in large numbers in this eraBubble employment generationIt is also said.

World situation at that time

Global (price) since the beginning of the 1980sDisinflationIn the midst of this, asset prices (stocks) were likely to rise.

19452 of the monthYalta talksLaterCold WarUnder the regime, it was in conflict with Western countries including JapanSoviet UnionIt is,Invasion of AfghanistanDue to the exhaustion caused byMikhail GorbachevAppears.

On the other hand, the United States was in the mid-1980s around this time.EuphoriaAfter that, it was becoming a little stray. There were signs of bankruptcy in housing finance, and it was developing into a credit problem. As the current account balances, the domestic economy has been sluggish, leading to increased unemployment and record budget deficits.

In such a world situation, Japan, which is politically stable and has an unprecedented boom, has become extremely attractive as an investment destination.Japan as number one』(Ezra VogelAlong with the call of "Japan as if it were at the top of the world" from the book of the same title, the booming economy is so popular that even in the United States, "Learn from Japanese society" and "Don't lose to Japan" are heard. It was. Mitsubishi Estate in New YorkLandmarkIt was around this time that the Rockefeller Center was acquired and spewed out. AlsoSoutheast AsiaThere were voices from various countries saying, "We should emulate Japan's success."

During the bubble economy, the Soviet Union's "PerestroikaIt is about the same time as. In 1989, in the midst of the bubble economy and perestroika,Berlin Wall CollapseRepresented byEastern European Democratization RevolutionThe Cold War, which had lasted for 44 years, ended.


About the fact that the problem of being in a bubble during the bubble period was not so consciousKunio OkinaPoints out that "it is largely due to land myths"[67].

The rise in land prices, which began in the mid-1980s, eventually created a sense of unfairness between those who own land and those who do not.[68].. It is said that the income disparity caused by asset / asset transactions has widened due to the rise in land, housing, and stock prices against the backdrop of soaring land prices and rising stock prices due to the bubble economy.[69].. In 1989, the maximum tax rate, which is the sum of national and local income taxes, was lowered from 88% to 75%, and the take-home income, especially among the wealthy, doubled at most, adding to the widening disparity. It is a problem even in modern times.

Revenue generated by economic activity using assets (Income gain), But a method of trying to make a profit by increasing the price of the asset itself (Capital gain) Becomes more difficult as asset prices soar. Eventually, when asset prices equilibrate at a high level, those who hold assets at that time can no longer earn gains.

And if the high price equilibrium cannot be maintained and the price starts to fall, the successive owners will benefit from each, while the final asset owner will suffer the loss collectively. become. Thus, as asset prices become more difficult to maintain, asset trading gradually becomes "Without bubblingIt becomes more difficult to maintain asset prices.

Economists commented on the argument that "increasing inequality is due to asset inequality and inter-industry wage inequality due to the bubble."Fumio Otake"It is impossible to find a factor in asset inequality (increasing inequality) because the asset inequality is shrinking due to the bursting of the bubble. Regarding the inter-industry wage inequality, in the bubble era金融The inequality has widened due to rising wages in the industry, but recently (2000) wages in the financial industry have fallen and the inequality has narrowed. "[70].


Around 1989, when it was at its peak, investment became active, and it became an unprecedented super-prosperous economy called the "Heisei economy," "Himiko economy," and "plateau economy." Because of the bubble economy accompanied by the rise in asset prices, it will eventually shrink.

Assets such as stocks and land have fallen, turning bigCapital lossThe number of individuals and companies that have a capital gain has increased, and companies that have made excessive investments relying on capital gainsSpeculatorHas suffered a great loss. At that time, Japan lost its sustainability at the end of monetary easing because the rate of return on land and stocks (excluding gains on price increases) had dropped significantly due to rising asset prices.

The stable growth period, which has continued for 1973 years and 12 months since December 17, has come to an end with the bursting of the bubble economy.

Bubbles and economic policy

The reason why the bubble economy continued to expand and it took a long time to escape from the burst of the bubble was explained by the Government of Japan and the Bank of Japan (Bank of Japan).Economic policyIt has been pointed out that the monetary tightening measures implemented as part of the above have failed.

First of all, regarding the occurrence of the bubble, as mentioned earlier, due to the rapid appreciation of the yen due to the Plaza Accord in 1985.deflationNominal interest rates have fallen sharply due to pressure and long-term expectations of monetary easing, which has stimulated investment in land and stocks through the money illusion.trade frictionIt is said that the cause was that the international commitment to expand domestic demand and the expansion of public works and tax reduction measures were taken to eliminate it. The government formulated economic measures several times, and in May 1987 implemented "emergency economic measures" with financial measures exceeding 5 trillion yen, but the economy had already recovered from the bottom in November 6. , There are criticisms that it has stimulated the economy too much[71].

Second, it has been pointed out that the reason why the expansion of the bubble could not be suppressed was that monetary easing was continued too much. The official discount rate was reduced to 1987% in February 2 and remained at this level until May 2.5. In fact, in September 1989, the BOJ's directors confirmed that they would raise interest rates, but on October 5th.Black MondayDue to the fall in global stock prices, interest rate hikes were postponed[71].. Although the Japanese economy was confirmed to have bottomed out in November 1986, in order to prevent the dollar from plunging due to Black Monday, a low interest rate policy was implemented from cooperation with the United States for a long period of two years and three months until May 11. Continued[72].

The first domestic factor that continued monetary easing was the government's fiscal consolidation.Deficit bondThere has been political pressure to stimulate the economy through monetary policy, aiming to break away from it. Second, there was pressure from the yen's appreciation against the backdrop of a large current account surplus, so monetary easing was used to avoid the yen's appreciation.政府-Ruling partyIt can be pointed out that there was pressure from such. To strengthen the physical strength of export companies suffering from a sharp appreciation of the yenFinancial PolicyThere was also recognition that should be accommodative. From this reflection, the Bank of Japan Law was amended in 1997 to enhance the independence of the Bank of Japan.

An economist who was a former Japanese bank clerk and served as a researcher at the Bank's General Affairs Bureau during the bubble periodKunio Okina"The rise in asset prices was not fully utilized as a warning signal in monetary policy management," he said.[73].

But bubble expansion is not solely due to monetary policy. The government has further heated up real estate investment during the bubble era by announcing estimates that there will be a shortage of offices due to the rapid expansion of office demand in Tokyo due to internationalization. In terms of finances,public investmentWas suppressed, but local governments, whose tax revenues increased due to the booming economy, saw an increase in local independent businesses, which also stimulated the economy.[Source required].. The increase in local independent businesses is partly due to the fact that they welcomed the increase in local independent businesses in order to curb the national budget deficit.[Source required].

EconomistYasuyuki Iida"It cannot be explained that the BOJ's low interest rates alone created the bubble. The bubble was created by overestimating Tokyo's future economic position."[74].

On June 2000, 6, a director of the Bank of Japan gave a lecture at Osaka University, stating that "there were many times of monetary easing in the past, but not every time a bubble occurred." While refuting the view that it is the main culprit, it may be said that there was a problem with the response from 1 to 1988. There is. "[75].

yuanOkuraOfficialsDuring the bubble era, he served as Deputy Director-General of the Minister's Office (Banking Bureau).Yoshimasa NishimuraIs "Private VitalityDeregulation・ Liberalization may have resulted in abnormal activation of financial activities. "[76].. Nishimura says "Convoy systemWas not goodMarket principleShould have been a more pervasive financial system[77]"Until the early stages of the bursting of the bubble, JapanIndirect financing-Main bank systemWas aware that it would function as insurance for the entire Japanese economy[78]"I point out.

yuanOkura-Treasury bureaucracyMinistry of Finance during the bubble eraSecurities OfficeOf the economist who served as the assistant manager of the business sectionYoichi Takahashi"In Japan, there was a loophole in the regulation of stock and land transactions, which created a bubble and encouraged bank lending."[79].

Related books

  • Shunsuke Kondo "December 1989, 12, Nikkei average 29 yen-The truth of the bubble collapse revealed by the fund manager of former Nomura Investment Trust-" Kawade Shobo Shinsha, May 3 ISBN-978 4309248622


[How to use footnotes]

注 釈

  1. ^ The winners are "not applicable" because they do not know "who first used this word and made it popular".


  1. ^ "Mitsui Fudosan builds one of the largest buildings in New York, unreported huge loss risk ... Mitsubishi Estate's nightmare". Business journal(July 2017, 9). https://biz-journal.jp/2017/09/post_20731.html 2019/9/20Browse. 
  2. ^ Norihisa Iwata, "Learn Japanese Economy", Chikuma Shobo <Chikuma Shinsho>, 2005, p.75.
  3. ^ "XNUMX-year history of the Finance Bureau, Ministry of Finance”(May 2013, 11). 2014/7/26Browse.
  4. ^ National Diet Library Finance and Finance Research Office (Shigeyuki Iwaki) (2006-02-16), "Japanese Economy in 18" (PDF) Survey and Information ISSUE BRIEF Number 511 (National Diet Library), http://www.ndl.go.jp/jp/diet/publication/issue/0511.pdf 2014/7/26Browse. 
  5. ^ This year, a "deposit" like a bank will appear.Dragon Quest III and to the legend...Was released.
  6. ^ Economic and Social Research Institute, Cabinet Office Economic outlook, economic judgment and economic policy after the bubble period in Japan Shinichi Kitasaka, p. 156
  7. ^ Well-understood AHP: Strategic model of grandchildren's military method Author: Eizo Kinoshita 197p
  8. ^ Nihon Keizai Shimbun, "Verification Bubble, No Criminal Errors," Nikkei Business Nikkei Business Bunko, 2001, page 271.
  9. ^ What is the Heisei recession?Koto bank
  10. ^ Yukio Noguchi, Postwar Japanese Economic History, Shinchosha, Shincho Selection, 2008, 157 pages.
  11. ^ Nihon Keizai Shimbun, "Verification Bubble, No Criminal Errors," Nikkei Business Nikkei Business Bunko, 2001, page 31.
  12. ^ a b c d Mitsubishi Research Institute "Understanding with the latest keywords! Introduction to Nihon Keizai Nihon Keizai Shimbun, Nikkei Business Bunko, 2008, 60 pages.
  13. ^ Milton Friedman "Let's talk about expanding opportunities around the world"-"Global Business" January 1994, 1 issueDiamond Online August 2011, 8
  14. ^ Nihon Keizai Shimbun, "Verification Bubble, No Criminal Errors," Nikkei Business Nikkei Business Bunko, 2001, page 50.
  15. ^ Akio Kuroda, "Bank of Japan Monetary Policy (1984-1989) -Plaza Accord and Creation of "Bubble"-Bulletin of Meiji University Institute of Social Sciences, 2008, Vol. 47, p.312-231, Meiji University Institute of Social Sciences, NOT 120001941255
  16. ^ Recent trends in money markets, Bank of Japan Survey Monthly Report: February 1986
  17. ^ Consumer Price Index (CPI), Ministry of Internal Affairs and Communications
  18. ^ Yutaka Kosai; Masaaki Shirakawa; Kunio Okina, Bubbles and Financial Policy: Japan's Experiences and Lessons, Nihon Keizai Shimbun, 2001.ISBN 453213224X. [Page number required]
  19. ^ a b c d Nihon Keizai Shimbun, "Verification Bubble, No Criminal Errors," Nikkei Business Nikkei Business Bunko, 2001, page 52.
  20. ^ Plaza Accord, strong yen, bubble economyMasahiko Nakazawa, Yusuke Yoshida, Hiroshi Yoshikawa, Policy Research Institute, p. 65.
  21. ^ Hidetomi Tanaka, "The End of AKB48 Caused by the Revival of the Japanese Economy," SHUFUNOTOMO, 2013, p. 44.
  22. ^ Hideomi Tanaka, Deflationary Depression, The Deadly Sins of the Bank of Japan, Asahi Shimbun, 2010, p. 151.
  23. ^ Nikkei Inc., "Verification Bubble Criminal Mistakes," Nikkei Inc. <Nikkei Business People Library>, 2001, pp. 56-57.
  24. ^ Nihon Keizai Shimbun, "Verification Bubble, No Criminal Errors," Nikkei Business Nikkei Business Bunko, 2001, page 57.
  25. ^ Nihon Keizai Shimbun, "Verification Bubble, No Criminal Errors," Nikkei Business Nikkei Business Bunko, 2001, page 62.
  26. ^ "The End of the Manga Yahyakucho Economic Power" (Benjamin Fulford, Kobunsha Publishing Co., Ltd.Paperbacks, 2004)[Page number required]
  27. ^ a b Nihon Keizai Shimbun, "Verification Bubble, No Criminal Errors," Nikkei Business Nikkei Business Bunko, 2001, page 80.
  28. ^ Nihon Keizai Shimbun, "Verification Bubble, No Criminal Errors," Nikkei Business Nikkei Business Bunko, 2001, page 75.
  29. ^ Nikkei Inc., "Verification Bubble Criminal Mistakes," Nikkei Inc. <Nikkei Business People Library>, 2001, pp. 75-76.
  30. ^ Nihon Keizai Shimbun, "Verification Bubble, No Criminal Errors," Nikkei Business Nikkei Business Bunko, 2001, page 85.
  31. ^ Norihisa Iwata "Refreshing! Introduction to the Japanese Economy-Fifteen Laws to Read and Read Contemporary Society," Nihon Keizai Shimbun, 15, p. 2003.
  32. ^ Hideomi Tanaka, Deflationary Depression, The Deadly Sins of the Bank of Japan, Asahi Shimbun, 2010, p. 154.
  33. ^ Nihon Keizai Shimbun, "Verification Bubble, No Criminal Errors," Nikkei Business Nikkei Business Bunko, 2001, page 135.
  34. ^ What happened to the "Pickup Price Increase Three Houses" in 89?(Japanese Business Online April 2014, 4)
  35. ^ Shunsuke Kondo "December 1989, 12, Nikkei average 29 yen-The truth of the bubble collapse revealed by the fund manager of former Nomura Investment Trust-" Kawade Shobo Shinsha, May 3 ISBN-978 4309248622
  36. ^ a b Yuichiro Koizumi, Illustrated Economist Battle Royale, Natsume, 2011, p. 148.
  37. ^ Money Money Undercurrent Tide Rising Shadow of "RER" on Japanese Stock MarketNihon Keizai Shimbun January 2012, 1
  38. ^ Morinaga Takuro, "The 50 Great Questions of the Japanese Economy" Kodansha <Kodansha Hyundai Shinsho>, 2002, 89 pages.
  39. ^ Takaaki Mitsuhashi "The Democratic Party of Japan is in danger of the Japanese economy! The real reason ”Ascom, 2009, p. 146.
  40. ^ Takaaki Mitsuhashi, "The Greatness of the Japanese Economy That Even High School Students Can Understand," Saizusha, 2009, pp. 51-52.
  41. ^ Nihon Keizai Shimbun, "Verification Bubble, No Criminal Errors," Nikkei Business Nikkei Business Bunko, 2001, page 5.
  42. ^ Nihon Keizai Shimbun, "Verification Bubble, No Criminal Errors," Nikkei Business Nikkei Business Bunko, 2001, page 72.
  43. ^ Norihisa Iwata "What's the Business?" Chikuma Shobo <Chikuma Primer Shinsho>, 2008, p.96.
  44. ^ Satoshi Matsubara 『Japanese Economy (Illustrated trivia series)” Jujube, 2000, 98 pages.
  45. ^ Gyosuke Kamiki "The most interesting and understandable mechanism of the latest economy-solving simple questions from macroeconomics to microeconomics (textbooks not taught at school)" Nippon Bungeisha, 2008, p. 236.
  46. ^ Norihisa Iwata "What's the Business?" Chikuma Shobo <Chikuma Primer Shinsho>, 2008, p.114.
  47. ^ Heizo Takenaka, "Economics of Professor Takenaka", Gentosha, 2000, p. 85.
  48. ^ Norihisa Iwata "What's the Business?" Chikuma Shobo <Chikuma Primer Shinsho>, 2008, p.38.
  49. ^ Kikuo Iwata, "What is the Business?" Chikuma Shobo <Chikuma Primer New Book>, 2008, pp. 38-39.
  50. ^ a b c Norihisa Iwata "Refreshing! Introduction to the Japanese Economy-Fifteen Laws to Read and Read Contemporary Society," Nihon Keizai Shimbun, 15, p. 2003.
  51. ^ Norihisa Iwata "Refreshing! Introduction to the Japanese Economy-Fifteen Laws to Read and Read Contemporary Society," Nihon Keizai Shimbun, 15, p. 2003.
  52. ^ Katsuyo Katsuma, "How to Avoid Deflation of Yourself," Bungei Shunju <Bunshun Shinsho>, 2010, 90 pages.
  53. ^ Nihon Keizai Shimbun, "Verification Bubble, No Criminal Errors," Nikkei Business Nikkei Business Bunko, 2001, page 150.
  54. ^ Nikkei Inc., "Verification Bubble Criminal Mistakes," Nikkei Inc. <Nikkei Business People Library>, 2001, pp. 68-69.
  55. ^ Nihon Keizai Shimbun, "Verification Bubble, No Criminal Errors," Nikkei Business Nikkei Business Bunko, 2001, page 69.
  56. ^ Nihon Keizai Shimbun, "Verification Bubble, No Criminal Errors," Nikkei Business Nikkei Business Bunko, 2001, page 152.
  57. ^ Norihisa Iwata "Refreshing! Introduction to the Japanese Economy-Fifteen Laws to Read and Read Contemporary Society," Nihon Keizai Shimbun, 15, p. 2003.
  58. ^ Tsunehira Furuya "Recommendation of Desire" Bestsellers <Best New Book>, 2014, p. 114.
  59. ^ Nihon Keizai Shimbun, "Verification Bubble, No Criminal Errors," Nikkei Business Nikkei Business Bunko, 2001, page 154.
  60. ^ Nihon Keizai Shimbun, "Verification Bubble, No Criminal Errors," Nikkei Business Nikkei Business Bunko, 2001, page 148.
  61. ^ However, refraining from investing in real estate, which was soaring at that time, did not lead to insolvency due to the subsequent decline in land prices, so it is evaluated that the choice was correct.
  62. ^ Norihisa Iwata "Refreshing! Introduction to the Japanese Economy-Fifteen Laws to Read and Read Contemporary Society," Nihon Keizai Shimbun, 15, p. 2003.
  63. ^ Norihisa Iwata, “What's happening in the Japanese economy,” Toyo Keizai, Inc., 2005, p. 53.
  64. ^ Kikuo Iwata, "What's happening in the Japanese economy now?" Toyo Keizai, 2005, pp. 54-55.
  65. ^ Cole, Robert J. (October 1989, 10). “Japanese Buy New York Cachet With Deal for Rockefeller Center”. New York Times. https://www.nytimes.com/1989/10/31/business/japanese-buy-new-york-cachet-with-deal-for-rockefeller-center.html 2019/9/20Browse. 
  66. ^ "Mitsubishi Estate Co., Ltd." Ayumi of Marunouchi 1993.03 Years: History of Mitsubishi Estate Company. Materials, Chronology, Index "(XNUMX)". Shibuya corporate history(July 1989, 10). https://shashi.shibusawa.or.jp/details_nenpyo.php?sid=11710&query=&class=&d=all&page=178 2019/9/20Browse. 
  67. ^ Nihon Keizai Shimbun, "Verification Bubble, No Criminal Errors," Nikkei Business Nikkei Business Bunko, 2001, page 289.
  68. ^ Nihon Keizai Shimbun, "Verification Bubble, No Criminal Errors," Nikkei Business Nikkei Business Bunko, 2001, page 147.
  69. ^ What is asset disparity?Koto bank
  70. ^ "Easy economics" Considering income inequalityFumio Ohtake's Home Page Nihon Keizai Shimbun February 2000, 2
  71. ^ a b Asahi Shimbun, March 2010, 3, Tokyo edition evening edition, page 23.
  72. ^ Gyosuke Kamiki "The most interesting and understandable mechanism of the latest economy-solving simple questions from macroeconomics to microeconomics (textbooks not taught at school)" Nippon Bungeisha, 2008, p. 112.
  73. ^ Nihon Keizai Shimbun, "Verification Bubble, No Criminal Errors," Nikkei Business Nikkei Business Bunko, 2001, page 282.
  74. ^ Waseda Civil Service Seminar, Yasuyuki Kasazaki, "Introduction to Economics in 3 Hours (Introduction to W)" Waseda Management Publishing Co., Ltd., 2000, p. 72.
  75. ^ Nikkei Inc., "Verification Bubble Criminal Mistakes," Nikkei Inc. <Nikkei Business People Library>, 2001, pp. 281-282.
  76. ^ Nihon Keizai Shimbun, "Verification Bubble, No Criminal Errors," Nikkei Business Nikkei Business Bunko, 2001, page 250.
  77. ^ Nikkei Inc., "Verification Bubble Criminal Mistakes," Nikkei Inc. <Nikkei Business People Library>, 2001, pp. 252-253.
  78. ^ Nihon Keizai Shimbun, "Verification Bubble, No Criminal Errors," Nikkei Business Nikkei Business Bunko, 2001, page 255.
  79. ^ Politics / Society [How to solve Japan] Chair Yellen, the true intention of opposition to rate hikes To the lessons learned from the BOJ's bubble crushingZAKZAK December 2014, 7

Related item

外部 リンク

Japan in 1989

Japan in 1989(1989 years old)1989(Showa64 years/HeiseiFirst year)Japan OfEvent-trend・Summary of the social situation.

Other chronology

in Japan,ADIn addition toChronologyAre using. In addition, the following chronology is the Western calendarDateAre matched.



1989 buzzword

The new word category of the New Words and Popular Words Award is "Sexual harassment, The buzzword section is "ObatarianWon the gold medal (other award words are in the later section "#BuzzwordSee also).



All Year













  • May 12 - Matsuyama City100th anniversary of the municipal organization.
  • May 12 --The 7,777th guest visits Tokyo Disneyland
  • May 12 - TSE OfLarge meetingNikkei Stock AverageRecorded a record high of 38,957 yen (closing price of 44 yen on the same day). This is the last 38,915Big meetingThe stock price turned down fromBubble economyTo collapse.
  • May 12 --The 270th National Autonomous Lottery (end of the year), which was drawn on the same dayJumbo lottery) Will be 1 million yen for the first prize and 6000 million yen for the front and back prizes, and the total prize for the first prize and the front and back prizes will be the 4 million yen mark for the first time.[Web 1].

Unknown date





The labor


Female history






natural Science


Weather, natural disasters, observations, etc.

Culture and art




  • Italian fashion is booming. Office worker businesssuitPenetrate
  • "" Is established
  • Ralph LaurenIs gaining popularity.




best seller



First issue



Takarazuka Revue


Japanese movies

Western painting

Movie released in Japan (released in Japan before the previous year)
This year both in Japan and in Japan


tv set

Various fields such as variety
Special effects


Catchphrase, etc.Product name, etc.Manufacturer etc.PerformerMusic
♪ Can you fight for 24 hours?RegainSankyoTokito Saburo-Tatsuro Kondo・ Saburo Tokitou (Saburo Ushiwakamaru) (song)
testimonyGiraffe lager beerKirin BeerCatch etc.-
I'm not dryMaltsSuntoryHiromi Go,Koji Yamamotoetc.-
♪ Maite Mate ~ Hand-rolled sushiMizkan vinegarNakanozu vinegar storeTunnelsTunnels (song)
Strong in focus and good colorFujicolor HGFujifilmMiyuki Imori-
Put in the peppersRice noodlesKen min foods2 children (illustration)-
I'm always a hello dialHello dialNTTKiichi Nakai-Ryoichi Takahashi・ Kiichi Nakai (song)
Yamada onceFive miniOtsuka PharmaceuticalKuniko YamadaYoshimaru Fujino
I have a soft headCorporate imageSumitomo Metal IndustriesMami Yamase-
♪ Duder DuderADDStudent Support AssociationYasuo Daichi-Issey Ogataoriginal&Grass race
♪ Sore Sore Steel BeverageSteel drinkSuntoryWashio IsakoAnd steel girlTokyo Banana Boys・ Isako Washio and Steel Girl (song)
I hump from the power.Cup NoodlesNissin FoodArnold SchwarzeneggerLucky Ikeda(Choreographer)
IntegraIntegraHondaMichael J. FoxPower of Love (Huey Lewis & The News
It's cleanPancilon comprehensive gastrointestinal drugRohto PharmaceuticalKiyoshi Atsumi-
Hokaron, Hoka Hoka ArchipelagoHokaron (disposable body warmer)LotteToshio Fukui-


Animated movie
Television Animation


Computer games

arcade game
Video games
Handheld games


General competition

Each competition


Professional baseball
high school baseball


Grand Sumo(Makuuchi highest victory)


Motor sports

Horse racing















The event of fiction

  • May 1 --- "Amemiya Shoko-chan kidnapping case" occurred in D prefecture police jurisdiction. Next timeMay 1Death is confirmed in. (Novel, TV drama, movie "64 (Rokuyon)])
  • May 4 --In the Metropolitan Police Department's Investigation Division 7, Group 8 will be established under the direct control of the Chief of the Criminal Department, which does not belong to any of the existing seven investigation groups. (TV drama"Gorilla Police Department Investigation Group 8])
  • May 6 - 小 惑星fromSample returnJapan for the purposeUnmanned probe"Aoba" is launched. (Manga"Police Box in Front of Kameari Park, Katsushika Ward』Episode 1650" Return 1989-008J ")[2]
  • Mars is conquered by mankind. (Picture story "")[3]
  • Collided with meteorites over the Pacific OceanSpace station"Horizont" crashes into the atmosphere. At the same time, infectious diseases caused by unknown pathogens have occurred all over the world, and the emergency UN General Assembly, which has determined that the destruction of humankind by this, is certainozone layerInvokes the "6 Command" to destroy.Mankind is an experimentSubmarine cityIt will only survive in "Blue City". (Cartoon"Blue City])[4][5]


[How to use footnotes]

注 釈

  1. ^ AstinaWas released on April 4th of the same year.
  2. ^ At the same time, the postage was raised by 3%.
  3. ^ NHKFuji TV seriesSo, even before the Mainichi Shimbun implemented it, it was called "suspect".


  1. ^ "Revised Mountains of Toyama Prefecture" Mountain and Goyasha, 2010,ISBN 978-4-635-02367-2, Pp.16-19
  2. ^ Akimoto Osamu"This is Katsushika Ward Kameari Koenmae Police Station 175"Shueisha, 2011, pp.76-85.ISBN 978-4-08-870234-6.
  3. ^ Osamu Tezuka"Tezuka Osamu Manga Complete Works 117 Ozuma Captain 4"Kodansha, 1981, 148 pages.ISBN 978-4-06-108717-0.
  4. ^ Noshinobu Hoshino"Blue City"Scola, 1995, 3 ・ 4 ・ 8 --38 ・ 46 ・ 47 ・ 56 --77 ・ 326 --328 pages.ISBN 978-4-7962-0313-5.
  5. ^ Yukinobu Hoshino "Sci-Fi Works Collection I [CONTINENT]"Kobunsha Publishing Co., Ltd., 2008, 187, 201, 202.ISBN 978-4-334-90151-6.
News (Chinese)
* If the heading includes the real name of the convict on death row, that part is indicated by the initials "F" of the convict on death row.
  1. ^ "Asahi Shimbun』January 1989, 1 Evening edition 31st page 1" Shimada case death row prisoner Akahori-san, acquitted for the first time in 34 years Shizuoka District Court retrial decision "(Asahi Shimbun
  2. ^ "Iwate DailyAugust 1989, 8, morning edition, page 14 "Arrested a father who murdered five wives and children. Taneichi drunk and turned upside down in a divorce story.
  3. ^ "Asahi ShimbunAugust 1989, 8 Tokyo morning edition 14th edition Iwate edition 12st district page 21 "Killing 5 wives and children in Taneichi There is no evidence of a dispute over what happened to the family.Asahi Shimbun Tokyo Head Office・ Morioka branch office)
  1. ^ "Lottery history”. National Autonomous Lottery Office Council. 2017/9/14Browse.
  2. ^ "Hanazawa Kana". goo encyclopedia. 2019/10/29Browse.
  3. ^ "Kiyono Anno". CDJournalMusic publisher. 2020/11/18Browse.
  4. ^ "Kensho Ono --Produced by Animo Co., Ltd.". 2020/11/3Browse.
  5. ^ "karate". Japan Olympic Committee (2010). As of October 2014, 9オ リ ジ ナ ルMore archives.2014/9/15Browse.
  6. ^ "Ayaka Fukuhara | VIMS”. VIMS. 2020/11/13Browse.


  • Tomoyasu Kato, Seiichiro Seno, Yasushi Toriumi, Yasunari Maruyama "Japanese History Comprehensive Chronology XNUMXnd Edition"Yoshikawa Hirofumikan, August 2001, 5.ISBN 4-642-01344-X.
  • Kodansha / Editing "Showa-All Records of 19 Days (Volume 63) From Showa to Heisei-64-XNUMX"Kodansha, August 1991, 2.ISBN 4-06-194369-3.

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