日本资产负债表与股市泡沫分析报告.pdf

Equity Research·Strategy Research·In-depth research Strategy Research In-depth research [Table_Main] Japan in the 1990s: Balance Sheet Recession and [Table_Author] 26 September 2022 Stock Market Bubble Viewpoint ◼ The deterministic factors of Chinese economy are similar to those of Japanese economy in the 1980s and 1990s. ① China and Japan are very similar during rapid economic development stage, including but not limited to: 1) Before the economy boomed, [Table_Report] the foundation for industrialization was laid thanks to the “Whole Nation System”; 2) Related reports Exports became an important driver of economic growth in the process of globalization; 3) 《流动性缩窄下的复苏配置—— Both China and Japan belonged to the East Asian cultural circle where people pursue stability, illustrated by high savings rates. ② China is also similar to Japan in terms of In 策略周聚焦》 terms of GDP growth rate, per capita GDP, export structure, population structure and land 2022-07-17 price dynamics, the 1980s and 1990s. 《【东吴策略】市场情绪降温，内 ◼ Japan’s economic bubble started with the Plaza Accord and ended with the Lost 外资偏消费——市场温度计》 Decade. ① The rise of Japan after World War II led to intensified competition between