Chapter 619 What happened to the former Soviet Union?

The 1985-year "Platform Agreement" increased the money in Japanese people's pockets by at least 20%, prompting the Japanese government to accelerate the full implementation of residential commercialization. Commercial banks began to issue large amounts of loans to residents' home purchases, and loan interest rates were greatly reduced. "》/Japan's housing prices also began to rise rapidly.

In the prosperous economy of Japan, housing prices continued to rise. In 1990, major Japanese banks not only suddenly stopped buying home loans, but also significantly increased the original home loan interest rate. In 1992, the land price tax collection amount was 0. Why did the Japanese government introduce such economic policies? Why did the prosperity of other industries such as Japan's automobiles, home appliances, etc. suddenly disappear? Does this mean that the Japanese economy has begun to enter a "quagmire"? How do you view the ten years of "blank" in Japan's economy?

As housing prices and stock prices rose all the way, and the Japanese economy was booming on March 27, 1990, the Bank of Japan issued the "Notice on Controlling the Total Real Estate Financing". This "Notice" was later called the "hot spot" of the collapse of Japan's bubble economy. House prices and stock prices turned and fell. In August of that year, the Bank of Japan raised the short-term loan interest rate to. What's more, in 1992, the Ministry of Taoism issued a land price tax, which made the already sluggish real estate industries even worse. The high-end department store is located in the most prosperous area in the city. The annual land price tax of 0 is more than 20% of the commodity profit, which shows the inhibitory effect of land price tax on housing prices.

Why did the Japanese government introduce such financial policies? They did not expect that these policies would lead to a sharp drop in the real estate market and the stock market. So, in the 1992 years when the real estate market and the stock market had already begun to plummet, why did the Datoma Province introduce land price taxes so that the real estate industry would not have any chance to breathe?

Many people believe that in the past 90 years, the Japanese government's continuous economic policies pushed the Japanese economy into a "quagmire" that could not be extricated, causing the entire Japanese economy to have a "blank" ten years - mid-year period

To be precise: it is not that there is a problem with the policy in 1990, but that Japan fully opened the real estate market in 1985, hoping to continue to maintain rapid development of the Japanese economy. In 1985, 1989, when the real estate market was fully opened, Japan and the changes in the world made the Japanese government clearly see the seriousness of the policy mistake made in 1985. The policies after 1990 are just an emergency correction of the mistake made in 1985.

Whether there is a bubble in real estate is based on the real economy. If the value of real estate is separated from the support of the real economy, it is considered a bubble.

However, the real estate bubble will definitely collapse, or the real estate bubble must end in the form of a plummeting housing prices. This cannot be found in economics.

Will the real estate bubble that is free from the support of the real economy be broken? The answer is not certain.

The more mainstream view of the Japanese academic community that has experienced the collapse of the real estate bubble is: Whether the real estate bubble needs to be broken is mainly determined by social factors. So, why does Japan break the bubble?

Entering the 1980s, with the opening of China's doors, the Japanese economy, which has been booming, also entered its heyday.

However, the production of color TVs, refrigerators and other production lines of Huaxia and other developing Huaxia families has clearly seen that the development of Huaxia families will soon have a fatal blow to Japan's manufacturing industry. In the face of simple price competition, Japan has only a dead end. Japan relies on advanced industrial manufacturing technology, exporting industrial products to drive the prosperity of Japan's economy through incoming material processing and exporting industrial products. It has seen the end.

When the Japanese government realized the difficulties faced by Japan but had not yet found a way to deal with them, the "Platform Agreement" hit Japan's head on. The manufacturing industry, which brought prosperity to the Japanese economy, fell into a dilemma of not only fighting against the development of the Chinese family's low prices, but also bearing the heavy pressure of the appreciation of the yen. To maintain the continued rapid growth of the Japanese economy, we must find new economic growth points.

Real estate! Letting the Japanese invest in real estate with a bulging pocket is undoubtedly an effective channel for the Japanese economy to solve the "urgent" problem. Opening up a commercial real estate market is the greatest benefit for landlords in rural Japan. At that time, the biggest supporter of the ruling Liberal Democratic Party was the agricultural association with landlords as the core.

After the signing of the "Platform Agreement" in September 1985, Japanese citizens, who were already worried about the depreciation of the yen, were like finding a safe haven for the government's real estate preferential policies, and investing large amounts of funds into the real estate market.

When a large amount of funds poured into the real estate market and real estate began to appreciate, a Pandora's box - the need to retain demand was opened. Japan's real estate attributes began to change quietly, and the consequences of turning from use demand to retain demand can be imagined. In addition, the increase in currency issuance in 1986, by 1987, in the eyes of most Japan, land has become the most worthy asset.

Faced with such a large market demand, major Japanese banks have engaged in fierce competition for land. Usually, banks lend out land mortgage financing at 70% of the land evaluation value, and Hokkaido Bank provides financing at % of the value, which shows that land has become a gold mine in the eyes of banks.

With the rapid rise in real estate prices in Japan, more and more funds are invested in real estate. Real estate development projects across the country are one by one, and the entire Japanese "Yings and Swallows" even Ginza, Japan's highest-end red light district, has become a place where ordinary people can visit.

But on the other hand, the Second Dongming Expressway under construction is difficult to advance due to the rising land prices. The operating conditions of Japan's road group have deteriorated greatly. Local public investment and construction have also been difficult due to the rising land prices.

In 1988, the high profits of the real estate industry lasted for several years made Toyota Motor, Fuji Heavy Industries, Hitachi Electric and other leaders of the real economy no longer able to hold back and began to enter the real estate industry in large quantities.

The collapse of Japan's bubble economy in 1990 was on the surface due to a series of economic policies by the Japanese government, and its policies were essentially a clear answer to the above debate.

After World War II, Japan had two basic national policies that were called unchanging, one was the basic farmland system and the other was the strategy of building a country with science and technology.

The so-called basic farmland system means that Japan's basic farmland ownership must be able to meet Japan's grain self-sufficiency and cannot be controlled by other countries on the issue of food. The continued rise in real estate development directly threatens the ownership of Japan's basic farmland.

The so-called strategy of developing countries with science and technology was a long-term argument for the direction that Japan, which was already scorched earth and was in a mess, should develop in what direction should it develop in after World War II. It once wanted to follow the example of the Netherlands as a trade distribution center between Asia and Europe and the United States. However, considering that Japan and the Netherlands are far from the population and the external environment, the idea of ​​a trade distribution center was completely denied and finally decided to take the path of developing countries with industry and technology.

Relying on real estate to drive the development of Japan's economy is obviously deviating from the unchanging national policy of industrial technology to develop the country.

Japan is a country that relies heavily on imports. To obtain resources, Japan must exchange goods needed by other countries. If more and more funds are invested in real estate, Japan's entire industrial structure and employment structure will tilt towards real estate. The manufacturing industry that exports and foreign exchange earnings will shrink, and the resources that can be obtained from other countries will become less and less. In 10 or 20 years, with the rise of the Chinese family, Japanese products that have no price advantage will even lose their technological advantages. There are no more commodities that can be exchanged with other countries. The Japanese's competition for real estate is like poor villagers fighting for adobe thatched houses without electricity, heat, air, and oil.

Therefore, although both enterprises and people cannot do without land, how much should the value of land account for corporate profits? How much should the personal income? There is no standard in the world. However, Japan's lack of resources must be exchanged with high-tech products, which is a consensus in Japanese society. The price of Japanese residential market has been dominated by the government since the establishment of the Japanese residential group in 1955 to the 1985. Therefore, the Japanese government has a sufficient social foundation to burst the bubble.

Why does the Japanese government end the bubble economy by using the stock market and the real estate market plummet? Why does the Japanese government insist on not issuing more currencies in the face of the plummeting real estate value? What changes have happened to Japan's industrial structure after the collapse of the bubble economy? What mentality does the Japanese people have in the face of the collapse of the bubble? What kind of mentality does the Japanese people have in the face of the collapse of the bubble? What is the mentality of the Japanese people in the collapse of the bubble? What is the relationship between them?

The Minsk Agreement was finally signed, and other franchised republics did not know about the brewing and establishment of the "CIS" in advance. Once they heard about it, they were shocked and dissatisfied. However, now that things have developed to this point, they have already been done, so they accepted the reality.

At the end of December, the heads of the five Central Asian countries of Kazakhstan, Uzbek, Tajik, Turkmen and Kyrgyzstan met in Ashgabat, the capital of Turkmen, and agreed to join the "CIS" as an equal and common founding country. Soon, Armenia, Azerbaijan and other countries also expressed their willingness to join the CIS.

Then, the leaders of 11 countries willing to join the CIS held talks in Almaty, the capital of Kazakhstan, and signed a series of documents to formally announce the cessation of the Soviet Union's existence.

Gorbachev originally wanted to maintain the existence of the national complex and maintain the alliance, but unfortunately, the Almaty Conference put the nominal leader of the Soviet Union aside. After the meeting, the leaders of various countries wrote a letter informing him that "The Soviet Union has ceased to exist and the position of president of the Soviet Union has been cancelled at the same time."


Chapter completed!