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广场协议后,为抑制美元过度贬值,日本从1986年1月开始连续5次降低贴现率。日本宽松的货币政策加上扩张的财政政策,导致大量闲置资金投资于房地产和股票市场。房地产和股市泡沫破灭后,日本银行体系出现大量呆坏账。而日本政府没有采取果断措施处理银行不良资产,致使银行信贷配置功能丧失,货币政策传导机制失效,日本陷入通货紧缩陷阱。
After the square agreement, in order to curb excessive devaluation of the U.S. dollar, Japan reduced the discount rate five times in a row from January 1986. Japan’s loose monetary policy coupled with its dwindling fiscal policy led to a large amount of idle funds invested in real estate and stock markets. After the real estate and stock market bubble burst, a large number of bad and bad debts appeared in the Japanese banking system. However, the Japanese government failed to take decisive measures to deal with the non-performing assets of banks, resulting in the loss of bank credit allocation function and the failure of the transmission mechanism of monetary policy. Japan has been caught in a deflationary trap.