90年代初期以来 ,日本经济长期处于低迷状态 ,可以说是掉进了“流动性陷阱”。本文拟从汇率角度对泡沫经济崩溃后日本的流动性陷阱及经济不景气现象提供一个解释。一、90年代日本的国内经济1 991— 1 992年日本泡沫经济崩溃后 ,股市和地价暴跌 ,日本经济从此长期不景气。地产市 Since the early 1990s, Japan’s economy has been in a downturn for a long time. It can be said that it has fallen into a “liquidity trap.” This article intends to provide an explanation of Japan’s liquidity trap and economic downturn after the collapse of the bubble economy from the exchange rate perspective. I. Japan’s Domestic Economy in 1990s After the Japanese bubble economy collapsed in 1991-1992, the stock market and land prices plunged and the Japanese economy suffered from a long period of recession. Real estate market