Tokugawa Ieyasu
Shōgun
- 7 Jan 2010
- 62
- 3
- 18
Dogen z posted
But since the OP's question related to Japan's bubble years, it's highly relevent to Japan, whether China is included or not. I see property bubbles in some of the hot zones in China (Beijing, Shanghai, and Guandong Province), just like ones in Japan centered especially in urban areas of Osaka and Tokyo from 1992 until 2001. I'm just not sure if the bubbles in China will fall as sharply as Tokyo's did and certainly the peak pricesin China probably won't be as high. Tokyo prime real estate at its peak had Ginza being worth more than California, and prices in Ginza for an average napkin sized piece of real estate were astronomical.
It seems like us humans are wired for speculative excesses; in fact I don't think there's a country on earth without some kind of financial/real estate bubble throughout its history, of course not necessarily on the scale of disaster as the Japan and US financial/real estate bubbles.
But Japan and the U.S. have advantages other nations don't: Japan is the world's largest creditor nation, U.S. have sole authority to print the world's reserve currency.