The second issue is, though it might sound a little bit vague, to what extent do differences in economic and corporate management style, for example between the United States and Japan, affect economic growth? Regarding the first issue, there are various factors behind the stagnation of Japan’s economy in the 1990s.
The emergence of the huge bubble in the late 1980s and its subsequent bursting in the 1990s was certainly one of the major factors. Although why the bubble emerged has not yet been fully analyzed, we can obtain a few common observations if we look back on the history of bubbles including the case of Japan.