According to the government’s official business cycle turning point, there were two recovery phases: from the end of 1993 and also the beginning of 1999. During the former, after experiencing a temporary standstill due to effects stemming from the rapid appreciation of the yen in spring 1995, the economy realized more than 3% growth in 1996.
In retrospect, the economy entered a recovery phase triggered by monetary easing and fiscal expansion after the bursting of the bubble, followed by an increase in personal consumption and capital investment partly supported by the prevalence of mobile phones and personal computers.