I.  Japan’s economy and securities markets  50 years ago, in 1962 when the SAAJ was established, Japan’s economy was in the midst of a high growth period. Japan’s economy grew by an annual average of 9.7 percent from 1956 up to 1970.
It made a transition to stable growth, triggered by the oil shocks, but was on a constant growth path until a bubble burst at the beginning of the 1990s. After the burst of a bubble, things changed completely and the average growth rate declined substantially to around 1.5 percent in the 1990s and around 0.5 percent in the 2000s.