| Summary: | 碩士 === 南華管理學院 === 亞洲太平洋研究所 === 87 === This paper attempts to trace the development from the "Japan As No. 1" to the financial and economic storms, completed with a detailed analysis of the internal and external factors making for the current crisis. Among other things, it explains the Japanese economic recession/depression as an inevitable occurrence in the secular business cycle of the capitalistic market economy. It also argues that in view of the increasing globalization and liberalization of the world's financial markets, it makes little sense to blame the current economic crisis on the "internal" problems of the Japanese economies.
For these problems are intertwined with the mammoth international financial system characterized by quick cross-national capital mobility and an increasingly complicated and volatile system of over-productive speculative investments. This paper concludes that to avoid a repetition of the Japanese economic disasters, and it is also imperative to initiate drastic reforms not only on the Japanese banking and economic structures, but more importantly, on the international financial market system itself.
It is important to continue the long and mid term structual reform in the recovery and reconstruction of the economy after the currency and financial crisis in Japan. It is expected that Japan could reestablish its financial control system. It is necessary for Japan to initiate policy dialog and information exchange to solve various problems which related to financial crisis and also develop a cooperative relationship for the future development in the Asia-Pacific region as a whole.
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