Fifteen years of deflationary conditions were a disaster for Japan. From the mid-1990s its economy shrank in cash terms, wrecking the public finances. Net government debt ballooned to more than 130 per cent of gross domestic product. Having previously dazzled its rivals during years of fast growth, Japan gradually transformed from economic exemplar to cautionary tale.
連續十五年陷入通縮對日本來說是一場災難。從上世紀90年代中期開始，以貨幣計量的日本經濟持續萎縮，這讓公共財政難以為繼。政府凈負債與國內生產總值(GDP)之比急劇膨脹至130%。日本曾在早年的快速增長期間讓競爭對手驚嘆不已，但現在則逐漸從經濟增長標桿轉變為一個令人警醒的故事。
您已閱讀11%（507字），剩余89%（4148字）包含更多重要信息，訂閱以繼續探索完整內容，并享受更多專屬服務。