ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The Lost Decade (10, Ushinawareta Jūnen) was a period of economic stagnation in Japan caused by the asset price bubble’s collapse in late 1991.

Detailed explanation-2: -Japan’s “Lost Decade” was a period that lasted from about 1991 to 2001 that saw a significant slowdown in Japan’s previously bustling economy. The economic slowdown was caused, in part by the Bank of Japan (BOJ) hiking interest rates to cool down the real estate market.

Detailed explanation-3: -In the early 1990s, Japan’s real estate and stock market bubble burst and the economy went into a tailspin. Since then, Japan has suffered sluggish economic growth and recessions (known as “Japan’s Lost Decade”).

Detailed explanation-4: -The Lost Decade is a term initially coined to refer to the decade-long economic crisis in Japan during the 1990s. Japan’s economy rose meteorically in the decades following World War II, peaking in the 1980s with the largest per capita gross national product (GNP) in the world.