Well before the fear of “secular stagnation” became common across the developed world in the aftermath of the global financial crisis, Japan was unhappily showing the way. For almost two decades before the crisis, Japan recorded weak economic expansion and frequent deflation as it struggled to escape the aftermath of the 1980s property bubble.
早在「長期停滯」擔憂在全球金融危機後於發達世界變得普遍之前，日本就不幸地走上了這條路。在這場危機之前的近20年裏，日本出現了疲弱的經濟擴張和頻繁的通縮，難以擺脫上世紀80年代房地產泡沫的餘波。
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