This paper examines the stock and land price behaviors during the bubble economy period (the second half of the 1980s), paying considerable attention to the linkage of the two markets and the effects of monetary policy. In particular, we examine whether the booms in these asset prices can be...

As Japanese firms have reduced the proportion of debts in their capital structures, they have also increased their debt maturities. Since the shorter debt maturity is more costly for the firms of poor performance, it is argued that the maturity length plays the role of signal as the theoretical...

This note provides an overview of macroeconomic problems that the Japanese economy faces after the global financial crisis and discusses Japan's policy responses, emphasizing the comparison with the United States and European countries.

I study the relationship between portfolio choice and age for the Japanese households by means of micro data and by paying particular attention to the interaction between decisions to hold stocks and real estate. The major findings are: First, equity shares in financial wealth (S/FW) increase...