| 释义 |
Japanese Miracle Japanese MiracleA term for the remarkable economic growth Japan experienced after its devastation in World War II. The growth is credited to a combination of American investment immediately after the war and government regulation of the economy. The Japanese government restricted imports and promoted exports. Meanwhile, the Bank of Japan lent vast amounts to companies to stimulate private investment. This combined with a close relationship between corporate executives and bureaucrats allowed the government to pick winners successfully. The Miracle lasted until the Japanese financial crisis, which started in 1991. |