Thirty Years of Turbulence in Japan. Heisei Economy: 1989-2019

The Heisei era began in January 1989 and ended in April 2019. Looking back, the economic situation in the Heisei era was very different from the previous Showa era (1926-1988). In the first year of Heisei, the Japanese economy reached its peak. Since then, crises such as the collapse of the bubble economy, financial crisis, deflation, and population decline have emerged one after another. The Japanese economy has continued to be tested and has been stuck in low growth for 30 years. This manuscript describes Japan's economic situation in the Heisei era from multiple angles, digs deep into the reasons why the Japanese economy fell into a long-term downturn, focuses on analyzing Japan's fiscal policy and monetary policy, comprehensively depicts the development picture of the Japanese economy in the Heisei era, and makes a cautious outlook on the future direction of the Japanese economy.