日本“失去的三十年”得失考：聪明人是如何犯错的？

Group 1: Economic Phases - The initial phase (1991-2000) saw expansive monetary and fiscal policies, but economic performance remained poor, with major asset prices continuously declining[2] - The mid-phase (2001-2012) experienced slight economic recovery due to global economic improvements, yet major asset prices remained depressed[2] - The later phase (2013-2019) involved the introduction of "Abenomics," which included aggressive monetary easing and structural reforms, leading to gradual economic recovery and rising asset prices[2] Group 2: Policy Insights - Initial policy errors included slow interest rate cuts and delayed fiscal measures, which hindered effective economic recovery[2] - The government faced challenges with policy consistency, leading to a lack of coordinated macroeconomic strategies, which resulted in missed opportunities for stabilization[2] - Lessons learned emphasize the need for timely and effective fiscal policies, avoiding rapid asset price contractions, and the necessity of structural reforms to stimulate market vitality[2]