The Evanescent Economy: Causes, Effects, and Consumer Culture of Late-1980s Japan
A Lecture by Professor Ikuho Amano
University of Nebraska-Lincoln
Although it lasted briefly, Japan’s Bubble Economy (ca. 1986-1991) had an unprecedented impact on people’s perception of money and consumption. Resulting from skyrocketing hikes in stock and land values due to a massive scale of speculative investments, the tremendous amount of capital gains grew to 140% Japan’s GDP (497 trillion JPY, or approximately 497 billion dollars in 1987).
The rapidly produced wealth unleashed people’s insatiable desires, blatant materialism, and unabashed mammonism. In particular, the Bubble generated a strong craving for imported commodities, thanks to the suddenly increased value of Japanese Yen – the political consequence of the Plaza Accord of 1985 among the G5 nations. Far beyond their basic subsistence, the Bubble money made consumers’ dreams come true, giving them access to high-end real estate, brand accessories and apparel, lavish restaurant meals, luxury automobiles, overseas vacations, and much more. Marked by showy and bandwagon consumption and bold squandering, the Bubble era represented Japan’s collective folly and recklessness. Even so, the Bubble Economy remains significant to Japanese consumer culture because the festive years propelled a drastic transition from postwar frugality to consumptions driven by individual choice and pleasure. The new labor market for women and the growth of leisure activities also fueled the collective passion for consumption. Notwithstanding some bright sides, the Bubble Economy was doomed to be precarious, and its end brought to Japan the beginning of the harsh Lost Three Decades (1991- the present).
5:30 PM | April 17, 2025
Smith Memorial Student Union
Room 327/8/9
Free and Open to the Public
Please use the entrance on SW Broadway
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