Japan has a culture – OK the people that were raised in the 50’s and 60’s ( unlike our selfish , me me me baby boomers) where people not paying their debts was A huge insult to their family name. They are also super hardworking and save like maniacs, and literally overpriced or not, they were serious about paying for it.
That resulted in a very very slow default rate. I think there were bail outs of banks and other financial institutions that held the bad paper, but homeowners were paying for it even if it meant starving to death. That created a slow motion crash lasting 16 years with a 60% deflation comming in in that 16+ years. I dont think it was even anything like 5-8% a year.
Cool.
Cow_tipping.
