The housing bubble lacked the support of residents’ income and became more of a monetary and financial phenomenon. japan property agency In 1985-1991, the appreciation of the yen was too fast and the real estate bubble was too large, which led to the relocation of real economy enterprises. 3) The existence of the multiple-choice question of “guaranteeing house prices or maintaining exchange rates” indicates that there are pricing errors and arbitrage opportunities between house prices and exchange rates, which must be corrected, or face continued capital flight. For example, in the case of Japan before and after 1990, there was an overestimation of house prices and an undervaluation of exchange rates. which measures the financial turmoil. japan property agency 1 From an international comparison, This book takes the exploration of the truth as the starting point, so that the conscience and the people’s livelihood are the ultimate goal. The wind is exposed. According to the impossible triangle, the free flow of capital, exchange rate stability and the effectiveness of monetary policy cannot be considered at the same time. For the regions of Russia and Southeast Asia, japan property agency where the economic structure is single and the financial system is still not perfect, the complete liberalization of capital projects has considerable enthusiasm. When the internal and external liquidity is sufficient, if the return rate of the country’s real economy is not high, capital will enter the real estate and other asset areas for speculation; when the liquidity is reversed, due to the opening of capital projects, japan property agency the funds can be in the absence of obstacles. Escape below and accelerate the depreciation of the currency. 6) In the three modes, the rise in house prices is caused by the expectation of exchange rate appreciation leading to excess liquidity in the country. House prices have continued to fluctuate upwards as the Bank of Russia cut its benchmark interest rate five times in a row. Japan’s erroneous estimate of the negative impact of the appreciation of the yen and the continuous loosening of the currency led to a serious asset price bubble. Under the pressure of the bubble expansion, the Japanese government took stringent administrative measures and tightened monetary policy to actively squeeze the bubble, which led to the collapse of real estate prices. Under the pressure of huge foreign debt and international investors, Southeast Asian countries initially tried to hold fixed exchange rates. japan property agency At the same time, we need to be vigilant. When reform and transformation are facing resistance, China’s public policy may tend to loosen money and credit to stimulate real estate to stabilize the short-term economy, which will increase the real estate bubble, exchange rate depreciation pressure, industrial hollowing out and economic and financial leverage. japan property agency In the face of structural and institutional problems, the way out for the Chinese economy is to break through the ice on the supply side, which is the foundation for alleviating all the winds.