This event has passed

Date and Location

March 15, 2023
8:00 PM - 10:00 PM ET


Japan’s Real Estate Crisis and Implications for China Photo

​​​In the 1980s, Japan’s economic growth represented up to a quarter of the world’s annual GDP growth. Much of Japan’s growth was tied to an extraordinary growth in property markets. The bursting of the property bubble in the 1990s came with devastating consequences for Japan’s economy, banks, and monetary and fiscal policy that are still felt today.

What caused Japan's price bubble, and how could it have been prevented? What made the bubble burst, and could Japan's authorities have handled the economic fallout differently? As China addresses bubbles and financial risks in its real estate sector, could China’s economy face similar outcomes? What can China learn from Japan's property bubble and its aftermath?

Please join experts on Japan's and China's financial systems and real estate sectors for this discussion. The event features Paul Sheard and Takeo Hoshi discussing factors around the rise and fall of Japan’s property market in the 1980s and 1990s, and how Japan could have differently managed its real estate boom and crisis. Wei Xiong will then discuss parallels and differences with conditions in China.

This event is the third in a series on China’s real estate sector and its broader economic effects.

Speakers and Presenters


Takeo Hoshi, Professor and Dean of the Graduate School of Economics, University of Tokyo

Paul Sheard, former Senior Fellow, Harvard Kennedy School and author of The Power of Money

Wei Xiong, Professor in Finance and Professor of Economics, Princeton University

Moderated by Richard Yarrow and Jinlin Li, Mossavar-Rahmani Center for Business and Government, Harvard Kennedy School. 


Additional Organizers

​Fairbank Center for Chinese Studies and Program on U.S.-Japan Relations at Harvard University.