NO EVENT is seared upon Japan’s recent memory like the bursting of the country’s credit-inflated bubble in land and share prices after 1990.

在日本近年来的记忆中没有哪件事能如1990年后的信用膨胀泡沫的爆破和股票价格的暴跌那样来的更令人印象深刻。

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Instead, availability of land simply fed speculative activity, which has made the popping of the bubble much more painful.

土地更容易获得的唯一结果是助长了投机活动，从而大大增加了泡沫破裂的痛苦。

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True, Japan's bubble economy was much more about corporate-debt excesses, most of it borrowed against land or property collateral, rather than personal debt, as is the case in the U.S..

没错，相比美国以个人债务为主，日本的泡沫经济主要体现于多数以地产或物业为抵押的公司过重债务。

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The figures are based on the Nationwide's own mortgage data, and show less of a bubble in the capital than Land Registry figures released on Wednesday which indicated house prices in London had risen by 7% in the year to the end of October.

BBC: Mortgage funds to rise significantly, Bank of England says

These part-timers have watched the value of their land fall dramatically since the property bubble burst over a decade ago, and have failed to make investments in their farms.

ECONOMIST: Japan's farmers

Analysts reckon that at least 15 of the 119 construction firms listed on the first section of the Tokyo Stock Exchange are bust in all but name, as the value of their land holdings bought at the height of the bubble has plummeted and loans guaranteed to subsidiaries and property developers have turned sour.

ECONOMIST: Japanese property