单纯从日本的经验看,政策是非常重要的。在泡沫破灭之初,政府的政策非常严厉。而现在,政府已经转向采用温和的政策调控市场,政策的走向也由当初纯粹依靠行政政策调控转变为由市场手段调控为主。 Just from the Japanese experience, the policy is very important. At the beginning of the bubble burst, the government’s policy was harsh. Nowadays, the government has turned to adopting a moderate policy to regulate the market. The trend of the policy has also shifted from the original regulation and control of administrative policies solely to the control by market instruments.