Crazy prices - Kyoranbukka

Japanese: 狂乱物価 - きょうらんぶっか

Refers to a state of soaring prices. Following the first oil crisis, prices, which had been stable until then, began to show double-digit growth rates for two or three years from 1973 onwards. The domestic factors that brought about this were, first, the increase in the money supply due to the current account surplus, which led to excess liquidity; second, the implementation of aggressive fiscal policies to reduce the current account surplus, as well as the rise in stock prices, land prices and wholesale prices triggered by the Remodelling of the Japanese Archipelago; third, the narrowing of the supply-demand gap, which led to shortages of some goods, which induced speculative behaviour such as hoarding and withholding; and finally, the rise in crude oil prices due to the outbreak of the Fourth Arab-Israeli War. These were all intertwined in a complex way.

Source: Encyclopaedia Britannica Concise Encyclopedia About Encyclopaedia Britannica Concise Encyclopedia Information

Japanese:

急騰した物価の状態を指す。第1次石油危機を契機として，それまで落ち着いていた物価は，1973年以降2年ないし3年にわたって2ケタの上昇率を示すに至った。これをもたらした国内要因としては，第1に国際収支の黒字を背景に通貨供給量が増大し過剰流動性となったこと，第2に国際収支の黒字縮小を図るため，積極的な財政政策が展開されたことに加え，日本列島改造に端を発した株価，地価，卸売物価の上昇，第3に需給ギャップの縮小から一部の商品に不足現象が見られ，買い占め・売り惜しみなどの投機的行動を誘発したこと，さらに第4次中東戦争勃発による原油価格の高騰などがあり，これらが複雑に絡み合った結果といえる。

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