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Thank you for posting some very useful data. As Ting Lu notes, the Japan bubble economy bursting was a parallel bursting of the stock market bubble and property bubble. Judging from a chart of the Shanghai Composite index, the stock market bubble in China burst about the time of Lehman Brothers collapsing and with some ups and downs, remains at an composite PE a fraction of the level of 2008 peak.

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Thank you. Yes Japan and China are very different countries with very different political, economic and cultural structures. It’s hard not to compare these two since we are geographically so close, but upon closer inspection we see more differences than similarities.

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