3.The economic growth of Japan remained sluggish since the lost decades because ______ .

I. the Japanese migrated to overseas countries.

II. combining with the outbreak of the Asian Financial Crisis starting from 2 July 1997, Japan went back into recession.

III. the balance-sheet recession took a long time until the households and corporations restored their equity to a healthy level.

IV. banks loaded with bad debts cut back their lending in the mid-1990s. The crunch led to nations economic woes.

Select one:

A.II, III, and IV

B.I, II, III and IV

C.II and III

D.I and II