The growth miracle of an ascendant Japanese economy was premised on an unsustainable suppression of the yen. When Europe and the United States challenged this mercantilist approach with the 1985 Plaza Accord, the Bank of Japan countered with aggressive monetary easing that fueled massive asset and credit bubbles.
二战后日本的兴衰预示会发生什么。欣欣向荣的日本经济增长奇迹有一个前提，即不可持续地抑制日元。1985年，欧洲和美国以广场协议挑战这一重商主义方针，日本银行的回应是激进的货币宽松，这引起了巨大的资产和信用泡沫。