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1In September 1985, the finance ministers and central bank governors of five developed industrial countries, including the United States, Japan, Germany, France and Britain, held a meeting in PlazaHotel, new york, and reached the conclusion that the five governments jointly intervened in the foreign exchange market, so that the US dollar fell against major currencies in an orderly manner to solve the huge trade deficit of the United States. This event is called "Plaza Agreement".

The Plaza Agreement plunged Japan into a bubble economy period of 10 from 65438 to 0990. According to economists' calculations, this paper has set the Japanese economy back for more than 20 years.

There is no doubt that this is a "collective bullying incident in which four people collude to bully one person".

Why did Japan sign such a "treaty of insulting China"? Because it has no choice, after all, this small land of 378,000 square kilometers is full of American soldiers.

As for why the United States signed such an agreement, the reason is also very direct, that is, the arrogance of the Japanese economy at that time made Americans smell very dangerous.

Since 1980, the Japanese economic expansion movement in the United States has reached an unprecedented "madness", and the entrepreneurs of the Yamato nationality have acted generously and uniformly: Buy in buy!

Mitsubishi Corporation invested $850 million to buy a 5 1% stake in Rockefeller Center in new york, which was regarded by Americans as "the symbol of America" and "the symbol of prosperity". Sony spent $3.4 billion to acquire Hollywood Columbia Pictures, Samsung Pictures and Four Seasons Hotel Hamburg. Panasonic Group spent $66,543.8 billion to buy out all the shares of Universal Pictures. Shuwa Co., Ltd. won the famous painting Sunflower by Citigroup Square in Los Angeles and Van Gogh. After that, ABC Building, Mobile Oil Company Headquarters and Citibank Headquarters all changed hands and became Japanese property.

According to the historical data obtained by Peter Martin, a famous financial writer, from the Federal Bureau of Statistics, during the period of 1980-1988, Japanese direct investment in the United States increased by more than 10 times. The Japanese owned $285 billion in American direct assets and securities assets, and controlled more than $329 billion in American banking assets (14% of the total assets of American banking at that time). California, as one of the most prosperous areas in the United States, is particularly serious. The Japanese own 27% of their bank assets and 30% of their outstanding loans.

In addition, 25% of the daily trading volume of the new york Stock Exchange is operated by Japanese capital, and the real estate owned by Japanese entrepreneurs in the United States exceeds the sum of Europe (the predecessor of the European Union).

Behind this "arrogance" is the crazy growth of Japan's local economy in the 1980s.

1983 Nikkei Stock Index averaged 8,800 yen per year, 1986 changed to16,400 yen, and 1987 exceeded 20,000 yen. 1March, 987, the total market value of Japan's stock market has reached 2688 billion US dollars, surpassing the United States and ranking first in the world. In addition, what kind of concept is this number? At that time, the total market value of global stocks was $7,467 billion, with Japan accounting for 36%.

Some people may have questions. Isn't the Plaza Agreement signed by 1985? Why is the Japanese stock market still so prosperous after 86 years?

Maybe the end hasn't come yet. No sooner had the Plaza Accord been signed than the symptoms appeared in the American stock market, which turned into a "serious illness" in repeated times-the new york stock market plunged 1987. Under such conditions, the power of the Plaza Accord was concealed, and Japan still maintained its dominant position in the capital market by virtue of its strong position in the real industry.

Then why did Japan start its economic bubble after 1990?

The reason is not only that the United States slowed down its attack on Japan with the help of the Plaza Agreement, but also that the Japanese themselves "committed suicide".

From 1985 to 1989, the annual growth rate of Japanese stocks reached 49%. At its peak, its total market value accounted for 42% of the global stock market, more than twice that of Japan's GNP. At the same time, the yield of Japanese stock price is as high as 60%, which is six times that of Europe and America. Driven by this, the wealth of the Japanese has increased by 4.7 times, which is close to the terrorist phenomenon of doubling every year.

After getting rich, the Japanese gradually forgot their secret book of getting rich-industry, and put more wealth and energy into the two major fields of stocks and real estate.

From old ladies to teenagers in high schools, red and green numbers are flashing in almost every corner of Japan. On average, each Japanese has invested $34,000 in the stock market.

The stock market makes money to buy a house, and the huge demand has created a huge "land myth."

Take six major cities such as Tokyo and Osaka as examples. 1986, the average index of all kinds of land use was 40 1989, reaching 1 10, which increased nearly four times in more than three years.

In just 1987, the land price of all kinds of land in Japan rose by 22%. Tokyo, the capital, is even scarier. In that year, the price of residential land rose by 66%, and the price of commercial land rose by 6 1%. Driven by excess funds, the total land price in Japan rose from $4.2 trillion in 1985 to $0.00 trillion in 1989. 1989, the GDP of the United States was only $5.64 trillion.

In such a dreamy age, almost every Japanese has lost himself. Even Akio Morita, the president of Sony Corporation, an industry representative known as "Holy Management", said at the end of 1989 that "Japan must learn to say no in front of critics, because this is the imposing manner of a superpower".

Unfortunately, Morita's voice just fell. From April 1990, Japan ushered in the bursting of the bubble. In two years, the Nikkei index dropped from more than 38,000 points to below14,000 points. The bursting of the stock market has turned the income of Japanese nationals into liabilities, and the bank's two-year backlog of non-performing assets is as high as 130 trillion yen, which makes the real estate situation very bad. Those who sell houses and pay debts further push the property market into the abyss.

In 2000, the long-term debt of Japan's national and local governments reached 666 trillion yen, accounting for 136% of its GDP in that year.

Finally, it is worth mentioning that, according to the German weekly Der Spiegel, in the past ten years, all industries in Japan have withered, and the only one that has flourished is the gangster organization, whose wealth once reached 1/3 of the national corporate wealth.