1985, the United States, France, Germany, Britain and Japan signed the Plaza Agreement in new york Plaza Hotel, demanding the appreciation of the yen. A year later, it rose from 250 yen to 120 yen 1 dollar. This has dealt a serious blow to Japan's export-oriented manufacturing industry.
1at the end of 987, the United States forced the Bank of Japan to lower interest rates, and the interest rate fell to only 2.5%. Therefore, major trading companies in Japan borrowed money from banks to speculate in real estate and stocks. By the end of 1989, the Nikkei index reached nearly 39,000 points, and the house price in Tokyo doubled.
From 1987 to 1989, Japan gradually opened to allow Wall Street to enter Japan for manipulation, financing and stock index futures.
1990, two American companies, Morgan Stanley, salomon brothers and Japan, took a gamble and signed a contract called "Nikkei Put Option". After the agreement was reached, 1990, "Nikkei put option" appeared on the American exchange, which was manufactured by Goldman Sachs and resold to the Danish government, with a good reputation. Then listing on the American stock exchange is equivalent to spreading the news to the whole world. Then, for the first time, almost all countries attacked Japan, and everyone sold shares wildly, which led to a sharp drop in the Nikkei index. . .
The financial crisis has set Japan's economy back for 20 years and has not yet recovered. The consequences of defeat are similar to those of defeat in World War II.