1In September, 1985, the finance ministers and central bank governors of five developed industrial countries, including the US Treasury Secretary, the Japanese Finance Minister, the former Federal Republic of Germany Finance Minister, the French Finance Minister and the British Finance Minister, held a meeting at the new york Plaza Hotel, and reached an agreement that the five governments would jointly intervene in the foreign exchange market, so that the US dollar would fall against major currencies in an orderly manner and solve the huge US trade deficit. This is the famous "Plaza Agreement". After the signing of the Plaza Accord, the five countries jointly intervened in the foreign exchange market, and countries began to sell dollars, which in turn formed a selling frenzy of market investors, leading to a continuous sharp depreciation of the dollar. In September of 1985, USD/JPY fluctuated between 1 USD and 250 JPY. After the signing of the agreement, it quickly fell to around 200 yen in less than three months, a drop of 20%. 1 end of 986, 1 USD exchange 152 yen,1USD minimum exchange 120 yen. In less than three years, the dollar depreciated by 50% against the yen, that is, the yen doubled against the dollar. Some experts believe that the "Plaza Accord" is the chief culprit of Japan's economic downturn for more than a decade. However, some experts believe that the sharp appreciation of the yen provides a good opportunity for Japanese enterprises to go abroad and expand overseas on a large scale, and also promotes the adjustment of Japan's industrial structure, which is ultimately conducive to the healthy development of Japan's economy. Therefore, the formation of Japan's bubble economy should not be entirely attributed to the appreciation of the yen.