Tourists throng the Nakamise shopping street in downtown Tokyo on September 7. As the yen plunges to its lowest level in decades, the Japanese economy is only now close to shaking off the deflationary impact of the Plaza Accord on currencies signed in 1985. Photo: EPA-EFE
Tourists throng the Nakamise shopping street in downtown Tokyo on September 7. As the yen plunges to its lowest level in decades, the Japanese economy is only now close to shaking off the deflationary impact of the Plaza Accord on currencies signed in 1985. Photo: EPA-EFE
Anthony Rowley
Opinion

Opinion

Macroscope by Anthony Rowley

Japan then, China now: the US is resorting to economic rival-bashing tactics again

  • The Plaza Accord, signed in New York in 1985, did its job of hobbling Japanese competitiveness and forcing a ‘hollowing out’ of the country’s economy
  • While the US has been unable to use a Plaza-like weapon against China, it now seeks to protect ‘economic security’ by intervening in supply chains

Tourists throng the Nakamise shopping street in downtown Tokyo on September 7. As the yen plunges to its lowest level in decades, the Japanese economy is only now close to shaking off the deflationary impact of the Plaza Accord on currencies signed in 1985. Photo: EPA-EFE
Tourists throng the Nakamise shopping street in downtown Tokyo on September 7. As the yen plunges to its lowest level in decades, the Japanese economy is only now close to shaking off the deflationary impact of the Plaza Accord on currencies signed in 1985. Photo: EPA-EFE
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