As US mulls new Plaza Accord, China should learn from Japan’s fate … but not the lesson it thinks

Name: SCMP
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The cause of Japan’s lost decades was not the appreciation of the yen that followed the Plaza Accord.
It was the misguided attempts of the Japanese authorities to resist that appreciation.

Published: 6:16am, 24 Feb, 2019

Updated: 6:16am, 24 Feb, 2019

Photo: Reuters

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Tom Holland is a former SCMP staffer who has been writing about Asian affairs for more than 25 years