What is the Plaza Accord of Japan's economic decline?

The Plaza Agreement forced the yen to appreciate, which accelerated the bursting of Japan's bubble economy. At best, it is only the external cause of Japan's economic recession, not the inevitable root cause. There are several other reasons leading to the Japanese economy: 1. The abnormal government intervention in the economy has greatly reduced the effectiveness of economic regulation and strict financial restrictions, thus affecting the vitality of the financial system. It is embodied in the control of exchange rate, the restriction of interest rate and the restriction of financial business. 2. The Basel Accord signed in 1980s had a great influence on Japanese economy, which directly led to the paralysis of Japanese financial system. As the minimum capital adequacy ratio of banks is stipulated in the agreement, and this capital adequacy ratio is determined according to the conditions of the United States and other countries, the proportion of bad debts of Japanese domestic banks in bank deposits has greatly increased, and the Japanese economy, which relies heavily on indirect financing, directly leads to the lack of liquidity in the Japanese financial market, making it difficult for the Japanese economy to recover after the bubble burst. 3. Wrong decision of monetary policy. At that time, Japan's capital account was not yet freely convertible, so the central bank must consider maintaining the stability of the exchange rate when formulating monetary policy. However, the stability of exchange rate will be at the expense of the independence of monetary policy, that is, the ability to control excess domestic liquidity will be lost, which will aggravate the asset bubble and eventually burst it, and Japan's economy will fall into recession.