@@maxman4948 they did not lose 30 years. they continued to enjoy high and rising quality of life. Japan today has probably the richest culture on Earth.
LOL ... Simply google economic indicators like GDP, GDP percapita of The US vs its allies. You will see The US is significantly increasing relative to its allies from time to time (in other words, allies are gradually shrinking relative to the US). Look at how chaotic Europe is now. Centuries of easy money through colonization only lasts you several decades? That's the price of being milking cow. LOL ...
How so? The German self-crippled with demented energy policies and their welfare state crumbled under waves of non-qualified migrants who could not even speak the language.
Wrong, USA blew up Germany's Nordstream Pipelines sending them into a Recession. Forcing Germany to buy overpriced USA energy. Manufacturing cost sky rocketed destroying Germany industrial foundation.
Let's not forget how the United States imposed the unfair "U.S.-Japan Semiconductor Agreement" on Japan in 1986, halting Japan's dominance in the semiconductor industry and once again hindering the revival of the Japanese economy.
Exact same is happening to China today. They are doing the same to Huawei and countless other companies what they did to Toshiba. Whatever it takes to stay on top!
But it doesn't matter for China coz Chinaown population is bigger than Europe and Murica combined and I m not adding the rest of asia that don't give a flying F to US and its slaves euorpeons sanctions 😂
Since Mac Arthur entered Tokyo, Washington is in charge of Japan, not Tokyo. It seems to me that Japanese economists were not stupid and knew perfectly well what the consequences of the Plaza Accord would be. And it also seems to me that those at the Central Bank could see that low interest rates would give rise to a bubble. The issue is that the Americans told them to lower interest rates and not to raise them. Japan is a satellite of the US, a geopolitical term, which means that it is dependent on the US, after all the US is still occupying Japan They have military bases there, just as they are occupying Germany, the same. This strange suicide by the Japanese is just like the suicide of the EC, in which the EC politicians happily destroyed the only advantage they had for their industry in international markets by boycotting the cheap Russian raw materials and the cheap energy that the Russians gave them
Not at all. Japan screwed the friends over by dumping and undervaluing. Whole industries in the US were destroyed in the 1980s. The US developed products, and Japan copied and manufactured. China is using the same playbook.
It is USA not Japan that China dislikes, but as long as Japan does not break free from US control including military presence, China will not take it easy on us. The best interest for Japan is to restore independence and build equal cooperation with China to balance US influence.
@tsunetasora wrong, korea and china do not like japan even more than the usa. Japan committed atrocities before and during ww2 that they have yet to adequately address.
I am from Germany and we kinda have the same problem like Japan, we are really dependent on the US. I really hope Trump will give both our countries the necessary push to become independent in terms of the economy and security.
Japan should have not been so reliant on the US for exports. They should've turned to China and SE Asia and other nations for trade and also develop their economies. It just shows how short sighted the Japanese political leaders were.
Maybe the leaders in japan aren’t gods.cant foreseeing the future of bubble economics.but what make me surprise is Japanese is still so rely on USA until now😂
@@babosing Yes, that's why Japan should have invested in these countries and trade what they could. instead of trading only with the US / Europe. Look at what China does. China looks to trade with countries in Africa, and also helps them develop infrastructure. That's long term thinking. They are trying to create new markets, and not rely on USA only.
You forget that Japan is still a semi-colony of the USA and was not allowed too develop strong economic and political ties with Russia or China. Enemies of the USA automatically become enemies of its client states.
The US was in need of "success narration" post WW2 and on cold war. The narration was: "look at the countries that join our blocks, they becoming rich" . Japan was allowed to enter the US market with undervalued Yen. Japan succes was basically upon propaganda, not solely natural. And at some point the US cancelled the "success naration" namely "plaza accord"
Now US is trying to destroy Russia and China economy. If US succeeded, US''s next target will be India and Indonesia, the next two rising emerging economy. US Gov is filled with selfish white bastards who don't want to share power with the rest of the world, they want to be the sole superpower in the world. US Gov will never allow the rise of a 2nd, 3rd, 4th or 5th superpower, US Govt will use all kinds of dirty and nasty ways to contain and destroy the next rising superpower.
As a Japanese, I often hear about the indirect impact of the Plaza Accord on the Japanese economy. At the time, Japan relied heavily on an export-driven economy fueled by population and economic growth, making it difficult to break away from this structure. The Plaza Accord caused Yen to appreciate, reducing export competitiveness. In response, the Japanese government implemented accommodative monetary policies to boost domestic demand, leading to a sharp rise in asset prices, particularly in stocks and real estate. Much like China today, many borrowed heavily for property purchases. However, when the bubble burst in the late 1980s, asset prices collapsed, banks were left with bad loans, and Japan entered a prolonged period of deflation and low growth. During the ensuing recession, many Japanese companies moved manufacturing overseas to cut costs, with China emerging as a major destination. During the Cold War, the U.S. prioritized integrating China, viewing its growth as beneficial to maintaining the U.S.-led global economic order, and did not perceive Japanese expansion there as a threat. At the time, China was seen as a low-cost production base and a future market. Japanese firms supported China’s industrial growth by providing technical expertise and fostering mass production, laying the groundwork for its rise as the “World’s Factory.” For Japanese companies, expanding into China was not merely about cost-cutting but also about staying competitive and responding to globalization. However, the unexpected speed of technological absorption by Chinese firms led to the hollowing out of Japan’s domestic industry. Few foresaw China becoming both an economic superpower and a technological rival to the U.S. By 2024, under Xi Jinping’s hard-line political stance and domestic instability, along with the weak yen, many Japanese companies have begun relocating production out of China to other regions or back to Japan. However, I personally think that both of these Japan and China appear to be defending themselves against the risk of the US getting its hands on their real estate, financial, and technology infrastructure. What the US, as a superpower, does not want to be hit the most in order to gain hegemony is the critical depreciation of the USD currency, the acquisition of real estate companies in US territories (Rockefeller, etc.), the building of infrastructure and Internet servers with undersea cables that the US government cannot reach (Huawei), or nuclear missiles that could reach the US(Cuban Missile Crisis)? I think these four points above are Non-Negotiables for the US to continue its Great Power Hegemony.
Do you remember how it got almost racist with fear. Films like black rain and the constant news stories of Japan over taking the US economy. China look and learn.
Certainly, there are aspects of the Plaza Accord and the Japan-U.S. Semiconductor Agreement that forcefully reduced Japan's economic and trade power from the United States. But I think that the inaction of the Japanese government after the collapse of the bubble economy was the primary cause of Japan's downfall. The Japanese government hid and did not dispose of bad loans, did not restructure the financial system, and did not actively participate in the global technological competition, which resulted in stagflation and the overtaking of electronics and other products by South Korea and Taiwan.
There was a bureaucratic coup in which MITI was disbanded and the Ministry of Finance took over economic policy in Japan along US neoliberal principles, need anyone say more.
Oh. If Japan do what your suggestion. Absolutely they will growth again. But they know themselves still controlled by US. 😢only make US more long prosper😢
I mean seeing the Japan-U.S. Semiconductor Agreement which effected their business, you can see why Japanese wouldn't want to join global technological competition
China and the rest of BRICS don't need the U.S. as a trade partner, and China, in particular, is free from the American imperialism unlike my nation, Japan
Also Japan is still under US military occupation. Japan's military innovations is heavily under US regulations in other words japan must ask permission from the US if they are allowed to build such high tech military equipment.
For those trying to understand international economics, Michael Hudson is my best source. He was intimately involved with balance of trade policies at Chase Manhattan in the 70s. He's done interviews on Japan and many other countries. He coined the term "financial colonialism" which is still accurate. The US - or rather the financial overlords of wall street and the City of London - have a huge control over factors that govern countries. They can effectively veto many government policies. Probably the biggest factor unreported now is that a main reason China and Russia are enemies now is that banking in those countries is controlled by the government for the benefit of the country. The Federal reserve is privately run for the benefit of big financiers. As the saying goes, all wars are banker wars.
The usa does this today with sanctions. They do it to bangladesh all the time, everytime we have social movement that is unique and unrelated to USA yet profitable. We spend time why? And they sanction again
@@mister_9523 The constant threat of nukes - You REALISE that the fu**ing uSA is the ONLY country to nuke another country??? And that country being Japan. That is what fool.
They did not allow! They were nuked into submission. The uSA is an atomic bomb bully. Only country to use nukes and they are paranoid about other countries using them. What a crock of sh** The world needs to stop this uSA virus.
I'm writing this comment before i've even seen the video, this is deja vu, Japan was in the current China position, poses economic challenge to US dominance, so US had to crush it. That's the US foreign policy doctrine. So now its China's turn... but this time, US is up against a larger and stronger competitor.
There was talks in 1980 that japan would purchase american arms manufacturing companies, and literally control the military. Theres a mention of this in rising sun movie
Are we to believe that Japan committed an economic suicide willingly? Perhaps the US's continued occupation of Japan with 120 military bases has something to do with it. Counties don't willingly commit economic suicide to benefit other imperial capitalist powers. The US paid off the Japanese oligarch through the stock market and asset inflation, freezing the economic development for the rest of the country.
So, basically 4 European countries, gained up, on 1 Asian country, that was doing far better than any of them. And was about two surpass thee number 1, economy In manufacturing and technology. Looks to me, European imperialism, never ended.
In my opinion, the cause of Japan's economic growth was the trade surplus. Once the surplus was gone, growth was also gone. Ideally, what could replace the trade surplus was consumption. If consumption grew significantly, it should have been able to absorb Japan's excess production and become the next engine of growth. However, the increase in consumption did not happen. Japanese people preferred to buy assets (stocks and property) rather than consume. Asset prices rose rapidly and attracted more money into the speculative market. And it turned out that the increase in speculative activity did not increase real economic activity at all. So the real economy stagnated. This should be an important lesson for countries in the world, encouraging financial markets and assets to grow to drive the real economy is futile. The real economic activity is real production and consumption. And this is irreplaceable.
Who is "BEHIND ASIA" it says for asia, but the channel is from Australia which is in Oceania region. The lack of disclosure about who is the writer and funded them are concerning
Its partly because the US dollar is the standard used for international trade. Also a lot of the wealth in the US now is driven by internet companies of which the US has been a leader in innovation.
The problem with Japan was their reliance on exports over domestic demand. Coupled with a shrinking population which the govt did not anticipate and take steps acccordingly. Easy to blame everything on US
7:13 This part doesn't make sense. Why would strengthening the Yen lead to assuming a larger share of global demand? Why would global demand rise for products that suddenly get more expensive? Japan signing this accord makes no economic sense from their export reliant perspective. Did the US force them? Threaten more tariffs on Japanese goods?
One view is of course that Japan’s economic woes were self-inflicted. The Plaza Accord did not require Japan to pursue a loose monetary policy injecting cheap money into the economy. Japan could have had recourse to fiscal measures - such as cutting taxes - to stimulate growth. In other words, it was not the Plaza Accord; it was Japan’s own economic mismanagement. If this view is correct, then, as ever, the Japanese bureaucrats and politicians were to blame.
Felt sad of current Japan. I used to respect on Japan and followed the example of culture & studies. Found out that Japan losing its worth values became economy unstable, losing their moral and so on. Still depend on foreign superpowers to keep its economy working while at same time they keep Japan on under control due to certain policies. Need to something like wake up from blindness and greed which losing pride of Japan. Might need to restructure everything in politics, currency, economy, educational, technology, foreign policies, social and many more. Back to square one if necessary and be independent to stand up for own rights.
Being inconsiderate and selfishness is just not in their blood.... if it was US, it would be impossible for then to, agree to, they put themselves first more than anything regardless what
What goes up must come down - the meteoric rise of the US (after winning WW II) is now seeing the same stagnation as experienced byJapan in the 90s. It's just a matter of time, when the US 'Empire' crashes - most of the local industries are in a mess, as they have shifted to China, chasing profits, at the expense of developing their own.
yes and no yes the Japanese leaders agreed to it. why? to keep the American market? no what were the alternatives to Japan? sections, removal of American troops?
Buy their technologies and called it JV. Force them to buy your debt ie T-Bills and call it investment. Financial engineer and control their currency and call it "free market" aka "controlled boom n bust"
This analysis fails to take into account two key factors: (1) The U.S. literally created the Japanese economic boom by purchasing their goods (so, no US, no Japanese economic rise in the first place) and (2) The U.S. has heavily subsidized the Japanese economy by providing military protection for the country. If Japan had to fully provide for its own national defense, it would have had to raise taxes significantly, which in turn would have damaged its economic competitiveness. It is popular to trash the U.S., but at the end of the day, no country has done more to create global wealth than the United States.
"And in Japan, when that nation mounted an industrial challenge, U.S. diplomats easily broke its power by getting it to agree to the Plaza and Louvre accords. These economically suicidal agreements committed Japan to inflate its Bubble Economy, leaving it effectively bankrupt after 1990. Japan has let its economic policies be dictated by U.S. advisors, much as Britain succumbed in the aftermath of World War II, as if American proposals really had foreign interests in mind and put world development above their own national self-interest. It should now be obvious to every nation that such trust in U.S. leadership has been misplaced. Yet how many Japanese are reminded that in 1985-86 their country was asked to lower its rates and create a bubble simply to help promote boom conditions in the United States to help the Republican administration be re-elected?" - Michael Hudson, American Economist
it's because capitalism requires global monopoly exerted by a single country to survive, the capitalist class needs no competition or rival nations in order to secure the system for a long run.
Hmm. Some important information has been left out of this broadcast. Can the creator of this video comment on the demands , laws and policy actions made by America to crush the Japanese semi conductor industry?
4:20, it hurts the credibility of the video to imply that the concept "Trade surplus" was newly discovered in the 1980's. Balancing trade is not a new problem.
Look up Keynes' Bancor plan. The overinvestment and export dependent nature of Japan's, Germany's, and now China's economy is itself a cause of unsustainable imbalances in the world economy. The Bancor plan would've addressed it. However the US scuppled it because they were the export powerhouse before.
This is a macro. In micro, we have also been scr*wed by the US company, the Founders sold the company after 15 years and sales collapsed everything our income disappeared.
One different is that China strike back by dedolarization, NDB bank, Brics, Belt and Road initiatives,etc. On the other hand Japan just follow instructions. Japan didn't try to dumb US treasury, didn't try to befriend China & Russia if more pressure, didn't help Toshiba local Chip industry when under presurred??
Japan was effectively dismantled by the US, and with its own missteps, ie privatizing public works and deregurating the temporary employment agencies, etc., to delight of US capitalists who're threatened by the "smarter capitalism," per Dr. Chalmers Johnson.
A vivid account of one country trying to sell its impression in a wrong way. Was it not the United States that jeopardized the precarious economic balance of our world.
You talk about 1) the Plaza Accord, and only hint at 2) the role of the Bank of Japan in fueling a specifically real-estate investment bubble, and you might only hint 3) the "restructuring" of not only Japan's economy, but also its social contract to include austerity and privatization and internal governance, destroying the Ministry of International Trade and Industry - MITI, the planning agency that directed Japan's post-war economic growth - and giving control to the Ministry of Finance which would then govern the economy along American neoliberal principles, strangling industry in favor of financialization and selling huge public enterprises off to private investors. And you don't mention at all the US demand that Japan STOP innovating in ALL advanced technologies and limit further industrial development to what had already been achieved. The one sector where Japanese R&D perhaps was allowed to innovate was in pharmaceuticals, which can only be exported to the US with huge investment. The Atomic Dome in Hiroshima was a product exhibition hall of Japan's Ministry of International Trade and Industry. The real story of Japan's economic stagnation is that the US bombed MITI not once but twice, and the second time was incalculably more devastating.
Flips rise? You’ll have to put a lot more bicarbonate and yeast into the balut. What can come out of the balut? a duckling or a snakeling? Japan have had its achievements and success after its catastrophic defeat in WW2 and being neo-colonized by the US. What about the Philippines? A steady decline from 1950s, $1 = 2 pissos, to now and into 2025, $1 = 60 pissos. The pissos get really pissed by the US, and Flips elites and oligarchs find it lucrative to make more money by x30! At the expense of 60% poverty, landlessness and homelessness of its people, of a growing divide between Manila where the AFP military is entrenched in Aguinaldo and outside of Manila, between Manila and Jolo, the Muslim Sulu/Mindanao. Of late with Bobo stepping into Malacanang to reclaim the boisterous throne of his father Ferdy, there has not only been constant piping and drumming of Flips rising and growing into a powerhouse but louder mortgaging more than ever of growth potentials, like India of more than 1.4B people, Flips is just about 1/10th size of India or China. The potentials are there more than 75 years ago. And what is Flips and India of today, to talk about 30 years from today? The very basic fundamentals of growth, infrastructure and human intelligence and entrepreneurship are next to non-existence. There is great volume (of noise in an empty vessel) than a critical mass that can sustain momentum and motion. It’s always rolling into the drain like a pinball. Can one trust and have confidence in the boisterous noise of Flips and India’s ballistic trajectories? to land on the moon?
Japan is not a sovereign country. It is still an occupied country since 1945 & so is Germany. The only indipendent country to some extent in G7 is France.
It is pronounced "D-RAM", not "drum". ,< 3:40> You need to correct your voice syhthesis setting or you will be laughed at. As for the manipulation of the Japanese Yen at the Plaza Accords, this was well known by everyone but, as always, Japan remained silent and submissive towards the US (unlike today's China) allowing the Yen to quickly rise to unreasonable levels, thereby unleashing the subsequent infamous "lost 3 decades" where neither the GDP nor consumer income nor spending rose at all (although all the other G7 economies grew during this same period). This was a time when China was still undeveloped and hiding under the radar and the US thought it could make Japan the scapegoat for all of its own ills.
I do not think that USA crushed Japan's economy. Japanese people have several wonderful cultural features which foster economic development, but several others which hinders them, creates hierarchy and make economic development sluggish. Nobody can destroy you. If others can destroy you, it is your weakness that they can.
It's absurd to think that Japan could ever overtake the US in economic development given it's limited natural resources and overcrowded population in a small land area compared to the United States. By the 1990's, China rapidly rose and became Japan's economic challenger. If there's anything that caused Japan's demise, it would be China. As all can see today, China is even challenging the US for world economic dominance.
The decline of Japan was brought on by Japan. Just look at their current dovish monetary system. Still can't get with the program, hence the yen carry trade.
Unlike the US, Japan's economy was dependent on the USA no matter how big, with exports, the us could destroy japan with flick of a switch with economic warfare, the US has enough resource to even support itself and backing and if you include military power, japan did not, and no resource backing, so yeah even if japan surpassed the us, us was far more powerfull inactual resource value. And japan buying assets in the us was also a big problem, so you spend billoins on foreign soil just for the possibility they can just seize it, your value gone. Same with China today, export reliant on the US, but also aging population, not enough resources like the USA, too many people to feed. Their greatest strength is also their greatest weakness. And a communist government also does not really help. But they are trying to avoid what happened to Japan with Brics, i do believe everyone should have a stable life. But you also see it is not fair that rising nations like japan and china make things too cheap just to grow fast, eventually even without US putting a stop it will bite them in the butt, because it is a export method not local. Si economic war would cripple China as well, not that the USA won't be punched hard, but they can recover faster and have a far more stable economy and investors. USA unfortunately whether you like it or not rules the world. And to challenge them in a modern sense is almost impossible. They are even the reason for the decline of the british and french empires, they basically destroyed britains global dominance more than any other nation could. Research yourselves, the US prepared for these scenarios decades ago, any technologies japan seemingly had was developed by the US military decades before.
To come out from this labyrinth of economic disastrous upheavals one way not to deal the money as commodity but rather medium of exchange so better not to suicide one own’s self or make others to make suicide is to stop, forbid and abolish the direct exchange of currencies and swaps and couple the exchange of currencies with the exchange of commodities . see let a Japanese exporter / importer want to import from US/ Britain/ Europe / Russia/ China etc then he should invite bids for his export to the above countries in Dollars/ Lbs /Euro/ Rubbles/ yuan etc to the extent of his imports from such and such countries . This will greatly reduce the converting and reconverting of currencies . The inflation will be rather the devaluation will be normalised the deficit in the balance of trade and payments will be reduced and normalised . The imbalances ratio of exports and imports will be flattened. and so and so forth with a lot of other benefits. The economic wars will come to an end The fear of the losses to businesses will be minimised and prosperity will be at the doorsteps of every one please don’t mind . Don’t mind your brothers in humanity .
Do you believe that the U.S. contributed to Japan's economic decline?
Yes, if their bubble has not been so huge, they would not have lost 30years
@@BehindAsia the japs don’t know what hit them when the Americans hit them with a two by four.
@@maxman4948 they did not lose 30 years. they continued to enjoy high and rising quality of life. Japan today has probably the richest culture on Earth.
they are trying to pull the same trick on China.
Of course. If Japan is fully sovereign country, Plazza Accord wasn’t possible
To be america's enemy is dangerous, but to be america's friend is fatal.
実際、1990年時は何度もホワイトハウスに呼ばれまくった
bolocks...germany was saved by the marshall plan
Again with this lie.
LOL ... Simply google economic indicators like GDP, GDP percapita of The US vs its allies. You will see The US is significantly increasing relative to its allies from time to time (in other words, allies are gradually shrinking relative to the US). Look at how chaotic Europe is now. Centuries of easy money through colonization only lasts you several decades? That's the price of being milking cow. LOL ...
Says a U.S citizen
Now USA is doing the same to Germany. What is happening to Germany is fatal.
In what way? If you mean automobile exports then China is bigger threat considering they export cheaper vehicles that compete against German ones
How so? The German self-crippled with demented energy policies and their welfare state crumbled under waves of non-qualified migrants who could not even speak the language.
Wrong, USA blew up Germany's Nordstream Pipelines sending them into a Recession. Forcing Germany to buy overpriced USA energy. Manufacturing cost sky rocketed destroying Germany industrial foundation.
"It may be dangerous to be America's enemy, but to be America's friend is fatal"
Henry Kissinger
That can't be a real quote.
That Ghoul would not warn people about his own evil.
Let's not forget how the United States imposed the unfair "U.S.-Japan Semiconductor Agreement" on Japan in 1986, halting Japan's dominance in the semiconductor industry and once again hindering the revival of the Japanese economy.
Exact same is happening to China today. They are doing the same to Huawei and countless other companies what they did to Toshiba. Whatever it takes to stay on top!
But it doesn't matter for China coz Chinaown population is bigger than Europe and Murica combined and I m not adding the rest of asia that don't give a flying F to US and its slaves euorpeons sanctions 😂
But, China is another level. America cannot trade war with china Without their Anglo-Saxon friend
Where Japan failed, China will succeed. Japan is/was a puppet of usa. China is the enemy.
Well of course it’s going to do it to China? You want a communist authoritarian regime to be in charge? 😂
Since Mac Arthur entered Tokyo, Washington is in charge of Japan, not Tokyo. It seems to me that Japanese economists were not stupid and knew perfectly well what the consequences of the Plaza Accord would be. And it also seems to me that those at the Central Bank could see that low interest rates would give rise to a bubble. The issue is that the Americans told them to lower interest rates and not to raise them. Japan is a satellite of the US, a geopolitical term, which means that it is dependent on the US, after all the US is still occupying Japan They have military bases there, just as they are occupying Germany, the same. This strange suicide by the Japanese is just like the suicide of the EC, in which the EC politicians happily destroyed the only advantage they had for their industry in international markets by boycotting the cheap Russian raw materials and the cheap energy that the Russians gave them
By EC, do you mean EU?
@@borisnegrarosa9113 Here, we say European Community.
@franciscorosa760 Where is that? EC doesn't exist. It's European Union.
@@borisnegrarosa9113
Is in the European community.
The EC has been called the EU for decades now 😅
so basically japan got screwed over by its so-called "friends"🤣🤣🤣🤣
*THERE IS NO HONOR AMONG THIEVES*
Not at all. Japan screwed the friends over by dumping and undervaluing. Whole industries in the US were destroyed in the 1980s. The US developed products, and Japan copied and manufactured. China is using the same playbook.
There is never been honor in thieves, for any man/woman that has honor has morals, any man/woman that has morals would never be thieves.
@@retrobot2549Life ain't that simple kid.
U Chinese also same tra$h
It is USA not Japan that China dislikes, but as long as Japan does not break free from US control including military presence, China will not take it easy on us. The best interest for Japan is to restore independence and build equal cooperation with China to balance US influence.
@tsunetasora wrong, korea and china do not like japan even more than the usa. Japan committed atrocities before and during ww2 that they have yet to adequately address.
Shame advise should go for India/ns. But because of the traitors/politician leaders..........NO HOPE.
Someone tried walking this independent road before and ended up 6 feet under, remember Abe?
Be careful, the criminals is watching
@@ranjitsumati27India is way more autonomous than japan. Japan right now is basically an extension of the US
I am from Germany and we kinda have the same problem like Japan, we are really dependent on the US. I really hope Trump will give both our countries the necessary push to become independent in terms of the economy and security.
Given his history of failed business and his charity and university scams I highly doubt it
Yeah sorry, US will never do this. It's crazy to except something like this from Trump.
If your independence is granted by US, is that really "independence"? 😆 😂 😆
yea he will give us the push...of the edge that is
@@Z.Y.H compared to china and russias "indipendence"? hell yea. smaller countries will always have some connections to bigger ones
Japan should have not been so reliant on the US for exports. They should've turned to China and SE Asia and other nations for trade and also develop their economies. It just shows how short sighted the Japanese political leaders were.
Maybe the leaders in japan aren’t gods.cant foreseeing the future of bubble economics.but what make me surprise is Japanese is still so rely on USA until now😂
At that time, China and SE Asia were still very poor, they cannot afford made in Japan products
@@babosing Yes, that's why Japan should have invested in these countries and trade what they could. instead of trading only with the US / Europe. Look at what China does. China looks to trade with countries in Africa, and also helps them develop infrastructure. That's long term thinking. They are trying to create new markets, and not rely on USA only.
That's what the BRI and BRICS is all about.@@darksword1
You forget that Japan is still a semi-colony of the USA and was not allowed too develop strong economic and political ties with Russia or China. Enemies of the USA automatically become enemies of its client states.
now the US wanna do the same to China😂
The us has a deep hatred of whoever is number 2
china destroyed itself, their economy stalled out in 2015 and never stood a chance due to its fatal flaw (communism)
Good luck America, they won’t succeed!
@@RootigaYou are delusional. The US is 4 years away from collapsing by Trump and his loony administration 🎉
@@Rootiga😂
Japan will never break free from America. Even if they wanted to, their master will never let that happen.
Plaza Accord crushed Japan. It's a fact .
So true.
The US was in need of "success narration" post WW2 and on cold war. The narration was: "look at the countries that join our blocks, they becoming rich" . Japan was allowed to enter the US market with undervalued Yen. Japan succes was basically upon propaganda, not solely natural. And at some point the US cancelled the "success naration" namely "plaza accord"
If it makes u happy.
@oyo4959 it's not even me. That is why they got marshall plan. And plaza accord is literally cut the Japanese currency advantages, cry more 😂
The US does the same shit to South Korea too.
This is surprisingly the only factually correct video.
in Chinese media everyone knows it
Are you seeing a parallel between what happened to Japan and what is happening to China now?
A huge difference is that China is a sovereign nation.
China dares to say no to USA
yes and the difference is japan bend the knee to the US while China didn't
China is not the same as Japan, Taiwan, or South Korea. China got fkin Nukes. It means they can say no to usa😂
Now US is trying to destroy Russia and China economy. If US succeeded, US''s next target will be India and Indonesia, the next two rising emerging economy.
US Gov is filled with selfish white bastards who don't want to share power with the rest of the world, they want to be the sole superpower in the world.
US Gov will never allow the rise of a 2nd, 3rd, 4th or 5th superpower, US Govt will use all kinds of dirty and nasty ways to contain and destroy the next rising superpower.
As a Japanese, I often hear about the indirect impact of the Plaza Accord on the Japanese economy.
At the time, Japan relied heavily on an export-driven economy fueled by population and economic growth, making it difficult to break away from this structure.
The Plaza Accord caused Yen to appreciate, reducing export competitiveness. In response, the Japanese government implemented accommodative monetary policies to boost domestic demand, leading to a sharp rise in asset prices, particularly in stocks and real estate. Much like China today, many borrowed heavily for property purchases. However, when the bubble burst in the late 1980s, asset prices collapsed, banks were left with bad loans, and Japan entered a prolonged period of deflation and low growth.
During the ensuing recession, many Japanese companies moved manufacturing overseas to cut costs, with China emerging as a major destination. During the Cold War, the U.S. prioritized integrating China, viewing its growth as beneficial to maintaining the U.S.-led global economic order, and did not perceive Japanese expansion there as a threat. At the time, China was seen as a low-cost production base and a future market. Japanese firms supported China’s industrial growth by providing technical expertise and fostering mass production, laying the groundwork for its rise as the “World’s Factory.”
For Japanese companies, expanding into China was not merely about cost-cutting but also about staying competitive and responding to globalization. However, the unexpected speed of technological absorption by Chinese firms led to the hollowing out of Japan’s domestic industry. Few foresaw China becoming both an economic superpower and a technological rival to the U.S.
By 2024, under Xi Jinping’s hard-line political stance and domestic instability, along with the weak yen, many Japanese companies have begun relocating production out of China to other regions or back to Japan.
However, I personally think that both of these Japan and China appear to be defending themselves against the risk of the US getting its hands on their real estate, financial, and technology infrastructure.
What the US, as a superpower, does not want to be hit the most in order to gain hegemony is the critical depreciation of the USD currency, the acquisition of real estate companies in US territories (Rockefeller, etc.), the building of infrastructure and Internet servers with undersea cables that the US government cannot reach (Huawei), or nuclear missiles that could reach the US(Cuban Missile Crisis)? I think these four points above are Non-Negotiables for the US to continue its Great Power Hegemony.
Now america will do the same thing to Taiwan because of our semiconductor industry
america make me sick 🤮
Xi Jinping wishes to know your location!
From a safe position from Xi Jinping by the United States, you should know how to thank the United States. 😅
Do you remember how it got almost racist with fear. Films like black rain and the constant news stories of Japan over taking the US economy. China look and learn.
And, don't forget another underrated thriller, "Rising Sun".
It did get racist, not almost.
uSA is built on a ball on racism and takes that stance internally and externally.
the same antics isn't going to work on china...
they dont need to, china destroyed itself. communism and the corruption that come with it are impossible to over come
@Rootiga Nah the US hegemony is done for, Trump will destroy what's left of it.
China already showing stagnation😂😂😂
@Thekumbakonam comparing to who??
@Thekumbakonam and with a 1 trillion trade surplus pff..if china is in stagnation other EU countries and US are in retrograde motion
Certainly, there are aspects of the Plaza Accord and the Japan-U.S. Semiconductor Agreement that forcefully reduced Japan's economic and trade power from the United States.
But I think that the inaction of the Japanese government after the collapse of the bubble economy was the primary cause of Japan's downfall.
The Japanese government hid and did not dispose of bad loans, did not restructure the financial system, and did not actively participate in the global technological competition, which resulted in stagflation and the overtaking of electronics and other products by South Korea and Taiwan.
Fair enough
There was a bureaucratic coup in which MITI was disbanded and the Ministry of Finance took over economic policy in Japan along US neoliberal principles, need anyone say more.
Oh. If Japan do what your suggestion. Absolutely they will growth again. But they know themselves still controlled by US. 😢only make US more long prosper😢
I mean seeing the Japan-U.S. Semiconductor Agreement which effected their business, you can see why Japanese wouldn't want to join global technological competition
@@AlanLin1995 Why then?
China will learn from this
China and the rest of BRICS don't need the U.S. as a trade partner, and China, in particular, is free from the American imperialism unlike my nation, Japan
Keep dreamin
It already has.
Also Japan is still under US military occupation. Japan's military innovations is heavily under US regulations in other words japan must ask permission from the US if they are allowed to build such high tech military equipment.
For those trying to understand international economics, Michael Hudson is my best source. He was intimately involved with balance of trade policies at Chase Manhattan in the 70s. He's done interviews on Japan and many other countries.
He coined the term "financial colonialism" which is still accurate.
The US - or rather the financial overlords of wall street and the City of London - have a huge control over factors that govern countries. They can effectively veto many government policies.
Probably the biggest factor unreported now is that a main reason China and Russia are enemies now is that banking in those countries is controlled by the government for the benefit of the country. The Federal reserve is privately run for the benefit of big financiers. As the saying goes, all wars are banker wars.
100%. That's why Russia + China +++ are trying to end the Western old money master monopoly and Western self-righteous supremacy.
Forcing the use of USD as a reserve currency is another US tactic that has dramatic consequences (positive for America, negative for everybody else).
The usa does this today with sanctions. They do it to bangladesh all the time, everytime we have social movement that is unique and unrelated to USA yet profitable. We spend time why? And they sanction again
There are thousands of US soldiers stationing in Japan since WWII.
So what?
@@mister_9523 To make Japan feels someone is looking over your shoulder to comply with master's demand.
@mister_9523 So it's difficult for Japan to break free. And also it means more grape
@@mister_9523 The constant threat of nukes - You REALISE that the fu**ing uSA is the ONLY country to nuke another country??? And that country being Japan. That is what fool.
I didn’t know Japan’s GDP gap with the US was so small in 1995! What if the US hadn’t intervened? Would Japan have overtaken them by now? 🤯
No, because of Japan's population decline
When you allowed others to build military bases in your country, basically you are at their mercy
They did not allow!
They were nuked into submission.
The uSA is an atomic bomb bully.
Only country to use nukes and they are paranoid about other countries using them.
What a crock of sh**
The world needs to stop this uSA virus.
I'm writing this comment before i've even seen the video, this is deja vu, Japan was in the current China position, poses economic challenge to US dominance, so US had to crush it. That's the US foreign policy doctrine. So now its China's turn... but this time, US is up against a larger and stronger competitor.
A video on Japan's upcoming income tax reform? Would love to appreciate the analysis of the effects of this policy.
There was talks in 1980 that japan would purchase american arms manufacturing companies, and literally control the military. Theres a mention of this in rising sun movie
Are we to believe that Japan committed an economic suicide willingly? Perhaps the US's continued occupation of Japan with 120 military bases has something to do with it. Counties don't willingly commit economic suicide to benefit other imperial capitalist powers. The US paid off the Japanese oligarch through the stock market and asset inflation, freezing the economic development for the rest of the country.
So, basically 4 European countries, gained up, on 1 Asian country, that was doing far better than any of them. And was about two surpass thee number 1, economy In manufacturing and technology. Looks to me, European imperialism, never ended.
In my opinion, the cause of Japan's economic growth was the trade surplus. Once the surplus was gone, growth was also gone. Ideally, what could replace the trade surplus was consumption. If consumption grew significantly, it should have been able to absorb Japan's excess production and become the next engine of growth.
However, the increase in consumption did not happen. Japanese people preferred to buy assets (stocks and property) rather than consume. Asset prices rose rapidly and attracted more money into the speculative market. And it turned out that the increase in speculative activity did not increase real economic activity at all. So the real economy stagnated.
This should be an important lesson for countries in the world, encouraging financial markets and assets to grow to drive the real economy is futile. The real economic activity is real production and consumption. And this is irreplaceable.
What a great piece of work, as always, Behind Asia! Bravo!
Who is "BEHIND ASIA" it says for asia, but the channel is from Australia which is in Oceania region. The lack of disclosure about who is the writer and funded them are concerning
It is a fact, the Accord Plaza happened in 1985 introduced by the US and allies.
I was in Japan in 1992, the exchange rate was 102 to a dollar. Many Japanese bitterly felt the US was unnecessarily pressuring them
1:15 catched is not a word, should have said caught
Nice catch
Why is all this surprising? Even capitalists aren't shy about admitting that it's a dog-eat-dog world.
Its partly because the US dollar is the standard used for international trade. Also a lot of the wealth in the US now is driven by internet companies of which the US has been a leader in innovation.
The problem with Japan was their reliance on exports over domestic demand. Coupled with a shrinking population which the govt did not anticipate and take steps acccordingly. Easy to blame everything on US
7:13 This part doesn't make sense. Why would strengthening the Yen lead to assuming a larger share of global demand? Why would global demand rise for products that suddenly get more expensive? Japan signing this accord makes no economic sense from their export reliant perspective. Did the US force them? Threaten more tariffs on Japanese goods?
One view is of course that Japan’s economic woes were self-inflicted. The Plaza Accord did not require Japan to pursue a loose monetary policy injecting cheap money into the economy. Japan could have had recourse to fiscal measures - such as cutting taxes - to stimulate growth. In other words, it was not the Plaza Accord; it was Japan’s own economic mismanagement. If this view is correct, then, as ever, the Japanese bureaucrats and politicians were to blame.
And they are trying to do this to China.
Felt sad of current Japan. I used to respect on Japan and followed the example of culture & studies.
Found out that Japan losing its worth values became economy unstable, losing their moral and so on. Still depend on foreign superpowers to keep its economy working while at same time they keep Japan on under control due to certain policies.
Need to something like wake up from blindness and greed which losing pride of Japan.
Might need to restructure everything in politics, currency, economy, educational, technology, foreign policies, social and many more. Back to square one if necessary and be independent to stand up for own rights.
Being inconsiderate and selfishness is just not in their blood.... if it was US, it would be impossible for then to, agree to, they put themselves first more than anything regardless what
What goes up must come down - the meteoric rise of the US (after winning WW II) is now seeing the same stagnation as experienced byJapan in the 90s. It's just a matter of time, when the US 'Empire' crashes - most of the local industries are in a mess, as they have shifted to China, chasing profits, at the expense of developing their own.
yes and no
yes the Japanese leaders agreed to it. why? to keep the American market?
no what were the alternatives to Japan? sections, removal of American troops?
Regan devalued Yen overnight. I remember when it happened.
Thank you for your excellent report.
Buy their technologies and called it JV. Force them to buy your debt ie T-Bills and call it investment.
Financial engineer and control their currency and call it "free market" aka "controlled boom n bust"
This analysis fails to take into account two key factors: (1) The U.S. literally created the Japanese economic boom by purchasing their goods (so, no US, no Japanese economic rise in the first place) and (2) The U.S. has heavily subsidized the Japanese economy by providing military protection for the country. If Japan had to fully provide for its own national defense, it would have had to raise taxes significantly, which in turn would have damaged its economic competitiveness. It is popular to trash the U.S., but at the end of the day, no country has done more to create global wealth than the United States.
City of Tokyo worth more money than entire country of United States, I am speechless.
"And in Japan, when that nation mounted an industrial challenge, U.S. diplomats easily broke its power by getting it to agree to the Plaza and Louvre accords. These economically suicidal agreements committed Japan to inflate its Bubble Economy, leaving it effectively bankrupt after 1990.
Japan has let its economic policies be dictated by U.S. advisors, much as Britain succumbed in the aftermath of World War II, as if American proposals really had foreign interests in mind and put world development above their own national self-interest. It should now be obvious to every nation that such trust in U.S. leadership has been misplaced. Yet how many Japanese are reminded that in 1985-86 their country was asked to lower its rates and create a bubble simply to help promote boom conditions in the United States to help the Republican administration be re-elected?"
- Michael Hudson, American Economist
it's because capitalism requires global monopoly exerted by a single country to survive, the capitalist class needs no competition or rival nations in order to secure the system for a long run.
Yes, exactly!
That's why China is fighting SO hard against American imperialism
Hmm. Some important information has been left out of this broadcast.
Can the creator of this video comment on the demands , laws and policy actions made by America to crush the Japanese semi conductor industry?
4:20, it hurts the credibility of the video to imply that the concept "Trade surplus" was newly discovered in the 1980's. Balancing trade is not a new problem.
Look up Keynes' Bancor plan.
The overinvestment and export dependent nature of Japan's, Germany's, and now China's economy is itself a cause of unsustainable imbalances in the world economy.
The Bancor plan would've addressed it. However the US scuppled it because they were the export powerhouse before.
This is a macro. In micro, we have also been scr*wed by the US company, the Founders sold the company after 15 years and sales collapsed everything our income disappeared.
1:13 'catched'? That word doesn't exist
No, Japan did not know what to do with the money and it declined.
It is happening to China now. Hope China can survive.
One different is that China strike back by dedolarization, NDB bank, Brics, Belt and Road initiatives,etc. On the other hand Japan just follow instructions. Japan didn't try to dumb US treasury, didn't try to befriend China & Russia if more pressure, didn't help Toshiba local Chip industry when under presurred??
I remember in early 1970s, it was 400 yen to US $1.
Thanks! In Japan, we only learn about Plaza Accord as if it was a U.S. conspiracy. We need to also accept our own responsibility.
Don’t forget your brothers in humanity .
Controlling labor costs is the most effective way to manage the most profits 😊
Imperialists working it out in the ring. We are spectators...
US facing a much greater never experienced before, China. Don't think it can muscled its way out this time
So history is just repeating, 1985 Japan is 2nd largest economy on earth, as a result> Accord Plaza.
🇨🇳 Isn’t 🇯🇵 Though
It was a bubble. Bubbles always pop.
Japan was effectively dismantled by the US, and with its own missteps, ie privatizing public works and deregurating the temporary employment agencies, etc., to delight of US capitalists who're threatened by the "smarter capitalism," per Dr. Chalmers Johnson.
A vivid account of one country trying to sell its impression in a wrong way. Was it not the United States that jeopardized the precarious economic balance of our world.
us is the worst friend 😡
You talk about 1) the Plaza Accord, and only hint at 2) the role of the Bank of Japan in fueling a specifically real-estate investment bubble, and you might only hint 3) the "restructuring" of not only Japan's economy, but also its social contract to include austerity and privatization and internal governance, destroying the Ministry of International Trade and Industry - MITI, the planning agency that directed Japan's post-war economic growth - and giving control to the Ministry of Finance which would then govern the economy along American neoliberal principles, strangling industry in favor of financialization and selling huge public enterprises off to private investors. And you don't mention at all the US demand that Japan STOP innovating in ALL advanced technologies and limit further industrial development to what had already been achieved.
The one sector where Japanese R&D perhaps was allowed to innovate was in pharmaceuticals, which can only be exported to the US with huge investment.
The Atomic Dome in Hiroshima was a product exhibition hall of Japan's Ministry of International Trade and Industry. The real story of Japan's economic stagnation is that the US bombed MITI not once but twice, and the second time was incalculably more devastating.
DRAM is NOT pronunced "dram". Its pronouncd as "D-Ram"
Will USA eventually crush Philippine's economic rise?
The U S will just remain on the sideline watching the slow downward spiral of the Philippine’s economy, due mainly to its incompetent leadership.
Does it have one?
@@jeevan88888. I meant to say incompetent, oops!
@@jeevan88888 Philippines was actually the second largest economy in Asia in the 50's
Flips rise? You’ll have to put a lot more bicarbonate and yeast into the balut. What can come out of the balut? a duckling or a snakeling? Japan have had its achievements and success after its catastrophic defeat in WW2 and being neo-colonized by the US. What about the Philippines? A steady decline from 1950s, $1 = 2 pissos, to now and into 2025, $1 = 60 pissos. The pissos get really pissed by the US, and Flips elites and oligarchs find it lucrative to make more money by x30! At the expense of 60% poverty, landlessness and homelessness of its people, of a growing divide between Manila where the AFP military is entrenched in Aguinaldo and outside of Manila, between Manila and Jolo, the Muslim Sulu/Mindanao. Of late with Bobo stepping into Malacanang to reclaim the boisterous throne of his father Ferdy, there has not only been constant piping and drumming of Flips rising and growing into a powerhouse but louder mortgaging more than ever of growth potentials, like India of more than 1.4B people, Flips is just about 1/10th size of India or China. The potentials are there more than 75 years ago. And what is Flips and India of today, to talk about 30 years from today? The very basic fundamentals of growth, infrastructure and human intelligence and entrepreneurship are next to non-existence. There is great volume (of noise in an empty vessel) than a critical mass that can sustain momentum and motion. It’s always rolling into the drain like a pinball. Can one trust and have confidence in the boisterous noise of Flips and India’s ballistic trajectories? to land on the moon?
I guess being under US military occupation gave the US an advantage over Japan. #DUH
Japan is not a sovereign country. It is still an occupied country since 1945 & so is Germany. The only indipendent country to some extent in G7 is France.
It is pronounced "D-RAM", not "drum". ,< 3:40> You need to correct your voice syhthesis setting or you will be laughed at.
As for the manipulation of the Japanese Yen at the Plaza Accords, this was well known by everyone but, as always, Japan remained silent and submissive towards the US (unlike today's China) allowing the Yen to quickly rise to unreasonable levels, thereby unleashing the subsequent infamous "lost 3 decades" where neither the GDP nor consumer income nor spending rose at all (although all the other G7 economies grew during this same period). This was a time when China was still undeveloped and hiding under the radar and the US thought it could make Japan the scapegoat for all of its own ills.
The dollar does not make sense. With so much debt
Then Japan would keep its bended over position and ask: May I have another one?.
The inflation will be rationalised
what America giveth, America Taketh
Is this the only reason ? Why did germany become stronger instead ?
Same is happening to Germany now
If economist are laid out around the earth
They would not reach
A conclusion George
Bernad shaw
I do not think that USA crushed Japan's economy. Japanese people have several wonderful cultural features which foster economic development, but several others which hinders them, creates hierarchy and make economic development sluggish.
Nobody can destroy you. If others can destroy you, it is your weakness that they can.
It's absurd to think that Japan could ever overtake the US in economic development given it's limited natural resources and overcrowded population in a small land area compared to the United States. By the 1990's, China rapidly rose and became Japan's economic challenger. If there's anything that caused Japan's demise, it would be China. As all can see today, China is even challenging the US for world economic dominance.
The decline of Japan was brought on by Japan. Just look at their current dovish monetary system. Still can't get with the program, hence the yen carry trade.
Sad they think they can do it to China
What r u talking about?😮
They think they can do it to japan and it work! But now they trying to do it to china??!
USA friendship is fatal . Henry Kissinger😮
Threat to hegmoneyyyyyyyyyyyyyy
And..................is MODI regime in India understanding this AT ALL? Or the gang in Delhi with others is just a co-conspirator against Motherland.
Unlike the US, Japan's economy was dependent on the USA no matter how big, with exports, the us could destroy japan with flick of a switch with economic warfare, the US has enough resource to even support itself and backing and if you include military power, japan did not, and no resource backing, so yeah even if japan surpassed the us, us was far more powerfull inactual resource value. And japan buying assets in the us was also a big problem, so you spend billoins on foreign soil just for the possibility they can just seize it, your value gone. Same with China today, export reliant on the US, but also aging population, not enough resources like the USA, too many people to feed. Their greatest strength is also their greatest weakness. And a communist government also does not really help. But they are trying to avoid what happened to Japan with Brics, i do believe everyone should have a stable life. But you also see it is not fair that rising nations like japan and china make things too cheap just to grow fast, eventually even without US putting a stop it will bite them in the butt, because it is a export method not local. Si economic war would cripple China as well, not that the USA won't be punched hard, but they can recover faster and have a far more stable economy and investors. USA unfortunately whether you like it or not rules the world. And to challenge them in a modern sense is almost impossible. They are even the reason for the decline of the british and french empires, they basically destroyed britains global dominance more than any other nation could. Research yourselves, the US prepared for these scenarios decades ago, any technologies japan seemingly had was developed by the US military decades before.
To come out from this labyrinth of economic disastrous upheavals one way not to deal the money as commodity but rather medium of exchange so better not to suicide one own’s self or make others to make suicide is to stop, forbid and abolish the direct exchange of currencies and swaps and couple the exchange of currencies with the exchange of commodities . see let a Japanese exporter / importer want to import from US/ Britain/ Europe / Russia/ China etc then he should invite bids for his export to the above countries in Dollars/ Lbs /Euro/ Rubbles/ yuan etc to the extent of his imports from such and such countries . This will greatly reduce the converting and reconverting of currencies . The inflation will be rather the devaluation will be normalised the deficit in the balance of trade and payments will be reduced and normalised . The imbalances ratio of exports and imports will be flattened. and so and so forth with a lot of other benefits. The economic wars will come to an end The fear of the losses to businesses will be minimised and prosperity will be at the doorsteps of every one please don’t mind . Don’t mind your brothers in humanity .