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Deflation could easily return
Plaza Accord
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Currencies are inherently political and the history of the yen-dollar rate reflects the twists and turns of the US-Japan relationship…
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Asakusa, a downtown area fast becoming Tokyo’s new hipster central, is now a destination for foreign backpackers.
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By orchestrating a massive appreciation of the yen in the mid 1980s, the US condemned Japan to decades of stagnation and ended the challenge to its own economic hegemony. Effectively Japan was forced to commit financial hara-kiri.