Yen
When the United States was in recession in early 1980s, the U.S. government pointed out that the imbalance of exchange rate of U.S dollar and Japanese yen as the cause of recession, though the fundamental issue in recession was the fall in competition of domestic producers. To achieve depreciation of the U.S. dollar and appreciation of the Japanese yen, the United States focused on removing financial restrictions in Japan and increasing the demand for the Japanese yen. The financial restrictions in Japan at that time prevented Japanese yen to be purchased and invested freely outside Japan. In 1983, the United States and Japan committee for Yen and U.S. dollar was established to reduce the friction in exchange rate of Japanese yen and U.S. dollar. Through this committee, the United States strongly demanded Japan to deregulate and ease restrictions on financial and capital transactions. As a result, in 1984, restriction on future exchange transaction was removed in Japan, and it became possible for not only banks but companies to be involved in currency trading. Later in the same year, regulation on converting foreign funds into funds Japanese yen was also eliminated. The abolition of financial restrictions in Japan opened up the Japanese financial market to international trade, and the demand for Japanese yen increased accordingly. At the same time, there was increasing number of loans from banks to companies on real estate investment purpose in 1985. It partly became the cause of asset price bubble as financial liberalization increased the investment in real estate by companies even before the new monetary policy took hold in 1986.