プラザ合意
To summarize the effect of the Plaza Accord in the long run, it did not succeed in equalizing the trade imbalance between Japan and the United States. Despite the fact that there was no major change in exchange rate of the yen and the US dollar, the export surplus in Japan began to rise and the trade deficit in the States started to rise again in the 1990s. Overall, the Plaza Accord directly led to appreciation in the yen, and it incentivized lowering the discount rate in 1986 and 1987, which is considered to be one of the direct causes of the asset price bubble.