pt 9 Flashcards
(10 cards)
What was the Plaza Accord (1985)?
An agreement among G5 nations to depreciate the U.S. dollar relative to the yen and other currencies.
How did the Plaza Accord affect Japanese exports?
It made Japanese exports more expensive.
What economic challenge did Japan face due to the oil shocks of the 1970s?
Heavy reliance on imported energy.
How did Japan respond to the oil shocks?
By shifting to energy-efficient technologies and diversifying energy sources.
What internal pressures did Japan face in the 1970s and 1980s?
Rising labor costs, land prices, and criticism of trade practices.
What was Japan’s “bubble economy”?
A period in the 1980s of inflated real estate and stock market values.
What drove Japan’s bubble economy?
Speculation and loose monetary policy.
How did Japan restructure its economy in response to challenges?
By investing in high-tech industries, R&D, and promoting innovation.
What role did MITI play in Japan’s economic restructuring?
It guided the shift from heavy industry to technology-driven sectors.
What sectors did Japan shift toward during restructuring?
Electronics, robotics, and automotive technologies.
