The major turning point in the postwar Japanese economy came with the expansion and collapse of the asset bubble.
During the five years of the Nakasone cabinet, starting in November 1982, Japan continued its fiscal and monetary expansion measures out of consideration for the U.S. through the U.S.-Japan Yen-Dollar Committee, the Plaza Accord, the creation of the Group of Seven (G7) major economies, and the Louvre Accord.
