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ed skyrocketingly. Gradually, the bubbly economy formed and lost its control. Finally, this financial policy improved the bad development of over-expansion in Japan.

Secondly, the "Plaza Accord" prevent purpsively Japan's economy from recovery. The offical departments of “Plaza Accord” in U.S. intervened strongly in the foreign exchange market, which had not only weakened the competitive advantages of Japanese products, but also implied a special purpose. From 1993 to 1995, it is the peak period of the yen's sharp appreciation. Rationally, it is said that a key, perfect period to improve Japan's economy through export growth and led recovery. While export rate was down, and the speed of the Yen’s appreciation was fell. A ultimate reason is that the United States, in the beginning of 1990s, has already focused on intervention in foreign exchange market (Noland Robinson, 1997).

　Thirdly, the "Plaza Agreement" made Japan put up with loss. The financial institutions prepared a great deal of international flows capital in order to response to intervention policy of “Plaza Accord”. They all sold their dollar assets, and buy Yen or other currencies for the purpose to deal with the devaluation of dollar. In other words, this financial instituations were informed to sold depreciation assets and brought appreciation assets to gain additional assets. Accordingly, their original assets would appreciate through the transactions. However, in Japan, the “Plaza Accord” carried out one reverse strategy to encourge these Japanese companies to buy the depreciating dollar, treasury bonds, stocks, real estate, and sold Yen in order to maintain the status of dollar in Japan.

The internal factor s for Japan’s slow growth in 1990s 20世纪90年代日本缓慢增长的内部因素

The first factor is the over-rely on the international market. In the early years of postwar, Japan's economic competitiveness is weak, the demand for a large number of import productions largely constrained economic development. With the research of national perspective, Japan make the strategy of export-oriented economic and series of measures. Eventually, the Japanese economy evolved and became stronger through the execution of one developing model called institutionalized, long-acting mechanism called "Japan's economic development model." Latter, Exports policy become the key impetus of Japan's economy development after the war and keeping up with the United States and European countries. It significantly upgrated Japan's national honor and pride. However, no matter how Japan's economy environment changed, Japan continued to pursue exports interests and eventually to become the target of public criticism in the world.

Secondly, The excess production capacity and distortions of entire economic structure perceived the Japan’s slow growth in 1990s (Bayoumi, 1999). Japan insisted on developing the manufacturing sector, improve industry chain and over-expansion of production capacity under the way of one distorted industrial structure. After the sharp appreciation of the yen, Japan adjusted the export industries policy and completely transformed the “heavy, thick, long," production to , a “light, thin, short and small" production industry. As a result, Japanese electrical appliances, office automation equipment, precision instruments, robotics, semiconductor chips, automobiles, h