History of Japan Episode 290 - What Goes Up, Part 1
May 24, 2019
Dive into the turbulent 1980s as Japan grapples with rising tensions with the United States over economic disparities. Discover the tragic legacy of Vincent Chin and the pivotal conversations on race that stemmed from his untimely death. Explore the roots of Japan's bubble economy, where skyrocketing real estate prices fueled optimism amidst recession worries. Uncover the economic significance of the Imperial Palace grounds, whose valuation once eclipsed entire states, and witness Japan's illusion of invincibility that set the stage for a dramatic downturn.
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Episode notes
Vincent Chin's Tragic Murder
- Vincent Chin, a Chinese-American, was beaten to death in Detroit over racial and economic tensions related to Japanese auto competition.
- His murder highlighted the harmful racial backlash during Japan's economic rise in the 1980s in the U.S.
Japan Bashing Amid Economic Rivalry
- Japan's post-war economic growth caused intense friction with the U.S., fueling both political tensions and racial animosity.
- Public acts of Japan bashing, such as smashing imported cars, symbolized the deep American resentment of Japanese competition.
Plaza Accord and Yen Appreciation
- The Plaza Accord ended the fixed yen-dollar exchange rate, letting the yen appreciate sharply against the dollar.
- This made Japanese exports 50% more expensive, hurting Japan's export-driven economy.
