Let me tell you specifically how it happened ~ At first, in order to change the trade surplus between Japan and the United States, the United States, together with other big European countries, forced Japan to sign the Plaza Agreement, with the intention of devaluing the dollar and forming a mechanism of direct oral intervention in the exchange rate market.

In the following years, the yen appreciated rapidly by about 40%, but the trade surplus between Japan and the United States failed to change significantly. The rapid appreciation of the yen has dealt a double blow to Japan. On the one hand, foreign assets denominated in dollars have shrunk dramatically, on the other hand, domestic export enterprises have suffered a heavy blow. However, due to the bubble economy in Japan at that time, cross-shareholding among enterprises pushed up the stock market, so the impact of the appreciation of the yen on enterprises failed to appear in time.

The second step for the United States is to negotiate the interest rate mechanism with Japan, maintain the spread between the United States and Japan, maintain the high interest rate of US Treasury bonds, and stabilize the investment of Japanese government and private capital in the United States. The trade surplus between Japan and the United States originally threatened to devalue the US dollar at any time. However, due to the continuous influx of Japanese domestic funds into the United States because of chasing the high interest rate in the United States, the previous strong US dollar was maintained. Subsequently, in order to protect domestic enterprises, the Japanese government began to gradually intervene in the exchange rate market, buying dollars in large quantities and selling yen to prevent further appreciation of the yen. It is this kind of market intervention and low domestic interest rates that lead to a large amount of domestic funds eventually flowing into the stock market and housing market, forming a bubble over time.

The third and most crucial step. That is, the United States asked Japan to launch "Nikkei 225 Futures". Japan has never been engaged in futures trading before, let alone stock index futures. The unilateral market suddenly became a bilateral market, and the short selling mechanism eventually led to the collapse of the Japanese stock market and housing market, and the economic bubble finally burst. In the end, Japan was really defeated step by step by the conspiracy of America. I hope my answer can help you.