斯蒂芬·罗奇认为，今天美国对中国的攻击力度已经远远超出了30年前对日本的打压。

Back then， the US manufacturing sector was experiencing its first taste of pressures on jobs and real wages that could be traced to a sharply widening trade deficit. A mercantilist Japan， fixated on suppressing the value of the yen and accounting for about 42% of the total US merchandise trade deficit in the first half of the 1980s， was the culprit.

当时，美国制造业首次感受到就业和工资的压力，这可以追溯到贸易赤字的急剧扩大。而重商主义的日本是罪魁祸首，他们执着于压低日元汇率，占上世纪80年代初美国商品贸易逆差总额的42%左右。

This led to the so-called Plaza Accord of 1985， when the so-called G-5 coalition of leading industrial nations put Japan in a straight-jacket of currency appreciation that led to asset bubbles and a string of lost decades of economic stagnation and deflation.

这导致了1985年所谓的“广场协议”，当时五大工业国联盟联合干预外汇市场将日本置于货币升值中，从而使日本陷入资产泡沫和持续几十年的经济停滞和通货紧缩。