After the Plaza Accord, in the second half of the 1980s, the yen appreciated against the U.S. dollar to 120-130 yen. Partly because the government encouraged a structural change of the economy from one that is export driven to one that is driven by domestic demand, manufacturers started to transfer their production bases overseas.
As government funds can cover only a small part of such huge funding demand, social funds will be counted on and mobilized, thus making market play a decisive role in allocating resources, and taping the price discovery and risk management functions of financial instruments to achieve the optimal growth path under constraints.