In August 1971, President Nixon announced the closing of the gold “window”, thereby ending the promise of the U.S. authorities to sell gold to foreign central banks at $35 per ounce. The result was an abrupt appreciation of numerous foreign currencies, including the Japanese yen against the U.S. dollar. The Japanese feared that this move would seriously damage their export-led economy. They therefore embarked on an easy money policy, lowering interest rates and allowing money growth to accelerate to an average of 25.2% per year between June 1971 and June 1973. The surge in money growth laid the ground for a surge in asset prices, economic growth, and inflation. Indeed, inflation jumped from 4.9% in 1972 to 11.6% in 1973 and a stunning 23.2% in 1974.
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