Japan’s response to doru shokku
Japan was the hardest hit by the sudden repudiation by the US of its promise. The doru shokku (dollar shock) would eventually force the Japanese to revalue the yen. It went from 350 to the dollar to around 290300. But in late 1971, Japan was as furious as it was shell-shocked. Costlier exports meant a huge hit on the profits of its industries. In the event it had no choice.
To compensate, the Japanese companies became even more efficient and by the mid-1980s had the US in panic over the flood of imports. That’s what led to the Plaza Accord of 1985 over the dollar-yen rate. After 1991, the Japanese economy went into steady state low growth.
It’s still there.