The heyday of international policy coordination, from 1978 to 1987, began with a G-7 summit in Bonn in 1978 and included the 1985 Plaza Accord
The yen's Bretton Woods peg was 360 to the dollar, and its Plaza Accord
rate was 270.
With the Plaza Accord
signed in 1985, the US un-folded the productivity of US industry and increased industrial exports by keeping the dollar lower than the German mark and Japanese yen.
Their acceptance of Japan's action is reminiscent of the Plaza Accord
in 1985, when other major economies acquiesced to depreciation in the US dollar which, like the yen recently, had become significantly overvalued.
22, 1985 -- Japan joins Britain, France, West Germany and the United States in the Plaza Accord
aimed at weakening the U.
In the 1970s, 1980s and 90s, some Asian countries have experienced some dramatic changes in their nominal exchange rates due to balance of payments and domestic financial liberalization, the Plaza Accord
in 1985, and the Asian crisis in 1997.
But countries arrived at the Plaza Accord
from a different economic picture, while the current scenario is much less favourable for a broad-based dollar plunge like during the Plaza time, considering the persisting unwillingness of Beijing to concede a sharp yuan revaluation, as also emerged at the G-7/IMF meeting this month.
The five signatories to the September 1985 Plaza Accord
, widely viewed as the pinnacle of global economic cooperation, had different interests: the United States, just like today, was under intense domestic pressure to reduce its current account deficit and boost manufacturing jobs by bringing the high-flying dollar down to earth.
15% against Thai baht since 1985, following the signing of the Plaza Accord
, which calls for concerted market intervention among major industrially developed nations to induce the depreciation of the U.
I think in the G20 meetings we can arrive at an agreement something like the Plaza Accord
," he said, referring to a 1985 agreement among five countries to push the dollar's value down.
Under the 1985 Plaza Accord
, Japan gave in to pressure by the United States and other countries to appreciate the yen.
dollar in the wake of the 1985 Plaza Accord
on foreign exchange rates.