Plaza Accord
1985-09-22
An international exchange-rate cooperation event in which the G5 agreed on the need for orderly appreciation of major non-dollar currencies against the dollar.
Based on the announcement or occurrence date. It does not stand for the start or end of subsequent phases.
Conditions at the time
Policy adjustments concerning external imbalances and the strong dollar were discussed.
How events unfolded
An agreement was reached at the New York meeting, followed by coordinated intervention to sell dollars.
Stakeholders and impacts
An example in which participating countries’ importers, exporters and monetary authorities experienced exchange-rate adjustment differently.
Information available at the time
The announced direction of currency cooperation was known, but Japan’s entire subsequent asset-price path could not be determined.
Alternative interpretations and limitations
The accord is not presented as the sole cause of Japan’s bubble or long-term stagnation. Germany refers to West Germany at the time.
Interpretation using later sources
The U.S. Treasury retrospective records coordinated dollar-selling intervention after the Plaza Agreement and a shift toward stabilizing adjusted exchange-rate levels in the 1987 Louvre Accord. The initial effort to encourage dollar depreciation should therefore be distinguished from subsequent stabilization. This official account documents policy coordination; it does not establish the exchange-rate agreement as the sole cause of Japan’s asset bubble or prolonged stagnation.
Evidence coverage through 1987-02-22 · Sources checked 2026-10-14
Related events and periods1
- Disinflation and expanding financial-market connections
An event or period whose recorded start falls within this editorial interval. This does not establish that it caused or represents the characteristics of the era, nor guarantee that the entire period falls within the interval.
Historical events do not guarantee future recurrence or investment performance.