The Plaza Accord was a joint agreement between France, West Germany, Japan, the UK, and the U.S. to depreciate the U.S. dollar

The Plaza Accord was a joint agreement signed on September 22, 1985 , at the Plaza Hotel in New York City , to depreciate the U.S. dollar in relation to the French franc , the German Deutsche Mark , the Japanese yen and the British pound sterling.

Some commentators believe the Plaza Accord contributed to the Japanese asset price bubble of the late 1980s .

The dollar depreciated significantly from the time of the agreement until it was replaced by the Louvre Accord in 1987 .

The Plaza Accord failed to help reduce the U.S. trade deficit, but it did reduce the US deficit with other countries by making US exports more competitive and thus, the US Congress refrained from enacting protectionist trade barriers.

The Louvre Accord was signed in 1987 to halt the continuing decline of the US dollar.

In 2013 , the G7 members agreed to refrain from foreign exchange intervention.

The all-time low was $ 1.0545 touched in March 1985 , just before G7 powers acted to rein in the superdollar of the Reagan era in the so-called " Plaza Accord" - Archived at Ghostarchive and the Wayback Machine : " China seeks to learn from mistakes of 1985 Plaza Accord "..