Plaza Accord
After the Plaza Accord, the dollar depreciated, reaching an exchange rate of ¥150 per US$1 in 1987. By this time, the nominal dollar exchange rate against other currencies had fallen more than 25%. The ministers of the G7 nations gathered at the French finance ministry, then located inside the Louvre Palace in Paris, to minimize this decline and stabilize it around the prevailing levels. The Louvre Accord may have helped prevent a recession because it stopped the US dollar from decreasing further in relation to other currencies.