Plaza Accord
The Plaza Accord was signed in September 1985. This agreement between the governments of France, West Germany, Japan, the United States and the United Kingdom, was to depreciate the US dollar in relation to the Japanese yen and German Deutsche Mark by intervening in currency markets. The exchange rate value of the dollar versus the yen declined by 51% from 1985 to 1987. Most of this devaluation was due to the $10 billion spent by the participating central banks. Currency speculation caused the dollar to continue its fall after the end of coordinated interventions.