Plaza Accord anniversary and its impact on the yen and exporters
- Adam German
- 2 days ago
- 1 min read
September 22nd marked 40 years since the Plaza Accord, which weakened the US dollar against major currencies including the yen.
NHK World News explores the lessons it still offers today, as some analysts suggest the US may again seek a weaker dollar.
The NHK World Japan YouTube channel doesn’t allow videos to be embedded on third-party sites so click here or on the image to watch the news piece on YouTube.
Key Topics Covered
Forty years ago, the Plaza Accord, a landmark agreement between the world’s leading economies dramatically reshaped global currencies. Its effects on Japan and the rest of the world were profound.
The sudden surge of the yen after the accord forced Japanese companies to rethink how they operated, with some expanding abroad to survive.
Fast forward to today, speculation is growing that the United States could once again seek to weaken its currency as trade tensions mount.
Economist Kiuchi Takahide, Executive Analyst at the Nomura Research Institute, explains how tools such as tariffs and interest rate cuts might be used, and why today’s financial markets pose new challenges.
The risks are significant: political influence on central banks and a loss of confidence in the dollar could destabilize global trade and financial markets.
The lessons from the Plaza Accord still matter - and may hold clues to how governments could act in the face of today’s economic pressures.
Further Reading:
Plaza Accord History (Wikipedia)
Nonmonetary Forces and Appropriate Monetary Policy Paper (Stephen I. Miran, Member of the Board of Governors of the Federal Reserve, published September 22nd, 2025)
