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Nikkei Asia

Plaza Accord 'drama' didn't lead to lasting reform: ex-Japan financial diplomat

TOKYO -- On Sept. 22, 1985, the Group of Five nations of Japan, the U.S., the U.K., France and West Germany announced what came to be known as the Plaza Accord to reduce the value of the dollar. But Toyoo Gyoten, who was involved in the negotiations as director-general of the International Finance Bureau at Japan's Ministry of Finance, told Nikkei that he does not believe the agreement went far enough to change the international order for currency. Gyoten later served as vice minister of finance for international affairs.