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Plaza Accord

JPY]]/USD) from January 1981 to December 1990
In the first half of 1980s, USD was stronger than DEM, FRF, GBP and JPY, but before and after the Plaza Accord, USD was depreciated
[1]. The Plaza Accord or Plaza Agreement was an agreement between the governments of France, West Germany, Japan, the United States and the United Kingdom, agreeing to depreciate the US dollar in relation to the Japanese yen and German Deutsche Mark by intervening in currency markets. The five governments signed the accord on September 22, 1985 at the Plaza Hotel in New York City.

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. Unlike some similar financial crises of the 1990s, such as the Mexican and the Argentine financial crises of 1994 and 2001 respectively, this devaluation was planned, done in an orderly, pre-announcement manner and did not lead to financial panic in the world markets.

The reason for the dollar's devaluation was twofold: to reduce the US current account deficit, which had reached 3.5% of the GDP, and to help the US economy to emerge from a serious recession that began in the early 1980s. The U.S. Federal Reserve System under Paul Volcker had overvalued the dollar enough to make industry in the US (particularly the automobile industry) less competitive in the global market. Devaluing the dollar made US exports cheaper to its trading partners, which in turn meant that other countries bought more American-made goods and services. The Plaza Accord was successful in reducing the US trade deficit with Western European nations but largely failed to fulfill its primary objective of alleviating the trade deficit with Japan because this deficit was due to structural rather than monetary conditions. US manufactured goods became more competitive in the exports market but were still largely unable to succeed in the Japanese domestic market due to Japan's structural restrictions on imports. The recessionary effects of the strengthened yen in Japan's export-dependent economy created an incentive for the expansionary monetary policies that led to the Japanese asset price bubble of the late 1980s. The Louvre Accord was signed in 1987 to halt the continuing decline of the US Dollar.

The signing of the Plaza Accord was significant in that it reflected Japan's emergence as a real player in managing the international monetary system.

See also


External links

de:Plaza-Abkommen fr:Accords du Plaza id:Perjanjian Plaza ko:플라자 합의 ja:プラザ合意 vi:Thỏa ước Plaza zh:广场协议

Plaza Angsana

Plaza Angsana is a Malaysian shopping complex situated in Tampoi, Johor Bahru, Johor. Plaza Angsana is noted for selling locally manufactured goods which are sold at a relatively low price. The majority of the shopkeepers are Malays.

The anchor tenant is Uda Ocean (UO). Plaza Angsana has a large multi-storey carpark that has a total of five floors and charges only RM 1.00 per entry.

It is considered as a complete shopping complex for the general population. In contrast with many other shopping complex in Malaysia, Plaza Angsana has significantly less fashion franchises and most of the stores are rented by individual and small companies. Only recently The Body Shop has opened a small store at Level 2.

There's a huge Badan Bookstore which sells mainly Malay language novels, school references books and magazine in contrast with other more English language orientated bookstores in Johor Bahru such as Popular's and MPH.

External links

id:Plaza Angsana

Plaza Athénée

The Plaza Athénée is a hotel in Paris, France. It is located at 25 Avenue Montaigne, near the Champs Elysées and the Eiffel Tower. It is part of the Dorchester Collection group of international luxury hotels.

Opened in 1911, the hotel has 145 rooms and 43 suites. Among the best-known of the latter are the Eiffel Penthouse Suite, with its stunning views of the tower, the city and the Seine; and the 437 m² (4,850-square foot) Royal Suite. To serve its guests, the hotel employs 520.

There are several restaurants in the building. In 2000, Alain Ducasse chose the Athénée for his haute cuisine restaurant, named after himself. It serves dinner on weeknights and lunch on Thursdays and Fridays. Other eateries include the Relais Plaza (classical French cuisine), La Cour Jardin (Riviera-style cooking), La Galerie des Gobelins (breakfast, light lunch, tea and pastries) and Le Bar du Plaza, a popular night spot.

Other amenities include a sauna and steam room. In 2008 the Dior Institut was added to the hotel.

Famous guests who have stayed at the Athénée over the years include Mata Hari (who was arrested here), Josephine Baker, Rudolph Valentino, Grace Kelly, Gary Cooper, Jackie Kennedy, Mary Kate Olsen, Ashley Olsen, Matt Lauer, Katie Couric, Oprah Winfrey, Anna Wintour, Salma Hayek, and Penelope Cruz.

Famous chefs to have worked there include Jacques Pépin

The hotel was featured in the final season of HBO's Sex and the City.


External links

fr:Plaza Athénée vi:Khách sạn Plaza Athénée