Japan's current inflation woes, triggered by rising import prices, stem partly from policies shaped by the country's fear of a strong yen following the rapid appreciation of the currency on the foreign exchange market under the Plaza Accord 40 years ago.
Under the Plaza Accord, struck on Sept. 22, 1985, Japan, the United States, Britain, France and then-West Germany jointly intervened in currency markets to guide the dollar lower and prop up the economy of the United States, which was suffering from massive trade deficits at the time.
Monday will mark the 40th anniversary of the accord clinched among the Group of Five countries' finance ministers and central bank chiefs at the time, including then Finance Minister Noboru Takeshita and then Bank of Japan Gov. Satoshi Sumita.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.