An international agreement on economic policies aimed at depreciating the US dollar. The Accord was signed by the governments of France, Japan, the United Kingdom, the United States, and West Germany in 1985 at the Plaza Hotel in New York City. The purpose of the depreciation was to reduce the current account deficit of the US by making its exports cheaper, and to end the recession. Within two years the US dollar had fallen by over 50 per cent against the Deutschmark and the Japanese yen. A subsequent agreement, the Louvre Accord, was signed by the same countries, joined by Canada, in 1987 to stabilize the US dollar and prevent its further uncontrollable fall.