Fed Signals Yen Intervention Reminiscent of 1985 Plaza Accord That Crashed Dollar 50%

TLDR: NY Fed conducted USD/JPY rate checks last week, the exact preliminary step taken before FX intervention. The 1985 Plaza Accord saw coordinated selling of dollars, causing the currency to fall nearly 50% over three years. USD/JPY dropped from 260 to 120 following the original accord as five major economies coordinated intervention. Dollar weakness from [...]

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