Naoyuki Shinohara, Japan's former top currency diplomat, expressed doubt that a coordinated depreciation of the dollar, similar to the Plaza Accord of 1985, would work without the agreement of China and Europe. He mentioned the potential for the Trump administration to pursue a "Mar-a-Lago Accord" to lower the strong dollar and address the U.S. trade deficit, but noted that involving more countries, including China and the European Union, would be essential in today's global market. Given the strained relations between the U.S., China, and Europe over recent tariff disputes, Shinohara believed obtaining their consent for such an agreement would be challenging.

Shinohara highlighted the diminishing effectiveness of currency interventions, even if coordinated internationally, due to the vast size of today's markets. He shared his experience negotiating with the U.S. and Europe during his tenure as Japan's vice finance minister for international affairs, particularly in managing sharp yen fluctuations impacting Japan's export-driven economy. With uncertainty surrounding the impact of President Trump's tariff policies, Shinohara emphasized the need for Japan to diversify its industry away from heavy reliance on U.S. exports.

While a weak yen can negatively affect consumption by raising import costs, Shinohara warned that a sudden spike in the currency could harm Japan's exports. He emphasized the importance of Japan adapting its industry to reduce vulnerability to fluctuations in the U.S. market.