In particular, after the Plaza Accord
of September 1985 (see Shinohara, 1989), the currencies of the Asian NIEs, except Hong
Kong, appreciated vis-à-vis the US dollar which was substantial against the Deutsche mark,
and became more so against the Yen. This immensely benefited the Thai economy to the
extent that export promotion policies became effective due to the devaluation of the baht
against the US dollar.