Why a modern Plaza Accord to manage Asian currency weakness is unlikely to succeed

The article discusses the recent weakening of Asian currencies (Korean won at 17-year low, Japanese yen at 40-year low) against a surging US dollar, driven by America's strong economic growth and demand for its tech stocks. It notes that Treasury Secretary Scott Bessent has complained about the weakness of both currencies. The piece argues that a new Plaza Accord-style agreement to coordinate currency intervention would not work today, as the conditions and political will that existed in 1985 are no longer present.