Joint float - Kyodo float (English spelling) joint float

Japanese: 共同フロート - きょうどうフロート（英語表記）joint float

It refers to a system in which multiple countries have fixed exchange rates (adjustable pegged exchange rates) among themselves, but have a floating exchange rate system for the currencies of other countries as a whole. With the Smithsonian Agreement at the end of 1971, the fluctuation band of exchange rates between IMF (International Monetary Fund) member countries was expanded to 2¼% above and below, for a total of 4½%, but the EC (European Community), which had been planning to reduce the fluctuation band of its currencies since the end of 1970, implemented an agreement in April 1972 to reduce the fluctuation band between the currencies of its six member countries to 1⅛% above and below the base rate, for a total of 2¼%.

Source: Heibonsha World Encyclopedia, 2nd Edition Information

Japanese:

複数の国が相互間では固定為替相場制(調整可能な釘付け相場制)を採りながら，他国通貨に対しては全体として変動為替相場制を採ることを指す。1971年末のスミソニアン合意に伴ってIMF(国際通貨基金)加盟国間の為替相場変動幅が上下各2¼％，計4½％に拡大されたが，1970年末から域内通貨の変動幅縮小を計画していたEC(ヨーロッパ共同体)は，72年4月，加盟6ヵ国通貨間の変動幅を基準相場の上下各1⅛％，計2¼％とする縮小変動幅の取決めを実施した。

出典　株式会社平凡社世界大百科事典第２版について　情報

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