The Washington Naval Conference, held in 1921-1922, was a landmark conference that aimed to limit the arms race among major naval powers. It resulted in several important agreements, including the Five-Power Treaty, which set tonnage limits for capital ships (battleships and battlecruisers) for the United States, Great Britain, Japan, France, and Italy. The conference also addressed the issue of naval bases in the Pacific and Atlantic Oceans, and established the principle of parity between the United States and Great Britain in terms of naval power.