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Conquering the Fear of Freedom – Japanese Exchange Rate Policy since 1945 - Oxford Scholarship Online
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Conquering the Fear of Freedom: Japanese Exchange Rate Policy since 1945

Shinji Takagi


This book presents an analytical review of Japanese exchange rate policy from the end of World War II to the present—how authorities, starting from imposing draconian controls over all international financial flows, moved toward eliminating virtually all state interference regulating foreign exchange transactions, including official intervention in the foreign exchange market. It describes how policy and institutional frameworks evolved, explains their domestic and international contexts, and assesses the impacts and consequences of policy actions. Following successful exchange rate-based stab ... More

Keywords: exchange rate policy, Japanese yen, exchange rate-based stabilization, current account convertibility, capital account liberalization, flexible exchange rate, macroeconomic policy coordination, currency internationalization, foreign exchange market intervention, monetary policy

Bibliographic Information

Print publication date: 2015 Print ISBN-13: 9780198714651
Published to Oxford Scholarship Online: May 2015 DOI:10.1093/acprof:oso/9780198714651.001.0001


Affiliations are at time of print publication.

Shinji Takagi, author
Professor Emeritus of Economics, Osaka University; and Assistant Director, Independent Evaluation Office, International Monetary Fund