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Conquering the Fear of FreedomJapanese Exchange Rate Policy since 1945$
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Shinji Takagi

Print publication date: 2015

Print ISBN-13: 9780198714651

Published to Oxford Scholarship Online: May 2015

DOI: 10.1093/acprof:oso/9780198714651.001.0001

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Internationalizing the Yen: 1981–2003

Internationalizing the Yen: 1981–2003

(p.172) 5 Internationalizing the Yen: 1981–2003
Conquering the Fear of Freedom

Shinji Takagi

Oxford University Press

Chapter 5 reviews attempts by Japanese authorities to promote international use of the yen, mainly in trade invoicing and cross-border capital transactions. Because efforts involved developing yen-denominated markets and instruments, and dismantling restrictions inhibiting the freedom of domestic and foreign agents to use them, yen internationalization was closely related to domestic financial liberalization. The chapter explains the origins of yen internationalization, Japan’s early attempts to liberalize the financial system, and post-1984 measures to create conditions amenable to greater international use of the yen, including the financial “big bang” of 1998. After assessing the outcomes of yen internationalization efforts, the chapter concludes by arguing that yen internationalization served as a banner under which parties of various vested interests were brought together to forge difficult reforms

Keywords:   International currencies, currency internationalization, yen internationalization, Euroyen transactions, financial big bang, domestic financial liberalization, financial market development, Japanese Foreign Exchange and Foreign Trade Law, Japan–US Yen/Dollar Committee

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