The Japanese Yen as an International Currency

January 1, 1991

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Format: Chicago

George S Tavlas, and Yusuru Ozeki. The Japanese Yen as an International Currency, (USA: International Monetary Fund, 1991) accessed September 26, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

The role of the Japanese yen as an international currency is assessed. It is found that the determinants of international-currency use imply some increase for the yen’s use in international finance; however, the implications for the yen’s use in international trade are mixed. It is also shown that, despite Japan’s emergence as the world’s largest net creditor nation, Japan’s capital outflows have not significantly facilitated the yen’s internationalization. Data are presented showing that, although the yen’s use as an international currency has increased, it is still rather modest. Wider use of the yen as a regional currency in Asia has occurred, though a “yen-zone” does not appear to be emerging.

Subject: Balance of payments, Banking, Bonds, Capital outflows, Currencies, Exports, Financial institutions, Inflation, International trade, Money, Prices

Keywords: Asia and Pacific, Bond market, Bonds, Capital outflows, Currencies, Deutsche mark, Euro-yen bond, Exchange rate, Exports, Inflation, North America, Pound sterling, Single currency, Southeast Asia, U.S. dollar, Unit of account, Western Europe, WP

Publication Details

Pages:

62
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1991/002
Stock No:

WPIEA0021991
ISBN:

9781451930993
ISSN:

1018-5941

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