Whispers of Chaos: Intervention on the Mexican Dollar Quotes in Japan, 1869-1885

Kazuki Yokoyama

MPRA Paper from University Library of Munich, Germany

Abstract: In the 19th century, Japan was one of the nations where the Mexican dollar had a lasting presence. The Meiji government introduced the yen as a new domestic currency during the 1870s and began tightening regulations on yogin trading, which involved the foreign exchange of Mexican and Japanese silver currencies. The statistical evidence provided in this paper illustrates that the risk of yogin trading saw a substantial rose as a result of the intensified intervention by the Meiji government. The policies to control yogin quotes proved to be unsuccessful. The prioritization of financial security led to a policy intervention characterized by inconsistency, enabling the reintroduction of speculative transactions that had been banned earlier.

Keywords: yogin trading; speculation; intervention. (search for similar items in EconPapers)
JEL-codes: G15 N25 (search for similar items in EconPapers)
Date: 2023-09-01
New Economics Papers: this item is included in nep-ger, nep-his, nep-ifn and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:118586

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