The Japanese Yen as an International Currency

George Tavlas and Yusuru Ozeki

No 1991/002, IMF Working Papers from International Monetary Fund

Abstract: 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.

Keywords: WP; U.S. dollar; unit of account; bond market; deutsche mark; exchange rate; pound sterling; euro-yen bond; single currency; Currencies; Exports; Inflation; Capital outflows; Bonds; Southeast Asia; Asia and Pacific; North America; Western Europe (search for similar items in EconPapers)
Pages: 62
Date: 1991-01-01
References: Add references at CitEc
Citations: View citations in EconPapers (19)

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=878 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfwpa:1991/002

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Working Papers from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().