Japan in the International Financial System
Japan experienced a remarkable growth in international finance through a series of liberalization measures in the 1980s. From being a passive player, and later a disturbing factor under the Bretton Woods system, Japan is now expected to play a larger role in the international monetary regime. Despite accelerated financial transactions and a large current account surplus, however, its position in the global financial system is still limited, as the reserve currency share of the yen illustrates. Why does such a contrast exist? Historical comparison with Britain and the USA in the world economy as well as extensive discussions and data on financial markets and institutions provide a key to answer this question.
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