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A Brief History of the Modern Yen (1960–87)

In: The Yo-Yo Yen

Author

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  • Brendan Brown

Abstract

It was well into the miracle period of 1953–73, during which Japanese growth averaged near 10 per cent p.a., that the modern history of the yen begins. Only in 1963 did Japan become an ‘Article 8’ member of the International Monetary Fund (meaning Japanese residents could convert yen into foreign currencies for all trade transactions and non-residents could exchange yen deposits freely for whatever purpose) and in the following year a member of the OECD (Organization for Economic Cooperation and Development). Those landmark steps were the culmination of a process originating in 1960 when, in response to international criticism for moving slowly, an outline plan for trade and foreign exchange liberalisation was introduced (90 per cent of imports to be free of quota or other restrictions).

Suggested Citation

  • Brendan Brown, 2002. "A Brief History of the Modern Yen (1960–87)," Palgrave Macmillan Books, in: The Yo-Yo Yen, chapter 2, pages 30-62, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-4039-0710-3_3
    DOI: 10.1057/9781403907103_3
    as

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