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

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  • Yokoyama, Kazuki

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.

Suggested Citation

  • Yokoyama, Kazuki, 2023. "Whispers of Chaos: Intervention on the Mexican Dollar Quotes in Japan, 1869-1885," MPRA Paper 118586, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:118586
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    References listed on IDEAS

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    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East

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