Kobayashi, Akiko; Hama, Yasuho; Imakubo, Kei - Bank of Japan - 2007
This paper reviews changes in foreign exchange settlement for the yen since the introduction of CLS and how the changes have affected payment flows in the BOJ-NET. After the introduction of CLS in September 2002, a large value of yen payments migrated from the FXYCS to CLS, which, among other...