The Washinton Realignment aims at adjusting the distortions of exchange rates which have arisen during the past years. In doing so, new data have been set for the future. These data have been fixed by the industrial countries. The less developed countries (LDCs) are affected thereby without...

The 1970s saw the recurrence of major turmoil in the international monetary scene in which Japan played no small part. Japan’s response to past monetary upheavals has always been passive and there were occasions when its passivity and delayed response so undermined the working of the monetary...