McKinnon, Ronald I.; Liu, Zhao - 2013
of Japan (BOJ), the yen depreciated about 25% against the dollar, stoking fears of a return to Japan bashing by the US …. However, this sharp depreciation simply restored the purchasing power parity of the yen with the dollar so it should even out … deep devaluations. But under the postwar dollar standard, the central position of the US was key to maintaining the peace …