although their ratios are extremely low. In addition, the size of international reserves in Japan has a significantly adverse …

currency inertia. This paper finds that the extremely high ratio of foreign exchange reserve to international reserves in Japan … Yen's exchange rate volatility and the once-in-100-year international financial crisis as well as Japan's lower interest …

’s use in international trade are mixed. It is also shown that, despite Japan’s emergence as the world’s largest net creditor … nation, Japan’s capital outflows have not significantly facilitated the yen’s internationalization. Data are presented …