This paper focuses on the yen's role as a currency of invoice and financial asset. Further aspects of the internationalisation of the yen (e.g. non-resident borrowing in yen) are not dealt with directly. The relatively small importance of the yen in trade invoicing suggests that the "transaction...

This paper provides a very tentative review of the monetary and prudential policy responses to the post-bubble adjustments in Japan. The adjustments after the collapse of the bubble have been prolonged due to (1) the rapid downward revision of the expected economic growth rate; (2) balance-sheet...