One of the purposes cited for establishing the Bank of Japan (BOJ) was to gfacilitate financeh by promoting the nationwide integration of the regional financial markets, which until that point had been divided and functioned independently. Nonetheless, much remains unknown about Japanese...

Historical experience is often invoked in the modern debate on competition among reserve currencies, yet little is known about quantitative aspects or institutional features of reserve management. By drawing on newly obtained data on foreign exchange reserves, especially those broken down by...