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 … trace the underlying causes of Japan’s behavioural pattern in an international monetary sphere and identify positive roles …

Japan has experienced stagnation, deflation, and low interest rates for decades. It is caught in a liquidity trap. This … paper examines Japan’s liquidity trap in light of the structure and performance of the country’s economy since the onset of … understanding Japan’s liquidity trap but also for formulating and implementing policies that can overcome the liquidity trap and …