The Internationalization of Currencies
An Appraisal of the Japanese Yen


A tripolar international monetary system-centered on the U.S. dollar, the deutsche mark, and the yen - appears to be emerging. This paper not only assesses the role of the yen as an international currency but also presents a unified theory of international currency use and distinguishes between the roles of a nation as a world banker and as an international financial intermediary.

  • 1 0000000404811396 Monetary Fund