How Foreign Exchange Swaps Work
The Challenges of Creating a Common Currency
The Microstructure Approach: New Details on Exchange Rates in the Short-Run

Top Ten Traded Currencies of the World

The Japanese Yen

With a share of over 19 percent of the daily currency transactions, the Yen takes the #3 spot. The history of the yen goes back to 1871 when it was adopted officially as the Japanese currency by Japan's Meiji government. In 1882, the Bank of Japan was established under the Bank of Japan Act as the country’s central bank.

The Bank was reorganized in 1942 according to the new Bank of Japan Act. The Act of 1942 states the objectives of the Bank as regulating the currency as well as controlling and facilitating credit and finance to enhance the country’s general economic performance.

The Act of 1942 was amended several times after World War II and was completely revised in 1997 to reflect the modern principles of central banking: independence from fiscal authority and transparency.

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