The internationalization of the yen: with an emphasis on East Asia

Discusses the possibility of an international monetary system composed of the US dollar, the German deutschmark and the yen as an alternative to the system based solely on the US dollar. Points out that the yen is playing a limited role in the international economy. Discusses the factors which cause the restriction of the yen, with particular reference to other Asian countries and their shift of official reserves from the dollar towards the yen. Suggests that Japan must find new trade relations which are less dependent on the US market if the yen is to increase its share of international trade transactions.