September 14, 2010
- A d v e r t i s e m e n t
The dollar hit a 15-year low against the yen on Tuesday, testing Japanese authorities’ resolve to stem the yen’s climb after Prime Minister Naoto Kan won a party leadership vote.
Here are some milestones in the yen’s 138-year history:
1871 – The yen becomes Japan’s currency as part of the Meiji Restoration, which marked the start of Japan’s modernisation and opening to the rest of the world. Japan adopts the gold standard.
1949 – After World War Two the dollar’s fixed rate is set at 360 yen via the Bretton Woods system, partly to help stabilise prices in the Japanese economy.
1959 – The dollar/yen exchange rate is liberalised. The margin of fluctuation is set at 0.5 percent on either side of its dollar parity.
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