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Core Viewpoint - The article discusses the challenges and failures of the internationalization of the Japanese yen, highlighting the historical context, economic factors, and comparisons with the successful internationalization of the German mark. Group 1: Historical Context and Initial Success - After World War II, Japan's economy experienced rapid growth, becoming the world's second-largest economy by the late 1960s [1] - Japan began the process of yen internationalization in the 1960s, achieving free convertibility of the yen for current account transactions by 1964 and capital account transactions by 1980 [1] - By 1990, the yen's share in import trade settlements rose to 14.5% from 0.3% in 1970, and in export trade settlements, it increased to 37.5% from 0.9% in 1970 [1] Group 2: Challenges to Yen Internationalization - The yen's internationalization faced significant setbacks in the 21st century, with its share in global bank assets declining from $701.6 billion in 1995 to $325.1 billion in 2002 [2] - The yen's share in global foreign exchange reserves fell from 7% in 1995 to 3.4% in 2012, despite Japan's GDP being twice that of the UK [2] - No currency is pegged to the yen, contrasting with 43 currencies pegged to the dollar and 27 to the euro, indicating the yen's limited status as an international currency [2] Group 3: Factors Contributing to Yen's Weakness - Japanese asset prices, including real estate and stocks, have been in decline since 1990, leading to significant losses for asset holders [4] - Japan's long-term low-interest rate policy has made yen-denominated deposits and bonds unattractive compared to those in euros and dollars [4] - Japan's government debt has risen dramatically, with the debt-to-GDP ratio increasing from 85% in 1998 to over 220% in 2023, undermining confidence in the yen [5] Group 4: Currency Volatility and Market Dynamics - The yen has experienced significant exchange rate volatility, with fluctuations exceeding 10% occurring multiple times between 1973 and 1995 [6] - Over the past 30 years, the yen's real effective exchange rate has shown the weakest performance compared to other major currencies, indicating structural weaknesses in Japan's financial policies [7] - Japanese companies face "local currency barriers," limiting their ability to price goods in yen, particularly in trade with Southeast Asia where commodities are often priced in dollars [8] Group 5: Comparison with German Mark - The internationalization of the yen is compared to that of the German mark, which succeeded due to stable monetary policy and integration into European monetary cooperation [9][10] - The German mark maintained a stable value and was recognized internationally, while the yen's internationalization efforts were hindered by Japan's isolated approach and lack of regional economic integration [11][12]