Every time I visit a Reserve Bank and watch those high speed sorters working so hard and the trucks coming in and out to the airplanes, I think, “This is a really impressive, fast and cost-effective way of moving paper, but why are we moving paper?” The “we,” of course, is not just the Federal Reserve, but all those banks and clearing houses and other participants in the system.
Meanwhile, the yen has appreciated against the deutsche mark and recently has moved at around ¥  BIS Review 54/1997