Concerns about the effects of changes in portfolio preferences caused both the German and the Japanese governments to take measures to restrict the international uses of the deutsche mark and yen, respectively, during the 1970s and early 1980s.
That said, there are very few, any more, who would see a reduction in nominal wages as the preferred solution to an unemployment problem ... Such solutions are not preferred in the formalized labour market but we should be quite clear that that reflects a choice."