Currently, the U.S. dollar is generally used as the intermediary currency when conducting currency transactions between yen and renminbi on foreign exchange markets. As a result, the price of the yen and renminbi is determined by the cross-currency rate of yen-U.S. dollar and renminbi-U.S. dollar, thereby requiring U.S. dollar settlements.
Traditionally, housing is the first sector to recover after a recession, buoyed by low interest rates and pentup demand. The increase in housing sales and construction usually is followed by a robust increase in consumer expenditures on durable goods, like furniture and appliances, which magnifies and multiplies the effect of the housing recovery.