Among the major currencies, the Canadian dollar and the Australian dollar experienced the fastest growth, with turnover increasing 50 per cent and 40 per cent respectively. The Australian dollar became the fifth most traded currency, overtaking the Swiss franc in which growth was subdued. The AUD/USD remains the fourth most traded currency pair. Turnover involving the US dollar grew slightly less than the average.
Why yields on JGBs have been stable at low levels The third question in relation to the severe economic conditions in Japan is why yields on Japanese government bonds (JGBs) have been stable at low levels despite the deterioration in the fiscal balance (Chart 10).