In addition, we must look to the international monetary system as a whole, and ask why the incentives incorporated in it did not effectively induce the correction of the imbalances and promote policies conducive to the orderly functioning of the world economy.
It became stable in late January 1997 and has recently stayed around ¥ - 19,000. In the foreign exchange market, the yen depreciated moderately on the whole against the U.S. dollar in 1996, but the pace of depreciation has accelerated since the end of 1996. The yen has recently moved at around ¥ - 124 to the U.S. dollar.