Japanese yen: Difference between revisions

No true exchange rate existed for the yen between December 7, 1941, and April 25, 1949; wartime inflation reduced the yen to a fraction of its pre-war value. After a period of instability, on April 25, 1949, the U.S. occupation government [[Fixed exchange rate|fixed]] the value of the yen at ¥360 per [[United States dollar|US$]]1 through a United States plan, which was part of the [[Bretton Woods system|Bretton Woods System]], to stabilize prices in the [[Economy of Japan|Japanese economy]].<ref>pg 1179,『Japan – Money, Weights and Measures,』The Statesman's Year-Book 1950, Steinberg, S.H., Macmillan, New York</ref> That [[exchange rate]] was maintained until 1971, when the United States abandoned the [[gold standard]], which had been a key element of the Bretton Woods System, and imposed a [[Import duty|10 percent surcharge]] on [[imports]], setting in motion changes that eventually led to [[floating exchange rate]]s in 1973.