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H-JAPAN February 26, 2005 Date: Fri, 25 Feb 2005 14:57:12 -0500 From: Arthur Alexander <aalexander@jei.org> Subject: Meiji yen exchange rates From: Arthur Alexander arthur.alexander@att.net When Japan adopted the yen in 1871 it sold in terms of both gold and silver, fluctuating against other currencies as the price of these metals changed. In 1873, 100 dollars bought 103 yen. The yen value roughly doubled against the dollar over the next 25 years. When Japan joined the gold standard in 1898, 100 dollars bought 50 yen; it stayed pretty near this rate until the western powers abandoned gold durintg the first world war. It drifted as high as 43 in1925 and as low as52 in 1918. In 1932, the yen jumped to 32 per 100 dollars, and rose to 27-28 by 1939. See Historical Statistics of Japan, table 10-11a. The period from 1870 to 1915 was more globalized and included more trade and international finance relative to output than any time since. Only now, are we approaching the standards of that time. ******************************************************** H-Japan encourages authors to append a summary of their message in Japanese when writing in English and in English when writing in Japanese. ********************************************************
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