Chapter 1 Effects of Unconventional Monetary Policy and Inflation Target -- Chapter 2 Central Bank Independence under Changing Environment -- Chapter 3 Japanese Experiences in International Comparison -- Afterword.

This paper focuses on the yen's role as a currency of invoice and financial asset. Further aspects of the internationalisation of the yen (e.g. non-resident borrowing in yen) are not dealt with directly. The relatively small importance of the yen in trade invoicing suggests that the "transaction...