Hendek for The Plaza agreement resulted in the yen’s appreciation to ¥120 to $1 by 1988. In the 1990s, the yen fluctuated dramatically between ¥80 and ¥160 per dollar. This exchange rate volatility generated considerable discussion of a yenbased east Asian economic group patterned on the North American Free Trade Agreement (NAFTA) and the EUROPEAN UNION, but by 2003, a yen bloc had not materialized. As of the mid 1990s, the majority of Japan’s imports and exports continued to be invoiced in currencies other than the yen. Furthermore, most Asian currencies continued to have stronger ties to the dollar than to the yen, as east Asian regional trade seemed to be weakening. BIBLIOGRAPHY. Bank of Japan, History, Currency Museum, www. Hendek 2016.

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