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and 8%
transition was the strengthening of their national against the Japanese yen. The dollar also declined
currencies against the dollar. against many other currencies:
cases,
to 105.6 trillion yen in 2001 from 106.5 trillion the changes took place amid an economic reces
yen in 2000. As a
2000 declined to 7.4 trillion yen from 7.9 tril
WORLD TRADE AND CAPITAL FLOW. IMF esti lion yen a year earlier. However, as
2% of GDP) after a surplus of 108.8 trillion yen against 105.6 trillion yen in
$92.3 billion (0.9% of GDP) in
Euro
depends on the situation on the dollar/euro and US dollar Yen
dollar/ruble markets, and the 100% deposit re Pound sterling Other
quirement
Russia’s major trading partners allowing exchange rate flexibility, except the Japanese yen, ap-
preciated against the dollar and the euro. The British pound, the
appreciating by less
than 1% year on year. While the Swiss franc, yen and
yuan strengthened against both major currencies,
those of a majority of
into the United States.
In January-September 2011, the Swiss franc, the Japanese yen, and also the Czech koruna strengthened
against the US dollar and the
the
currencies of the countries with lower interest rates
(including the Japanese yen and the Swiss franc).
this
period
, some countries carried out for-
During
the currencies
of the countries with lower interest rates (including
the Japanese yen and the Swiss franc). The dollar ex-
change rates against other currencies