Description: INTRODUCTION; MARKET HISTORY, Early beginning of money in Japan; Meiji Restoration and the birth of Yen; Post-war developments; Market liberalisation; In the aftermath of the bubble; GENERAL CHARACTERISTICS, Market participants; Foreign exchange banks and brokers; Customers, Market segments and transactions; Spot and forward markets; The role of foreign exchange swaps, Futures and options; Attitudes towards risks; Covering and Hedging; Position taking and arbitrage, Trading Techniques; Accounting; THE RISKS; Market risks; Measures of variability; Some stylised facts; Limits to forecastibility; Derivatives; Asymmetries and Nonlinearities; Risk management practices; Market linkages and operational risks; Payment system risks, Major payment systems; Private sector initiatives; POLICY ISSUES; Market regulation; Principles of bank regulation; Exchange restrictions; Risk monitoring and risk provision; Exchange rate stabilisation; Central bank interventions; International policy co-operation; CONCLUSION; Bibliogrpahy

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