In recent years, Japan's financial markets have seen dramatic changes. One of them is the explosive growth of currency trading and the increasing international role of the yen. Tokyo has become the third largest centre of foreign exchange trading worldwide, behind London and New York. The Japanese Foreign Exchange Market gives a comprehensive overview of this activity. It provides a comparative economic analysis of practices and risks as well as related policy issues. This work is the first non-Japanese-language title to examine the prolific rise of Japan's foreign currency market, its idiosyncracies and its future role in the global economy. It is vital reading for economists and students of Japan related subjects.