International Monetary Regime: Current Status and Future Prospects

International Monetary Regime: Current Status and Future Prospects

- Speaker: Toyoo Gyohten, Chairman, Bank of Tokyo

- Date : November 28, 1995

Today in the world market, one trillion dollars worth of currencies are changing hands everyday. More importantly, only one or two percent are related to the trade of goods and services, while the rest are pure financial transactions. Under the circumstances, traders are overwhelmingly preoccupied with the day-today or even hour-to-hour change of the currency's value and not with its long-term trend...