日元作为国际货币，The Japanese yen as an international currency，by Eiji Ogawa,发表于August 30, 2000，Abstract： Our experience of the Asian currency crisis tells us some lessons to prevent another currency crisis in the future. One of the lessons is that the de facto dollar peg system is dangerous for the East Asian countries with diversified trade with Japan, the European countries and the intra-region as well as the United States. It is suggested that the monetary authorities of the East Asian countries should target exchange rates of their home currencies vis-à-vis a currency basket consisted of the US dollar and the Japanese yen and so on (Ito, Ogawa, Sasaki (1998), Williamson (2000)). However, they have tended to stabilize exchange rates vis-à-vis the US dollar instead of those vis-à-vis a currency basket. It is said that the reason is because the US dollar has been in general accepted as a key currency as well as an international currency in the world economy while the Japanese yen has been not so often used as an international currency.