The book presents the first single-volume treatment, from the end of World War II to the present, of Japanese exchange rate policy, a subject about which much has been written. By synthesizing the existing literature, it describes how policy and institutional frameworks evolved, explains their domestic and international contexts, and assesses the impacts and consequences of policy actions. The reader will find in the pages of the book answers to such questions as: what is the history of the yen? Has Japan ever experienced a balance-of-payments crisis (if so, how did the country manage it)? Has Japan manipulated the exchange rate for commercial advantage? What can China and India learn from Japan’s experience with managing exchange rate flexibility? The final chapter draws lessons from the Japanese experience, identifies outstanding issues for the future, and offers commentary on the bold, ongoing experiment known as Abenomics.