Japanese Proposal To "Redominate" Yen by Factor of 100 After Y2K Problems Cleared-Up . . . IN 2002!!

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LDP committee seeks to redenominate yen

Yomiuri Shimbun

A subcommittee of the Liberal Democratic Party's Finance and Banking System Research Committee proposed Wednesday that the government redenominate the nation's currency, effective from January 2002.

In a press conference the same day, Finance Minister Kiichi Miyazawa reacted cautiously to the proposal, saying he needed to examine it. His remarks indicated that the Finance Ministry remains less enthusiastic about redenominating the currency.

The subcommittee, chaired by Hideyuki Aizawa, said the current value of 100 yen should be converted to 1 yen.

The subcommittee plans to begin talks on the issue with the Policy Research Council and other party organs this autumn.

Aizawa said the subcommittee made the proposal because "if we carry out the currency redenomination, 1 dollars will be worth about 1 yen, and figures indicating the exchange rates of the world's three major currencies--the dollar, the euro and the yen--will be almost the same. It will be good for internationalizing and regaining trust in the yen."

As for the timing of the redenomination, he said Japan should adopt a new denomination for its currency in 2002, when the euro goes into circulation and Y2K computer problems have been cleared up.

Aizawa said it would take about two years to prepare for the redenomination and that costs of transition, such as reprogramming computer systems, likely would amount to about 2 trillion yen.

Copyright 1999 The Yomiuri Shimbun

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-- Linkmeister (link@librarian.edu), August 13, 1999.


Redenomination=one world currency

-- Freedom fighter (NWO@its acoming.com), August 13, 1999.

They're aiming for three

yen

euro

dollar

-- Andy (2000EOD@prodigy.net), August 13, 1999.


The trinity will become one.

You can bet your bottom "mark".

-- Randolph (dinosaur@williams-net.com), August 14, 1999.


I don't know how you spell it, but you can bet the the remnimbi ain't going to have a picture of George Washington on it any time soon.

-- Puddintame (achillesg@hotmail.com), August 14, 1999.


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