The EUROYEN is another Call market rate used to gauge rates in offshore markets (Japanese Bankers Association). The term offshore market has many variables, with arrangements that changed dramatically since the inception of the EUROYEN in 1998. A whole host of academic literature exists that explains the many connections of EUROYEN to Eurobonds to Eurodollars and now directly to the money markets.

World governments assisted the yen to become internationalized with the introduction of TIBOR in 1995 and EUROYEN in 1998 (Japanese Bankers Association). EUROYEN's introduction was enhanced by the introduction of currency cross pairs during this period. Recognize TIBOR covered U.S. markets and EUROYEN assisted the yen in euro markets that further ...

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