Central bank: The Bank of Japan
Since its defeat in World War II, Japan has become one of the world's largest and most technologically advanced manufacturers of motor vehicles, electronic equipment, machine tools, and so on.
The JPY has appreciated against USD since the 1970s, making Japan’s manufactured goods more costly and less competitive.
The Bank of Japan keeps interest rates at near-zero, making JPY a popular “carry trade” currency against other higher-yielding currencies.