Floating exchange rate system

変動相場制 ／ floating exchange rates　—　Institutions

A system where the price of a currency is determined by the daily market, not by government promises. Major currencies shifted to this in 1973.

A system where the price of a currency is determined by the daily market, not by government promises. Major currencies transitioned to this in 1973, ending the 27-year era of Bretton Woods fixed exchange rates.

⚠ In place of the "battle to defend the exchange rate," a "daily life swayed by the market" began. Which is easier has not yet been settled.