From 1945 to early 1970, the intervention framework of monetary policy was largely determined by the rules established in the famous conference of Bretton Woods in 1944. Each country committed to maintain a fixed parity between its currency and the U.S. Dollar, the latter engaging in the same time ensuring the convertibility into gold.

However, the excessive growth of monetary base in dollars generated by policies increasingly expansive related to public expenditure - the Vietnam War in particular - have shattered this stability. This resulted in an inconvertible dollar, inflation rampant and finally a general floating currencies. Hence the collapse of Bretton Woods in the mid 70s.

But the government did

Asian Session (Tokyo). When liquidity is restored in international currency market (Forex or FX) after the end of the weekend, Asian markets are the first to see some action. Unofficially, the activity of this part of the world is represented by the capital markets in Tokyo, which have life from midnight until 6 am, Greenwich Mean Time (GMT). However, there are a variety of countries that have considerable influence that are present during this period including China, Australia, New Zealand and Russia, among others. Whereas found scattered these markets, it is logical that both the beginning and the end of the Asian session extend beyond conventional hours in Tokyo. In order to allow the activity of different markets, it tends to see Asian hours are