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Lessons from 'two Nixon shocks' of 1971 still valid for Japan

US-China relations and future of the dollar remain vitally important

U.S. President Richard Nixon announces a decision to end the convertibility of the U.S. dollar to gold on Aug. 15, 1971, altering the international currency regime overnight.   © AP

TOKYO -- Japanese people will not soon forget the summer of 2021, when the Tokyo Olympics took place amid a declared state of emergency prompted by the COVID-19 pandemic.

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