Bharat and Japan Are Not Declaring War on the Dollar But Preparing For Better Future
Every few months, headlines proclaim that the era of the US dollar is coming to an end. Whether it is a BRICS summit, an oil deal settled in a different currency, or another bilateral agreement bypassing the greenback, the same conclusion is often drawn: the dollar’s dominance is collapsing.
The latest discussion has been triggered by reports that India and Japan are exploring a framework that would allow parts of their bilateral trade to be settled directly in Indian rupees and Japanese yen rather than through the US dollar.
For many observers, this appears to be another chapter in the global “de-dollarisation” movement. It is a tempting narrative. It is also an oversimplification. What is unfolding between India and Japan is less a rebellion against the existing financial order than a pragmatic attempt to make trade more efficient while adapting to a world that has become more economically fragmented and geopolitically uncertain.
- 14 Jul 2026
- WerIndia
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