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External Adjustment and the Strong Yen

1988-08-09 Business & Economics
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Release : 1988-08-09
Genre : Business & Economics
Kind : eBook
Book Rating : 270/5 ( reviews)

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Book Synopsis External Adjustment and the Strong Yen by : International Monetary Fund

Download or read book External Adjustment and the Strong Yen written by International Monetary Fund. This book was released on 1988-08-09. Available in PDF, EPUB and Kindle. Book excerpt: The parameters of a conventional model of Japan’s current account were found to be stable in the period of the steeply rising yen between the fourth quarter of 1985 and the end of 1987. This suggests that Japan’s current account has been adjusting to the strengthening yen in accordance with established historical relationships—a conclusion that is substantiated by the model’s reasonably accurate tracking of the current account in this period. Furthermore, simulations of the model show that the rise in the yen has already made a substantial contribution to correcting Japan’s external imbalance.

External Adjustment and the Strong Yen

1988 Japan
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Release : 1988
Genre : Japan
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis External Adjustment and the Strong Yen by : Robert Corker

Download or read book External Adjustment and the Strong Yen written by Robert Corker. This book was released on 1988. Available in PDF, EPUB and Kindle. Book excerpt:

Revisiting Japan's External Adjustment Since 1985

1993-06-01 Business & Economics
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Release : 1993-06-01
Genre : Business & Economics
Kind : eBook
Book Rating : 173/5 ( reviews)

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Book Synopsis Revisiting Japan's External Adjustment Since 1985 by : Mr.Guy Meredith

Download or read book Revisiting Japan's External Adjustment Since 1985 written by Mr.Guy Meredith. This book was released on 1993-06-01. Available in PDF, EPUB and Kindle. Book excerpt: The factors that explain Japan’s external performance since the mid-1980s are controversial. While the current account surplus eventually declined following exchange rate changes in 1985-86, a widening since 1990 has led to renewed scepticism about the role of relative price movements in bringing about external adjustment. This paper revisits the post-1985 experience to determine whether it can be explained by traditional factors. The results indicate that, over the period as a whole, the behavior of trade volumes and prices was similar to that predicted by traditional relationships. In particular, relative price movements played an important role in reducing the surplus: in their absence, it would have widened further.

Adjustment of the Japanese Economy Under the Strong Yen

1987
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Release : 1987
Genre :
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Book Synopsis Adjustment of the Japanese Economy Under the Strong Yen by :

Download or read book Adjustment of the Japanese Economy Under the Strong Yen written by . This book was released on 1987. Available in PDF, EPUB and Kindle. Book excerpt:

The Curious Case of the Yen as a Safe Haven Currency

2013-11-06 Business & Economics
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Release : 2013-11-06
Genre : Business & Economics
Kind : eBook
Book Rating : 429/5 ( reviews)

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Book Synopsis The Curious Case of the Yen as a Safe Haven Currency by : Mr.Dennis P. J. Botman

Download or read book The Curious Case of the Yen as a Safe Haven Currency written by Mr.Dennis P. J. Botman. This book was released on 2013-11-06. Available in PDF, EPUB and Kindle. Book excerpt: During risk-off episodes, the yen is a safe haven currency and on average appreciates against the U.S. dollar. We investigate the proximate causes of yen risk-off appreciations. We find that neither capital inflows nor expectations of the future monetary policy stance can explain the yen’s safe haven behavior. In contrast, we find evidence that changes in market participants’ risk perceptions trigger derivatives trading, which in turn lead to changes in the spot exchange rate without capital flows. Specifically, we find that risk-off episodes coincide with forward hedging and reduced net short positions or a buildup of net long positions in yen. These empirical findings suggest that offshore and complex financial transactions should be part of spillover analyses and that the effectiveness of capital flow management measures or monetary policy coordination to address excessive exchange rate volatility might be limited in certain cases.

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