[PDF] The Rising Yen eBook

Author : Richard S. Thorn
Publisher : Institute of Southeast Asian Studies
Page : 145 pages
File Size : 48,71 MB
Release : 1987
Category : History
ISBN : 9971988755

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Japan has become the world's second largest economy and the number one exporter of financial capital. Tokyo has taken its place as a first-tier financial centre alongside London and New York. This study analyses the far-reaching effects of these developments on both Japan and the world capital markets.

Author : Richard Werner
Publisher : Routledge
Page : 384 pages
File Size : 23,59 MB
Release : 2015-03-04
Category : Education
ISBN : 131746219X

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This eye-opening book offers a disturbing new look at Japan's post-war economy and the key factors that shaped it. It gives special emphasis to the 1980s and 1990s when Japan's economy experienced vast swings in activity. According to the author, the most recent upheaval in the Japanese economy is the result of the policies of a central bank less concerned with stimulating the economy than with its own turf battles and its ideological agenda to change Japan's economic structure. The book combines new historical research with an in-depth behind-the-scenes account of the bureaucratic competition between Japan's most important institutions: the Ministry of Finance and the Bank of Japan. Drawing on new economic data and first-hand eyewitness accounts, it reveals little known monetary policy tools at the core of Japan's business cycle, identifies the key figures behind Japan's economy, and discusses their agenda. The book also highlights the implications for the rest of the world, and raises important questions about the concentration of power within central banks.

Author : Mr.Fei Han
Publisher : International Monetary Fund
Page : 19 pages
File Size : 16,46 MB
Release : 2019-07-01
Category : Business & Economics
ISBN : 1498317340

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The yen is an important barometer for the Japanese economy. Depreciations are typically associated with favorable economic developments such as increased corporate profits, rising equity prices, and upward pressure on domestic consumer prices. On the other hand, large and sharp appreciations run the risk of lowering actual and expected inflation, squeezing corporate profits, generating a negative wealth effect through depressed equity prices, and reducing confidence in the Bank of Japan’s efforts to reflate the domestic economy and achieve the inflation target. This paper takes a closer look at underlying drivers of rapid yen appreciations, highlighting the key role of carry-trade and the zero lower bound as important amplifiers.

Author : Mr.George S. Tavlas
Publisher : International Monetary Fund
Page : 61 pages
File Size : 31,34 MB
Release : 1991-01-01
Category : Business & Economics
ISBN : 1451930992

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The role of the Japanese yen as an international currency is assessed. It is found that the determinants of international-currency use imply some increase for the yen’s use in international finance; however, the implications for the yen’s use in international trade are mixed. It is also shown that, despite Japan’s emergence as the world’s largest net creditor nation, Japan’s capital outflows have not significantly facilitated the yen’s internationalization. Data are presented showing that, although the yen’s use as an international currency has increased, it is still rather modest. Wider use of the yen as a regional currency in Asia has occurred, though a “yen-zone” does not appear to be emerging.

Author : B. Brown
Publisher : Springer
Page : 296 pages
File Size : 47,9 MB
Release : 2002-05-01
Category : Business & Economics
ISBN : 1403907102

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The violent fluctuations of the Japanese yen through the 1980s and 1990s have played a critical role in Japan's economic decline. Brendan Brown highlights the causes of the yen's bizzare behaviour, and analyses the consequences for the Japanese and global economies. Through this analysis he presents an original hypothesis, linking the periodic sharp upswings of the Yen to poor economic performance and offers a new view as to where the responsibility for failure of the Japanese currency market to function normally lies.

Author : R. Taggart Murphy
Publisher : W. W. Norton & Company
Page : 356 pages
File Size : 17,4 MB
Release : 1997
Category : Business & Economics
ISBN : 9780393316575

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Discusses how America went from being the world's largest creditor to world's largest debtor in the eight years between 1980 and 1988, due to excessive borrowing from Japan during the Reagan presidency.

Author : Mr.Dennis P. J. Botman
Publisher : International Monetary Fund
Page : 21 pages
File Size : 35,14 MB
Release : 2013-11-06
Category : Business & Economics
ISBN : 1475513429

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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.

Author : Thomas Klitgaard
Publisher :
Page : 0 pages
File Size : 35,65 MB
Release : 2007
Category :
ISBN :

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Despite an appreciating yen, Japanese firms have managed to maintain strong export sales growth during the first half of the 1990s. Their strategies? Cutting the yen price of exports and shifting production to higher-value merchandise.