The New Official Exchange Rate from the Viewpoint of Effective Purchasing Power Parity

Toshiyuki Mizoguchi

Japanese Economy, 1973, vol. 1, issue 3, 56-77

Abstract: The new official exchange rate ($ = 308 yen) announced in December 1971, has called forth much discussion, since the scale of the yen revaluation exceeded expectations. There seems to be a consensus in this discussion that the consequences of the recent currency realignment will have some influence on Japan's export sector, and that the current recession will, at the least, be prolonged for another half year. There are also some who regard the currency adjustment as overstating the "real strength of the yen."

Date: 1973
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DOI: 10.2753/JES1097-203X010356

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