Regulation, Quality Adjustment, and Relative Price Changes: The Case of the Yen Appreciation Shock of 1985

Kaku Furuya

Chapter 13 in Positive and Normative Analysis in International Economics, 2012, pp 221-236 from Palgrave Macmillan

Abstract: Abstract One of the best-known events in the post-war economic history of Japan is the sharp appreciation of the yen in the mid-1980s. The dollar– yen exchange rate, which had been hovering around ¥240/$ during the early 1980s (between the inauguration of the Reagan Administration in January 1981 and the Plaza Agreement in September 1985), tumbled to ¥122/$ in December 1987, almost doubling the yen’s value in two years. (See Figure13.1.) Both the magnitude and speed of appreciation were unprecedented, whose record has not been broken until now.1

Keywords: Exchange Rate; Indifference Curve; Empirical Issue; Indirect Utility Function; Tradable Price (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-34820-2_14

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DOI: 10.1057/9780230348202_14

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