External Adjustment and the Strong Yen: Recent Japanese Experience

Robert Corker
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Robert Corker: International Monetary Fund

IMF Staff Papers, 1989, vol. 36, issue 2, 464-493

Abstract: The parameters of a conventional model of Japan's current account were found to be stable in the period of the steeply rising yen, end-1985 to end-1987. Thus, Japan's current account has been adjusting to the strengthening yen in accordance with established historical relationships--a conclusion substantiated by the model's reasonably accurate tracking of the current account in this period. Simulations of the model show that the rise in the yen has already made a substantial contribution to correcting Japan's external imbalance.

Date: 1989
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