The paper first surveys recent estimates of the appropriate yen dollar exchange rate that have been proposed in the … literature. Most of the more careful estimates suggest that the yen was substantially undervalued against the dollar in early … is warranted. ; We then turn to the adjustment process. First, we present evidence that a narrowing of Japan's record …

This paper examines the available data that may shed light on the carry trade in Japanese yen. We define an individual … or a sector to be engaged in the carry trade if it has a short position in yen and a long position in other currencies …. The tendency of large yen movements to be skewed toward appreciations is consistent with the existence of substantial …

these two markets with the regulatory environment for banks in Japan, with Japan's overall external financial position, as … environment in Japan, including restraints on interest rates, and possible quantitative restraints, has had an important impact on … States as substitutes for their head offices in extending commercial and industrial loans to Japan-based companies as well as …

The rapid rise in Japanese owned assets in the United States and the substantial fall of the dollar against the yen … naturally raises the question of whether there is a causal relationship between Japanese direct investment and the yen …