During the past three decades, Japan s current account experienced five large swings. The yen appreciated considerably … in periods when the current account boomed, and it depreciated whenever Japan s external performance weakened. However … regularities. It argues that as a result of the large movements of the current account, the flows of cash between Japan and ist …

The composition of Japan's current account balance has changed over time, with an increasing income balance primarily … reflecting a growing net foreign asset position and higher corporate saving. A comparison of Japan's income balance with peer … countries highlights: (i) relatively high yields on FDI assets, and (ii) very low FDI liabilities in Japan. Panel estimation is …