presented that Japanese exporters adjust prices asymmetrically in response to yen depreciations and appreciations. ; Next, we …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 …

The Japanese yen appreciated strongly and rapidly against other major currencies in the wake of the massive March 11 … intervene to weaken the yen. This episode resembled the two most recent G-7 coordinated interventions: the June 1998 effort to … strengthen the yen and the September 2000 effort to strengthen the euro. Exchange rates reacted strongly and quickly to these …