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 …

This paper examines the available data that may shed light on the carry trade in Japanese yen. We define an individual … on bank loans and bond holdings by currency reveal a large apparent yen carry position of the Japanese official sector … 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 …