Working Paper
The yen-dollar relationship: a recent historical perspective
Johnson, Manuel H.; Loopesko, Bonnie E. (1986)
This paper explores the interaction between exchange rate alignment and external balance for Japan and the United States. The analysis highlights the influence of current account developments on the yen-dollar exchange rate, as well as the reverse, and the interaction between the capital account and the exchange rate. We first sketch the broad outlines of the factors driving medium-run swings in the yen-dollar exchange rate over the floating rate period. After a brief consideration of the implications of financial liberalization for the yen-dollar exchange rate, the paper takes a more ...
International Finance Discussion Papers , Paper 288

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