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Influence of Exchange Rate Fluctuation on Japan's Manufacturing Industry - Empirical Analysis : 1980-88

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  • Hirochika Nishikawa

    (Economist, Research Division 1, Institute for Monetary and Economic Studies, Bank of Japan)

Abstract

This paper analyzes the influence of exchange rate fluctuation on the production of Japan's manufacturers. As a result, we find that the short-term cyclical relationship between production and the exchange rate, which was stable during the first half of the 1980s, seems to have greatly changed in the latest phase of the yen's appreciation. We argue that the structural change appears to be partly due to so-called "hysteresis." We also examine the background to the prosperity of manufacturers during the latest phase of the yen's appreciation. In addition, with respect to the short-term cyclical effect, sectorial and regional differences are being analyzed.

Suggested Citation

  • Hirochika Nishikawa, 1990. "Influence of Exchange Rate Fluctuation on Japan's Manufacturing Industry - Empirical Analysis : 1980-88," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 8(1), pages 79-134, January.
    • Handle: RePEc:ime:imemes:v:8:y:1990:i:1:p:79-134
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