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The Effect of Exchange Rate Changes on Japanese Consumption Exports

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  • Willem Thorbecke

    (Asian Development Bank Institute)

  • Atsuyuki Kato

Abstract

This paper investigates how exchange rates affect Japanese exports. This is difficult because many of Japan’s exports are used to produce goods for re-export. An appreciation in the importing country that decreases exports can decrease its imported inputs from Japan. To correct for this bias we examine consumption exports. Using a panel dataset of Japan’s consumption exports to 17 countries over the 1988–2009 period, we find that a 10% appreciation of the yen would reduce Japan’s consumption goods exports by 9%. These results indicate that the large swings in the value of the yen over the last decade have caused large swings in the volume of Japanese exports

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Bibliographic Info

Paper provided by East Asian Bureau of Economic Research in its series Macroeconomics Working Papers with number 23238.

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Date of creation: Jul 2011
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Handle: RePEc:eab:macroe:23238

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Keywords: exchange rates; Japanese exports; effects of the exchange rate; Japan; trade;

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  1. Leland Crane & Meredith Crowley & Saad Quayyum, 2007. "Understanding the evolution of trade deficits: trade elasticities of industrialized countries," Economic Perspectives, Federal Reserve Bank of Chicago, Federal Reserve Bank of Chicago, issue Q IV, pages 2-17.
  2. Thorbecke, Willem & Komoto, Ginalyn, 2010. "Investigating the Effect of Exchange Rate Changes on Transpacific Rebalancing," ADBI Working Papers, Asian Development Bank Institute 247, Asian Development Bank Institute.
  3. Thorbecke, Willem, 2008. "Global imbalances, triangular trading patterns, and the yen/dollar exchange rate," Journal of the Japanese and International Economies, Elsevier, Elsevier, vol. 22(4), pages 503-517, December.
  4. Koichiro Kamada & Izumi Takagawa, 2005. "Policy coordination in East Asia and across the Pacific," International Economics and Economic Policy, Springer, Springer, vol. 2(4), pages 275-306, December.
  5. Goldstein, Morris & Khan, Mohsin S., 1985. "Income and price effects in foreign trade," Handbook of International Economics, Elsevier, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 20, pages 1041-1105 Elsevier.
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Cited by:
  1. ITO Keiko & SHIMIZU Junko, 2013. "Industry-Level Competitiveness, Productivity, and Effective Exchange Rates in East Asia," Discussion papers, Research Institute of Economy, Trade and Industry (RIETI) 13094, Research Institute of Economy, Trade and Industry (RIETI).

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