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External Adjustment and the Strong Yen: Recent Japanese Experience

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  • Robert Corker

    (International Monetary Fund)

Abstract

The parameters of a conventional model of Japan's current account were found to be stable in the period of the steeply rising yen, end-1985 to end-1987. Thus, Japan's current account has been adjusting to the strengthening yen in accordance with established historical relationships--a conclusion substantiated by the model's reasonably accurate tracking of the current account in this period. Simulations of the model show that the rise in the yen has already made a substantial contribution to correcting Japan's external imbalance.

Suggested Citation

  • Robert Corker, 1989. "External Adjustment and the Strong Yen: Recent Japanese Experience," IMF Staff Papers, Palgrave Macmillan, vol. 36(2), pages 464-493, June.
  • Handle: RePEc:pal:imfstp:v:36:y:1989:i:2:p:464-493
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    Cited by:

    1. Adams, F. Gerard & Gangnes, Byron, 1996. "Japan's persistent trade surplus: Policies for adjustment," Japan and the World Economy, Elsevier, vol. 8(3), pages 309-333, September.
    2. Peter A. Petri, 1991. "Market Structure, Comparative Advantage, and Japanese Trade under the Strong Yen," NBER Chapters,in: Trade with Japan: Has the Door Opened Wider?, pages 51-84 National Bureau of Economic Research, Inc.
    3. Byron Gangnes & Craig Parsons, 2004. "Have U.S.-Japan Trade Agreements Made a Difference?," Working Papers 08-2004, Singapore Management University, School of Economics.
    4. Breuer, Janice Boucher & Clements, Leianne A., 2003. "The commodity composition of US-Japanese trade and the yen/dollar real exchange rate," Japan and the World Economy, Elsevier, vol. 15(3), pages 307-330, August.
    5. Sawyer, W. Charles & Sprinkle, Richard L., 1997. "The Demand for Imports and Exports in Japan: A Survey," Journal of the Japanese and International Economies, Elsevier, vol. 11(2), pages 247-259, June.
    6. Ceglowski, Janet, 1996. "The recent behavior of Japanese imports: A disaggregated analysis," Japan and the World Economy, Elsevier, vol. 8(4), pages 443-457, December.
    7. Robert Z. Lawrence, 1991. "How Open is Japan?," NBER Chapters,in: Trade with Japan: Has the Door Opened Wider?, pages 9-50 National Bureau of Economic Research, Inc.
    8. Ceglowski, Janet, 1997. "On the structural stability of trade equations: the case of Japan," Journal of International Money and Finance, Elsevier, vol. 16(3), pages 491-512, June.

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