Still waiting for the sun

Article Abstract:

The rise in value of the Japanese yen could undermine the economic recovery of Japan, and there is a need to adjust fiscal and economic policy in order to protect the recovery. Gross domestic product rose in both 1st and 2nd qtrs 1999, and growth of 0.8% is forecast for the year. Manufacturers have been hit by the strong yen, and there is weak capital spending. Japan appears to have too loose fiscal policy, while monetary policy seems to be too tight. Looser monetary policy is needed in order for private sector demand to be stimulated.

Exchange Rates, Editorial, Fiscal policy, Monetary policy

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The yen's false modesty

Article Abstract:

The yen is currently down in comparison with other currencies, but this is largely due to the fact that Japan has been paying off short-term debt at a brisk rate. When these debts are paid, probably by summer, the yen will likely spurt upward again. If the Bank of Japan lowers interest rates, however, this could affect the value of the yen.

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Oh dear: the yen

Article Abstract:

The yen reached a high of 116 yen to the dollar on Feb 22, 1993. Three reasons for the recent rise are year-end foreign asset profits, US Treasury Secretary Lloyd Bentsen's desire for a strong yen and the possibility of no more interest rate cuts by the Bank of Japan.

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