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Strong Yen Sparks National Debate
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A study by Bank of Japan's Research and Statistics Department in the Feb. 2013 Bank of Japan Review paper titled "About the Real Effective Exchange Rate," shows how Japan maintained international price competitiveness during the period of the strong yen at 80 to the dollar. It found that with deflation the cost inputs of labor, factory equipment and materials in Japan were reduced, even as the price in overseas markets for finished products went up. It found that while the yen went up against the dollar in nominal terms, in price adjusted terms accounting for deflation it has actually fallen. Nomura economist Kiuchi says the Japanese yen had to go to 54 to the dollar before it matched the level of the 1995 priceadjusted high of 79 to the dollar.
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Toyota's plans to cope with the yen at 80 to the dollar- 2011-2012
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Plans to reduce costs by 20%. No decision to shift manufacturing overseas.
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Weakening Yen Helps Toyota Double Its Quarterly Profit
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Linked Articles
Strong Yen Sparks National Debate
Wall Street Journal 08/15/2011
Yen's Fall Leaves Japan Hankering for More
Wall Street Journal 04/09/2013
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