MICHAEL W. KERAN
and the Value
of the Yen
The trade controversy between Japan and the United States. The real value of Japan's trade surplus. Elasticity of demand for Japanese exports. Factors affecting the dollar/yen exchange rate. Inflation, money supply, stock prices. Protection v. free trade. Japan's need for import liberalization.
Nothing in recent years has so upset the traditionally good economic relations between Japan and the United States as the international trade controversy. The focal points of this controversy are Japan's large and growing trade surplus and