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The High Yen Crisis

In: Japan’s New Imperialism

Author

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  • Rob Steven

    (University of Canterbury)

Abstract

The overall response of Japanese exporters to the rise of the yen was to cut costs rather than raise overseas prices. In fiscal 1986, declining raw material (particularly oil) prices enabled them to recover a full 60 per cent of lost revenue, and they got back about 50 per cent of similar revenue in fiscal 1987. Through a variety of other cost cutting measures, most of which were at the expense of their workers, they managed to limit the fall in the volume of their exports in 1986 to a mere 3.2 per cent. As far as the capitalist class was concerned, the endaka fukyō bottomed in the last quarter of fiscal 1986, and production was once again on the rise in 1987 (JEJ, 15 August 1987, p. 11; Keizai kikakuchō, 1987a–1988a, p. 442).

Suggested Citation

  • Rob Steven, 1990. "The High Yen Crisis," Palgrave Macmillan Books, in: Japan’s New Imperialism, chapter 2, pages 31-63, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10927-2_3
    DOI: 10.1007/978-1-349-10927-2_3
    as

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