- Document type
- Harding, Rebecca
- Delta Economics
- Date of publication
- 3 November 2014
- Trade View. 03 November 2014
- Trends: economic, social and technology trends affecting business
- Business and management
- Material type
Delta Economics weekly trade views anticipate and analyse forthcoming key economic data from Deltas unique trade perspective. This report is on ‘why trade still holds the key to Japan’s growth’.
Japan’s imports since April alongside a marked depreciation in the value of the Yen point to one of the persistent paradoxes of Abenomics: why has trade failed to pull Japan out of its economic torpor? Delta Economics is of the view that, since the Fukushima disaster in 2011, Japan’s policy makers have had relatively little influence over trade through manipulation of the Yen’s value. The depreciation in the Yen against the Dollar pre-dates Abenomics by six months and, despite a mild pick-up in the terms of trade between July 2012 and April 2013, the impact of the currency depreciation since has been, perversely, for the terms of trade to deteriorate further. In other words, export values have not increased relative to import values, which might have been the result of an expected boost to exports from a currency devaluation.
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