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The Yen Exchange Rate

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The dollar strengthened against the yen in the past month, continuing a trend that began early this year. The yield on Japan’s 10-year government bonds declined as the country’s prospects for recovery remained dim. The Organisation for Economic Co-operation and Development has lowered its forecasts of Japanese growth for 1999 and 2000. In contrast, long-term yields in the U.S. have been increasing since last fall, as the economy’s continued strength became apparent. April’s record net capital outflow from Japan is consistent with the increased relative attractiveness of U.S. assets.

Suggested citation: "The Yen Exchange Rate," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-06, pp. 19, 06.01.1999.

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