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Economic Commentary

Does Dollar Depreciation Matter: The Case of Auto Imports from Japan

In April 1987, the value of the U.S. dollar fell substantially, continuing a slide that began in February 1985 when the dollar peaked in relation to most currencies. Then worth more than 262 Japanese yen, the dollar is currently trading at about 140 yen. This means that it now takes 85 percent more dollars than it did in February 1985 to buy the same amount of yen. The dollar has demonstrated similar movements relative to currencies of some other major trading partners.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Anderson, Gerald, and John B. Carlson. 1987. “Does Dollar Depreciation Matter: The Case of Auto Imports from Japan.” Federal Reserve Bank of Cleveland, Economic Commentary 5/1/1987.