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Summary MGMT673 Assignment3.docx MGMT 673 Assignment 3: Foreign Exchange Markets Topic: Japanese Yen MGMT 673: Global Economic Analysis Embry Riddle Aeronautical University - Worldwide One of the largest and most often traded currency in foreign exchange 7,09 €
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Summary MGMT673 Assignment3.docx MGMT 673 Assignment 3: Foreign Exchange Markets Topic: Japanese Yen MGMT 673: Global Economic Analysis Embry Riddle Aeronautical University - Worldwide One of the largest and most often traded currency in foreign exchange

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MGMT673 A MGMT 673 Assignment 3: Foreign Exchange Markets Topic: Japanese Yen MGMT 673: Global Economic Analysis Embry Riddle Aeronautical University - Worldwide One of the largest and most often traded currency in foreign exchange markets is the Japanese Yen. The Japanese Yen is Japan s of...

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MGMT 673
Assignment 3: Foreign Exchange Markets

Topic: Japanese Yen

MGMT 673: Global Economic Analysis

Embry Riddle Aeronautical University - Worldwide

One of the largest and most often traded currency in foreign exchange markets is

the Japanese Yen. The Japanese Yen is Japan’s official currency and was created in the

late 1800’s. According to Silver (2019), Japan has the third largest global economy with its

GDP crossing over $5 trillion in 2019. Also, in 2019 Japan was responsible for $694

billion of exports and $632 billion in imports. According to Simoes (2019), Japan’s top

exports included cars totaling $101 billion, vehicle parts totaling $35 billion, integrated

circuit boards totaling $26.5 billion, machinery totaling $22 billion and printer equipment

totaling $13.6 billion. Japan has been recognized for its export efficiency and

competitiveness making it the world’s fourth largest export in terms of US Dollar. Each

consecutive year, the Japanese economy has seen steady export growth creating a trade

surplus since 1980. The great depression of 2008 and the natural disaster wreaked havoc

on the entire Japanese economy and weakened their economy taking several years to

recover. Since its recovery and demonstrated growth and newfound stability, the Yen has

been reserved by others around the globe at low rates, creating gateways for trading. It is

important for traders to understand Japan’s current economic standing including the

factors that influence the exchange rate.

Just like the commodity market, the foreign exchange rates are determined by supply

and demand. The influencing parties are labeled as businesses, central banks, individual

contributors, international institutions, investors and governments. As stated by Marthinsen

(2015) and Twin (2019), there are several influencing factors that affect the foreign

exchange rates and those are, central banks, domestic prices, expectations, government

, policies, natural disasters, real GDP, real interest rates, risks and tax rates. In addition to the

previous listed factors, Japan is presented

with a few unique factors as well that assist with the influence of the yen. One of the most

unique pieces comes from the Bank of Japan and the use of the Tankan Survey. According to

Halton

(2019), the Tankan Survey is an economic report of the health of Japanese businesses. The

report is issued quarterly by the Bank of Japan, and one of its driving purposes is that it is

used to help formulate monetary policies, alter trading strategies of Japanese stocks and

currency. Halton (2019), continues to state that the survey is broken down into four

categories – judgement

survey, annual projections, inflation outlook for enterprises and the number of new

graduates hired – and is completed by several thousand companies in Japan.

The second influencer on the Yen is from the fact that Japan has a zero percent

interest rate, driving the Yen to be a source of currency carry trade. As Lien (2019),

describes “A

currency carry trade is a strategy that involves borrowing from a low interest rate currency

and to fund a purchasing a currency that provides a higher rate of return”, otherwise known

as “buy

low, sell high”. The third factor is that Japan lacks any domestic reserve of fossil fuels and

must rely on importing all of its crude oil, natural gas and other energy resources, which is

why it is cautiously aware of rising energy costs. Fourth influencer is that Japan has one of

the longest life expectancy rates however, the population is reluctant to marry or have

children. Japan has a fertility rate of 1.42 births per woman, compared to the United States

which has a rate of 1.74. This is resulting in 20% of the Japanese workforce to be over the

age of 65, and a smaller

number of available young workers who would want to support the economy.

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