The history of Japanese exchange rates, though short by British or American standards, is exceedingly rich, both from the standpoint of variation in the data and in the institutions governing exchange rate arrangements and Japanese monetary conditions. This paper reviews that history and traces...

Examination of over a century's worth of annual data for Japan, the United States, the United Kingdom and France reveals a marked tendency for real exchange rates to return to their (measured) equilibrium values. The hypothesis that exchange-rate-adjusted price levels in these countries are not...