Exchange Rate Changes

  • Ifo Institute for Economic Research
  • Sakura Institute of Research


As Japan’s occupation administration, GHQ’s initial policy goals were the dismantling and demilitarisation of Japan’s military infrastructure. The intensification of the US-Soviet Cold War was reflected in a subsequent shift of priorities towards the reconstruction of the Japanese economy. In December 1948, GHQ directed the Japanese government to implement “Nine Principles for Economic Stability.” Joseph Dodge was sent to Japan as financial adviser to the Supreme Commander for the Allied Powers (SCAP) to carry out these principles. He developed the so-called “Dodge Line” policy, which was designed to curb inflation through specific measures, including, amongst others, the maintenance of a balanced budget, the abolition or reduction of government subsidies, and the prohibition of bond issues by the Reconstruction Finance Bank.


Exchange Rate Monetary Policy Exchange Rate Change Dollar Exchange Rate Exchange Rate Fluctuation 
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Literature to 15.1

  1. Economic Planning Agency (ed) Questionnaire on corporate behavior, annual edn (Kigyou Koudou Ankeeto). Research Bureau, Economic Planning Agency, TokyoGoogle Scholar
  2. Japan External Trade Organization (ed) International trade between the world and Japan, annual edn (Sekaito Nihonno Boueki). Japan External Trade Organization, TokyoGoogle Scholar
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  4. Ministry of International Trade and Industry (ed) The white book on international trade and industry, annual edn (Tsuushouhakusho). Ministry of International Trade and Industry, TokyoGoogle Scholar

Literature to 15.2

  1. Emminger O (1976) Deutsche Geld-und Währungspolitik im Spannungsfeld zwischen innerem und äußerem Gleichgewicht (1948–1975). In: Deutsche Bundesbank (ed) Währung und Wirtschaft in Deutschland 1876–1975. Deutsche Bundesbank, FrankfurtGoogle Scholar
  2. Gerstenberger W (1987) Wettbewerbsfähige Strukturen gestatten Expansionspolitik. Strukturberichterstattung 1987, Kernbericht, Berlin/MünchenGoogle Scholar
  3. Gerstenberger W (1992) Zur Wettbewerbssituation der deutschen Industrie im High-Tech-Bereich. Ifo Schnelldienst, no 13, Ifo-Institut, Berlin/MünchenGoogle Scholar
  4. Giersch H, Paqué K-H, Schmieding H (1992) The fading miracle: four decades of market economy in Germany. Cambridge University Press, Cambridge, MA.CrossRefGoogle Scholar
  5. Hardy DC, Herrmann A (1988) Effects of exchange rate fluctuations on international trade. Diskussionsbeiträge des Sonderforschungsbereichs 178 Internationalisierung der Wirtschaft, Serie II, Nr 58, Ifo-Institut, Berlin/MünchenGoogle Scholar
  6. Hummel M, Faust K, Köddermann R, Saul C, Schedl H, Vogler-Ludwig K, Waldkircher-Heyne C, Wilhelm M, with Trojanus K (1996) Stärken und Schwächen Deutschlands im internationalen Wettbewerb um Einkommen und Arbeitsplätze. Strukturberichterstattung 1995, MünchenGoogle Scholar

Copyright information

© Springer Japan 1997

Authors and Affiliations

  • Ifo Institute for Economic Research
  • Sakura Institute of Research

There are no affiliations available

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