ABSTRACT
The issue of exchange rate policy in Asia comes up in a large variety of ways. In the past, being competitive was most of the message. Today, the range of challenges seems to have become far wider. And even if it has not, contrary to our contention, it is well worth reassessing whether past policies have been productive. In fact, though, new considerations come from all sides:
● Should we not expect a real appreciation of Asian New Industrial Economies’ exchange rates relative to Japan to make a large contribution to the widening slack and structural depression in Japan?
