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Distinguished Speaker Seminar: Professor Koichi Hamada - The Yen's Fetters: A Comparative Study of the Macroeconomic Performance of Japan in Asia
Japan did not suffer much directly from the Lehman crisis that started in the United States, and eventually spread to Europe. Central banks in these countries expanded money supply or their balance sheets while the Bank of Japan did not. Japan accordingly suffered from a drastic appreciation of real as well nominal yen exchange rates. Japan's IIP declined more sharply than the epicenter countries of the Lehman shocks.