Chapter 12 The Yen and Boom–Bust Cycle in East Asia
- International Monetary Fund
- Published Date:
- January 2001
One of the key determinants of the boom–bust cycle in East Asia was the sharp appreciation of the yen against the dollar between the mid-1980s and the mid-1990s, and its subsequent depreciation. Real investment and speculative financial capital in and into East Asia responded too much to the yen movements.