BoJ paper sees signs of structural shift in pricing behaviour
Higher exchange rate pass-through driven by changed behaviour
A working paper published today (June 25) by the Bank of Japan (BoJ) finds that a "structural shift" in firms' pricing behaviour may be a major factor behind the rising impact of exchange rates on prices.
Changing exchange rate pass-through in Japan: does it indicate changing pricing behaviour? by Naoko Hara, Kazuhiro Hiraki and Yoshitaka Ichise, takes a "two-pronged approach". First the authors assess how the exchange rate has fed into prices since the 2008 financial crisis. Having established
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