On the exchange rate front, given that the annual inflation of around 2 percent was achieved in other major countries in accordance with global standards while Japan continued to experience a deflationary situation, the yen continued to appreciate in nominal terms (Chart 8).
It is in sharp contrast to the fact that, in the United Kingdom and Canada, where BIS central bankers’ speeches  3  moderate price increases continue in the same degree as in the United States, the levels of the purchasing power parity – which reflects the difference of price increases between a country and another – remain almost constant and the exchange rates against the U.S. dollar remain around those levels.