6 Some scholars have proposed that the importance of the dollar in Japan’s trade lessens the responsiveness of Japan’s exports to movements in the yen while making exports more sensitive to changes in the value of the dollar and, therefore, U.S. monetary conditions.
7 Regarding inflation, through the considerable efforts of the Bank of Japan’s quantitative and qualitative monetary easing program launched in early 2013, Japan has emerged from almost 15 years of modest deflation and is now operating with a positive inflation rate.