See, for  example, Japan External Trade Organization (JETRO), “Kyokyu seiyaku, yuso no konran to kigyo no taio jokyo” , 2022, www.jetro.go.jp/ext_images/world/covid-19/info/logistics0217r.pdf. 4 It should be noted that foreign exchange rates do not have a substantial impact on the overall terms of trade  because they affect both export and import prices on a yen basis.
5 In response to the globally heightened inflationary pressure, the number of central banks that decided on a  policy rate hike for the October-December quarter of 2021 was 31, increasing from 23 for the July-September quarter.