01967cas a2200265 a 4500 AALejournalIMF021498 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513568270 1018-5941 BD-DhAAL BD-DhAAL Colacelli, Mariana. Japan's Foreign Assets and Liabilities : Implications for the External Accounts / Mariana Colacelli, Deepali Gautam, Cyril Rebillard. Washington, D.C. : International Monetary Fund, 2021. 1 online resource (40 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The composition of Japan's current account balance has changed over time, with an increasing income balance primarily reflecting a growing net foreign asset position and higher corporate saving. A comparison of Japan's income balance with peer countries highlights: (i) relatively high yields on FDI assets, and (ii) very low FDI liabilities in Japan. Panel estimation is used to derive separate exchange rate elasticities for income credit and debit, with novel accounting that disentangles the mechanical from the economic response to exchange rate fluctuations. Despite the changing composition of Japan's current account balance, its response to exchange rate movements still operates mostly through the traditional trade channel, with a small but reinforcing contribution from the income balance. Mode of access: Internet Gautam, Deepali. Rebillard, Cyril. IMF Working Papers; Working Paper ; No. 2021/026 Full text available on IMF http://elibrary.imf.org/view/journals/001/2021/026/001.2021.issue-026-en.xml IMF e-Library