Currency fluctuations affect different populations in different ways. Consider the recent decline of the yen, which slid from around -Yen103 against the U.S. dollar (DX00) DXYat the end of 2020 to a multi-decade low of around -Yen151 in late 2023. The weak yen (USDJPY) has forced some of my economist friends in Japan to cancel their research trips to the United States because their grants now fall far short of travel expenses. On the other hand, Japan's tourism sector is booming, as a trip to Tokyo has become a bargain. This raises the question of whether a local currency's appreciation or depreciation is more ... (full story)