This paper analyzes empirically the relationship between recent Japanese stock prices and macroeconomic variables For the Japanese stock prices, the level and rate of that are both used for analysis. The results show ...This paper analyzes empirically the relationship between recent Japanese stock prices and macroeconomic variables For the Japanese stock prices, the level and rate of that are both used for analysis. The results show that exchange rates have not been a significant determinant of the ＂level＂ of Japanese stock prices, but on the other hand, have been a significant determinant of its ＂rate＂. The ＂rate＂ has been used to analyze determinants of the stock prices. However, it is dangerous to use it without taking into account its level. Many stock traders usually look at the level. Interest rates, especially the domestic interest rate, have not impacted the Japanese stock prices. Japanese interest rates have been quite low as the Bank of Japan has implemented quantitative easing instead of interest-based policies. Recently, the U.S. stock prices, particularly in the first few days after a change, have been significantly influencing the Japanese stock prices.展开更多
文摘This paper analyzes empirically the relationship between recent Japanese stock prices and macroeconomic variables For the Japanese stock prices, the level and rate of that are both used for analysis. The results show that exchange rates have not been a significant determinant of the ＂level＂ of Japanese stock prices, but on the other hand, have been a significant determinant of its ＂rate＂. The ＂rate＂ has been used to analyze determinants of the stock prices. However, it is dangerous to use it without taking into account its level. Many stock traders usually look at the level. Interest rates, especially the domestic interest rate, have not impacted the Japanese stock prices. Japanese interest rates have been quite low as the Bank of Japan has implemented quantitative easing instead of interest-based policies. Recently, the U.S. stock prices, particularly in the first few days after a change, have been significantly influencing the Japanese stock prices.
