Between 1970 and 1995, the dollar depreciated sharply versus the Japanese yen, while the average value of

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Between 1970 and 1995, the dollar depreciated sharply versus the Japanese yen, while the average value of this exchange rate did not change much between 1995 and 2013. What might explain these facts?
Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...
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Macroeconomics

ISBN: 978-0393923902

3rd edition

Authors: Charles I. Jones

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