Abstract
This paper investigates whether a depreciated Japanese yen has the beggar thy neighbor effects on its neighboring countries. In order to assess it, we performed GVAR and GVC analyses using quarterly data from 1972 to 2013 of 19 countries. The results show that weak yen policy does have the beggar thy neighbor effects. According to our analyses, Japan was the main beneficiary from the weak yen policy, with the sharpest increase in its GDP. China and Australia were also identified as beneficiaries, and effects on the US and EU were neutral. The country that experienced most adverse output effects was identified to be Korea.
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