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The actual and theoretical values of the yen diverged in the April-June quarter. 
Datawatch

Yen selling continues despite positive real interest rates

Actual exchange rate stands at 9.6 yen lower than theoretical value

TAKAKO GAKUTO and KAZUYA MANABE, Nikkei staff writers | Japan

TOKYO -- Downward pressure on the yen is growing, with the Japanese currency touching 115 to the dollar, a four-year low. This compares to an equilibrium exchange rate of just below under 100 yen to the dollar, based on the raw economic strength of Japan versus other countries.

Nikkei and the Japan Center for Economic Research (JCER) calculate the Nikkei equilibrium exchange rate of the yen as its theoretical value in every quarter on the basis of each country's economic fundamentals such as government debt and current account balance.

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