An article in the New York Times observes that the high value of the yen “is dealing crippling blows to [Japan’s] once all-important export machine.” The article also observes, though, that “a high yen benefits Japan’s rapidly expanding elderly population.”
a. Does a “high yen” mean that it takes more or fewer yen to exchange for one U.S. dollar?
b. How does a high yen hurt Japanese exports?
c. How might a high yen help the elderly population in Japan?