"Japan's intervention to slow the upward appreciation of the yen has raised concerns in the United States and brought charges that Tokyo is manipulating its exchange rate in order to gain unfair advantage in world trade. This coincides with similar charges being made with respect to the currencies of the People's Republic of China and South Korea. In the 109th Congress, S. 377 (Fair Currency Enforcement Act of 2005) would require negotiation and appropriate action with respect to certain countries that engage in currency manipulation. H.R. 3283 (United States Trade Rights Enforcement Act) would require the Secretary of the Treasury to provide to Congress a periodic assessment of countries -- including Japan -- that intervene to influence the value of their currency. Japan intervened (bought dollars and sold yen) extensively to counter the yen's appreciation in 1976-1978, 1985-1988, 1992-1996, and 1998-2004." Source: Congressional Research Service
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