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The Japanese balance of payments from 1987 to 1993 is as follows. All numbers are reported in billions of U.S. dollars. The last line gives the real effective exchange rate index of the yen relative to other currencies. An increase in the index means a real appreciation of the yen. 1987 1988 1989 1990 1991 1992 1993 Merchandise: Exports 224 260 270 280 307 331 351 Merchandise: Imports - 128 - 165 - 193 - 217 - 203 - 198 - 210 Services: Credit 29 35 40 41 45 48 52 Services: Debit - 48 - 64 - 75 - 82 - 85 - 90 - 93 Income: Credit 51 77 104 125 144 146 152 Income: Debit - 37 - 60 - 85 - 106 - 121 - 114 - 115 Current Transfers - 4 - 4 - 4 - 6 - 12 - 5 - 6 Direct Investments - 18 - 35 - 45 - 45 - 29 - 15 - 14 Portfolio Investments - 91 - 53 - 33 - 14 35 - 28 - 66 Other Financial and Capital Flows 64 21 30 39 - 78 - 64 - 24 Net Errors and Omissions - 4 3 - 22 - 21 - 8 - 10 0 Reserve Account Real Effective Yen Rate 128 135 128 114 122 127 160 We can infer from the information above that ( )A.
The Japanese trade balance, which has been constantly positive over the time period, worsened from 1987 to 1990 and improved from then on. The current account tracked the trade balance.
B.
The decrease in the current account from 1988 to 1990 led to a drop in official reserves (positive reserve account) and a weakening of the yen.
C.
Its real effective exchange rate depreciated from 135 to 114. This improvement in the terms of trade led to an increase of the Japanese trade balance in the early 1990s.
D.
In 1991 and 1992, the increased current account surplus was used to increase foreign investments by the Japanese (the capital and financial account deficit increased from 41 billion in 1990 to 117 billion in 1992).
E.
In 1993, the current account increased to 131 billion but net foreign investments accounted to only 104 billion. Hence, Japanese reserves increased by 27 billion (a negative official reserve account).
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