This paper constructs 'nominal' and 'real' multilateral effective exchange
rates for Japan during the period 1879-1938. Existing studies of Japanese q
uantitative economic history have tended to use the dollar-yen bilateral ex
change rate. A comparison of different indices suggests that the new data o
ffer new insights into Japanese's economic history. (C) 2001 Elsevier Scien
ce B.V. All rights reserved.