The study looked at how changes in the value of the Japanese yen affect the prices of imported goods. They found that when the yen goes up in value, prices of imports go up by 98%, but when it goes down, prices only go up by 83%. This difference is especially noticeable after a recession in the 1990s. The researchers also discovered that the relationship between exchange rate changes and import prices is not the same for appreciation and depreciation of the yen.