Asset approach

Japanese: アセット・アプローチ（英語表記）asset approach

One of the exchange rate determination theories, it is the idea that exchange rates are determined according to supply and demand in the asset market. Traditionally, exchange rates were thought to be determined solely in the goods market, which is a flow. However, with the increase in international capital transactions in recent years, transactions in the asset market, which is a stock, have come to account for a significant portion of transactions in the foreign exchange market, and the asset approach, which holds that exchange rates are determined so as to achieve market equilibrium in the asset market, has become dominant. In this way of thinking, changes in exchange rates are determined as an indication of changes in the prices of assets denominated in foreign currency.

Source: Encyclopaedia Britannica Concise Encyclopedia About Encyclopaedia Britannica Concise Encyclopedia Information

Japanese:

為替レート決定理論の一つで，資産 (アセット) 市場での需給に応じて為替レートが決るという考え方。従来為替レートは，基本的にフローである財市場のみで決定されると考えられてきた。しかし近年の国際的な資本取引の増加に伴い，ストックである資産市場での取引が外国為替市場での取引の相当部分を占めるようになり，資産市場で市場が均衡するように為替レートが決まるというアセット・アプローチの考え方が有力になってきた。この考え方では，為替レートの変化は外貨建資産価格の変化を示すものとして決定されることになる。

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