Mukherjee Naka (1995) examined the new causality relationships amongst the Tokyo Stock-exchange (TSE) directory and you will half a dozen macroeconomic variables (exchange rate, money also have, rising prices, industrial returns, long-name interest on regulators ties and you will call currency price), by using the VECM methodology developed by Johansen (1991). The outcome presented an awful relation involving the TSE index and the rising cost of living price and you can enough time-label interest into the government bonds. Another variables did not reveal a confident correlation.
Jones Kaul (1996) assessed the connections between the price of oils and stock productivity in the us, Japan, Canada and you may United kingdom from inside the post-battle period.