By TERUHIKO MANO

The exchange rates for the yen, dollar and yuan were one of the major topics of debate during a recently held series of international conferences. And discussions on the matter are likely to drag on, given its leap from economics to politics as the United States prepares for the 2004 presidential election.

Here, I would like to summarize the arguments of the three countries -- the United States, China and Japan -- and highlight their self-contradictions.