... the Asian Contagion: An International Business Cycle Perspective," Asian Economic Journal 15, 111-38. Kim, S.H., A. Kose, and M. Plummer (2003), “Dynamics of Business Cycles in Asia: ... market liberalization has contributed to business cycle synchronization in Asia. We also find that business cycles in the Asian crisis countries are highly synchronized with those in Japan. ... significantly affects business cycles in the East Asian countries through trade and FDI channels. For example, depreciation of the yen in 1995 slowed East Asian export expansion significantly, while...