The implication for the net position is quantitatively signi.cant. If the yen suddenly appreciates uniformly against external currencies by, say, 10 percent, the implied wealth transfer to foreigners will be 7.5 percent of the gross foreign asset stock of =Y433.9 trillion, which is equal to approximately 6.5 percent of a year.s Japanese GDP!This number should be kept in mind in evaluating the exchange rate changes reported below.