区域金融合作框架下日元国际化重启困境与中日货币竞合关系的构建

Dilemma of Yen Re-internationalization under the Regional Financial Cooperation Framework and the Co-opetition Relationship between RMB and Japanese Yen

亚洲金融危机后,日本政府对包括金融领域在内的传统区域合作观进行了大幅度修正,尝试通过积极主导"东盟十国与中日韩"(以下简称10+3)多边区域合作机制,重构东亚的金融与货币秩序。尽管日本财务省在实施一系列政策后,短时间内东亚市场中日元以及以日元计价的金融商品的使用范围得到了一定规模的扩大,但长期来看,东亚区域内主要领域的日元使用规模并未显著增长。这表明,日本官方在区域金融合作中扮演的主导性角色并未对其政策意图的实现起到很好的推动作用。日元国际化重启陷入困境受区域因素影响,其内在长期存在如何平衡货币权力属性与公共产品属性的两难逻辑。近年来强势推进的人民币国际化应成为我们重新审视日元国际化重启进程的重要切入点。人民币与日元间能否形成良好的货币竞合关系不仅关乎中日货币国际化阶段性目标本身,更将对东亚区域金融合作整体产生深远影响。

After the Asian Financial Crisis,Japanese government conducted significant correction on its traditional regional cooperation concepts,including cooperation in the financial sector.It has been actively advocating the multilateral financial cooperation mechanism among ＂ASEAN 10 ＋ 3＂（hereinafter referred as ＂10 ＋ 3＂）with the purpose of rebuilding the financial and monetary order of East Asia.For a long time,however,such policy tendency has not yet caught sufficient attention or in-depth research in academic circle,especially the profound and strategic consideration for the restart of Japanese Yen internationalization behind such policies.The study revealed,that although a short time after the Ministry of Finance carried out a series of policies,the use of Yen and Yen denominated financial products expanded in their range of applications in the East Asian market,but in the long run,there was no significantly increase in the scale of Yen usage in the main fields of East Asia region.This indicates that the dominant act played in regional financial cooperation by the Japanese government did not achieve prominent promotion in the realization of its policy intentions.Unlike traditional research which focuses on domestic economic environment factors,this paper emphasizes and discusses regional factors led towards the distress of Yen re-internationalization,revealing the inner logic of how to balance the long-standing dilemma of monetary power attribute and public product attributes.In recent years,the strong progress of the internationalization of RMB should become an important breakthrough point for us to re-examine the process of Yen re-internationalization.The formation of a good Chinese-Japanese currency co-opetition relationship not only relates to the periodic goal of RMB and Japanese Yen internationalization itself but also will have a profound impact on the East Asian regional financial cooperation as a whole.