对现阶段日元恶性贬值的思考

Rethinking on the depreciation of yen

2022年,美联储为应对国内高企通胀问题迅速加息,全球非美元货币对美元普遍贬值。在本轮强美元周期中,日元贬值幅度相对较大,日元实际币值甚至下跌至半个世纪以来的低点,日本银行甚至不得不在外汇市场进行非透明性干预打击日元投机。在市场经济环境中,货币币值有升有贬属于经济周期运行的重要内容,但也需要充分认识国际资本流动对新兴经济体的双重作用,政府在市场出现无序调整时可发挥重要补充作用,保持适当规模的外汇储备在现行国际货币体系下是稳定本币币值的重要举措。

In 2022,for curbing high inflation,the Federal Reserve raised interest rate sharply,and the currencies out of US depreciated against the US dollar.In the cycle of current strong dollar,while the yen depreciated relatively faster,its real value even falling to a half-century low,the Bank of Japan even has to make direct interventions in foreign exchange market.It suggests that,though the appreciation and depreciation of currency are indivisible parts of business cycle,the dual function of global capital flows on emerging economies deserves lots of attention,the government can play an important supplementary role on market disorder.Foreign reserves under the current international monetary system are essential tools for keeping stability of domestic currency.