日元升值对日本经济利弊得失的分析

Advantages & Disadvantages of Yen Appreciation to Japan Economy

20世纪70年代由于国际汇率体系由原来的固定汇率制转变为浮动汇率制,日本迫于美国的压力使日元对美元汇率大幅度上升。这使80年代后期日本金融资产大幅度增加,同时也引起了日本产业结构及对外投资的变化,不可避免地造成日本出口产品竞争力减弱,并转变成目前日本难以摆脱严重通货紧缩的局面。日本在浮动汇率制度下,如以内需主导型经济为其发展战略,则从稳定国内物价的角度希望日元升值;而如以出口主导型经济为其发展战略,则从提高产品竞争力扩大出口量的角度希望日元贬值。本文就日元升值对日本经济发展的利弊得失进行分析。

Since 1970s the international exchange rate system had changed from the fixed exchang rate system to the floating system The exchange rate of Japan had gone up quickly by the reason of the pressure from the United States The results in Japan are the expanding of the financial assets , the changing of the industrial structure and the external investment at the last 80s At the same time the competitive ability of the Japanese export products was weaken At last Japan plunged a severe deflation Under the floating exchange rate system in Japan, a strong yen should be adapted in according to the angle of the domestic stable price if the economic strategy is the domestic-oriented economy On the contrast a weak yen could enhance the competitive ability of the export products and enlarge the quantity of these goods provided the export-oriented strategy as the basic economic thought This paper analyzes the advantages and disadvantages of the whole Japanese economy due to the shocking of a strong yen by empirical method