日元升值:背景、影响与启示

JPY appreciation and its background,impacts and inspirations

日元在20世纪最后30年,经历了三次大规模的升值,而只有后两次伴随着出口下降和GDP增速大幅降低。文章指出,"广场协议"后日本经济的衰退,其主要原因不在日元升值,而在于不适当的货币政策。现阶段,我国经济与上世纪70、80年代的日本在发展阶段、增长模式、资产价格及外部环境等方面都存在相似性,因此,日元升值的历史以及当时货币政策的经验教训对我国具有重要的借鉴意义。

The JPY appreciated on a large scale over three periods during the last 30 years of the 20th century, but decreased exports and GDP growth only showed up in the latter two periods. According to this paper, inappropriate monetary policy, rather than the JPY appreciation, was the leading cause of Japan＇s economic recession after the Plaza Accord. There are similarities in developing phases, growth patterns, assets prices and exterior environments between China＇s current economy and Japan＇s economy in the 1970s and 1980s. Therefore, the history of JPY appreciation and experiences of Japan＇s monetary policy have an important bearing on China.