摘要
Concurrent with the interest rate hike by the Federal Reserve(Fed) at the beginning of 2022, the Japanese yen entered a fast track to depreciation. Since November 2022, however, as the Fed slowed its tightening pace and as the Bank of Japan(BoJ)tweaked its monetary policy, the yen has regained some of the ground it lost. Overall, the yen has been characterized by strong volatility. The primary factor driving the fluctuations of the yen in the short term is the widening United States–Japan interest rate differential. From a mid-to-long-term perspective, the underlying reason behind the exchange rate movements of the yen is the BoJ’s monetary policy and the Japanese economy’s structural changes.The fluctuations of the yen are a mixed blessing for the Japanese economy;in the long run, however, they will do more harm than good. As for the world economy, turbulent yen fluctuations may trigger a fresh round of currency competition and disrupt the financial markets. Looking ahead, for long-term healthy economic development, Japan needs to cut down on its exchange rate dependence and restructure and upgrade its economy.
作者
颜泽洋
Yan Zeyang(Institute of Northeast Asian Studies,China Institutes of Contemporary International Relations)
