疲软经济与坚挺货币——聚焦20世纪90年代的坚挺日元

Weak Economy and Strong Currency--Focus on the Strong Yen in the 1990s

"泡沫经济"破灭后,20世纪90年代日本经济持续萧条,日元却相当坚挺。日元汇率的年平均值远远高于20世纪80年代的同期水平,特别是1995年6月,日元/美元汇率创历史新高,坚挺的日元成为日本经济复苏的主要障碍。

Since the bursting of the bubble economy, the yen proved astonishingly strong despite the persisting recession during the 1990s, The average value of yen per dollar was more higher than that of the same period during the 1980s, the yen-dollar exchange rate reached its all-time high especially in June, 1995. The strong yen became a major obstacle to the recovery of the Japanese economy. This paper analyses the influence of interest rates, prices and foreign exchange policy on the yen-dollar exchange rate in the short-term, mid-term and long-term based on taking the long-term dimension of exchange rate movements into account since 1980.