Appreciation Of The Yen On Japanese Economy And Implications For China

July 21,2005 Since the reform of RMB exchange rate system, the yuan against the dollar has appreciated more than 15%. Even so, the US-led Western developed countries are still prevalent sound appreciation of the RMB. In this situation, how to respond to external pressure for RMB appreciation, RMB revaluation on the Chinese economy reduce the negative impact of China's economic development path, draw lessons from international experience, particularly in countries with similar situation, especially the Japanese yen The appreciation of the process and the Japanese government's response to China's economic development has been not without benefits.In this paper, the appreciation of the yen as the background, recalling the 20th century in the 70's and 90's, the process of appreciation of the yen and Japanese economic development, to start on. This paper reviews the history of appreciation of the yen. From the beginning the historical background of appreciation of the yen, that Japan's postwar economy began, the specific description of the four stages of post-war Japan's economic development process in four phases introduces the process of appreciation of the yen. On that basis, the analysis of the impact of yen appreciation and response to the appreciation of Japan to take corresponding countermeasures. At last, the issue of the yuan is becoming in recent focus of today, China should learn from the experiences and lessons learned.This paper argues that the current macroeconomic situation in China, China in the revaluation of the yuan should not yield to outside pressure, the yuan's appreciation, it should be a small margin to rise gradually. To emphasize maintaining the autonomy of domestic monetary policy, monetary policy can not make a vassal of the exchange rate policy; Lessons from the yen's slight appreciation of the RMB interest rate under the policy mix to better meet China's national conditions.In the process, the paper quoted the Western Economics basic macroeconomic theory to analyze problems and draw conclusion. Mainly used the method of combining induction and deduction, by reviewing the last century 70s to 90s the process of appreciation of the yen, and compares the current China, concluded on this basis and reference.