The Impact Of The Japanese Yen’s Appreciation On Japan Economic After The War

After the earthquake in2011, the Japanese yen exchange rate overall keep rising trend, the yen against the dollar refresh16years high. The rate set the highest level since world war, the increase of nearly9%five days after the quake. Since2012, with the situation of Greece crisis, the Euro-zone economy and the global economic recovery will be in drag. In the background of overall financial crisis and European debt crisis, the yen further plays the safe-haven currency role, leading to the Japanese yen exchange rate rise.The background of the appreciation of the RMB is similar to that of the Japanese yen appreciation. Through the study of the influence to the Japanese economy by the Japanese yen appreciation, we can forecast the beneficial and adverse influence to the trade, industry and price in China after the appreciation of the RMB in advance. At the same time, we can draw experience and lessons from the Japanese government and enterprise in dealing with the Japanese yen appreciation, which makes the Chinese government and enterprise avoid less detours and improves the effectiveness of the policy. In a word, it has the significance for China’s current economic situation to study the Japanese yen appreciation.This thesis starts at the development of Japan economy after the second war. The appreciation of Japanese yen can be apart to five stages:the Japanese yen’s appreciation after Nixon shock, the Japanese yen’s appreciation after Plaza Agreement, the Japanese yen’s appreciation after Bubble economy, the Japanese yen’s appreciation after Financial crisis and the Japanese yen’s appreciation after the earthquake. This thesis focus on the factors, impact, countermeasures(including the government and the corporate) of the Japanese yen’s appreciation and the suggestions for China.The first chapter is the introduction.The second chapter expounds the theories of exchange rate determination, mainly including some theories of exchange rate based on the efficient market hypothesis, rational expectation, open and new macro economic and potential equilibrium.The third chapter studies Japan economic development after the war. In this part, Japan economic is divided into five stage, including the recovery stage, growth stag, steady growth stage, long-term depression stage and the slow growth stage. In every stage, it mainly analyzes the forming of the stage characteristics of the economic reason, the Japan’s exchange rate policy and the yen appreciation trend, linking up the Japanese yen appreciation and Japan’s macro economic.The fourth chapter studies the causes of the Japanese yen appreciation. This part puts the characteristics of the yen appreciation of five times as the breakthrough point, analyzing the corresponding key reason in every stage.The fifth chapter studies the appreciation of the yen’s influence on Japan economic. This part mainly analyzes the influence on Japan overseas direct investment, industrial structure, yen internationalization, import and export trade and domestic price. The influence of different stages of the Japanese yen appreciation to the Japan economic have both positive and negative impact, but overall better than worse.The sixth chapter studies the countermeasures to deal with the Japanese yen appreciation, mainly from the Japanese government and the enterprise two levels. In the face of the impact of yen appreciation, Japan is through the Japanese government and the enterprise to reach the goal. The Japanese government is in large macroscopic direction up guidance, through a series of fiscal and monetary policies for economic development direction, while Japan enterprise mainly deal with the Japanese yen appreciation in the micro level in the government’s support from their own conditions.The seventh chapter studies the suggestions on RMB appreciation for Chinese government and enterprise. Because of the similar situations between China and Japan, we can learn a lot from Japan.