灾后日元升值初探

短期来看,日元汇率没有因经济受到巨大损失而贬值却转向迅速升值在于投资者形成"保险机构或企业资金的资金回流"的预期,投机力量就借助这个题材不断的推升日元。长期来看,这一轮日元升值并不是因贸易摩擦、美国压迫日本的结果,而是与金融危机过程中动荡的国际货币体系有关。日元在国际货币体系内主要执行价值贮藏的功能,而其贸易结算功能相对较弱。日元快速升值的根本原因是日元在估值上存在升值压力,以及日元发挥避险货币和套利交易的作用。中日两国都面临着美元贬值的巨大风险,可采取相互增持对方货币资产的方法,逐渐减少降低外汇储备中美元的比例,建立区域汇率稳定性机制。

On the Appreciation of Japanese Yen after the Disaster

In the short term,the reason for rapid appreciation but not depreciation of Japanese Yen is the formation of expectation that oversea funds of insurance institutions or enterprises will return to Japan,which encourages speculators to push up the Japanese Yen's appreciation.In the long term,the appreciation,which is not the result of the trade friction between the U.S.and Japan,is concerned with the financial crisis in the turmoil process of the international monetary system.Japanese Yen is mainly used as va...