日元升值永远的痛（The appreciation of the yen hurts forever）.doc

日元升值永远的痛（The appreciation of the yen hurts forever） The appreciation of the yen hurts forever 2003, 09, 27 On Monday, New Yorks exchange rate against the yen fell to its lowest level in nearly 3 years. I wonder if it should be another time for Japan, which has suffered a great rise in value The yens appreciation seems to be the central theme of the Japanese economy, which has never faded since the 70s of last century. Although the appreciation of the yen and the collapse of Japans economy are linked by causality, it is too simplistic, but the appreciation of the yen will certainly exacerbate Japans economic decline to a great extent. Otherwise, its hard to imagine why the story of the yens appreciation of Japans recession would persuade so many top scholars and spread it so widely. Professor Sun Lijian of the school of economics at the Fudan University is one of the proponents of the inflection point in the appreciation of the yen. As a Japanese doctor who has witnessed lost 10 years, he has no doubt about this issue. The Japanese were attracted to the yen in a happy mood, Professor Sun said. It seems that every Japanese is immersed in the bubble of I am the richest man in the world. . However, with the bursting of the bubble, people realized that the pleasure was very short and the pain was very long. Appreciation and appreciation 1971 in Washington, U.S. Treasury Secretary Connally and Japanese finance minister Mizuta Mikio made a negotiation. Connally asked the 18% appreciation of the yen against the dollar, but Mizuta Mikio insisted in must be under 17%, in order to render the rationality of the Japanese claim, Mizuta Mikio tells a story about the yen, 17% yen for it is very unlucky, because return to the gold standard in Japan in 1930, the yen rise is 17%, the appreciation of the resulting Japans economic recession. Mizuta Mikio may be storytelling ability to impress the opponent, December held in Washington, the Smithson Museum of western countries finance min