灾后日元升值初探

发布时间：2018-03-08 17:41

本文选题：资金回流　切入点：避险货币　出处：《东北亚论坛》2011年06期 　论文类型：期刊论文

【摘要】：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。
[Abstract]:In the short term, the yen exchange rate has not depreciated because the economy has suffered huge losses, but has shifted to rapid appreciation because of the expectation that investors will form a "return of funds from insurance institutions or enterprises." Speculative forces use this theme to continuously push up the yen. In the long run, this round of yen appreciation is not the result of trade friction and US oppression of Japan. It is related to the turbulent international monetary system during the financial crisis. The main function of the yen in the international monetary system is to store value. And its trade settlement function is relatively weak. The root cause of the rapid appreciation of the yen is the pressure to appreciate the yen in valuation and the role of the yen as a haven currency and carry trades. Both China and Japan are facing a huge risk of dollar depreciation. We can gradually reduce the proportion of US dollars in foreign exchange reserves and establish a regional exchange rate stability mechanism by using the method of increasing the mutual holdings of each other's currency assets.
【作者单位】：吉林大学中国国有经济研究中心;吉林大学经济学院;
【基金】：吉林大学专业学位研究生核心课程建设项目(450091102146),吉林大学“985工程”项目
【分类号】：F823.13

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