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近年,日元以其强劲的态势急剧升值。今年3月8日,东京外汇市场美元兑日元的比价首次突破1∶90,达到1∶89.95,创造了战后以来的最高纪录。4月19日,美元兑日元的比价又跌破1∶80,以1∶79.75日元创下了最新纪录。这是去年日元两度升值以来的第三次日元狂升。目前日元暴升的态势虽有遏制,但日元如此扶摇直上,引起了国际金融界的极大关注。此次日元升值的直接导因是美元贬值。美国经济在经过90年代初的衰退之后,1994年经济出现了4％的增长,超过了3.2％的世界经济平均增长率。较高的经济增长以及美国政府鼓励出口的金融政策,为美元贬值埋下了伏笔。1994年,美国中央银行为了使高速增长的经济实行软着陆,防止通货膨胀,曾7次提高短期利率。但美国是当今世界上最大的债务
In recent years, the Japanese yen has risen sharply with its strong posture. March 8 this year, the Tokyo foreign exchange market dollar-yen parity for the first time exceeded 1:90, reaching 1:89.95, creating the highest since the war record. On April 19, the price of the U.S. dollar against the Japanese Yen dropped below 1: 80 again and set a new record at 1:79. 75 yen. This is the third yen soaring since the yen doubled last year. Although the soaring yen trend has been checked, the soaring yen has drawn great attention from the international financial community. The direct reason for the appreciation of the yen is the depreciation of the dollar. After the recession of the U.S. economy in the early 1990s, the economy showed a 4% growth in 1994, surpassing the 3.2% average growth rate of the world economy. The higher economic growth and the U.S. government’s financial policy of encouraging exports set off a foreshadowing of the dollar’s devaluation. In 1994, the United States Central Bank raised short-term interest rates seven times in order to soft-land the rapidly-growing economy and prevent inflation. But the United States is the largest debt in the world today