日元国际化历程及受阻原因分析

上世纪六十年代以来,日元走上了国际化之路,在不同的历史阶段,日本政府对待日元国际化问题表现出不同的态度,从而使得日元国际化表现出不同的阶段特征。本文将日元国际化进程分为三个不同的阶段:第一阶段为二十世纪六十年代至八十年代初期的被动消极阶段;第二阶段为二十世纪八十年代至九十年代中期的相对积极阶段;第三阶段为"亚洲金融危机"之后的积极主动阶段。由于特殊的外贸结构、出口商较差的谈判能力、国内金融市场相对封闭以及日元汇率波动剧烈等问题,使得日元的国际化之路走得并不顺畅。尽管日元国际化之路已走了近半个世纪,但是从衡量货币国际化的各项指标来看,日元却并没有取得与日本经济实力相匹配的国际地位。

An Analysis on the Process of Internationalization of the Yen and the Reason Causing its Failure

Since the sixties of last century, the yen embarked on the road of internationalization, in different historical peri- ods, the Japanese government towards internationalization of the yen showed a different attitude to the problem. This paper divides the internationalization process of yen into three distinct phases. The first phase of the t960s to the early 1980s is the passivity stage. The second phase of the 1980s to the mid-nineties is the relatively positive phase. The third stage is the ＂Asian financial crisis＂ following which is the active phase. Because there were some problems in Japanese economy including the special structure of foreign trade, exporters＂ poor bargaining power, the domestic financial market is relatively closed and yen exchange rate volat- ility and other issues, the road of yen ＂s internationalization does not go smoothly. Although the road to internationaliza-tion of the yen has gone up nearly half a century, but according to the measurement of the international monetary indicators, the yen did not gain the strength of the Japanese economy to match the international status. To illustrate the process of internationalization of the yen, the process is divided into three distinct phases in this paper.