日本增加外汇储备的外汇平衡操作及其中止的原因

1991～2004年,日本政府为遏制日元升值,大规模地进行外汇平衡操作,迅速增大了外汇储备。然而,由于外汇平衡操作遏制日元升值的效果不明显,外汇储备风险加大,外汇储备无用论流行,西欧和其他发达国家长期躲离美元,美国不配合日本的外汇市场干预,日元升值恐惧症消退,日本政府已有六年多没有进行外汇平衡操作了。今后,即使日本政府重新进行外汇平衡操作,也未必会再大量地抛售日元、买入美元,而很可能是转为抛售美元、买回日元。由此,日本外汇储备就可能出现趋于减少的局面。

Research on Japan's Increasing Foreign Reserves and Reasons for Halting Such Operations

During the period of 1991-2004,the Japanese government undertook large-scale foreign exchange balance operations by rapidly increasing the foreign exchange reserve,in order to suppress the yen's appreciation.However,due to the inconspicuous effect on suppressing the yen's appreciation,the rising risk of foreign reserves,the prevalence of the argument that foreign exchange is useless,the long-term approach adopted by western European countries and other developed countries that only reserve the necessary amo...