日本资本项目可兑换的历程及启示

日本从1964年宣布经常项目可兑换到1998年实现资本项目可兑换，前后大致经历了四个阶段，文章详细介绍了各阶段政策措施及经济背景，分析了中日两国在实现经常项目可兑换之后在国内外环境和采取的政策上存在的共同点和不同点，指出日本资本项目可兑换的经验为我们提供了启示与借鉴，在推进人民币资本项目可兑换的进程中，应处理好其与人民币国际化、汇率政策和经济结构调整的关系。

The experience and implications of Japan capital account convertibility

From current account convertibility in 1964 to capital account convertibility in 1998, Japan has undergone four stages. This article gives a detailed account of the measures and economic background in each stage, analyzes the similarities and differences between China and Japan in domestic and overseas environments and the policy measures after current account convertibility, and suggests that China should learn from the experience and implications of Japan capital account convertibility. In the process of RMB capital account convertibility, the relationships among RMB internationalization, RMB exchange rate policy and economic structure adjustment must be properly addressed.