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Japan's loose monetary policy impact on China


Posted: 2011-05-29 21:47 Paper Source: www.economypapers.com papers published by: Economics and Management thesis Hits: times Japan's loose monetary policy impact on China March 11, 2011 earthquake occurred in Japan, the most ever recorded for the severe earthquake, the Japanese government to rescue the domestic economy, has accumulated to the market to inject about 100.6 trillion yen, according to one eighty-one dollar yen exchange rate, the size of Japan injected the equivalent of $ 1.24 trillion, the U.S. second to quantify 600 billion U.S. loose monetary policy Japan loose monetary policy of China of
one of Japan's loose monetary policy to increase China's influence RMB

upward pressure on Japan to take the foreign exchange market intervention to curb the yen's appreciation, both Sidelights interest rate policy, expand the scale of quantitative easing monetary policy to stimulate economic growth. Other countries are also the quantitative easing policy of the United States under the influence of competing to get through the devaluation of the currency trade share. This led to the global monetary and exchange rate system into a disorderly depreciation of the shock being, contributing to global imbalances. However, with the United States and Europe, led by Japan and other developed economies to global economic imbalances of the country blamed on the value of the renminbi underestimated, increasing the pressure of RMB appreciation.
increased risk of Japanese government bonds held by China
sovereign debt issues in Japan or lead to debt crises. Japan's large-scale financial stimulus plan far more than tax revenues, making the Japanese fiscal deficits, had a large number of issuing treasury bonds to raise funds, leading to further deterioration of Japan's fiscal position. Currently, the Japanese government debt is about twice the GDP, industrial countries as countries with the highest rates of government debt. European sovereign debt crisis has triggered the Japanese sovereign debt crisis concerns the future of Japan's sovereign debt problems or lead to debt crises. If Japan can properly handle the huge debt problem, a comprehensive reform of the financial , overseas markets will lead to a crisis of confidence on the Japanese bond market, selling Japanese government bonds, which will substantially increase the cost of financing the Japanese government, an increase in government burden, a drag on economic recovery. Even without the outbreak of sovereign debt crisis, will lead to financial the market turmoil. China's holdings of Japanese government bonds, increasing the foreign exchange reserves in yen assets.
affect China's exports to Japan
Japan's economic recovery is weak, loose monetary policy can not play a significant boost economic effect, while Japan's export-oriented economic structure determines the economic recovery in Japan rely heavily on external economic environment. In 2011, the Japanese economy is a prerequisite for sustained recovery: Europe and other developed economies into sustainable growth path. As the slow process of economic recovery in Europe, and Japan will take time to restore production after the earthquake, may be a drag on Japan's economic recovery process. This will affect Japan's domestic consumption demand, will greatly reduce imports from China. China's economy weakened

Japan's implementation of the policy effect 2011, China will implement the Monetary policy in Japan is different from the inflation situation facing the two countries is very different. It also represents the development economies and developed economies face different status , Japan and the U.S. and other developed countries led by loose monetary policy to inflation in developing economies enter , increase inflationary pressures in developing countries. China is also facing a huge imported inflation pressure, the pressure is difficult to control through domestic policy. Meanwhile, International Capital to promote profit-driven influx of hot money in China, will increase foreign exchange, leading to the base currency passive ultra-fat, and further increase domestic inflationary pressures,true religion outlet, weaken China to tighten monetary policy effects.
Second, Japan's quantitative easing monetary policy lesson
Once implemented quantitative easing monetary policy, if premature contraction will cause a greater crisis
20 in the early 1990s, the Japanese stock market bubble and real estate bubble have been shattered, into a To stimulate investment and consumption, the Japanese government to implement the first round of quantitative easing monetary policy. Expansionary fiscal policy and loose monetary policy, and once the base rate to zero. However, the Japanese government economic situation of misjudgment, not only early in 1997 to tighten fiscal policy, and in August 2000, prematurely ending the zero interest rate policy to stifle the recovery has just stabilized, once again led the Japanese economy into recession.
if the long-term implementation of quantitative easing monetary policy,Beats By Dre Headphones, will be from one crisis to another crisis in the first round
after the failure of quantitative easing monetary policy, to boost the Japanese economy,######## oakley sunglasses, 2001-2006 to implement the second quantitative easing monetary policy, pursuing long-term zero interest rate policy. However,herve leger sale, as the basis of additional hard currency into circulation, but not fundamentally ease deflation. Although preventing the Bank of Japan and the failure risk of large-scale financial institutions, and economic recovery in Japan provided a favorable environment, but also led to Japan plunged into deflation. The second round of quantitative easing monetary policy also failed to play its due role.
quantitative easing monetary policy alone can not fundamentally solve a country's deep-seated contradictions and problems facing the Japanese economy
long-term deflation, weak domestic demand, economic development to rely on external demand, Industry [/u] hollow, appreciation of the yen and other deep-seated contradictions and problems. Japan, two from the effects of quantitative easing monetary policy perspective,herve leger skirts, relying on quantitative easing monetary policy, only the short term to alleviate the economic situation, can not solve a country's deep-seated contradictions and problems.
Third, China's response to Japan's loose monetary policy measures and proposals
in trade with Japan, to take high-priced competitive strategy and third-party settlement
monetary resources necessary to raise the export price of goods. Japanese manufacturing highly dependent on imports of Chinese resources, such as rare earth and other resources. Awash with liquidity and the yen for the yen's appreciation, China should actively seek resources to product pricing, competitive strategy to take high, to avoid appreciation of the yen caused the loss of export products. The second is to improve agricultural export prices. Japan's high dependence on food imports of Chinese agricultural products, export prices of agricultural products should be increased to reduce the risk of China's agricultural exports. The third is awash with liquidity of the yen, Japanese yen and increased risk should not use the local currency settlement between the two countries. Can be relatively stable with third-party currency monetary settlement, the three major international currencies in the current risk situation exists, it can temporarily continue to use U.S. dollars.
The main currency in the foreign exchange reserves, restructuring, and to adjust strategies
China to diversify foreign exchange reserves, the configuration of assets, hedging the risk of depreciation of U.S. dollar assets to buy a lot of short-term Japanese government bonds, current Japan awash with liquidity, exacerbating the risk of Japanese government bonds held by China, suggested that the Chinese do not speed up the reserve holdings of yen assets in order to avoid foreign exchange risk. In view of Japan's sovereign debt a serious problem in China's foreign exchange reserves to adjust the mix should be followed security , and increase the value of the principle, to take timely adjustment of strategies to prevent the risk of foreign exchange reserves in yen depreciation of assets.
extraordinary advance the process of internationalization of the RMB, RMB appreciation to reduce the pressure
global exchange rate in order to avoid disorderly competition, reduce the pressure of RMB appreciation, RMB to be extraordinary to promote the process of internationalization. First, we should promote the trade settlement pilot. RMB in neighboring countries and to expand the use of areas, carry out a comprehensive settlement of the currency trade, reducing the proportion of U.S. dollar as the settlement currency. The second is the establishment of the RMB back mechanism. Full use of Hong Kong offshore center, expand the Full use of Hong Kong's financial center, foreign aid and other projects to provide RMB loans. The third is to enhance China's economic strength, support yuan Yuan More articles related to topics：


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