打开汇市看盘软件，察看自金融危机以来近五年汇市行情，日元凌厉的升值趋势让人一目了然。

Open trading software unchanged,Since the financial crisis look over the last five years in the currency markets,The yen blitz appreciation trend let a person be clear at a glance.

　　虽然有观点认为，日本的问题不在于货币，而是其经济结构出了问题，但日本官方对外口径始终一致：日元快速升值伤害了日本经济。日本此前多次干预汇率都表达了其不愿日元升值的态度，而两年来日本连续出现并不断创下新高的贸易赤字，更让日本打响此轮宽松货币战有了较为充足的“理论基础”。

Although with a view,Japan is not a question of money,But its economic structure out of the question,But the Japanese official foreign caliber consistent:Rapid appreciation of the yen hurt the Japanese economy.Japan had multiple intervention rate expressed they do not like the Japanese yen appreciation attitude,And two years in Japan continuous and constantly hit a record high trade deficit,More let Japan launched the wheel loose monetary war had a more adequate"Theoretical basis".

　　日元五年升值路

The Japanese yen appreciation and five years

　　去年四季度，美元对日元展开反弹之势，涨势一直蔓延到了91的整数关口，仅仅几个月时间，日元跌幅达到15%。而日本央行及日本政府，却乐见日元跌势，或许在他们的心目中，这样的贬值幅度还没“到位”。

The fourth quarter of last year,Dollar against the yen rebound on the potential,Gains have been spread to the integer of 91 passes,Only a few months,The yen fell 15%.And the bank of Japan and the Japanese government,But happy yen fall,Perhaps in their mind,Such a devaluation amplitude haven't"In place".

　　数据显示，2007～2008年间，美元/日元一直徘徊在120左右；而在次贷危机和欧债危机期间的2008～2012年五年间，日元走上了快速升值的道路，美元/日元汇率价格从115跌到75，日元升值幅度达到33%。

Data display,From 2007 to 2008,U.S. dollar/yen has been hovering at around 120;And in the subprime mortgage crisis and European debt crisis during the five years from 2008 to 2012,The yen on the rapid rise of the road,U.S. dollar/yen exchange prices fell to 75 from 115,The yen has risen by 33%.

　　对照一下，目前美元/日元90左右的价格，只不过才回到2010年上半年时的价位。

Comparison of them,At present about 90 dollar/yen price,Just returned to the price in the first half of 2010.

　　对另一主要货币欧元，日元这五年来的升值幅度更是惊人。在2007年，欧元/日元“横亘”于160～170之间，但从2009年开始，欧元/日元自170高台跳水，到2012年年中已跌至95左右，四年间日元对欧元升值了44%。不过，最近六个月内，在日本量化宽松的政策刺激下，日元快速单边贬值，欧元/日元已回到122左右。

To another main currency,The yen this five years of appreciation is breathtaking.In 2007,Euro/yen"which"In between 160-170,But since 2009,The euro/yen high diving since 170,By the middle of 2012 has fallen to around 95,Four years the yen down against the euro has risen 44%.but,Within the past 6 months,In Japan's quantitative easing policy stimulation,The yen fast unilateral devaluation,The euro/yen has returned to around 122.

　　无论对欧元还是美元，通观次贷危机、欧债危机以来日元的升值路，伴随的并非是日本经济的强大，很多经济学家的观点认为，是日元避险价值的发挥及美国先行宽松的叠加效果所致。

No matter the euro or dollars,Judging by the subprime crisis/Since the European debt crisis yen appreciation way,As the Japanese economy is not strong,Many economists view,The yen's hedge value play and the United States first loose caused by superposition effect.

　　当前的日元走势似乎正被政府态度牵着鼻子走。目前来看，日本政府携手日本央行推动日元进一步贬值的预期依然没有改变。日本央行行长白川方明近日表示，“日本央行采取强有力的货币宽松举措，将对抗通缩视为其最大任务”。他还给出了时间表，今明两年的政策立场已明确。

The current yen trend seems to be being government attitude to the nose.So far,The Japanese government to promote the bank of Japan yen further depreciation of the expected still has not changed.The bank of Japan governor BaiChuan FangMing said recently,"The bank of Japan to take strong currency loose move,To fight deflation as its biggest task".He also gives a schedule,In the next two years of policy stance has clearly.

　　价格战“风雨欲来”

Price war"Storm to"

　　不过，日本政府推动日元贬值的政治干预行为引起世界上其他国家的担忧，怕“货币战争”由此绵延引爆。德国总理默克尔担忧，会有其他央行效仿货币贬值。

but,The Japanese government to promote the weak yen political intervention cause other countries around the world concern,Afraid of"Currency war"Thus for detonating.German chancellor Angela merkel concerns,There will be other central Banks to follow currency devaluation.

　　其实，所谓竞相货币贬值的“货币战争”最根本的目的就是价格战，让本国的商品在汇率贬值的情况下具备相对的价格优势。

In fact,The race to the devaluation"Currency war"The most fundamental purpose is to price war,Let their goods in exchange rate depreciation of the cases have relative price advantage.

　　日本财务省最新发布的报告显示，日本贸易赤字连续两年增长，2012年的贸易赤字达到创纪录的6.39万亿日元(约合776亿美元)，同比大幅增长170%。其中，日本对欧盟出口去年下滑近15%，产生1397亿日元(15.6亿美元)贸易赤字；对中国大约有3.53万亿日元(395亿美元)贸易赤字；不过，日本对北美尤其是美国的出口额增长12%，实现4.9万亿日元(548亿美元)盈余。

Japan's finance ministry new report shows,Japan's trade deficit for two consecutive years of growth,2012 years of trade deficit reached a record 6.39 trillion yen(Us $77.6 billion),170% year-on-year growth.the,Japan exports to Europe last year nearly 15% decline,Produce 139.7 billion yen(1.56 billion dollars)Trade deficit;There are about 3.53 trillion yen in China(39.5 billion dollars)Trade deficit;but,Japan to North America, especially the United States exports increased by 12%,Achieve 4.9 trillion yen(54.8 billion dollars)surplus.

　　法新社评论称：“这项黯淡数据意味着安倍晋三政府面临着巨大挑战。”

AFP commentary:"The dark data means, shinzo Abe, the government is facing the huge challenge."

　　虽然面临指责，巨大的贸易赤字也许会坚定日本进行量化宽松促进汇率贬值的决心。

Even in the face of accused,Huge trade deficit may firm Japan quantitative easing promote depreciation of the real exchange rate determination.

　　不过，日元贬值已经引起韩国的关注，这可能会给这个国家的出口企业带来竞争压力。

but,The weak yen has attracted the attention of South Korea,This may give the country's export enterprise to bring the pressure of competition.

　　韩国金融投资业和贸易协会的消息称，去年韩国和日本50大出口项目中，有26个项目重叠，其中主力出口项目包括石化产品、轿车、货车、电子集成电路等。韩国的媒体发表文章称，韩日出口竞争日益激烈的情况下，“受日元走软韩元走强影响，韩国部分出口企业可能受到不利影响”。

South Korean financial investment business and trade association news said,Last year, South Korea and Japan fifty largest export projects,There are 26 project overlap,The main export items including petrochemical products/car/truck/Electronic integrated circuit, etc.South Korean media published the article says,South Korea export increasingly competitive circumstances,"The yen's weakness won going strong influence,South Korea part export enterprise may suffer adverse effect".

　　日本财务大臣麻生太郎对于外界的指责进行辩护，他说日本宽松的货币政策与操纵汇率无关，不能接受默克尔的批评。他称日本央行的目的是为了对抗通缩，并非操纵汇率。

Japan's finance minister taro aso to outside of the accused to defend,He said Japan's loose monetary policy and control rate has nothing to do,Can't accept the criticism of Angela merkel.He says the bank of Japan's purpose is to fight deflation,Currency manipulation is not.

　　央行副行长易纲日前在接受新华社采访时也表示，对于日本政府推出的极为宽松的货币政策，中国会密切观察这个政策的外溢效应。 .

Yi gang, vice governor of the central bank recently in an interview with xinhua news agency also said,For the Japanese government launched very loose monetary policy,China will closely observe the policy spillover effect. .