1 945,360 yen to1US dollar, which is the lowest exchange rate of Japanese yen agreed by the US military, and this exchange rate will remain unchanged for 26 years. 1947 Japan's domestic wholesale price index was 48 times higher than before the war. 1948, the index rose to 128 times. From 65438 to 0949, the New China was proclaimed, and the American economic policy in Asia began to adjust, continuing to support the Japanese government's low exchange rate policy of converting Japanese yen into US dollars. The low exchange rate of the yen is not entirely based on the exchange rate of $35 1 ounce of gold, but also a strategic consideration for the United States to support Japan's rejuvenation and balance the economic and political forces in Asia after the war. The low exchange rate policy of the yen soon saw the effect. 1950 Japan's economy began to recover, and 1975 developed into the first country in Asia and the second strongest country in the world, which took only 25 years.

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The exchange rate of Japanese currency against other countries' currencies is called the yen exchange rate. Because of the different names and values of currencies in the world, one country's currency should set an exchange rate for other countries' currencies, that is, the exchange rate.

1998 was the most difficult year for Japan's economic situation. The economic growth rate dropped to -5.3% in the first quarter and to -3.3% in the second quarter, and the bank's bad debts were serious. At the same time, the financial turmoil in Southeast Asia has had a great impact on Japan's overseas export market and investment market, and the Japanese government is helpless about the economic recession, and the frequent economic policies have no effect. People's dissatisfaction triggered the resignation of Hashimoto's cabinet. Since the end of August, the yen has rebounded sharply, because the economic growth of the United States has slowed down and the trade between the United States and Japan has further expanded, which led to the yen rebounding to the price of 1 14.33 in just two months (futures depreciated to 1 yen: 0.6807 cents at the end of August).

Generally speaking, when the economy is in a sharp recession, the yen will always plummet (depreciate), and it is easily affected by the financial turmoil in Asia and other parts of the world. However, the appreciation of the yen is often not closely related to economic fundamentals. Usually, when the yen appreciates, Japan's economy is not ideal, and it has just bottomed out. The appreciation of the yen is large, usually exceeding 10% at a time, which is closely related to Japan's economic characteristics and the international money market. In addition, Japan generally returns to around 1: 120 yen (about 1 yen: 0.83 cents) after each fluctuation, mainly because the economic strength of major European countries such as Japan and the United States has not changed significantly since the 1980s. Therefore, in the medium term, the yen usually returns to the long-term equilibrium price after another period of fluctuation. 、

Faced with the continuous appreciation of the yen this year, the Japanese authorities have long felt uneasy. As early as February, when the G20 Finance Ministers and Central Bank Governors Summit was held in Shanghai, Japanese Finance Minister Taro Aso talked with the United States and other countries about whether the Japanese government could intervene in the yen exchange rate, which was rejected. He was asked to pay more attention to Japan's structural reform instead of just trying to depress the yen to stimulate exports. However, after the central bank decided not to move on the 28th, Finance Minister Taro Aso said that "there is obvious unilateral speculation, which is very worrying, and measures will be taken when necessary", and hinted that Japan would intervene in the exchange rate when necessary.