For China, the impact on the real economy is more complicated. Because Japan, as a big exporter, some of its export commodities are produced and sold outside Japan (such as China), the rigid demand for some Japanese products may increase the export volume of OEM countries, thus amplifying China's trade surplus. In addition, the trade between China and China may also change. Before the earthquake, Japan had a surplus, but after the earthquake, manufacturers who suffered losses in a short time could not start work. Even manufacturers who have not suffered losses may urgently mobilize resources for domestic disaster relief production, and exports will definitely decline, thus increasing the demand for Japanese consumer goods. Therefore, Japan will run a deficit with China, further amplifying China's net exports.

2. In the financial market, Japan (* * and enterprises) will definitely sell foreign creditor's rights (such as US Treasury bonds) and mobilize funds for domestic disaster relief, so the yen exchange rate may rise. In the expectation of the yen's rise, those funds that arbitrage internationally with low interest yen are eager to withdraw their funds to repay the yen loans that will appreciate, which will further push up the yen. It is hard to say whether the appreciation of the yen will increase China's export advantage, because as mentioned just now, Japan has shifted the production of some labor-intensive or resource-intensive commodities, and the appreciation of the local currency may not have much impact on the exports of other countries such as China. However, the appreciation of the yen means the depreciation of the US dollar, which will increase the pressure on China to hold US Treasury bonds. However, there is no clear idea about how the depreciation of the US dollar affects the trend of RMB.