【摘要】 最近一段时间,在关于人民币汇率的讨论中频繁提到"广场协议"。本文简要介绍了"广场协议",结合在此前后的日本经济发展史,认为当时的日元升值是日本经济长期快速增长的必然结果,"广场协议"只是顺应市场内在要求的一个政策反映,而非升值的根本原因。日元升值虽然对日本出口、国内投资规模等产生了一定的负面影响,但同时对于当时日本产业结构提升、海外资源控制等方面也发挥了积极作用。"日元升值有害论"缺乏足够证据。更多还原

【Abstract】 Apart from introducing the Plaza Accord which is frequently referred to in recent discussions of the RMB exchange rate, this paper, in light of Japan’s economic history before and after the Accord, holds that the Plaza Accord is not a fundamental cause for yen appreciation but a policy reflection of market demands. The appreciation, instead, was a natural result of the long-term economic growth in Japan. The JPY appreciation, though imposing a negative effect on exports and domestic investment, contributed to the upgrade of industrial structure in Japan and its control of overseas resources. Therefore, the argument that JPY appreciation was harmful is not entirely valid.更多还原