Internationalization Of The Japanese Yen

Currency internationalization process is the formation of the InternationalMonetary. The internationalization of a country’s currency is the embodiment of thecountry’s economy and overall national strength as an important part of the worldeconomy, affecting the development of world economy. Since Japan’s economy togrow and develop and become the world’s second largest economy in the process ofinternationalization of the yen kept moving forward. However, lack of confidence andadequate policy guidance for the development of internationalization of the yenbecause the Japanese government, the internationalization of the yen has always beenslow to develop. After the Asian financial crisis, the Japanese government started toincrease to promote the internationalization of the yen, which also makes theinternationalization of the yen showing a more obvious stage characteristics.Internationalization of the yen in the different stages of economic development hasdifferent characteristics. In the late1970s, Japan was under U.S. pressure, the processbegan to capital account convertibility. Internationalization of the yen and the financialcapital market liberalization synchronization rapid development, the liberalization ofthe Euro-yen market and the Tokyo offshore market. In its economic heyday, thedemand for yen in the World Trade substantial increase in the yen’s internationalizationprocess is a natural development. However, after the Japanese economic recession, theJapanese government began to actively promote the process of internationalization ofthe yen, with the yen internationalization process driven by the domestic financialreform, and changed the characteristics of the dual structure of the Japanese economy,thereby improving the efficiency of the financial industry.But the world economicstructure due to the rapid economic development in Asia and gradually change the yeninto the east or west of the problem.This article is divided into a total of three parts.The first part is the introduction and economic theory. Description of theeconomic theory, we can know why a country’s currency international currencyinternationalization of the country’s economy has a catalytic role. And currency internationalization is the embodiment of a country’s comprehensive national strength.Through the start of the internationalization of the yen in the second part of theprocess of analysis of the status quo for the last part of the lay the foundation. Theinternationalization of the yen after the collapse of the Bretton Woods system, due toJapan’s rapid economic development, Order to transfer the economic pressure, theappreciation of the requirements, the beginning of the internationalization of the yenagainst the yen. Then the internationalization of the yen and the rapid development ofthe negative treatment of the Japanese government, domestic financial markets are notperfect and so the factors that hinder the development of the internationalization of theyen. When the Japanese government began to change the attitude of theinternationalization of the yen, the internationalization of the yen has lost the best time,the Japanese economy into a recession phase. The rise of China kept the yen changemore difficult to become Asian currencies.The third part is the full text of the focus. Through the above described andanalyzed. Summed up the yen internationalization of the reasons for the failure:①Japanese Yen can not get rid of the dependence of the dollar;②Japanese authoritiesmonetary policy by the U.S. influence;③The yen internationalization process has notbeen effective in promoting;④Japanese foreign trade restrictions. China’sdevelopment and stability of RMB yuan gradually gained the trust of its neighboringcountries, the development of the internationalization of the RMB are constantlymoving forward. The development of the internationalization of the RMB should learnfrom the lessons learned in the process of internationalization of the yen, thetransformation of economic development structure, and constantly deepen theeconomic and financial system, the progressive liberalization of domestic capital andfinancial markets, the development of currency exchange rate system to improvecompliance with international policy coordination.