90-year exchange rate of Japanese yen against RMB

The spring of 2022 was called "the spring of rising prices" by the Japanese, and there was a rare price increase in Japan, which suffered from deflation for many years.

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The ongoing Ukrainian crisis has continuously pushed up the price of raw materials imported from Japan. At the same time, the Japanese yen exchange rate fell by 1 1% for two months, and once fell to 129 yen 1 US dollar on April 20th, refreshing the lowest level since 2002. On the same day, the exchange rate of the Japanese yen against the RMB also fell below the mark of 1 RMB against 20 yen, hitting a new low of nearly 7 years.

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In the past, the depreciation of the yen was usually regarded as a positive signal of economic growth, but now it has evolved into a "vicious depreciation of the yen" that was caught off guard. Under the dual effects of high raw material prices and the depreciation of the yen, the costs of Japanese paper, food and other industries soared.

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Inoue, a full-time wife living in Chiba Prefecture, Japan's capital circle, recently visited the supermarket and found that since April, cooking oil, flour, mayonnaise and even diapers have all increased in price. Many foods have increased in price in the second round after last autumn, and imported meat is expected to be more expensive.

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Inoue told the newspaper: "For decades, income and prices have fallen into a vicious circle of common stagnation. Now the income has not changed. Although the price of food has not increased much, it is still very worrying. "

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The anxiety of the Japanese government is rising. Recently, Finance Minister Suzuki Shunichi said at the Senate meeting that the yen is rapidly depreciating, which will have a strong negative impact on the current economic situation. Bank of Japan Governor Haruhiko Kuroda said on April 25th that the yen had fallen sharply, but he insisted on a loose monetary policy.

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In the face of the fall of the yen exchange rate, are the Japanese government and central bank laissez-faire or helpless?

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The reason for the price increase

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On the evening of April 26th, local time, Japanese Prime Minister kishida fumio held a press conference, and finalized 6.2 trillion yen (about 3 179 billion yuan) of emergency measures to deal with rising prices, including distributing 50,000 yen to low-income families with children and extending the period of subsidies to refiners.

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Since the outbreak of the Russian-Ukrainian crisis, global commodities have risen sharply, while Japan's energy and food are highly dependent on overseas imports, and the price of crude oil has risen, which in turn has led to an increase in electricity and gas bills. Inoue said that the electricity bill for their family of four in March was about 8,400 yen, an increase of at least 30% compared with last March. "Electricity prices remain high and food prices are also rising. If it continues, it will cause a great burden on family income and expenditure. "

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The national consumer price index in March announced by the Japanese Ministry of Internal Affairs and Communications on April 22nd rose by 0.8% compared with the same period of last year, hitting a four-month high of/kloc-0. Among them, the increase in energy prices reached the highest level since 198 1. This year, many Japanese power companies declared bankruptcy because of high electricity prices, and many shopping malls turned off the power supply of electrical display samples in order to save electricity.

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To make matters worse, the sharp depreciation of the yen has amplified the impact of rising international commodity prices on the Japanese economy.

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At the beginning of kishida fumio's coming to power in June 5438+ 10 last year, the acting representative of the National Democratic Party of Japan, Geng Ping Otsuka, put forward at the Senate meeting: "The real effective exchange rate of the yen has dropped to the level of 1970 in the first half of the year .. What do you think (Prime Minister)? "At that time, kishida fumio avoided answering, and then held a cabinet meeting to discuss the countermeasures of higher crude oil prices, and the pressure of yen depreciation began to appear.

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In Japanese economic circles, the exchange rate of 125 yen to 1 US dollar has always been regarded as the tolerable lower limit of depreciation. This statement comes from Bank of Japan Governor Haruhiko Kuroda, so it is called "Kuroda defense line". Since the beginning of this year, the yen exchange rate has been falling all the way, the aura of "safe haven assets" has gradually faded, and the "Kuroda defense line" has also been broken.

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In the view of the Bank of Japan and the government, adhering to the "moderate" depreciation of the yen will help strengthen Japan's foreign exports and push up Japan's inflation. However, the exchange rate has fallen so fast that they don't want to see it, but they are "involuntarily".

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Zhang Yulai, vice president of the Institute of Japanese Studies at Nankai University, told the newspaper that the sharp depreciation of the yen was partly due to external factors. Last month, the United States withdrew from the easing policy and stepped into the interest rate hike channel, forming a spread between Japan and the United States and attracting international capital to the United States. In addition, under the background of the conflict between Russia and Ukraine, the United States was favored by the capital market after it made it clear that it would not intervene in the conflict, and its financial dominance was reconfirmed in the process of economic sanctions against Russia, which changed the trend of "buying yen in turbulent times" in the international capital market.

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"The American economy is very strong. I hope to restore price stability. " At the press conference on March 16, Federal Reserve Chairman Powell announced that he would change the policy since the epidemic, raise interest rates by 0.25%, and start the quantitative austerity policy. Economies worried about capital outflow followed suit, and interest rates in most countries in Europe and America turned positive. At this time, the Bank of Japan adhered to a loose monetary policy, increased its efforts to purchase bonds, and kept the long-term interest rate at zero.

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According to Kyodo News, Haruhiko Kuroda said in a speech at Columbia University on April 22 that the price increase in Japan is temporary, and a strong monetary easing policy must be adhered to in order to achieve economic recovery. He didn't say a word about the devaluation of the yen, which was widely concerned by the outside world.

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The Bank of Japan and the government are in a passive position in this round of yen depreciation, and the fundamental reason lies in the Japanese economy itself.

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Dilemma of yen depreciation

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Born in Inoue at the end of Showa, he grew up in the background of the bursting of Japan's bubble economy and the Asian financial crisis. "Many people are afraid of the appreciation of the yen. Once appreciation means recession, the stock market will also fall, so they will habitually think that depreciation is irrelevant and more favorable, but now the situation is different. "

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Japan has been trying to get rid of deflation for nearly 20 years. In the spring of 20 13, Haruhiko Kuroda became the governor of the Bank of Japan, and joined hands with the then Abe government to propose to achieve the inflation target of 2% within two years and implement the "super quantitative easing" policy. In Kuroda's view, it is difficult to change the situation of Japan's sustained economic depression without raising prices.

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By adopting large-scale monetary stimulus measures, Haruhiko Kuroda pushed the yen to depreciate sharply and helped Abenomics, hoping to increase corporate profits, expand employment and business scale, further stimulate consumption and increase domestic demand. However, the Japanese consumer price index shows that the ultra-loose monetary policy, as the first arrow of "Abenomics", has only achieved weak results in the first year of its launch, but it is weak in stimulating domestic demand.

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Nine years later, the inflation target of 2% has never been achieved, but Kuroda's position of "weak yen" is hard to shake. Reuters quoted a source as saying that Haruhiko Kuroda will not change his monetary policy until the end of his term in April next year to safeguard his political legacy. However, he is weakening day by day, especially the continuous depreciation of the yen, which has attracted many questions.

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At this time, Shinzo Abe stood up for Kuroda's "platform" and also defended "Abenomics". According to the Japan Broadcasting Association (NHK), Abe said on April 25 that the impact of the current yen depreciation on the economy is not worrying. "Japan's industrial export capacity is very strong. If foreign tourists resume entry, the depreciation of the yen is undoubtedly a positive environment for Japan. "

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Undeniably, after Japan's bubble economy burst, there were indeed two favorable yen devaluations, which occurred in 2002 and 20 12 respectively. However, with the changes of the times, the transformation of Japan's economic structure has made the yen depreciate negatively.

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Zhang Yulai pointed out that with Japanese companies marching overseas, overseas equipment investment even exceeds the scale of domestic equipment investment, and the economic structure has turned to the mode of "investing in creditor countries". This structure leads to the rapid decline of Japan's economic (domestic) competitiveness, and the "total factor productivity" reflecting technological innovation and the domestic added value of Japan's exports are both declining.

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At present, the signals released by the Japanese government and the central bank on the issue of yen depreciation are ambiguous.

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According to the Nihon Keizai Shimbun, Japanese Finance Minister Suzuki Shunichi said on April 26th that the rapid fluctuation of the exchange rate is not desirable, and he will pay close attention to the exchange rate movements. Although Kuroda admitted that "the rapid depreciation of the yen is negative", he insisted that "the depreciation of the yen is beneficial to the overall economy". Such a statement prompted the market to decide that Japanese officials would not take action to deal with the depreciation of the yen, leading to a vicious circle of further selling of the yen.

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Japanese financial circles are increasingly worried. For the Kishida government, the Senate election is just around the corner, and the weakness of the yen has become a political hot spot that cannot be ignored.

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The "damage" of Japanese economy

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At the end of March this year, the Governor of the Bank of Japan and the Prime Minister held talks five months later. After the talks, Haruhiko Kuroda was surrounded by reporters at the Prime Minister's residence. According to NHK's video report, when asked about the depreciation of the yen, he replied: "Our (Bank of Japan) real-time financial adjustment has no direct impact on the exchange rate." Another reporter asked whether the Prime Minister had asked for devaluation. Kuroda said, "There are no special requirements."

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Japanese media reports pointed out that Kuroda explicitly denied that the Bank of Japan was responsible for the depreciation of the yen, but kicked the ball to the Kishida government.

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It is true that the Bank of Japan's withdrawal from the loose monetary policy by raising interest rates is one of the options to curb the depreciation of the yen, but it will cause a greater financial burden on the government and "cool down" the economy. In the past two years, Japan has expanded its fiscal expenditure and increased the issuance of national debt for the sake of epidemic prevention. According to the data released by the Ministry of Finance in February, at the end of 2002 12 18 trillion yen, and the per capita national debt was about 97 1 billion yen.

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At this time, the Bank of Japan did not consider raising interest rates at all, and was still working to curb the rise of long-term interest rates. According to NHK, the Bank of Japan purchased more than 2 trillion yen of government bonds from April 2 1 day to April 26. As of April 26, the long-term interest rate is still hovering near the upper limit that the central bank can tolerate, and there has not been a significant decline.

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The Bank of Japan held a financial policy decision-making meeting on April 27-28, and policymakers were divided on accepting or resisting the yen's decline. People are generally worried about whether the large-scale financial easing policy will change. Bloomberg quoted economists as saying on the 27th that the possibility of maintaining the status quo is 90%.

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"Now the depreciation of the yen is very bad, which is not good for the Japanese economy." Fu, head of the Japan Chamber of Commerce and Industry, said at the press conference on April 2 1 that he hoped the government would analyze the impact of the depreciation of the yen and consider countermeasures. More than half of small and medium-sized enterprises think that depreciation is unfavorable to their operation. If the enterprise can't transfer the "imported inflation" to the sales price, it will hurt the enterprise's own profits.

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"Nihon Keizai Shimbun" reported that rising prices have intensified the dissatisfaction of Japanese enterprises and nationals, and with the approaching Senate election this summer, the Kishida government has a strong sense of political crisis. On April 26th, kishida fumio said that the government should consider the economic policy of stabilizing the exchange rate.

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In response to the depreciation of the yen, the Japanese government sold its dollars, and the "foreign exchange intervention" to buy yen was a means, but the premise was to coordinate with the United States. Looking back at the depreciation cycle of the yen from 1995 to 1998, the Bank of Japan intervened heavily to buy the yen in the later period, which failed to recover the decline. Finally, the depreciation of the yen stopped with the help of the United States.

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Now that the United States is fighting against high inflation through monetary tightening, it is difficult to help Japan. According to Japanese private television station TBS, Suzuki Shunichi and US Treasury Secretary Yellen communicated on April 22nd about the exchange rate between Japan and the United States, and Japanese government officials said that the United States was actively discussing the situation. However, the report said that it may be difficult for the US government to agree to buy yen to intervene, because this will depress the exchange rate of the US dollar and accelerate the rise of domestic inflation in the United States.

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Before the further depreciation of the yen, whether the Japanese government can win the understanding of the United States has also become a major focus. Professor Kensuke Ito of Gakuen University in Japan wrote on the 24th that the strength of the yen has fallen to less than half of the peak level of 1995, which is not only the depreciation of the exchange rate, but more importantly, deflation has made Japan's prices and wages lower than those of other countries, resulting in "the purchasing power of the yen has declined, so has the purchasing power of our wages, and Japan has become poor".

"，" force_purephv":"0 "，" gnid":"9a92d49a85a7 1780b "，" img_data":[{"flag":2，" img":[]}]，" original":0，" pat":"mass_leader，art_src_ 1， Fts0, sts0 ","powerby":"cache ","pub _ time ":1651069877000," pure "Title:" Japan is facing a spring of rising prices ":the real exchange rate of the yen plummeted to 50 years ago. What is the central parity of 1990 yen against RMB? -:According to the bank's foreign exchange information database, the starting date of the inquiry is1994 September 0 1, and now it is impossible to inquire the foreign exchange rate of 1990. 1994/09/0 1 the exchange rate of Japanese yen against RMB is 1 Japanese yen =0.0859 yuan.

1989 and 1990, what's the exchange rate of Japanese yen against RMB? At that time, 1 10000 yen was equal to? : 1990 100 yen was almost 3.32 yuan at that time, so 1 10000 was almost 3,300 yuan.

In the mid-1980s and mid-1990s, when the exchange rate accelerated, what were the yen index and GDP respectively? In the mid-1980s and mid-1990s when the exchange rate accelerated, the yen index rose from 95 points and 105 points to 123 points and 148 points respectively, and the GDP growth rate dropped from 6.7% and 8.7% to 2.2% and 0.9%.

How to exchange Japanese yen at the bank? Japanese yen should be convertible by most banks in China. Generally go to China Bank, and China Bank is a bank specializing in foreign currency in China. If a currency cannot be exchanged in a bank in China, neither can other banks. ....

What's the exchange rate between Japanese yen and RMB? Japanese yen and RMB can't be exchanged directly, but only into US dollars. According to the closing price of China foreign exchange market the day before yesterday, it was 1 USD = 7.0856 RMB. According to the market at 4 o'clock this afternoon, it is 1 USD = 99.26 yen. According to the conversion, it is 1 RMB = 14.0087 yen.

1995 What was the exchange rate of Japanese yen against RMB in 1996? Or how much was 100 yen at that time? : exchange rate of Japanese yen against US dollar1average price of 94.03 in 995; 1996 average price108.721from June 1995 to June 2005, the RMB was pegged to the US dollar. After June 1995, the RMB exchange rate was pegged to the US dollar, and the nominal exchange rate of RMB against the US dollar fluctuated between 8.25 yuan and 8.33 yuan, with an average of 8.27 yuan. 1996 is about 7.59 RMB.

1990 What's the exchange rate between RMB and Japanese yen? -Hello, we can't find the approximate exchange rate trend of Japanese yen at 1990. From 1985 to 1989, the yen exchange rate rose from 1 to 120. From 1990 to 1995, the yen exchange rate rose from 1 USD to 160 yen to 80 yen. In June of 1998, it fell to 1 USD = 145 yen. I hope I can help you.

The exchange rate of the Japanese yen against the US dollar in the 1990s-:The days after the 1990s should be where they are now, not like this.

1990 yen. How much RMB? -:Today, the exchange rate of RMB against Japanese yen is 1 RMB = 12.9676 yen 1990.0 RMB (CNY)=25654.027 1+0 yen.

1990 yen How much RMB-:Hello! The selling price of Japanese yen is 6.7986 yen 1990, equivalent to RMB 135+04.