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日本长期以来一直将日元升值看成经济恢复的重大风险，而将日元贬值作为经济恢 复的重要手段。这种根深蒂固的“日元贬值有利论”的产生，与20世纪70年代至90年代中期 持续的日元升值，以及90年代以来日本经济的持续低迷有关。同时，日本政府的各项经济对 策失效，也使日本倾向于利用汇率杠杆调节经济。而从经济因素分析来看，则与“初期条件 ”和“转嫁率”有关。尽管日本偏好日元贬值，但是日元贬值在日本经济中的实际作用并非 如理论分析的那样 ，日元贬值未必使出口扩大、进口减少。在日本经济的变动中，也并不存在日元贬值导致经 济恢复、日元升值导致经济恶化的明显的对应关系。近期日元贬值的主要原因是日本经济基 本面的恶化，日本政府的放纵只是起了推波助澜的作用。
Japan has long viewed the appreciation of the yen as a significant risk to economic recovery, while using the devaluation of the yen as an important means of economic recovery. This ingrained “favorable yen devaluation” has its roots in the sustained appreciation of the yen from the 1970s to the mid-1990s and the continued downturn in Japan’s economy since the 1990s. In the meantime, the ineffectiveness of various economic measures by the Japanese government also made Japan tend to use the exchange rate lever to adjust its economy. From an economic factor analysis, it is related to “initial conditions” and “pass rate.” Although Japan prefers the devaluation of the yen, the actual role of the devaluation of the yen in Japan’s economy is not as theoretically analyzed. Depreciation of the yen does not necessarily result in an increase in exports and a decrease in imports. In the changes in Japan’s economy, there is no obvious corresponding relationship between the devaluation of the yen leading to economic recovery and the worsening of the yen caused by the appreciation of the yen. The main reason for the recent devaluation of the yen is the deterioration of Japan’s economic fundamentals, and the indulgence of the Japanese government only contributed to this.