虽然日本的债券市场在自由化进程上取得了一些进展,但依然存在着市场结构不完善的问题。加上货币政策和汇率波动等因素,导致了日本债券市场的非居民参与程度不高,进而影响了其国际化水平。日本在完善债券市场、扩大债券市场开放度、调整汇率政策等方面的经验,对于中国利用债券市场提高人民币的国际化水平具有一定的借鉴意义。 Although some progress has been made in the process of liberalization in Japan’s bond market, the problem of imperfect market structure still exists. Coupled with monetary policy and exchange rate fluctuations and other factors, resulting in the non-residents of the Japanese bond market, the degree of participation is not high, thus affecting its international level. Japan’s experience in improving the bond market, expanding the openness of the bond market and adjusting the exchange rate policy have some reference to China’s use of the bond market to raise the internationalization of the renminbi.