Trend of Japanese yen exchange rate since 1973: 1973 After the floating exchange rate system was implemented, the exchange rate of Japanese yen against the US dollar showed an appreciation trend as a whole, but there was often a big fluctuation in the middle. 1973 is about 1 USD =266 yen at the beginning; 1978 rose sharply to 1 USD = 195 yen in late trading; At the beginning of 1980, it depreciated to 1 USD =250 yen and 1980 yen. Following the Plaza Accord 1985 in September and louvre accord 1986 in February, the yen rose by about 33% in more than a year, and at the end of April, 1987 was USD 1 = 140 yen. From 1987 to 1995, the yen exchange rate has been appreciating. April of 1995 was 1 USD =79 yen, setting a record for the exchange rate of Japanese yen against USD. From the middle of 1995, the exchange rate of the Japanese yen turned from rising to falling, and in June of 1998 it fell to 1 USD = 145 yen. 1999 yen appreciated to 1 USD = 102 yen, and in 2000 and 2006, 5438+0 yen slightly depreciated. In May 2003, the yen exchange rate was 1 USD: 1 15 yen. Since 1973, the general trend of the yen exchange rate has been fluctuating appreciation. Comprehensive analysis shows that conventional factors such as purchasing power parity, interest rate, expectation and government policy are important reasons for determining the exchange rate trend. In the long-term appreciation of the yen, especially since 1985, the exchange rate policies of the United States and Japan are the most important factors leading to the appreciation of the yen, and conventional factors such as purchasing power parity and interest rate also play a certain role. Because the United States is at the center of the international monetary system, there is a close interdependence between the United States and Japan, the two largest economies in the world, and Japan is more dependent on the United States, which makes American monetary policy have a greater impact on the yen exchange rate.