The exchange rate of the Japanese yen against the US dollar has always been a cycle of several years, showing a trend of continuous appreciation of the Japanese yen, and the appreciation of the Japanese yen has doubled every cycle.

For example, from 197 1 to 1978, the yen exchange rate rose from 1 to 360 yen to 180 yen;

From 1985 to 1989, the yen exchange rate rose from 1 USD to 240 yen to 120 yen;

From 1990 to 1995, the yen exchange rate rose from 1 USD to 160 yen to 80 yen?

Judging from the changing history of the yen market, the yen has experienced two sharp appreciation since the 1980s. The first time was from the Plaza Agreement of1September 1985 to the beginning of 1988. At that time, the huge balance of payments deficit in the United States required the yen to appreciate. According to the Plaza Agreement, which pushed up the yen, 1 May 1986, the exchange rate of the yen against the US dollar rose from 1 US dollar to 240 yen before the agreement to1US dollar to 160 yen. Because the Reagan administration of the United States insisted that the appreciation of the yen was still not in place, it continued to push up the yen through oral intervention and other forms. In this way, by the beginning of 1988, the exchange rate of the yen against the US dollar had further increased to 1 USD pair 120 yen, which was just twice the exchange rate before the Plaza Agreement. The second time is from 1.993 to 1.995. At that time, the finance minister Bates of the Clinton administration made it clear that in order to correct the trade imbalance between Japan and the United States, the yen needed to appreciate by about 20%. At that time, the yen exchange rate was about 1 USD 120 yen. Therefore, according to the U.S. government's induced target, the yen market rose rapidly to 1 USD 100 yen. Later, due to the Clinton administration's tough attitude towards Japan-US economic relations centered on automobile friction, it reached 65,438+. The exchange rate of the Japanese yen rose sharply to 1 US dollar against 79 yen, a record high. The domestic "favorable theory of yen depreciation" advocates that the yen exchange rate should be maintained at 1 USD 160 yen, because in June, "Gong Ze Baker (Japanese and American finance ministers) 1.986. At one time, it was thought that at the price of 1 USD 160 yen, the adjustment of the yen exchange rate had been put in place, and the appreciation of the yen over 160 yen was caused by the Japanese government's ineffective diplomacy with the United States.