In retrospect, it is easy to see why none of these supposed equilibrium exchange rates delivered external balance. As the yen appreciated, Japan responded not by exporting less but by improving productivity and quality control through plant and equipment investment and innovations in factory management, making possible rapid growth in exports of high-value-added products.
现在回想起来，我们很容易理解为什么所有这些假设的平衡汇率都没有带来对外贸易的平衡。面对日元的升值，日本作出的回应并不是减少出口，而是通过工厂和设备投资以及工厂管理的革新来提高生产力以及加强质量控制，使得高附加值产品的出口快速增长。