Only one fact really mattered: powerful export performance, with both countries maintaining large trade surpluses over several years and through different stages of the economic cycle. This made them appear a source of greater currency stability than the the US and Britain.
只有一个事实是真正作数的：强劲的出口表现。两国都保有巨大的贸易盈余，历经多年，并且在都经济周期的不同阶段都未改变。这使得它们显得胜过美国和英国，可以充当货币稳定性的来源。由对外盈余累积起来的资产，加上持续的强劲出口表现，似乎是两国货币的担保。不像美元和英镑，日元和德国马克靠的不是吸引外资流入。