After the collapse of Lehman Brothers in 2008, the rapid expansion of the money supply in the US and the UK triggered a sharp appreciation of the Japanese yen, as well as of some emerging-market currencies. In short, QE is what merits concern – not its termination.
2008年雷曼兄弟倒闭后，美国和英国的快速货币扩张触发了日元和一些新兴市场货币的急剧升值。简言之，QE，而不是退出QE，才是应该担心的东西。