Of course, a country’s monetary policy does affect exchange rates in the short term. But it does so only in relation to monetary policy in other relevant countries.
当然，一国货币政策确实会在短期影响汇率。但只有在与其他相关国家的货币政策有关时才会有这一效果。对于今天的日本来说，汇率与其说由本国货币扩张决定，不如说由美国转向货币紧缩决定。此前，美联储的大规模量化宽松给日元造成了升值压力。