It has also pressured other East Asian countries to under-value their exchange rates in order to remain competitive with Japan. Given China’s under-valued currency, East Asia’s two largest economies have thus anchored down exchange rates throughout the region, thereby increasing the region’s trade surplus at the expense of jobs and growth in the rest of the global economy.
日元兑美元的贬值带来了美国对日贸易持续庞大的赤字。它还迫使东亚其他国家压低它们的汇率以保持对日本的竞争力。考虑到中国被低估的货币，东亚的两大经济体由此压低了整个地区的汇率，在加大了该地区贸易顺差的同时，也使全球其他经济体付出了失业和经济增长缓慢的代价。