In some cases, currencies move in the same direction as monetary policy – for example, when the yen dropped in response to the Bank of Japan’s 2013 quantitative easing. But in other cases the opposite happens, for example when the euro and the pound both strengthened after their central banks began quantitative easing.
最后，广泛认为的货币政策和货币估值之间的相关关系在实证中并不存在。在一些例子中，货币与货币政策同向变动——比如，当日本银行2013年推出量化宽松时，日元应声贬值。但在其他一些例子中情况正好相反，比如，当欧洲和英国央行开始量化宽松时，欧元和英镑都出现了升值。