Introduction
Looking back at Japan’s history, the country experienced sharp appreciations
of the yen twice after World War II, the first followed by hyperinflation and
the second by the “economic bubble.” After the economic bubble in the late
1980s, Japan underwent a long recession, the so-called “lost decade.”
Many Chinese economists are worried that if the renminbi were sharply
appreciated for a very short period of time, the PRC might follow the same
path of recession that Japan experienced in the past. Local Chinese people
say, “一些経済学者認為中国人民幣如果迅速昇値、会重走日本経済不景”. [“Some economists are worried that if renminbi sharply
appreciates, PRC economy might follow the same old path of stagnation as
Japan experienced in the past.”]
To avoid such a path, can the PRC learn any lessons from Japan’s
experiences?
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The views expressed in this paper are the views of the authors and do not necessarily reflect the views or policies of the Asian Development Bank Institute (ADBI), the Asian Development Bank (ADB), its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms.
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