On the Competition and Cooperation of Chinese RMB and Japanese Yen in East Asia Monetary Integration;

Can Japanese Yen s Depreciation Save Japan s Economy?;

Analysis of the Restrictions on Japanese Government s Efforts to Internationalize the Japanese Yen;

RMB and Yen:Rivals or Partners——30 Years of Reform and Open-up in China and New Issues in Sino-Japanese Relations;

Yen and RMB: Monetary Co-operation or Monetary Competition in the Region;

Since China and Japan are the two biggest economic entities, RMB and Yen will compete with each other in the East Asian monetary cooperation inevitably.

In the first quarter of 2004,major currencies in the global FX market maintained the momentum of 2003:a weak USD,a strong yet unstable EUR,and a rising JPY created violent fluctuations,while international gold prices continued with the upward momentum that began in 1999.

This inherent principle is inexorable as we study the evolution of JPY exchange rate policy in the past fifty years.

Reviewing the background and process for Yen appreciation,a practical test is made,by making use of the quantitative economic model,on the conclusion that a rise of Yen exchange rate results in increase of money supply in Japan.

therefore, it is predicted that yen appreciation will still exist for a long term.

Policy Effect Comparison between Strong Yen,US Dollar and its Reference;