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《Contemporary Economy of Japan》 2009-02
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A Study of Yen Carry Trade and Its Effects on Japan's Macro-economy

ZHENG Ji-chao1 LIU Qing2(1.Economics school of Anhui University,Hefei,Anhui,230039,China;2.Liberal Arts and Economics School of Hefei University of Technology,Hefei,Anhui,230009,China)  
The deflation of Japan has lead to lower nominal interest rates of Yen,which helps Japan to manage to release from deflation and to achieve economic growth.It is the interest differential between Yen and other currencies that triggeres Yen carry trade,generating higher rate of return for Japanese investors.The arbitrage position also depresses the value of Yen.However,the Yen carry trade makes Japanese economy more vulnerable to international shocks.Shrinked interest differential will drive investors to excute reverse trading by buying Yen,causing the exchange rate of Yen to appreciate dramatically and to hurt Japanese growth.
【Fund】: 合肥市科技局2008年度软课题项目“合肥市财政科技项目绩效评估体系研究”(合科软[2008]3001号)
【CateGory Index】: F131.3;F833.13;F224
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