The reason for the sharp depreciation of the yen is: 1. The fundamental reason for the sharp depreciation of the yen is the monetary policies of Japan and the United States. Under the pressure of high inflation, the United States has continuously adopted a tight monetary policy, and the maximum interest rate hike has even reached 75 basis points. Under the background that most developed countries such as the United States and Europe have entered a new era of monetary tightening, Japan has fully implemented a very loose fiscal policy. This is because quantitative easing in Japan is very different from monetary tightening in the United States, resulting in a very low exchange rate of the yen.

2. Japan's net export volume declined; 3. As the main currency of carry trade, the volume of carry trade in Japan has increased significantly.

From an economic point of view, currency depreciation can stimulate exports. The depreciation of the yen is to improve the competitiveness of the Japanese currency, because once exports are reduced, the income of export foreign trade companies will drop sharply. In addition, the depreciation of the yen will continue to affect Japanese companies' investment in China. Affected by the epidemic, foreign-funded enterprises have been greatly affected. Therefore, the depreciation of the yen plays an important role in restraining China's external demand.

Reduce China's competitiveness in Southeast Asia: The depreciation of the yen will also lead to the depreciation of other Asian currencies. Although the RMB has appreciated in a short time, the competitiveness of China's goods in Southeast Asia has decreased. The appreciation of RMB is not only detrimental to China's exports to Asia; Moreover, due to the devaluation of the currency, the commodity price competitiveness of Southeast Asian countries has improved, which has greatly impacted China's exports outside Asia.