After the end of World War II, the initial conditions for the internationalization of Deutsche Mark and Japanese yen were basically the same, but the share of Deutsche Mark in the global official foreign exchange reserves rose steadily from less than 2% in 1973 to about 13% on the eve of the birth of the euro. However, the yen has been falling all the way, from 8.5% at the peak of 199 1 to 3.9% at 20 13. The author thinks that the key to the success of Deutsche Mark's internationalization lies in their different internationalization paths. Mark took an "industrial" internationalization road: Germany built a global industrial chain and related production factors trading and distribution network with strong industrial competitiveness as the core. In this network, mark is the absolute dominant payment and settlement currency. The Japanese yen has taken a "financial" internationalization road: by liberalizing capital controls, the Japanese government actively encourages domestic and foreign financial institutions to participate in financial assets transactions related to the yen and export the yen through financial channels. The historical experience of internationalization of Mark and Japanese Yen shows that simply lifting capital controls can't provide sustained and strong support for a country's currency internationalization. Strong industrial competitiveness and the control of global industrial chain and commodity and factor trading network on this basis, that is, the internationalization road of "industrial" currency, are more choices for big countries, especially the late-developing ones.