Start Learning Forex Now: We Provide Tutorial in EN / 中文.
Forex Malaysia 马来西亚外汇

Country Profiles 国家概况: Page 5 of 10

Facebook icon

Japan

Konichiwa! Located in East Asia, Japan is an archipelago of 6,852 islands, although a majority of its land mass is accounted for by the 4 largest islands.

Despite being a relatively small country, Japan’s capital, Tokyo, is home to 36 million hard working citizens, making it the largest metropolitan area in the globe.

Also, even though Japan is densely populated, the Japanese have one of the highest standards of living, while also having the highest life expectancy in the world.

Japan is also one of the most advanced and tech-friendly countries in the world. Can you imagine a world without the karaoke, the Gameboy or a Prius? That’s right – didn’t think so.

Also, did you know that the Japanese characters that make up Japan’s name mean sun-origin, and that Japan is often referred to as the “Land of the Rising Sun”?

Japan

Japan: Facts, Figures, and Features

Japan Flag

  • Neighbors: Russia, Korea, China
  • Size: 145,925  square miles
  • Population: 126,659,683 (10th)
  • Density: 873.1 people per square mile
  • Capital City: Tokyo (population 13,189,000)
  • Head of State: Emperor Akihito
  • Head of Government: Prime Minister Yoshihiko Noda
  • Currency: Japanese Yen (JPY)
  • Main Imports: Petroleum, liquid natural gas, clothing, semiconductors, coal, audio and visual apparatus
  • Main Exports: Motor vehicles, semiconductors, iron and steel products, auto parts, Suzuki Ichiro, Sony PlayStation, Samurai swords, Mr. Miyagi
  • Imports Partners: China 21.3%, U.S. 8.8%, Australia 6.4%, Saudi Arabia 6.2%, UAE 5%, South Korea 4.6%, Qatar 4%
  • Exports Partners: China 18.1%, U.S. 17.8%, South Korea 7.7%, Thailand 5.5%, Hong Kong 5.1%
  • Time Zone: GMT +09
  • Website: http://kantei.go.jp

Economic Overview

Aside from being the video game capital of the world, Japan’s economy is ranked as the third largest as of 2011.

Since the end of World War II, Japan has been on a rampage, experiencing rapid economic growth, despite the fact that the country is mountainous and volcanic. Because of the laws of nature, this limits the growth of natural resources in Japan.

In order to make up for this lack of resources, the Japanese economy has become very export dependent, with exports amounting to more than $697 billion in 2013! Not only does it make up 14% of the country’s output, it’s also the sixth largest in the world!

Recently, Japan has been riding the cocktails of China’s massive growth. With Japan being the nearest major economy, Chinese demand has led to massive shopping sprees of Japanese products.

Not only does Japan have great food (how can you beat tempura and sushi?!), it is also home to one of the world’s biggest financial centers – Tokyo!

As you see in the movies, Japanese businessmen mean serious business! With so much money flowing in and out of Tokyo every day, traders and investors can use Japan as a proxy for what’s happening in the Far East.

Monetary & Fiscal Policy

While the Bank of Japan (BOJ) has been around since the late 1800s, only recently did the BOJ gain independence from the Ministry of Finance (MoF). It was only in 1998 that the Japanese government passed laws giving the BOJ control over monetary policy.

Take note that the Ministry of Finance still remains in charge of foreign exchange policy, which has led to tension and continuous differences between the two.

Normally, the government and the central bank are independent of each other – one should not have any influence over other. This is not the case for Japan. Even though the BOJ has gained independence from the government, there is a question of who really “wears the pants”.

The MoF has kept a watchful eye on the BOJ, pressuring it to pass policies that would help the yen hit the MoF’s foreign exchange targets. Similar to other central banks, the BOJ’s main objective is that of price stability. The ninja bankers at the BOJ make use of open market operations and interest rates changes to meet their goals.

One thing you should know about the BOJ is that for a very, very long time, they have kept rates at low levels, with the current rate sitting between 0.00% to 0.10%. Because the rate is already so low, the central bank cannot decrease the rate to stimulate growth or create liquidity.

For instance, in its efforts to fight deflation, the BOJ has whipped out its shurikens and has flooded the markets with money through unorthodox quantitative easing measures.

Quantitative easing measures are moves made by central banks in order to increase liquidity and money supply through the purchase of government securities.

This is sometimes called “printing money”, because the central bank literally creates new money from thin air in order to buy back their government securities. In theory, the increase in the money supply would lead to an increase in lending and spending.

Over the years, Japan has created liquidity in the markets by flooding the economy with various programs that let the BOJ buy or sell Japanese government bonds and bills.

Getting to Know the JPY

The yen is so hardcore that it didn’t want to be named anything else. It came into the foreign exchange market called the yen and up to now, it is still called the yen. The yen is the yen is the yen. It is also tied in currency crosses, especially against the EUR, GBP, and AUD.

Traders love me like the Japanese love their sushi.

After the USD and the EUR, the JPY is the most heavily traded currency, with USD/JPY also ranking as the 2nd most traded currency pair. Because of the role that Japan plays in international trade, there is need for the JPY in order to complete international transactions.

Are you ready for the Asian Sensation?

When investors think of Asia, they subconsciously think of Japan. With Tokyo being one of the world’s major financial centers, Japan is often representative of what’s happening in Asia.

Japan is normally a major trading partner of other Asian powers. If business is doing well in Asia, this is normally reflected by the Nikkei, the major stock exchange in Tokyo.

I’m always on the go…

With Japanese reports coming out during the Asian session, it is only natural that the yen trading is active during the Asian session (0:00 GMT).

The yen can also be active in other sessions depending on what economic data is released. This should be expected – it is part of Japanese culture, they do business around the clock!

…but I’m all for cheap thrills!

With many investors looking for the most bang for their buck, some have resorted to carry trade. With the JPY having the lowest interest rate amongst the majors, it is normally used in carry trade as a funding source.

The Japanese tend to think alike.

Japanese asset managers tend to make the same investment decisions. This leads to highly correlated positions, which means that it is likely to see trends develop.

I’m prone to breakouts…

One characteristic of yen pairs is their tendency to consolidate for quite some time, then break out in direction, then consolidate once again, then break out once again! Keep your eyes and ears ready because you never know when this might happen!

…and I have a love-hate relationship with China

With China emerging as a major power in the world, its influence on the JPY will continue to grow. If signs point to further growth in the Chinese economy, it may affect demand for the JPY.

How so?

As we’ve said, China is one of Japan’s major trading partners. Naturally, as Chinese businesses boom, they will need to order more from Japan. This in turn would increase demand for the JPY, causing it to appreciate.

Important Economic Indicators for the JPY

Gross Domestic Product – This measures the economic activity of Japan. It indicates whether the economy is red hot like lava from Mt. Fuji, or if it’s in the process of harakiri.

Tankan Surveys – These reports survey managers from a broad range of industries, questioning them on their views of the economy. Rising sentiment (scores above 0.0) indicate that Japanese businessmen expect business activity to pick up. Scores below 0.0 suggest otherwise.

Trade Balance – The Japanese economy is heavily export dependent. Falling export numbers could lead to a decline in economic activity.

Unemployment Rate – This measures the rate of unemployment in Japan. High unemployment could lead to a decline in consumer spending – how would they be able to afford their video games and anime??

Consumer Price Index (CPI) – In the past, the Bank of Japan has shown that they are not afraid to make moves to fight off deflation. If trends show that prices of samurai swords and shurikens continue to fall, it may lead to some surprise moves by the BOJ.

Core Machinery Orders – A large chunk of Japan’s exports are comprised of machinery orders. The rise or fall in core machinery orders could reflect the current status of Japanese trade.

What Moves the JPY

Investment Moves

Due to its low interest rates, the JPY has been considered as a good funding source for investments in other countries. This means that if traders and investors are scared, they will begin to unwind their positions in higher yielding assets. Once traders start unwinding these riskier positions (carry trades), they have to cover their short JPY trades by buying back the currency.

The BOJ effect

This doesn’t refer to those announced, scheduled effects. I’m talking about currency intervention! The BOJ and MoF keep special attention to the FX markets. With the Japanese economy being very export dependent, the value of the yen plays a key role in trade.

The BOJ doesn’t want the JPY to appreciate too much because it would make Japanese exports relatively more expensive. By keeping the value of the JPY lower, they can stimulate demand for Japanese products, which in turn, would benefit the economy.

Trading USD/JPY

USD/JPY is traded in amounts denominated by the base currency, the US Dollar. Standard lot sizes are 100,000 units of USD and mini lot sizes are 10,000 units. Many brokers now offer customizable lot sizes to as low as 1 unit.

The change in the pair’s value is denominated by the counter currency, the Japanese yen. Take note, for yen pairs it is the 0.01 decimal place. So, a change in value of USD/JPY from 95.00 to 95.01 is a move of 1 pip.

As with any currency pair, the change in value is denominated by the counter currency. The profit and loss is calculated in Japanese yen and then converted to the currency your account is based in. For one standard lot position size, each pip movement is worth 1,000 JPY. For one mini lot position size, each pip movement is worth 100 JPY. For example, if the current exchange rate of USD/JPY is 95.00 and you want to trade one standard lot, then one pip would equate to 10.52 USD (see our Pips and Pipettes lesson on how to calculate pip values).

Margin calculations are based in U.S. dollars. For instance, with a leverage of 100:1, 1,000 USD is what is needed to be set aside in your account to trade 100,000 USD/JPY.

USD/JPY Trading Tactics

USD/JPY tends to follow short to medium term trends, which could last a few days. If you are maintaining a swing trade, that is holding a trade for more than a day, you can try to enter on retracements.

Once price begins to consolidate, you can close your position, and wait for another trend to develop. Take note that when price breaks out, it is likely that you will see a sustained move as traders jump back in on the trend.

Another tip to remember is that Japanese industrial companies normally set their orders at round figures, like 100.00 or 90.50. You should keep track of whenever price are near these figures, as they can serve as short-term support and resistance levels.

Finally, you should also keep an eye out other yen pairs like EUR/JPY and GBP/JPY. If you see that one of these crosses is about to break a key technical level, it could unleash a fury of JPY buying or selling that will have a massive effect across the board.

Japan

日本

你好!地处东亚,日本是由6852个岛屿组成的岛国,它的主要国土由4个大岛组成。

尽管是一个相对较小的国家,日本的首都东京有3600万辛勤劳作的市民,使其成为世界上最大的大都会。

虽然日本人口稠密,但日本人拥有高品质的生活和世界最长的平均寿命。

日本也是世界上最先进,科技最发达的国家之一。你能想象没有卡拉ok、电子游戏或丰田节能环保汽车普锐斯的世界吗?没想过——那就对了。

此外,你知道“日本”的字面意思是太阳的源头,而日本常将被称作“旭日之国”吗?

日本:事实、数据和特点

邻国:俄罗斯、韩国、朝鲜、中国

面积:234,825平方英里

人口:127,368,008

人口密度:542.40人每平方英里

首都:东京(人口13,189,000)

国家元首:明仁天皇

政府首脑:首相野田佳彦

货币:日元(JPY)

主要进口:石油、液化天然气、服装、半导体、煤、影音设备

主要出口:机动车、半导体、钢铁制品、汽车配件、铃木一郎(Suzuki Ichiro)、索尼游戏机、武士刀

进口伙伴:中国22.1%、美国9.9%、澳大利亚6.5%、沙特阿拉伯5.2%、阿拉伯联合酋长国4.2%、韩国4.1%

出口伙伴:中国19.4%、美国15.7%、韩国8.1%、香港5.5%、泰国4.4%

时区:东九区

网站:http://kantei.go.jp

经济概览

除了是世界电子游戏之都,日本的经济也名列前茅,在2011年排名世界第三。

自二战结束后,日本经济经历了快速的发展。日本是一个多丘陵、多火山的国家,受自然法则影响,日本自然资源增长受限。

为了弥补资源的稀缺,日本经济主要依靠出口。2011年日本的出口总值超过了8000亿美元。该值占日本总产出的14%,在世界排名第五。

近期,日本经济受到中国经济快速增长的促进。由于日本是与中国相隔最近的主要经济体,中国的需求增加导致了对日本产品的疯狂购买。

日本不仅有好吃的食物,还有东京——世界最大的金融中心之一。

就像你在电影里看到的,日本商人做生意很严谨。每天有大量的资金在东京流入流出,交易商和投资者可以把东京作为判断在远东都发生了些什么的指示器。

货币和财政政策

日本央行建立于19世纪末期,但直到近期它才从财政部中独立出来。直到1998年,日本政府才通过由日本央行制定货币政策的法令。要注意的是外汇政策仍由财政部制定,这使得二者之间分歧不断。

通常,政府和央行相互依靠——互相影响。但在日本并不是这样的。即使日本央行从政府中独立出去了,谁掌权仍然是个问题。

日本财政部通常会紧盯日本央行,向其施压,让其通过相关政策,帮助财政部达成外汇兑换目标。同其他央行类似,日本央行的目标是保持价格稳定。日本央行中的银行家利用公开市场操作和利率变动来达成他们的目标。

关于日本央行,有一点你要知道,长时间以来,日本央行都将利率维持在较低水平,目前利率在0.00%到0.10%之间。因为利率已经很低,因此央行不能通过降低利率来刺激增长或增加流动性。

在对抗通货紧缩方面,日本央行会采取非正统的量化宽松政策向市场中注入大量资金。

量化宽松措施是指央行通过购买政府证券,增加流动性和货币供给的举措。

这有时被称为“印钱”。因为央行实际上是凭空创造了新的钱来回购政府证券。理论上来说,货币供给增加,支出增加。

多年来,日本通过各种各样的债券和票据购买计划来增加市场的流动性。

了解日元

和其它拥有众多昵称的货币相比,日元算是一个另类。它进入外汇交易市场时被称作日元,至今还是如此。它的变动也与交叉货币,特别是欧元、英镑和澳元相关。

交易商们喜欢我就像日本人喜欢寿司。

除了美元和欧元,日元是交易最为广泛的货币,美元/日元是交易第二多的货币对。因为日元在国际交易中扮演了十分重要的角色,完成国际交易需要有日元。

准备好体验亚洲感觉了吗?

当投资者想到亚洲,他们潜意识里想到的会是日本。有世界主要金融中心之一的东京,日本通常代表了亚洲的变化。

日本是其他亚洲国家的重要贸易伙伴。如果亚洲商业前景良好,这将会在东京225平均指数中反映出来。

我总是忙忙碌碌……

日本的相关经济报告在亚洲时段公布,因此日元交易在亚洲时段比较活跃。

日元也会在其他时段呈现活跃态势,但这要看公布的经济数据是什么。这点值得注意——这是日本文化的一部分,他们24小时都工作。

……我急于体验廉价的刺激!

许多投资者希望大赚一笔,而有些会寻求套利交易。日元在所有主要货币中利率最低,因此它常被作为套利交易的资金来源。

日本人想法都差不多。

日本资产经理通常会做相同的投资决策。这也导致他们所持的头寸高度相关,也意味着日元汇出现趋势性走势。

我容易爆发……

日元货币对的特点之一就是它们会在较长一段时间维持横盘整理,然后出现方向性突破,继而再次横盘整理,并再次寻求方向性突破!瞪大眼睛,张开耳朵,因为你不知道突破会在什么时候出现!

……我与中国是爱恨交加的关系

中国作为世界大国逐渐崛起,他对日元的影响将继续增加。如果中国经济有继续增长的迹象,日元的需求将受到影响。

为何如此?

就像我们之前说过的,中国是日本重要的贸易伙伴之一。通常情况下,如果中国商业繁荣,它将从日本订购更多商品。这将增加对日元的需求,导致日元升值。

重要的日元经济指标

国内生产总值:这项指标衡量日本的经济活动。它显示经济是向富士山的岩浆那样火热,还是趋于衰亡。

短观调查:这份报告调查各个行业中的经理人,询问他们对经济的看法。情绪上升(分数高于0.0)表明日本商人认为商业活动会增加。反之,减少。

贸易差额:日本经济主要依靠出口。出口数据下降将导致经济活动减少。

失业率:这项指标衡量日本的失业率。高失业率将导致消费者花费下降——他们怎么可能买得起电子游戏和动漫?

消费者物价指数(CPI):过去,日本央行表示他们不害怕采取措施,击退通货紧缩。如果物价持续下降,日本央行可能会采取一些惊人的举措。

核心机械订单:日本的出口中包含大量工业订单。核心机械订单的增加和减少将反映日本贸易的现状。

哪些因素影响日元的走向?

投资变动

由于利率低,日元被看作是重要的投资资金来源。这意味着如果交易商和投资者感到害怕,他们会减持高收益资产。一旦交易者开始解除高收益资产头寸(套息交易),他们将通过回购日元的方式来平掉日元空头。

日本央行效应

这里我要说的是货币干预!日本央行和财政部十分关注外汇市场。由于日本经济依靠出口,日元价格的变动在交易中作用重大。

日本央行不希望日元增值太多,因为那会使日本出口的商品价格相对提高。通过将日元价格保持在较低水平,可以刺激对日产商品的需求,进而有利于经济增长。

美元/日元交易

美元/日元交易数量是以美元衡量的。一标准手是10万美元,一迷你手是1万美元。

每点价值以日元度量,根据美元/日元的现价计算(对于日元货币对,数值保留小数点后两位)。

收益和损失以日元标价。对于一标准手,每一点的变动价值为1000日元。对于一迷你手来说,每一手的变动为100日元。例如,如果美元/日元当前汇率是95.00,你想交易一标准手,则每点相当于10.52美元。

保证金交易的计算都是基于美元。比如说,如果杠杆比例为100:1,10万美元/日元交易需要1000美元。

美元/日元交易技巧

美元/日元通常会跟随中短期趋势变化,通常是几天。如果你正在进行波段交易,即持有头寸超过1天,你可以尝试在汇价回撤过后入场。

一旦汇价开始横盘整理,你可以选择平仓,等待下一轮的波动行情。注意当价格突破时,你很可能会看到一个持续变动的趋势,因为不断有交易商加入进来。

另一点要记住的是日本工业企业通常将他们的仓位保持在整数水平,如100.00或90.50。当价格接近这些数值时,你要关注其中的变化,因为这些数值可能会成为支撑或阻力水平。

最后,你应关注其他日元货币对,如欧元/日元和英镑/日元。如果你发现这些交叉货币突破了一个技术水平,它将导致购买或卖出日元的狂潮,这将对交易产生很大的影响。