Thinking About China
Opinion

Why Beijing Is Worried About the Japanese Yen

Why Beijing Is Worried About the Japanese Yen
People walk past an electronic board showing a share price of the Nikkei index of the Tokyo Stock Exchange (L) and the rate of the Japanese yen versus the U.S. dollar (R) along a street in Tokyo on March 27, 2024. Kazuhiro Nogi/AFP via Getty Images
Christopher Balding
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Commentary
Typically, when Beijing rails against Japan, the complaints cover well-trodden ground. Tokyo’s closeness with the U.S. military and Japanese behavior in World War II are the primary complaints. Beijing, however, has a more pragmatic and direct reason to worry about what is happening in Tokyo. The decline of the Japanese yen to about 160 is prompting serious hand-wringing in Beijing.
Christopher Balding
Christopher Balding
Author
Christopher Balding was a professor at the Fulbright University Vietnam and the HSBC Business School of Peking University Graduate School. He specializes in the Chinese economy, financial markets, and technology. A senior fellow at the Henry Jackson Society, he lived in China and Vietnam for more than a decade before relocating to the United States.
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