The control of the dollar is weakening, and in this round of tidal effects of dollar interest rate cuts and interest rate hikes, except for a few countries such as Argentina, which have a financial crisis, the United States has not harvested any major country.
In the face of domestic inflationary pressure, the United States has been unable to harvest China, so it can only stretch out the sickle to Japan next to it, the yen exchange rate once depreciated to 160, the Bank of Japan intervened a little, has been warned by the United States, it seems that this time can only obediently cut meat and feed eagles.
So what should have been the drama of the first largest economy and the third largest economy harvesting the second largest economy has become the first largest economy harvesting the third largest economy, while the second largest economy is watching the excitement from the side.
Of course, the United States still wants to harvest China very much, and there has been news that it is going to sanction Chinese financial institutions recently, and the United States is ready to move, but now China is an industrial power, and it is easy to be counterattacked if one is not careful.
China is too confident, after all, it is the largest trading partner of more than 120 countries in the world, and it has signed a local currency swap agreement, even if there is no currency, barter can be, China is a producer, so don't worry, but if there is no commodity and currency alone, it is useless.
However, Japan has no independence in monetary policy, and is controlled by the United States, and the key to whether the yen will appreciate in the end depends on whether the US economy can recover, and as long as the US economy improves, Japan will be allowed to intervene.
China once pointed out a way for Japan, that is, China, Japan and South Korea jointly established the East Asian Free Trade Area and hollowed out the dollar, but Japan and South Korea were pointed at guns by the United States, and neither of them dared to move, and in the end they had to give up.
A big reason why Japan has been restless in East Asia is that it wants to provoke confrontation between China and the United States; as long as China and the United States fight to the death, then Japan can take the opportunity to shake off the shackles, but the United States itself is now unwilling to end the war, and if Japan fights a proxy war, Japan will be the agent chosen by the United States, and the United States wants to use Japan to consume China and gain its own benefits.
The United States has brought down the yen exchange rate, hoping that it is best to pull the Asian currency into collapse, which will be enough to affect China, and if the RMB exchange rate collapses, the United States can rest assured, otherwise the future of the dollar will become more and more difficult.
However, due to the fact that the industries of Japan and South Korea have been severely suppressed by China in recent years, many pillar industries have been overtaken by China's industrial upgrading, and the impact of the entire Japanese economy on Asia is getting smaller and smaller, so it is estimated that it is difficult for the United States to take advantage of the collapse of the Japanese economy and affect the whole of Asia.
Moreover, China has a foreign exchange control strategy and independent monetary sovereignty, and it is very difficult to collapse, if it is only slightly depreciated, after all, the depreciation of the yuan is conducive to exports.
When a country becomes a vassal, it loses its economic sovereignty and becomes an economic colony of another country.