12 14 16 18 Jan 02 Apr 02 Jul 02 Oct 02 Jan 03 Apr 03 Jul 03 Oct 03 Jan 04 Apr

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12 14 16 18 Jan-02 Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Date JPY/CNY Exchange Rate 0 2000 4000 6000 8000 10000 12000 14000 16000 18000 20000 Stock price composite index JPY/CNY Exchange Rate Nikkei225 Stock price index F IGURE 3. Exchange rate variability of JPY / CNY and Nikkei225 stock price composite index 0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 16,000,000 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Date 100mil.yen 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 100mil.yen Japan to China_Export Japan to China_Import Japan_Total Import Japan_Total Export F IGURE 2 . Trade between Japan and China
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