关键词: 日本大地震, 经济后果, 人民币区域化

Abstract: The paper studied possible economic consequences of the 2011 Tohoku Pacific earthquake to Asian economy.In particular,we discuss the economic spillovers to China and regional economy and their policy implications.Our result showed that Japanese sovereign debt would deteriorate heavily due to the considerable reconstruction bill.Japanese manufactory sector would relocate abroad at a higher speed because of the incentive to stabilize production.Japanese role as the reserve currency and dominant funder of regional(Asian) economies would be challenged.As the biggest economy in Asian,China should take the role as a core power engine in Asian economy by exporting currency and capital assets.China should also actively fund the infrastructure reconstruction and the Asian Development Bank so as to exporting considerable excess liquidity to ease domestic inflation.A widely used and reserved currency should both benefit Chinese macro economy and regional multilateral co-operations as well.Finally,China should provide favorable policy for Japanese industry to move inland so as to benefit from hi-tech know-hows and employments.

Key words: Tohoku pacific earthquake, economic consequences, regionalization