This was disruptive before the crisis , but is now worse than that in this post-crisis period : some advanced countries , notably canada , japan , and the eurozone , have already seen big appreciations of their currencies .
A host of measures involving direct assistance to exporters could only help if currency appreciations were temporary .
只有在货币升值只是暂时现象的情况下,那些对出口商的直接援助措施才会有帮助。
In some countries that had exchange-rate appreciations exports moved up the value chain : this also helped .
在有些国家,汇率升值提升了出口价值链:此举也很有益。
The only danger is that these currency appreciations begin to feed on themselves , tempting " carry-traders " to make money by stoking the process for as long as they can .
The example of japan is instructive : it continues to run significant trade surpluses even after appreciations of its currency in the 1970s , 1980s and 1990s .