Japan experienced serious appreciation of Japanese Yen five times.In the process of overcoming difficulties caused by Yen’s appreciation，Japanese companies improved their own competitiveness.Overestimation of the downside effect of the appreciation to the macro economy causes the inaccurate judgment about economic policy and it will invite the overheating.The typical case is the expansion and collapse of Japan’s bubble economy.China started the reform of RMB exchange rate only several years ago.I hope the Chinese government adopts accurate policies about RMB exchange rate by thinking Japan’s experience of the policy for the appreciation of Yen.