News and International Monetary Economics and Finance relevant: According to Stewart, H. (2013) said that “Japan aims to jump-start economy with $1.4 trillion of quantitative easing” and from exchange rate in figure 1. In 2013, JPY exchange rate with CNY is depreciate extremely from 12.64 Yen per 1 Yuan to 16.70 Yen per Yuan or 32% depreciation. When Japan start up to use quantitative easing, that means money supply side is increasing a lot and rapidly and return on interest rate is becoming lower. Then, that is influencing the exchange rate to high or depreciation. Therefore, in 2013, this news is an evidence for exchange rate overshooting (extremely depreciation).