In recent years, we have seen the frequent appreciation of RMB, which is similar to the appreciation of YEN in the 1970s and 1980s. Based on the OFDI situation of China and Japan in the context of the currency appreciation, the paper has a comparative analysis of the similarities and differences of the Chinese and Japanese OFDI from the aspects of OFDI overall scale and change, regional distribution characteristics and specific behavior of industry choice. Finally, according to the experiences and lessons of the Japanese industry selection, three suggestions are put forward: China should balance OFDI in service industry and manufacturing industry, promote the diversification of OFDI at regional and industrial levels and enhance the ability of investors to respond to the overseas investment risks.