Japan Intervenes After Yen Slides Against the Dollar


今年以来，日圆兑美元汇率大幅下跌，受交易员对美国降息时机的疑虑不断增加拖累。周一，该汇率创下数十年新低。


在日本官方此次出手干预前，交易员几周来就纷纷猜测东京方面正准备为陷入困境的日圆提供帮助。

知情人士称，日圆兑美元汇率周一创下数十年新低后，日本出手干预支撑日圆。 6park.com
Japan intervened to prop up the yen after it hit a multidecade low against the dollar on Monday, people familiar with the matter said.  6park.com
    
今年以来，日圆兑美元汇率大幅下跌，受交易员对美国降息时机的疑虑不断增加拖累。 6park.com
The currency has plummeted against the dollar this year, hurt by increasing doubts among traders about the timing of U.S. interest rate cuts. 



据上述人士，日圆兑美元汇率周一一度走低至1美元兑160日圆左右，但在日本官方开始买入日圆并卖出美元后，又反弹至1美元兑155日圆左右。 6park.com
The yen weakened to around 160 per dollar on Monday, but bounced back to around 155 per dollar after Japanese authorities started buying yen and selling dollars, according to the people. 6park.com
   
日本官员没有正式确认这一举动，但财务省财务官神田真人(Masato Kanda)就干预行动做出了暗示。 6park.com
Although Tokyo stopped short of confirming the move, Masato Kanda, the finance ministry’s top currency official, hinted at the intervention. 6park.com
   
神田真人说：“很难无视这些剧烈的、异常的汇率变动将对国家经济造成的恶劣影响。”他还称，政府将“继续”对汇率的剧烈波动做出反应。 6park.com
“It is difficult to ignore the bad effects that these violent and abnormal movements [in currencies] will cause for the nation’s economy,” said Kanda, adding that the government will continue to respond to wild currency moves.  6park.com
   
几周来，交易员纷纷猜测东京方面正准备为陷入困境的日圆提供帮助。交易员越来越看跌日圆，尽管日本股市高歌猛进，日本经济也出现广泛改善，但日圆却跌跌不休。 6park.com
The intervention came after weeks of speculation by traders that Tokyo was gearing up to help its beleaguered currency. Traders have turned increasingly bearish on the yen, which has stumbled despite a bull run in Japanese stocks and a wider improvement in the country’s economy. 6park.com
  
加拿大皇家银行资本市场(RBC Capital Markets)亚洲外汇策略主管Alvin Tan表示，考虑到美国利率可能继续保持高位，这不太可能是日本今年最后一次干预汇市。 6park.com
It is unlikely to be the last time Japan intervenes in the currency market this year, given that U.S. interest rates are likely to remain high, said Alvin Tan, head of Asia foreign-exchange strategy at RBC Capital Markets. 6park.com
   
“我们将看到，未来东京和这个市场之间会有一场拉锯战，”他说。 6park.com
“We will have a tug of war going forward between Tokyo and the market,” he said. 6park.com
  
日圆的下跌显示了美国利率能对外国货币的巨大影响。尽管很少有交易员认为美国联邦储备委员会（简称：美联储）今年会加息，但他们确实认为备受期待的降息行动将被推迟，这一预期推动日圆下挫。 6park.com
The decline of the yen shows the huge impact U.S. interest rates can have on foreign currencies. Although very few traders think the Federal Reserve is going to raise interest rates this year, they do think a series of highly anticipated rate cuts will be delayed—and that has sent the yen tumbling. 6park.com
  
日本的超低利率使其货币特别容易受到美国利率预期变化的影响。几十年来，日圆的价值一直受到所谓套利交易的影响，即交易者借入一种低利率的货币，然后将资金投资到回报率更高的另一个国家。 6park.com
Japan’s ultralow interest rates make its currency particularly vulnerable to changing U.S. rate expectations. The yen’s value has for decades suffered from so-called carry trades, where traders borrow in a currency with low rates and invest the money in a different country where returns are higher. 6park.com
  
目前日本终于结束了长期实行的超宽松货币政策，但只是以渐进的速度退出。 6park.com
Japan is finally bringing an end to its long commitment to ultraloose monetary policy—but only at a gradual pace. 6park.com
  
日本央行在3月份成为最后一个放弃负利率的央行。一些交易员押注日圆会因此走强。然而，今年日圆兑美元已经贬值超过9%，反方向的押注也开始增多。 6park.com
The Bank of Japan became the last central bank to abandon negative interest rates in March. Some traders bet the yen would strengthen as a result. Instead, the currency has lost more than 9% of its value against the U.S. dollar this year, and wagers have started to pile up in the opposite direction.  6park.com
   
日本央行维持利率目标不变后，日圆上周五大幅下跌。日本央行行长植田和男(Kazuo Ueda)的讲话令那些寻找进一步加息线索的交易员感到失望。 6park.com
The yen fell sharply Friday after the Bank of Japan left its interest-rate target unchanged. BOJ Gov. Kazuo Ueda disappointed traders who were looking for hints about further rate increases. 6park.com
  
日本官方上一次尝试支撑日圆兑美元汇率是在2022年10月，当时日本财务省表示，当月购买了按今天的汇率计算价值约411亿美元的日圆。 6park.com
Japan’s last official attempt to prop up the yen against the dollar was in October 2022, when the Ministry of Finance said it had bought yen that month worth around $41.1 billion in today’s exchange rate.  6park.com
   
周一是日本的公共假日，交易量有所减少。 6park.com
It was a public holiday in Japan on Monday, reducing trading volumes.