but the carry trade turns this logic upside down by causing the yen to fall, not rise.
但是,日元的套息交易却违背了这个逻辑:它导致日元的币值不升反降。
now markets have reached a stage, in the biggest economies at least, where the carry trade looks hard to pull off.
现在,至少在大的经济体中,市场已经到达了一个难以将套息交易剥离出去的阶段。
if the carry trade is now part of a bygone era, so is the weakness of the yen.
如果现在套息交易变成了往事,那么同样意味着日圆疲软也成为了过去。
then the currency engaged in carry trade most was yen for its interest rate was very low. and many carry trade’s targets were australia dollar and new zealand dollar.
当时进行套利交易的货币主要是日元,因为当时日元的利率很低,有很多套利交易的标的是澳大利亚元和新西兰元。
nobody really knows how big the carry trade is.
套息交易的规模到底有多大无人知晓。
yet the global carry trade – one of the key features of the credit bubble – could well come under pressure.
然而,全球套利交易——信贷泡沫的主要特征之一——很可能会受到压力。
the kiwi is one of the favorite carry trade investments, and higher rates in nz would certainly help propel the currency higher.
新西兰是最钟爱投资套利外汇交易的国家之一,更高的利率无疑会促使新西兰货币价格上涨。
the yen has long been a favoured funding currency for the carry trade because of japan’s permanently low interest rates.
人们很长时间内都喜欢将日元作为「积存」货币,这是因为日本的拥有长期不变的低利率。
the main money in the then carry trade is the yen, because its interest rate was. money used also includes the australian dollar and the new zealand dollar.
当时进行套利交易的货币主要是日元,因为当时日元的利率很低,有很多套利交易的标的是澳大利亚元和新西兰元。
nobody warned them what happens when the japanese carry trade goes into brutal reverse, as it does when the cycle turns.
当日本的套利交易进入冷酷的颠倒状态的时候,没人提醒他们出了什么事,如每次轮回时一样。
but why does the carry trade work?
但套息交易怎么会行得通?
however, later we found that, as a matter of fact, a large number of housewives in japan were involved in the carry trade and it was hard for prevention.
但是,后来人们发现,实际上是大量的日本家庭主妇在做这件事情,而要想制止家庭主妇做套利交易,难度非常大。
by then the trade is mainly on japanese yen for its interest rate is low. there are also a lot of carry trade is the subject of australian dollar and new zealand dollar.
当时进行套利交易的货币主要是日元,因为当时日元的利率很低,有很多套利交易的标的是澳大利亚元和新西兰元。