Current status of foreign loans in Japanese Yen and analysis of exchange rate risks

Japan has surpassed China as the biggest official holder of US Treasuries as the falling yen exchange rate attracts more dollars into the country and the higher-yielding bonds lure Japanese investors.

日本已超过中国成为美国国债的最大官方持有者，这是因为日元汇率下跌吸引更多美元进入该国，而且高回报美元债券受到日本投资者的青睐。

Finance Minister Hirohisa Fujii described himself as "extremely nervous" Friday, after the dollar slid toward 84 yen.

周五，财政部长Hirohisa Fujii表示自己极度紧张，因为美元相对日元汇率下跌至84。

We agreed that the yen will reflect these developments.

我们一致认为，日元汇率将反映出这些变化。

The Bank of Japan, after six years off the battlefield, has launched a fusillade of intervention to hold down the yen in foreign exchange markets.

远离战场6年之久的日本央行（Bank of Japan）连续出手干涉，在外汇市场上压低日元汇率。

ARMA Model in the Application of USD/ JPY Exchange Rate

ARMA模型在美元兑日元汇率的应用

Amid a 6% rise in the euro against the yen this year and a fall in Japanese retail sales for 26 straight months, brand names such as Louis Vuitton are raising prices while others are expanding their presence.

在欧元兑日元汇率增长6%，同时日本零售额连续下滑26个月之久时，一些品牌如Louis Vuitton，在其它同类商品抢夺市场时，仍然坚持提升价格。

Yuriko Tanaka, an analyst at Goldman Sachs in Tokyo, argued that the shift to offshore production means Japanese exports now depend more on economic conditions overseas than on the level of the yen.

高盛（Goldman Sachs）驻东京分析师Yuriko Tanaka辩称，生产转向海外意味着日本出口现在更依赖于海外经济状况，而非日元汇率。

More strangely, the yen strengthened even though the ratings agency Standard Poor's moved Japan's long-term sovereign debt outlook to negative.

更奇怪的是，评级机构标准普尔（Standard Poor's）将日本的长期主权信用前景下调至负面，日元汇率不跌反升。

Leadership is badly needed on a host of policy fronts, including tsunami reconstruction, the ongoing crisis at the Fukushima Daiichi nuclear power plant, an anaemic economy, the rising yen and an increasingly indebted state.

日本的一系列政策议题都迫切需要强有力的领导，包括海啸灾后的重建、福岛第一核电站（fukushima daiichi）的持续危机、疲软的经济、日元汇率走高以及政府债务不断增加。

Currencies have dropped against the dollar and the yen, some precipitously.

外围国家货币兑美元和日元汇率下跌，一些币种跌幅陡峭。

The Effect of Yen's Volatility on China's Export

日元汇率对中国出口的影响机制

The dollar rallied 1.7 per cent against the Japanese yen.

美元兑日元汇率上涨1.7%。

Toyota expressed fears about the dollar's worrying decline against the yen after the US currency fell to levels that threatened to undermine its nascent profit recovery.

丰田（Toyota）对美元兑日元汇率令人担心的下跌表示忧虑，目前美元已跌至可能破坏丰田刚刚实现的利润复苏的水平。

Any such unwinding is expected to cause the yen to rally strongly.

人们预计，任何此类平仓行为都会促使日元汇率强势上扬。

Tension over currencies continued on Friday as ministers assembled for the annual meetings of the International Monetary Fund in Washington, with a European policymaker complaining about the weak dollar and Japan denying it was manipulating its currency.

周五，汇率问题引发的紧张局势仍在延续：各国财长齐聚华盛顿出席国际货币基金组织（IMF）年会，一位欧洲政策制定者对美元疲软发出抱怨，日本则否认自己在操纵日元汇率。

But taking the intervening years' inflation and deflation into account, the yen would need to climb to the high 50s for a trade shock comparable to the one 16 years ago, on JPMorgan estimates.

但摩根大通（JPMorgan）估计，将期间这些年的通胀和通缩考虑在内，日元汇率需要攀升至50多日元的高位，才能与16年前造成的贸易冲击相当。

Fears that the European Central Bank is scaling back emergency support to eurozone banks too soon sparked sharp falls in financial markets on Tuesday, with the euro tumbling to an eight-and-a-half year low against the Japanese yen.

周二，由于人们担忧欧洲央行（ecb）过快缩减对欧洲各银行的紧急支持，金融市场大幅下挫，欧元兑日元汇率暴跌至8年半以来的低点。

In 1998 America and Japan sold dollars to prop up the yen.

1998年，美国和日本联手卖出美元，以提振日元汇率。

Instead, traders viewed an oblique reference to the Japanese currency in the G7 communique as a sign there was no official appetite for any concerted action.

相反，汇市交易员将G7会议公报语焉不详提及日元汇率视为一个信号，表明G7尚无采取协同行动的正式愿望。

Quantitative Relations between Japanese yen Exchange Rates and Micro-economic Variation

对日元汇率与其它宏观经济变量之间数量关系的分析