That has driven price/ earnings ratios for the Nikkei 225 index to their lowest levels in nearly 40 years.

Tokyo's Nikkei index lost two percent, and in Hong Kong the Hang Seng fell nearly three percent.

但是，东京日经指数下跌了百分之二，香港恒生指数也下挫百分之三。

Japan's Nikkei Index closed less than one percent higher Friday.

日本日经指数星期五以上升不到一个百分点收盘。

The Nikkei stock index closed a mere 1 per cent lower ( Hong Kong stocks closed down 2 per cent), while Japanese government bonds barely twitched.

日经指数收盘仅下跌1%（香港股市当日收盘下跌2%），而日本国债几乎未受任何影响。

Since then, the Nikkei 225 Stock Average has lost 24 %.

此后, 日经225指数已经累计下挫了24%.

Despite a recovery of sorts , the Nikkei is still point for the year.

尽管出现过小幅反弹, 但日经指数依然比年初时低了7%.

Despite a recovery of sorts , the Nikkei is still 7 % below its starting-point for the year.

尽管出现过小幅反弹,日经指数依然比年初时低7%.

The Nikkei has lost half its value this year.

日经指数今年迄今已跌去了一半价值.

Oscillators on weekly JPY crosses are particularly negative.

在周线图上，震荡指标显示日元交叉盘利空。

However, the Jpy is not currently trading on domestic economic conditions and continues to gain support from larger macro factors at work.

但是目前日元在国内经济状况下交易并不乐观，日元的涨幅主要是得益于更为广泛的宏观调控因素在起作用。

Our base scenario is that the cuts will give equities some level of support and, therefore, weaken Usd and Jpy.

我们了解到的情况是，降息将给予股市一定程度的支撑，因此，美元和日元会有所削弱。

We are neutral in the EUR and JPY.

同时，我们对欧元和日元保持中性看法。

The BOJ intervened to combat JPY strength and increased the amount of its asset purchases yet again.

日本央行也出手干预日圆升值，再度提升资产收购量。

We found that the liquidity of RMB NDF market has improved a lot, though it was still significantly lower than the JPY and the EUR.

人民币NDF交易流动性已有了明显提高，但仍明显低于日元和欧元。

The resistance of the JPY to broad-based dollar weakness over the last three months is a more intriguing question.

过去三个月，在美元广泛疲弱下，日元却基本维持相同水平。

What's your spot USD/ JPY, pls?

即期美元对日元的报价是多少？

The data just highlights the fact that the real economy will stay under considerable pressure in2009 and we will be looking for opportunity to sell Jpy.

这些数据正好突出了以下事实：在2009年，实体经济将面临重大的压力，我们将寻找机会出售日元。

The Usd was stronger against all the G10 currencies except the Jpy& Chf in Asian Session, as equity markets take another dive.

在亚洲市场，由于所有G10股票市场，除日元以外，都蒙受重大沽售压力，美元再次走强。

The EUR and JPY reference trades formed the two other significant blocks, according to the folloeing numbers from BIS in the previous table.

根据上表BIS统计的数字，欧元和日元的交易量占据了第二和第三的位置。

As we have stated in the past, as the risk aversion eases we expect the Jpy to come under selling pressure.

正如我们过去所预测的那样，当风险厌恶情绪放松时，日元就会受到抛售压力。

Jaw-boning from officials may continue in the week ahead and we would be cautious with CHF and JPY pairs as the risk of intervention is present.

本周官员们可能会继续“下巴骨政策”，我们应对瑞郎及日圆货币对保持高度警惕，因为干预风险存在。