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近来,日元套利交易成为国际金融界的一个热门话题。日元套利交易又称“携带日元交易”(Yen carry Trade),是上世纪九十年代后半期在对冲基金和机构投资者当中开始流行的一种投资手法,即从日本借入低利率日元,兑换为其他币种,再投资到高利率的地方。作为当前最盛行的套利交易,日元套利交易的动向正日益受到国际市场、金融机构和有关当局的密切关注。那么,当前日元套利交易异常火爆是基于怎样的背景?对东亚地区汇率和贸易格局有何影响?与全球流动性有多大程度的联动性?给国际金融市场带来怎样的新风险?我们又该如何应对?本刊特约四位专家学者从不同角度对相关问题展开系统深入的解读和剖析。
Recently, the yen carry trade has become a hot topic in the international financial community. Yen carry trade, also known as Yen carry Trade, was an investment that became popular among hedge fund and institutional investors in the second half of the 1990s, borrowing low interest rates from Japan Japanese yen, convert to other currencies and reinvest in places with high interest rates. As the most popular arbitrage transaction, the trend of the Japanese currency arbitrage is increasingly being closely watched by the international market, financial institutions and relevant authorities. So what is the current background of the abnormal yen arbitrage transaction? What is the impact on the exchange rate and trade pattern in East Asia? How much linkage with the global liquidity? What kind of new risks are brought to the international financial market? How to deal with? Articles about four experts and scholars from different angles on the relevant issues in-depth interpretation and analysis.