<p>【东京】日本随时准备对外汇市场作出反应，并保留对过度波动采取 “果断行动” 的权利，财政部长片山萨津基在周五（6 月 5 日）表示，日元在关键的 160 日元兑美元的门槛附近摇摇欲坠。</p>
<p>此番言论是在投资者仔细审视官方信号，寻找日本是否可能准备再次出手拯救疲软的日元的任何暗示时发表的。</p>
<p>周五发布的数据突显了捍卫货币的成本。日本的外汇储备大部分被认为持有美国国债，经历了历史性的下降，显示出在东京启动创纪录的 730 亿美元日元购买行动后，持续大规模干预的局限性。</p>
<p>“在外汇方面，我们将在必要时随时作出适当反应，” 财政部长在国会中表示。</p>
<p>片山表示，虽然货币汇率受到多种因素的影响，但自 2 月份中东战争开始以来，投机活动占据了高度波动的很大一部分。</p>
<p>“日本和美国在市场动态上保持密切联系，” 她说，并补充道，东京有权根据去年签署的联合声明对过度波动采取果断行动。</p>
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<p>日元兑美元汇率为 160.015，在周三首次突破 160 日元兑美元的关键水平，这是自 4 月 30 日以来的首次。市场普遍将 160 这一水平视为潜在官方干预的分界线。</p>
<p>在同一场国会会议上，首相高市早苗表示，维持日元价值的最佳方式是通过对增长领域的投资来提升日本的全球竞争力。</p>
<p>在 9 月份达成的声明中，美国和日本重申了对 “市场决定” 汇率的承诺，同时同意外汇干预应保留用于应对过度波动。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/3dcd6a0576b3bc1c1f3abc57984c72975b116561e0e33d8cd8a60c68b55a6b7d/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/3dcd6a0576b3bc1c1f3abc57984c72975b116561e0e33d8cd8a60c68b55a6b7d/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>日元再次陷入危险区，东京官员让投资者保持警惕</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/348573eb3a9b4ce5087c5b0c0cb5eec2d1548159b5a2638e91882fb5654e8ea0/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/348573eb3a9b4ce5087c5b0c0cb5eec2d1548159b5a2638e91882fb5654e8ea0/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>日元一周的下滑让交易员警惕干预</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/9fae42d8e7513196c8cf4d3626707b9ed37078e700c7e6555b98ac35bfda07c9/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/9fae42d8e7513196c8cf4d3626707b9ed37078e700c7e6555b98ac35bfda07c9/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>前日本央行行长黑田东彦认为日元干预的影响是短暂的</h3>
<h2>潜在限制</h2>
<p>财政部（MOF）表示，日本的外汇储备从一个月前下降了 771 亿美元，降幅为 5.6%，降至 1.306 万亿美元，创下东京恢复大规模干预以遏制日元贬值以来的最大降幅。</p>
<p>外币证券主导了下降，减少了 756 亿美元，降至 9317 亿美元。</p>
<p>“看起来是出售美国国债来资助市场干预。东京已表示愿意出售美国国债来融资此类操作，” NLI 研究所的高级经济学家上野毅表示。</p>
<p>一位财政部官员拒绝透露是否在其美元出售干预中出售了美国债券，并指出，收益率上升也降低了债券持有的市场价值，给储备带来了压力。</p>
<p>分析师表示，全球债券市场的动荡可能使华盛顿对再次大规模购买日元的容忍度降低，如果这涉及大量出售国债，将缩小东京的操作空间。</p>
<p>一些人提出了缓解这些限制的替代方案。</p>
<p>SBI FX Trade 的执行顾问斋藤裕司表示，日本可以利用美联储的外汇和国际货币当局（Fima）回购机制，作为在不直接出售国债的情况下提高美元流动性的潜在机制。</p>
<p>该机制于 2020 年 3 月推出，旨在在疫情期间稳定市场，现在可以发挥双重作用，缓解融资压力，同时发出决心的信号。</p>
<p>“关键是稳定债券市场，同时向货币市场发出警告信号，” 斋藤说。路透社</p>
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<p>日本财政部长警告称，随着日元接近每美元 160 的阈值，将采取 “果断行动” 来捍卫日元。外汇储备下降了 771 亿美元，这是历史性的下跌，归因于出售美国国债以进行干预。政府与美国保持密切协调，并声明其有权应对过度波动，而分析师指出，由于储备减少，未来大规模干预的限制将增加</p>

<p>[TOKYO] Japan is ready to respond at any time on foreign exchange and reserves the right to take “decisive action” against excessive volatility, Finance Minister Satsuki Katayama said on Friday (Jun 5) as the yen teetered near the key 160-per-dollar threshold.</p>
<div class="lb-trans"><p>【东京】日本随时准备对外汇市场作出反应，并保留对过度波动采取 “果断行动” 的权利，财政部长片山萨津基在周五（6 月 5 日）表示，日元在关键的 160 日元兑美元的门槛附近摇摇欲坠。</p>
</div><p>The remarks came as investors scrutinised official signals for any hint that Japan could be preparing another strike to rescue the faltering yen.</p>
<div class="lb-trans"><p>此番言论是在投资者仔细审视官方信号，寻找日本是否可能准备再次出手拯救疲软的日元的任何暗示时发表的。</p>
</div><p>Data released on Friday underscored the cost of defending the currency. Japan’s foreign reserves, the bulk of which are believed to be held in US Treasuries, suffered a historic drop in a sign of the limits of deploying sustained, large-scale intervention after Tokyo unleashed a record US$73 billion yen-buying operation.</p>
<div class="lb-trans"><p>周五发布的数据突显了捍卫货币的成本。日本的外汇储备大部分被认为持有美国国债，经历了历史性的下降，显示出在东京启动创纪录的 730 亿美元日元购买行动后，持续大规模干预的局限性。</p>
</div><p>“On foreign exchange, we will respond appropriately at any time when necessary,” the finance minister told parliament.</p>
<div class="lb-trans"><p>“在外汇方面，我们将在必要时随时作出适当反应，” 财政部长在国会中表示。</p>
</div><p>While currency rates are affected by various factors, speculative activity made up a large portion of highly volatile moves since the beginning of the Middle East war in February, Katayama said.</p>
<div class="lb-trans"><p>片山表示，虽然货币汇率受到多种因素的影响，但自 2 月份中东战争开始以来，投机活动占据了高度波动的很大一部分。</p>
</div><p>“Japan and the US are in close contact on market moves,” she said, adding that Tokyo has the right to take decisive action against excessively volatile moves under a joint statement signed last year.</p>
<div class="lb-trans"><p>“日本和美国在市场动态上保持密切联系，” 她说，并补充道，东京有权根据去年签署的联合声明对过度波动采取果断行动。</p>
</div><h3>Asean Intelligence</h3>
<div class="lb-trans"><h3>东盟情报</h3>
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</div><p>The Japanese yen fetched 160.015 per US dollar, after hitting the critical 160-per-dollar mark on Wednesday for the first time since Apr 30. The 160 level is widely seen in markets as a line in the sand for potential official intervention.</p>
<div class="lb-trans"><p>日元兑美元汇率为 160.015，在周三首次突破 160 日元兑美元的关键水平，这是自 4 月 30 日以来的首次。市场普遍将 160 这一水平视为潜在官方干预的分界线。</p>
</div><p>Speaking at the same parliament session, Prime Minister Sanae Takaichi said that the best way to maintain the yen’s value is to boost Japan’s global competitiveness through investment in growth sectors.</p>
<div class="lb-trans"><p>在同一场国会会议上，首相高市早苗表示，维持日元价值的最佳方式是通过对增长领域的投资来提升日本的全球竞争力。</p>
</div><p>In the statement agreed in September, the US and Japan reaffirmed their commitment to “market determined” exchange rates, while agreeing that foreign exchange interventions should be reserved for combating excess volatility.</p>
<div class="lb-trans"><p>在 9 月份达成的声明中，美国和日本重申了对 “市场决定” 汇率的承诺，同时同意外汇干预应保留用于应对过度波动。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/3dcd6a0576b3bc1c1f3abc57984c72975b116561e0e33d8cd8a60c68b55a6b7d/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/3dcd6a0576b3bc1c1f3abc57984c72975b116561e0e33d8cd8a60c68b55a6b7d?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Yen back in danger zone as Tokyo officials keep investors on edge</h3>
<div class="lb-trans"><h3>日元再次陷入危险区，东京官员让投资者保持警惕</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/348573eb3a9b4ce5087c5b0c0cb5eec2d1548159b5a2638e91882fb5654e8ea0/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/348573eb3a9b4ce5087c5b0c0cb5eec2d1548159b5a2638e91882fb5654e8ea0?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Yen’s week-long slide puts traders on guard for intervention</h3>
<div class="lb-trans"><h3>日元一周的下滑让交易员警惕干预</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/9fae42d8e7513196c8cf4d3626707b9ed37078e700c7e6555b98ac35bfda07c9/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/9fae42d8e7513196c8cf4d3626707b9ed37078e700c7e6555b98ac35bfda07c9?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Ex-BOJ chief Kuroda sees yen intervention impact as short-lived</h3>
<div class="lb-trans"><h3>前日本央行行长黑田东彦认为日元干预的影响是短暂的</h3>
</div><h2>Potential constraints</h2>
<div class="lb-trans"><h2>潜在限制</h2>
</div><p>The Ministry of Finance (MOF) said that Japan’s foreign reserves fell by US$77.1 billion, or 5.6 per cent, from a month earlier to US$1.306 trillion, representing the largest-ever drop after Tokyo resumed massive interventions to stem the yen’s slide.</p>
<div class="lb-trans"><p>财政部（MOF）表示，日本的外汇储备从一个月前下降了 771 亿美元，降幅为 5.6%，降至 1.306 万亿美元，创下东京恢复大规模干预以遏制日元贬值以来的最大降幅。</p>
</div><p>Foreign securities led the decline, shrinking by US$75.6 billion to US$931.7 billion.</p>
<div class="lb-trans"><p>外币证券主导了下降，减少了 756 亿美元，降至 9317 亿美元。</p>
</div><p>“It appears that US Treasuries were sold to fund market intervention. Tokyo has signalled a willingness to sell US Treasuries to finance such operations,” Tsuyoshi Ueno, a senior economist at NLI Research Institute, said.</p>
<div class="lb-trans"><p>“看起来是出售美国国债来资助市场干预。东京已表示愿意出售美国国债来融资此类操作，” NLI 研究所的高级经济学家上野毅表示。</p>
</div><p>An MOF official declined to say if US bonds were sold as part of its dollar-selling intervention, noting that rising yields also lowered the market value of bond holdings and weighed on reserves.</p>
<div class="lb-trans"><p>一位财政部官员拒绝透露是否在其美元出售干预中出售了美国债券，并指出，收益率上升也降低了债券持有的市场价值，给储备带来了压力。</p>
</div><p>Analysts say turbulence in global bond markets could leave Washington less tolerant of another bout of large-scale yen buying if it entails heavy Treasury sales, narrowing Tokyo’s room to manoeuvre.</p>
<div class="lb-trans"><p>分析师表示，全球债券市场的动荡可能使华盛顿对再次大规模购买日元的容忍度降低，如果这涉及大量出售国债，将缩小东京的操作空间。</p>
</div><p>Some have floated workarounds to ease those constraints.</p>
<div class="lb-trans"><p>一些人提出了缓解这些限制的替代方案。</p>
</div><p>Yuji Saito, executive advisor at SBI FX Trade, said that Japan can use the Federal Reserve’s Foreign and International Monetary Authorities (Fima) repo facility as a potential mechanism to raise US dollar liquidity without outright Treasury sales.</p>
<div class="lb-trans"><p>SBI FX Trade 的执行顾问斋藤裕司表示，日本可以利用美联储的外汇和国际货币当局（Fima）回购机制，作为在不直接出售国债的情况下提高美元流动性的潜在机制。</p>
</div><p>Introduced in March 2020 and designed to steady markets during the pandemic, the facility could now serve a dual purpose of easing funding pressure while signalling resolve.</p>
<div class="lb-trans"><p>该机制于 2020 年 3 月推出，旨在在疫情期间稳定市场，现在可以发挥双重作用，缓解融资压力，同时发出决心的信号。</p>
</div><p>“The point is to stabilise the bond market while sending a warning signal to currency markets,” Saito said. REUTERS</p>
<div class="lb-trans"><p>“关键是稳定债券市场，同时向货币市场发出警告信号，” 斋藤说。路透社</p>
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Japan warns of ‘decisive action’ to defend yen as FX reserves tumble

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日本警告称将采取 ‘果断行动’ 来捍卫日元，因为外汇储备正在下滑