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货币悖论： 日元为何持续疲软(Currency paradox:Japan’s strength produces a weak yen)
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7月11日、12日和17日，日元价值三次突然飙升，引起了人们对日本央行再次干预货币市场的怀疑。
双语精读
Currency paradox: Japan's strength produces a weak yen
货币悖论：日本的变强导致日元的疲软
It does not require a financial detective to work out what is going on. Three sudden surges in the value of the yen, on July 11th, 12th and 17th, have raised suspicions that the Bank of Japan (BOJ) is again intervening in currency markets.
不需要金融侦探就能弄清楚发生了什么。7月11日、12日和17日，日元价值三次突然飙升，引起了人们对日本央行再次干预货币市场的怀疑。
The bursts have left the currency, at 156 yen to the dollar, up by 4% against the greenback and marginally above the 37-year lows it reached earlier this month.
这三次飙升使得日元兑美元汇率升至156日元兑1美元，汇率上涨了4%，稍高于本月初创下的37年以来的最低点。
Such moves burn the fingers of currency traders. They are unlikely to have a long-term impact on the exchange rate, however, which will disappoint officials and delight the tourists now flooding Japan.
这样的干预举动让外汇交易者吃了大亏。然而，这些干预不太可能对汇率产生长期影响，这将让官员失望，而让正在涌入日本的游客高兴。
The yen's astonishing weakness is most commonly explained by the divergence between American and Japanese monetary policy.
对于日元的惊人疲软，最常见的解释是美国和日本货币政策之间的差异。
Although the BOJ has lifted interest rates a fraction, the rise has hardly matched the Federal Reserve's, meaning that investors have preferred dollars over the past few years.
虽然日本央行已经小幅提高了利率，但涨幅完全比不上美联储，这意味着投资者在过去几年更青睐美元。
Why is the yen continuing to weaken? Successful corporate-governance reforms may be in part to blame.
为什么日元持续贬值？成功的公司治理改革可能在一定程度上是原因所在。
As a consequence of changes that began under Abe Shinzo, whose second spell as prime minister ran from 2012 to 2020, Japanese companies have become increasingly focused on returns on investments and have shed needless shareholdings in other firms.
当初安倍晋三政府（其第二个首相任期从2012年持续到2020年）开始进行改革，于是日本公司越来越关注投资回报，并出售了在其他公司中不必要的持股。
Indeed, the country's stocks have outperformed those in most of the non-American rich world over the past decade. But the focus on returns is also pushing money overseas.
事实上，在过去十年中，日本的股票表现优于大多数美国以外的富裕国家的股票。但是对投资回报的关注也将资金推向海外。
In the year to the end of May, Japanese firms invested 72bn in 2010.
截至5月底的一年里，日本企业在海外的投资比外国企业在日本的投资多1780亿美元，而2010年这一数字为720亿美元。
Although flows of portfolio investment in and out of Japan-money entering and leaving stocks, bonds and other securities-are volatile, direct investment is clearly going in one direction: out of the country.
尽管进出日本的组合投资资金流（进出股票、债券和其他证券的资金）波动不定，但直接投资显然只有一个方向：流出日本。
A recent decision by TSMC to build factories in Kumamoto province, in the south of Japan, caught international attention, but the Taiwanese semiconductor giant remains an outlier.
台积电最近决定在日本南部的熊本市建厂，这一决定引起了国际关注，但像这家中国台湾的半导体巨头对日本的直接投资仍是少数情况。
Japan's cultural oddities and language barriers ultimately deter many overseas companies considering a move. As such, there is simply not much demand for the yen.
日本文化的古怪之处和语言障碍最终使许多考虑搬迁的海外公司对其望而却步。因此，对日元的需求本来就不大。
词汇预习
financial [高考]
美[faɪˈnænʃl] | 英[faɪˈnænʃl]
adj. 金融的；财政的；[非正式]有钱的
increasingly [高考]
美[ɪnˈkriːsɪŋli] | 英[ɪnˈkriːsɪŋli]
adv. 逐渐地；越来越多地
impact [高考]
美[ˈɪmpækt , ɪmˈpækt] | 英[ˈɪmpækt , ɪmˈpækt]
n. 影响；冲击力；撞击 vt. 挤入；压紧；撞击；对 ... 发生影响 vi. 冲击；撞击；产生影响
giant [高考]
美[ˈdʒaɪənt] | 英[ˈdʒaɪənt]
n. 巨人；巨物；大公司 adj. 巨大的
investment [高考]
美[ɪnˈvestmənt] | 英[ɪnˈvestmənt]
n. 投资；投资额；投入
commonly [高考]
美[ˈkɑmənli] | 英[ˈkɒmənli]
adv. 一般地；通常地；普通地
weaken [高考]
美[ˈwiːkən] | 英[ˈwiːkən]
v. 使 ... 弱，削弱； 变弱； 弄淡
unlikely [高考]
美[ʌnˈlaɪkli] | 英[ʌnˈlaɪkli]
adj. 不太可能的
corporate [高考]
美[ˈkɔːrpərət] | 英[ˈkɔːpərət]
adj. 法人的；公司的；社团的；共同的；全体的
semiconductor [高考]
美[ˈsemikəndʌktər] | 英[ˌsemikənˈdʌktə(r)]
n. 半导体
prime [高考]
美[praɪm] | 英[praɪm]
adj. 主要的; 基本的; 最好的; 首选的 n. 鼎盛时期 v. 事先指点; 事先准备
ultimately [高考]
美[ˈʌltɪmətli] | 英[ˈʌltɪmətli]
adv. 最后；最终
divergence [高考]
美[daɪˈvɜːrdʒəns] | 英[daɪˈvɜːdʒəns]
n. 分歧；背离；[数]散度
fraction [高考]
美[ˈfrækʃn] | 英[ˈfrækʃn]
n. 小部分；少许；分数；片段
demand [高考]
美[dɪˈmænd] | 英[dɪˈmɑːnd]
n. 要求；需求 v. 要求；查问；需要
rate [高考]
美[reɪt] | 英[reɪt]
n. 比率；速度；价格；费用；等级 v. 认为；估价；定等级；值得；怒斥；责骂
decade [高考]
美[ˈdekeɪd] | 英[ˈdekeɪd]
n. 十年，十年间，十年期（尤指一个年代)
delight [高考]
美[dɪˈlaɪt] | 英[dɪˈlaɪt]
n. 高兴；快乐 v. (使)高兴；(使)欣喜
weakness [高考]
美[ˈwiːknəs] | 英[ˈwiːknəs]
n. 软弱；弱点；嗜好
consequence [高考]
美[ˈkɑːnsɪkwens] | 英[ˈkɒnsɪkwəns]
n. 结果；后果；重要性；影响
minister [高考]
美[ˈmɪnɪstər] | 英[ˈmɪnɪstə(r)]
n. 外交使节；部长；大臣；牧师 v. 照顾；给予帮助
currency [高考]
美[ˈkɜːrənsi] | 英[ˈkʌrənsi]
n. 货币；流通
demand for [高考]
美[dɪˈmænd fɔr] | 英[diˈmɑ:nd fɔ:]
对 ... 的要求； 对 ... 的需求
in part [高考]
美[ɪn pɑːrt] | 英[ɪn pɑːt]
部分地
impact on [高考]
美[ˈɪmˌpækt ɑn] | 英[ˈimpækt ɔn]
对 ... 产生影响
remains [高考]
美[rɪˈmeɪnz] | 英[rɪˈmeɪnz]
n. 剩余物；遗迹；遗体
shed [四级]
美[ʃed] | 英[ʃed]
vt. 除掉；使脱落；使流出；使清晰 n. 小屋；车棚
needless [四级]
美[ˈnidlɪs] | 英[ˈni:dləs]
adj. 不需要的；无用的
long-term [四级]
美[ˌlɔːŋ ˈtɜːrm] | 英[ˌlɒŋ ˈtɜːm]
adj. 长期的
paradox [四级]
美[ˈpærədɑːks] | 英[ˈpærədɒks]
n. 悖论；似非而是的论点；自相矛盾的话
in and out [四级]
美[ɪn ənd aʊt] | 英[in ænd aut]
adv. 进进出出
considering [四级]
美[kənˈsɪdərɪŋ] | 英[kənˈsɪdərɪŋ]
prep. 鉴于； 考虑到 conj. 就 ... 而言
monetary [四级]
美[ˈmɑːnɪteri] | 英[ˈmʌnɪtri]
adj. 货币的；金融的
out of [六级]
美[aʊt ʌv] | 英[aut ɔv]
prep. 离…一段距离；从…里；离开 ...；出于
deter [六级]
美[dɪˈtɜːr] | 英[dɪˈtɜː(r)]
vt. 阻止；威慑；威吓
volatile [专八]
美[ˈvɑːlətl] | 英[ˈvɒlətaɪl]
adj. 不稳定的；反复无常的；易挥发的 n. 挥发物
non [考研]
美[nɒn] | 英[nɒn]
adv. [拉]非；不是
governance [考研]
美[ˈɡʌvərnəns] | 英[ˈɡʌvənəns]
n. 统治；支配；管理
Federal [考研]
美[ˈfedərəl] | 英[ˈfedərəl]
adj. 联邦制的；联邦政府的；同盟的 n. 联邦主义者；同盟盟友
intervening [托福]
美[ˌɪntərˈvinɪŋ] | 英[ˌɪntəˈvi:nɪŋ]
adj. 介于中间的；发生于其间的
重点讲解
Currency paradox: Japan’s strength produces a weak yen
货币悖论：日本的变强导致日元的疲软
intervene v. 介入；干预
【例】The teacher had to intervene when the students started arguing.
学生们开始争辩不休的时候，老师不得不出面干预。
【辨析】interfere v. 干涉；妨碍
【例】Don’t interfere. It’s my own business.
别插手，这是我自己的事。
【拓展】circumvent v. 绕道；规避
convene v. 召集；集合
It does not require a financial detective to work out what is going on. Three sudden surges in the value of the yen, on July 11th, 12th and 17th, have raised suspicions that the Bank of Japan (BOJ) is again intervening in currency markets.
不需要金融侦探就能弄清楚发生了什么。7月11日、12日和17日，日元价值三次突然飙升，引起了人们对日本央行再次干预货币市场的怀疑。
intervene v. 介入；干预
【例】The teacher had to intervene when the students started arguing.
学生们开始争辩不休的时候，老师不得不出面干预。
【辨析】interfere v. 干涉；妨碍
【例】Don’t interfere. It’s my own business.
别插手，这是我自己的事。
【拓展】circumvent v. 绕道；规避
convene v. 召集；集合
The bursts have left the currency, at 156 yen to the dollar, up by 4% against the greenback and marginally above the 37-year lows it reached earlier this month.
这三次飙升使得日元兑美元汇率升至156日元兑1美元，汇率上涨了4%，稍高于本月初创下的37年以来的最低点。
marginally adv. 轻微地
【例】The price is marginally higher.
价格稍微高了一点。
【近义词】slightly adv. 轻微地
【拓展】marginal adj. 边缘的；微不足道的
burn the fingers of sb （因为没有先见之明而）吃亏
【例】He burned his fingers by investing all his savings in a business venture.
他把所有存款投到一个商业风险项目中，结果吃了大亏。
【拓展】burn your bridges 破釜沉舟；不留后路
【例】Think carefully before you resign. You don't want to burn your bridges.
辞职前要三思，你得给自己留条退路。
Such moves burn the fingers of currency traders. They are unlikely to have a long-term impact on the exchange rate, however, which will disappoint officials and delight the tourists now flooding Japan.
这样的干预举动让外汇交易者吃了大亏。然而，这些干预不太可能对汇率产生长期影响，这将让官员失望，而让正在涌入日本的游客高兴。
marginally adv. 轻微地
【例】The price is marginally higher.
价格稍微高了一点。
【近义词】slightly adv. 轻微地
【拓展】marginal adj. 边缘的；微不足道的
burn the fingers of sb （因为没有先见之明而）吃亏
【例】He burned his fingers by investing all his savings in a business venture.
他把所有存款投到一个商业风险项目中，结果吃了大亏。
【拓展】burn your bridges 破釜沉舟；不留后路
【例】Think carefully before you resign. You don't want to burn your bridges.
辞职前要三思，你得给自己留条退路。
The yen’s astonishing weakness is most commonly explained by the divergence between American and Japanese monetary policy.
对于日元的惊人疲软，最常见的解释是美国和日本货币政策之间的差异。
divergence n. 偏离；分歧；差异
【例】divergence of paths 道路分岔
divergence in opinions 意见分歧
divergence from the norm 背离常规
【拓展】diverge v. 分岔；背离；相异
【反义词】converge v. 汇合；相似
【拓展】divert v. 转移注意力（distract）
fraction n. 少量；一点
【例】He bought the desk at a fraction of its original cost.
他以原价的一少部分钱买下这张书桌。
【搭配】a fraction of a second 瞬间
Although the BOJ has lifted interest rates a fraction, the rise has hardly matched the Federal Reserve’s, meaning that investors have preferred dollars over the past few years.
虽然日本央行已经小幅提高了利率，但涨幅完全比不上美联储，这意味着投资者在过去几年更青睐美元。
divergence n. 偏离；分歧；差异
【例】divergence of paths 道路分岔
divergence in opinions 意见分歧
divergence from the norm 背离常规
【拓展】diverge v. 分岔；背离；相异
【反义词】converge v. 汇合；相似
【拓展】divert v. 转移注意力（distract）
fraction n. 少量；一点
【例】He bought the desk at a fraction of its original cost.
他以原价的一少部分钱买下这张书桌。
【搭配】a fraction of a second 瞬间
Why is the yen continuing to weaken? Successful corporate-governance reforms may be in part to blame.
为什么日元持续贬值？成功的公司治理改革可能在一定程度上是原因所在。
be to blame 对某事负有责任
【例】If the project fails, the manager will be to blame for not allocating enough resources.
如果项目失败了，经理应该负责，因为他没有分配足够的资源。
【近义词】be held accountable for sth 对某事负有责任
【例】They should be held accountable for their acts.
他们应该对自己的行动负责。
spell n. 一段时间
【例】a spell of hot weather 一段炎热的日子
a spell of coughing 一阵咳嗽
I had a short spell as a journalist.
我当过一小段时间的记者。
【近义词】span n. 持续时间
shed v. 使落下；去除；摆脱
【例】to shed tears 落泪
to shed jobs 裁撤工作岗位
【近义词】shake off/get rid of 摆脱
As a consequence of changes that began under Abe Shinzo, whose second spell as prime minister ran from 2012 to 2020, Japanese companies have become increasingly focused on returns on investments and have shed needless shareholdings in other firms.
当初安倍晋三政府（其第二个首相任期从2012年持续到2020年）开始进行改革，于是日本公司越来越关注投资回报，并出售了在其他公司中不必要的持股。
be to blame 对某事负有责任
【例】If the project fails, the manager will be to blame for not allocating enough resources.
如果项目失败了，经理应该负责，因为他没有分配足够的资源。
【近义词】be held accountable for sth 对某事负有责任
【例】They should be held accountable for their acts.
他们应该对自己的行动负责。
spell n. 一段时间
【例】a spell of hot weather 一段炎热的日子
a spell of coughing 一阵咳嗽
I had a short spell as a journalist.
我当过一小段时间的记者。
【近义词】span n. 持续时间
shed v. 使落下；去除；摆脱
【例】to shed tears 落泪
to shed jobs 裁撤工作岗位
【近义词】shake off/get rid of 摆脱
Indeed****,**** the country’s stocks**** have**** outperformed**** those in**** most**** of**** the non-American**** rich**** world over**** the past**** decade****.**** But the focus on**** returns is**** also**** pushing money overseas****.****
事实上，在过去十年中，日本的股票表现优于大多数美国以外的富裕国家的股票。但是对投资回报的关注也将资金推向海外。
In**** the year**** to**** the end of**** May,**** Japanese**** firms invested**** 72bn in**** 2010****.****
截至5月底的一年里，日本企业在海外的投资比外国企业在日本的投资多1780亿美元，而2010年这一数字为720亿美元。
Although flows of portfolio investment in and out of Japan—money entering and leaving stocks, bonds and other securities—are volatile, direct investment is clearly going in one direction: out of the country.
尽管进出日本的组合投资资金流（进出股票、债券和其他证券的资金）波动不定，但直接投资显然只有一个方向：流出日本。
volatile adj. 挥发的；易变的；不稳定的
【例】a volatile stock market 涨落不定的股市
a volatile personality 反覆无常的个性
【拓展】fluctuate v. 波动；起伏
outlier n. 异常数据；离群值
【例】His unique approach made him an outlier in the field of traditional art.
他的独特手法使他成为了传统艺术领域中的异类。
【近义词】exception n. 例外情况
A recent decision by TSMC to build factories in Kumamoto province, in the south of Japan, caught international attention, but the Taiwanese semiconductor giant remains an outlier.
台积电最近决定在日本南部的熊本市建厂，这一决定引起了国际关注，但像这家中国台湾的半导体巨头对日本的直接投资仍是少数情况。
volatile adj. 挥发的；易变的；不稳定的
【例】a volatile stock market 涨落不定的股市
a volatile personality 反覆无常的个性
【拓展】fluctuate v. 波动；起伏
outlier n. 异常数据；离群值
【例】His unique approach made him an outlier in the field of traditional art.
他的独特手法使他成为了传统艺术领域中的异类。
【近义词】exception n. 例外情况
Japan’s cultural oddities and language barriers ultimately deter many overseas companies considering a move. As such, there is simply not much demand for the yen.
日本文化的古怪之处和语言障碍最终使许多考虑搬迁的海外公司对其望而却步。因此，对日元的需求本来就不大。
deter v. 阻止；使不敢
【例】The huge waves deterred him from going swimming.
巨浪吓得他不敢去游泳。
【拓展】daunting adj. 让人心生畏惧的
【例】The huge waves are daunting for the swimmer.
巨浪让游泳的人不敢去游泳。
课后练习
What happened to the yen recently?
A. It kept rising for a long time in July.
B. It remained stable against the dollar.
C. It surged in value due to manipulation.
D. It dropped in value three times in July.
What is the common reason for the yen's weakness?
A. The Bank of Japan has significantly increased interest rates.
B. There is a gap between American and Japanese interest rates.
C. Investors have lost interest in the Japanese economy.
D. The inappropriate monetary policies of Japan.
What is the result of the corporate-governance reform in Japan?
A. A decline in returns on investments by Japanese companies.
B. Increased foreign investment in Japanese firms.
C. Japanese firms investing more in foreign countries.
D. A decrease in Japan’s stock market performance.
What can be learned about direct investment in Japan?
A. It is increasing after TSMC took the lead.
B. It is rare and may not increase in the future.
C. It is stable and unaffected by external factors.
D. It is likely to improve due to the weak yen.