Is the Dollar Set to Become the New Yen?
Investors have long borrowed and sold the Japanese currency en masse, using the proceeds to snap up higher-yielding assets outside the land of the rising sun. Dubbed 'the carry trade,' the strategy generated hefty returns until the world economic crisis soured investor bets, sending them scurrying back to buy yen and close out their positions.
一直以来，投资者都在借入并卖出日元，然后用购入的其他货币购买日本以外那些收益率更高的资产。在此次世界经济危机使投资者的风险偏好大为降低前，这种被称为“融资套利交易”的投资策略一直能够创造丰厚回报。经济危机发生后，投资者匆忙买回日元以结清头寸。
Now, some currency watchers say investors are getting tempted into to giving the carry trade another try, only this time investors are considering using the dollar as the base of the trade. That could help explain some of the slide the buck has suffered lately and — if true — it'd likely mean more downward dollar pressure to come.
一些汇率观察人士说，投资者现在又对融资套利交易跃跃欲试了，只不过他们这次考虑借入的货币是美元。这可能是美元汇率最近下跌的部分原因，如果真是这样，则可能意味着美元未来还会遭遇更多下行压力。
'The yen-based carry trade is relatively weak,' said Sebastien Galy, a senior currency strategist at BNP Paribas in New York. 'The yen has not picked up and the dollar is resuming and [the dollar] has no clear competitor right now as a funding currency.'
法国巴黎银行(BNP Paribas)驻纽约的高级货币策略师嘉里(Sebastien Galy)说，以日元为买进货币的融资套利交易目前相对不活跃，日元一直没有起色，而美元的势头正在回升，美元作为融资套利交易借入货币的地位目前没有面临明显的竞争。
