Since last Friday, when the US Treasury conducted a so-called “rate check” of market participants, the yen has jumped from around ¥159 per dollar to hold levels close to ¥153. It is a sizeable move, and while it remains unclear whether any intervention actually took place, the signalling by the US and Japan was the closest thing short of it. Intervention to strengthen the yen is unlikely to do much good, but equally, it is unlikely to do much harm. The bigger question to ponder for Japanese prime minister Sanae Takaichi — and her electorate — is why the yen is so persistently weak.
自上周五美国财政部对市场参与者进行所谓的“汇率询价”(rate check)以来，日元已从1美元兑约159日元快速升值，随后在153日元附近企稳。这一波动幅度不小。眼下仍不清楚是否真的发生了任何干预，但美日两国释放的信号，几乎已是除实际出手之外最接近干预的动作。通过干预来支撑日元，多半帮不了太多忙，但同样也不太可能造成多大伤害。对日本首相高市早苗以及她的选民而言，更值得追问的是：为何日元会如此持久走弱。