There is little doubt about the motive for Japan’s currency intervention. Koji Miyahara, the chairman of the Japan Shipowners’ Association, said there must be “zero tolerance” of a stronger currency because “it is impossible for Japan to win in global markets with the currency in the 80-yen range”. But the trouble with currencies is that there are two sides to any exchange rate. A weaker yen requires a stronger dollar or euro. A boon for Mr Miyahara’s members will be a bane for Greek shipowners.
很少有人怀疑日本干预外汇市场的动机。日本船主协会(Japan Shipowners’ Association)会长宫原耕治(Koji Miyahara)表示,对于日元走强必须“零容忍”,因为“如果日元(兑美元汇率)处在80日元范围内,日本就不可能在manbetx app苹果 市场取胜”。但货币的问题在于,任何汇率都有两面性。日元走弱就需要美元或欧元走强,如果宫原先生的会员获益,希腊的船主就会受损。