Yuriko Tanaka, an analyst at Goldman Sachs in Tokyo, argued that the shift to offshore production means Japanese exports now depend more on economic conditions overseas than on the level of the yen.

More strangely, the yen strengthened even though the ratings agency Standard Poor's moved Japan's long-term sovereign debt outlook to negative.

更奇怪的是，评级机构标准普尔（Standard Poor's）将日本的长期主权信用前景下调至负面，日元汇率不跌反升。

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Leadership is badly needed on a host of policy fronts, including tsunami reconstruction, the ongoing crisis at the Fukushima Daiichi nuclear power plant, an anaemic economy, the rising yen and an increasingly indebted state.

日本的一系列政策议题都迫切需要强有力的领导，包括海啸灾后的重建、福岛第一核电站（fukushima daiichi）的持续危机、疲软的经济、日元汇率走高以及政府债务不断增加。

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Currencies have dropped against the dollar and the yen, some precipitously.

外围国家货币兑美元和日元汇率下跌，一些币种跌幅陡峭。

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The Effect of Yen's Volatility on China's Export

日元汇率对中国出口的影响机制

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The dollar rallied 1.7 per cent against the Japanese yen.

美元兑日元汇率上涨1.7%。

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Toyota expressed fears about the dollar's worrying decline against the yen after the US currency fell to levels that threatened to undermine its nascent profit recovery.

丰田（Toyota）对美元兑日元汇率令人担心的下跌表示忧虑，目前美元已跌至可能破坏丰田刚刚实现的利润复苏的水平。

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Any such unwinding is expected to cause the yen to rally strongly.

人们预计，任何此类平仓行为都会促使日元汇率强势上扬。

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Tension over currencies continued on Friday as ministers assembled for the annual meetings of the International Monetary Fund in Washington, with a European policymaker complaining about the weak dollar and Japan denying it was manipulating its currency.

周五，汇率问题引发的紧张局势仍在延续：各国财长齐聚华盛顿出席国际货币基金组织（IMF）年会，一位欧洲政策制定者对美元疲软发出抱怨，日本则否认自己在操纵日元汇率。

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But taking the intervening years' inflation and deflation into account, the yen would need to climb to the high 50s for a trade shock comparable to the one 16 years ago, on JPMorgan estimates.

但摩根大通（JPMorgan）估计，将期间这些年的通胀和通缩考虑在内，日元汇率需要攀升至50多日元的高位，才能与16年前造成的贸易冲击相当。

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Fears that the European Central Bank is scaling back emergency support to eurozone banks too soon sparked sharp falls in financial markets on Tuesday, with the euro tumbling to an eight-and-a-half year low against the Japanese yen.

周二，由于人们担忧欧洲央行（ecb）过快缩减对欧洲各银行的紧急支持，金融市场大幅下挫，欧元兑日元汇率暴跌至8年半以来的低点。

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In 1998 America and Japan sold dollars to prop up the yen.

1998年，美国和日本联手卖出美元，以提振日元汇率。

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Instead, traders viewed an oblique reference to the Japanese currency in the G7 communique as a sign there was no official appetite for any concerted action.

相反，汇市交易员将G7会议公报语焉不详提及日元汇率视为一个信号，表明G7尚无采取协同行动的正式愿望。

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Quantitative Relations between Japanese yen Exchange Rates and Micro-economic Variation

对日元汇率与其它宏观经济变量之间数量关系的分析

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Early news of the poll sent the already weakening Japanese currency lower.

之前有关提前选举的消息推低了已在贬值的日元汇率。

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A Substantial Analysis between Japanese Yen Currency Appreciation and Japanese Trade Surplus

日元汇率变动与日本贸易差额关系的实证分析

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This is at a time when competition in all product markets has never been stronger and Japan is coping with a currency that has strengthened since the disappearance of the carry trades that flourished when the yen was seen as a cheap funding vehicle.

当前各类产品市场的竞争比以往任何时候都激烈，同时日元汇率自套利交易（carry trade）消失以来不断走强套利交易在日元被视为廉价融资工具时期极为盛行。

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Hit by a 25 per cent decline in the euro against the yen during 2008, and even bigger rises against currencies such as the pound, companies such as Sony and Canon are struggling to make money on imports into Europe.

由于欧元兑日元汇率今年下滑25%，日元兑英镑等币种的汇率甚至涨幅更大，索尼（Sony）和佳能（Canon）等日本公司难以从出口到欧洲的产品中赚取利润。

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In any event, unilateral efforts to weaken the yen are successfully precluded by a well-monitored G20 agreement.

不管怎样，一项严密监控的G20协议能够成功阻止压低日元汇率的单边努力。

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Japanese companies were complaining about their strong exchange rate.

日本企业早就在抱怨日元汇率偏高。

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A Study on Misalignment of Japanese Yen's Real Exchange Rate

日元汇率失调研究

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