套利交易对国际金融市场及日元汇率的影响

Impact of carry trade on global financial markets and the Yen

2006年以来,日元相关套利交易成为全球金融市场的一大看点,从成因看,日元的低利率水平、欧元汇率的低波动性以及部分商品价格大幅飙升是导致套利交易盛行的关键因素。从长远看,由于日元与其他货币的利差将继续存在,市场在风险厌恶程度下降之后,套利交易仍会吸引投资者的关注,但其波动性会大幅上升。

Yen-related carry trade has attracted wide-spread attention from global financial markets since 2006. The key factors for the popularity of arbitrage are the low level of the yen interest rate, the low fluctuation of the euro exchange rate, as well as the soaring prices of some commodities. In the long run, since the spread between the yen interest rate and the rate of other currencies may continue, arbitrage trading will remain the focus for many investors and lead to far greater volatility in related markets.