日元套利交易:货币波动性是关键

Yen carry trade:Volatility is the key

2月末全球股市暴跌,其中日元套利交易的平仓被认为是主因。该篇访谈以一位国外资深人士的视角介绍了国际市场上日元套利交易的基本情况,指出在全球流动性持续充足的情况下,短期内套利交易的关键是货币波动性,低波动性是支撑风险资产的关键,反之,投资者必须制定适合自身风险承受力的交易策略。

The unwinding of the Yen carry trade is regarded as the major factor that prompted the plunge in the global equity markets in the third week of February this year. From the perspective of a foreign professional, this interview offers an introduction of the fundamental situation of the Yen carry trade in the global markets. According to the interviewee, with global liquidity remaining ample, the key for carry trades in the near term is volatility. Low volatility has been a key support for risky assets. Therefore, investors must have a strategic plan that suits their risk tolerance.