日元利差交易之规模评估与启示

Yen carry trade:Scale assessment and implications

文章首先划分了日元利差交易的类别,并分别估算了三种不同形式下日元利差交易的规模,认为利差交易的根本目的还在于资产交易,因此应高度重视资产价格波动对利差交易的影响,同时也应关注日元在利差交易中被大幅低估的可能。

This paper classifies the yen carry trade into three categories and estimates their global magnitudes. The ultimate aim of the carry trade lies in asset trading, therefore, importance should be attached to the influence of asset pdca fluctuations on the yen carry trade, as well as the possibility of a significant devaluation of the yen in the carry trade.