埃里卡·横山：日元疲软仍是持续令人担忧的问题。财务大臣片山皋月表示，日本和美国将在努力维持有序货币市场的同时保持密切沟通。
By Erica Yokoyama Weakness in the yen remains an ongoing concern, and Japan and the US will stay in close contact as they seek to maintain an orderly currency market, Finance Minister Satsuki Katayama said.
“正如高市早苗在最近于纽约举行的日美峰会上所说，而且我认为，总的来说，日元估值偏低是一个问题，”片山皋月周二对记者说。“我们将继续推动日本和美国金融当局保持密切沟通，并协力维持外汇市场有序运行。”片山皋月是在周五晚与美国财政部长斯科特·贝森特通电话后发表上述言论的。两名官员在通话中再次表达了对日元估值偏低的共同关切，并同意进一步加强合作。
“As Takaichi said during the recent Japan-US summit in New York, and I believe, generally speaking, the undervaluation of the yen is a problem,” Katayama told reporters on Tuesday. “We will continue to maintain close communication between Japanese and US financial authorities and work to maintain orderly conditions in the foreign exchange market.”Katayama spoke after she held a phone call with US Treasury Secretary Scott Bessent on Friday evening in which the two officials reaffirmed shared concerns over the yen’s undervaluation and agreed to further strengthen cooperation.
片山皋月说，她在通话中告诉贝森特，高市早苗不是主张再通胀的人，这番话显然是为了让贝森特放心，表明这位首相无意推行不受制约的扩张性政策。
Katayama said she told Bessent during their call that Prime Minister Sanae Takaichi is not a reflationist, a message apparently meant to assure Bessent that the premier isn’t seeking unchecked expansionary policies.
周二早上东京时间，日元兑美元汇率约为157.47，而一个月前约为160。
Her comments came as the yen was trading around 157.47 against the dollar Tuesday morning in Tokyo, compared with around 160 a month ago.
尽管日本央行本月早些时候将政策利率上调至31年来最高水平，日元疲软仍持续存在。日本央行随后发布的沟通信息，加之美联储进一步加息的押注不断升温，推动市场猜测美日利差可能扩大，令美元再次面临上行压力。
The yen’s weakness has persisted even after the Bank of Japan raised its policy rate earlier this month to the highest in 31 years. The BOJ’s subsequent communication coupled with growing bets on further Federal Reserve rate hikes helped fuel speculation that the US-Japan rate gap could widen, putting renewed upward pressure on the dollar.
今年，东京已多次入市支撑日元，先是在春季黄金周假期期间，随后又在夏季采取行动，使日本年内的干预支出创下纪录。7月，日本还与美国进行了28年来首次联合买入日元的干预行动。
Tokyo has intervened multiple times this year to support the yen, first during the Golden Week holidays in the spring and again in the summer, pushing its annual intervention spending to a record. In July, Japan also carried out its first joint yen-buying intervention with the US in 28 years.
关于国债收益率上升，片山表示，她将在与市场参与者保持密切沟通的同时，以高度的紧迫感关注事态发展。在全球债券遭遇抛售之际，日本基准10年期国债收益率一直在3%左右徘徊。
With regard to rising yields on government bonds, Katayama said she would maintain close communication with market participants while monitoring developments with a strong sense of urgency. The yield on Japan’s benchmark 10-year bond has been hovering around 3%, amid a global bond selloff.
片山表示，从全球视角来看，日本国债收益率上升似乎并不十分显著。她提到，上周曾与亿万富翁投资者斯坦利·德鲁肯米勒以及摩根大通公司首席执行官杰米·戴蒙进行讨论。
Katayama said the rise in Japanese yields does not appear particularly significant from a global perspective, citing her discussions last week with billionaire investor Stanley Druckenmiller and JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon.
片山称，这两人指出，全球正面临通胀压力，包括油价和其他大宗商品价格带来的压力；与此同时，各国为应对这些压力而增加政府支出的趋势也已显现。
Katayama said the two men pointed to global inflationary pressures, including those stemming from oil and other commodity prices, as well as a tendency for government spending to increase as countries respond to those pressures.
据片山介绍，他们还指出，超大规模企业——即以极大规模运营计算服务的公司——正在公司债券市场上筹集巨额资金。片山说，尽管传统上人们认为政府借款会挤出私人部门融资，但如今情况可能正日益相反：企业大规模发行债券正对国债收益率形成上行压力。
They also noted that hyperscalers, companies that run computing services at an enormous scale, are raising large amounts of money in corporate bond markets, according to Katayama. While government borrowing has traditionally been seen as crowding out private-sector financing, the reverse may increasingly be happening, with heavy corporate issuance putting upward pressure on government bond yields, Katayama said.
“他们告诉我，相比之下，日本国债收益率的涨幅并不算大，”片山说，“他们冷静地看待这一情况：日本、美国和欧洲的收益率最终都出现了上升，我也持这种审慎的看法。”
“They told me that the rise in Japan is not particularly large by comparison,” Katayama said. “They were calmly looking at this as a situation where yields have ultimately risen in Japan, the US and Europe, and I share that measured view.”