日元在拉丁美洲套息交易中的融资角色依然稳固。虽然巴西雷亚尔在路易斯·伊纳西奥·卢拉·达席尔瓦连任后兑日元大幅下跌，但该地区其他货币却上涨，包括智利比索、哥伦比亚比索和墨西哥比索。这凸显了拉美货币作为投资日元借款资金的关键目的地，依然保持着持续的需求。
The yen’s funding role for the carry trade in Latin America is alive and well.
渣打银行东京分行金融市场部日本负责人江泽福弘表示，套息交易的“底层动态依然完好”。“雷亚尔在亚洲时段的交易量相对有限，日本投资者并未在该货币上建立大量头寸。这表明对日本市场的溢出影响应当仍将保持在可控范围内。”
While the Brazilian real slumped against the Japanese currency following the reelection of Luiz Inácio Lula da Silva, others in the region gained, including the Chilean peso, Colombian peso and the Mexican peso. That underscored continued demand for Latin American currencies that have been key destinations to invest money borrowed in Japan.
什么是正在削弱日元的套息交易？：借入日元购买拉美资产的套息交易投资者通常受益于该地区较高的利率，但这种收益可能会因货币急剧下跌而大幅消蚀。
The carry trade’s “underlying dynamic remains intact,” said Fukuhiro Ezawa, head of financial markets Japan at Standard Chartered Bank in Tokyo. “Trading in the real is relatively limited during Asian hours, and Japanese investors had not built up sizable positions in the currency. That suggests the spillover to Japanese markets should remain contained.”What Is the Carry Trade That’s Weakening the Yen?: Carry trade investors who borrow in yen to buy assets in Latin America typically benefit from the higher interest rates in the region, but the gains from this can be eroded significantly by any sharp currency drop.
卢拉在一场惊人的逆转中连任巴西总统，引发投资者担忧他将很少采取行动应对该国迅速恶化的财政前景，导致周一巴西资产遭遇剧烈抛售。
Lula’s reelection as Brazil’s president in a surprise comeback triggered a sharp selloff in Brazilian assets on Monday as investors worried he would do too little to address the nation’s rapidly deteriorating fiscal outlook.
支撑套息交易的巨大利差依然具有韧性。除非新兴市场风险大幅加剧，否则日元作为融资货币恐将继续承受抛售压力。
The wide interest-rate differentials that support the carry trade remain resilient. Unless emerging-market risks intensify materially, the yen is likely to remain under selling pressure as a funding currency.