Stephen Jen 谈日元的 carry trade

http://www.japaneconomynews.com/2007/04/06/stephen-jen-why-is-the-yen-weak/

Stephen Jen 的博克 重点放在外汇交易

Managing Director and Chief Currency Economist Stephen Jen of Morgan Stanley’s Global Economic Forum takes on the issue of the weak yen in an article published today entitled Big Potential for Further Japanese Retail Outflows. Mr Jen sees two schools of thought concerning the current weakness of the yen: The first (which he says is predominantly held outside Japan) is that the so-called ‘carry trade’ is contributing to a weak yen. The other option, which Mr Jen sees as being more common within Japan, is that low interest rates are keeping the yen weak. As he puts it: