If policymakers in the eurozone and Japan hoped to engineer a weaker currency by their aggressive expansion of monetary policy, they must be watching the latest moves in currency markets with dismay. Despite fresh rounds of quantitative easing and radical experiments with negative interest rates — usually associated with a weaker exchange rate — the euro and yen have rallied. Threats of official intervention from Tokyo did nothing to prevent the yen climbing last week to a 17-month high against the dollar.
如果歐元區和日本的政策制定者希望通過貨幣政策的積極擴張使得匯率下跌，他們肯定正在沮喪地看著最近外匯市場的動向。盡管推出了數輪量化寬松并祭出了負利率的激進試驗——通常會導致匯率下跌的舉措——但是歐元和日元匯率均出現上漲。日本官方干預市場的威脅未能阻止日元兌美元匯率近日攀升至17個月高點。
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