There is little doubt about the motive for Japan’s currency intervention. Koji Miyahara, the chairman of the Japan Shipowners’ Association, said there must be “zero tolerance” of a stronger currency because “it is impossible for Japan to win in global markets with the currency in the 80-yen range”. But the trouble with currencies is that there are two sides to any exchange rate. A weaker yen requires a stronger dollar or euro. A boon for Mr Miyahara’s members will be a bane for Greek shipowners.
很少有人懷疑日本干預外匯市場的動機。日本船主協會(Japan Shipowners’ Association)會長宮原耕治(Koji Miyahara)表示，對于日元走強必須“零容忍”，因為“如果日元（兌美元匯率）處在80日元范圍內，日本就不可能在全球市場取勝”。但貨幣的問題在于，任何匯率都有兩面性。日元走弱就需要美元或歐元走強，如果宮原先生的會員獲益，希臘的船主就會受損。
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