JPY-的意思|示意

That is, if the market cannot buy CHF or JPY when market stress intensifies sharply, then it will pile into the USD in a more aggressive manner for liquidity.

也就是说，市场在压力急剧增大时，投资者如果不能买入瑞士法郎或日元，那么出于流动性的考虑他们就会以更激进的方式大举购入美元。

Market test BOJ resolve on intervening the JPY. The support below 103jpy was strong. Wait to sell USD AT 103.75jpy with stop AT 104.45jpy.

市场正测试日本央行的底线，惟美元在103日圆之下的支持甚强，可等候于103.75建立美元淡仓，止蚀设于104.45。

To further illustrate this point, let's assume that the only currency that moves is USD, while the two other currencies (JPY and EUR) remain flat.

为了进一步解释这一点，我们假设只有美元是波动的，另两种货币（日元和欧元）保持不变。

The JPY is treated by investors as a mini safe haven in times of risk aversion, which has enabled it to remain stable against the USD and strengthen against the EUR.

日元在风险规避时往往被投资者看作一个小型的安全天堂，这使得日元对美元能够保持平稳并且对欧元能够稳步强势。

As we have stated in the past, as the risk aversion eases we expect the Jpy to come under selling pressure.

正如我们过去所预测的那样，当风险厌恶情绪放松时，日元就会受到抛售压力。

Most likely, though, in our view, CHF and JPY will be the bigger winners if risk comes off sharply.

我们认为一旦风险情绪急转直下，则瑞郎及日圆最有可能成为最大的受益者。