Japan Moves to Stem Rising Yen

 Japan's government and the country's central bank took action Thursday to dilute¹ the yen².  The Japanese currency’s strong standing³ against the dollar is making exports more expensive, hurting efforts to revive the country's moribund⁴ economy. 

After many days of repeated statements by top Japanese government officials expressing alarm about the surging yen, which they blame mainly on currency speculators, rhetoric⁵ was converted into action.

The Finance Ministry⁶ acknowledges buying dollars during Thursday Asia trading.  That move, the first such intervention⁷ by Tokyo in half a year, quickly sent the dollar up by about two yen.  But the American currency still was not able to break above 80 yen to the dollar.

"I doubt that being able to keep the yen weak is the goal because in the past that sort of goal has been unfruitful," said Naomi Fink, an equities⁸ analyst⁹ in Tokyo for Jefferies, a global securities and investment banking¹⁰ group. "If you're looking at decreasing some of the speculative¹¹ pressures that are perhaps damaging corporate¹² sentiment and risk asset markets, then perhaps this move might be a success. But if you're measuring success by being able to reverse the currency entirely¹³, there's a lot of room for disappointment there."

Japan’s central bank essentially¹⁴ teamed with the Finance Ministry, making moves to help the yen ease and spur the country’s economy.

The Bank of Japan expanded a program to purchase assets and boost liquidity¹⁵ to a total of 50 trillion yen - that is equivalent to about $640 billion.

Fink says the central bank’s action on the same day as the Finance Ministry intervention comes as a surprise.

"Many times in the past, the Ministry of Finance has intervened and that money has not been left in the system," noted¹⁶ Fink. "The Bank of Japan has not necessarily engaged in additional easing at the same time as currency intervention. So, historically, it's an unusual development."

Japan’s economy, already in the doldrums for many years, was jolted¹⁷ into recession by the March 11 earthquake and tsunami¹⁸ in the northeastern part of the country. However, restoration of supply chains has recently improved production levels.

After Asian stock markets Wednesday plunged¹⁹ about two percent, on average,  Thursday was largely a better day for investors²⁰.

Japan’s Nikkei stock index reacted positively²¹ to Thursday’s moves. It gained 22 points, nearly one quarter of one percent.

Bargain hunters drove the Shanghai and Shenzen composite indexes up one fifth of one percent.

But in Hong Kong, the Hang Seng slid 108 points, a fall of around one half of one percent.

The KOSPI index here in South Korea fell 47 points, a drop of 2.3 percent, closing at a four-month low, amid selling of exporters amid continuing concern about the U.S. and European economies.

 

 

1 dilute   

vt.稀释，冲淡；adj.稀释的，冲淡的

参考例句：

• The water will dilute the wine.水能使酒变淡。
• Zinc displaces the hydrogen of dilute acids.锌置换了稀酸中的氢。

2 yen   

n. 日元；热望

参考例句：

• He wanted to convert his dollars into Japanese yen.他想将美元换成日币。
• He has a yen to be alone in a boat.他渴望独自呆在一条船上。

3 standing   

n.持续，地位；adj.永久的，不动的，直立的，不流动的

参考例句：

• After the earthquake only a few houses were left standing.地震过后只有几幢房屋还立着。
• They're standing out against any change in the law.他们坚决反对对法律做任何修改。

4 moribund   

adj.即将结束的，垂死的

参考例句：

• The moribund Post Office Advisory Board was replaced.这个不起作用的邮局顾问委员会已被替换。
• Imperialism is monopolistic,parasitic and moribund capitalism.帝国主义是垄断的、寄生的、垂死的资本主义。

5 rhetoric   

n.修辞学，浮夸之言语

参考例句：

• Do you know something about rhetoric?你懂点修辞学吗？
• Behind all the rhetoric,his relations with the army are dangerously poised.在冠冕堂皇的言辞背后，他和军队的关系岌岌可危。

6 ministry   

n.(政府的)部；牧师

参考例句：

• They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
• We probed the Air Ministry statements.我们调查了空军部的记录。

7 intervention   

n.介入，干涉，干预

参考例句：

• The government's intervention in this dispute will not help.政府对这场争论的干预不会起作用。
• Many people felt he would be hostile to the idea of foreign intervention.许多人觉得他会反对外来干预。

8 equities   

普通股，股票

参考例句：

• These are invested mainly in the OECD bonds and equities. 这些资产主要投资于经济合作及发展组织的债券与股票市场。
• They are also advantage of the global rebound in equities. 它们还在利用全球股市反弹的机会。

9 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

10 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

11 speculative   

adj.思索性的，暝想性的，推理的

参考例句：

• Much of our information is speculative.我们的许多信息是带推测性的。
• The report is highly speculative and should be ignored.那个报道推测的成分很大，不应理会。

12 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

13 entirely   

ad.全部地，完整地；完全地，彻底地

参考例句：

• The fire was entirely caused by their neglect of duty. 那场火灾完全是由于他们失职而引起的。
• His life was entirely given up to the educational work. 他的一生统统献给了教育工作。

14 essentially   

adv.本质上，实质上，基本上

参考例句：

• Really great men are essentially modest.真正的伟人大都很谦虚。
• She is an essentially selfish person.她本质上是个自私自利的人。

15 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

16 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

17 jolted   

（使）摇动， （使）震惊( jolt的过去式和过去分词 )

参考例句：

• The truck jolted and rattled over the rough ground. 卡车嘎吱嘎吱地在凹凸不平的地面上颠簸而行。
• She was jolted out of her reverie as the door opened. 门一开就把她从幻想中惊醒。

18 tsunami   

n.海啸

参考例句：

• Powerful quake sparks tsunami warning in Japan.大地震触发了日本的海啸预警。
• Coastlines all around the Indian Ocean inundated by a huge tsunami.大海啸把印度洋沿岸地区都淹没了。

19 plunged   

v.颠簸( plunge的过去式和过去分词 )；暴跌；骤降；突降

参考例句：

• The train derailed and plunged into the river. 火车脱轨栽进了河里。
• She lost her balance and plunged 100 feet to her death. 她没有站稳，从100英尺的高处跌下摔死了。

20 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

21 positively   

adv.明确地，断然，坚决地；实在，确实

参考例句：

• She was positively glowing with happiness.她满脸幸福。
• The weather was positively poisonous.这天气着实讨厌。