VOA常速英语2008年-US Dollar Drops to 12-Year Low Against Japanese

By Naomi Martig
Hong Kong
13 March 2008

The U.S. dollar dropped to a 12-year low against the Japanese yen¹, and also sank to new lows against the euro and other global currencies. As Naomi Martig reports from Hong Kong, stock markets in Asia also sold off, in part because of the weak dollar and because of concerns that the U.S. economy is going into recession.

The dollar fell one percent to 100.20 yen in Tokyo trading Tuesday, its lowest rate since 1995. It also hit record lows against the euro and the Swiss franc.

David Mann, chief currency strategist at Standard Chartered Bank in Hong Kong, says the 100-yen level for the dollar is dangerous because it is a psychological mark for investors².

"If it goes, if that taboo³ is broken, then traders will be comfortable with the idea that we can actually see even further losses in the dollar against the yen and so we can be trading into the 90's for some time," he said.

On Tuesday the dollar rallied after the Federal Reserve said it would pump $200 billion into financial markets to ease the credit crunch⁴ caused by a hike in unpaid⁵ home mortgages.

But the gains quickly vanished because of concerns that the plan is not enough to boost the U.S. economy. Mann says investors are wary⁶ of the Fed's plan because they worry about U.S. bank failures.

"The problem is that we are still in a situation of 'can lend, won't lend,' and while we have that type of problem even aggressive monetary⁷ easing won't necessarily do it, it'll be a little bit more like just pushing on a string," he said.

Mann says the Fed is also likely to cut interest rates even further.

"Very likely to get a minimum of 50 basis points cut from the next meeting and we are actually expecting the fed funds rate to go all the way down to one percent by the middle of this year," he added.

The dollar's slide against the yen has also sparked concern that Japanese authorities may intervene, as the country has a history of restraining the yen's strength to maintain the competitiveness of exporters.

The U.S. sub-prime mortgage crisis, together with fears that the economy is slipping into recession, is taking its toll⁸ on global markets. Mann says the big worry is the possibility the problems could last a long time, similar to the Asian financial crisis in the late 1990s.

Other worries for investors in Asia included rising inflation in much of the region and oil prices nearing $110 a barrel.

On Thursday most major Asian stock markets closed lower. Japan's Nikkei plunged⁹ more than three percent, the Hang Seng Index in Hong Kong lost 4.8 percent and the Kospi in Seoul gave up 2.6 percent of its value.

1 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。

2 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

3 taboo   

n.禁忌，禁止接近，禁止使用；adj.禁忌的；v.禁忌，禁制，禁止

参考例句：

• The rude words are taboo in ordinary conversation.这些粗野的字眼在日常谈话中是禁忌的。
• Is there a taboo against sex before marriage in your society?在你们的社会里，婚前的性行为犯禁吗？

4 crunch   

n.关键时刻；艰难局面；v.发出碎裂声

参考例句：

• If it comes to the crunch they'll support us.关键时刻他们是会支持我们的。
• People who crunch nuts at the movies can be very annoying.看电影时嘎吱作声地嚼干果的人会使人十分讨厌。

5 unpaid   

adj.未付款的，无报酬的

参考例句：

• Doctors work excessive unpaid overtime.医生过度加班却无报酬。
• He's doing a month's unpaid work experience with an engineering firm.他正在一家工程公司无偿工作一个月以获得工作经验。

6 wary   

adj.谨慎的，机警的，小心的

参考例句：

• He is wary of telling secrets to others.他谨防向他人泄露秘密。
• Paula frowned,suddenly wary.宝拉皱了皱眉头，突然警惕起来。

7 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

8 toll   

n.过路(桥)费；损失，伤亡人数；v.敲(钟)

参考例句：

• The hailstone took a heavy toll of the crops in our village last night.昨晚那场冰雹损坏了我们村的庄稼。
• The war took a heavy toll of human life.这次战争夺去了许多人的生命。

9 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。