Abandon hope, all ye who enter into a debate about currency wars. The IMF says there is no fight in the first place, while the Group of 20 largest economies just agreed to avoid one. Investors in Japan were veterans of this struggle long before it had a name and do not care so long as the yen keeps falling. Look at the dollar’s gains against the yen alongside the benchmark Topix index, and it appears they are on to something. But perhaps stocks are not following the yen so much as both are being driven by another force, namely risk appetite.
死心吧，所有那些參與貨幣戰爭辯論的人們。國際貨幣基金組織(IMF)首先表示，不存在任何戰爭，20國集團(G20)也剛剛就避免一場貨幣戰爭達成一致。早在這場戰爭被人們賦予名字之前，日本的投資者已經久戰沙場了，只要日元繼續貶值，他們就不會在意。看看美元兌日元匯率以及日本基準股指東證指數(Topix index)的漲幅吧，似乎它們意識到了什麼。但股市或許並不是緊跟日元匯率，因爲兩者都正受到另一因素的推動——風險偏好。