As the eurozone’s great experiment with negative interest rates continues, the dynamic of global capital flows has changed dramatically, responding to big shifts in the relationships between the world’s main currencies. While the US dollar is in much the same place relative to the yen as it was at the start of the year, the euro has depreciated by more than a 10th against the Japanese currency. This has confounded an army of forecasters who expected more yen weakness in light of the failure of Abenomics to stoke Japanese inflation. They also worried that Japan would be exporting deflation via a weaker currency to a eurozone that was struggling with deficient demand.
在歐元區繼續推進大規模的負利率試驗之際，全球資本流動狀況發生了顯著改變，這是因應世界主要貨幣之間的關係的鉅變。儘管現在美元兌日元匯率和年初基本一樣，但歐元兌日元貶值逾10%。這讓一些預測人士感到困惑，他們曾預計，由於「安倍經濟學」未能讓日本通膨上升，日元將會繼續貶值。他們還擔心，日本將通過日元貶值將通縮輸出至正在艱難應對需求不足的歐元區。