当学者为低息贷款对资产价格的扭曲而感到担忧时，他们总是指出套利交易是应引起注意的一个原因。
WHEN pundits worry about the distorting effects of cheap money on asset prices, they invariably single out the carry trade as a cause for concern.
但是，后来人们发现，实际上是大量的日本家庭主妇在做这件事情，而要想制止家庭主妇做套利交易，难度非常大。
However, later we found that, as a matter of fact, a large number of housewives in Japan were involved in the carry trade and it was hard for prevention.
当日本的套利交易进入冷酷的颠倒状态的时候，没人提醒他们出了什么事，如每次轮回时一样。
Nobody warned them what happens when the Japanese carry trade goes into brutal reverse, as it does when the cycle turns.
然而，全球套利交易——信贷泡沫的主要特征之一——很可能会受到压力。
Yet the global carry trade - one of the key features of the credit bubble - could well come under pressure.
但是,至少现在还没有这样的改变,事实上,更高的国债利率可能仅仅鼓励了套利交易.
So far, however, there has been no sign of such a shift; indeed, higher Treasury yields may only encourage the carry trade.
但是，后来人们发现，实际上是大量的日本家庭主妇在做这件事情，而要想制止家庭主妇做套利交易，难度非常大。
However, it turned out later that large Numbers of Japanese housewives were doing that. But it was very difficult to stop housewives from doing carry trades.
但是这样的利润是不稳定的，套利交易容易发生不多但巨大的损失。
The profits are volatile, however, and carry trades are prone to infrequent but huge losses.
根据目前行业的现状，令我担心的是，终端投资者可能增持了套利交易。
What worries me from the current industry perspective was that the end investor was probably overweight in the carry trade.
但是，后来人们发现，实际上是大量的日本家庭主妇在做这件事情，而要想制止家庭主妇做套利交易，难度非常大。
But in fact it was a number of Japanese housewives who worked at carry trade. This means serious difficulty to prevent them.
还有，如果说套利交易是因为动物精神而再次风靡，那么为何超级安全的黄金也涨到了空前高点？
What is more, if carry trades are the rage again due to animal spirits, why is ultra-safe gold at an all-time high?
套利交易是一种随其它泡沫共同增长的泡沫。
当时进行套利交易的货币主要是日元，因为当时日元的利率很低，有很多套利交易的标的是澳大利亚元和新西兰元。
At that time, the main currency for Carry trade was Yen as its exchange rates were pretty low then. Many bids for those trades were Australian dollar and New Zealand dollar.
瑞士银行的瑞安先生估计这种“套利交易”可能占了一些西班牙小型银行利润的40%，大银行的20%。
Mr Ryan of UBS, reckons this "carry trade" may account for as much as 40% of the profits posted by some smaller Spanish Banks and 20% at bigger ones.
但是，这么多战略都是套利交易的变种，金融的改头换面。
But many of these strategies were variants of the carry trade, which changed the face of the finance sector.
套利交易往往会给借入的货币施加下行压力，同时推涨买入的货币。
Carry trades usually put downward pressure on the currency that is borrowed while turbo-charging the currencies that are purchased.
投资者执行套利交易的方式跟危机前有所不同。
Investors aren't executing carry trades as they did before the crisis.
国库券的抛售将会导致回购市场的瘫痪，提升借贷成本，吸干流动性和关闭套利交易。
The fire sale of T-bills will paralyze the repo market, drive up the sweeping borrowing costs, suck dry the liquidity and close up the spread in the carry trade.
全球金融市场也存在类似的情况，比如前几年我们讨论比较多的套利交易（Carry Trade）。
There are similar situations in the global financial market, such as the carry trade which we discussed much in the past few years.
这将提高未来预期的商品价格，且(因为跨期套利交易)将提高当前的商品价格。
This would raise future expected commodity prices, and (because of inter-temporal arbitrage) current commodity prices.
但是，后来人们发现，实际上是大量的日本家庭主妇在做这件事情，而要想制止家庭主妇做套利交易，难度非常大。
Later, people found out that in fact it was Japanese housewives who were behind this, and it was extremely difficult to prevent them from Carry Trade.
当时进行套利交易的货币主要是日元，因为当时日元的利率很低，有很多套利交易的标的是澳大利亚元和新西兰元。
The main money in the then Carry Trade is the yen, because its interest rate was. Money used also includes the Australian Dollar and the New Zealand Dollar.
在2008年晚些时候，仅仅两个月内日元相对高收益的澳元就上涨了60%，澳元是套利交易者较受欢迎的目标货币。
In late 2008 the yen rose by 60% in just two months against the high-yielding Australian dollar, a popular target for carry traders.
当时进行套利交易的货币主要是日元，因为当时日元的利率很低，有很多套利交易的标的是澳大利亚元和新西兰元。
At that time, the main currency for arbitrage transaction was yen, because the interest rate was low for yen then, and many objects of arbitrage transaction were AUD and NZD.
当然，有效市场理论也可以安然退却，方法是指出这次恢复仅仅是暂时性的，调节过度的价格将在稍后被套利交易拉下来。
Of course, efficient market theorists could retreat to higher ground by arguing a rally would just be one of those temporary, over-shooting events and prices will be arbitraged down in a while.
当时进行套利交易的货币主要是日元，因为当时日元的利率很低，有很多套利交易的标的是澳大利亚元和新西兰元。
Then the currency engaged in carry trade most was Yen for its interest rate was very low. And many carry trade's targets were Australia dollar and New Zealand dollar.
当时进行套利交易的货币主要是日元，因为当时日元的利率很低，有很多套利交易的标的是澳大利亚元和新西兰元。
Due to its extremely low interest rate, Japenes Yen became the main currency for Carry Trade, and the object currency was the Australian dollar and the New Zealand dollar.
当时进行套利交易的货币主要是日元，因为当时日元的利率很低，有很多套利交易的标的是澳大利亚元和新西兰元。
Due to its extremely low interest rate, Japenes Yen became the main currency for Carry Trade, and the object currency was the Australian dollar and the New Zealand dollar.
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