But why does the carry trade work?
但套息交易怎么会行得通？
Then, who were doing the carry trade?
那么，究竟是什么人在做呢？
Nobody really knows how big the carry trade is.
套息交易的规模到底有多大无人知晓。
This “carry trade” created high returns with low volatility.
这样的“套息交易”创造了低波动性的高回报。
It is worth wondering whether the carry trade has been exaggerated.
这值得人们怀疑利差交易是否被夸大了。
What is more, a powerful resurgence in the carry trade seems unlikely.
更甚者，利差交易不太可能会有强有力的复苏。
If the carry trade is now part of a bygone era, so is the weakness of the yen.
如果现在套息交易变成了往事，那么同样意味着日圆疲软也成为了过去。
So this should give support touncovered-interest parity and deter the carry trade.
这应支持敞开式利率平价理论，挫败套息交易。
The yen has been pushed down in recent months by the highly profitable "carry trade".
近几个月，高利润的“套息交易”是压低日元的主要原因。
In New Zealand's case, the carry trade has given the kiwi dollar an extra upward push.
对新西兰来说，套息交易额外地推高了新西兰币。
But who cared about the theory when, for a long time, the carry trade produced bumper returns?
但在套息交易长久以来都带来丰厚回报的情况下，谁又在乎理论怎么说呢？
Had Fannie and Freddie been hedge funds, this strategy would have been known as a "carry trade".
Fannie Mae和Freddie Mac摇身一变成为对冲基金，这个策略被称作“套息交易”。
Past financial-market wobbles have been associated with periods when the carry trade was unwound.
过往的金融市场动荡曾多次在套息盘平仓背景下发生。
Perhaps the overall carry trade is weakening, but not with the euro as a currency to purchase, yet.
或许外贸总额会削减，但这还未将欧元作为购买货币计入在内。
The carry trade, analysts and policymakers complained, had driven the yen to unnaturally low levels.
分析师和决策者抱怨，利差交易已使日元降到非自然的低水平。
Yet the global carry trade - one of the key features of the credit bubble - could well come under pressure.
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。
The yen carry trade has amplified global liquidity, further inflating asset-price bubbles across the world.
日元套息交易放大了全球资本流动，使世界各地的资产价格泡沫进一步膨胀。
Again, this was a version of the carry trade: they used their cheap financing to buy higher-yielding assets.
这里再次出现了套息交易的说法：他们用廉价的资金购买高收益资产。
But many of these strategies were variants of the carry trade, which changed the face of the finance sector.
但是，这么多战略都是套利交易的变种，金融的改头换面。
There is similar situation in global financial market, like carry trade we talked about a lot in past years.
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）。
Now markets have reached a stage, in the biggest economies at least, where the carry trade looks hard to pull off.
现在，至少在大的经济体中，市场已经到达了一个难以将套息交易剥离出去的阶段。
Either way, the trend is towards a narrowing of interest-rate differentials, making the carry trade less profitable.
不管怎样，趋势是减小利率差异，使得利差交易获利更少。
So experience suggests that the carry trade, as applied to government bonds, is not a particularly appealing strategy.
所以，经验说明，套息交易应用于不是特别有吸引力的策略。
The term "carry trade" usually refers to leveraged trades by speculative international investors, such as hedge funds.
“套息交易”这一术语通常用来指包括对冲基金在内的国际投机者所进行的杠杆交易。
Nobody warned them what happens when the Japanese carry trade goes into brutal reverse, as it does when the cycle turns.
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。
Exceptionally low global financial-market volatility in the middle of the decade helped spur the famous yen carry trade.
在这个十年的中期，极低的全球金融市场挥发性帮助日元成为著名的利差交易货币。
The global financial market also has similar situations. For example, the Carry Trade we talked a lot several years ago.
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）。
The similar situation also grips the global financial market. Carry trade is an example we talked much about recent years.
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）。
So far, however, there has been no sign of such a shift; indeed, higher Treasury yields may only encourage the carry trade.
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,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.
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