So how much longer can Japan take the hit from this weakening yen?

那麼，日本還能承受日圓貶值帶來的衝擊多久？

So every time when you ask the question and people would tell you, obviously analysts would be telling me that very shortly, but how shortly it would be, we don't have an idea.

所以每次當你問這個問題時，人們都會告訴你，顯然分析師會告訴我，很快，但到底會有多快，我們還不知道。

Because if we look at the Japanese yen right now, they are under tremendous downward pressure.

因為如果我們看看現在的日圓，它們正承受著巨大的下跌壓力。

For one thing, we have the Federal Reserve gradually going back to its hawkish tone. That's not helpful in terms of the yen strengtheners.

首先，我們看到美聯儲逐漸恢復鷹派立場。這對於日圓的走強並不有利。

[At] the same time, we also have the U.S. rising treasury yields and the interest rate differential between the U.S. and Japanese currency and Japanese economy is certainly not helping the Japanese yen.

同時，我們還面臨著美國不斷上升的國庫收益率，以及美日貨幣之間的利率差異，而日本經濟的狀況無疑並未幫助日圓。

That's why we are having BOJ governor this morning warning that the weak yen could like rising risks in the country, especially overshooting prices as a whole.

這就是為什麼今天早上日本銀行總裁發出警告，說弱勢的日圓可能導致國內風險加劇，特別是整體物價過度上漲的情況。

And in the meantime, these factors could actually put Japanese authorities in terms of BOJ and also the Ministry of Finance into a dilemma between supporting Japanese growth as well as stabilizing the yen.

與此同時，這些因素實際上可能使日本當局（包括日本銀行和財務省）陷入一個兩難境地，即在支持日本經濟增長和穩定日圓之間做出選擇。

And don't forget that weaker Japanese yen is also hurting Japanese companies as well.

同時，別忘了，較弱的日圓也對日本企業造成了損害。

Of course, we've heard the CEOs of Japan Airlines and ANA warning that the weaker yen could hurt their profit margin.

當然，我們聽到日本航空和全日空的CEO警告說，較弱的日圓可能會損害他們的利潤率。

[At] the same time, don't forget Japan also imports most of its energy products from overseas.

同時，別忘了日本也大部分從海外進口其能源產品。

So a weaker yen means [a] shrinking profit margin for those companies.

因此，日圓貶值意味著這些公司的利潤變少。

Well, thanks very much, Henry, for that update.

非常感謝 Henry 提供的最新消息。

And speaking of the weak yen, monthly visitors to Japan hit a record high in March as the yen tumbles, as we've mentioned.

說到日圓貶值，正如我們所提到的，三月份日本的月訪客數創下了歷史新高。

Official data shows March visitor numbers crossed the three million mark for the first time ever as tourists flocked to Japan to see its famous cherry blossoms.

官方數據顯示，三月份的遊客人數首次突破了三百萬大關，因為遊客湧入日本觀賞其著名的櫻花。

The Japanese yen has fallen sharply to a 34-year low against the U.S. dollar.

日圓對美元的匯率急劇下跌，跌至 34 年來最低。

A positive for visitors, but Japanese consumers are feeling the pinch.

對遊客來說是一個好消息，但日本消費者感到壓力增加。

(Speaking in Japanese) I think hotels, transportation costs and restaurants are more expensive. The things that foreign tourists say are cheap are incredibly expensive for us.

（用日語講）我認為飯店、交通費用和餐廳的價格更高。對於外國遊客認為便宜的東西對我們來說是非常昂貴的。

(Speaking in Japanese) I was happy after the COVID-19 pandemic ended since I was able to go abroad again, but this weak yen situation is pulling me back from traveling.

（以日文發言）COVID-19 疫情結束後，我很高興能夠再次出國，但日圓貶值的情況使我不再旅行。

And for more, CNA's Michio Ishida joins us now from Tokyo.

為了解更多資訊，CNA 的 Michio Ishida 現在從東京加入我們。

So, Mich, how is Japan tourism benefiting from the weak yen?

那麼，Mich，日本旅遊業如何從日圓貶值中受益呢？

And I guess, what does that mean for the country's economic growth and development?

我想，這對國家的經濟成長和發展意味著什麼？

Well, as you mentioned, Japan recorded over three million inbound tourists in March alone.

嗯，正如你所提到的，光是 3 月日本入境遊客就超過 300 萬人。

The most number of visitors came from South Korea, Taiwan, mainland China, and number four, the United States.

參觀人數最多的國家是韓國、台灣、中國大陸，排名第四的是美國。

Visitors came with their strong U.S. dollars and the strongest in 34 years against the Japanese yen.

遊客攜帶著強勁的美元，而美元對日圓的匯率創下了34年來最強勁的水平。

The Singapore dollar is also at a historic high against the Japanese yen, encouraging many from Singapore to visit.

新加坡元對日圓也創下了歷史新高，鼓勵許多新加坡人前往日本旅遊。

Now, nationwide department stores have seen sales grow 25 months in a row.

現在，日本全國各地的百貨公司連續 25 個月實現了銷售成長。

I've heard that duty-free shopping resulted in the biggest ever since the survey began in 2014.

我聽說免稅購物創下了自 2014 年開始調查以來最大的成長。

And the tourism agency's latest data from October to December suggests inbound tourists spent 37% more than in 2019, that's before COVID-19 spread.

日本旅遊局 10 月至 12 月的最新數據顯示，入境遊客的消費比 2019 年（即 COVID-19 傳播之前）增加了 37%。

Now, 30 years ago, foreign tourists were hardly visible in Japan.

30 年前，日本幾乎看不到外國遊客的身影。

In 2003, Prime Minister Junichiro Koizumi started a tourism campaign.

2003年，小泉純一郎首相發起了旅遊運動。

In 2019, its economic importance grew to as big as Japan's semicon-related device export.

2019年，（旅遊業）經濟重要性與日本半導體相關設備出口一樣大。

Domestic consumption remained weak on the back of Japan's economic stalemate, a falling and fast-aging population, so tourism became the new growth segment for the Japanese economy.

日本經濟陷入僵局、人口下降和快速老化，國內消費持續疲軟，旅遊業成為日本經濟新的成長點。