They can spend a lot of money to try to slow it down, but that's all they're going to get to have a real turn in a currency.

他們可以花很多錢來減慢速度，但這只是他們將真正轉為貨幣。

You need coordinated intervention.

你需要協調幹預。是以，你必須讓幾個國家

So you have to have several countries working together, ideally including the U.S.

合作，最好包括美國在內。

That sends a big signal.

這就發出了一個很大的信號。你希望政策朝著同樣的方向發展

And you want policy moving in the same direction as the intervention.

So in this case, if they want a stronger yen, they would need to be raising interest rates by a lot more than what's currently expected in the market.

干預的方向。是以，在這種情況下，如果他們希望加強日元，那麼他們提高利率的幅度就會比現在高得多。

What's so important here is a multi dimensionality of the simplistic media approach is what about the Fed?

目前的市場預期。這裡最重要的是多維度。簡單化的媒體方法是

Forget about that.

美聯儲？別提了。

They have to worry about the entire Pacific Rim.

他們必須擔心整個環太平洋地區。

They're getting a free lunch right now with enhanced exports.

他們現在正享受著免費的午餐，出口得到了加強。

Are you going there this summer, Paul? Everybody else is.

今年夏天你會去那裡嗎？拉其他人的。

Going where?

去哪裡？日本。

Japan.

I know Warren Buffett told me about it. I know.

我知道沃倫-巴菲特跟我說過。我知道我是說，非常大。你現在可以吃到很多壽司。

You can get a lot of sushi right now.

Yes, exactly.

是的，正是這場災難。有《環太平洋》的影響。

The answer is there's a Pacific Rim impact.

What is it?

是什麼？對

Right. So a lot of these countries compete with each other for the U.S., for Europe.

是以，很多國家都在相互競爭，爭奪美國，爭奪歐洲。

So Japan going down puts pressure on countries like South Korea, Indonesia, Philippines, Singapore, China to also have weaker currencies.

是以，日本的衰落會給韓國、印度尼西亞等國帶來壓力、菲律賓、新加坡和中國的貨幣也將走弱。

So Korea is making a lot of comments now that they're in some pain, [and] could see intervention in other countries across Asia, too.

是以，韓國現在發表了很多言論，表示他們正處於某種痛苦之中，可以看到亞洲其他國家也採取了干預措施。

So they're all going to be fighting against this trend, but it's a fight they can't win.

是以，他們都將與這一趨勢作鬥爭，但這是一場鬥爭

So, just keeping on top of that Japan story, we think about the U.S. exceptionalism from an economic perspective. That's been in discussion over the last 6 to 12 months here.

他們贏不了。是以，他們只能繼續努力日本的故事我們思考美國從經濟角度看例外論，這一點一直在討論中

How unusual is it that you have a U.S. economy growing at the rate it's growing versus China versus Europe?

在過去的 6 至 12 個月裡。您在美國有一個孩子，這有多不尋常？經濟增長速度與中國和歐洲相比如何？

How unusual is that and how do you play that?

這有多不尋常，你是怎麼做到的？

Well, it's not that unusual to see the U.S. is kind of the main engine of global growth.

好吧，這並不是什麼稀奇的事情。是全球經濟增長的主要引擎。

And when that is the case, it is pretty normal that the U.S. equity market would be outperforming, that the dollar would be strong because foreign capital is coming here to invest in the U.S.

在這種情況下，美國的做法是非常正常的。股票市場會表現出色，美元會走強，因為 外國資本來美投資

U.S. capital is staying here because it's more attractive.

美國資本留在這裡的原因是

What I think will be interesting as we look ahead to this summer, you saw the news, I'm sure, and you've already reported on, China this morning talking about having a policymaker session in July,

更有吸引力。我認為，當我們展望今年夏天，我相信你們已經看到了新聞，你們已經今天上午有報道稱，中國將於

talking about additional stimulus elements probably before that, including rate cuts, etc.

7 月，可能在此之前會討論更多的刺激因素，包括降息等等。他們做得夠嗎？

Can they do enough?

So it's not one engine of growth, it's multiple engines of growth.

是以，這不是一個增長引擎，而是多個增長引擎。

I'm skeptical.

我持懷疑態度。我不認為他們能成功但他們會給我們更多。

I don't think they'll be able to pull it off, but they're going to be giving us more.

What does Japan's travails mean for American citizens?

日本的苦難對美國公民意味著什麼？

How does it redound back to our listeners, our viewers this morning in America?

今天上午，我們的聽眾和觀眾在

Well, again, the weak yen is a reflection of the broadly strong dollar.

美國？同樣，日元疲軟是一個

The dollar is up against almost every currency around the world year to date.

美元廣泛走強的反映。美元對幾乎所有

So you do need to think about what is the strong dollar mean.

是以，你確實需要考慮一下什麼才是最重要的。是以，您確實需要考慮什麼是

The strong dollar tends to be a pretty big headwind for emerging market equities.

強勢美元的含義。強勢美元往往是一個相當對新興市場股票構成重大不利因素。

So that's an area that already, you know, has idiosyncratic risk around China.

是以，這個領域已經存在特異性風險。

But now you have this broad macro risk as well.

中國。但是，現在有了這種廣泛的宏觀風險

The strong dollar is the Fed's best friend.

也是如此。強勢美元是美聯儲最好的

If the Fed is trying to get inflation back down to 2%, a strong dollar slows down U.S. growth by making our exports more expensive, less competitive overseas.

朋友。要知道，如果美聯儲試圖讓通脹率回落至 2%，美元走強使美國經濟放緩 使我們的出口產品更加昂貴，降低了在海外的競爭力。

That tends to weigh on manufacturing, slowing growth, disinflationary that helps the Fed.

這往往會拖累製造業，導致增長放緩和通貨緊縮。

So again, back to intervention, the Fed doesn't want to help Japan here.

有助於美聯儲。所以，還是要回到干預上來。美聯儲不想幫助日本。在這裡，美聯儲想要強勢美元。

The Fed wants a strong dollar.

So it's good for getting inflation down.

是以，這有利於降低通脹。對我們的出口商不利，也不利於

It's bad for our exporters and it's bad for anyone looking at emerging markets right now for diversification.

對於目前正在關注新興市場以進行多樣化投資的人來說。