日本投资者2月份抛售美国国债，数量创下记录！ [美国媒体]

Japanese investors dump record amount of U.S. bonds in February

路透社：日本投资者2月份抛售美国国债，数量创下记录！



TOKYO - Japanese investors sold a record amount of U.S. dollar bonds in February as the soaring cost of currency-hedging undercut yields while they extended their purchases of euro-denominated bonds, government data showed on Monday.

路透社东京4月9日消息，日本政府星期一公布的数据显示：二月份，由于外汇对冲成本的飙升降低了收益率，所以日本投资者创纪录地抛售美元债券，同时购买欧元债券。

Investors sold 3.924 trillion yen of U.S. dollar bonds in February but scooped up 1.059 trillion yen of euro-denominated bonds - which offer higher yields after currency hedging.

二月份，日本投资者共抛售了价值3.924万亿日元（约合366.1亿美元）的美元债券，并购买了1.059万亿日元（约合98.8亿美元）的欧元债券。欧元债券在货币对冲之后具有更高的收益率。

In February, Japanese investors bought 625 billion yen of French bonds and 291 billion yen of German bonds.

也是在二月份，日本投资者购买了6250亿日元（约合58.3亿美元）的法国债券和2910亿日元（约合27.2亿美元）的德国债券。

​
CervantesX 
This is fine. Everything is fine. Probably just a coincidence. It's not like you'd expect the Japanese to be pragmatic and anticipate a coming economic collapse or anything. Anyways, I look forward to a calming and thoughtful statement on this from Commerce Secretary Kid Rock.

这个问题不大，一切都很好。可能就是一个巧合罢了。这跟你们想的（日本人变得务实、预见了一场即将到来的经济崩溃等等）不一样。
不管怎样，我很期待从我们那个商务部长口中听到这些话。

PillarsOfHeaven 
The Japanese also play the credit game. I don't think they're far behind the US actually.

日本人也玩起了信贷博弈。我不认为他们实际上会比美国差多少。

hastur77 
The Japaneses debt/GDP ratio is something like 245 percent, more than double the US 105 percent.

日本的债务与GDP的比例是245%，比美国的105%都高了一倍多了。

注释：最新统计数据显示，日本总负债是其GDP的245%，为国民总收入的822%，财政收入的2359%。另外，按目前1.2679亿的总人口计，日本人均负债额约为845万日元（约合人民币51.1万），远远跑在了发达国家前列。

FranksnBeans80
That's sorta true, but the vast bulk of Japanese debt is held by the Bank of Japan. Something like 75% of Japanese Bonds are held domestically, whereas with the US it's about 50% and with the tax cuts pushed through recently, that will probably drop even lower.

这有点真实，但是日本大部分国债都是由日本央行持有的。大约有75%的国债是日本本国持有的，而美国国债本国持有的则是50%左右，而且最近通过减税，这一比例甚至可能会降得更低。

注释：日本央行持有40%左右的日本国债。

WindHero
The bank of Japan just made up money to buy those bonds. Just like the fed could buy all the US debt held by Japan and China.

日本央行购买这些债券只是要弥补资金而已。就像美联储可以购买所有由日本和中国持有的美国国债一样。

That would leave China and Japan with trillions of USD... which can be used to buy US products. Trying to spend it would probably lead to massive inflation though which would erode the value of that cash.

抛售美国国债将给中国和日本带来数万亿美元，可以用来购买我们的产品。要花掉这些钱可能会带来大规模的通货膨胀，让美元贬值。

ravi90kr  
Wonder if it is because of anticipating US's policies or if it because EU bonds actually performing better?

我在想抛售是因为预见了美国之后的政策，还是因为欧元债券真的比较好呢？

gopoohgo 
If you read the article, it was due to cost of hedging USD fluctuations v. the yen has gone up(annualized cost of 2.5% to hedge dollar risk, eating into the 2.8% 10 year yield). 

如果你读了路透社那篇文章，你就会知道原因是美元兑日元的对冲成本增加了。（对冲美元每年的风险成本是2.5%）

If you lend the US government $1000 for ten years, they will pay you $28 a year for 10 years (2.8% yield on a 10 year US treasury bond, comes in $1000 denominations).

如果你借给美国政府1000美元10年期，那么他们每年要付你28美元，连续付十年。（美国国债10年期收益率是2.8%）

The value of the US dollar goes up and down compared to the Japanese yen (and has been going down over the last couple of years). So that $28 in interest is worth less to a Japanese investor if the dollar loses value against the yen.

与日元相比，美元的价值呈波动状态（在过去的几年里又一直在贬值）。所以，如果美元兑日元贬值的话，那么那28美元的利息对日本投资者来说就不值钱了。

So to protect yourself against that fluctuation, you can buy options or other financial products, that for $25, will protect you from a falling US Dollar versus the yen. But that results in you getting only $3 per $1000 you lend to the US government ($28 in interest from the US government minus your $25 in hedging costs)

因此，为了保护自己不受这种波动的影响，你可以购买期权或者其它金融产品，以25美元的价格来保护你免受美元兑日元贬值的影响。但结果是，你借给美国政府1000美元只能拿到3美元的利息（28美元的美国国债利息减去对冲成本的25美元）。

DaBIGmeow888 
Damn if China follows suits then there will be massive pressure on treasury yields that will ripple through US economy via increased interest rates. Trump is shooting himself in the foot by launching a trade war with it's big bankers China while Japan is unlikely going to buy the excess bonds dumped in market.

该死，如果中国也跟着这样的话，那么美国国债收益率将顶着巨大的压力，而美国国债收益率提高又将波及到美国的经济。特朗普对中国这个大庄家发起贸易战是在搬起石头砸自己的脚，而日本不太可能去买被抛售到市场上的那些多余债券。

OlderThanMyParents
Don't you read Twitter? Trade wars are good, and easy to win!

你没看推特吗？贸易战很好，很容易赢的！

dcismia 
This will cause a weaker US dollar, which boosts US exports. This is actually a stated policy goal of the Trump administration.
http://money.cnn.com/2018/02/02/investing/dollar-currency-cold-war/index.html

这将削弱美元，从而促进美国的出口。这实际上是特朗普政府既定的政策目标。

DaBIGmeow888 
But then China just manipulates their currency and US trade advantage disappears overnight. Fail.

但另一方面是，中国会操纵他们的汇率，然后美国的贸易优势将在一夜之间消失。失败。

steamedpunk
Also don't forget Japan is no longer a friend of US according to Trump; he's not exempting Japan from steel and aluminum tariffs anf who knows what more is coming. Why would Japan wants to support US economy by buying bonds like they have been doing in the past

而且也别忘了，日本不再是美国的盟友了。特朗普没有豁免日本的钢铁和铝关税，谁知道以后又会有什么呢。那为什么日本还要通过购买债券来一如既往地支持美国经济呢？

Poz_My_Neg_Fuck_Hole 
Because they're looking to buy war bonds.

因为他们要买战争债券。

ravenraven173 
Lol even Japan knows that USA cannot win this trade war

哈哈，连日本都知道美国赢不了这场贸易战。

Afterdrawstep 
Everyone pretending they believe Trump is going top be good for our economy in the long run is the scariest thing I've ever seen in my life.

每个人都在假装他们相信特朗普会做有利我们经济长远发展的事情，这是我人生中见过的最可怕的事。

ismi2016  
Trump supporters could be in a soup kitchen line, wearing their MAGA hats, complaining about handouts, and blaming Obama and Clinton for their misfortunes. 

特朗普的支持者们可能都戴着“让美国再次伟大”的帽子，在一边排队一边抱怨地领救济，指责奥巴马和克林顿给他们带来了不幸。