All language subtitles for [Chinese] 日元历史性加息，意味着什么？ [DownSub.com]
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1
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果然
2
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如我所料
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日本加息了
4
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作为全世界最后一个维持负利率的经济体
5
00:00:07,633 --> 00:00:10,099
日本央行也在整整十七年之后
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00:00:10,100 --> 00:00:11,233
迎来了第一次加息
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把它的基准利率从负的0.1%
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00:00:13,533 --> 00:00:15,533
上调到了0%和0.1%之间
9
00:00:16,699 --> 00:00:18,433
你看着好像只加了0.1%
10
00:00:18,433 --> 00:00:20,300
看着好像是日本央行的一小步
11
00:00:20,300 --> 00:00:23,133
但这其实是日本货币政策的一大步
12
00:00:23,833 --> 00:00:26,166
关键是说它有一个巨大的象征意义
13
00:00:26,166 --> 00:00:27,866
这是一个明确的市场信号
14
00:00:27,866 --> 00:00:29,699
日本央行其实就是要告诉全世界说
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大家听好了
16
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负利率
17
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我们不搞了
18
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这还没完
19
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其实前两天咱们也聊过
20
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日本央行它有两大的奇葩货币政策
21
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除了负利率以外
22
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还有一个叫做利率曲线控制
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简单来说 就是一个
24
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增强版的量化宽松
25
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就在同一天
26
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日本央行也说了
27
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这一招
28
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我们也不搞了
29
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从此日本激进的货币政策时代
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走进了历史
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你看看
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咱聊日本经济这视频还没出几天
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日本央行一口气把俩政策全取消了
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可见小Lin的视频
35
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对日本央行的影响力
36
00:01:06,199 --> 00:01:07,133
但我跟你说
37
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日本加完息有意思的其实是市场的反应
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正常来说
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你推出一个这么重大的历史性的加息决策
40
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那日元应该暴涨
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毕竟加息
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何况又是历史性的一步
43
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但是没想到日本央行公布之后
44
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日元它不光没涨
45
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反倒兑美元再一次跌穿了150大关
46
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这就不太符合经济学常识了
47
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这就有点像老师要是告诉同学说
48
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我们明天放假
49
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结果同学全哭了
50
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你说说 他们哭什么
51
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怎么这么奇怪
52
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咱之前其实已经算是比较全面地
53
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概览了一下日本经济最近的情况
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但这新闻出来之后
55
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我还收到挺多留言
56
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想让我再聊聊这个事儿
57
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所以今天咱们就再补充一下
58
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咱来一起聊一聊
59
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日本央行它为什么选择了加息
60
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这个又对全球经济意味着什么
61
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负利率它是什么概念呢
62
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就比如说哈这个利率是负的1%
63
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那现在你要找我借100块钱
64
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等你明年还钱的时候
65
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你就不用还我利息了
66
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你甚至只需要给我99块钱就行
67
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反过来存钱也一样
68
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就是你今年要去银行存100块钱
69
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明年你就只能取出来99块钱
70
00:02:03,766 --> 00:02:04,699
连本金都不够
71
00:02:04,699 --> 00:02:06,033
你看看 这样一来
72
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你借钱就会变得非常爽
73
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但是你存钱就会非常亏
74
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日本央行
75
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它就是想通过负利率逼着大家说
76
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你别存钱 你多借钱 多花钱
77
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让经济运转起来
78
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摆脱通货紧缩
79
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进入到咱们一个良性的通货膨胀
80
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当然我举这个负1%
81
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就是为了让大家感受能更明显一点
82
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实际咱刚才也说了
83
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它其实只有负的0.1%
84
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而且这个负利率它其实只是
85
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日本央行和日本大银行之间的
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就到你我这种消费者这儿
87
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它就又是正的或者是几乎是0
88
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所以你也别想说我靠这个负利率
89
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我把钱借进来
90
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然后给家里囤着
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来赚钱
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好 那日本央行为什么现在开始加息了呢
93
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其实最最主要的原因
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就是因为通胀
95
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它真的来了
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之前那期视频其实我们也详细聊过
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日本前几年就已经看到通胀了
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只不过日本央行它需要确认
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通胀它是不是真的来了
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还是来日本就转了一圈就走了
101
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要确定这个事的关键
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就看这个工资能不能跟着一起上涨
103
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就要看日本最著名的
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一年一度的工资大谈判
105
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就是春斗的结果
106
00:03:01,133 --> 00:03:03,666
这不 三月中的时候春斗的结果就出来了
107
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比市场预期的还强
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日本的大公司要给员工加薪5.28%
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不光超过了它3%左右的通货膨胀
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甚至达到了三十三年以来的工资最大涨幅
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这日本央行一看
112
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稳了 没问题了
113
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就立刻马上立即加息
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本来市场预期说你三月份出结果
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怎么着得反映一下
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所以预期央行四月份才会有动作
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没想到日本央行这么着急
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扳机扣得比谁都快
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好 咱接着往下看
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说日本央行加息
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那为什么日元反倒跌了
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就是老师都说放假了
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同学为什么反倒哭了呢
124
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因为日本央行加息
125
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其实早就在市场的意料之中了
126
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可是
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日本央行它虽然加息是提前了
128
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但是它这个力度实在是太小了
129
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就是国债它该买还买
130
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之后它想继续怎么紧缩 它也不说清楚
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谨慎到甚至都感觉有点无聊了
132
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这个其实也预示着未来一段时间
133
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日本央行它在判断
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是不是要加息的时候
135
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它可能也会一直这么谨慎
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这就导致了日本加息
137
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但是日元反倒走弱的
138
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这么一个奇怪的现象
139
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它跌不是因为它加息了
140
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而是因为它加的
141
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没有预期的多
142
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没有预期的坚决
143
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它才跌的
144
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这就好比说
145
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同学为什么知道明天要放假了
146
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他还哭
147
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有可能因为同学本来以为
148
00:04:11,066 --> 00:04:12,899
要放一个礼拜的假 票都订好了
149
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结果老师告诉他就放一天
150
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还留了一堆作业
151
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就没有预期放的多
152
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然后老师这态度也没有诚意
153
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他不就哭了吗
154
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好 咱继续深入
155
00:04:21,199 --> 00:04:24,099
日本央行它几乎在一夜之间结束了一个
156
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整个经济体几乎都适应了一个运行模式
157
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那它意味着什么呢
158
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它又有可能会带来什么结果呢
159
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注意 我先强调一下
160
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这些都是纯粹理论上的
161
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实际的影响因素它可能千千万
162
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我只能说加息这个控制变量的单独因素
163
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对市场的影响
164
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首先 你想加息就是收益率变高了
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整个日本资产它里边的投资回报率
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都会跟着水涨船高
167
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也就是说日本的资产
168
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它相对于海外的资产更有吸引力了
169
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那会导致什么呢
170
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就是外资的流入
171
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你要知道
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日本他可是拥有全世界最高的海外净资产
173
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就世界各地都有日本的产业
174
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这可能很多人都听过
175
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而且他这个海外净资产第一的记录
176
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已经保持了长达三十二年
177
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2022年的时候
178
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这个数好像大概是2.83万亿美元
179
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这相当于他GDP的三分之二
180
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注意 我们这说的是净资产
181
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就是你的资产减去你的负债
182
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这个日本第一
183
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你要是单纯按资产来算的话
184
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那第一肯定还是美国了
185
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我再顺便考考大家
186
00:05:19,566 --> 00:05:22,433
你知道海外净资产最低的国家是谁吗
187
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就是海外净负债最多
188
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就是欠别人钱最多的
189
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你知道是谁吗
190
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没错 就是
191
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美国
192
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它的海外净负债大概是20万亿美元
193
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这是什么概念
194
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大概相当于五个日本的GDP
195
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已经超过了一个中国的GDP
196
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这是为什么呢
197
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大家可以在评论区讨论讨论
198
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这不是我们今天的重点
199
00:05:42,100 --> 00:05:42,833
咱说回到日本
200
00:05:42,833 --> 00:05:44,366
那你说它(日本)为什么会有这么多
201
00:05:44,366 --> 00:05:45,233
海外的资产呢
202
00:05:46,433 --> 00:05:47,266
其实很简单
203
00:05:47,266 --> 00:05:49,266
因为国内的投资回报率太低了
204
00:05:49,600 --> 00:05:51,399
你看央行都把利率压成负的了
205
00:05:51,399 --> 00:05:52,199
经济又不景气
206
00:05:52,199 --> 00:05:54,199
国内没有什么好的投资机会了
207
00:05:54,199 --> 00:05:55,699
那我还不如去纽约买栋楼
208
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或者去欧洲买点股票
209
00:05:57,199 --> 00:05:58,299
而且这还没完
210
00:05:58,300 --> 00:05:59,933
因为日本他的利率不是低吗
211
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那我就不光是只是投资资产到海外
212
00:06:02,166 --> 00:06:04,333
我甚至可以借钱 再去投资海外
213
00:06:04,333 --> 00:06:06,266
你想日元的利率假设是0
214
00:06:06,266 --> 00:06:08,166
这几年美国的利率大概是3到5
215
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我为什么不借日元
216
00:06:09,600 --> 00:06:11,433
然后去投资美元或者投资欧元
217
00:06:11,899 --> 00:06:13,733
这个就是我们老说那个利差交易
218
00:06:13,733 --> 00:06:14,533
确实很多人在做
219
00:06:14,533 --> 00:06:15,533
Carry Trade
220
00:06:15,533 --> 00:06:16,699
而且到疫情后期
221
00:06:16,699 --> 00:06:18,533
日本是主要货币里头
222
00:06:18,533 --> 00:06:20,000
那个仅有的还不加息的
223
00:06:20,000 --> 00:06:22,266
所以他就成了一个利差交易的集中地
224
00:06:22,266 --> 00:06:23,166
总而言之
225
00:06:23,166 --> 00:06:24,600
就是有大量的日元
226
00:06:24,600 --> 00:06:25,733
投资到海外
227
00:06:27,600 --> 00:06:29,566
而现在日本央行它一旦加息
228
00:06:29,566 --> 00:06:32,199
就意味着国内整体的收益率会回升
229
00:06:32,199 --> 00:06:33,899
大家一看 家里的回报率高了
230
00:06:33,899 --> 00:06:35,233
同时借钱又变贵了
231
00:06:35,433 --> 00:06:37,300
那我赶紧还是把海外的钱给撤回来
232
00:06:37,300 --> 00:06:39,133
所以这个影响与其叫做
233
00:06:39,133 --> 00:06:40,133
外资的流入
234
00:06:40,133 --> 00:06:42,333
不如叫做日元的回流
235
00:06:43,766 --> 00:06:45,333
日元回流会导致什么呢
236
00:06:45,333 --> 00:06:46,566
这个其实也很简单
237
00:06:46,566 --> 00:06:48,799
我们具体得去看看它是怎么回流的
238
00:06:48,800 --> 00:06:50,366
就是这个钱它从哪撤出来
239
00:06:50,366 --> 00:06:51,633
那哪的资产就下跌
240
00:06:51,633 --> 00:06:53,299
这钱流到哪了 哪就涨
241
00:06:53,300 --> 00:06:55,033
你得先卖出海外资产
242
00:06:55,033 --> 00:06:56,500
然后你得再换回日元
243
00:06:56,500 --> 00:06:58,066
最后你再买日本本国的资产
244
00:06:58,066 --> 00:06:59,599
那对应的结果咱推导一下
245
00:06:59,600 --> 00:07:01,300
就是海外资产下跌
246
00:07:01,300 --> 00:07:02,500
日元升值
247
00:07:02,500 --> 00:07:03,766
日本本国资产上涨
248
00:07:03,766 --> 00:07:05,266
大概是这么个逻辑
249
00:07:06,733 --> 00:07:08,833
具体一点 什么海外资产会下跌呢
250
00:07:08,833 --> 00:07:09,866
那你就得看日本
251
00:07:09,866 --> 00:07:11,466
他原来在海外买了什么资产
252
00:07:11,466 --> 00:07:13,333
我亲自统计了一下
253
00:07:13,699 --> 00:07:15,699
日本财政部它的估算 咱来看看
254
00:07:15,699 --> 00:07:18,066
首先 它最大的投资标的是北美
255
00:07:18,066 --> 00:07:19,033
其实主要就是美国
256
00:07:19,033 --> 00:07:20,766
这里头股和债大概一半一半
257
00:07:20,766 --> 00:07:21,966
这个也很合理
258
00:07:22,133 --> 00:07:24,766
我们都知道日本是全球最大的美债持有国
259
00:07:24,766 --> 00:07:26,366
持有超过1万亿的美债
260
00:07:26,366 --> 00:07:28,566
而它第二大投资标的就是欧洲
261
00:07:28,566 --> 00:07:29,966
25% 这个也合理
262
00:07:29,966 --> 00:07:31,966
而第三名 这个有点意思了
263
00:07:31,966 --> 00:07:34,499
它居然不是亚洲 而是中南美
264
00:07:34,500 --> 00:07:35,899
这个就让我感觉有点意外了
265
00:07:35,899 --> 00:07:36,766
你说日本为什么
266
00:07:36,766 --> 00:07:39,033
会有大量的资产在中南美呢
267
00:07:39,033 --> 00:07:41,466
难道这里边有什么不可告人的策略吗
268
00:07:41,466 --> 00:07:43,099
我就再仔细往下看是哪个国家
269
00:07:43,333 --> 00:07:44,999
我跟你说 这里头有一个国家
270
00:07:45,033 --> 00:07:47,800
他在所有国家里的排名仅次于美国
271
00:07:47,800 --> 00:07:49,666
排在第二名 大家可以猜猜
272
00:07:50,766 --> 00:07:52,299
我跟你说他不是巴西
273
00:07:52,300 --> 00:07:53,333
不是阿根廷
274
00:07:53,333 --> 00:07:54,433
也不是墨西哥
275
00:07:54,433 --> 00:07:55,266
而是
276
00:07:55,266 --> 00:07:56,133
开曼群岛
277
00:07:56,866 --> 00:07:58,533
没错 这就是个避税天堂
278
00:07:58,533 --> 00:07:59,633
他其实就是个壳
279
00:07:59,633 --> 00:08:01,533
估摸着就是他在哪又绕了一圈
280
00:08:01,533 --> 00:08:02,766
然后又投到美国欧洲去了
281
00:08:02,766 --> 00:08:03,933
所以我跟你说这数据
282
00:08:03,933 --> 00:08:05,466
你真的有的时候就得往下挖
283
00:08:05,466 --> 00:08:06,666
不然你可能就以为
284
00:08:06,666 --> 00:08:08,566
日本非常喜欢投资拉丁美洲了
285
00:08:08,566 --> 00:08:10,133
好 那咱就清楚了
286
00:08:10,133 --> 00:08:12,566
它一旦加息受到影响最大的市场
287
00:08:12,566 --> 00:08:14,499
其实就是美国和欧洲的市场
288
00:08:14,500 --> 00:08:16,299
所以有一些可能比较激进的人
289
00:08:16,299 --> 00:08:17,099
他上来就说了
290
00:08:17,100 --> 00:08:20,266
说日本加息可能会成为激发美股暴跌的
291
00:08:20,266 --> 00:08:20,866
导火索
292
00:08:20,866 --> 00:08:22,600
这个就是我感觉可能性倒不大
293
00:08:22,600 --> 00:08:24,466
不过好像东南亚一些对外资
294
00:08:24,466 --> 00:08:25,666
非常依赖的国家
295
00:08:25,666 --> 00:08:26,433
那可能就说不准了
296
00:08:26,433 --> 00:08:28,166
你要知道当年亚洲金融危机
297
00:08:28,166 --> 00:08:29,699
其实有一大底层原因
298
00:08:29,700 --> 00:08:30,966
就是日本资本的回流
299
00:08:30,966 --> 00:08:32,399
就我们有机会再详细说
300
00:08:32,399 --> 00:08:34,399
我不要 我不要
301
00:08:34,566 --> 00:08:36,466
好 我们接着说这个加息的影响
302
00:08:36,466 --> 00:08:38,933
它除了会导致日本资产地回流
303
00:08:38,933 --> 00:08:40,166
第二个直接影响
304
00:08:40,166 --> 00:08:42,166
可能也是市场最担心的一个后果
305
00:08:42,166 --> 00:08:45,033
就是日本政府它借债的成本变高了
306
00:08:46,433 --> 00:08:48,599
你想日本政府这么高的债务水平
307
00:08:48,600 --> 00:08:51,066
往轻了说它可能会限制日本政府
308
00:08:51,066 --> 00:08:52,399
开销和刺激经济的力度
309
00:08:52,399 --> 00:08:53,066
往重了说
310
00:08:53,066 --> 00:08:55,633
它甚至有可能会导致日本政府的信用风险
311
00:08:55,633 --> 00:08:57,033
这个就是很严重的了
312
00:08:58,566 --> 00:09:01,666
所以日本央行它也知道市场担心
313
00:09:01,666 --> 00:09:03,099
日本的国债市场会剧烈波动
314
00:09:03,100 --> 00:09:04,399
它也不希望引发恐慌
315
00:09:04,399 --> 00:09:06,266
它也不希望日本政府还不上钱
316
00:09:06,266 --> 00:09:08,299
所以这次会议其实它也明确说了
317
00:09:08,299 --> 00:09:11,199
虽然我取消了这个无限印钱的货币政策
318
00:09:11,200 --> 00:09:12,166
但是
319
00:09:12,166 --> 00:09:14,333
咱还是保持原来的国债购买量
320
00:09:14,333 --> 00:09:15,100
意思就是说
321
00:09:15,100 --> 00:09:17,200
虽然我现在不是无底线的印钱了
322
00:09:17,200 --> 00:09:19,166
但是咱原来印多少 现在还印多少
323
00:09:19,166 --> 00:09:20,066
大家也别恐慌
324
00:09:20,066 --> 00:09:20,433
你看
325
00:09:20,433 --> 00:09:21,733
我那印钞机不还开着
326
00:09:21,733 --> 00:09:23,000
大家别卖国债
327
00:09:23,866 --> 00:09:25,899
这个其实也是为什么市场觉得
328
00:09:25,899 --> 00:09:28,399
央行这次紧缩力度非常小的一个原因
329
00:09:28,399 --> 00:09:31,199
所以它短期来看对日本政府借债的影响
330
00:09:31,200 --> 00:09:31,899
是非常有限的
331
00:09:31,899 --> 00:09:33,599
而且我再稍微补充一下
332
00:09:33,600 --> 00:09:34,666
因为有时候我看评论区
333
00:09:34,666 --> 00:09:35,999
感觉有些朋友还会有点误区
334
00:09:36,000 --> 00:09:38,099
加息它对政府的影响
335
00:09:38,100 --> 00:09:39,166
它是循序渐进的
336
00:09:39,166 --> 00:09:40,499
而不是突变的
337
00:09:40,500 --> 00:09:42,200
因为日本政府它已经借的钱
338
00:09:42,200 --> 00:09:43,166
这个利率就定了
339
00:09:43,166 --> 00:09:44,266
它是不会受加息影响
340
00:09:44,266 --> 00:09:46,366
只有加息之后新发行的国债
341
00:09:46,366 --> 00:09:47,433
它的利率才会变高
342
00:09:47,433 --> 00:09:49,866
而国债是在持续不断地发行更新的
343
00:09:49,866 --> 00:09:51,633
所以我们才会说加息的影响
344
00:09:51,633 --> 00:09:53,266
实际上是在一点一点
345
00:09:53,266 --> 00:09:55,299
随着这个新国债的比例越来越高
346
00:09:55,299 --> 00:09:56,299
而慢慢体现出来
347
00:09:56,299 --> 00:09:58,733
短期内就算日本央行抽风了
348
00:09:58,733 --> 00:10:00,033
一下把利率调到20%
349
00:10:00,033 --> 00:10:02,466
也不会说日本政府第二天就躺那破产了的
350
00:10:02,466 --> 00:10:03,233
好 我们接着说
351
00:10:03,233 --> 00:10:05,833
加息它除了让政府的借贷成本变高了
352
00:10:05,833 --> 00:10:08,200
其实也让经济体当中的消费者
353
00:10:08,200 --> 00:10:10,433
或者是公司的借贷成本也跟着变高了
354
00:10:11,399 --> 00:10:14,066
日本大概有超过50万个僵尸企业
355
00:10:14,066 --> 00:10:15,033
它们一直以来
356
00:10:15,033 --> 00:10:17,066
都靠着几乎是零息的贷款活着
357
00:10:17,066 --> 00:10:18,200
这利率一旦变高
358
00:10:18,200 --> 00:10:19,733
它们可能就会遇到很大的麻烦
359
00:10:19,733 --> 00:10:20,500
你看这次央行
360
00:10:20,500 --> 00:10:23,133
虽然说我们要继续买国债 买政府的债券
361
00:10:23,133 --> 00:10:26,166
但企业这边它可没说 它基本就撒手不管
362
00:10:26,166 --> 00:10:27,933
就很有可能会迎来一小波
363
00:10:27,933 --> 00:10:30,366
日本国内那些不太行的公司的倒闭潮
364
00:10:30,366 --> 00:10:32,500
这个影响从底层来说也是加息
365
00:10:32,500 --> 00:10:33,933
它最基础 也是最广泛的
366
00:10:33,933 --> 00:10:35,899
就是抑制日本的经济活力
367
00:10:35,899 --> 00:10:38,266
再严重点可能会引发一些信用危机
368
00:10:38,266 --> 00:10:39,899
不过加息对一个产业
369
00:10:39,899 --> 00:10:41,699
对金融业来说它是利好
370
00:10:41,700 --> 00:10:43,799
因为银行是非常讨厌低利率的
371
00:10:43,799 --> 00:10:45,099
你利率得高一点
372
00:10:45,100 --> 00:10:47,200
它潜在的利润率才能有空间
373
00:10:47,200 --> 00:10:48,233
原来都负的了
374
00:10:48,233 --> 00:10:49,233
日本的各大财团
375
00:10:49,233 --> 00:10:50,933
它的利润空间就被挤压得非常小
376
00:10:50,933 --> 00:10:53,433
加息之后不光说银行会更有油水了
377
00:10:53,433 --> 00:10:55,833
整个金融系统都会被激发起来
378
00:10:56,700 --> 00:10:58,966
那加息对日本股市的影响呢
379
00:10:58,966 --> 00:11:01,133
那就是未知X了
380
00:11:01,133 --> 00:11:02,933
一方面当然我们说资本回流
381
00:11:03,000 --> 00:11:04,099
通胀回归正常
382
00:11:04,100 --> 00:11:05,466
可能是对日本股市的利好
383
00:11:05,466 --> 00:11:07,733
反过来加息这边有抑制经济
384
00:11:07,733 --> 00:11:08,899
它对估值的影响
385
00:11:08,899 --> 00:11:11,166
包括日元走强对出口的影响这些
386
00:11:11,166 --> 00:11:11,899
那就是利空
387
00:11:11,899 --> 00:11:13,199
所以叠加起来
388
00:11:13,200 --> 00:11:14,100
就说不准了
389
00:11:15,133 --> 00:11:15,999
好 说到这儿
390
00:11:16,000 --> 00:11:18,266
我今天天马行空的说了一堆加息
391
00:11:18,266 --> 00:11:19,266
可能潜在的影响
392
00:11:19,266 --> 00:11:20,533
它是加息的影响
393
00:11:20,533 --> 00:11:22,699
并不只是这加0.1%息的影响
394
00:11:22,700 --> 00:11:24,933
老实说这个0.1%那
395
00:11:24,933 --> 00:11:25,799
就洒洒水了
396
00:11:25,799 --> 00:11:27,233
我们刚刚说的那些
397
00:11:27,233 --> 00:11:29,833
它是日本央行如果持续加息
398
00:11:29,833 --> 00:11:31,033
可能产生的一些连锁反应
399
00:11:31,033 --> 00:11:32,766
你就看最近日元疲软
400
00:11:32,933 --> 00:11:34,099
其实它最主要的因素
401
00:11:34,100 --> 00:11:35,733
是美国那边出现的变化
402
00:11:35,733 --> 00:11:36,799
通胀抬头
403
00:11:36,799 --> 00:11:38,766
美联储今年降不降息都说不准了
404
00:11:38,766 --> 00:11:40,299
美债收益率又开始提高
405
00:11:40,299 --> 00:11:42,733
所以你看就是日本这边龟速加息
406
00:11:42,733 --> 00:11:44,200
美国那边降息又受阻
407
00:11:44,200 --> 00:11:46,133
对投资人来说这两边的利差
408
00:11:46,133 --> 00:11:48,199
很有可能会再持续很长一段时间
409
00:11:48,200 --> 00:11:49,899
那套套息交易
410
00:11:49,899 --> 00:11:51,699
就是做空日元买美元
411
00:11:51,700 --> 00:11:53,466
可能在很长一段时间都还是会有油水
412
00:11:53,466 --> 00:11:56,433
大家就玩命抓紧最后这个窗口去做空日元
413
00:11:56,433 --> 00:11:59,033
甚至顶着日本央行可能会随时入场
414
00:11:59,033 --> 00:12:00,199
给日元托底的风险
415
00:12:00,200 --> 00:12:01,766
这就导致了乍看起来
416
00:12:01,766 --> 00:12:03,633
可能会非常匪夷所思的一个现象
417
00:12:03,633 --> 00:12:04,899
日元这边加息
418
00:12:05,133 --> 00:12:06,433
市场偏偏猛猛做空它
419
00:12:06,433 --> 00:12:09,499
以至于今年4月份的时候做空日元的空头
420
00:12:09,500 --> 00:12:11,766
竟然达到了2007年以来的最高点
421
00:12:11,766 --> 00:12:13,666
至于美国那边是什么情况呢
422
00:12:13,666 --> 00:12:15,266
现在事态还不太明朗
423
00:12:15,266 --> 00:12:16,266
就是比较混沌
424
00:12:16,266 --> 00:12:17,533
等时机成熟了
425
00:12:17,533 --> 00:12:19,233
咱们也可以再聊聊美国
28111
