The Japanese yen and South Korean won are losing significant value against the U.S. dollar. This trend is caused by different interest rate paths and uncertainties regarding government spending.

日圓與韓圓對美元大幅貶值。這一趨勢是由不同的利率路徑以及政府支出的不確定性所引起。

The Japanese yen has reached a 40-year low, recently trading at about 161.59 per dollar. This drop is mainly due to the large difference in interest rates between the U.S. Federal Reserve and the Bank of Japan (BoJ). Although the BoJ recently raised its rate to 1%, this is still much lower than the U.S. range of 3.50% to 3.75%. Consequently, experts from BofA Global Research and Deutsche Bank expect more U.S. rate hikes this year. Former policymaker Sayuri Shirai emphasized that the yen could weaken further to 165 per dollar if the U.S. continues its strict policy.

日圓已跌至 40 年低點，近期兌 1 美元約為 161.59 日圓。此次下跌主因在於美國聯準會與日本銀行 (BoJ) 之間的巨大利率差異。儘管日銀近期將利率調升至 1%，但仍遠低於美國 3.50% 至 3.75% 的區間。因此，美銀全球研究部 (BofA Global Research) 與德意志銀行的專家預計，美國今年將 further 加息。前政策制定者白井早苗強調，若美國持續採取嚴格政策，日圓可能會進一步走弱至 1 美元兌 165 日圓。

To handle this volatility, the Japanese government has taken several steps. The Ministry of Finance spent 11.7 trillion yen on interventions between April and May. Furthermore, Finance Minister Satsuki Katayama agreed with U.S. Treasury Secretary Scott Bessent to take 'strong measures' if necessary. However, some argue these actions are not effective. Secretary Bessent prefers that the BoJ raise rates rather than selling U.S. securities. Meanwhile, Prime Minister Sanae Takaichi must balance currency stability with the need for economic growth, especially as proposed tax cuts might push government bond yields toward 3%.

為了應對此波動，日本政府採取了多項措施。財務省在 4 月至 5 月間投入 11.7 兆日圓進行干預。此外，財務大臣片山早苗與美國財政部長 Scott Bessent 同意在必要時採取「強而有力的措施」。然而，部分人士認為這些行動並不有效。Bessent 部長更傾向於由日銀提高利率，而非出售美國證券。同時，首相高市早苗必須在貨幣穩定與經濟增長需求之間取得平衡，尤其是擬議的減稅可能會將政府債券殖利率推向 3%。

Similarly, South Korea is facing currency pressure. Finance Minister Koo Yun-cheol asserted that the won's value—around 1,500 per dollar—is too low compared to the country's economic health. The government believes this weakness is caused by foreign investors selling about 140 trillion won in local stocks. While the U.S. dollar remains strong, other currencies like the euro and British pound have stayed more stable following recent political and economic updates.

同樣地，韓國也面臨貨幣壓力。財政部長具允澈主張，韓圓價值（約 1,500 兌 1 美元）相對於該國的經濟健康狀況過低。政府認為，這種弱勢是由於外國投資者賣出約 140 兆韓圓的本地股票所致。儘管美元維持強勢，但歐元與英鎊在近期政治與經濟更新後，表現較為穩定。

Global markets continue to see a strong U.S. dollar as central banks try to manage both inflation and economic growth.

全球市場持續見到美元強勢，因為各國央行正試圖同時管理通貨膨脹與經濟增長。