The Japanese yen and South Korean won are losing value. The U.S. dollar is now very strong.

日圓與韓圓正在貶值，而美元目前非常強勢。

The Japanese yen is very weak. This happens because U.S. banks have high interest rates, but Japanese banks have low interest rates. People want the U.S. dollar more than the yen.

日圓目前非常疲軟。這是因為美國銀行的利率較高，而日本銀行的利率較低，因此人們對美元的需求高於日圓。

Japan tried to fix this. The government spent a lot of money to help the yen. The leaders of Japan and the U.S. talked. They want to work together, but it is difficult.

日本曾嘗試解決這個問題。政府花費大量資金來支撐日圓。日本與美國的領導人進行了對話，他們希望共同合作，但過程十分困難。

South Korea has a similar problem. The won is also weak. This is because foreign investors are selling their Korean stocks and taking their money away.

南韓也面臨類似的問題。韓圓同樣疲軟。這是因為外國投資者正在拋售韓國股票並撤出資金。

The U.S. dollar stays strong. Other countries must find a way to grow their economies and stop prices from rising.

美元維持強勢。其他國家必須找到發展經濟並防止物價上漲的方法。

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。

The Japanese yen and South Korean won are experiencing significant depreciation against the U.S. dollar, driven by divergent interest rate trajectories and fiscal uncertainties.

受利率走勢分歧與財政不確定性影響，日圓與韓圓對美元正經歷顯著貶值。

The Japanese yen has approached a 40-year nadir, recently trading near 161.59 per dollar. This depreciation is primarily attributed to the substantial interest rate differential between the U.S. Federal Reserve and the Bank of Japan (BoJ). While the BoJ recently increased its policy rate to 1%, this remains significantly below the Federal Reserve's 3.50% to 3.75% range. Market participants, including BofA Global Research and Deutsche Bank, have revised their forecasts to anticipate further U.S. rate hikes this year, with a 75% probability of an increase by September. Consequently, former policymaker Sayuri Shirai posits that the yen could weaken to 165 per dollar if the Federal Reserve maintains a hawkish posture.

日圓已接近 40 年來的低點，近期兌美元交易價在 161.59 附近。此次貶值主因在於美國聯準會與日本銀行（BoJ）之間巨大的利差。雖然日本銀行近期將政策利率調升至 1%，但仍顯著低於聯準會 3.50% 至 3.75% 的區間。包括美銀全球研究部（BofA Global Research）與德意志銀行在內的市場參與者已修正預測，預期今年美國將進一步加息，且 9 月前加息的機率為 75%。因此，前政策制定者白井早織認為，若聯準會維持鷹派立場，日圓可能會貶至 165 兌 1 美元。

Institutional responses to this volatility have been multifaceted. The Japanese Ministry of Finance executed interventions totaling 11.7 trillion yen between late April and early May. Finance Minister Satsuki Katayama recently engaged in consultations with U.S. Treasury Secretary Scott Bessent, resulting in a mutual agreement to implement 'resolute measures' as required. However, the efficacy of such interventions is contested; Secretary Bessent has indicated a preference for BoJ rate hikes over Treasury security sales to avoid impacting U.S. yields. Furthermore, the administration of Prime Minister Sanae Takaichi faces a policy dilemma, balancing the need for currency stability against the risk that higher borrowing costs may impede economic growth. Fiscal concerns are exacerbated by proposed consumption tax reductions without identified funding sources, potentially driving 10-year Japanese government bond yields toward 3%.

機構對此波動採取了多方面的應對措施。日本財務省在 4 月底至 5 月初之間，執行了總計 11.7 兆日圓的干預措施。財務大臣片山錯月近期與美國財政部長 Scott Bessent 進行磋商，雙方達成共識，將在必要時採取「果斷措施」。然而，此類干預的成效仍有爭議；Bessent 部長表示，比起出售國庫券，他更傾向於日本銀行加息，以避免影響美國的殖利率。此外，高市早苗首相的政府面臨政策兩難，必須在貨幣穩定需求與高借貸成本可能阻礙經濟增長的風險之間取得平衡。由於擬議削減消費稅卻未明確資金來源，加劇了財政憂慮，可能將 10 年期日本國債殖利率推向 3%。

Parallel currency pressures are evident in South Korea. Finance Minister Koo Yun-cheol characterized the won's valuation—approximately 1,500 per dollar—as excessive relative to national fundamentals. The administration attributes this weakness to portfolio rebalancing by foreign investors, who have liquidated an estimated 140 trillion won in local equities. While the U.S. dollar index remains robust near 101.01, other currencies such as the euro and British pound have exhibited relative stability or marginal decline following statements from the European Central Bank and political transitions in the United Kingdom.

韓國亦出現了類似的貨幣壓力。財政部長具允澈將韓圓的估值（約 1,500 兌 1 美元）描述為相對於國家基本面過於低迷。政府將此弱勢歸因於外國投資者的投資組合再平衡，估計已套現 140 兆韓圓的本地股票。雖然美元指數維持在 101.01 附近的強勢水平，但隨著歐洲央行發表聲明以及英國政治過渡，歐元與英鎊等其他貨幣表現相對穩定或僅輕微下跌。

Global markets remain characterized by U.S. dollar strength as central banks navigate conflicting mandates of inflation control and economic growth.

全球市場仍以美元強勢為特徵，各國央行正於控制通貨膨脹與維持經濟增長這兩個衝突的指令中尋找平衡。