A country can also influence the short-term exchange rate by intervening directly in the foreign-exchange market. But such interventions are complicated – not least because they must account for the relationship between the country’s monetary-policy approach and that of other relevant countries.
一国也可以通过直接干预外汇市场影响短期汇率。但这类干预十分复杂——不仅是因为它们必须考虑该国货币政策方针与相关国家货币政策方针之间的关系。此外，如果（比如）美国的目标是1美元兑100日元，而日本的目标是120日元，那么结果不但可能包括美国和日本之间出现紧张；不相容的汇率目标还有可能引发更广的市场波动，波及其他经济体。