In the short run, the yen and the dollar continue to benefit from a flight to safety, as panicked investors seek a place to hide. The yen and dollar are also being bolstered as central banks elsewhere continue to cut interest rates towards zero, territory that the yen and dollar policy rates already occupy.
虽然只有持续的高波动性是安全的赌注，但我们正处于一个不寻常的时刻，短期和长期趋势似乎是非常不同的。从短期来看，日元和美元继续受益于大众对风险的逃避，因为惊慌的投资者需要寻求藏身之地。当其它国家的央行继续把利率下调至微乎其微的地步之时，日元和美元因此正在升值，而日元和美元的利率政策已经占据了这个区域。