If today’s constellation of exchange rates represents some excessive dollar and yen appreciation, especially against emerging-market currencies, when it will unwind? That depends on when you think the financial crisis will abate, and the timing of that is as hard to predict as exchange rates.
如果今天的一些列汇率代表了美元和日元对于尤其是新兴市场的货币的升值过度，那么什么时候会缓解下来呢？这取决于你认为什么时候金融危机将得到缓解，而这和汇率一样很难预测。但是，它终会到来。然后你就等着看美元和日元自食其果吧。