Basically, for years, investors used a strategy called the yen carry trade.

基本上，多年来，投资者使用了一种称为日元套利交易的策略。

I've been hearing a lot about the carry trade.

我最近听了很多关于套利交易的事情。

A bunch of people talking about the risks of the carry trade, private credit.

许多人都在讨论套利交易和私人信贷的风险。

You know, the yen carry trade was it was in vogue.

你知道，日元套利交易一度非常流行。

In theory, it shouldn't exist at all, but it does, because of supply and demand imbalances in Treasury markets and regulatory limitations that prevent other types of arbitrage trading.

理论上， 它根本应该存在，但由于国债市场供以及监管限制阻止了其他类型的套利交易， 它确实存在。

Since 2022 Japanese yields have risen fast, making carry trades less attractive; last summer the sudden unwinding of many sent stockmarkets around the world into a tailspin.

自2022年以来， 日本收益率快速上升， 使套利交易变那么吸引人；去年夏天，许多套利交易的突然平仓导致全球股市陷入剧烈震荡。

But though the carrying trade certainly deserves no peculiar encouragement, though the motive of the institution was, perhaps, abundantly foolish, the institution itself seems reasonable enough.

但是，尽管套利交易当然值鼓励，尽管该机构的动机可能非常愚蠢，但该机构本身似乎足够合理。

Investors shrugged off a rocky August when the unwinding of the yen-carry trade prompted fears of a crisis.

投资者对八月动荡以为意，当时日元套利交易的解除引发了市场对危机的担忧。

JP Morgan estimates that 75% of the carry trade has been unwound.

摩根大通估计，75%的日元套利交易已经解除。

Last summer, that little growth scare with the yen carry trade was an example of that.

去年夏天，日元套利交易引发的那场小规模增长恐慌就是一个例子。

This is kind of like last August when suddenly everybody learned it was an incident about the yen carry trade that blew up and caused a sharp sell for stocks.

这有点像去年八月，突然间大家都意识到那是一场由日元套利交易引发的危机，导致了股市的急剧抛售。

Some of the recent violent swings in the yen, Japanese and American stocks, and indeed the Mexican peso, may thus be the result of yen-based carry trades.

近期日元、日本和美国股市，甚至墨西哥比索的剧烈波动，可能是由以日元为基础的套利交易引起的。

This gave rise to the popular " carry trade" , whereby investors borrowed yen cheaply to invest in assets with much higher yields, such as stocks.

这催生了广受欢迎的“套利交易” ，投资者以低廉成本借入日元， 转而投资于收益率远高于此的资产，如股票。

Fortunately, "The Missing Billionaires" is not a discussion of the minutiae of LTCM's bond-arbitrage trades.

令人庆幸的是，《踪的亿万富翁》并没有讨论LTCM的债券套利交易的细枝末节。

The carry trade is when you borrow in a currency with low interest rates relative to the country where you want to invest.

套利交易是指你以较低利率借入一种货币，然后在另一个国家进行投资。

The carrying trade, though it deserves no preference, ought not to be precluded, but to be left free, like all other trades.

套利交易虽然值优先考虑，但应该被排除，而应该像所有其他交易一样免费。

Well, Steve, I think you've certainly seen in your career all these carry trades or basis trades.

好吧，史蒂夫，我想你在职业生涯中肯定见过所有这些套利交易或基差交易。

But in the long run, you know, a person today who's 25 or 30 years old, when they're 60 or 65 years old will look back, remember that day that the carry trade unwound?

但长远来看， 你知道吗？ 一个现在25岁或30岁的人，在他们60岁或65岁时会回想起，记那天套利交易平仓的情形吗？

Yeah, so a carry trade is where someone borrows money in a place that has low interest rates and uses that money to invest in a place with high interest rates.

嗯，所谓的套利交易就是有人在一个利率很低的地方借钱，然后用这笔钱投资到一个利率很高的地方。

Just like the yen carry trade, the basis trade is a needlessly intimidating name for a simple idea.

就像日元套利交易一样，基础交易这个名称让人必要地感到畏惧，其实它的概念很简单。