Japan spent a record Y4,510bn ($58bn) on one day’s currency intervention in August as it tried to stem the rise of the yen, according to figures released on Wednesday by the country’s Ministry of Finance.

日本财务省周三发布的数字显示，8月份，日本当局在一次单日外汇干预行动中投入了空前规模的4.51万亿日元（合580亿美元），目的是阻止日元升值。

The MoF data did not specify which currencies were bought and sold, nor the date on which the action took place. Traders said, however, that the Bank of Japan only intervened on behalf of the government on August 4, and only in the dollar against the yen.

财务省既未披露买进和卖出的货币种类，也未说明实施行动的具体日期。但交易员们表示，日本央行只在8月4日代表政府进行了干预，所针对的也只有美元对日元。

That meant the amount of intervention, which was in line with market estimates, was more than double the previous daily record of Y2,125bn that Japan sold on September 16 last year to rein in its currency.

此次干预规模与市场的估计相符，是去年9月16日创下的单日最高纪录——2.125万亿日元的两倍多，当时也是为了遏制日元升值。

The intervention effort on August 4 initially pushed the dollar up from around Y77 against the yen to over Y80. But the Japanese currency, which has been driven higher as investors have sought a haven from concerns over eurozone and US debt and a slowing global economy, quickly pared its losses, rising to a record high of Y75.93 on August 19. The yen currently stands around Y77 against the dollar.

8月4日的干预行动起初曾推动美元对日元汇率从77日元左右上涨至80日元以上。不过日元迅速收复失地，于8月19日升至1美元兑75.93日元，创下新高。目前日元汇率为1美元兑77日元左右。投资者因顾虑欧元区及美国债务和全球经济放缓而寻求避险，是推动日元升值的主要因素。

Many put the relative lack of success of Japan’s intervention efforts down to the fact that it was a unilateral effort.

日本的干预行动成效有限，许多人认为原因在于这是一次单边行动。

Since August 4, Japan has introduced further measures to weaken the yen, setting up a $100bn credit facility for Japanese companies to invest abroad and warning that it might monitor the currency positions of domestic banks.

自8月4日以来，日本出台了更多举措来压低日元，包括成立一只1000亿美元的信贷基金，用于鼓励日本企业赴海外投资。当局还警告说，可能对国内银行的货币头寸实施监控。

Those measures have done little to depress demand for the yen, however, especially since the attractiveness of the dollar and the Swiss franc, which like the yen have traditionally been seen as havens by currency investors, has diminished.

然而，这些举措基本上无助于抑制投资者对日元的需求，特别是因为美元和瑞士法郎已经失去了吸引力。美元和瑞郎与日元一样，传统上被外汇投资者视为避险币种。

Demand for the dollar has been weakened by increased speculation that the Federal Reserve will loosen monetary policy to stimulate the US economy, while aggressive action from the Swiss National Bank to flood money markets with liquidity and push interest rates into negative territory has weighed on the franc.

市场日益认为，美联储将放宽货币政策，以刺激美国经济，这种观点削弱了美元的需求。与此同时，瑞士央行采取大刀阔斧的行动，向货币市场注入大量流动性，并将利率压低至负值，从而导致瑞郎受压。

Many believe Japan stands ready to intervene directly in the market again, however, should the yen rise to fresh record highs against the dollar. That speculation remains elevated since Yoshihiko Noda, the country’s new prime minister, directed the intervention of August 4 in his previous role of finance minister.

不过，许多人士认为，一旦日元对美元汇率升至新高，日本必将再次直接入市干预。由于8月4日的干预行动是日本新首相野田佳彦(Yoshihiko Noda)在担任财相期间指挥的，有关再度干预的猜测进一步升温。

Robert Lynch at HSBC said it was likely that Japan would intervene again in September given that yen buying interest was likely to increase as the Japanese fiscal half-year end approached, a period traditionally thought to bring in larger repatriation flows.

汇丰(HSBC)的罗伯特•林奇(Robert Lynch)表示，日本可能在9月份再度入市干预，因为时值日本上半财年临近结束，这种时候一般会有更多资金从海外汇回，所以买进日元的需求可能上升。