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Continued weak yen may create new problems even after US-Japan intervention_我的网站

一 |     见习记者 杨思涵8月22日，数智技术赋能数字经济高质量发展学术交流会在石家庄举行。面对数字经济核心技术短板、企业数字化转型难等现实课题，省内外政产学研各界代表齐聚，共同探讨如何推动数智技术更好赋能数字经济提质升级。图为数智技术赋能数字经济高质量发展学术交流会现场。

二 | 路钊迤/摄本次交流会由省计算机学会主办，省科学技术协会、省科学院提供指导，省信息科技领域学会（协会）联合体12个省级学会（协会）、省老科技工作者协会、ACM（国际计算机学会）秦皇岛联合承办。    

    Illustration: Xia Qing/GT
The yen has weakened in recent days, edging closer to the psychologically important 160 level against the US dollar. The decline comes despite the widely watched move by Washington to join Tokyo in supporting the currency. Less than two weeks after the US-Japan intervention, the yen has given up roughly half of its gains, raising fresh questions over the effectiveness of coordinated efforts to stabilize the exchange rate.
Japan and the US had previously confirmed coordinated foreign exchange intervention to prop up the yen after the currency tumbled to a nearly 40-year low. At the time, some observers saw the move as potentially stabilizing the yen in the short term, although its longer-term impact remained uncertain. 
However, the subsequent market reaction suggests that even the short-term effect may have been limited. After strengthening to about 155 per dollar in the days following the intervention from above 163, the yen had slipped back above 159 by Wednesday, less than two weeks later.
Questions have emerged over whether further support for the yen may soon be needed, and whether Washington would consider stepping in again. The previous intervention was seen by some observers as a test of market confidence: the unusual coordinated move had the potential to influence market expectations and discourage bets against the yen. But if market expectations remain largely unchanged, repeated interventions could deliver diminishing returns. The US may face a difficult trade-off. Another intervention could require greater resources and come at a higher cost, while refraining from further action could raise questions over the lasting impact of the previous effort.
Market commentary has added to the uncertainty. Axios published a report headlined "Yen's weakness shows market isn't done pushing," while some reports suggested that the impact of the US-Japan intervention was beginning to fade. Such narratives could weigh on sentiment toward the yen and reinforce market expectations that the currency's weakness may persist.
Washington's involvement in supporting the yen may reflect broader economic and policy considerations. These could include avoiding a scenario in which Japan sells US Treasury holdings to support the currency, as well as concerns that a weaker yen could give Japanese exporters a greater competitive advantage. These possible considerations suggest that the intervention alone does not fully address the underlying forces behind the yen's weakness. This may help explain why the market has so far been reluctant to view the move as a turning point for the currency.
Washington's decision to join the intervention may have reflected concerns, as some observers suggest, that the yen's prolonged weakness had begun to affect US interests. If markets remain unconvinced by the US-Japan intervention, one possible outcome is that Washington could push Japan to take more costly measures to support the yen. Such a scenario could instead create some strain between Washington and Tokyo.
Beyond short-term market dynamics, the yen's weakness also reflects deeper challenges facing the Japanese economy, making a sustained reversal difficult. The currency's prolonged weakness has been influenced by the interest rate gap between Japan and the US, while also reflecting longer-term concerns over the diminishing returns of Japan's traditional growth model.
This leaves Japan facing a delicate policy balance between supporting growth and stabilizing the currency. While lower interest rates could help boost economic activity, continued weakness in the yen may strengthen calls for Japan's central bank to consider further rate increases to narrow the interest rate gap with the US.
Japan's structural challenges mean that a sustained appreciation of the yen will not be easy to achieve. The question of whether to pursue stronger measures, even at the cost of some economic growth, has become more complicated as the US takes a role in the issue. Japan may face greater pressure to support the currency, even though doing so would be difficult and could carry broader economic costs.
The author is a reporter with the Global Times. [email protected]

。来自政府部门、高校院所、科技企业共计350余名代表参会。

三 | 本次会议聚焦数智技术创新应用，围绕数字经济提质增效、智慧城市建设、算力安全、企业数字化转型等核心议题，汇聚行业顶尖专家、企业精英与行业同仁，搭建学术交流、技术碰撞、合作共赢的优质平台，助力省数字经济产业高质量、可持续发展。

四 | 图为雄安新区智慧城市创新联合会理事长杨忠正在作主题报告。杨思涵/摄会上，省科协二级巡视员苏志革、省科学院副院长程煜、计算机学会理事长赵红芳先后致辞。三位嘉宾均提出，要打通京津科研成果在的转化渠道，强化跨领域协同创新，为企业数字化转型提供技术智力支持。随后，会议进入主题报告环节，两场分享分别聚焦前沿技术研究与重大工程实践。中国科学院软件研究所副所长田丰围绕人机交互前沿技术作分享，研判行业发展趋势；雄安新区智慧城市创新联合会理事长杨忠结合雄安建设一线经验，介绍数字孪生城市建设路径与实践成果，为我省城市数字化建设提供实践参考。在学术与宏观实践分享之外，产业界代表聚焦本地数字化现实难题，从算力、安全、AI应用层面带来可落地的解决方案。

五 | 海光信息全国区域技术方案部副总经理宋乐介绍国产算力建设实践，探讨筑牢数字产业算力根基的可行路径；北京江民新科技术有限公司终端安全事业部、解决方案事业部总监李瑞涛，剖析数字经济发展下网络安全保障思路；金智维联合创始人、产品总监欧阳博文结合案例分享AI数字员工、智能体技术，展示人工智能帮助企事业单位降本增效的落地模式。

六 | 会议期间，部分与会代表围绕芯片、工业软件、企业数字化改造等现实课题进行交流，期待后续深化沟通，寻找技术对接与务实合作的契机。省信息科技领域学（协）会联合体主席王新川作会议总结。联合体后续将持续组织同类学术交流活动，扩大基层技术人员、青年科研工作者参与覆盖面，为数字产业发掘储备专业人才力量。

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