At its simplest this involves borrowing in yen at very low interest rates to buy higher-yielding assets, such as American or Australian bonds, or even emerging-market debt that offers a still more lucrative interest margin.

• 投资者以低息借入日元，用来购买高收益的资产，包括美国和澳大利亚的债券，甚至还有新兴市场中提供可观利差的债务。