The global market turmoil was marked by a widespread retreat from "risk" or "carry" trades funded by borrowings in low-interest-rate currencies such as the Japanese yen or US dollar.

全球市场动荡之际，投资者普遍撤出以日元或美元等低利率货币借款提供资金支持的“风险”或“套利”交易。

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Under such contracts the exchange rate of the US dollar was required to be within 0.15 per cent of the reference rate, whereas for the HK dollar and Japanese yen, the permitted range was 1 per cent.

各银行挂牌的美元买卖汇率不得超过基准汇率上下0.15％，港币、日元买卖汇率不得超过基准汇率的1％。

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The Japanese yen has dipped to a 27-month low against the US dollar amid speculation that policymakers will take steps to weaken the currency.

BBC: Japanese yen hits 27-month low against US dollar

To add to its woes, the debt crisis in the eurozone and weak recovery in the US have seen many investors flock to safe-haven assets such as the yen, resulting in the Japanese currency strengthening against the US dollar and the euro.

BBC: Japan economy contracts as global slowdown hits exports