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Jun 25, 2019 (posted viaProZ.com): Just finished subtitling/translating several episodes of a Japanese TV show. I'll be translating a contract today (J-E, 9000 words)...more »
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翻訳 - 英語 The initial response was to sell stocks. During noon recess, the Bank of Japan decided to maintain their current monetary policy. When this was announced on the ticker tape, strong pressure to sell was put on Nikkei average futures, and they lost 100 points of gains within the first minute. Some were hoping for a price increase in Exchange-Traded Funds (ETF) this morning, and it is said that this was linked to selling stocks in disappointment.
Selling briefly halted and rapidly rebounded. 8 minutes after the ticker tape broadcast, the Nikkei Average Futures recovered to the same price level as prior to the announcement. Consequently, the futures-led uptrend accelerated, and the Nikkei Average skyrocketed by 507 points. It surpassed the most recent record price of February 12th’s 14874 points and reached the 14900-point level – the highest in two and a half weeks. Many leading securities traders commented that the sudden surge was “unnatural.”
Behind the unexpected price increase was the high price level of short-selling. According to the 5-day moving average of the short sale ratio as published by the Tokyo Stock Exchange, it reached 33.71% on the 17th, the highest it has been since records began in November 2008. Compared to the improving stocks in Europe and the United States, Japanese stocks are still left at low levels. A Japanese securities trader commented that “it seems that the Bank of Japan meeting has sparked the rewinding of the high level of short-selling.”
The short covering of futures was also active. The intraday trading volume of the Nikkei Average Futures sharply rose up 78% from the day before, to 93991 shares. Meanwhile, the trading value of the TSE 1st section has only risen 28% from the previous day, remaining at 2.436 trillion points. As for the spot market, a spot trader at an American securities company has stated that “there has not been a marked increase of buy orders during the afternoon session, as the U.S. stock market was closed the day before.”
英語 から 日本語: Economics/Finance book excerpt General field: ビジネス/金融
原書のテキスト - 英語 Unfortunately the Great Recession that began in 2007 had other aspects to it that spread the economic damage in virulent and scary ways.
Many American households were “excessively leveraged,” meaning that they had borrowed far more than they could manage.
The housing boom had encouraged ever bigger houses with ever bigger mortgages.
Subprime mortgages (a financial innovation, one must admit) made it easier for people to borrow who were otherwise not creditworthy and for other people to borrow in particularly aggressive ways (e.g., with no down payment at all).
This all works fine when housing prices are going up; someone who falls behind on their mortgage payments can always sell the house to repay the loan.
When the housing bubble burst, however, the numbers became a disaster
Overleveraged American families found that they could not afford their mortgage payments, nor could they sell their homes.
Millions of houses and condos were thrown into foreclosure by whatever bank or financial institution owned the mortgage.
When these properties were dumped on the market, it drove prices down further and exacerbated all the real estate-induced problems.
But we haven’t even arrived at the scary part yet.
America’s mortgage problem spread to the financial sector through two related channels.
First, banks were plagued with lots of bad real estate loans, which made them less able and willing to make new loans.
Anyone looking to buy a home had trouble doing so, even with good credit and a large down payment. (You guessed it: This compounded the real estate problems yet again.)
Meanwhile, Wall Street investment banks and hedge funds had loaded up on real estate derivatives – fancy products like mortgage-backed securities whose value was somehow tied to the plunging real estate market.
Like American homeowners, these institutions had borrowed heavily to make such investments, so they too faced creditors.
Much of this debt was “insured” with the credit default swaps described in Chapter 7, wreaking havoc on firms with that exposure.
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I am an experienced translator working in Japanese to English, with more than 8 years of experience as a freelance translator.
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