就在日元恐慌似乎緩解時，日本報告說核心通貨膨脹率上升。

週五早些時候發布的數據顯示，日本的核心通貨膨脹率降低了新鮮食品的價格，2月份同比同比增長3％，從1月份的3.2％開始，但以2.9％的速度超過了共識預測。

Just when it appeared that the yen scare could be easing, Japan has reported an uptick in core inflation.

就在日元恐慌似乎緩解時，日本報告說核心通貨膨脹率上升。

Data released early Friday showed Japan’s core inflation, which stripes out prices for fresh food, rose 3% year-on-year in February, moderating from January’s 3.2% but beating the consensus forecast for 2.9%. The headline consumer price index eased to 3.7% from 4%.

週五早些時候發布的數據顯示，日本的核心通貨膨脹率降低了新鮮食品的價格，2月份同比同比增長3％，從1月份的3.2％開始，但以2.9％的速度超過了共識預測。頭條消費者價格指數從4％降至3.7％。

Overall, both indices remained well above the Bank of Japan’s 2% inflation target, validating the central bank chief Haruhiko Kuroda’s declaration of victory over decades of deflation. Notably, since November, Japan’s headline inflation has been running hotter than that of the U.S.—almost 100 basis points (bps) higher now.

總體而言，這兩個指數都遠遠超過日本銀行2％的通貨膨脹目標，證實了中央銀行的負責人Haruhiko Kuroda宣佈在數十年的通貨膨脹中勝利。值得注意的是，自11月以來，日本的標題通貨膨脹率一直比美國的通貨膨脹率更高，現在幾乎要高100個基點（BP）。

The sticky inflation, plus wage hikes from the shunto wage negotiations, have bolstered calls for BOJ rate hikes. In other words, a potential yen rally, known to destabilize risk assets, including cryptocurrencies, is back on the table.

棘手的通貨膨脹，加上尚托工資談判中的工資遠足，加強了呼籲息息的呼籲。換句話說，潛在的日元集會（已知會破壞包括加密貨幣在內的風險資產的穩定穩定，又回到了桌子上。

As of writing, the dollar-yen (USD/JPY) pair traded at 149.22, having bounced nearly 300 pips in a sign of renewed yen weakness since March 11, according to data source TradingView.

根據數據源交易view的數據，截至寫作時，美元元素（美元/JPY）對以149.22的價格交易，自3月11日以來彈跳了近300個ppips，標誌著日元弱點的跡象。

That said, the narrowing or declining U.S.-Japan 10-year bond yield spread supports yen strength. Japanese yields have been rising across the curve, offering bullish cues to the yen. As of writing, Japan’s 10-year bond yield held above 1.5%, and the 30-year yield was above 2.5%, both at multi-decade highs.

也就是說，美國日期縮小或下降的10年債券收益率差異支持日元實力。日本的產量在整個曲線上都在上升，為日元提供看漲的線索。截至撰寫本文時，日本的10年債券收益率超過1.5％，而30年的收益率超過2.5％，均為多年來的高點。

A renewed yen strength could translate into risk aversion, the likes of which we saw in August last year.

日元強度可能會轉化為風險厭惡，我們去年八月看到了這種風險。