This refers to a shift from foreign currency financing to yen financing. It occurs when the cost of financing in yen falls below that in foreign currency, such as when Japan's domestic interest rates fall below overseas interest rates. When a yen shift occurs, the repayment of existing foreign currency loans is promoted, leading to an increase in yen selling, and the spot rate of foreign currency rises. Note that switching from yen financing to foreign currency financing is called a reverse shift, and if the foreign currency is the US dollar, it is called a dollar shift. Source: Encyclopaedia Britannica Concise Encyclopedia About Encyclopaedia Britannica Concise Encyclopedia Information |
外貨金融から円金融への移行 (シフト) をいう。日本の国内金利が海外金利より低くなった場合など,円による資金調達コストが外貨によるそれを下回った場合に起る。円シフトが発生すると,既存の外貨借款の返済が促進されるため円売りが増加するなどして,外貨直物相場が上昇する。なお円金融から外貨金融への切替えを逆シフトといい,このとき外貨が米ドルであればドル・シフトという。
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