The U.S. dollar dropped to a 12-year low against the Japanese yen, and also sank to new lows against the euro and other global currencies. Stock markets in Asia also sold off, in part because of the weak dollar and because of concerns that the U.S. economy is going into recession.

美元兌日圓的匯價降到了12年來的最低點。同時，美元兌歐元以及世界上其它貨幣的匯價也都創下新低。美元大跌部分原因是人們擔心美國的經濟開始進入衰退 。

The dollar fell one percent to 100.20 yen in Tokyo trading Tuesday, its lowest rate since 1995. It also hit record lows against the euro and the Swiss franc.

在星期二的東京外匯市場，美元兌日圓的匯價下降到了自1995年以來的最低點，為1美元兌100.20日圓。此外，美元兌歐元以及瑞士法郎的比價也都創下新低。

David Mann, chief currency strategist at Standard Chartered Bank in Hong Kong, says the 100-yen level for the dollar is dangerous because it is a psychological mark for investors.

香港渣打銀行的首席貨幣分析師大衛.曼恩說，在100日圓比價這個水平對美元來說是危險的，因為那是投資人心理指標。

"If it goes, if that taboo is broken, then traders will be comfortable with the idea that we can actually see even further losses in the dollar against the yen and so we can be trading into the 90's for some time," he said.

他說：“如果這個心理的標準被沖破了的話，那么交易人就會覺得更低的兌換率、甚至90年代的水平也不足為奇了。

On Tuesday the dollar rallied after the Federal Reserve said it would pump $200 billion into financial markets to ease the credit crunch caused by a hike in unpaid home mortgages.

星期二，美聯儲表示將向市場投入了2000多億美元的資金，以減緩家庭貸款危機所帶來的沖擊，之后美元曾一度上揚。

But the gains quickly vanished because of concerns that the plan is not enough to boost the U.S. economy. Mann says investors are wary of the Fed's plan because they worry about U.S. bank failures.

但是很快又開始下跌，因為人們擔心美聯儲的措施不足以振奮美國的經濟。

"The problem is that we are still in a situation of 'can lend, won't lend,' and while we have that type of problem even aggressive monetary easing won't necessarily do it, it'll be a little bit more like just pushing on a string," he said.

香港渣打銀行的首席貨幣分析師大衛.曼恩說：“問題在于我們仍然處于那種可以貸、但又不愿貸的局面，所以即使是很大膽的財政措施也解決不了問題�！�

Mann says the Fed is also likely to cut interest rates even further.

他說，美聯儲也可能進一步的降低利率。

"Very likely to get a minimum of 50 basis points cut from the next meeting and we are actually expecting the fed funds rate to go all the way down to one percent by the middle of this year," he added.

The dollar's slide against the yen has also sparked concern that Japanese authorities may intervene, as the country has a history of restraining the yen's strength to maintain the competitiveness of exporters.

美元兌日圓比價的下降也令人們擔心日本政府可能會進行干預，因為日本政府為了維持日本在出口方面的競爭力過去曾采取措施使日圓不至上升過快。

The U.S. sub-prime mortgage crisis, together with fears that the economy is slipping into recession, is taking its toll on global markets. Mann says the big worry is the possibility the problems could last a long time, similar to the Asian financial crisis in the late 1990s.

美國的次級貸款危機，以及對美國經濟衰退的擔心正在全球市場造成負面影響。大衛.曼恩說，人們很擔心的一個問題是這會持續很長的一段時間，就象亞洲地區在90年代后期的那場危機那樣。

Other worries for investors in Asia included rising inflation in much of the region and oil prices nearing $110 a barrel.

On Thursday most major Asian stock markets closed lower. Japan's Nikkei plunged more than three percent, the Hang Seng Index in Hong Kong lost 4.8 percent and the Kospi in Seoul gave up 2.6 percent of its value.

星期四，亞洲股市大都走低。日經指數跌了3%以上。香港恒生指數跌幅達4.8%。首爾股市也下跌了2.6%。