Mr Jen has an alternative explanation for why the yen is so feeble against the euro: the “global funnelling hypothesis”.

Jen先生关于日元对欧元所显示出来的这般疲态有他自己的解释：全球狭管效应假说。

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Using a more sophisticated model, Stephen Jen, of Morgan Stanley, reckons that the yen is 12% undervalued against the dollar, whereas the yuan is only 7% too weak.

运用一个更复杂的模型，摩根斯·坦里的Stephen Jen认为日元对美元低估了12%，而人民币则仅是7%。

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Stephen Jen, an economist at Morgan Stanley, argues that Japan's Ministry of Finance should consider selling some of those reserves to break the one-way bet against the yen.

摩根斯坦利的经济学家施蒂芬·詹（Stephen Jen）认为日本的财长应该考虑卖出部分外汇储备以打破针对日元的单向赌博。

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Even if those of us who believe that the carry trade is responsible for the yen's weakness are wrong, and alternative explanations, such as that of Morgan Stanley's Stephen Jen, are right, the mispriced yen is a very clear sign that something has gone seriously awry with the way global financial markets are working in relation to global imbalances.

ECONOMIST: An undervalued argument