So, I'm going to get--I know I'm going to get this yen in three months.

我知道三个月后我会拿到这笔日元
I just signed a contract with somebody to exchange dollars--

我和某个人签了合同来兑换美元
we fixed the exchange rate; that's called the forward exchange rate.

我们确定了汇率叫做远期汇率
It's not necessarily the same as today's exchange rate;

它可能与如今的汇率不一样
in fact, it would generally be systematically different.

实际上两个汇率一般会有区别
So, we have this, what's called forward interest parity relation.

我们把这种关系称作远期利率平价关系
The forward--this is an arbitrage relationship that holds very well

在远期市场中这是一种
in the forward market for foreign exchange.

非常稳定的外币套汇关系
The forward exchange rate--that's yen per dollar, in the case,

远期汇率...一美元对应的日元金额...
if we're talking about Japan and U.S.--

如果我们说的是日本和美国...
equals the spot exchange rate

就等于即期汇率
that's in yen per dollar times one plus the yen interest rate--

也就是一美元可兑换日元的金额乘以一