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
that's for three months

加上三个月的日元利率
if it's a three-month horizon--

如果是三个月远期那就是
times one plus dollar interest rate.

乘以一加上三个月的美元利率
And that relation holds very well.

这钟关系非常稳固
If it didn't hold,

否则
I could make money quickly without risk and that shouldn't happen.

我可以无风险地赚钱这不该发生