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.

美元兑日圆的汇价降到了12年来的最低点。同时，美元兑欧元以及世界上其它货币的汇价也都创下新低。美元大跌部分原因是人们担心美国的经济开始进入衰退 。

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.

在星期二的东京外汇市场，美元兑日圆的汇价下降到了自1995年以来的最低点，为1美元兑100.20日圆。此外，美元兑欧元以及瑞士法郎的比价也都创下新低。

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.

香港渣打银行的首席货币分析师大卫.曼恩说，在100日圆比价这个水平对美元来说是危险的，因为那是投资人心理指标。

"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.

他说：“如果这个心理的标准被冲破了的话，那么交易人就会觉得更低的兑换率、甚至90年代的水平也不足为奇了。

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，美联储表示将向市场投入了2000多亿美元的资金，以减缓家庭贷款危机所带来的冲击，之后美元曾一度上扬。

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.

但是很快又开始下跌，因为人们担心美联储的措施不足以振奋美国的经济。

"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.

香港渣打银行的首席货币分析师大卫.曼恩说：“问题在于我们仍然处于那种可以贷、但又不愿贷的局面，所以即使是很大胆的财政措施也解决不了问题。”

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

他说，美联储也可能进一步的降低利率。

"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.

美元兑日圆比价的下降也令人们担心日本政府可能会进行干预，因为日本政府为了维持日本在出口方面的竞争力过去曾采取措施使日圆不至上升过快。

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.

美国的次级贷款危机，以及对美国经济衰退的担心正在全球市场造成负面影响。大卫.曼恩说，人们很担心的一个问题是这会持续很长的一段时间，就象亚洲地区在90年代后期的那场危机那样。

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，亚洲股市大都走低。日经指数跌了3%以上。香港恒生指数跌幅达4.8%。首尔股市也下跌了2.6%。