The Bank of Japan stunned global markets on Friday and sent the dollar soaring as it unexpectedly expanded its stimulus programme just days after the US Federal Reserve ended its own historic experiment with easy money.
在繼數(shù)日前美聯(lián)儲(chǔ)結(jié)束歷史性的量化寬松政策之后，日本央行31日意外宣布擴(kuò)大經(jīng)濟(jì)刺激計(jì)劃，造成全球市場(chǎng)波動(dòng)、美元飆升。（《金融時(shí)報(bào)》）
The Bank of Japan will inject�。�80tn (￡447bn) a year into the financial system, mainly through the purchase of government bonds, in a bid to ward off the threat of deflation. The central bank was previously pushing money into the system at a rate of ￥60-70tn a year. It also halved its growth forecast for the current fiscal year, to 0.5% in the year to March 2015 from 1% three months earlier.
日本央行將主要通過政府購(gòu)買債券的方式，每年向金融體系注入80萬億日元（約合4470億英鎊），以防止通縮風(fēng)險(xiǎn)。日本央行此前的年度量化寬松規(guī)模為60萬億至70萬億日元。該央行同時(shí)將截至2015年3月份的本財(cái)年經(jīng)濟(jì)增長(zhǎng)預(yù)期下調(diào)一半，由三個(gè)月前預(yù)測(cè)的增長(zhǎng)1%下調(diào)至增長(zhǎng)0.5%。（《衛(wèi)報(bào)》）
The bank’s governor, Haruhiko Kuroda, said policymakers were determined to avoid a return to deflation which plagued the Japanese economy for years. He added: “The Japanese economy is now at a critical moment in its process of getting out of deflation. The [stimulus] measures this time show the Bank of Japan’s unwavering determination to exit deflation.”
日本央行行長(zhǎng)黑田東彥表示，決策者們已下定決心避免經(jīng)濟(jì)重陷通貨緊縮，這一問題已給日本經(jīng)濟(jì)帶來多年危害。他還表示，“日本經(jīng)濟(jì)目前處于走出通縮的關(guān)鍵時(shí)刻。此次推出的刺激措施顯示了日本央行為擺脫通縮不可動(dòng)搖的決心。”（《衛(wèi)報(bào)》）
The fresh injection of liquidity from Tokyo into global markets—coming at a time when investors have grown nervous about the prospect of the U.S. Federal Reserve tightening its policy—led the Dow Jones Industrial Average and the S&P 500 index to record closes on Friday. In Tokyo, the Nikkei Stock Average jumped nearly 5% on heavy volume, bringing the index to its highest level since late 2007.
日本央行此次向全球市場(chǎng)注入新的流動(dòng)性，正值投資者對(duì)美聯(lián)儲(chǔ)可能收緊貨幣政策的擔(dān)憂升溫之時(shí)。受此舉影響，31日美國(guó)股市道瓊斯工業(yè)平均指數(shù)和標(biāo)普500指數(shù)收盤創(chuàng)歷史新高。東京股市方面，日經(jīng)225平均指數(shù)當(dāng)日成交量大漲近5%，創(chuàng)2007年底以來的最高水平。（《華爾街日?qǐng)?bào)》）
The dollar jumped as much as three per cent against the yen, hitting a new seven-year high against the yen and a trade-weighted measure of the US currency rising 1 per cent to its highest point since June 2010. But the dollar’s strength weighed heavily on a range of commodities, sending the price of everything from gold to oil lower. Gold tumbled to the lowest level since August 2010 at $1,165.41 an ounce.
當(dāng)日美元兌日元匯率大漲3%，創(chuàng)7年以來最高水平，貿(mào)易加權(quán)美元指數(shù)則上漲1%，至2010年6月以來的高位。但美元走強(qiáng)也令一系列大宗商品承壓，金價(jià)、油價(jià)等走低。其中，金價(jià)跌至每盎司1165.41美元，為2010年8月以來最低水平。（《金融時(shí)報(bào)》）
Anna Stupnytska, global economist at Fidelity Worldwide Investment, said: “The Bank of Japan’s decision to expand its monetary easing programme comes as a big surprise…As for the wider economy, this doesn’t really solve the issue of low growth expectations in the longer term, which is the main reason behind the negative real wage growth, sluggish demand and investment. As always, monetary policy is not the only answer but it will keep the markets pleased for now.”
富達(dá)國(guó)際投資公司全球經(jīng)濟(jì)學(xué)家Anna Stupnytska表示，“日本央行此次擴(kuò)大貨幣寬松計(jì)劃的決定令外界非常意外……對(duì)整體經(jīng)濟(jì)而言，此舉并不能真正解決長(zhǎng)期經(jīng)濟(jì)增長(zhǎng)預(yù)期過低的問題，而這一問題是實(shí)際工資增長(zhǎng)乏力、需求和投資疲軟背后的主要原因。貨幣政策向來不是唯一的解決辦法，但能暫時(shí)讓市場(chǎng)情緒得到提振。”（《衛(wèi)報(bào)》）
Mr. Abe took office in December 2012 and introduced his “three arrows” of economic changes—monetary stimulus; public-works spending; and structural overhauls. Markets rallied, growth revived and last year Japan seemed well on its way to escaping the trap of economic stagnation and falling prices. More recently, though, the growth spurt ended after the government raised the national sales tax in April to 8% from 5%. That drove down real wages and the confidence of consumers who were paying more at the cash register without seeing a corresponding rise in income.
安倍晉三自2012年12月出任日本首相以來，射出了經(jīng)濟(jì)改革的“三支箭”：貨幣刺激措施、公共支出、結(jié)構(gòu)性改革。金融市場(chǎng)回暖，經(jīng)濟(jì)重回增長(zhǎng)軌道，去年日本似乎正朝著擺脫經(jīng)濟(jì)停滯、物價(jià)下跌的方向穩(wěn)步前進(jìn)。然而，在日本政府于4月份將消費(fèi)稅由5%上調(diào)至8%以后，日本經(jīng)濟(jì)的高增長(zhǎng)就結(jié)束了。上調(diào)消費(fèi)稅壓低了實(shí)際工資，并且由于購(gòu)物成本增加而收入?yún)s未得到相應(yīng)提升，消費(fèi)者信心也受到削弱。（《華爾街日?qǐng)?bào)》）
When the impact of a sales tax hike in April is stripped out, annual consumer inflation fell to 1% in September, half the central bank’s 2% target. Lower oil prices are expected to bring inflation down, and consumer spending has also taken a hit in Japan following the sales tax increase.
不考慮4月份上調(diào)消費(fèi)稅的影響，9月份日本年度消費(fèi)者物價(jià)指數(shù)降至1%，僅為日本央行2%目標(biāo)的一半。油價(jià)走低預(yù)計(jì)也將拉低通脹水平，消費(fèi)者支出也因消費(fèi)稅上調(diào)而受到?jīng)_擊。（《衛(wèi)報(bào)》）
