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.
在继数日前美联储结束历史性的量化宽松政策之后，日本央行31日意外宣布扩大经济刺激计划，造成全球市场波动、美元飙升。（《金融时报》）
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.
日本央行将主要通过政府购买债券的方式，每年向金融体系注入80万亿日元（约合4470亿英镑），以防止通缩风险。日本央行此前的年度量化宽松规模为60万亿至70万亿日元。该央行同时将截至2015年3月份的本财年经济增长预期下调一半，由三个月前预测的增长1%下调至增长0.5%。（《卫报》）
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.”
日本央行行长黑田东彦表示，决策者们已下定决心避免经济重陷通货紧缩，这一问题已给日本经济带来多年危害。他还表示，“日本经济目前处于走出通缩的关键时刻。此次推出的刺激措施显示了日本央行为摆脱通缩不可动摇的决心。”（《卫报》）
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场注入新的流动性，正值投资者对美联储可能收紧货币政策的担忧升温之时。受此举影响，31日美国股市道琼斯工业平均指数和标普500指数收盘创历史新高。东京股市方面，日经225平均指数当日成交量大涨近5%，创2007年底以来的最高水平。（《华尔街日报》）
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.
当日美元兑日元汇率大涨3%，创7年以来最高水平，贸易加权美元指数则上涨1%，至2010年6月以来的高位。但美元走强也令一系列大宗商品承压，金价、油价等走低。其中，金价跌至每盎司1165.41美元，为2010年8月以来最低水平。（《金融时报》）
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.”
富达国际投资公司全球经济学家Anna Stupnytska表示，“日本央行此次扩大货币宽松计划的决定令外界非常意外……对整体经济而言，此举并不能真正解决长期经济增长预期过低的问题，而这一问题是实际工资增长乏力、需求和投资疲软背后的主要原因。货币政策向来不是唯一的解决办法，但能暂时让市场情绪得到提振。”（《卫报》）
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.
安倍晋三自2012年12月出任日本首相以来，射出了经济改革的“三支箭”：货币刺激措施、公共支出、结构性改革。金融市场回暖，经济重回增长轨道，去年日本似乎正朝着摆脱经济停滞、物价下跌的方向稳步前进。然而，在日本政府于4月份将消费税由5%上调至8%以后，日本经济的高增长就结束了。上调消费税压低了实际工资，并且由于购物成本增加而收入却未得到相应提升，消费者信心也受到削弱。（《华尔街日报》）
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.
不考虑4月份上调消费税的影响，9月份日本年度消费者物价指数降至1%，仅为日本央行2%目标的一半。油价走低预计也将拉低通胀水平，消费者支出也因消费税上调而受到冲击。（《卫报》）
