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经济学人:该死,还不贬值! Weaken, dammit!

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(1). Finance and Economics;Japanese exchange-rate policy; Weaken, dammit! Japan’s policymakers try subtle approaches to cheapen the yen
财经;日本汇率政策;该死,还不贬值!日本政策制定者暗中寻求本币贬值;
(2). 1: Both the Bank of Japan (BoJ) and the finance ministry have taken steps recently that analysts believe are surreptitiously aimed at the currency markets.
2: On April 27th the BoJ increased the size of its asset-purchase programme by ¥5 trillion ($62 billion), and extended the maturity limit of government bonds it would buy from two to three years.
3: That enhanced easing measures introduced in February which sharply weakened the yen.
1:日本央行和财政部最近都采取了一些行动。分析人士指出,这些行动都暗中针对货币市场。
2:4月27日,日本央行将资产购买计划扩容五万亿日元(620亿美元),同时将计划购买的政府债券期限由两年延长到三年。
3:今年二月推行的宽松货币政策使日元大幅贬值。这些举动进一步加强了这一政策的效力。
(3). 1:Days before, the finance ministry promised the biggest single contribution—a $60 billion slug—to a $430 billion increase in IMF funding which is largely aimed at alleviating concerns about the euro crisis.
2:As a senior official admitted, Japan’s decision was not altruistic.
3:When the euro crisis gets worse, it weakens Japan’s exports to Europe and strengthens the yen, which compounds the first problem.
4:So Japan has a direct interest in market stability.
1:几天前, IMF为缓解欧元危机造成的紧张情绪将(可贷)资金规模扩充4300亿美元,为响应这一号召,财务部允诺注资600亿美元,使日本成为本次注资金额最大的国家。
2:正如一位高级官员承认“日本此举并非毫无私心”。
3:随着欧元危机愈演愈烈,削弱了日本对欧洲的出口,进而使日元兑欧元走强——这会使得日本出口形势进一步恶化。
4:因此,日本经济形势与国际市场稳定性直接相关。
(4). 1: Neither institution discusses the currency openly.
2: The BoJ knows that overt currency manipulation is frowned upon as a “beggar-thy-neighbour” policy.
3: But it nonetheless believes the yen’s value is important, because it has an impact on the economic decisions people and companies make.
4: It may influence inflation expectations (of foreign investors, if not deflation-inured domestic ones); and it is a hot potato politically.
5: Influential politicians are pressing the central bank to do more to stoke the economy by pushing down the yen.
6: They brandish figures showing how the BoJ’s asset-purchase programme has undershot that of other big central banks (see chart).
7: Some political parties are proposing reforms that the BoJ fears would curb its independence.
1:日本央行和财政部都未公开讨论过货币问题。
2:日本央行当然明白公开操纵汇率这种“以邻为壑”会招致他国不满。
3:尽管如此,鉴于日元购买力对公司和个人的经济决策的影响,央行还是重视日元汇率的。
4:就算汇率不影响日本国民(他们已经习惯了紧缩),也会影响外国投资者的通胀预期。而且从政治层面来看,它也是块烫手的山芋。
5:现在,那些位高权重的政客们正向央行施压,要求它采取更多的手段使日元贬值以此刺激国内经济。
6: 他们援引数据表明,日本央行的资产购买计划(asset-purchase programme)远不及其他主要国家央行。
7:而日本央行担心,某些政党提出的改革方案可能有损其独立性。
(5). 1: In its latest move, the BoJ seemed keen to remind the markets that it is no miracle worker.
2: The increase in the asset-purchase programme fell short of expectations. It implicitly issued a warning about the danger of monetising debt by printing money.
3: Since its meeting, the yen has strengthened. Masamichi Adachi at J.P. Morgan says that is a reminder that whatever the BoJ does, global risk appetites have a bigger influence on the currency markets.
1:在最近的行动中日本央行似乎极力提醒市场:不要指望它能创造神迹。
2:扩大资产购买项目未能达到预期目标,这对于央行将债务货币化的危险提出了含蓄的警告。
3: 摩根大通驻东京高级分析师正道安達(Masamichi Adachi)称,目前日元走势坚挺也在提醒投资者,无论日本央行采取何种举动,全球风险偏好对货币市场的影响则要更大一些。
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