日本结束负利率时代

日本央行自2007年以来首次上调隔夜贷款利率目标，从负0.1%—0上调到0—0.1%，成为最后一家取消负利率政策的央行。

双语精读

Interesting times

有趣的利率时代

On March 19th officials at the Bank of Japan (BOJ) announced that, with sustainable inflation of 2% "in sight", they would scrap a suite of measures instituted to pull the economy out of its deflationary doldrums-marking the end of a radical experiment.

3月19日，日本央行的官员宣布，随着2%的可持续通胀率“近在眼前”，将取消一系列旨在将经济从通货紧缩的低迷状态中拉出来的措施，这标志着一项激进实验的结束。

The bank raised its interest-rate target on overnight loans for the first time since 2007, from between minus 0.1% and zero to between zero and 0.1%, becoming the last central bank to scrap its negative-interest-rate policy.

日本央行自2007年以来首次上调隔夜贷款利率目标，从负0.1%—0上调到0—0.1%，成为最后一家取消负利率政策的央行。

It will also stop buying exchange-traded funds and abolish its yield-curve-control framework, a tool to cap long-term bond yields.

日本央行还将停止购买交易所交易的基金，并废除其收益率曲线控制框架（一种限制长期债券收益率的工具）。

Even so, the BOJ stressed that its stance would remain accommodative: the withdrawal of its most unconventional policies does not augur the beginning of a tightening cycle.

即便如此，日本央行强调其立场仍将保持宽松：最为非常规政策的退出并不预示着紧缩周期的开始。

This shift reflects changes in the underlying condition of the Japanese economy. Inflation has been above the bank's 2% target for 22 months.

这一转变反映了日本经济底层情况的变化。22个月来，通货膨胀率一直高于银行2%的目标。

Recent annual negotiations between trade unions and large companies suggest wage growth of more than 5% for the first time in 33 years.

最近工会和大公司之间的年度谈判表明，工资增长将在33年来首次超过5%。

"The BOJ has confirmed what many people have been suspecting: the Japanese economy has changed, it has gotten out of deflation," says Hoshi Takeo of the University of Tokyo.

“日本央行证实了许多人一直在怀疑的事情：日本经济已经发生了变化，已经摆脱了通货紧缩。”东京大学的竹尾保志说。

That hardly means Japan is booming-consumption is weak and growth is anaemic. But the economy no longer requires an entire armoury of policies designed to raise inflation.

这并不意味着日本步入了繁荣：日本的消费依然疲软，增长依然乏力。但日本经济不再需要一整套提高通胀率的政策。

When Ueda Kazuo, the BOJ's governor, was asked what he would call his new framework, he said it did not require a special name. It was "normal" monetary policy.

当日本央行行长植田和男被问及他将如何命名这一新的政策框架时，他说不需要一个特殊的名称。这就是“正常”的货币政策。

Japan's economy slid into deflation in the 1990s, following the bursting of an asset bubble and the failure of several financial institutions. The BOJ began trying new tools, cautiously at first.

日本经历了资产泡沫破裂、数家金融机构倒闭后，经济在20世纪90年代陷入通货紧缩。于是日本央行开始尝试新的工具，一开始是谨慎地使用。

Although in 1999 the bank cut interest rates to zero, it raised them the next year, only to see prices fall again (one of two board members opposed to the decision at the time was Mr Ueda).

虽然1999年日本央行将利率降至零，但第二年又提高了利率，结果是价格再次下跌（当时强烈反对提高利率的两名董事之一就是植田）。

The BOJ then went further, becoming the first post-war central bank to implement quantitative easing-the buying of bonds with newly created money-in 2001.

日本央行随后采取了进一步的措施，在2001年成为二战后第一个实施量化宽松政策的央行，量化宽松即用新印的钱购买债券。

词汇预习

• financial [高考]

  美[faɪˈnænʃl] | 英[faɪˈnænʃl]

  adj. 金融的；财政的；[非正式]有钱的

• economy [高考]

  美[ɪˈkɑːnəmi] | 英[ɪˈkɒnəmi]

  n. 经济；节约 adj. 经济的；廉价的

• sustainable [高考]

  美[səˈsteɪnəbl] | 英[səˈsteɪnəbl]

  adj. 可持续的；合理利用的；养得起的；可承受的

• consumption [高考]

  美[kənˈsʌmpʃn] | 英[kənˈsʌmpʃn]

  n. 消费；消耗；肺痨

• shift [高考]

  美[ʃɪft] | 英[ʃɪft]

  v. 移动；改变；换挡；字型转换 n. 轮班；变化；移动；计谋；轮班职工

• bubble [高考]

  美[ˈbʌbl] | 英[ˈbʌbl]

  n. 气泡；泡影 v. 起泡；冒泡；充满...感情

• cautiously [高考]

  美[ˈkɔʃəslɪ] | 英['kɔ:ʃəslɪ]

  adv. 慎重地；谨慎的

• curve [高考]

  美[kɜːrv] | 英[kɜːv]

  n. 曲线；弯曲；曲线球；曲线图表 v. 弯；使弯曲；成曲形 adj. 弯曲的；曲线形的

• governor [高考]

  美[ˈɡʌvərnər] | 英[ˈɡʌvənə(r)]

  n. 统治者；管理者；理事；州长；总督；调节器

• withdrawal [高考]

  美[wɪðˈdrɔːəl] | 英[wɪðˈdrɔːəl]

  n. 撤退；退回；取消

• asset [高考]

  美[ˈæset] | 英[ˈæset]

  n. 资产；优点；有用的东西

• growth [高考]

  美[ɡroʊθ] | 英[ɡrəʊθ]

  n. 【U】增长；生长；发展；种植 n. 【C】生长物；【医】瘤;赘生物

• rate [高考]

  美[reɪt] | 英[reɪt]

  n. 比率；速度；价格；费用；等级 v. 认为；估价；定等级；值得；怒斥；责骂

• target [高考]

  美[ˈtɑːrɡɪt] | 英[ˈtɑːɡɪt]

  n. 目标；对象；靶 vt. 把 ... 作为目标；瞄准

• entire [高考]

  美[ɪnˈtaɪər] | 英[ɪnˈtaɪə(r)]

  adj. 全部的；整个的；完全的 n. 全部；整体；〈英〉一种黑啤酒；种马

• annual [高考]

  美[ˈænjuəl] | 英[ˈænjuəl]

  adj. 每年的；年度的；一年生的 n. 年刊；一年生植物

• bond [高考]

  美[bɑːnd] | 英[bɒnd]

  n. 债券；结合；协定；联系；情谊；黏合剂 vt. 使结合；为 ... 作保 vi. 连结；粘合

• wage [高考]

  美[weɪdʒ] | 英[weɪdʒ]

  n. 工资；报酬 v. 开展；从事；进行(战争、运动)

• suite [高考]

  美[swiːt] | 英[swiːt]

  n. 套房；一套物件；随员；[计]一组程序；[音]组曲

• minus [高考]

  美[ˈmaɪnəs] | 英[ˈmaɪnəs]

  adj. 负的；减的 n. 减号；负数；缺点 prep. 减去

• framework [高考]

  美[ˈfreɪmwɜːrk] | 英[ˈfreɪmwɜːk]

  n. 框架；体系；结构

• abolish [高考]

  美[əˈbɑːlɪʃ] | 英[əˈbɒlɪʃ]

  vt. 废除；革除；消灭

• means [高考]

  美[miːnz] | 英[miːnz]

  n. 方法；手段；收入；财产 v. 意思是，意味（动词mean的第三人称单数）

• further [高考]

  美[ˈfɜːrðər] | 英[ˈfɜːðə(r)]

  adv. 更远地，再往前地；进一步；此外，而且 adj. 更多的，进一步的；（距离上）更远的，较远的 v. 促进，推进

• implement [高考]

  美[ˈɪmplɪment , ˈɪmplɪmənt] | 英[ˈɪmplɪment , ˈɪmplɪmənt]

  n. 工具；器具；当工具的物品 vt. 实施；执行；向 ... 提供工具(或手段)

• yield [高考]

  美[jiːld] | 英[jiːld]

  v. 生产；获利；屈服；弯下去 n. 投资收益；生产量

• would [高考]

  美[wʊd , wəd] | 英[wʊd , wəd]

  aux. 将；可能；大概；总会；愿意；will的过去式

• inflation [四级]

  美[ɪnˈfleɪʃn] | 英[ɪnˈfleɪʃn]

  n. 通货膨胀；膨胀

• radical [四级]

  美[ˈrædɪkl] | 英[ˈrædɪkl]

  adj.激进的；彻底的；基本的 n.自由基；激进分子；游离基

• long-term [四级]

  美[ˌlɔːŋ ˈtɜːrm] | 英[ˌlɒŋ ˈtɜːm]

  adj. 长期的

• scrap [四级]

  美[skræp] | 英[skræp]

  v.报废；废弃；取消；抛弃 n.废料；废品；碎片；丝毫

• opposed to [四级]

  美 | 英

  反对；反对…的

• in sight [四级]

  美[ɪn saɪt] | 英[ɪn saɪt]

  看得见； 被看到； 在即； 在望

• monetary [四级]

  美[ˈmɑːnɪteri] | 英[ˈmʌnɪtri]

  adj. 货币的；金融的

• quantitative [六级]

  美[ˈkwɑːntəteɪtɪv] | 英[ˈkwɒntɪtətɪv]

  adj. 数量的；定量的

• out of [六级]

  美[aʊt ʌv] | 英[aut ɔv]

  prep. 离…一段距离；从…里；离开 ...；出于

• stance [六级]

  美[stæns] | 英[stæns]

  n. 立场；态度；站立姿势

• tightening [专四]

  美['taɪtnɪŋ] | 英['taɪtnɪŋ]

  n. 上紧；固定；紧密

• underlying [专四]

  美[ˌʌndərˈlaɪɪŋ] | 英[ˌʌndəˈlaɪɪŋ]

  adj. 潜在的；隐含的；在下面的；基本的；[经]优先的

• trying [专八]

  美[ˈtraɪɪŋ] | 英[ˈtraɪɪŋ]

  adj. 难受的；令人厌烦的

• unconventional [考研]

  美[ˌʌnkənˈvenʃənl] | 英[ˌʌnkənˈvenʃənl]

  adj. 非传统的；不合惯例的；非常规的

• following [考研]

  美[ˈfɑːloʊɪŋ] | 英[ˈfɒləʊɪŋ]

  adj. 接着的；下列的 prep. 在 ... 以后 n. 追随者；下列各项

• opposed [托福]

  美[əˈpoʊzd] | 英[əˈpəʊzd]

  adj. 反对的；对立的；敌对的

• booming [雅思]

  美[ˈbuːmɪŋ] | 英[ˈbuːmɪŋ]

  adj. 兴旺的；繁荣的；轰隆作响的

重点讲解

Interesting times

有趣的利率时代

institute  n. & v.

1. 作名词：研究机构；专业协会

【例】a research institute 研究所

【辨析】institution  n. 社会机构

2. 作动词：建立；制定

【例】to institute a law  制定法律

to institute reforms  开始实施改革

【拓展】institution  n. 建立；制定

mark  v. 

1.标记；标志

【例】The cherry blossom marks the arrival of spring.

樱花盛开标志着春天到来。

2.纪念；庆贺

【例】to mark the anniversary of...  庆祝……的纪念日

【近义词】celebrate  v. 庆祝

On March 19th officials at the Bank of Japan (BOJ) announced that, with sustainable inflation of 2% “in sight”, they would scrap a suite of measures instituted to pull the economy out of its deflationary doldrums—marking the end of a radical experiment.

3月19日，日本央行的官员宣布，随着2%的可持续通胀率“近在眼前”，将取消一系列旨在将经济从通货紧缩的低迷状态中拉出来的措施，这标志着一项激进实验的结束。

institute  n. & v.

1. 作名词：研究机构；专业协会

【例】a research institute 研究所

【辨析】institution  n. 社会机构

2. 作动词：建立；制定

【例】to institute a law  制定法律

to institute reforms  开始实施改革

【拓展】institution  n. 建立；制定

mark  v. 

1.标记；标志

【例】The cherry blossom marks the arrival of spring.

樱花盛开标志着春天到来。

2.纪念；庆贺

【例】to mark the anniversary of...  庆祝……的纪念日

【近义词】celebrate  v. 庆祝

The bank raised its interest-rate target on overnight loans for the first time since 2007, from between minus 0.1% and zero to between zero and 0.1%, becoming the last central bank to scrap its negative-interest-rate policy.

日本央行自2007年以来首次上调隔夜贷款利率目标，从负0.1%—0上调到0—0.1%，成为最后一家取消负利率政策的央行。

cap  v.

1. 限定；设置上限

【例】to cap the price of gas 对汽油价格设定上限

2. 达到高潮；圆满结束

【例】This week's summit capped months of intensive negotiations.

本周的峰会为几个月来的深入谈判画上了句号。

It will also stop buying exchange-traded funds and abolish its yield-curve-control framework, a tool to cap long-term bond yields.

日本央行还将停止购买交易所交易的基金，并废除其收益率曲线控制框架（一种限制长期债券收益率的工具）。

cap  v.

1. 限定；设置上限

【例】to cap the price of gas 对汽油价格设定上限

2. 达到高潮；圆满结束

【例】This week's summit capped months of intensive negotiations.

本周的峰会为几个月来的深入谈判画上了句号。

Even so, the BOJ stressed that its stance would remain accommodative: the withdrawal of its most unconventional policies does not augur the beginning of a tightening cycle.

即便如此，日本央行强调其立场仍将保持宽松：最为非常规政策的退出并不预示着紧缩周期的开始。

accommodative  adj. 宽松的

【例】The central bank adopted an accommodative monetary policy to stimulate economic growth, including lowering interest rates and increasing liquidity.

央行采取了宽松的货币政策以刺激经济增长，包括降息和增加流动性。

【近义词】loose/expansive/easing  adj. 宽松的；扩张的

【辨析】accommodating  adj. 与人方便的；肯通融的

【例】She's so nice and accommodating. I'm afraid people will take advantage of her.

她很善良、乐于助人，我担心别人会占她的便宜。

augur  v. 是……的预兆

【例】This augurs well/ill for us. 

这对我们来说是个好/坏兆头。

【近义词】bode  v. 是……的预兆

underlying  adj. 底层的；深层的；根本的

【例】We should not only treat the apparent symptom, but also find out the underlying cause.

我们不仅要治疗表面的症状，还要找到深层的病根。

This shift reflects changes in the underlying condition of the Japanese economy. Inflation has been above the bank’s 2% target for 22 months.

这一转变反映了日本经济底层情况的变化。22个月来，通货膨胀率一直高于银行2%的目标。

accommodative  adj. 宽松的

【例】The central bank adopted an accommodative monetary policy to stimulate economic growth, including lowering interest rates and increasing liquidity.

央行采取了宽松的货币政策以刺激经济增长，包括降息和增加流动性。

【近义词】loose/expansive/easing  adj. 宽松的；扩张的

【辨析】accommodating  adj. 与人方便的；肯通融的

【例】She's so nice and accommodating. I'm afraid people will take advantage of her.

她很善良、乐于助人，我担心别人会占她的便宜。

augur  v. 是……的预兆

【例】This augurs well/ill for us. 

这对我们来说是个好/坏兆头。

【近义词】bode  v. 是……的预兆

underlying  adj. 底层的；深层的；根本的

【例】We should not only treat the apparent symptom, but also find out the underlying cause.

我们不仅要治疗表面的症状，还要找到深层的病根。

Recent annual negotiations between trade unions and large companies suggest wage growth of more than 5% for the first time in 33 years.

最近工会和大公司之间的年度谈判表明，工资增长将在33年来首次超过5%。

accommodative  adj. 宽松的

【例】The central bank adopted an accommodative monetary policy to stimulate economic growth, including lowering interest rates and increasing liquidity.

央行采取了宽松的货币政策以刺激经济增长，包括降息和增加流动性。

【近义词】loose/expansive/easing  adj. 宽松的；扩张的

【辨析】accommodating  adj. 与人方便的；肯通融的

【例】She's so nice and accommodating. I'm afraid people will take advantage of her.

她很善良、乐于助人，我担心别人会占她的便宜。

augur  v. 是……的预兆

【例】This augurs well/ill for us. 

这对我们来说是个好/坏兆头。

【近义词】bode  v. 是……的预兆

underlying  adj. 底层的；深层的；根本的

【例】We should not only treat the apparent symptom, but also find out the underlying cause.

我们不仅要治疗表面的症状，还要找到深层的病根。

“The BOJ has confirmed what many people have been suspecting: the Japanese economy has changed, it has gotten out of deflation,” says Hoshi Takeo of the University of Tokyo.

“日本央行证实了许多人一直在怀疑的事情：日本经济已经发生了变化，已经摆脱了通货紧缩。”东京大学的竹尾保志说。

anaemic  adj. 贫血的；无力的

【例】the anaemic recovery from the recession

衰退过后的疲弱复苏

【反义词】robust  adj. 强劲的

armoury  n. 武器库

【例】Doctors have an armoury of drugs available. 

医生都备有各种各样的药物。

【近义词】arsenal  n. 武器库

That hardly means Japan is booming—consumption is weak and growth is anaemic. But the economy no longer requires an entire armoury of policies designed to raise inflation.

这并不意味着日本步入了繁荣：日本的消费依然疲软，增长依然乏力。但日本经济不再需要一整套提高通胀率的政策。

anaemic  adj. 贫血的；无力的

【例】the anaemic recovery from the recession

衰退过后的疲弱复苏

【反义词】robust  adj. 强劲的

armoury  n. 武器库

【例】Doctors have an armoury of drugs available. 

医生都备有各种各样的药物。

【近义词】arsenal  n. 武器库

When Ueda Kazuo, the BOJ’s governor, was asked what he would call his new framework, he said it did not require a special name. It was “normal” monetary policy.

当日本央行行长植田和男被问及他将如何命名这一新的政策框架时，他说不需要一个特殊的名称。这就是“正常”的货币政策。

anaemic  adj. 贫血的；无力的

【例】the anaemic recovery from the recession

衰退过后的疲弱复苏

【反义词】robust  adj. 强劲的

armoury  n. 武器库

【例】Doctors have an armoury of drugs available. 

医生都备有各种各样的药物。

【近义词】arsenal  n. 武器库

Japan’s economy slid into deflation in the 1990s, following the bursting of an asset bubble and the failure of several financial institutions. The BOJ began trying new tools, cautiously at first.

日本经历了资产泡沫破裂、数家金融机构倒闭后，经济在20世纪90年代陷入通货紧缩。于是日本央行开始尝试新的工具，一开始是谨慎地使用。

burst  v. （因为内部压力）爆裂；裂开

【例】The balloon/pipe/tire bursts.

气球/水管/轮胎爆了。

【近义词】explode  v. 爆炸

only to do  （表示意料之外）结果……

【例】I went to see her yesterday, only to learn that she had moved.

我昨天去找她，结果才知道她已经搬家了。

【拓展】He grew up to be a famous musician.

他长大后成了著名的音乐家。

be opposed to  强烈反对

【例】Many residents are opposed to the construction of the new highway.

许多居民反对修建新高速公路。

【近义词】object to sth/be against sth  反对某事

【拓展】opponent  n. 反对

Although in 1999 the bank cut interest rates to zero, it raised them the next year, only to see prices fall again (one of two board members opposed to the decision at the time was Mr Ueda).

虽然1999年日本央行将利率降至零，但第二年又提高了利率，结果是价格再次下跌（当时强烈反对提高利率的两名董事之一就是植田）。

burst  v. （因为内部压力）爆裂；裂开

【例】The balloon/pipe/tire bursts.

气球/水管/轮胎爆了。

【近义词】explode  v. 爆炸

only to do  （表示意料之外）结果……

【例】I went to see her yesterday, only to learn that she had moved.

我昨天去找她，结果才知道她已经搬家了。

【拓展】He grew up to be a famous musician.

他长大后成了著名的音乐家。

be opposed to  强烈反对

【例】Many residents are opposed to the construction of the new highway.

许多居民反对修建新高速公路。

【近义词】object to sth/be against sth  反对某事

【拓展】opponent  n. 反对

The BOJ then went further, becoming the first post-war central bank to implement quantitative easing—the buying of bonds with newly created money—in 2001.

日本央行随后采取了进一步的措施，在2001年成为二战后第一个实施量化宽松政策的央行，量化宽松即用新印的钱购买债券。

quantitative  adj. 定量的；量化的

【例】quantitative superiority 数量上的优势

【拓展】qualitative  adj. 定性的；性质上的

【例】a qualitative change  质变

【拓展】quantity/quality  n. 数量/质量

课后练习

• What policy change did the Bank of Japan announce on March 19th?

  A. To achieve the target of inflation rate.

  B. To continue the negative-interest-rate policy.

  C. To raise the interest-rate from negative to positive.

  D. To implement radical measures to stimulate the economy.

• According to the text, the BOJ’s policy remains ____.

  A. loose

  B. tight

  C. unpredictable

  D. flexible

• The BOJ's policy shift indicates that the Japanese economy is ____.

  A. experiencing a boom with high growth rates.

  B. still struggling with deflation and requires aggressive measures

  C. has overcome deflation and doesn't need radical policies anymore

  D. facing hyperinflation and needs immediate measures to control the inflation rate

• Which of the following is true about Japan’s response to deflation?

  A. The BOJ kept interest rate above zero.

  B. The BOJ was slow to take new measures.

  C. The quantitative easing failed to boost growth.

  D. The BOJ adopted increasingly expansive measures.