美联储收手之际,日本央行出手.pptx

One central bank giveth, and another taketh away. 一家央行收手了，另一家却要出手。 Two days after the Federal Reserve ended its program of quantit tative easing, the Bank of Japan has doubled down on the strategy with a surprise expansion of its program, in which it will now b uy 80 trillion yen ($721 billion) worth of Japanese bonds each year with newly created money. If you#39;re keeping score, the era of central bank money printing is over (for now) in the United States and Britain, very much alive in Japan, and maybe-possibly-o n-the-verge of arriving in the eurozone. 在美联储结束其量化宽松计划两天后，日本银行(Bank of Japan)在这一战略上押了更多筹码，出人意料地扩大了量化宽松计划。计划扩大后，日本银行每年将用新发行的货币，购买价值 80万亿日元（约合4.4万亿元人民币）的日本债券。留心的人都知道，央行印钞时代在美国和英国已（暂时）结束，但在日本却方兴未艾，而且也许可能即将抵达欧元区。 The Bank of Japan#39;s new action took markets by s urprise and drove a 4.8 percent gain in the Japanese stock market and smaller gains across the globe. It also offers a reminder — or perhaps a warning — of just how hard it will be to get the global economy out of its deflationary funk. And a cycle of bad poli tical decision-making, across many countries, is the reason. 日本银行的这一新举动令市场惊讶不已，推动了日本股市上涨4.8%，并促使全球股市出现了规模略小的上扬。同时，它也给出了一个提醒——亦或是警告 ——表明让全球经济走出通货紧缩的消沉情绪是多么困难。而原因则是许多国家周而复始的糟糕政治决策。 The back story is this: At the start of 2013, a new government came into power in Japan, led by Shinzo Abe, promising a series of aggressive measures to jolt the Japanese economy out of its long period of stagnan t growth and falling prices. A crucial part of that strategy was the appointment of Mr. Abe#39;s handpicked central bank governor , Haruhiko Kuroda, who promised to do whatever it took to get inflation up to 2 percent in Japan. 背景故事是这样的：2013年伊始，安倍晋三(Shinzo Abe )领导的新一届政府上台，承诺采取一系列大胆措施，促使日本经济走出长期的增长停滞和物价下跌。该战略中至关重要的一步，是任命安倍晋三亲自挑选的央行行长黑田东彦(Haruhiko Kuroda)。黑田东彦承诺将不遗余力地让日本的通货膨胀水平涨至2%。 The ini tial results were promising. In early 2013 the yen fell on currency markets, and the Japanese stock market rose sharply. For the f irst time in two decades, there was pa