2023年经济学人 日本央行令投资者震惊（2）

　　For most of the policy’s history that more or less worked.

　　在以往执行该政策的大部分时间里，这种做法或多或少地发挥了作用。

　　In 2022, however, the peg¹ has come under considerable pressure as traders have speculated that monetary² policy would need to be tightened³.

　　然而，在2022年，由于交易员猜测货币政策将需要收紧，价格固定面临着相当大的压力。

　　The chasm⁴ between the policies of Japan and those in the rest of the rich world caused the yen⁵ to plunge⁶ by 23% against the dollar from the start of 2022 to mid-October.

　　从2022年初到10月中旬，日本和其他发达国家政策之间的鸿沟导致日元兑美元汇率暴跌了23%。

　　In October, annual inflation was 3.6%, a 40-year high and well above the BOJ’s 2% target.

　　10月份的年通胀率为3.6%，为40年来的最高水平，远高于日本央行2%的目标。

　　Though most of the inflation was imported, many central banks have been caught out since the covid-19 pandemic by assuming price growth will cool without tighter monetary policy.

　　尽管大部分通胀是输入性的，但自从新冠肺炎疫情至今，许多央行陷入了困境，因为它们认为，不收紧货币政策，物价上涨也会降温。

　　Yet it was widely assumed that any pivot⁷ by the BOJ would come after its current governor, Kuroda Haruhiko, leaves in April.

　　然而，人们普遍认为，日本央行的任何转向都将在现任行长黑田东彦4月份离职之后发生。

　　That policymakers moved faster makes sense: it spares the BOJ months of bond-buying to enforce the old cap, and the greater losses it would endure on its bigger bond portfolio⁸.

　　政策制定者采取更快的行动是有道理的：这使得日本央行不必花几个月的时间购买债券来执行旧的上限，也不必承受其更大债券投资组合上的更多损失。

　　How far will Japan’s central bank now go?

　　日本央行现在会走多远？

　　After the announcement the dollar fell by 3.4% against the yen, but the Japanese currency remains⁹ at its weakest level in two decades.

　　声明公布后，美元兑日元汇率下跌了3.4%，但日元汇率仍处于20年来的最低水平。

　　Economists¹⁰ are watching the shunto, Japan’s springtime wage negotiations¹¹ between large companies and trade unions, for more signs of inflation.

　　经济学家正在关注大公司和工会之间的日本春季劳资谈判--春斗，以寻找更多通胀迹象。

　　Japanese firms raised winter bonuses by 9.7%, according to Nikkei, a business newspaper, the largest such increase since 1975.

　　据商业报纸《日本经济新闻》报道，日本企业将冬季奖金提高了9.7%，这是1975年以来的最大增幅。

　　Mr Kuroda claims that he has not tightened monetary policy, only responded to volatile¹² market conditions.

　　黑田东彦声称，他没有收紧货币政策，只是对动荡的市场状况做出了反应。

　　Yet the announcement was his “sayonara present”, according to Jesper Koll of Monex Group, a Japanese brokerage.

　　然而，根据日本经纪公司莫尼克斯集团杰斯珀·科尔的说法，这一声明是他的“告别礼物”。

　　“It opens the door for ‘Operation Freedom’ for whoever his successor will be.”

　　“这为他的继任者开启了‘自由行动’的大门。”

　　Japanese financial markets could be in for a turbulent 2023.

　　日本金融市场可能会在2023年陷入动荡。

1 peg   

n.木栓，木钉；vt.用木钉钉，用短桩固定

参考例句：

• Hang your overcoat on the peg in the hall.把你的大衣挂在门厅的挂衣钩上。
• He hit the peg mightily on the top with a mallet.他用木槌猛敲木栓顶。

2 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

3 tightened   

收紧( tighten的过去式和过去分词 )； （使）变紧； （使）绷紧； 加紧

参考例句：

• The rope holding the boat suddenly tightened and broke. 系船的绳子突然绷断了。
• His index finger tightened on the trigger but then relaxed again. 他的食指扣住扳机，然后又松开了。

4 chasm   

n.深坑，断层，裂口，大分岐，利害冲突

参考例句：

• There's a chasm between rich and poor in that society.那社会中存在着贫富差距。
• A huge chasm gaped before them.他们面前有个巨大的裂痕。

5 yen   

n. 日元；热望

参考例句：

• He wanted to convert his dollars into Japanese yen.他想将美元换成日币。
• He has a yen to be alone in a boat.他渴望独自呆在一条船上。

6 plunge   

v.跳入，(使)投入，(使)陷入；猛冲

参考例句：

• Test pool's water temperature before you plunge in.在你跳入之前你应该测试水温。
• That would plunge them in the broil of the two countries.那将会使他们陷入这两国的争斗之中。

7 pivot   

v.在枢轴上转动；装枢轴，枢轴；adj.枢轴的

参考例句：

• She is the central pivot of creation and represents the feminine aspect in all things.她是创造的中心枢轴，表现出万物的女性面貌。
• If a spring is present,the hand wheel will pivot on the spring.如果有弹簧，手轮的枢轴会装在弹簧上。

8 portfolio   

n.公事包；文件夹；大臣及部长职位

参考例句：

• He remembered her because she was carrying a large portfolio.他因为她带着一个大公文包而记住了她。
• He resigned his portfolio.他辞去了大臣职务。

9 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

10 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

11 negotiations   

协商( negotiation的名词复数 )； 谈判； 完成（难事）； 通过

参考例句：

• negotiations for a durable peace 为持久和平而进行的谈判
• Negotiations have failed to establish any middle ground. 谈判未能达成任何妥协。

12 volatile   

adj.反复无常的，挥发性的，稍纵即逝的，脾气火爆的；n.挥发性物质

参考例句：

• With the markets being so volatile,investments are at great risk.由于市场那么变化不定，投资冒着很大的风险。
• His character was weak and volatile.他这个人意志薄弱，喜怒无常。