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Investing genius-Mrs. Watanabes

投资天才——渡边太太

Nakako Ishiyama sits quietly in the living room of her apartment in the old Nihonbashi quarter of Tokyo, not far from its famous stone bridge—the point from which, in Edo times, all distances in Japan were measured. The neighboudiood was once part of the city’s financial district, and Ishiyama’s flat is strolling distance from the Bank of Japan, the venerable institution that controls the amount of yen¹ in circulation and, via the interest rate it sets，the cost of money.

石山仲子静静地坐在公寓的客厅中，这里位于东京日本桥旧区，离著名的石板桥很近。江户时期,曾以石板桥为中心测童过通往日本各地的距离。附近区域曾是城市金融区的一部分。石山仲子居住的公寓出门几步远就是令人肃然起敬的日本央行,它通过调节利率和币值的手段达到控制流通日元的数量的目的。

Ishiyama serves green tea and autumn chestnut² biscuits. She has been telling me about her investment history since around 2000~the time, not coincidentally, when the Bank of Japan first pushed interest rates down to within a hair’s breadth of zero. Largely without the knowledge of her husband, Ishiyama began investing the couple’s money，mainly in lots of around $ 50,000. And didn’t stop. Each ftmd in which she entrusted³ their retirement⁴ nest egg or toranoko, ‘tiger’s cub”, in Japanese- has a more elaborate name than the last. As she lists each one, she invariably adds as a suffix⁵ the words nantoka nantoka-“something or other” or "thingamajig," It is not altogether reassuring⁶.

石山仲子端上一杯绿茶和一些秋栗酥。她向我讲述了自2000年以来她投资的经历。那时，日本央行首开先河将利率下调接近于零的水平,这并非偶然。在她的丈夫基本上不知情的情况下,她开始将夫妇俩攒下的大约5万美元用于投资。从那时起,她的投资活动就没停止过。对每一笔投资,她都用日语起了一个名字,比如“棺材本”、“虎崽”,名字一个比一个取得更用心。她列出每笔投资时，时不时在之后 加注上“某”、“之类的”这些后缀。总之,她自己心里也不是很有谱。

Shy and anxious (she refused to be photographed), 66-year-old Ishiyama does not look like someone who has played a role-however modest—in the drama that has engulfed⁷ the global financial system. Yet she and many of her peers have done exactly that. Japan’s housewives have acted as the guardians⁸ of the country’s vast household savings⁹ built up since its rise to prosperity after the devastation¹⁰ of war. At more than ￥ l，500，000bn (some $16，800bn)，these savings are considered the world’s biggest pool of investable wealth. Most of it is stashed¹¹ in ordinary Japanese bank accounts; a surprisingly large amount is kept at home in cash, in tansu savings, named for the traditional wooden cupboards in which people store their possessions. But from the early 2000$, the housewives—often referred to collectively as ”Mrs. Watanabe”, a common Japanese surname—began to hunt for higher returns.

今年66岁的石山仲子腼腆害羞(她不愿自己的照片登报），不管怎么谦虚,都根本不像一个在这场席卷全球金融体系的戏剧中扮演某种角色的人。但她和很多同样的日本家庭主妇在这场危机中有自己的角色。她们是自日本战后繁荣时期家庭积聚的庞大储蓄的守护者。这笔储蓄高达1500万亿日元(约合16.8万亿美元)，被视为世界最大的投资财富源。大部分储蓄被存在普通的日本银行账户,还有很可观的一笔现金被存放在家中的财产存储的木柜中,这种传统的保险柜在日本被称为“tansu”。人们惯用日本最普通的姓氏称呼家庭主妇们为“渡边太太”。从本世纪初开始渡边太太”们开始热衷于高收益的投资。

Many were dissatisfied with the paltry¹² interest rates banks were offering. The 0.02 percent return on a typical fixed-term deposit was so derisory that the annual payment on even substantial lifetime savings might come to a mere¹³ few hundred yen. “If you got a puncture¹⁴ on ttie way to the bank, you1 d be out of pocket，scoffs Ishiyama. She, like hundreds of tiiousands of others, found more appealing returns in foreign bonds and other overseas investments. "I was walking in tiie street and I saw a poster advertising¹⁵ a 5 percent interest rate. I got quite giddy with the idea,” she says, “I saw TV advertisements with everyone grinning and I thought: "I suppose it should be OK. ”

很多人对银行提供的低利率不甚满意。定期存款0.02%的回报率简直低得可笑,一生的积蓄存起来每年也只能等到几百日元的利息。石山仲子不无嘲笑地说:“如果你在去银行的路上扎了轮胎，这点利息钱就剩不下了。”同成千上万的日本妇女一样,她也发现了外国债券和其他海外投资能够带来很高的回报。她说广我走在街上时看到了一则广告，推销一种能提供5%利润的投资产品,我马上就动心了。我看到电视广告上每个人都笑得那么灿烂，我当时就想‘它一定没有问题’。”

It wasn’t long before the markets began to notice something was stirring. In the first half of 2003, individual Japanese investors¹⁶ bought 2,700bn yen of foreign bonds, easily a record. Brokers¹⁷ were delighted, partly because they made a killing¹⁸ on fees. But there was nervous chatter¹⁹, too: if Japanese housewives opened the floodgates and sluiced²⁰ money abroad, there could be a collapse²¹ in Japan’s enormous government bond market. Hitherto, the large sums of money trapped inside the country in savings had allowed the government to negotiate remarkably²² low rates of interest on the country’s massive foreign debt.

不久,市场开始注意到某些活跃的因素。据统计,仅2003年上半年，日本个人投资者共买入2.7万亿日元外国债券。那些经纪人非常高兴,部分原因是他们大賺了一笔。有人焦虑地表示:如果日本的主妇们打开储蓄的闸门，将资金投放到国外,那么本国庞大的政府债券市场有可能崩溃。截至目前，大量被限定在国内的储蓄资金使政府有能力对国家大量的外债保持非常低的利率。

Professional traders began to study Mrs. Watanabe，s every move. She impressed them by holding her nerve whenever the yen teitqwrarily strengthened, using each occasion as an opportunity to buy more foreign assets at knockdown prices. The lines of Mrs. Watanabes outside banks and brokerages became a barometer²³ of what might happen to the yen. While highly-paid foreign-exchange traders dithered, Mrs. Watanabe cashed in and began to acquire the reputation of an investing genius. Some professionals quietly began to do whatever Mrs. Watanabe was doing.

专业的贸易商开始研究“渡边太太”们的每个举动。令他们印象深刻的是,这些主妇们在日元暂时走强时总能咬紧牙关,把握每一次机会以低价购人更多的外国资产。在银行和经纪业之外，'渡边太太”们的举动成为日元走势的晴雨表。当高收益的外汇贸易公司犹豫不决时渡边太太”们更像是投资天才,她们总能从中获得利润,以至于一些专业人士偷偷地跟随她们倾向的投资。

1 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。

2 chestnut   

n.栗树，栗子

参考例句：

• We have a chestnut tree in the bottom of our garden.我们的花园尽头有一棵栗树。
• In summer we had tea outdoors,under the chestnut tree.夏天我们在室外栗树下喝茶。

3 entrusted   

v.委托，托付( entrust的过去式和过去分词 )

参考例句：

• He entrusted the task to his nephew. 他把这任务托付给了他的侄儿。
• She was entrusted with the direction of the project. 她受委托负责这项计划。 来自《简明英汉词典》

4 retirement   

n.退休，退职

参考例句：

• She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
• I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。

5 suffix   

n.后缀；vt.添后缀

参考例句：

• We add the suffix "ly" to make the adjective "quick" into the adverb " quickly ".我们在形容词“ quick”后加“ly” 构成副词“quickly”。
• It described the meaning of suffix array and also how to built it.它描述的含义，后缀数组以及如何建立它。

6 reassuring   

a.使人消除恐惧和疑虑的，使人放心的

参考例句：

• He gave her a reassuring pat on the shoulder. 他轻拍了一下她的肩膀让她放心。
• With a reassuring pat on her arm, he left. 他鼓励地拍了拍她的手臂就离开了。

7 engulfed   

v.吞没，包住( engulf的过去式和过去分词 )

参考例句：

• He was engulfed by a crowd of reporters. 他被一群记者团团围住。
• The little boat was engulfed by the waves. 小船被波浪吞没了。 来自《简明英汉词典》

8 guardians   

监护人( guardian的名词复数 )； 保护者，维护者

参考例句：

• Farmers should be guardians of the countryside. 农民应是乡村的保卫者。
• The police are guardians of law and order. 警察是法律和秩序的护卫者。

9 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

10 devastation   

n.毁坏；荒废；极度震惊或悲伤

参考例句：

• The bomb caused widespread devastation. 炸弹造成大面积破坏。
• There was devastation on every side. 到处都是破坏的创伤。 来自《简明英汉词典》

11 stashed   

v.贮藏( stash的过去式和过去分词 )；隐藏；藏匿；藏起

参考例句：

• She has a fortune stashed away in various bank accounts. 她有一大笔钱存在几个不同的银行账户下。
• She has a fortune stashed away in various bank accounts. 她在不同的银行账户上秘密储存了一大笔钱。 来自《简明英汉词典》

12 paltry   

adj.无价值的，微不足道的

参考例句：

• The parents had little interest in paltry domestic concerns.那些家长对家里鸡毛蒜皮的小事没什么兴趣。
• I'm getting angry;and if you don't command that paltry spirit of yours.我要生气了，如果你不能振作你那点元气。

13 mere   

adj.纯粹的；仅仅，只不过

参考例句：

• That is a mere repetition of what you said before.那不过是重复了你以前讲的话。
• It's a mere waste of time waiting any longer.再等下去纯粹是浪费时间。

14 puncture   

n.刺孔，穿孔；v.刺穿，刺破

参考例句：

• Failure did not puncture my confidence.失败并没有挫伤我的信心。
• My bicycle had a puncture and needed patching up.我的自行车胎扎了个洞，需要修补。

15 advertising   

n.广告业；广告活动 a.广告的；广告业务的

参考例句：

• Can you give me any advice on getting into advertising? 你能指点我如何涉足广告业吗?
• The advertising campaign is aimed primarily at young people. 这个广告宣传运动主要是针对年轻人的。

16 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

17 brokers   

n.（股票、外币等）经纪人( broker的名词复数 )；中间人；代理商；（订合同的）中人v.做掮客（或中人等）( broker的第三人称单数 )；作为权力经纪人进行谈判；以中间人等身份安排…

参考例句：

• The firm in question was Alsbery & Co., whiskey brokers. 那家公司叫阿尔斯伯里公司，经销威士忌。 来自英汉文学 - 嘉莉妹妹
• From time to time a telephone would ring in the brokers' offices. 那两排经纪人房间里不时响着叮令的电话。 来自子夜部分

18 killing   

n.巨额利润；突然赚大钱，发大财

参考例句：

• Investors are set to make a killing from the sell-off.投资者准备清仓以便大赚一笔。
• Last week my brother made a killing on Wall Street.上个周我兄弟在华尔街赚了一大笔。

19 chatter   

vi.／n.喋喋不休；短促尖叫；(牙齿)打战

参考例句：

• Her continuous chatter vexes me.她的喋喋不休使我烦透了。
• I've had enough of their continual chatter.我已厌烦了他们喋喋不休的闲谈。

20 sluiced   

v.冲洗( sluice的过去式和过去分词 )；（指水）喷涌而出；漂净；给…安装水闸

参考例句：

• The sailors sluiced the deck with hoses. 水手们用水龙带冲洗甲板。 来自《现代英汉综合大词典》
• He sluiced the bath and filled it with water. 他冲洗了浴缸，然后放满了一缸水。 来自辞典例句

21 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

22 remarkably   

ad.不同寻常地，相当地

参考例句：

• I thought she was remarkably restrained in the circumstances. 我认为她在那种情况下非常克制。
• He made a remarkably swift recovery. 他康复得相当快。

23 barometer   

n.气压表，睛雨表，反应指标

参考例句：

• The barometer marked a continuing fall in atmospheric pressure.气压表表明气压在继续下降。
• The arrow on the barometer was pointing to"stormy".气压计上的箭头指向“有暴风雨”。