2023年经济学人 日本央行令投资者震惊（1）

　　Finance & economics

　　财经板块

　　Monetary¹ policy: No time like the present

　　货币政策：机不可失，时不再来

　　The Bank of Japan shocks investors²

　　日本央行令投资者震惊

　　In recent months anticipation³ had grown that in 2023 the Bank of Japan (BOJ) would at last tighten⁴ monetary policy after years of no-holds-barred stimulus⁵.

　　近几个月来，越来越多的人预计，在经过多年不加限制的刺激措施之后，日本银行(BOJ)最终将在2023年收紧货币政策。

　　Almost nobody expected it to happen in 2022.

　　几乎没有人预料到这会在2022年发生。

　　But on December 20th the bank lifted its cap on ten-year government-bond yields from 0.25% to 0.5%.

　　但在12月20日，日本央行将十年期政府债券收益率的上限从0.25%提高到了0.5%。

　　The Christmas surprise caused the yen⁶ to surge—and set off speculation⁷ about what might come next.

　　圣诞节的这一惊喜导致日元飙升，并引发了人们对接下来可能发生的事情的猜测。

　　Since 2016 the BOJ has intervened in bond markets to keep the ten-year bond yield at around 0%, a policy known as “yield-curve control”.

　　2016年以来，日本央行一直在干预债券市场，将十年期债券收益率保持在0%左右，这一政策被称为“收益率曲线控制”。

　　Technically⁸, the bank permitted fluctuations⁹ of a quarter of a percentage point around the 0% goal.

　　严格来说，日本央行允许在0%的目标附近波动0.25个百分点。

　　But the upper limit of 0.25% is what mattered, especially this year, as upward pressure on yields built around the globe.

　　但0.25%的上限才是最重要的，特别是今年，因为全球收益率上升的压力都越来越大。

　　Now the BOJ will allow moves of half a percentage point around zero.

　　现在，日本央行将允许在零附近波动0.5个百分点。

　　After the announcement, the ten-year bond yield surged from 0.25% to 0.4%, its biggest daily shift since 2003.

　　消息公布后，日本10年期国债的收益率从0.25%飙升到了0.4%，这是2003年以来的最大单日波动。

　　The BOJ had been a global outlier, maintaining ultra-loose policy even as America’s Federal Reserve and other central banks chose to raise interest rates sharply.

　　日本央行一直是全球的异类，即使在美国联邦储备委员会和其他央行选择大幅提高利率的情况下，日本央行仍维持超宽松政策。

　　Japan’s benchmark interest rate of -0.1% has not moved in almost seven years and the bank owns over half of the government bond market.

　　日本的基准利率为-0.1%，近七年来一直没有变动，日本央行拥有超过一半的政府债券市场。

　　Yield-curve control was implemented¹⁰ as a way of allowing the BOJ to control long-term interest rates without running out of bonds to buy.

　　实施收益率曲线控制，是为了让日本央行能够控制长期利率，而不会耗尽可购买的债券。

　　Paradoxically, when central banks credibly¹¹ promise to peg¹² the price of an asset, they often need not intervene much to enforce the policy.

　　矛盾的是，当央行信誓旦旦地承诺会固定资产价格时，他们通常不需要太多干预就能执行这一政策。

　　The market implements¹³ the peg by itself.

　　市场会自行固定价格。

1 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。

2 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

3 anticipation   

n.预期，预料，期望

参考例句：

• We waited at the station in anticipation of her arrival.我们在车站等着，期待她的到来。
• The animals grew restless as if in anticipation of an earthquake.各种动物都变得焦躁不安，像是感到了地震即将发生。

4 tighten   

v.(使)变紧；(使)绷紧

参考例句：

• Turn the screw to the right to tighten it.向右转动螺钉把它拧紧。
• Some countries tighten monetary policy to avoid inflation.一些国家实行紧缩银根的货币政策，以避免通货膨胀。

5 stimulus   

n.刺激，刺激物，促进因素，引起兴奋的事物

参考例句：

• Regard each failure as a stimulus to further efforts.把每次失利看成对进一步努力的激励。
• Light is a stimulus to growth in plants.光是促进植物生长的一个因素。

6 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。

7 speculation   

n.思索，沉思；猜测；投机

参考例句：

• Her mind is occupied with speculation.她的头脑忙于思考。
• There is widespread speculation that he is going to resign.人们普遍推测他要辞职。

8 technically   

adv.专门地，技术上地

参考例句：

• Technically it is the most advanced equipment ever.从技术上说，这是最先进的设备。
• The tomato is technically a fruit,although it is eaten as a vegetable.严格地说，西红柿是一种水果，尽管它是当作蔬菜吃的。

9 fluctuations   

波动，涨落，起伏( fluctuation的名词复数 )

参考例句：

• He showed the price fluctuations in a statistical table. 他用统计表显示价格的波动。
• There were so many unpredictable fluctuations on the Stock Exchange. 股票市场瞬息万变。

10 implemented   

v.实现( implement的过去式和过去分词 )；执行；贯彻；使生效

参考例句：

• This agreement, if not implemented, is a mere scrap of paper. 这个协定如不执行只不过是一纸空文。 来自《现代汉英综合大词典》
• The economy is in danger of collapse unless far-reaching reforms are implemented. 如果不实施影响深远的改革，经济就面临崩溃的危险。 来自辞典例句

11 credibly   

ad.可信地；可靠地

参考例句：

• I am credibly informed that. 由可靠方面听说。
• An effective management software ensures network to run credibly. 一个高效的网管软件是网络运行的可靠保证。

12 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。

13 implements   

n.工具( implement的名词复数 )；家具；手段；[法律]履行（契约等）v.实现( implement的第三人称单数 )；执行；贯彻；使生效

参考例句：

• Primitive man hunted wild animals with crude stone implements. 原始社会的人用粗糙的石器猎取野兽。 来自《现代汉英综合大词典》
• They ordered quantities of farm implements. 他们订购了大量农具。 来自《现代汉英综合大词典》