日本央行意外啓動新一輪刺激政策

TOKYO — Japan is opting for another round of shock treatment, in a stark admission that the country's economic revival plan is faltering.

東京——日本選擇採取又一輪令人震驚的舉措，明確承認了日本的經濟復興計劃步履蹣跚。

After insisting for more than a year that its aggressive monetary action was sufficient, the bank of Japan on Friday unexpectedly announced that it would buy larger quantities of government debt. By injecting more money into the economy, the central bank is trying keep borrowing costs low, encourage spending and, ultimately, stoke inflation and growth.

日本銀行(Bank of Japan)在過去一年多的時間裏一直堅稱其積極的金融舉措已經足夠，但該銀行在週五出人意料地宣佈，他們將購買大量政府債券。通過給經濟注入更多資金，該中央銀行試圖將借貸成本保持在較低水平，鼓勵消費，最終推動通貨膨脹和增長。

The bold move helped push stocks higher around the world. The Standard & Poor's 500-stock index rose 1.1 percent Friday, and European equities ended the day up more than 2.5 percent.

這種大膽舉措在一定程度上推動了全球股價上漲。週五，標準普爾500指數(Standard & Poor's 500)上升了1.1%，歐洲股市收盤上漲超過2.5%。

In Japan, the Nikkei 225-stock index average hit fresh highs, jumping almost 5 percent for the day. The yen fell to its weakest level against the dollar in a month.

在日本，日經225指數(Nikkei 225-stock index)達到歷史新高，當天上升了將近5%。日本兌美元的匯率降至一個月來的最低水平。

The central bank's stimulus has been the cornerstone of a nearly two-year effort by Shinzo Abe, Japan's prime minister, to reinvigorate the economy and end the persistent consumer price declines that have weighed on growth since the 1990s. But that plan, collectively known as Abenomics, has shown signs of strain lately, as economic output contracted sharply in the second quarter.

日本央行的刺激舉措是日本首相安倍晉三(Shinzo Abe)近兩年來努力重振經濟，終結消費者物價持續下跌的基礎，自20世紀90年代以來，消費者物價的下跌一直在制約經濟發展。但隨着第二季度的經濟產出大幅減少，這項統稱爲“安倍經濟學”(Abenomics)的計劃最近出現了緊張跡象。

With pressure mounting, the central bank said it wanted to act pre-emptively, rather than risk eroding the progress the country has made in changing the public's deflationary mindset. The Bank of Japan said it would target asset purchases of 80 trillion yen a year, or $734 billion, up from a previous range of 60 trillion yen to 70 trillion yen.

鑑於壓力與日俱增，日本銀行稱自己想先發制人，他們不想冒險，讓該國在改變民衆通貨緊縮思維方面所取得的進展功虧一簣。該銀行稱自己的目標是每年購買價值80萬億日元（約合4.4萬億元人民幣）的資產，而之前的規模是60萬億至70萬億日元。

The decision underscores Japan's divergent path with the United States. Citing the strength in the U.S. economy, the Federal Reserve ended its six-year bond-buying campaign this week, an important milestone in the country's recovery.

這一決定突顯了日本不同於美國的策略。本週，美聯儲以美國經濟勢頭強勁爲由，結束了歷時六年的債券購買行動，這是該國復甦過程中一座重要的里程碑。

Abe's handpicked central bank governor, Haruhiko Kuroda, greatly expanded a bond-buying program at the central bank in April 2013. Kuroda has maintained that the new monetary settings would be enough to lift inflation to 2 percent by about mid-2015.

2013年4月，安倍親自挑選的央行行長黑田東彥(Haruhiko Kuroda)大幅擴大日本央行的債券購買計劃。黑田東彥稱，新的貨幣政策足以在大約2015年中期之前，將通貨膨脹水平提升至2%。

The strategy has provided a much-needed jolt to the economy, albeit one whose effects have been unevenly distributed. The markets are likely to get another lift next year, as the government's giant pension fund moves more aggressively into stocks. The Government Pension Investment Fund said Friday that it would aim to hold 50 percent of its assets in stocks, up from 24 percent now.

這一戰略爲經濟提供了急需的提振，儘管其效果的分佈並不均衡。明年，隨着政府的鉅額養老基金更大規模地進軍股市，市場可能會再次提升。日本政府養老投資基金(Government Pension Investment Fund)於週五表示，它的目標是將其50%的資產以股票的形式持有，而目前的比例是24%。