Despite Shinzo Abe’s boasts about the “three arrows” of his Abenomics programme, there has been only ever one missile in the prime minister’s quiver: yen depreciation (albeit indirectly), through ever-lower interest rates, to support Japanese exporters as they try to fend off rivals such as China and Vietnam. The other two arrows — fiscal and structural reform — are but pinpricks.
尽管安倍晋三(Shinzo Abe)吹嘘他的“安倍经济学”有“三支箭”,但这位首相的箭筒里一直只有一支箭:日元贬值(尽管是间接的,借助越来越低的利率),以支持试图抵御中国和越南等国竞争对手的日本出口商。另外两支箭——财政和结构性改革——只是两个小点。
The BoJ’s support of Abenomics through this kind of unconventional monetary policy has never been about real economic growth.
日本央行通过这种非常规的货币政策对安倍经济学给予支持,然而这从来就不是关乎实体经济增长。
Like the policies of the US Federal Reserve, it has led to asset price inflation and distorted incentives rather than a rejuvenated economy built on a world-class service sector and leading-edge technology companies.
就像美联储(Fed)的政策一样,这导致资产价格膨胀和激励机制扭曲,而不是建立在世界级服务业和前沿科技公司基础上的重新焕发活力的经济。
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