安倍只有一支箭 The vanishing golf courses that sum up Abeno_时事

安倍只有一支箭 The vanishing golf courses that sum up Abeno

So far Abenomics has not led to a growth spurt. Output in the fourth quarter of 2015 contracted by 1.4 per cent, which was worse than expected. Indeed, for the whole of last year, growth was below the average 0.6 per cent of the previous two years. If zero rates failed to ignite the spirits of either companies or consumers, it is hard to see why negative rates would have that effect.

到目前为止，安倍经济学还没有带来增长提速。2015年第4季度，日本经济产出萎缩了1.4%，比预期更加糟糕。的确，日本去年全年增长率低于之前两年0.6%的平均值。如果零利率未能提振企业或者消费者的情绪，很难看出负利率如何达到这一效果。

By contrast, corporate profits reached record levels in the first half of 2015 but that was almost entirely a benefit of the cheap yen combined with lower global energy prices — important for a big importer such as Japan.

与此形成反差的是，日本企业利润在2015年上半年达到里创纪录水平，但这几乎完全是廉价日元和全球能源价格走低的利好所致——后者对日本这样的能源进口大国而言很重要。

This brings us to another “arrow”: structural and corporate reform. That cheap yen, like so many other gifts from the central banks, has the unintended consequence of making companies less likely to reform — raising salaries, for example, or increasing diversity at senior levels — because they rely on a cheap currency rather than innovation to make them competitive. It is a sign of the times that the market for drones, the current must-have consumer electronic product , is dominated by DJI, a Chinese company , rather than a Japanese group.