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

这指引我们看到另一支“箭”：结构性改革和企业改革。就像央行的其他许多“礼物”一样，廉价日元带来了意料之外的结果——让企业更不可能进行改革，比如提高薪酬、或者提升高层人员的多元化程度。因为企业依赖廉价日元而非创新来取得竞争优势。作为当前热门的消费电子产品，无人机市场由中国公司大疆创新(DJI)主导，而非日本的公司，这是一个新时代的征兆。

The average worker has been less fortunate. Total earnings are expected to have declined in the fourth quarter. Meanwhile economists expect consumption to fall by 2 per cent on the back of weaker-than-expected retail sales and household spending.

一般的劳动者没那么幸运。预计去年第4季度劳动者总收入将下降。与此同时，经济学家们预计，逊于预期的零售销售和家庭支出将使消费下降2%。

In other words, while the government and the central bank are trying to engineer a rise in inflation, it appears that they have not yet managed to extend it to the sort of wage and income growth that could lift economic prospects in a sustainable way.

换言之，尽管日本政府和央行试图促成通胀率上升，但它们似乎未能将其延伸至有望以可持续方式改善经济前景的那种薪资和收入增长。

As for fiscal policy, that, disappointingly, remains more of the same: largely resource transfers to the construction sector, traditionally a big donor to the ruling Liberal Democratic party. Even the commissions from the politically privileged builders are of the wrong sort, though. Japan should be building nursing homes for its ageing population rather than Olympic stadiums, which will have negligible multiplier effects on the economy. They will, however, put the government deeper into debt — and its sovereign bonds will not always be able to be sold at negative yields.