令人失望的是,财政政策大致保持原样:基本上就是把资源转移到建筑业,而后者传统上是执政的自民党(Liberal Democratic party)的大金主。然而,享有政治特权的建筑商就连承接的建设项目也是错误的。日本应该为日渐老龄化的人口建造更多养老院,而不是奥林匹克体育场馆,后者对经济的乘数效应微不足道,它们只会让政府更深地陷入债务泥潭——而日本的主权债券不会永远能在负收益率的情况下售出。
The latest measures from the BoJ have ceased to reliably lead to a rise in the price of more risky assets such as equities. The Nikkei stock index dropped 15 per cent in the wake of the policy shift, with bank shares especially hard hit. That is because negative rates crush net interest margins on what little lending banks undertake, since their corporate customers cannot see the point of expanding capital investment while their customer base shrinks. Meanwhile, despite Tokyo’s intentions, the yen has risen against the dollar, damaging exporters’ prospects.
日本央行的最新举措不再是提升股票等较高风险资产价格的可靠手段。日经(Nikkei)股指在政策转变后下跌了15%,银行股领跌。这是因为负利率摧毁了银行尚存的少量放贷的净息差。银行的企业客户认为,在顾客群体萎缩的背景下,扩张资本投资没有意义。同时,和东京方面的意愿相左的是,日元相对于美元升值,破坏了出口商的前景。
【安倍只有一支箭 The vanishing golf courses that sum up Abeno】相关文章:
★ 廉价背后的代价
最新
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15