The Bank of Japan stunned global markets on Friday and sent the dollar soaring as it unexpectedly expanded its stimulus programme just days after the US Federal Reserve ended its own historic experiment with easy money.

　　在繼數日前美聯儲結束歷史性的量化寬鬆政策之後，日本央行31日意外宣佈擴大經濟刺激計劃，造成全球市場波動、美元飆升。(《金融時報》)

　　The Bank of Japan will inject ￥80tn (￡447bn) a year into the financial system， mainly through the purchase of government bonds， in a bid to ward off the threat of deflation. The central bank was previously pushing money into the system at a rate of ￥60-70tn a year. It also halved its growth forecast for the current fiscal year， to 0.5% in the year to March 2015 from 1% three months earlier.

　　日本央行將主要通過政府購買債券的方式，每年向金融體系注入80萬億日元(約合4470億英鎊)，以防止通縮風險。日本央行此前的年度量化寬鬆規模為60萬億至70萬億日元。該央行同時將截至2015年3月份的本財年經濟增長預期下調一半，由三個月前預測的增長1%下調至增長0.5%。(《衛報》)

　　The bank’s governor， Haruhiko Kuroda， said policymakers were determined to avoid a return to deflation which plagued the Japanese economy for years. He added: “The Japanese economy is now at a critical moment in its process of getting out of deflation. The [stimulus] measures this time show the Bank of Japan’s unwavering determination to exit deflation.”

　　日本央行行長黑田東彥表示，決策者們已下定決心避免經濟重陷通貨緊縮，這一問題已給日本經濟帶來多年危害。他還表示，“日本經濟目前處於走出通縮的關鍵時刻。此次推出的刺激措施顯示了日本央行為擺脫通縮不可動搖的決心。”(《衛報》)

　　The fresh injection of liquidity from Tokyo into global markets—coming at a time when investors have grown nervous about the prospect of the U.S. Federal Reserve tightening its policy—led the Dow Jones Industrial Average and the S&P 500 index to record closes on Friday. In Tokyo， the Nikkei Stock Average jumped nearly 5% on heavy volume， bringing the index to its highest level since late 2007.

　　日本央行此次向全球市場注入新的流動性，正值投資者對美聯儲可能收緊貨幣政策的擔憂升溫之時。受此舉影響，31日美國股市道瓊斯工業平均指數和標普500指數收盤創歷史新高。東京股市方面，日經225平均指數當日成交量大漲近5%，創2007年底以來的最高水準。(《華爾街日報》)

　　The dollar jumped as much as three per cent against the yen， hitting a new seven-year high against the yen and a trade-weighted measure of the US currency rising 1 per cent to its highest point since June 2010. But the dollar’s strength weighed heavily on a range of commodities， sending the price of everything from gold to oil lower. Gold tumbled to the lowest level since August 2010 at $1，165.41 an ounce.

　　當日美元兌日元匯率大漲3%，創7年以來最高水準，貿易加權美元指數則上漲1%，至2010年6月以來的高位。但美元走強也令一系列大宗商品承壓，金價、油價等走低。其中，金價跌至每盎司1165.41美元，為2010年8月以來最低水準。(《金融時報》)

　　Anna Stupnytska， global economist at Fidelity Worldwide Investment， said: “The Bank of Japan’s decision to expand its monetary easing programme comes as a big surprise…As for the wider economy， this doesn’t really solve the issue of low growth expectations in the longer term， which is the main reason behind the negative real wage growth， sluggish demand and investment. As always， monetary policy is not the only answer but it will keep the markets pleased for now.”

　　富達國際投資公司全球經濟學家Anna Stupnytska表示，“日本央行此次擴大貨幣寬鬆計劃的決定令外界非常意外……對整體經濟而言，此舉並不能真正解決長期經濟增長預期過低的問題，而這一問題是實際工資增長乏力、需求和投資疲軟背後的主要原因。貨幣政策向來不是唯一的解決辦法，但能暫時讓市場情緒得到提振。”(《衛報》)

　　Mr. Abe took office in December 2012 and introduced his “three arrows” of economic changes—monetary stimulus; public-works spending; and structural overhauls. Markets rallied， growth revived and last year Japan seemed well on its way to escaping the trap of economic stagnation and falling prices. More recently， though， the growth spurt ended after the government raised the national sales tax in April to 8% from 5%. That drove down real wages and the confidence of consumers who were paying more at the cash register without seeing a corresponding rise in income.

　　安倍晉三自2012年12月出任日本首相以來，射出了經濟改革的“三支箭”：貨幣刺激措施、公共支出、結構性改革。金融市場回暖，經濟重回增長軌道，去年日本似乎正朝著擺脫經濟停滯、物價下跌的方向穩步前進。然而，在日本政府于4月份將消費稅由5%上調至8%以後，日本經濟的高增長就結束了。上調消費稅壓低了實際工資，並且由於購物成本增加而收入卻未得到相應提升，消費者信心也受到削弱。(《華爾街日報》)

　　When the impact of a sales tax hike in April is stripped out， annual consumer inflation fell to 1% in September， half the central bank’s 2% target. Lower oil prices are expected to bring inflation down， and consumer spending has also taken a hit in Japan following the sales tax increase.

　　不考慮4月份上調消費稅的影響，9月份日本年度消費者物價指數降至1%，僅為日本央行2%目標的一半。油價走低預計也將拉低通脹水準，消費者支出也因消費稅上調而受到衝擊。(《衛報》)

　　(廖冰清 編譯)