专栏日本

Japan’s debt financing leaves it vulnerable to rising interest rates
日本国债融资模式不靠谱


FT专栏作家普伦德:让储户以低利率为巨额政府赤字融资的模式不会永远持续下去,这让日本很容易受到利率上升的冲击,进而引发一场财政噩梦。

As the eurozone’s great experiment with negative interest rates continues, the dynamic of global capital flows has changed dramatically, responding to big shifts in the relationships between the world’s main currencies. While the US dollar is in much the same place relative to the yen as it was at the start of the year, the euro has depreciated by more than a 10th against the Japanese currency. This has confounded an army of forecasters who expected more yen weakness in light of the failure of Abenomics to stoke Japanese inflation. They also worried that Japan would be exporting deflation via a weaker currency to a eurozone that was struggling with deficient demand.

在欧元区继续推进大规模的负利率试验之际,manbetx app苹果 资本流动状况发生了显著改变,这是因应世界主要货币之间的关系的巨变。尽管现在美元兑日元汇率和年初基本一样,但欧元兑日元贬值逾10%。这让一些预测人士感到困惑,他们曾预计,由于“安倍manbetx20客户端下载 学”未能让日本通胀上升,日元将会继续贬值。他们还担心,日本将通过日元贬值将通缩输出至正在艰难应对需求不足的欧元区。

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