日元未降反升 未理睬官方努力

The yen touched new highs yesterday, defyingTokyo’s effort to weaken the Japanese currency inthe latest sign policymakers in leading economies arerunning out of tools to kick-start growth and battlethe threat of deflation.

日元匯率昨日升至新高，未理睬東京方面削弱本幣匯率的努力，這一最新跡象表明，領(lǐng)先經(jīng)濟(jì)體的政策制定者差不多用盡了啟動(dòng)增長(zhǎng)和抗擊通縮威脅的工具。

Japanese officials issued warnings about “one-sided”moves, a signal of possible intervention that wouldusually put traders on high alert. Instead, the yen soared to its highest levels since the Bank ofJapan fired its second stimulus bazooka in October 2014.

日本官員對(duì)“單向”變動(dòng)發(fā)出警告，表明日本政府可能采取通常會(huì)讓交易員高度警惕的干預(yù)。日元匯率反而飆升至自日本央行(Bank of Japan) 2014年10月發(fā)射第二支刺激火箭筒以來(lái)的最高水平。

The yen’s momentum comes despite the Herculean efforts by central banks to spur growth inAsia and Europe. Like the BoJ, the European Central Bank has intervened in capital markets atunprecedented levels to little effect on the EU’s common currency or inflation.

日元上漲之際，各國(guó)央行正做出巨大努力提振亞洲和歐洲的經(jīng)濟(jì)增長(zhǎng)。與日本央行一樣，歐洲央行(ECB)近期以空前火力干預(yù)資本市場(chǎng)，但對(duì)單一貨幣或通脹幾乎毫無(wú)影響。

Their task is being made harder by US Federal Reserve chair Janet Yellen, who has signalled aslower pace of interest-rate increases, weakening the dollar. Minutes from the Fed’s Marchmeeting showed many policymakers see “appreciable” risks to the US economy from globalturmoil, underscoring the likelihood of a glacial pace of rate rises.

美聯(lián)儲(chǔ)(Fed)主席珍妮特•耶倫(Janet Yellen)令其他央行的任務(wù)變得更為艱難，她已暗示將放慢加息速度，這削弱了美元匯率。美聯(lián)儲(chǔ)3月利率會(huì)議的會(huì)議紀(jì)要顯示，多名政策制定者認(rèn)為全球動(dòng)蕩令美國(guó)經(jīng)濟(jì)面臨“可觀”風(fēng)險(xiǎn)，這突顯出美國(guó)加息速度可能緩慢。

Aggressive monetary policies in general, and negative interest rates in particular, have longbeen seen as a means to depreciate currencies and raise inflation by increasing the cost ofimports. Lower borrowing costs and cheaper currencies are central banks’ primary tools insparking domestic demand.

長(zhǎng)期以來(lái)，激進(jìn)的貨幣政策(特別是負(fù)利率)被視為一種壓低匯率、并通過(guò)增加進(jìn)口成本來(lái)推高通脹的手段。降低借款成本和壓低匯率是央行刺激內(nèi)需的主要工具。

But despite the aggressive BoJ and ECB moves, global inflation remains lacklustre, withJapan and the eurozone more exposed to the risk of deflation than other advanced economies.

盡管日本央行和歐洲央行采取了激進(jìn)舉措，但全球通脹仍顯乏力，日本和歐元區(qū)面臨的通縮風(fēng)險(xiǎn)超過(guò)其他發(fā)達(dá)經(jīng)濟(jì)體。

Mario Draghi, the ECB chief, exceeded expectations in unleashing another round of monetarystimulus last month.

歐洲央行行長(zhǎng)馬里奧•德拉吉(Mario Draghi)上月推出另一輪貨幣刺激計(jì)劃，超出預(yù)期。