翻译考试：日本饱尝定量宽松苦果

翻译考试：日本饱尝定量宽松苦果

　The debate about the effectiveness of unconventionalmonetary policy measures such as quantitative easing remainsperennially inconclusive. Yet the experience of Japan suggeststhere is one clear negative outcome from ultra loose monetarypolicy: it does structural damage to the economy.

　　围绕定量宽松等非常规货币政策的效果问题，人们长期以来争论不下。然而，日本的经历表明，超宽松货币政策会带来一个明显的负面后果：它会对经济造成结构性破坏。 中 华 考 试 网

　　The problem starts with an excessively low cost of capital. Average interest rates on new corporateloans, both short and long term, are down to an unprecedented level in Japan of almost 1 percent, while the average interest rate paid on overall corporate lending is just below 1.5 per cent. Atthese levels too many inefficient businesses are being kept alive, says Jesper Koll, head of equityresearch at JPMorgan in Tokyo.

　　问题源自极低的资金成本。日本新增企业贷款（无论是短期还是长期贷款）的平均利率已降至近1%这一史无前例的水平，而整体企业贷款的平均利率略低于1.5%。摩根大通(JPMorgan)驻东京的股票研究部门负责人杰斯珀 科尔(Jesper Koll)表示，依靠这些低息贷款，许多效率低下的企业生存了下来。

　　This is at a time when competition in all product markets has never been stronger and Japan iscoping with a currency that has strengthened since the disappearance of the carry trades thatflourished when the yen was seen as a cheap funding vehicle. The depreciation of the SouthKorean won after the Lehman Brothers collapse has been particularly painful, leaving the giants ofJapanese electronics in such disarray at the hands of the South Korean chaebols as to dentJapanese national pride.

　　当前各类产品市场的竞争比以往任何时候都激烈，同时日元汇率自套利交易(carry trade)消失以来不断走强——套利交易在日元被视为廉价融资工具时期极为盛行。雷曼兄弟(Lehman Brothers)破产后韩元贬值的影响尤其严重。韩国大企业给日本电器巨头带来了极大冲击，使日本的国民自豪感严重受挫。