强势美元重燃安倍济学希望企业保守仍瓶颈.pdfVIP

Thesecondwind

Thestrongdollarhasgiven

Abenomicsanotherchance

Butabottleneckofcorporatetimidityremainsabigproblem

Jan7th2017

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JAPAN’Sprimeminister,ShinzoAbe,wasthefirstforeignleadertomeet

DonaldTrumpafterhisimprobableelectionvictory.Thephotographsshow

himsmilingalmostasbroadlyasthenew-elect.ButnotevenMr

Abecouldhaveguessedhowmuchhewouldhavetosmileabout.

TheprospectofstrongerspendinginAmerica,whichhasraisedbond

yieldsandstrengthenedthedollaragainsttheyen,hasrekindledsome

optimismaboutAbenomics,MrAbe’scampaigntolifttheeconomyoutof

第二次风

强势给安倍经济学⼜⼀次机会

但企业胆怯的瓶颈仍然是一个大问题2017年1月7日

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⽇本⾸相安倍晋三是唐纳德・不可思议的胜利后第⼀位会⻅他的

外国⼈。中他的笑容⼏乎和新当选总统⼀样灿烂。但就连安倍先⽣

也猜不到他会笑得多么开心。

消费强劲的前景推高了债券收益率，兑⽇元走强，这重新燃起了

⼈们对安倍经济学的乐观情绪，安倍经济学是安倍晋三推动经济摆脱困境

的。

itsdecades-longstagnation.AttheBankofJapan’smostrecentmeeting,

onemakersaidthattheprospectsforgrowthandreflationstandata

“criticaljuncture”.Theylikenedconditionstothoseof2013andearly2014,

whenthecurrencywascheap,thestockmarketwasbuoyantandinflation

wasrising.Thatmomentumwasnotsustained.Onitsfourth,

Abenomicshasfoundasecondwind.ButthistimeMrAbemusttacklethe

weaklinkinhisprogramme:corporateJapan.

Thegoldenhoard

TheabilityofAbenomicstolowerborrowingcosts,weakentheyenandlift

sharepriceswasnevermuchindoubt.Theproblemisthatthesegiftsto

Japaneseindustryhavegenerated