日本经济仍需低利率“支撑”

Japan＇s economy stili needs low-rate ＂support＂

虽然日本央行已于今年3月9日宣布结束超宽松货币政策，但日本朝野仍对货币市场利率上升以及央行可能于近期结束零利率政策非常敏感。经济数据显示日本经济复苏的脆弱性仍然较强，通缩压力尚未完全消除，中小企业盈利能力不容乐观。因此。短期内结束零利率政策的可能性并不大；即使结束零利率政策，也不意味着日本利率水平会很快上升。日本经济仍缺少不了低利率的支持。

Though the central bank of Japan on March 9 announced an end to its super-loose monetary policy, both the govemment and the public are still rather sensitive to the rising money market interest rate as well as the central bank＇s possibility to wind up its zero-rate policy soon. According to economic data, Japan＇s economic recovery is still quite fragile; deflation pressure is yet to calm completely; and the profiting capability of small and medium sized enterprises leaves little room for optimism. As a result, chances are slim that the zero-rate policy would come to an end in the near future, and even such an end does not mean a quick rise in Japan＇s interest rate level. Still, Japan＇s economy cannot go without the support of low interest rates.