Sep.13 · 2022 Prices are rising in Japan, but not wages

日本的物价涨啦，（工资除外）

The Bank of Japan (BoJ) reckons prices will rise by 2.3% in the current fiscal year. That would be the first time prices outstrip the bank's 2% target since it was introduced in 2013, excluding the impact of sales-tax hikes.

BOJ日本银行预计（rekons，有个刚学的近义词estimate）在本财年，将会有2.3%的物价涨幅。 这将是自2013年后，物价涨幅首次超过银行定的2%目标，这其中还不包括销售税上调的影响。

outstrip 超过

rekon：认为

The covid-19 pandemic and commodity shocks seem to have done what years of loose monetary policy could not.

新冠疫情和商品冲击似乎实现了多年宽松的货币政策所不能达到的效果

commodity：商品

shock：冲击

loose monetary policy：宽松的货币政策

Inflation has been far more restrained in Japan than elsewhere in the rich world. (It has passed 9% in America and 10% in Britain.)

日本的通货膨胀相比于其他发达国家而言是相当克制的（美国的通货膨胀率已经超过9%，英国超过10%）

inflation通货膨胀

far more restrained：更加克制

While other rich-world central banks have put up rates to tame inflation, the BoJ has kept them negative, wary of raising them before it is sure that demand is strong enough to push up prices.

当发达国家的中央银行已经在提高利率来控制通货膨胀时，日本央行却保持着负利率，并且在需求确认是否足够推动物价之前，仍保持警惕。

tame：驯服

wary：警惕

Several factors have kept prices in Japan relatively grounded. First, the economy has not recovered as rapidly from the pandemic as in other countries.

几个因素使得日本的物价保持相对稳定。首先第一个点，日本的经济不像其他国家在疫情的大背景下恢复的那么快

relatively grounded：相对稳定

Crucially, wages have not grown alongside prices. During this year's shunto, the season of annual salary negotiations, big firms gave full-time employees rises of just 2.3%, barely more than last year's 1.8% and well below the government's 3% target.

至关重要的是，工资并没有跟随者物价一同上涨。在今年的shunto年薪谈判季，大公司给到全职员工的涨幅只有2.3%，仅仅只比去年的1.8%高了一点点，远远低于政府3%的目标。

crucially：至关重要地

Nonetheless, many policymakers and economists reckon Japan still has a chance to break free from decades of low or no inflation.

尽管如此，很多政策制定者和经济学家估计日本扔将会有机会摆脱几十年来的低通货膨胀或零通胀。

Yet plenty of potential stumbling blocks remain.

然而，仍然存在很多潜在的绊脚石

plenty：很多

stumbling block：绊脚石

If America falls into recession, the yen would probably appreciate, creating fresh deflationary pressures.

如果美国陷入经济衰退，日元有可能会升值（这里appreciate翻译成升值），形成新的通货紧缩压力。

And even when pandemic-induced caution fades,

而且即使疫情引起的警惕感（老百姓的风险感）消退

pandemic-induced：疫情引起的... induce有诱导的意思

caution：警惕

fade：淡出

consumers who are unaccustomed to substantial inflation and are receiving minimal pay raises may hold back on spending, thus dampening demand.

一些不习惯于较大的通货膨胀且获得最低加薪的消费者可能还将保持着克制的消费，从而抑制需求。

unaccustomed：不习惯的

substantial：重大的

minimal：最小的

hold back：保持抑制、憋

thus dampening ... ：导致抑制了。。。

restrain：抑制

dampening是阻尼的意思，在这里可以理解为抑制

生肉 Prices are rising in Japan, but not wages

The Bank of Japan (BoJ) reckons prices will rise by 2.3% in the current fiscal year. That would be the first time prices outstrip the bank's 2% target since it was introduced in 2013, excluding the impact of sales-tax hikes.

The covid-19 pandemic and commodity shocks seem to have done what years of loose monetary policy could not.

Inflation has been far more restrained in Japan than elsewhere in the rich world. (It has passed 9% in America and 10% in Britain.)

While other rich-world central banks have put up rates to tame inflation, the BoJ has kept them negative, wary of raising them before it is sure that demand is strong enough to push up prices.

Several factors have kept prices in Japan relatively grounded. First, the economy has not recovered as rapidly from the pandemic as in other countries.

Crucially, wages have not grown alongside prices. During this year's shunto, the season of annual salary negotiations, big firms gave full-time employees rises of just 2.3%, barely more than last year's 1.8% and well below the government's 3% target.

Nonetheless, many policymakers and economists reckon Japan still has a chance to break free from decades of low or no inflation. Yet plenty of potential stumbling blocks remain. If America falls into recession, the yen would probably appreciate, creating fresh deflationary pressures. And even when pandemic-induced caution fades, consumers who are unaccustomed to substantial inflation and are receiving minimal pay raises may hold back on spending, thus dampening demand.