Japan's economy was surprisingly weak in the final three months of 2013, a disappointment for the government in its ambitious economic growth strategy and the latest cautionary sign among major industrial economies.
2013年第四季度日本经济出人意料地疲弱,这令日本政府对其雄心勃勃的经济增长策略失望,同时也是主要发达经济体中最新的警示信号。
The country's gross domestic product, the broadest measure of goods and services produced in the economy, expanded at an annualized pace of 1% in the October to December period. Economists surveyed by The Wall Street Journal predicted a 2.8% rise.
日本国内生产总值(GDP)在去年10月至12月份的年化增幅为1%。GDP是衡量经济中产出的商品和服务的最广泛指标。接受《华尔街日报》(The Wall Street Journal)调查的经济学家预计增幅为2.8%。
The figures will likely strengthen concern among economists already worried about how Japan's domestic-driven recovery will fare once the nation's sales tax is raised to 8% from 5% in April. Economists expect at least a temporary chill in demand when the new rate goes into effect.
一些经济学家原本就担心今年4月消费税从5%上调至8%之后,日本由内需驱动的经济复苏情况将会如何。上述数字可能会加剧这些人的担忧。经济学家们预计,一旦新的消费税率生效,需求至少会暂时降温。
Though consumers and firms spent less in the quarter than forecast, economists said the number was weighed down mostly by weak demand for Japanese goods abroad.
虽然消费者和企业在去年第四季度的开支都低于此前预期,但经济学家们说,压低GDP数据的最主要因素是海外对日本商品的需求疲弱。
That puts Japan's growth for the fourth quarter of 2013 below the 1.1% annualized expansion recorded in the euro bloc, and well below the 3.2% rise recorded in the U.S.
这样一来,日本2013年第四季度的经济增幅就低于欧元区1.1%的年化增幅,也远远不及美国3.2%的增幅。
The anemic growth figure represents a further slowing of the economy after a sharp deceleration in the July-September quarter, when Japan's economy expanded 1.1%.
这一疲弱的经济增长数据表明,日本经济在去年第三季度急剧减速之后进一步放缓。去年第三季度日本经济增速为1.1%。
The data is likely to raise doubts about whether Prime Minister Shinzo Abe's push to turn around two decades of lackluster growth has really revived consumer confidence enough to sustain a recovery. It also raises concerns about demand for Japanese goods abroad despite a weakening of the yen against other major currencies since Mr. Abe took power at the end of 2012.
这一数据可能会引发对日本首相安倍晋三(Shinzo Abe)所推措施的疑虑,令人质疑这些旨在扭转20年经济低迷的措施是否真的将该消费者信心提高到了足以维持经济复苏的程度。这也会引发对日本商品海外需求的担忧,尽管自2012年底安倍晋三出任首相以来日圆兑其他主要货币走弱。
The stock market took the latest figures in stride on Monday with the Nikkei Stock Average down 0.5% at 14246.05. The market was reacting in part to a sharp downturn in the value of the dollar against the yen following the GDP news.
日本股市周一未受最新GDP数据影响,日经指数下跌0.5%,至14246.05点。市场在一定程度上是对GDP数据发布后美元兑日圆急剧下跌做出反应。
The data could also strengthen speculation for additional monetary stimulus by the Bank of Japan. The central bank has forecast firm exports and business investment will propel the economy in 2014 despite the sales tax increase.
上述数据可能还会让人们进一步猜测日本央行(Bank of Japan)将推出额外的货币刺激政策。日本央行此前预测,尽管消费税即将上调,但企业出口和商业投资将对2014年经济增长起到推动作用。
Economist Takeshi Minami at the Norinchukin Research Institute noted that part of the weakness came in the form of higher imports, which are calculated as a negative factor in the overall GDP.
农林中金综合研究所(Norinchukin Research Institute)的Takeshi Minami指出,GDP数据疲弱在一定程度上是以进口增加的形式呈现的,进口增加在计算整体GDP数据时被认为是不利因素。
'This confirms that we rely on goods made overseas for products that Japanese consumers buy,' adding that 'despite the weak yen, Japanese manufacturers are not coming back.'
他说,这证实了日本消费者购买的产品依赖于海外生产。他补充说,尽管日圆走弱,但日本制造商并未扭转颓势。
Japan's recovery in 2013 was led by firm spending by consumers, but consumer demand in the fourth quarter was also less than economists expected. Household spending only rose 0.5% on quarter compared with an expected 0.7% rise.
尽管日本2013年经济复苏是由强劲的消费支出推动,但第四季度消费需求也不及经济学家预期。家庭开支环比上季度仅增加0.5%,此前预期增幅为0.7%。
'What's worrisome is consumption. Even though some front-loaded demand ahead of the sales tax increases has started helping it, that hasn't increased much.' Masamichi Adachi, senior economist JPMorgan Securities.
JPMorgan Securities资深经济学家Masamichi Adachi说,令人担忧的是消费;虽然消费税上调之前抢先消费的需求已经开始回暖,但消费并未增加太多。
That does not appear to be a surprise to at least some consumers.
对于至少一部分消费者来说,这似乎并不出乎意料。
At an exclusive Tokyo department store over the weekend, some shoppers voiced caution over the long-term outlook.
上周末在东京一家高档百货商场里,一些消费者对日本经济的长期前景表达了谨慎看法。
One of them, 49-year-old Junko Takahashi, said she had just bought a jacket to get that purchase done before the sales-tax rise. But she was holding off on further spending.
其中,49岁的Junko Takahashi称,自己刚买了一件外套,目的就是赶在销售税上调之前买下单,但对于进一步的消费她要暂时收敛一下了。
'Summer and winter bonuses were up--a bit--for the first time in five years, but I'm not spending because I am concerned they may go down again, she said.
她表示,去年夏季和冬季的奖金多发了一点,这是五年来第一次,但她不会大笔消费,因为担心奖金可能会再变少。
Some companies, including Toyota Motor Corp., have already said they will cut production in April. Aware of an economic downturn in Japan linked in part at least to a previous sales tax increment in 1997, the Abe administration has already compiled a Yen5.5 trillion stimulus package to try and cushion the blow of the latest jump in the rate.
包括丰田汽车(Toyota Motor Corp.)在内的一些公司已经表示,将在4月份减产。由于知道日本以往有一次经济下行至少在一定程度上与1997年上一次销售税上调有关,所以安倍晋三政府已制定了一项5.5万亿日圆的刺激计划,试图缓冲这次销售税上调将带来的冲击。
Some economists remain relatively optimistic, though.
不过,一些经济学家仍比较乐观。
Mitsubishi Research Institute chief economist Yoko Takeda said that despite the sales tax increase, a rise in wages and business investment will lift Japan's economy in 2014.
三菱综合研究所(Mitsubishi Research Institute)首席经济学家Yoko Takeda称,尽管销售税上调,但工资上涨和商业投资将提振2014年的日本经济。
'Recent company profits have been very good, and I think they're going to put some of that toward higher wages and more investment,' she said.
Takeda表示,近来企业的盈利状况非常不错,她认为企业会将会把部分利润用来加薪和进行更多投资。
She added that even if personal consumption falls immediately following the sales tax increase, a rise in bonuses later in the year will likely help revive households' appetites for spending.
她还称,即使紧接着销售税上调的一段时间内个人消费出现下降,但今年晚些时候企业奖金的增加可能会有助于恢复家庭的开支意愿。