英语读译天天练10

Bank of Japan sees end in sight for deflation

The entire nine-member board of the Bank of Japan believes deflation will have been conquered by the end of this year a development that would mark one of the most significant turning points in recent Japanese economic history.

Minutes of the bank's board meeting earlier this month show members expect year-on-year changes in consumer prices to be zero or to rise slightly at the end of the year.

Deflation has stalked the Japanese economy since its asset bubble burst in the 1990s and policymakers have struggled to overcome it as they sought to return the economy to a sustainable growth path.

The Bank of Japan is committed to its existing monetary policy of near zero interest rates and so-called quantitative easing, which involves flooding the market with excess liquidity until consumer prices stabilise or increase.

In recent weeks, senior members of the BoJ, including Toshihiko Fukui, the governor, have been making statements saying the time is approaching when the bank can consider abandoning quantitative easing and considering raising interest rates.

The timing of the move is the subject of intense debate in Tokyo financial markets, with some commentators fearing a premature move might snuff out Japan's three-year economic recovery. “The BoJ appears . . . intent on ending quantitative easing prematurely in our view as soon as the tangible termination conditions are technically satisfied. Even if the recovery does start to transition into sustainable growth territory, the risk that policy errors will derail it yet again is high,” Paul Sheard, economist at Lehman Brothers, wrote in a report.

Officials at the Bank of Japan have been vague about the timing of the move, saying it may come sometime next year. The board's unanimous belief that consumer prices will stabilise or rise soon makes a change of monetary policy in the near future likely.

译文：
    日本央行(Bank of Japan)理事会9名成员一致认为，到今年年底日本将战胜通货紧缩，这将成为日本近年经济史上最重大的转折点之一。
日本央行理事会本月早些时候会议的记录表明，理事们预计，到今年年底，日本的消费物价年度同比变动将为零或小幅上扬。
自从90年代日本资产泡沫破裂以来，通货紧缩就一直困扰着该国的经济。政策制定者一直竭力克服这一问题，力求让日本经济重返可持续增长道路。
日本央行目前致力于执行现有近乎零利率的货币政策，以及所谓的“定量宽松”(quantitative easing)政策，该政策要求向市场大量注入超额流动资金，直到消费物价趋稳或走高。
近几周来，包括行长福井俊彦(Toshihiko Fukui)在内的日本央行高级官员一直表示，央行考虑放弃“定量宽松”政策并考虑提息的时机正在接近。
这一行动的时机，是东京金融市场激烈辩论的主题，一些评论人士担心，过早采取行动可能会扼杀日本的三年经济复苏。“在我们看来，只要在技术上达到切实的终止条件，日本央行似乎就要……提前终止定量宽松政策。即使经济复苏的确开始向可持续经济增长过渡，政策失误使经济复苏再次停顿的风险仍很高，”雷曼兄弟(Lehman Brothers)经济学家保罗·谢尔德(Paul Sheard)在一份报告中写道。
日本央行官员对行动的时机语焉不详，称或许是明年某个时候。央行理事会一致认为消费物价不久将趋稳或上升，这使货币政策有可能在近期改变。