那位帅哥能够翻译一下这两篇文章吗>?谢谢了
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- The OECD Economic Survey of Japan (published 20 January 2005) received widespread coverage in the Japanese press.
Under the headline “OECD cuts forecast on Japan's growth”, the Yomiuri Shimbun highlighted the survey’s view that Japan’s budget deficits were “unsustainable” and its call for more aggressive spending cuts. The Japan Times focused on the need to cut budget deficits and “optimize the labor market”. Deflation is still a concern as the Nihon Keizai Shimbun, the Mainichi, Asahi Evening News pointed out. Nonetheless, conditions were the best in a decade for the Japanese economy, the Nihon Keizai Shimbun reported. The Sankei Shimbun emphasised the survey’s recommendation that Japanese banks should take measures to reduce the number of bad loans. Kyodo News quoted OECD economist Randall Jones, who said the country was emerging from 10 years of stagnation but still faced a number of problems. He said Bank of Japan policy has so far not been successful in stopping deflation.
In the UK, the Financial Times highlighted the survey’s warning about deflation. In an editorial the newspaper described Japan’s recovery as “incomplete”. The survey was again the subject of a Financial Times article two days later when the focus was the concern about an "unbridgeable divide between workers in non-regular and regular employment".
For Reuters, the "OECD sees Japan’s economy poised for sustained growth”. Although, according to The Times, Japan’s public debt of 160 per cent of GDP is clearly not sustainable.
In France, La Tribune underlined the fragile recovery of the Japanese economy, pointing to the challenges ahead, such as fight against deflation and public deficits. Concern over deflation was also picked up by Le Monde. AFP focused on the yen's high value and its risk for exports. Randall Jones was quoted as saying that “in the short term, a stronger yen may depress exports and make growth a bit lower", before noting that the currency's rise over the past few months had had some positive aspects such as offsetting the increase in crude oil prices.
In Germany, the FT Deutschland referred to Japan’s slow growth while Frankfurter Allgemeine Zeitung reported that the OECD advises further loosening of monetary policy.
For the Swiss paper Neue Zürcher Zeitung the OECD sees Japan in the best economic situation for 10 years but deflation and public deficits remain a concern.
第2篇
What are the key challenges facing Japan?
The Japanese economy is in its best shape in a decade thanks to buoyant external demand, the progress in restructuring the corporate sector and economic reforms. Output has increased at an annual rate of more than 2 per cent since 2002 and 3¼ per cent excluding the negative contribution from the public sector. The pace of growth has been sufficient to boost employment during the past year and reduce the unemployment rate from its record high. Profit margins, as well as confidence in the business and household sectors, are at their highest levels since the early 1990s. These positive developments raise hopes that Japan is emerging from a decade of economic stagnation, although there are a number of risks to the current expansion.
Despite these favourable trends, Japan must successfully address a number of challenges in order to sustain a robust expansion and ensure rising living standards in the face of rapid population ageing:
• Deflation remains entrenched, though at a low rate, and nation-wide land prices fell again in 2004, the 13th consecutive annual decline. In addition, bank lending continues to fall despite progress in rehabilitating the banking system.
• Large government budget deficits have boosted gross public debt to more than 160 per cent of GDP - the highest in the OECD area - just as Japan enters a phase of rapid population ageing, reinforcing concern about fiscal sustainability.
• A lack of fiscal discipline at the local government level is contributing to the run-up in debt. Moreover, problems in the relationship between different levels of government prevent Japan from reaping the benefits of decentralisation more fully.
• A number of structural problems, including weak competition in some sectors, limit Japan's growth potential.
• Increasing dualism in the labour market creates both efficiency and equity concerns, while population ageing is reducing the size of the workforce.
In sum, the positive developments during the current expansion do not reduce the urgency of a broad programme combining macroeconomic and structural policies.
2006-05-16 12:45:13