Also, with inflation back in positive territory, real interest rates in Japan are still negative and short-term rates are not expected to rise above inflation until next year.
另外随着通胀率回升为正，日本的实际利率仍然为负，而短期利率年内预期不会超过通胀率。
And inflation has gone up by more than the quarter-point rise in Japanese interest rates, leaving real rates close to zero and even lower than last year.
通货膨胀率早已高出了日本四分之一点的利率增长，将实际的比率拉回0点附近或者甚至比去年还要低。
Five increases in interest rates have barely kept up with accelerating inflation, thus the cost of borrowing didn't rise, or even declined, in real terms.
央行今年虽先后五次加息，但加息的步伐却赶不上日渐加快的通货膨胀率增幅，因此实际贷款成本不仅没有增加，甚至下降了。
Were deflation to deepen, real interest rates would rise, further hampering economic activity.
若通货紧缩将要加深的话，实际利率就将上升，从而进一步阻碍经济活动。
In the case of the OPEC recession, interest rates increased because a sharp rise in the price level cut the real money supply.
因为在价格水平中的一个锐利的上升减低真正的钱补给，所以在石油输出国家组织后退的情况，利率增加。
In the case of the OPEC recession, interest rates increased because a sharp rise in the price level cut the real money supply.
因为在价格水平中的一个锐利的上升减低真正的钱补给，所以在石油输出国家组织后退的情况，利率增加。
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