If the BoJ has a plan to boost economic growth and exorcise deflation while avoiding a debt panic, it is clearly not yet ready to share it.
如果日本央行有一个刺激经济增长、驱除通缩的同时，避免债务恐慌的计划，那么它显然还没有准备好分享这个计划。
The BoJ has a new framework, but it is untested.
日本央行有一个新的框架，但它还未经测试。
Whatever its motivation, the BoJ this week took three modest but symbolic steps.
不管出于何种动机，日本央行本周采取了三项温和但具有标志性意义的措施。
The BOJ will focus on providing liquidity, possibly by expanding market operations.
央行会专注于提供现金流，扩大市场操作。
Whatever its primary motivation, the BoJ took three modest but symbolic steps today.
尚且不论日央行主要的动机是什么，日本央行今天已经采取了三项温和却又具有一定标志性的措施。
THE first sign that the Bank of Japan (BoJ) was having second thoughts appeared on Wednesday.
日本央行可能转态的传闻出现在星期三。
Since the BoJ abandoned "quantitative easing" in March, Japan's monetary base has withered.
因为日本银行三月放弃“定量放松”(quantitative easing)，日本的金融基础已经枯萎。
And with interest rates close to zero, the BoJ insisted that there was nothing more it could do.
与之同时，当利率接近谷底，日本央行仍坚持到它已无能为力。
TOSHIHIKO FUKUI, the wily governor of the Bank of Japan (BoJ), would dearly like to raise interest rates.
身为日本央行(BoJ)新行长，老谋深算的福井俊彦其实很希望能够上调利率。
Yesterday, local media quoted unnamed sources suggesting the BoJ might be willing to postpone raising rates.
昨日，日本媒体援引消息人士的话称，日本央行可能愿意推迟加息。
In return, the BoJ should commit to keeping long-term rates low by increasing its purchases of government bonds.
作为回报，央行应该增加对国债的购买将长期利率维持在低水平。
The Bank of Japan (BoJ) began to lower interest rates in July 1991, soon after property prices began to decline.
日本央行在地产价格开始下跌后，迅速于1991年7月开始降息。
The BoJ is eager to "normalise" interest rates, which until a year ago were set at zero to counter deflation.
日本银行急于是利率正常化，因为一年前因为通货紧缩而把利率调整为零。
Deflation has gone away, and in July the BoJ raised interest rates, which had been stuck at zero for five years.
通货紧缩已经消失，而且在7月日本银行提高了利率。而在过去五年日本的利率一直停留在零。
The received wisdom in the markets is that yen carry trades will continue as long as the BoJ raises rates only slowly.
只要日本央行加息迟缓，日元套息交易就不会停止，这是市场上的常理。
Businessmen quibble that they could better tap fast-growing markets in Asia if the BoJ did more to cheapen the yen.
商人们质疑如果日本央行采取更多行动让日元贬值就会在亚洲的开拓快速增长的市场的做法。
Last week, in its half-yearly outlook, the BoJ slashed its inflation forecast to only 0.1% in the year to March 2008.
日本银行在上周的半年期展望中预测，到2008年3月的一年时间里，把通货膨胀削减到仅为0.1%。
the expectation that the BoJ would raise interest rates again this year has faded as a result of slower economic data.
原先关于日本银行今年会再次调高利率的预期因为过缓的经济数据的出现而落空了。
Mr Hatoyama’s administration, meanwhile, should stop pestering the BoJ about deflation and face up to its own responsibilities.
同时，鸠山内阁应该停止在通货紧缩问题上和日本央行纠缠，勇敢面对自己的责任。
The BOJ said the economy will likely contract 3.1% during the current fiscal year, before expanding 1.2% in the following year.
日本央行表示，本财年的经济可能收缩3.1%，2010年可能增长1.2%。
Second, the BoJ stated that it would maintain the virtual zero-rate policy until there was "medium - to long-term price stability".
第二，日本央行宣布除非在中长期的物价稳定能够到来，否则他们将坚持实际利率为零的政策。
Second, the BoJ stated that it would maintain its virtual zero-rate policy until there was “medium- to long-term price stability”.
第二，日本银行将维持接近零利率的政策，直到市场达到中期或长期的价格稳定。
Ironically, after the BoJ raised rates and burst the bubble, American bankers and policymakers were quick to lecture the Japanese.
讽刺的是，在日本银行提高利率来挤碎泡沫后，美国的银行家和政策制定者们马上开始批评日本。
This month the BOJ will unveil a radical measure for "strengthening the foundations for economic growth" that borders on fiscal policy.
日本银行本月将推出“加强经济增长基础”的基础措施，联结财政政策。
And with interest rates close to zero, the BoJ insisted that there was nothing more it could do. Only much later did it start to print lots of money.
同时利率接近于零，日本央行坚持认为无法可施，但随后又开始因大量的钞票。
Possible bonus: it appears likely that the BOJ will agree to monetise part of the fiscal emergency package posed to be forthcoming soon, in my opinion.
可能的补助：在我看来，日本央行可能会套现即将提出的财政应急计划的部分资金。
Faced with sinking asset prices, insolvent Banks, moribund growth and deflation, the bank of Japan (BoJ) eventually lowered its policy rate to zero in 1999.
面对跳水的资产价格，倒闭的银行，萎靡的增长与通货紧缩，日本银行(BoJ)最终在1999年将其引导利率降到了零水平。
Faced with sinking asset prices, insolvent Banks, moribund growth and deflation, the bank of Japan (BoJ) eventually lowered its policy rate to zero in 1999.
面对跳水的资产价格，倒闭的银行，萎靡的增长与通货紧缩，日本银行(BoJ)最终在1999年将其引导利率降到了零水平。
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