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。

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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。

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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。

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As inflation falls, real interest rates rise.

ECONOMIST: European Central Bank

The answers to those questions can be found by examining whether the rise in nominal rates is also accompanied by rising real interest rates and if the rise in the dollar is due to a decrease in its supply.

FORBES: Gold's Allure Tied to Interest Rates

The steep plunge in the real and the sharp rise in interest rates up by three percentage points on October 14th, for instance have made the debt position even more precarious.

ECONOMIST: What will Lula do? | The