Japan Economy Contracted Less Than Estimated（excerpted from Bloomberg)）
Japan Economy Contracted Less Than Estimated
日本经济萎缩比预期少（节选自彭博网）By Keiko Ujikane and Aki Ito - Aug 15, 2011 2:44 PM GMT+0800；translated by Alex, www.ccjk.com; Keiko Ujikane 和 Aki Ito，www.bloomberg.com ,2011.8.15 Alex 译， Japan’s economy contracted less than economists estimated in the second quarter as reconstruction work counters the effects of the record March 11 earthquake and a strengthening yen.Gross domestic product shrank at an annualized 1.3 percent rate in the three months ended June 30, marking three consecutive quarters of declines, the Cabinet office said today in Tokyo. The median forecast of 25 economists surveyed by Bloomberg News was for a 2.5 percent drop. 日本经济萎缩少于经济学家在第二季度的预期，记录表明自3月11日来的重建工作在一定程度上阻止了低迷。日本内阁府今天在东京宣布，截止到6月30日三个月内，国内生产总值以年率1.3%下跌，标志着三个季度的连续下跌。彭博新闻的25位经济学家调查的中值为下降2.5%。 Finance Minister Yoshihiko Noda said today that the world’s third-biggest economy will probably resume its expansion this quarter after pledging yesterday to take “bold action” to curb yen gains if necessary. The nation’s former top currency official Eisuke Sakakibara said today Japan’s currency may rise to a postwar record, threatening the profits of exporters from Toyota Motor Corp. to Sony Corp. just as global growth slows. 财务大臣野田佳彦今天表示，世界第三大经济体将可能在本季度恢复扩张，这仅发生在昨天宣誓其如有必要会采取“大胆行动”遏制日元收益后。国家前货币高管神原英资今天说，随着全球经济放缓，日本货币可能上升到战后记录，威胁出口商的利润，包括丰田汽车公司、索尼公司等。 “The headline number is better than expected, but it’s not like this is a strong number,” said Hiroshi Miyazaki, chief economist at Shinkin Asset Management Co. in Tokyo. “The strengthening yen will start to weigh on exports and capital spending. We can expect positive growth in the third quarter, but the yen may damp that momentum.” 东京信金资产管理公司的首席经济学家浩宫歧县说，“大数据好于预期，但不像是给力的数字,加强日元将开始权衡出口和资本开支。我们可以预计在第三季度有不错的增长，但日元可能会抑制其动力。” Japan’s benchmark Nikkei 225 (NKY) Stock Average rose 1.4 percent to 9,086.41 at the 3 p.m. close in Tokyo. The yen traded at 76.89 per dollar and has gained 5 percent against the U.S. currency in the past three months. Authorities sold the yen for the first time since March this month as it approached a high of 76.25.“The yen may appreciate further, beyond 75” Sakakibara said in an interview with Bloomberg Television today. “I would expect the U.S. economy to be fairly weak for a long period of time.” 下午东京收市时，日本基准日经225股票平均指数上涨了1.4个百分点，达到9,086.41。 对美汇率为76.89日元，较三个月前已获得5个百分点的增长。当局三月以来首次销售日元，因其达到了76.25的高位。“日元可能进一步升值，超过75”神原英资今天接受彭博电视采访时表示，“我预计在相当长的时间内美国经济将相当弱。” Mr. Yen Sakakibara became known as “Mr. Yen” during his 1997-1999 tenure as the Finance Ministry’s top currency official because of his efforts to influence the yen rate through verbal and actual intervention in foreign-exchange markets.Capital investment rose 0.2 percent, compared with a revised 1.4 percent decline in the first quarter, today’s data showed. Public investment increased 3 percent, the first advance in six quarters, reflecting government rebuilding efforts, the report showed. 日元先生 在1997-1999财政部货币高官的任期内，他通过言论和实际行动干预外汇市场，努力影响日元汇率，因而得其“日元先生”的称号。今天的数据显示，资本投资上升0.2个百分点，与第一季度下降1.4%相比较。报告显示，公共投资增加3%，提前6个季度达到此数据，反映了政府在重建工作上的努力。 Toyota, the world’s biggest carmaker, expects to begin making up for lost output from the earthquake in September, one month earlier than previously announced, it said on Aug. 2. The company is hiring up to 4,000 temporary workers to help that effort. 世界最大汽车制造商，丰田，八月二日宣布预计在九月开始弥补自地震以来的产出损失，比先前宣布的早一个月。该公司正雇佣多达4,000名临时工人为此努力。
‘Blown Off’A 15-yen change in the dollar-yen rate over the past year has “blown off” 300,000 yen, or $3,900, in profit on a $20,000 car, and a stronger yen has cut Toyota’s fiscal first-quarter operating profit by 50 billion yen, Takahiko Ijichi, the carmaker’s senior managing officer, said on Aug. 2.
“吹走”丰田高管地知隆彦8月2日表示，过去的一年里，在美-日汇率日元15点汇率的升值已从每台$20,000的车中“吹走”300,000日元或$3,900美元利润，走强的日元已让丰田第一季度的运营利润削减500亿日元。 A stronger currency makes Japanese products less competitive abroad and erodes overseas profits repatriated into yen. The yen has been stronger than the 82.59 average rate on which companies have based their profit forecasts, according to a quarterly Bank of Japansurvey of business activity. 日元走强让日本产品在国外竞争力减弱，并通过日元削减其海外利润。根据日本银行季度性的业务活动调查，日元一直强于公司基于利润预测的82.59平均率。 “The exchange rate is at a level that has an extremely damaging effect on the Japanese economy,” Osamu Masuko, president of Tokyo-based Mitsubishi Motors Corp., said Aug. 4 after authorities intervened in the foreign-exchange market for the first time since March. “The resulting exchange rate still isn’t acceptable.” 总部位于东京的三菱汽车总裁益子修说：“汇率对于日本经济是极为不利的影响。”8月4日，当局自3月以来首次对外汇市场进行干预，“但结果仍是不能接受的。” Slower overseas growth may also weigh on demand for Japanese products. Tokyo Electron Ltd., the world’s second- largest maker of semiconductor equipment, cut its net income forecast for the year ending in March by 49 percent to 34 billion yen ($442 million), citing lower than expected sales. 海外增长放慢也会打压对日本产品的需求。东京电子公司，全球第二大半导体设备生产商，三月份时将其年终净收益预测削减49%至340亿日元（$4.42亿)，理由是销售低于预期。
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