日本出臺450億美元財政刺激

Shinzo Abe has put Japan at the forefront of a global shift away from austerity and towards looser fiscal policy as he launched a ￥4.6tn ($45bn) stimulus to boost a struggling economy.

安倍晉三(Shinzo Abe)帶領日本置身於從緊縮轉向更寬鬆財政政策的全球轉變的前沿。他出臺了一項4.6萬億日元（合450億美元）的刺激方案，以提振困境中的日本經濟。

The package marks a return to the basics of the prime minister’s Abenomics programme, which was supposed to combine monetary and fiscal stimulus, as Japan wrestles with weak consumption and the drag on exports from a stronger yen.

這個方案標誌着迴歸“安倍經濟學”的基本理念，即結合貨幣和財政刺激。目前日本正在苦苦應對消費疲弱和強勢日元對出口的拖累。

“The key word is investment in the future,” said Mr Abe as he announced the decision in cabinet. He exhorted ministries to put the package into effect as fast as possible.

“關鍵詞是投資於未來，”安倍在內閣會議上宣佈這一決定時表示。他要求各部儘快落實這個刺激方案。

Although Mr Abe proclaimed a total package of ￥28.1tn, actual new government spending is ￥6.2tn, of which ￥4.6tn — 0.9 per cent of gross domestic product — will fall in the current fiscal year. “There was no surprise at all,” said Daiju Aoki, an economist at UBS in Tokyo. “Last year we had ￥3.3tn and this year it will be ￥4.6tn.”

雖然安倍宣稱整個方案價值28.1萬億日元，但實際的政府新支出爲6.2萬億日元，其中4.6萬億日元——相當於日本國內生產總值(GDP)的0.9%——將在當前財年撥付到位。“沒有任何意外，”瑞銀(UBS)駐東京經濟學家青木大樹(Daiju Aoki)表示，“去年是3.3萬億日元，今年將是4.6萬億日元。”

The package includes ￥2.5tn in welfare spending, ￥1.7tn for infrastructure, ￥0.6tn for small businesses hit by “uncertainty due to Brexit” and ￥2.7tn for reconstruction after an earthquake on the island of Kyushu this year.

該方案包括2.5萬億日元福利支出，1.7萬億日元投入基礎設施，0.6萬億日元幫助受到“英國退歐不確定性”影響的中小企業，以及2.7萬億日元用於今年九州島地震後的重建工程。

Welfare spending is expected to include childcare subsidies and a payment of ￥15,000 ($147) each for 22m low-income individuals. Direct spending on families and low-income households should find its way into consumption quickly. Some of the infrastructure spending may not take effect for years.

福利支出預計將包括托兒補貼以及向2200萬低收入者每人支付1.5萬日元（合147美元）。直接向家家戶戶，尤其是低收入家庭發放福利，應該會對消費起到立竿見影的提振作用。其中一些基礎設施支出可能需要多年才能見效。

The stimulus comes after the Bank of Japan disappointed markets with a modest addition to its monetary stimulus last week, upping the pace of stock market purchases to ￥6tn a year.

出臺財政刺激之前，日本央行(Bank of Japan)上週讓市場失望，僅適度加大其貨幣刺激政策的力度，把股市買入規模增加到每年6萬億日元。

Taro Aso, finance minister, sought to portray the stimulus as a joint effort with the BoJ, holding an unusual meeting with central bank chief Haruhiko Kuroda last night to discuss the details.

財務大臣麻生太郎(Taro Aso)尋求把這個刺激方案描繪成安倍政府與日本央行的聯合努力，昨晚他與央行行長黑田東彥(Haruhiko Kuroda)舉行不尋常的會議，討論細節。

“We want to accelerate Abenomics in co-operation with the BoJ,” Mr Aso said. Mr Kuroda sought to keep fiscal and monetary policy separate, saying only that there is “synergy between the stimulus measures and the accommodative financial environment”.

“我們要與日本央行合作，加快安倍經濟學，”麻生太郎表示。黑田東彥則尋求保持財政和貨幣政策相互獨立，只是說“刺激措施和寬鬆金融環境之間存在協同效應”。