双语精读TE-2023-05-11期
Inflation ：28 years later
After decades of stagnation, wages in Japan are finally rising
【1】Kasahara Yoshihisa, boss of Higo Bank, a lender in Japan’s south, beams with pride as he explains plans to lift wages. The firm’s workers will see a 3% boost, as well as regular increases for seniority. But a sheepish look crosses his face when asked about the last time staff saw such a rise. “Twenty-eight years ago,” he admits.
【2】Higo Bank is no outlier. Annual nominal wages in Japan rose by just 4% from 1990 to 2019, compared with 145% in America, according to the OECD, a rich-country club. Unions emphasise job stability over raises; bosses are reluctant to lift pay amid poor productivity growth. This has hampered efforts to escape deflation or low inflation. Thus the Bank of Japan (BOJ) has maintained a doveish policy stance despite headline inflation topping 4% this year.
【3】But recent data suggest change may be on the way: this year’s wage negotiations point to the fastest pay growth in 30 years. Daniel Blake of Morgan Stanley, an investment bank, calls it “the biggest macro development in Japan in a decade”. For Ueda Kazuo, who took over as BOJ governoron April 8th, the data will be a crucial factor in deciding whether to tighten policy.
【4】Parsing Japanese wage figures requires understanding local quirks. Wages are set when firms and unions meet for yearly negotiations known as shunto or “the spring offensive”. Headline figures consist of two parts: scheduled seniority-based increases and “base pay”. The latter has more impact on household spending, and thus potential to influence inflation.
【5】According to figures released by Japan’s confederation of labour unions on April 5th, base pay will rise by 2.2% and headline wages by 3.7% this year, compared with 0.5% and 2.1% last year. Blue-chip firms have been particularly generous. Fast Retailing, a clothing giant which owns brands including Uniqlo, gave its regular workers increases of as much as 40%. More data will trickle in until July, as medium- and smaller-sized firms report results. Goldman Sachs, a bank, reckons the final figure will settle at 2% growth in base pay, the highest since 1992.
【6】Consumer prices have risen at a pace not seen in four decades. Although most of the rise comes from cost-push factors, such as imported food and energy, higher headline numbers have raised expectations and placed pressure on bosses. As Mr Kasahara puts it: “Companies have a responsibility to provide wages that match inflation—and not just big firms in Tokyo.” Tight labour markets have also played a role: Japan has compensated for its shrinking, greying population by bringing more women and elderly into the labour force in recent years, but these opportunities are close to being maxed out.
【7】For both workers and the BOJ, the question is whether the raises are a one-off event or a step change. Even this year’s big gains may not be enough to assuage policymakers. Kuroda Haruhiko, the BOJ’s former governor, has said that still higher wage growth will be needed to hit the 2% inflation target. At his final press conference as governor, Mr Kuroda said that although wage negotiations were encouraging, easing should continue. At his first press conference on April 10th, Mr Ueda sounded much the same note.
①短语：
1. 原文： a lender in Japan’s south, beams with pride as he explains plans to lift wages
词典：beam with带着（表情）
例句：We 1 beam with delight when a neighbor congratulates us on my pregnancy.
当一位邻居为我怀孕的事祝贺我们夫妇时，我们会眉开眼笑。
2. 原文：bosses are reluctant to lift pay amid poor productivity growth.
词典：be reluctant to 不愿做某事
例句：Many activists may be reluctant to give Mr Bush credit.
许多活动家可能不太愿意嘉许布什的功劳。
3. 原文：But recent data suggest change may be on the way:
词典：on the way 在途中；接近
例句：She is well on the way to recovery.
她就要康复了。
4. 原文：this year’s wage negotiations point to the fastest pay growth in 30 years.
词典：point to 指向；表明
例句：High electricity bills point to a poor heating system or bad insulation.
高额的电费账单表明供暖系统较差或者是隔热材料不好。
5. 原文：For Ueda Kazuo, who took over as BOJ governor on April 8
th
词典：take over 接任
例句：He inherited a poisoned chalice when he took over the job as union leader.
他接手工会领导职务,看似风光,实则会给他带来很多麻烦。
6. 原文：Wages are set when firms and unions meet for yearly negotiations known as shunto or “the spring offensive”
词典：known as 被称为；公认为
例句：The organization is deep into a long self-analysis known as the journalism credibility project.
该组织正深深陷入一个长期的自我剖析过程，即新闻可信度调查项目。
7. 原文：Headline figures consist of two parts: scheduled seniority-based increases and “base pay”.
词典：consist of 由...构成
例句：The development will consist of 66 dwellings and a number of offices.
新建楼区将由66栋住房和一些办公用房组成。
8. 原文：Consumer prices have risen at a pace not seen in four decades.
词典：at a pace 以...的速度
例句：It’s on the move at a pace that would have seemed unimaginable just a few years ago.
这套政治正在兴起。仅仅是在几年前，这样的进展都是难以想象的。
9.原文：Tight labour markets have also played a role:
词典：play a role 起作用
例句：Which is why researchers set out to look for proof that human predation played a role in the demise of Genyornis.
因此研究人员们搜集证据，希望找出远古人类的捕猎对这种巨鸟灭绝产生的影响。。
10.原文：greying population by bringing more women and elderly into the labour force in recent years, but these opportunities are close to being maxed out.
词典：max out 到达极限
例句：He has three or four credit cards, all maxed out.
他有三四张信用卡，都刷爆了。
②长难句
1. 原文：For Ueda Kazuo, who took over as BOJ governor on April 8th, the data will be a crucial factor in deciding whether to tighten policy.
2. 分析：本句为主系表结构，句子主语是the data，系动词will be，表语a crucial factor；in deciding whether to tighten policy 作状语；前面半句中who引导了非限定性状语从句，“who took over as BOJ governor on April 8th”，先行词是Ueda Kazuo，该定语从句中的主语是who，谓语是took over。
3.译文：对于在4月8日接任日本银行行长的植田和男（Ueda Kazuo）来说，这些数据将是决定是否采取紧缩政策的关键因素。
1.原文：Although most of the rise comes from cost-push factors, such as imported food and energy, higher headline numbers have raised expectations and placed pressure on bosses.
2.分析：本句包括Although引导的让步状语从句，从句的主语是most of the rise，谓语comes from，宾语cost-push factors；主句的主语是higher headline numbers，谓语have raised和placed，宾语分别是expectations and pressure.
3.译文：尽管大部分上涨是成本所促，比如进口食品和能源，但更高的总体数据提高了预期，也对老板们施加了压力。
③写作技巧:
The firm’s workers will see a 3% boost,
公司员工的工资将上涨3%。
表达：XX will see/ witness sth. 属于see的特殊表达，表示见证/某事发生，写作时要现某个现象或某个事件可以用这个句式。
例句：Recent years have seen numerous attempts to reform and revitalise the profession.
近些年，社会各界一直尝试着做一些改革，以此使该职业获得重生。
In recent days, we have witnessed even more provocative activity by the IRGC and navy vessels.
近日，我方还目睹了其他挑衅性行为。
④背景知识：
doveish policy（鸽派政策）：鸽派，政治名词，用以形容主张采取柔性温和的态度及手段处理外交、军事等问题的人士、团体或势力。反义词为鹰派。采用鸽子来代表的原因是因为在圣经中诺亚方舟的故事中，鸽子象征着和平（和平鸽）。英语中hawk和dove这两个词原意本来分别为“鹰”和“鸽”，前者经常被新闻记者用来指代政府内阁或议会中主张用武力解决国际事务争端的“强硬派”，也就是“鹰派”，而后者常指代主张用和平手段解决争端的“温和派”，即“鸽派”。我们说的鹰派和鸽派的含义即来源于此。
⑤段落大意：
【1】肥后银行将加薪
【2】日本薪资受通胀影响
【3】日本总体薪资政策将做出改变
【4】日本的薪资构成
【5】日本涨薪情况介绍
【6】消费价格也随之上涨
【7】薪资上涨仍需改进
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