Japan’s effort to get its economy moving entered difficult terrain last week. Bond yields rose and stock prices fell. Some promptly declared “Abenomics” – the reforms launched by prime minister Shinzo Abe – a failure. This is ludicrous. Abenomics may fail. But it will not be because bond yields rise or stock markets wobble. On the contrary, bond yields must rise if Japan recovers and the stock market will always wobble. The much-needed Japanese recovery programme will run risks. But last week told us little about them.
上周，日本提振經濟的努力遇到了挫折。債券收益率上漲，股市下跌。一些人當即宣稱“安倍經濟學”(Abenomics)（日本首相安倍晉三發起的改革）失敗。這很可笑。“安倍經濟學”或許會失敗，但不會是因為債券收益率升高或者股市震蕩。相反，如果日本復蘇，債券收益率肯定會上升，而股市震蕩則是正常現象。這項非常必要的日本復蘇計劃會面臨風險，但上周這種跡象并不明顯。
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