他还觉得，鉴于没有通货膨胀的压力，日元比黄金更有吸引力，而黄金的购买多出于非理性动机。

He also argues that the yen is much more attractive than gold, which is being bought for irrational motives, given the lack of inflationary pressure.

youdao

他还觉得，鉴于没有通货膨胀的压力，日元比黄金更有吸引力，而黄金的购买多出于非理性动机。

He also argues that the yen is much more attractive than gold, which is being bought for irrational motives, given the lack of inflationary pressure. Mind you, he admits that.

youdao

但前提是几乎没有通货膨胀；鉴于当前美国通胀率为3.8%，自1900年以来的平均通胀率是3.1%，投资者购买国债风险就大了。

But that depends on negligible inflation; and given that the current American rate is 3.8% and that the average rate since 1900 has been 3.1%, this is a big risk for investors to take.

youdao