第二，日本财务省今天公布，中国增持了日本国债。
Second, the Japanese Ministry of Finance today disclosed that China has increased its holding of Japanese bonds.
这最终会限制日本银行能持有多少日本国债。
This will eventually limit how many JGBs the Japanese Banks can hold.
今年早些时候，10年期日本国债收益率还为负值，债市几近冻结。
Earlier this year, the 10-year Japanese government bond yield was in negative territory and the markets were all but frozen.
6月19日，日本国债收益创造了八个月以来的新低。日元危及了欧元和美元的地位。
Yields on Japanese government bonds (JGBs) fell to an eight-month low on July 19th; the yen strengthened against the euro and the dollar.
当日本国债收益率于90年代末跌至1- 2%时，许多人都认为它被高估了[3]。
Many people thought Japanese bonds were overpriced when yields fell to 1-2% in the late 1990s.
周二，日本国债票面利率只有1.1%，为 2003年8月以来的最低水平。
The coupon at Tuesday's auction was just 1.1%, the lowest since August 2003.
不过，日本人口正在老龄化，而且他们迟早会停止购买日本国债，而将储蓄用于退休生活。
But the Japanese population is aging and, at some point, they will have to stop buying Japanese bonds and spend their savings in retirement.
对日元走强的一种解释是，中国购买日本国债和其它日元资产的行动正在帮助推高日元汇率。
One theory behind the yen's strength is Chinese purchase of Japanese government bonds and other yen assets is contributing to its appreciation.
然而，本周，10年期日本国债收益率在0.08%左右，符合日本央行的目标。
This week, however, the 10-year JGB yield was about 0.08 per cent, in line with the BoJ target.
虽然这些疯狂的实验让日本央行持有了三分之一的日本国债，通货紧缩仍是一大祸害。
But though these wild experiments have left the central bank holding a third of the outstanding JGB stock, deflation remains a scourge.
假设中国央行继续以同样的速度累积外汇储备，那么日本国债的购买额大约占到新增外汇储备的10%。
Assuming that the PBoC continued to accumulate reserves at the same pace, this implies that purchase of JGBs accounted for nearly 10 per cent of new reserves.
据日本财务省的数据，中国购买日本国债的做法与去年大相径庭，当时中国净出售了802亿日圆日本国债。
China's JGB purchases mark a turnaround from last year, when China sold a net 80.2 billion yen of Japanese securities, according to the data from Japan's Finance Ministry.
在这种压力下，日本国债的收益在两个百分点上波动着，其损失的一级资本和二级资本必须控制在20%之内。
Under a stressed scenario in which JGB yields move up or down by two percentage points, the loss the Banks would suffer must not exceed 20% of Tier-1 and Tier-2 capital.
然后9月份日本央行官员启动了一项实验，希望通过购买更多日本国债来实现对短期和长期收益率曲线预设的目标。
Then, in September, BoJ officials embarked on an experiment: aim to hit a preset target for the short and long yield curve by buying more JGBs.
9月份到期的日本国债期货基准合约最新报141.54，下跌0.03点，受到10年期国债拍卖结果略显疲软影响。
Lead September JGB futures were last down 0.03 at 141.54, after a slightly weak 10-year auction result.
但稻留克俊说，中国的买入突出了这样一种可能，即中国最终有可能帮助日本国债市场拥有一个更加多样化的投资者基础。
Nonetheless, China's buying highlights the possibility that the country could eventually help the JGB market move toward a more diversified base, Mr. Inadome says.
并称，如果“(日本国债)收益率持续上升……致该国主权债务处于更不利的地位”，惠誉将考虑将日本列入负面观察名单。
Fitch added that it would consider putting the country on negative watch if a "sustained rise in [Japanese Government Bond] yields... worsened the sovereign's debt dynamics."
本周，穆迪投资者服务公司(Moody's Investors Service)将日本国债信用评级从Aa2下调一档至Aa3。
This week, Moody's Investors Service lowered its credit rating for Japanese government debt. The credit rating agency downgraded Japan one step from Aa2 to Aa3.
德国目前的国债利率相当于日本在1997年初的水准——日本国债利率从1990年的7.9%一直下滑至今天的略高于1%。
German rates are now where Japan's were in early 1997, during the long slide from 7.9 per cent in 1990 to just above 1 per cent today.
但这些措施起到的作用只是把日本的国债提升到日本国内生产总值的一倍。
All that these measures succeeded in accomplishing was raising Japan's public debt to 100 percent of its GDP.
但这些措施起到的作用只是把日本的国债提升到日本国内生产总值的一倍。
All that these measures succeeded in accomplishing was raising Japan's public debt to 100 percent of its GDP.
应用推荐