虽然日本央行在早些时候预计将有三年的物价下跌，但分析家并未预期如果通缩压力继续存在，央行会调高利率。
Analysts did not expect the BoJ, which had earlier predicted three years of falling prices, to move on rates for as long as deflationary pressures continue.
虽然日本央行预计日本经济可能在第一季度摆脱放缓态势，但持续的通缩可能会阻止加息，估计最早的加息时间是2013年。
While the BOJ expects Japan's slowdown to end this quarter, continued deflation will probably prevent it from increasing interest rates until 2013 at the earliest.
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.
虽然听起来不切实际，甚至荒唐无稽，但这样的世界在1月29日离我们更近一步了，因为日本央行将银行准备金存款利率削减为- 0.1%。
It sounds fanciful, absurd even. Yet such a world came a step closer on January 29th, when Japan's central bank cut the interest rate on bank reserves to -0.1%.
虽然美元兑日元的下跌将我们带到新低，但因投资者和投机者对日本央行的干预持谨慎态度，使得美元兑日元的移动幅度相对温和。
While USDJPY's dip afterwards did take us to fresh lows, the size of the move itself was relatively modest as investors and speculators remain wary of triggering BoJ intervention.
虽然美元兑日元的下跌将我们带到新低，但因投资者和投机者对日本央行的干预持谨慎态度，使得美元兑日元的移动幅度相对温和。
While USDJPY's dip afterwards did take us to fresh lows, the size of the move itself was relatively modest as investors and speculators remain wary of triggering BoJ intervention.
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