Kazuhiro Nogi/AFP/Getty Images

日本的另一个教训

发自纽黑文——最近这段时间出人意料的通胀坏消息真是一个接着一个。在美国,所谓的核心消费价格指数(core CPI)——不包括食品和能源——在一片上行预期中调头向下。截至五月份的三个月中,核心消费物价指数基本保持不变,维持在较去年同期高出1.7个百分点的水平。对于各界广泛认为已经近乎实现充分就业神迹的美国经济来说,这简直是当头一盆冷水——而最尴尬的莫过于已尽一切努力要使通胀水平回归2%目标值的美联储了。

而在世界的另一侧,类似的故事也在日本继续上演。但是对于极易出现通缩的日本经济来说,故事的内容更让人揪心。

截至今年4月份,日本的核心消费物价指数较去年同期基本持平,而东京都市圈的经济表现显示5月也将如此。对于为遏制持续19年(1994~2013)累计达19.5%的通缩趋势而动用了史无前例的非常规政策武器库的日本银行来说,这不仅仅是一个盆冷水,简直就是一场近乎失败的窘境。

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