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日本企业信心升至8年高点,为日本央行加息增添理由Japan business mood reaches 8-year high, bolsters case for BOJ hikes

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东京,10月1日:根据日本央行的调查数据显示,7月至9月期间,日本企业的信心指数达到了八年来的最高水平。这表明日本经济正在应对中东地区的冲突,并为加息提供了有力支持。

TOKYO, Oct 1 : Japanese business confidence hit an eight-year high over July-September amid elevated inflation expectations, a central bank survey showed, indicating an economy weathering the Middle East conflict and bolstering the case for interest rate hikes. Confidence is among factors the Bank of Japan will consider in its quarterly growth and inflation forecasts this month, which are likely to offer clues as to how soon the bank could raise its policy rate after hiking in September.

日本央行在制定本月的季度经济增长和通胀预测时,会将企业信心作为重要参考因素;这些预测可能会暗示央行何时会再次加息。

The headline index measuring big manufacturers' business sentiment reached +24 in September from +22 in June, the highest since March 2018, the BOJ's "tankan" survey showed.

根据日本央行的“Tankan”调查,衡量大型制造商经营情绪的指数在9月份上升至+24(6月份为+22),创下2018年3月以来的最高水平,而分析师的平均预期为+25。

That compared to the +25 average analyst estimate.

企业之所以如此乐观,是因为它们的利润表现强劲,能够将美国-伊朗战争带来的成本转嫁给客户,这反映了强劲的市场需求以及企业逐渐增强的定价能力。

Optimism was driven by strong earnings as manufacturers were able to pass customers costs stemming from the US-Iran war, reflecting resilient demand and growing pricing power.

调查显示,企业预计三年后的通胀率为2.6%,五年后的通胀率为2.5%,这意味着通胀率可能会在较长时间内高于日本央行设定的2%的目标水平。

The survey showed companies forecast inflation at 2.6 per cent in three years and 2.5 per cent in five, signalling expectations of inflation beyond the BOJ's 2 per cent target for a prolonged period.

三菱UFJ研究与咨询公司的首席经济学家小林信一郎表示:“调查结果表明,价格压力依然存在,企业不得不将更高的成本转嫁给消费者。”他补充说:“结合企业情绪的改善,这些结果很可能会强化日本央行的观点,即通胀将持续存在,因此央行在应对价格上涨方面几乎没有放松警惕的余地。”

"The survey results show underlying price pressure remains firm, with firms continuing to indicate they have little choice but to pass on higher costs in selling prices," said principal economist Shinichiro Kobayashi at Mitsubishi UFJ Research and Consulting. "Taken together with improving business sentiment, the results are likely to reinforce the BOJ's view that inflation will remain persistent, leaving little room to ease its vigilance against rising prices," Kobayashi said.

日本央行上个月将其政策利率上调至31年来的最高水平。行长表示,央行已进入一个专注于防止通胀超过目标的阶段,这意味着未来有可能进一步加息。

The BOJ raised its policy interest rate to a 31-year high last month. Its governor signalled the bank has entered a phase focused on preventing inflation from overshooting its target, raising the prospect of further hikes.

一项用于衡量大型非制造业企业情绪的指数为+35,而6月时该指数为+37,市场预期为+36;这是该指数五个季度以来的首次下降。该指数仍保持较高水平,部分原因在于劳动力短缺、工资上涨以及家庭消费面临的压力。

An index measuring big non-manufacturers' sentiment was +35, versus +37 in June and the +36 market view, in the first decline in five quarters. The level remained high partly due to a labour shortage, rising wages and pressure on household spending.

调查还显示,这些大型企业计划在截至3月的财年内将资本支出增加11.3%,这表明中东冲突对企业的负面影响较为有限。

The survey also showed big firms aim to raise capital spending by 11.3 per cent in the financial year through March, indicating the muted affect of the Middle East conflict.

Sompo Institute Plus的高级经济学家小池正人表示,这些调查结果表明日本央行的加息措施对企业融资环境的影响有限,从而缓解了人们对于“更高的借贷成本可能会阻碍企业投资”的担忧,并为日本央行进一步实施货币政策正常化留下了空间。

The results indicate the BOJ's hikes have had a limited impact on corporate financing conditions, likely easing concern that higher borrowing costs could derail business investment, and leaving room for further policy normalisation, said senior economist Masato Koike at Sompo Institute Plus.