日本的巨额养老金
<p> 2015复习正是强化复习阶段，在考研英语中占了40分，所以考研英语阅读是英语科目中重要的一项。名师老师曾建议过考研生需要坚持每天泛读10-15分钟的英文原刊。强烈推荐了杂志《经济学人》.杂志中的文章也是考研英语的主要材料来源.希望考研考生认真阅读，快速提高考研英语阅读水平。 <span word="Japan">Japan</span> <span word="s">s</span> <span word="pension">pension</span> <span word="giant">giant</span> 日本的巨额养老金 <span word="Risk">Risk</span> <span word="on">on</span> 追逐风险 <span word="The">The</span> <span word="world">world</span> <span word="s">s</span> <span word="largest">largest</span> <span word="pension">pension</span> <span word="fund">fund</span> <span word="is">is</span> <span word="changing">changing</span> <span word="theway">theway</span> <span word="it">it</span> <span word="invests">invests</span>, <span word="with">with</span> <span word="big">big</span> <span word="consequences">consequences</span> <span word="for">for</span> <span word="themarket">themarket</span>. 这个世界上最大的养老金基金正在改变它的投资方式，并在市场上引起重大改变。 <span word="WHEN">WHEN</span> <span word="George">George</span> <span word="Soros">Soros</span>, <span word="a">a</span> <span word="billionaire">billionaire</span> <span word="investor">investor</span>, <span word="met">met</span> <span word="Shinzo">Shinzo</span> <span word="Abe">Abe</span>, <span word="the">the</span> <span word="prime">prime</span> <span word="minister">minister</span> <span word="of">of</span> <span word="Japan">Japan</span>, <span word="atDavos">atDavos</span> <span word="in">in</span> <span word="January">January</span>, <span word="he">he</span> <span word="hectored">hectored</span> <span word="him">him</span> <span word="about">about</span> <span word="asset">asset</span> <span word="management">management</span>. 当亿万富翁及投资人乔治?索罗斯于一月份在达沃斯遇到日本首相安倍晋三时，他拿资产管理吓唬了安倍一番。 <span word="Japan">Japan</span> <span word="s">s</span> <span word="massive">massive</span> <span word="public">public</span> <span word="pension">pension</span> <span word="fund">fund</span> <span word="needed">needed</span> <span word="to">to</span> <span word="take">take</span> <span word="more">more</span> <span word="risk">risk</span>, <span word="he">he</span> <span word="reportedly">reportedly</span> <span word="told">told</span> <span word="Mr">Mr</span> <span word="Abe">Abe</span>. 据报道，他告诉安倍说，日本的大型公共养老金基金需要敢于承担风险。 <span word="With">With</span> 128.6 <span word="trillion">trillion</span> <span word="of">of</span> <span word="assets">assets</span>, <span word="the">the</span> <span word="Government">Government</span> <span word="Pension">Pension</span> <span word="Investment">Investment</span> <span word="Fund">Fund</span> <span word="is">is</span> <span word="the">the</span> <span word="world">world</span> <span word="s">s</span> <span word="biggestpublic">biggestpublic</span>-<span word="sector">sector</span> <span word="investor">investor</span>, 拥有128.6万亿日元的日本政府养老金投资基金是世界上最大的公共部门投资机构， <span word="outgunning">outgunning</span> <span word="both">both</span> <span word="foreign">foreign</span> <span word="rivals">rivals</span> <span word="and">and</span> <span word="Arab">Arab</span> <span word="sovereign">sovereign</span>-<span word="wealth">wealth</span> <span word="funds">funds</span>. 超过了国外的类似机构以及阿拉伯主权基金。 <span word="Yet">Yet</span> <span word="its">its</span> <span word="mountain">mountain</span> <span word="of">of</span> <span word="money">money</span> <span word="is">is</span> <span word="run">run</span> <span word="by">by</span> <span word="risk">risk</span>-<span word="averse">averse</span> <span word="bureaucrats">bureaucrats</span> <span word="using">using</span> <span word="an">an</span> <span word="investment">investment</span> <span word="strategynot">strategynot</span> <span word="much">much</span> <span word="more">more</span> <span word="adventurous">adventurous</span> <span word="than">than</span> <span word="stuffing">stuffing</span> <span word="bundles">bundles</span> <span word="of">of</span> <span word="yen">yen</span> <span word="under">under</span> <span word="a">a</span> <span word="futon">futon</span>. 然而这座钱山却由小心翼翼的官僚们经营，他们的投资策略不会比把整捆的日圆放在蒲团下面更冒险。 <span word="It">It</span> <span word="keeps">keeps</span> <span word="around">around</span> <span word="two">two</span>-<span word="thirds">thirds</span> <span word="of">of</span> <span word="assets">assets</span> <span word="in">in</span> <span word="bonds">bonds</span>, <span word="mostly">mostly</span> <span word="of">of</span> <span word="the">the</span> <span word="local">local</span> <span word="variety">variety</span>. 其资产的三分之二是债券，而且主要是国内债券。 <span word="Like">Like</span> <span word="an">an</span> <span word="investing">investing</span> <span word="novice">novice</span>, <span word="it">it</span> <span word="mostly">mostly</span> <span word="follows">follows</span> <span word="indices">indices</span> <span word="passively">passively</span>, <span word="and">and</span> <span word="hardly">hardly</span> <span word="ventures">ventures</span> <span word="abroad">abroad</span>. 它跟个投资新手一样，只是消极地跟着指数走，并且极少到国外去冒险。 <span word="The">The</span> <span word="government">government</span> <span word="would">would</span> <span word="dearly">dearly</span> <span word="love">love</span> <span word="to">to</span> <span word="oblige">oblige</span> <span word="Mr">Mr</span> <span word="Soros">Soros</span>. 日本政府可是迫不及待地想满足索罗斯的一番要求。 <span word="Mr">Mr</span> <span word="Abe">Abe</span> <span word="is">is</span> <span word="now">now</span> <span word="taking">taking</span> <span word="steps">steps</span> <span word="to">to</span> <span word="overhaul">overhaul</span> <span word="the">the</span> <span word="fund">fund</span>. 安倍现在正着手改革养老基金。 <span word="In">In</span> <span word="November">November</span> <span word="last">last</span> <span word="year">year</span> <span word="an">an</span> <span word="official">official</span> <span word="panel">panel</span> <span word="laid">laid</span> <span word="out">out</span> <span word="a">a</span> <span word="plan">plan</span> <span word="of">of</span> <span word="far">far</span>-<span word="reaching">reaching</span> <span word="reform">reform</span>, 去年十一月，一个官方顾问团提交了一份大范围的改革计划， <span word="some">some</span> <span word="of">of</span> <span word="which">which</span> <span word="could">could</span> <span word="take">take</span> <span word="effect">effect</span> <span word="as">as</span> <span word="soon">soon</span> <span word="as">as</span> <span word="this">this</span> <span word="year">year</span>. 其中一些甚至在今年就会产生效果。 <span word="To">To</span> <span word="boost">boost</span> <span word="returns">returns</span> <span word="to">to</span> <span word="future">future</span> <span word="pensioners">pensioners</span>, <span word="it">it</span> <span word="concluded">concluded</span>, 计划中总结到，为大幅度提高未来养老金领取者的收益， <span word="the">the</span> <span word="GPIF">GPIF</span> <span word="should">should</span> <span word="reduce">reduce</span> <span word="its">its</span> <span word="reliance">reliance</span> <span word="on">on</span> <span word="bonds">bonds</span>, <span word="head">head</span> <span word="into">into</span> <span word="stocks">stocks</span> <span word="and">and</span> <span word="also">also</span> <span word="invest">invest</span> <span word="in">in</span> <span word="differentasset">differentasset</span> <span word="classes">classes</span> <span word="including">including</span> <span word="infrastructure">infrastructure</span> <span word="and">and</span> <span word="venture">venture</span> <span word="capital">capital</span>. <span word="GPIF">GPIF</span>应当减少对债券的依赖，投入股票市场并投资其他类型的资产，比如基础设施和风险投资。 <span word="Most">Most</span> <span word="radically">radically</span>, <span word="the">the</span> <span word="government">government</span> <span word="wants">wants</span> <span word="to">to</span> <span word="break">break</span> <span word="the">the</span> <span word="ties">ties</span> <span word="that">that</span> <span word="bind">bind</span> <span word="the">the</span> <span word="GPIF">GPIF</span> <span word="to">to</span> <span word="the">the</span> <span word="Ministry">Ministry</span> <span word="ofHealth">ofHealth</span>, <span word="Labour">Labour</span> <span word="and">and</span> <span word="Welfare">Welfare</span>. 政府最为激进的想法莫过于准备解除厚生劳动省对政府养老金投资基金的约束。 <span word="It">It</span> <span word="is">is</span> <span word="the">the</span> <span word="ministry">ministry</span> <span word="s">s</span> <span word="cautious">cautious</span> <span word="bureaucrats">bureaucrats</span> <span word="that">that</span> <span word="keep">keep</span> <span word="the">the</span> <span word="fund">fund</span> <span word="so">so</span> <span word="averse">averse</span> <span word="to">to</span> <span word="risk">risk</span>-<span word="taking">taking</span>. 正是小心翼翼的官僚作风使得该基金对风险敬而远之。 <span word="Even">Even</span> <span word="with">with</span> <span word="a">a</span> <span word="low">low</span> <span word="return">return</span>, <span word="of">of</span> <span word="an">an</span> <span word="annualised">annualised</span> 1.54% <span word="over">over</span> <span word="the">the</span> <span word="past">past</span> 12 <span word="years">years</span>, 虽然过去12年间的年化利率低达1.54%， <span word="the">the</span> <span word="GPIF">GPIF</span> <span word="has">has</span> <span word="met">met</span> <span word="its">its</span> <span word="own">own</span> <span word="targets">targets</span> <span word="cheaply">cheaply</span>. 政府养老金投资基金还是达到了自己的既定目标。 <span word="The">The</span> <span word="ministry">ministry</span> <span word="is">is</span> <span word="frugal">frugal</span> <span word="to">to</span> <span word="the">the</span> <span word="point">point</span> <span word="of">of</span> <span word="meanness">meanness</span>. 劳动省的作风与其说是节俭还不如说是吝啬。 <span word="The">The</span> <span word="fund">fund</span> <span word="s">s</span> 80-<span word="strong">strong</span> <span word="staff">staff</span> <span word="are">are</span> <span word="often">often</span> <span word="unable">unable</span> <span word="to">to</span> <span word="buy">buy</span> <span word="the">the</span> <span word="market">market</span> <span word="data">data</span> <span word="they">they</span> <span word="need">need</span>. 基金的80名员工甚至经常不能购买需要的市场资料。 <span word="It">It</span> <span word="is">is</span> <span word="one">one</span> <span word="thing">thing</span> <span word="to">to</span> <span word="keep">keep</span> <span word="costs">costs</span> <span word="low">low</span>, 减少开支是一回事， <span word="quite">quite</span> <span word="another">another</span> <span word="to">to</span> <span word="forgo">forgo</span> <span word="receptionists">receptionists</span>, <span word="as">as</span> <span word="the">the</span> <span word="GPIF">GPIF</span> <span word="does">does</span> <span word="at">at</span> <span word="its">its</span> <span word="non">non</span>-<span word="descript">descript</span> <span word="office">office</span> <span word="in">in</span> <span word="Tokyo">Tokyo</span>. 可连前台咨询员都没有就太过了，而政府养老金投资基金在东京简陋的办事处就是如此。 <span word="For">For</span> <span word="Mr">Mr</span> <span word="Abe">Abe</span>, <span word="geeing">geeing</span> <span word="up">up</span> <span word="the">the</span> <span word="fund">fund</span> <span word="is">is</span> <span word="part">part</span> <span word="of">of</span> <span word="his">his</span> <span word="plan">plan</span> <span word="to">to</span> <span word="revive">revive</span> <span word="Japan">Japan</span> <span word="s">s</span> <span word="economy">economy</span>, 对安倍来说，带动养老基金发展就如同日本中央银行在2013年4月大力推行的超宽松货币政策一样， <span word="alongside">alongside</span> <span word="a">a</span> <span word="radical">radical</span> <span word="monetary">monetary</span> <span word="easing">easing</span> <span word="which">which</span> <span word="the">the</span> <span word="Bank">Bank</span> <span word="of">of</span> <span word="Japan">Japan</span> <span word="began">began</span> <span word="in">in</span> <span word="earnest">earnest</span> <span word="in">in</span> <span word="April">April</span> 2013. 是他日本经济振兴计划的一部分。 <span word="As">As</span> <span word="well">well</span> <span word="as">as</span> <span word="defeating">defeating</span> <span word="deflation">deflation</span>, <span word="Mr">Mr</span> <span word="Abe">Abe</span> <span word="seeks">seeks</span> <span word="to">to</span> <span word="boost">boost</span> <span word="risk">risk</span>-<span word="taking">taking</span> <span word="in">in</span> <span word="the">the</span> <span word="economy">economy</span>. 除了对付通货紧缩，安倍还在寻求方法来鼓励日本经济承担更多风险。 <span word="The">The</span> <span word="planned">planned</span> <span word="changes">changes</span> <span word="to">to</span> <span word="the">the</span> <span word="fund">fund</span> <span word="also">also</span> <span word="include">include</span> <span word="demanding">demanding</span> <span word="better">better</span> <span word="corporate">corporate</span> <span word="governance">governance</span> <span word="fromJapan">fromJapan</span> <span word="s">s</span> <span word="large">large</span> <span word="companies">companies</span>. 养老基金改革计划中还包括要求日本大型企业实现更好的公司治理。 <span word="Already">Already</span>, <span word="the">the</span> <span word="markets">markets</span> <span word="are">are</span> <span word="anticipating">anticipating</span> <span word="the">the</span> <span word="effect">effect</span> <span word="of">of</span> <span word="the">the</span> <span word="slow">slow</span> <span word="shift">shift</span> <span word="in">in</span> <span word="direction">direction</span>. 市场已经预见到了这次缓慢的方向性转变可能带来的影响。 <span word="GPIF">GPIF</span> <span word="s">s</span> <span word="influence">influence</span> <span word="is">is</span> <span word="amplified">amplified</span> <span word="by">by</span> <span word="other">other</span> <span word="public">public</span> <span word="pension">pension</span> <span word="investors">investors</span> <span word="following">following</span> <span word="its">its</span> <span word="lead">lead</span>. <span word="GPIF">GPIF</span>造成的影响随着其他公共养老金投资机构的跟风而进一步扩大。 <span word="The">The</span> <span word="fund">fund</span> <span word="lowered">lowered</span> <span word="the">the</span> <span word="weight">weight</span> <span word="of">of</span> <span word="Japanese">Japanese</span> <span word="government">government</span> <span word="bonds">bonds</span> <span word="from">from</span> 62% <span word="in">in</span> <span word="its">its</span> <span word="portfolio">portfolio</span> <span word="inMarch">inMarch</span> 2013 <span word="to">to</span> 55% <span word="at">at</span> <span word="the">the</span> <span word="close">close</span> <span word="of">of</span> <span word="the">the</span> <span word="year">year</span>, 该基金已经将投资组合中日本国债的比重从2013年3月的62%降低到了年底时的55%， <span word="putting">putting</span> <span word="most">most</span> <span word="of">of</span> <span word="the">the</span> <span word="moneyroughly">moneyroughly</span> 8 <span word="trillioninto">trillioninto</span> <span word="local">local</span> <span word="and">and</span> <span word="foreign">foreign</span> <span word="shares">shares</span> <span word="instead">instead</span>. 并把这些资金中的大部分资金，约有8万亿日元，投入到了国内外股票中。 <span word="The">The</span> <span word="GPIF">GPIF</span> <span word="s">s</span> <span word="shift">shift</span> <span word="may">may</span> <span word="have">have</span> <span word="contributed">contributed</span> <span word="to">to</span> <span word="the">the</span> <span word="giddy">giddy</span> <span word="rise">rise</span> <span word="of">of</span> <span word="Japan">Japan</span> <span word="s">s</span> <span word="stockmarket">stockmarket</span>, <span word="GPIF">GPIF</span>的转型可能导致了日本股票市场的突然上涨， <span word="which">which</span> <span word="was">was</span> <span word="one">one</span> <span word="of">of</span> <span word="the">the</span> <span word="best">best</span>-<span word="performing">performing</span> <span word="rich">rich</span>-<span word="country">country</span> <span word="bourses">bourses</span> <span word="in">in</span> 2013. 使其成为2013年度富有国家中表现最好的股票交易所。 <span word="For">For</span> <span word="investors">investors</span>, <span word="the">the</span> <span word="likelihood">likelihood</span> <span word="that">that</span> <span word="the">the</span> <span word="GPIF">GPIF</span> <span word="will">will</span> <span word="continue">continue</span> <span word="shifting">shifting</span> <span word="towards">towards</span> <span word="equities">equities</span> <span word="is">is</span> <span word="aconvincing">aconvincing</span> <span word="reason">reason</span> <span word="to">to</span> <span word="buy">buy</span> <span word="Japanese">Japanese</span> <span word="shares">shares</span>. <span word="GPIF">GPIF</span>继续转向股票市场的趋势使得投资者大胆地买入股票。 <span word="That">That</span> <span word="in">in</span> <span word="turn">turn</span> <span word="reinforces">reinforces</span> <span word="Mr">Mr</span> <span word="Abe">Abe</span> <span word="s">s</span> <span word="will">will</span> <span word="to">to</span> <span word="enact">enact</span> <span word="the">the</span> <span word="reform">reform</span>. 这也反过来实现了安倍推动改革的愿望。 <span word="So">So</span> <span word="far">far</span> <span word="this">this</span> <span word="year">year</span> <span word="the">the</span> <span word="Nikkei">Nikkei</span> <span word="s">s</span> <span word="rise">rise</span>, 日经指数的上涨是本届政府受到广泛欢迎的原因之一， <span word="an">an</span> <span word="important">important</span> <span word="contributor">contributor</span> <span word="to">to</span> <span word="the">the</span> <span word="government">government</span> <span word="s">s</span> <span word="broad">broad</span> <span word="popularity">popularity</span>, <span word="has">has</span> <span word="stalled">stalled</span>. 不过目前，这股增长势头已经停止。 <span word="But">But</span> <span word="for">for</span> <span word="every">every</span> <span word="equity">equity</span> <span word="punter">punter</span> <span word="cheering">cheering</span> <span word="on">on</span> <span word="the">the</span> <span word="reform">reform</span>, 和股票持有者一致对改革拍手称快不同， <span word="there">there</span> <span word="is">is</span> <span word="a">a</span> <span word="JGB">JGB</span> <span word="holder">holder</span> <span word="fretful">fretful</span> <span word="about">about</span> <span word="the">the</span> <span word="eventual">eventual</span> <span word="impact">impact</span> <span word="on">on</span> <span word="prices">prices</span> <span word="if">if</span> <span word="the">the</span> <span word="asset">asset</span> <span word="class">class</span> <span word="s">s</span> <span word="biggestbacker">biggestbacker</span> <span word="continues">continues</span> <span word="to">to</span> <span word="sell">sell</span> <span word="off">off</span>. 一位国债持有者对于国债最大持有者的持续抛售对于其价格的影响感到非常担忧。 <span word="Investors">Investors</span> <span word="have">have</span> <span word="long">long</span> <span word="predicted">predicted</span> <span word="a">a</span> <span word="meltdown">meltdown</span> <span word="in">in</span> <span word="the">the</span> <span word="Japanese">Japanese</span> <span word="bond">bond</span> <span word="market">market</span>, <span word="given">given</span> <span word="that">that</span> <span word="itspublic">itspublic</span> <span word="debt">debt</span> <span word="stands">stands</span> <span word="at">at</span> <span word="nearly">nearly</span> 240% <span word="of">of</span> <span word="GDP">GDP</span>. 一直以来，投资者们都预测日本债券市场可能暴跌，因为日本的国债达到了<span word="GDP">GDP</span>的240%之巨。 <span word="One">One</span> <span word="explanation">explanation</span> <span word="of">of</span> <span word="why">why</span> <span word="the">the</span> <span word="cost">cost</span> <span word="of">of</span> <span word="borrowing">borrowing</span> <span word="for">for</span> <span word="the">the</span> <span word="government">government</span> <span word="has">has</span> <span word="remained">remained</span> <span word="low">low</span> <span word="is">is</span> <span word="thatJGBs">thatJGBs</span> <span word="are">are</span> <span word="chiefly">chiefly</span> <span word="held">held</span> <span word="by">by</span> <span word="loyal">loyal</span> <span word="local">local</span> <span word="banks">banks</span> <span word="and">and</span> <span word="by">by</span> <span word="public">public</span> <span word="pension">pension</span> <span word="funds">funds</span>, 而国债利率一直维持在低水平是由于日本国债的持有者主要是忠诚的国内银行以及公共养老金基金， <span word="rather">rather</span> <span word="than">than</span> <span word="by">by</span> <span word="foreigners">foreigners</span> <span word="who">who</span> <span word="would">would</span> <span word="demand">demand</span> <span word="a">a</span> <span word="higher">higher</span> <span word="risk">risk</span> <span word="premium">premium</span>. 而非要求风险收益的国外机构。 <span word="Yet">Yet</span> <span word="the">the</span> <span word="landscape">landscape</span> <span word="is">is</span> <span word="changing">changing</span> <span word="as">as</span> <span word="retirees">retirees</span> <span word="draw">draw</span> <span word="down">down</span> <span word="their">their</span> <span word="savings">savings</span>, <span word="meaning">meaning</span> <span word="thatinstitutional">thatinstitutional</span> <span word="holders">holders</span> <span word="will">will</span> <span word="become">become</span> <span word="still">still</span> <span word="more">more</span> <span word="important">important</span>. 然而随着退休人员减少了他们的储蓄，形势将发生改变，这些机构持有者变得更为重要了。 <span word="Ominously">Ominously</span>, <span word="Japan">Japan</span> <span word="s">s</span> <span word="current">current</span> <span word="account">account</span> <span word="has">has</span> <span word="moved">moved</span> <span word="into">into</span> <span word="deficit">deficit</span>. 一个不详的预兆是，日本的财政已经出现了赤字。 <span word="For">For</span> <span word="the">the</span> <span word="time">time</span> <span word="being">being</span>, <span word="the">the</span> <span word="monetary">monetary</span> <span word="easing">easing</span> <span word="undertaken">undertaken</span> <span word="by">by</span> <span word="the">the</span> <span word="Bank">Bank</span> <span word="of">of</span> <span word="Japan">Japan</span> <span word="will">will</span> <span word="more">more</span> <span word="thanoffset">thanoffset</span> <span word="the">the</span> <span word="effect">effect</span> <span word="of">of</span> <span word="any">any</span> <span word="bond">bond</span> <span word="sales">sales</span> <span word="by">by</span> <span word="the">the</span> <span word="GPIF">GPIF</span>. 目前，日本中央银行实行的货币宽松政策能够轻松抵消<span word="GPIF">GPIF</span>出售国债带来的影响。 <span word="So">So</span> <span word="now">now</span> <span word="is">is</span> <span word="exactly">exactly</span> <span word="the">the</span> <span word="right">right</span> <span word="moment">moment</span> <span word="for">for</span> <span word="the">the</span> <span word="fund">fund</span> <span word="to">to</span> <span word="sell">sell</span> <span word="with">with</span> <span word="no">no</span> <span word="fear">fear</span> <span word="of">of</span> <span word="triggering">triggering</span> <span word="a">a</span> <span word="broadersell">broadersell</span>-<span word="off">off</span>, <span word="argues">argues</span> <span word="Takatoshi">Takatoshi</span> <span word="Ito">Ito</span>, 眼下正是基金卖出国债的大好时机，而不用担心引起大量卖出。 <span word="the">the</span> <span word="chairman">chairman</span> <span word="of">of</span> <span word="the">the</span> <span word="government">government</span>-<span word="backed">backed</span> <span word="panel">panel</span> <span word="on">on</span> <span word="the">the</span> <span word="GPIF">GPIF</span>. 所以<span word="GPIF">GPIF</span>的政府顾问团主席伊藤隆敏认为。 <span word="Yet">Yet</span> <span word="though">though</span> <span word="the">the</span> <span word="fund">fund</span> <span word="may">may</span> <span word="at">at</span> <span word="last">last</span> <span word="escape">escape</span> <span word="its">its</span> <span word="duty">duty</span> <span word="of">of</span> <span word="holding">holding</span> <span word="oodles">oodles</span> <span word="of">of</span> <span word="government">government</span> <span word="debt">debt</span>, 该基金或许最终难免逃避持有大量国家债券的职责， <span word="the">the</span> <span word="shift">shift</span> <span word="could">could</span> <span word="exacerbate">exacerbate</span> <span word="problems">problems</span> <span word="once">once</span> <span word="the">the</span> <span word="central">central</span> <span word="bank">bank</span> <span word="starts">starts</span> <span word="eventually">eventually</span> <span word="to">to</span> <span word="withdrawfrom">withdrawfrom</span> <span word="its">its</span> <span word="quantitative">quantitative</span> <span word="easing">easing</span>. 不过一旦中央银行最终停止超宽松货币政策，这种转型将使情况进一步恶化。 <span word="The">The</span> <span word="partial">partial</span> <span word="withdrawal">withdrawal</span> <span word="of">of</span> <span word="the">the</span> <span word="GPIF">GPIF</span> <span word="from">from</span> <span word="the">the</span> <span word="market">market</span>, <span word="says">says</span> <span word="Naka">Naka</span> <span word="Matsuzawa">Matsuzawa</span>, <span word="chiefstrategist">chiefstrategist</span> <span word="at">at</span> <span word="Nomura">Nomura</span> <span word="Securities">Securities</span> <span word="in">in</span> <span word="Tokyo">Tokyo</span>, <span word="may">may</span> <span word="contribute">contribute</span> <span word="to">to</span> <span word="a">a</span> <span word="crisis">crisis</span> <span word="later">later</span> <span word="on">on</span>. 野村证券首席策略师<span word="Naka">Naka</span> <span word="Matsuzawa">Matsuzawa</span>认为，<span word="GPIF">GPIF</span>在市场上部分撤资会引起后续的萧条。 <span word="When">When</span> <span word="in">in</span> <span word="December">December</span> <span word="Mr">Mr</span> <span word="Ito">Ito</span> <span word="called">called</span> <span word="for">for</span> <span word="a">a</span> <span word="radical">radical</span> <span word="cut">cut</span> <span word="in">in</span> <span word="the">the</span> <span word="GPIF">GPIF</span> <span word="s">s</span> <span word="bond">bond</span> <span word="portfolio">portfolio</span> <span word="from">from</span> 55%<span word="down">down</span> <span word="to">to</span> 35%, <span word="yields">yields</span> <span word="on">on</span> <span word="JGBs">JGBs</span> <span word="temporarily">temporarily</span> <span word="rose">rose</span>. 去年12月，伊藤呼吁<span word="GPIF">GPIF</span>将债券投资比重由55%大幅度减少到35%时，日本国债的收益曾短期上升。 <span word="The">The</span> <span word="basic">basic</span> <span word="arguments">arguments</span> <span word="for">for</span> <span word="overhauling">overhauling</span> <span word="the">the</span> <span word="fund">fund</span> <span word="are">are</span> <span word="persuasive">persuasive</span>. 改革养老基金的基本论点非常有说服力。 <span word="With">With</span> <span word="an">an</span> <span word="ageing">ageing</span> <span word="population">population</span>, <span word="meaning">meaning</span> <span word="the">the</span> <span word="fund">fund</span> <span word="is">is</span> <span word="already">already</span> <span word="paying">paying</span> <span word="out">out</span> <span word="more">more</span> <span word="in">in</span> <span word="benefits">benefits</span> <span word="than">than</span> <span word="itreceives">itreceives</span> <span word="in">in</span> <span word="contributions">contributions</span>, 随着老龄化加剧，基金已经开始入不敷出了。 <span word="it">it</span> <span word="can">can</span> <span word="ill">ill</span> <span word="afford">afford</span> <span word="to">to</span> <span word="settle">settle</span> <span word="for">for</span> <span word="a">a</span> <span word="low">low</span>-<span word="risk">risk</span>, <span word="low">low</span>-<span word="returns">returns</span> <span word="approach">approach</span>. 如果继续采用低风险、低收益的投资策略，基金可能会付不出养老金来。 <span word="Its">Its</span> <span word="strategy">strategy</span> <span word="stands">stands</span> <span word="in">in</span> <span word="contrast">contrast</span> <span word="to">to</span> <span word="pension">pension</span> <span word="pots">pots</span> <span word="in">in</span> <span word="Canada">Canada</span> <span word="and">and</span> <span word="Australia">Australia</span>, <span word="for">for</span> <span word="example">example</span>, <span word="whichare">whichare</span> <span word="given">given</span> <span word="leeway">leeway</span> <span word="to">to</span> <span word="be">be</span> <span word="more">more</span> <span word="daring">daring</span>. 该基金的策略和诸如加拿大或澳大利亚的养老金机构相反，这些养老基金拥有承担风险的余地。 <span word="They">They</span> <span word="also">also</span> <span word="regularly">regularly</span> <span word="badger">badger</span> <span word="managers">managers</span> <span word="of">of</span> <span word="the">the</span> <span word="firms">firms</span> <span word="whose">whose</span> <span word="shares">shares</span> <span word="they">they</span> <span word="own">own</span>. 同时它们还监督所持股票的公司的经理人们。</p>
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