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Japan Goes 'Normal'-and Investors Love It

机译：日本走向“正常”，投资者喜欢它

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Japan has finally emerged from its on-again, off-again recession hangover, and nowadays analysts pay Japan what may seem like a backhanded compliment but is actually high praise—the world's second-largest economy, they say, has finally become a "normal" country. "In the absence of major imbalances in the Japanese economy, which we don't see at this point, I would say the outlook is reasonably rosy," says Peter Morgan, chief economist for HSBC Securities (Japan) Ltd. "And there's no reason why the expansion should come to an end in the near future." After decades of operating as if in a zero-gravity universe where the laws of profit and loss did not seem to matter, Japanese companies are winning plaudits for having discovered religion— or at least a newfound zeal for fiscal discipline. Many analysts are convinced that real growth, which couldn't get out of the one-percent basement in the 1990s, will hit two or even three percent over the medium term. "Basically whatever company you take, there is even a competition over who is cutting costs more," says Pekka Laitinen, senior director, head of corporate in Japan for Fitch Ratings. "And this is having a dramatic impact on balance sheets. They are less leveraged now than in the 1970s."
机译：日本终于摆脱了持续不断的衰退困扰，如今，分析师向日本支付了看似反手的称赞，但实际上得到了人们的高度赞扬。他们说，世界第二大经济体终于变得“正常”。国家。汇丰证券（日本）有限公司首席经济学家彼得•摩根（Peter Morgan）说：“在目前没有出现日本经济严重失衡的情况下，我认为前景相当乐观。”扩展在不久的将来会结束的原因。”经过数十年的运作，仿佛在零重力的宇宙似乎并不重要的零重力世界中，日本公司因发现宗教或至少是对财政纪律的新热情而赢得称赞。许多分析师相信，从1990年代无法摆脱1％的基数的实际增长，将在中期达到2％甚至3％。惠誉国际（Fitch Ratings）日本公司主管高级主管佩卡·莱蒂宁（Pekka Laitinenen）表示：“基本上，无论您选择哪家公司，在谁削减成本上都存在竞争。 “这对资产负债表产生了巨大影响。与1970年代相比，现在它们的杠杆作用有所减少。”

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    《Institutional investor》 |2005年第9期|p.O1-O2O4|共3页
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