彭博社：日本经济即将崩溃！我们来分析原因吧！
正文翻译
评论翻译
@ichsanharja
plaza Accord and carry trade conveniently left out.
《广场协议》和套息交易被刻意忽略了。
@SFIT2000
My answer to the last question on vibrancy is a "no", as Japan's wage table still predominantly rewards seniority over excellence and it is still very hard to fire people.
我对视频最后关于“活力”的提问回答是“不”。因为日本的薪资体系至今仍主要按年资而非能力付薪，而且解雇员工依然极其困难。
@xiaomifan5983
I think it will be interesting to watch the BOJ's future rate policy. A shrinking gap between Japanese and foreign interest rates could discourage yen carry trades, pulling billions out of foreign assets back to Japan.
我觉得观察日本央行未来的利率政策会很有意思。日元与外币利差收窄可能会抑制日元套息交易，促使数千亿美元资金从海外资产回流日本。
@MinCheese
I lived in Japan briefly as a student in 2023. The period before that the Yen was consistently 220VND / 1 Yen. But by that point, it had dropped to 170-180VND / 1 Yen and I saw the price increase in front of my eyes. A simple cup of latte at 7/11 increased in price overnight by about 20 yen?
My girlfriend returned back there to work in 2025 and the price of rice is astronomical. It doubled / tripled in price compared to what I remember in 2023.
我2023年曾短暂在日本留学。此前日元对越南盾汇率一直稳定在1日元兑220越南盾左右，但到那时已跌至170–180越南盾/日元，我亲眼目睹物价飞涨——7-11一杯普通拿铁一夜之间就涨了约20日元。
我女友2025年回去工作，发现大米价格高得离谱，比我2023年记忆中的价格翻了一倍甚至两倍。
@ベン-q6u
It would be interesting to get some more perspectives regarding the future and not ALWAYS the same video about what happened the last 40 years till today.
如果能多提供一些关于未来的视角就好了，而不是总重复过去40年至今的老故事。
@fig3687
America is half responsible for the decline of Japan's economy. It all started from plaza accord
美国对日本经济衰退负有一半责任，一切始于《广场协议》。
@DirtGnap
Japan us sitting on record forign reserve stockpiles so they clearly want the weaker yen
日本持有创纪录的外汇储备，显然他们希望日元走弱。
@craftyhomelog
Seen first narrator to show inflation with so excitment
第一次见到有解说员用如此兴奋的语气讲解通货膨胀。
@Summitic
Call me when the 'tipping point' actually tips; we’ve heard this every year since the 90s.
In 2026, Japan’s GDP is still projected to grow by approximately 0.9%, keeping pace with major peers like France and Germany, while ordinary corporate profits have surged to record quarterly highs of 27.5 trillion yen ($177 billion) and the Nikkei 225 has recently breached historic all-time highs above 43,000, flatly contradicting decades of 'tipping point' claims.
等“拐点”真正到来时再告诉我吧；自90年代以来，我们每年都听到这种说法。
2026年，日本GDP预计仍将增长约0.9%，与法国、德国等主要经济体持平；企业利润已飙升至创纪录的27.5万亿日元（约合1770亿美元）季度新高；日经225指数近期更突破43000点的历史高位——这些事实直接驳斥了数十年来关于“拐点”的种种论调。
@geopolitics-t8c
One thing I learn that either Japanese drink too much beer or Bloomberg like to show too much beer in Japan ��
我发现一件事：要么日本人喝太多啤酒，要么彭博社特别喜欢在关于日本的画面里放啤酒
@everglades_n_co.
During japan's 3 lost decades, the whole country reached an agreement to take a slow recovery or gradual advance, characterized by three shifts, and low wages. Instead, they could've taken a path to social upheaval, which would've led to huge unemployment, and staggering debt settlement across its economy. That's the only way to cleanse a sick, old economy. Whether it was a political motive or something else, they chose to not wobble social stabilization. It ultimately resulted in tons of zombie companies and staggering gov't debts. That's the underlying reason why japan's economy has kept being stagnant for 3 decades. Over the course of those three decades, the money printed to escape deflation has accumulated, only to wait to unleash its energy on the economy. They might finally shrug off the worry of deflation, leaving 3 lost decades behind, but they should face the fear of inflation over long accumulated money printed to end deflation. Printing money has no choice but to fire back at the economy one way or another, as history has long taught us.
在日本“失去的三十年”期间，整个国家达成共识，选择缓慢复苏或渐进式前进，其特点是三大转变和低工资。
他们本可选择社会剧变之路，但这会导致大规模失业和全经济范围的债务清算——这是清理病态老旧经济的唯一方式。
无论出于政治动机还是其他原因，他们选择了社会稳定而非动荡。最终导致大量僵尸企业和政府债务堆积如山，这正是日本经济停滞三十年的根本原因。
在此期间，为摆脱通缩而印制的货币不断累积，只待释放其能量。他们或许终于摆脱了通缩的担忧，告别“失去的三十年”，但必须面对长期积累的货币超发所引发的通胀恐惧。历史早已证明，印钞终将以某种方式反噬经济。
@DirtGnap
Its so funny that after all these years, people are still saying "Japan will go down this time for sure!". Japan's debt crisis is like nuclear fusion, always just around the corner
这么多年过去了，人们还在说“这次日本肯定要完蛋了！”日本的债务危机就像核聚变——永远只差临门一脚。
@JasonMcMullen
Wages have not increased with inflation in Japan, not even close. There is a strong hierarchy of power which is intrinsic in Japanese business and employees are not realistically able to ask for more money from their boss. Its also very difficult to quit your job in Japan
日本工资并未随通胀同步上涨，远未达到。日本企业内部存在根深蒂固的等级权力结构，员工实际上很难向老板要求加薪。此外，在日本辞职也非常困难。
@peter.p.
I said this for last five years. Their infinite money glitch would not work in long term because dollar is doing same, and they need to increase paycheck for workers.
我过去五年一直在说：他们的“无限印钞”把戏长期来看行不通，因为美元也在做同样的事，还有他们必须给工人涨工资。
@lampenfieber
6:37 1500 yen is around 8-9€ euros �� only paying your employees so little per hour is INSANE! and then complaining.....?!
6分37秒：1500日元约合8–9欧元，每小时只给员工这么点工资简直疯狂！然后还好意思抱怨……？！
@edilee5909
Growth is not possible in the domestic market in Japan. If you live here, you will see how there are less and less consumers every passing month due to aging and population decline.
Unless Japan finds large export markets, the liquidity flowing into stocks cannot yield much growth...
日本国内市场已无增长可能。如果你住在这里，就会看到消费者数量因老龄化和人口减少而逐月萎缩。
除非日本开拓大型出口市场，否则流入股市的流动性难以带来实质性增长……
@SL-nb5fr
21世紀初頭から男女ともに労働市場に駆り出され、共働きでも生活が追いつかないほど給料が下がったのは日米共通で、違いといえばアメリカがカード借金社会であることくらいだcat-orange-whistling
21世纪初以来，无论男女都被推入劳动力市场，即便双职工家庭也难以维持生计，工资大幅下降——日美皆然，区别仅在于美国是个信用卡债务社会。
@user-fb6hy2eh5y
Japan needs to stop signing plaza accord type trade deals
日本需要停止签署《广场协议》这类贸易协定。
@FunTheMental007
i wish this video went into a bit more detail about the nitty gritties this stuff seems pretty surface level
希望你们能更深入探讨一些细节，目前内容略显表面。
@dac545j
That's not an ice cream, it is literally ice - flavoured water. Anyway, cheers for the interesting vid.
那根本不是冰淇淋，就是加了味的冰水而已。不过，还是感谢这个有趣的视频。
@JosipBelamaric92
And you wount mention how US forced Japan to sign plaza accords and ruin its own economy? This Bloomberg is fantastic... ��
你们居然不提美国如何强迫日本签署《广场协议》并摧毁自身经济？这彭博社真“棒”啊……
@ringsaphire
the thing is, yen weakened to the $but at the same time $ weakened to most everything else.
It's a double effect.
关键是，日元对美元贬值的同时，美元对其他大多数货币也在贬值——这是双重效应。
@Bakapooru
Video is two years late.
这视频晚了整整两年。
@01UFO01
This is happening everywhere in the world ��
全世界都在经历同样的事情
@viffer94
Japanese 10 year bond is hitting levels not seen since the 1990’s. Same with the 30 year. The carry trade is over. Pop goes the bubble.
日本10年期国债收益率正升至1990年代以来未见的水平，30年期也是如此。套息交易结束了，泡沫要破了。
@Crossark1
So what I’m hearing is that a country had an overall stable economy with a phenomenal standard of living for their population that seemed perfectly capable of weathering the occasional financial bubble bursting without it massively impacting the cost of living (qnd in some cases making necessities like housing more affordable). But, because of an obsession with growth, they got a little jumpy and decided that — instead of legislating to prevent future bubbles from growing so large — they needed to due their currency so the numbers on their charts would seem to go up again just by virtue of people having to spend more of it for the same goods, passing the hardship of rising prices onto their citizenry.
所以我的理解是：一个国家拥有总体稳定的经济和极高的国民生活水平，完全有能力在金融泡沫破裂时平稳应对，甚至有时还能让住房等必需品变得更便宜。
但是，一般出现金融泡沫的国家由于对“增长”的执念，他们变得焦虑不安，都会决定不去立法防止未来泡沫过度膨胀，反而选择主动贬值本币——仅仅为了让图表上的数字看起来在“上涨”（实则是人们不得不花更多钱买同样的商品），把物价上涨的苦果转嫁给民众。
@Mr.MashenIt
I can't even imagine getting a stimulus check for 2% inflation over target. Here in the U.S., we can't even agree if the inflation is real for a year, then when we do see the prices go up, everyone blames the other person for us paying more.
我简直无法想象，通胀率仅比目标高出2%就能拿到刺激支票。在美国，我们甚至要争论一年才能确定通胀是否真实存在；等大家终于看到物价上涨时，又都互相指责对方让我们花了更多钱。
@yoink-y3h
Make also video on 36 trillion dollar debt of USA
也做个关于美国36万亿美元债务的视频吧。
@mhkhusyairi
That public apology video is a marketing strategy. It's an ad.
日本的公开道歉视频其实是一种营销策略，就是广告。
@ファンp
As a Japanese, I am optimistic about this situation. It is true that rising prices may be painful for the people, but it is better than deflation. In fact, Japan's capital investment, wages and stock prices have reached new record highs. The gap may widen more than it is now, but it is good that the Japanese economy has begun to move.
作为日本人，我对当前形势持乐观态度。物价上涨确实可能给民众带来痛苦，但总比通缩好。事实上，日本的资本投资、工资和股价均已创下历史新高。贫富差距可能会进一步拉大，但至少日本经济已经开始动起来了。
@bakerstreet101
Would restricting foreign capital reduce inflation, especially property investment?
限制外国资本是否能抑制通胀，尤其是房地产投资？
@MughalDiwan
Somehow new Japanese government blames foreigners for their terrible economy.
不知为何，日本新政府把糟糕的经济归咎于外国人。
@TimTalavaKutz
But Nikkei 225 is up by more then 40% last year. So....
但日经225指数去年上涨了40%以上。所以……
@DeanBateman-f5s
Last month, I attended a concert at K-Arena in Yokohama, where two 16-oz (~ 500 mil) draft beers cost $8.98. A concert at the Honda Center in Anaheim cost me $47.97 for two 25-oz cans. That alone explains my interest in living in Japan—Beer Economics 101.
上个月，我在横滨K-Arena参加了一场演唱会，两杯16盎司（约500毫升）生啤花了8.98美元。而在加州阿纳海姆本田中心的一场演唱会，两罐25盎司啤酒却要47.97美元。单凭这一点就足以解释我为何想住在日本——《啤酒经济学101》。
@yokoamo7158
Good report, I think that enquality amongst people are ALREADY happening.
报道很好，我认为人们之间的不平等现象已经在发生了。
@CrimsonAlchemist
Japanese roaring 80s was stopped by the US and its allies at the New York's plaza Accords. US basically dragged Japan down so that it can't compete with US anymore
日本上世纪80年代的经济腾飞，被美国及其盟友通过纽约《广场协议》强行打断。美国基本上是把日本拖下水，使其再也无法与美国竞争。
@andrewcbartlett
Developed countries have a demographic timebomb!
发达国家正面临人口结构的定时炸弹！
@IanHobday
Inflation would be manageable if salaries were going up too. Some major companies have been giving raises but SMEs haven't. So, everyone is cutting back anywhere they can.
如果工资也在上涨，通胀本是可以承受的。一些大公司确实在涨薪，但中小企业没有。因此，大家都在尽可能削减开支。
@joevanaken9791
Well, just wait and see. This is just the beginning of the unravelling.
等着瞧吧，这还只是崩盘的开始。
@sudo1384
So we will not discuss U.S. forcing Japan to plaza Accord of 1985, right?) , so its sudden inflation right?
所以我们就不提1985年美国强迫日本签署《广场协议》这件事了，对吧？那之后突然出现的通胀呢？
@louistan7560
Time to offload US Treasury Bills!
该抛售美国国债了！
@ajs-qv5fe
well, the programme conveniently left out the US' hand, the plaza accord, on japan economy incl. the bubble, the burst, the stagnation and 3 lost decades ...
节目很“方便地”忽略了美国之手——《广场协议》对日本经济的影响，包括泡沫、破裂、停滞以及“失去的三十年”……
@jaehparrk
its about wages
问题核心在于工资。
@Sjalabais
Fascinating that this entire report exclusively focuses on the JDM - apart from energy price imports. In a shrinking market, the only way to control and keep inflation healthy is to double down on exports. Keep demand for the YEN up. Not a word about that?
除了能源进口价格，整篇报道几乎只聚焦于日本国内市场。在一个萎缩的市场中，控制并维持健康通胀的唯一途径是加倍推动出口，维持世界对日元的需求。但你们对此却只字未提？
@oSJmee
The dependency on gas as a energy source is a mayor problem around the world, hopefully countries like Japan go wind & solar FAST. Will lower the cost of energy significantly.
全球普遍过度依赖天然气作为能源，希望日本等国能尽快转向风能和太阳能。这将大幅降低能源成本。
@wwang38
This country is exactly the same as I visited 20 years ago. No matter how rich you're, if you stop developing for 2 decades all your neigbhours are going to leave you behind.��
这个国家和我20年前来访时一模一样。无论你曾经多富有，若停滞发展二十年，所有邻国都会把你远远甩在身后。
@kcjfilms2946
I live in Japan. I confirm the mood tanked after Covid especially last few years since 2023 its the feeling of ‘too many tourists’ ‘we (Japan) are poor now’
我住在日本。可以确认疫情后民众情绪明显低落，尤其是2023年以来，到处都是“游客太多”“日本现在变穷了”的抱怨。
@zxn-hn4tv
All the monetary policies are killing Japan slowly.
所有货币政策都在缓慢扼杀日本。
@mellanch
Finally, western media stopped mentioning WW2 and economic miracle before explaining anything about Japan.
西方媒体终于不再一讲日本就提二战和经济奇迹了。
@anarfox
Sounds very much like Sweden.
听起来很像瑞典的情况。
@Jo-ut8ul
If US companies posted an apology video every time they had to increase the prices, I'd imagine it would be a weekly occurrence and look like South Park's
"BP We're Sorry"
如果美国公司每次涨价都要发道歉视频，我猜那会变成每周例行公事，看起来就像《南方公园》里的“BP 我们很抱歉”那样。
@spacetop9066
Japan is rapidly deteriorating⋯
日本正在迅速恶化⋯
@stopnd
Having more bureaucrats and less real workers
results in inflation. Because technology and innovations
are deflationary by definition. The best way to fight
deflation is not printing money, but reducing
working hours. So families have more time to have
children.
官僚越来越多，实际劳动者越来越少，就会导致通胀。因为技术和创新本质上是通缩的。对抗通缩的最佳方式不是印钞，而是减少工时，让家庭有更多时间生育子女。
@mtljin
Japan suffered from the plaza accords and the lost decades. due to USA
日本因《广场协议》和“失去的三十年”而遭受重创，根源在于美国。
@johnfranco-vo4dk
In the US the reason we have such high price inflation is because since 2020 the FED has printed up massive amounts of dollars thereby duing the currency causing higher prices. Gold and Silver are going up due to the debasement cycle. Fiscal deficits high debt to GDP .I wonder if the BOJ printed up massive amount of Yen causing inflation.
在美国，高物价通胀的原因是自2020年以来美联储大量印钞，导致货币贬值、物价上涨。黄金和白银因货币贬值周期而上涨。财政赤字高企，债务占GDP比重过大。我想知道日本央行是否也大量印钞导致了通胀。
@adrianteri
Japan's society is simple. They absolutely hate private debts. Expect a deflationary spiral which leaves govt to step in with deficits as the monetary policy game is already up.
日本社会很简单：他们极度厌恶私人债务。预计会出现通缩螺旋，最终只能由政府通过赤字介入，因为货币政策游戏已经走到尽头。
@hailexiao2770
It's funny how everyone blames the plaza Accord when it reuated the USD against basically every other G7 currency, and yet the French, British, and Germans didn't fall into decades long stagnation as a result. Also Japan actually increased its trade surplus after the plaza Accords and had a boom that lasted until 1989.
I suspect it's the usual "America bad" memes, combined with an unwillingness to face the real causes--real estate bubble and unproductive zombie too big to fail firms. Because that hits too close to home.
有趣的是，人人都怪《广场协议》，但当时该协议是对美元兑所有G7货币的整体重估，可法国、英国、德国并未因此陷入长达数十年的停滞。而且日本在《广场协议》后贸易顺差反而扩大，并经历了持续到1989年的繁荣。
我怀疑这不过是“美国坏”的惯用叙事，加上人们不愿面对真正原因——房地产泡沫和那些“大到不能倒”的僵尸企业。因为那太戳痛处了。
@logbia7k608
They have to much office workers, should go back to farming.
他们办公室职员太多了，应该回去务农。
@zongzhengli-j6p
Success is America, failure is America
成功归功美国，失败怪罪美国。
@HungLeeBio
how can you talk about the Japanese economy with mentioning the plaza Accords. This is classic narrative formation, removing the US as an actor in the story
讨论日本经济却不提《广场协议》？这是典型的话语建构——把美国从故事中抹去。
@nishantahvan
So they never showed price rise, look like they had better life than rest of us who got sucked by big corporates and war lords.
他们根本没在意物价上涨，看起来他们的生活比我们这些被大企业和战争贩子吸干的人好多了。
@UUCLMusic
Where is China on this graph? Something like 300%? 8:27
这张图里中国在哪里？8分27秒，是不是涨了300%左右？
@Cyrus09
the easiest solution for the Japanese government is to liquidate their US bonds and use the money to fund all the subsidy projects. they are sitting on a stack of trillion dollar papers which don't do anything AT ALL in reality. just cash in those 'i owe you' and they can do whatever they want to do without increasing more debts.
日本政府最简单的解决方案就是抛售所持美国国债，用这笔钱资助所有补贴项目。他们手里攥着上万亿美元的纸面资产，在现实中根本毫无作用。不如直接兑现这些“欠条”，想做什么就做什么，还不必增加新债务。
@althyk
What is going to happen? Are they going to be OK? I need their video games, someone save them, please!
接下来会发生什么？他们会没事吧？我还需要他们的电子游戏啊，求谁救救他们！
@redryan20000
I love how stability is so offensive to westerners
真有意思，稳定性居然让西方人如此反感。
@Jiangzem8
I’d still prefer to live in Japan over western countries! ����>����������������
我还是宁愿住在日本，胜过西方国家！
@CrimsonAlchemist
Japanese companies apologizing for raising prices. Here in USA, it's like having a free buffet for the companies, they will hike with Ai helpmlikw there's no tomorrow
日本公司涨价还要道歉。而在美国，公司就像进了免费自助餐——在AI的帮助下疯狂涨价，仿佛永远没有明天。
@Alpha-f5z
Economics is complicated......��
经济学真复杂啊……
@聖寿万歳
日米半導体協定が日本の半導体産業の競争力を減らした
日美半导体协定削弱了日本半导体产业的竞争力。
@xzera1012
Good production but no mention on how USA and other nations. Pressured Japan into “plaza Accord”. That’s what made it set off in part. Not Japan’s completely own fault. For the first part during the 80s
制作精良，但未提及美国及其他国家如何向日本施压，迫使其签署《广场协议》。这在一定程度上正是80年代初期问题的导火索，并非完全归咎于日本自身。
plaza Accord and carry trade conveniently left out.
《广场协议》和套息交易被刻意忽略了。
@SFIT2000
My answer to the last question on vibrancy is a "no", as Japan's wage table still predominantly rewards seniority over excellence and it is still very hard to fire people.
我对视频最后关于“活力”的提问回答是“不”。因为日本的薪资体系至今仍主要按年资而非能力付薪，而且解雇员工依然极其困难。
@xiaomifan5983
I think it will be interesting to watch the BOJ's future rate policy. A shrinking gap between Japanese and foreign interest rates could discourage yen carry trades, pulling billions out of foreign assets back to Japan.
我觉得观察日本央行未来的利率政策会很有意思。日元与外币利差收窄可能会抑制日元套息交易，促使数千亿美元资金从海外资产回流日本。
@MinCheese
I lived in Japan briefly as a student in 2023. The period before that the Yen was consistently 220VND / 1 Yen. But by that point, it had dropped to 170-180VND / 1 Yen and I saw the price increase in front of my eyes. A simple cup of latte at 7/11 increased in price overnight by about 20 yen?
My girlfriend returned back there to work in 2025 and the price of rice is astronomical. It doubled / tripled in price compared to what I remember in 2023.
我2023年曾短暂在日本留学。此前日元对越南盾汇率一直稳定在1日元兑220越南盾左右，但到那时已跌至170–180越南盾/日元，我亲眼目睹物价飞涨——7-11一杯普通拿铁一夜之间就涨了约20日元。
我女友2025年回去工作，发现大米价格高得离谱，比我2023年记忆中的价格翻了一倍甚至两倍。
@ベン-q6u
It would be interesting to get some more perspectives regarding the future and not ALWAYS the same video about what happened the last 40 years till today.
如果能多提供一些关于未来的视角就好了，而不是总重复过去40年至今的老故事。
@fig3687
America is half responsible for the decline of Japan's economy. It all started from plaza accord
美国对日本经济衰退负有一半责任，一切始于《广场协议》。
@DirtGnap
Japan us sitting on record forign reserve stockpiles so they clearly want the weaker yen
日本持有创纪录的外汇储备，显然他们希望日元走弱。
@craftyhomelog
Seen first narrator to show inflation with so excitment
第一次见到有解说员用如此兴奋的语气讲解通货膨胀。
@Summitic
Call me when the 'tipping point' actually tips; we’ve heard this every year since the 90s.
In 2026, Japan’s GDP is still projected to grow by approximately 0.9%, keeping pace with major peers like France and Germany, while ordinary corporate profits have surged to record quarterly highs of 27.5 trillion yen ($177 billion) and the Nikkei 225 has recently breached historic all-time highs above 43,000, flatly contradicting decades of 'tipping point' claims.
等“拐点”真正到来时再告诉我吧；自90年代以来，我们每年都听到这种说法。
2026年，日本GDP预计仍将增长约0.9%，与法国、德国等主要经济体持平；企业利润已飙升至创纪录的27.5万亿日元（约合1770亿美元）季度新高；日经225指数近期更突破43000点的历史高位——这些事实直接驳斥了数十年来关于“拐点”的种种论调。
@geopolitics-t8c
One thing I learn that either Japanese drink too much beer or Bloomberg like to show too much beer in Japan ��
我发现一件事：要么日本人喝太多啤酒，要么彭博社特别喜欢在关于日本的画面里放啤酒
@everglades_n_co.
During japan's 3 lost decades, the whole country reached an agreement to take a slow recovery or gradual advance, characterized by three shifts, and low wages. Instead, they could've taken a path to social upheaval, which would've led to huge unemployment, and staggering debt settlement across its economy. That's the only way to cleanse a sick, old economy. Whether it was a political motive or something else, they chose to not wobble social stabilization. It ultimately resulted in tons of zombie companies and staggering gov't debts. That's the underlying reason why japan's economy has kept being stagnant for 3 decades. Over the course of those three decades, the money printed to escape deflation has accumulated, only to wait to unleash its energy on the economy. They might finally shrug off the worry of deflation, leaving 3 lost decades behind, but they should face the fear of inflation over long accumulated money printed to end deflation. Printing money has no choice but to fire back at the economy one way or another, as history has long taught us.
在日本“失去的三十年”期间，整个国家达成共识，选择缓慢复苏或渐进式前进，其特点是三大转变和低工资。
他们本可选择社会剧变之路，但这会导致大规模失业和全经济范围的债务清算——这是清理病态老旧经济的唯一方式。
无论出于政治动机还是其他原因，他们选择了社会稳定而非动荡。最终导致大量僵尸企业和政府债务堆积如山，这正是日本经济停滞三十年的根本原因。
在此期间，为摆脱通缩而印制的货币不断累积，只待释放其能量。他们或许终于摆脱了通缩的担忧，告别“失去的三十年”，但必须面对长期积累的货币超发所引发的通胀恐惧。历史早已证明，印钞终将以某种方式反噬经济。
@DirtGnap
Its so funny that after all these years, people are still saying "Japan will go down this time for sure!". Japan's debt crisis is like nuclear fusion, always just around the corner
这么多年过去了，人们还在说“这次日本肯定要完蛋了！”日本的债务危机就像核聚变——永远只差临门一脚。
@JasonMcMullen
Wages have not increased with inflation in Japan, not even close. There is a strong hierarchy of power which is intrinsic in Japanese business and employees are not realistically able to ask for more money from their boss. Its also very difficult to quit your job in Japan
日本工资并未随通胀同步上涨，远未达到。日本企业内部存在根深蒂固的等级权力结构，员工实际上很难向老板要求加薪。此外，在日本辞职也非常困难。
@peter.p.
I said this for last five years. Their infinite money glitch would not work in long term because dollar is doing same, and they need to increase paycheck for workers.
我过去五年一直在说：他们的“无限印钞”把戏长期来看行不通，因为美元也在做同样的事，还有他们必须给工人涨工资。
@lampenfieber
6:37 1500 yen is around 8-9€ euros �� only paying your employees so little per hour is INSANE! and then complaining.....?!
6分37秒：1500日元约合8–9欧元，每小时只给员工这么点工资简直疯狂！然后还好意思抱怨……？！
@edilee5909
Growth is not possible in the domestic market in Japan. If you live here, you will see how there are less and less consumers every passing month due to aging and population decline.
Unless Japan finds large export markets, the liquidity flowing into stocks cannot yield much growth...
日本国内市场已无增长可能。如果你住在这里，就会看到消费者数量因老龄化和人口减少而逐月萎缩。
除非日本开拓大型出口市场，否则流入股市的流动性难以带来实质性增长……
@SL-nb5fr
21世紀初頭から男女ともに労働市場に駆り出され、共働きでも生活が追いつかないほど給料が下がったのは日米共通で、違いといえばアメリカがカード借金社会であることくらいだcat-orange-whistling
21世纪初以来，无论男女都被推入劳动力市场，即便双职工家庭也难以维持生计，工资大幅下降——日美皆然，区别仅在于美国是个信用卡债务社会。
@user-fb6hy2eh5y
Japan needs to stop signing plaza accord type trade deals
日本需要停止签署《广场协议》这类贸易协定。
@FunTheMental007
i wish this video went into a bit more detail about the nitty gritties this stuff seems pretty surface level
希望你们能更深入探讨一些细节，目前内容略显表面。
@dac545j
That's not an ice cream, it is literally ice - flavoured water. Anyway, cheers for the interesting vid.
那根本不是冰淇淋，就是加了味的冰水而已。不过，还是感谢这个有趣的视频。
@JosipBelamaric92
And you wount mention how US forced Japan to sign plaza accords and ruin its own economy? This Bloomberg is fantastic... ��
你们居然不提美国如何强迫日本签署《广场协议》并摧毁自身经济？这彭博社真“棒”啊……
@ringsaphire
the thing is, yen weakened to the $but at the same time $ weakened to most everything else.
It's a double effect.
关键是，日元对美元贬值的同时，美元对其他大多数货币也在贬值——这是双重效应。
@Bakapooru
Video is two years late.
这视频晚了整整两年。
@01UFO01
This is happening everywhere in the world ��
全世界都在经历同样的事情
@viffer94
Japanese 10 year bond is hitting levels not seen since the 1990’s. Same with the 30 year. The carry trade is over. Pop goes the bubble.
日本10年期国债收益率正升至1990年代以来未见的水平，30年期也是如此。套息交易结束了，泡沫要破了。
@Crossark1
So what I’m hearing is that a country had an overall stable economy with a phenomenal standard of living for their population that seemed perfectly capable of weathering the occasional financial bubble bursting without it massively impacting the cost of living (qnd in some cases making necessities like housing more affordable). But, because of an obsession with growth, they got a little jumpy and decided that — instead of legislating to prevent future bubbles from growing so large — they needed to due their currency so the numbers on their charts would seem to go up again just by virtue of people having to spend more of it for the same goods, passing the hardship of rising prices onto their citizenry.
所以我的理解是：一个国家拥有总体稳定的经济和极高的国民生活水平，完全有能力在金融泡沫破裂时平稳应对，甚至有时还能让住房等必需品变得更便宜。
但是，一般出现金融泡沫的国家由于对“增长”的执念，他们变得焦虑不安，都会决定不去立法防止未来泡沫过度膨胀，反而选择主动贬值本币——仅仅为了让图表上的数字看起来在“上涨”（实则是人们不得不花更多钱买同样的商品），把物价上涨的苦果转嫁给民众。
@Mr.MashenIt
I can't even imagine getting a stimulus check for 2% inflation over target. Here in the U.S., we can't even agree if the inflation is real for a year, then when we do see the prices go up, everyone blames the other person for us paying more.
我简直无法想象，通胀率仅比目标高出2%就能拿到刺激支票。在美国，我们甚至要争论一年才能确定通胀是否真实存在；等大家终于看到物价上涨时，又都互相指责对方让我们花了更多钱。
@yoink-y3h
Make also video on 36 trillion dollar debt of USA
也做个关于美国36万亿美元债务的视频吧。
@mhkhusyairi
That public apology video is a marketing strategy. It's an ad.
日本的公开道歉视频其实是一种营销策略，就是广告。
@ファンp
As a Japanese, I am optimistic about this situation. It is true that rising prices may be painful for the people, but it is better than deflation. In fact, Japan's capital investment, wages and stock prices have reached new record highs. The gap may widen more than it is now, but it is good that the Japanese economy has begun to move.
作为日本人，我对当前形势持乐观态度。物价上涨确实可能给民众带来痛苦，但总比通缩好。事实上，日本的资本投资、工资和股价均已创下历史新高。贫富差距可能会进一步拉大，但至少日本经济已经开始动起来了。
@bakerstreet101
Would restricting foreign capital reduce inflation, especially property investment?
限制外国资本是否能抑制通胀，尤其是房地产投资？
@MughalDiwan
Somehow new Japanese government blames foreigners for their terrible economy.
不知为何，日本新政府把糟糕的经济归咎于外国人。
@TimTalavaKutz
But Nikkei 225 is up by more then 40% last year. So....
但日经225指数去年上涨了40%以上。所以……
@DeanBateman-f5s
Last month, I attended a concert at K-Arena in Yokohama, where two 16-oz (~ 500 mil) draft beers cost $8.98. A concert at the Honda Center in Anaheim cost me $47.97 for two 25-oz cans. That alone explains my interest in living in Japan—Beer Economics 101.
上个月，我在横滨K-Arena参加了一场演唱会，两杯16盎司（约500毫升）生啤花了8.98美元。而在加州阿纳海姆本田中心的一场演唱会，两罐25盎司啤酒却要47.97美元。单凭这一点就足以解释我为何想住在日本——《啤酒经济学101》。
@yokoamo7158
Good report, I think that enquality amongst people are ALREADY happening.
报道很好，我认为人们之间的不平等现象已经在发生了。
@CrimsonAlchemist
Japanese roaring 80s was stopped by the US and its allies at the New York's plaza Accords. US basically dragged Japan down so that it can't compete with US anymore
日本上世纪80年代的经济腾飞，被美国及其盟友通过纽约《广场协议》强行打断。美国基本上是把日本拖下水，使其再也无法与美国竞争。
@andrewcbartlett
Developed countries have a demographic timebomb!
发达国家正面临人口结构的定时炸弹！
@IanHobday
Inflation would be manageable if salaries were going up too. Some major companies have been giving raises but SMEs haven't. So, everyone is cutting back anywhere they can.
如果工资也在上涨，通胀本是可以承受的。一些大公司确实在涨薪，但中小企业没有。因此，大家都在尽可能削减开支。
@joevanaken9791
Well, just wait and see. This is just the beginning of the unravelling.
等着瞧吧，这还只是崩盘的开始。
@sudo1384
So we will not discuss U.S. forcing Japan to plaza Accord of 1985, right?) , so its sudden inflation right?
所以我们就不提1985年美国强迫日本签署《广场协议》这件事了，对吧？那之后突然出现的通胀呢？
@louistan7560
Time to offload US Treasury Bills!
该抛售美国国债了！
@ajs-qv5fe
well, the programme conveniently left out the US' hand, the plaza accord, on japan economy incl. the bubble, the burst, the stagnation and 3 lost decades ...
节目很“方便地”忽略了美国之手——《广场协议》对日本经济的影响，包括泡沫、破裂、停滞以及“失去的三十年”……
@jaehparrk
its about wages
问题核心在于工资。
@Sjalabais
Fascinating that this entire report exclusively focuses on the JDM - apart from energy price imports. In a shrinking market, the only way to control and keep inflation healthy is to double down on exports. Keep demand for the YEN up. Not a word about that?
除了能源进口价格，整篇报道几乎只聚焦于日本国内市场。在一个萎缩的市场中，控制并维持健康通胀的唯一途径是加倍推动出口，维持世界对日元的需求。但你们对此却只字未提？
@oSJmee
The dependency on gas as a energy source is a mayor problem around the world, hopefully countries like Japan go wind & solar FAST. Will lower the cost of energy significantly.
全球普遍过度依赖天然气作为能源，希望日本等国能尽快转向风能和太阳能。这将大幅降低能源成本。
@wwang38
This country is exactly the same as I visited 20 years ago. No matter how rich you're, if you stop developing for 2 decades all your neigbhours are going to leave you behind.��
这个国家和我20年前来访时一模一样。无论你曾经多富有，若停滞发展二十年，所有邻国都会把你远远甩在身后。
@kcjfilms2946
I live in Japan. I confirm the mood tanked after Covid especially last few years since 2023 its the feeling of ‘too many tourists’ ‘we (Japan) are poor now’
我住在日本。可以确认疫情后民众情绪明显低落，尤其是2023年以来，到处都是“游客太多”“日本现在变穷了”的抱怨。
@zxn-hn4tv
All the monetary policies are killing Japan slowly.
所有货币政策都在缓慢扼杀日本。
@mellanch
Finally, western media stopped mentioning WW2 and economic miracle before explaining anything about Japan.
西方媒体终于不再一讲日本就提二战和经济奇迹了。
@anarfox
Sounds very much like Sweden.
听起来很像瑞典的情况。
@Jo-ut8ul
If US companies posted an apology video every time they had to increase the prices, I'd imagine it would be a weekly occurrence and look like South Park's
"BP We're Sorry"
如果美国公司每次涨价都要发道歉视频，我猜那会变成每周例行公事，看起来就像《南方公园》里的“BP 我们很抱歉”那样。
@spacetop9066
Japan is rapidly deteriorating⋯
日本正在迅速恶化⋯
@stopnd
Having more bureaucrats and less real workers
results in inflation. Because technology and innovations
are deflationary by definition. The best way to fight
deflation is not printing money, but reducing
working hours. So families have more time to have
children.
官僚越来越多，实际劳动者越来越少，就会导致通胀。因为技术和创新本质上是通缩的。对抗通缩的最佳方式不是印钞，而是减少工时，让家庭有更多时间生育子女。
@mtljin
Japan suffered from the plaza accords and the lost decades. due to USA
日本因《广场协议》和“失去的三十年”而遭受重创，根源在于美国。
@johnfranco-vo4dk
In the US the reason we have such high price inflation is because since 2020 the FED has printed up massive amounts of dollars thereby duing the currency causing higher prices. Gold and Silver are going up due to the debasement cycle. Fiscal deficits high debt to GDP .I wonder if the BOJ printed up massive amount of Yen causing inflation.
在美国，高物价通胀的原因是自2020年以来美联储大量印钞，导致货币贬值、物价上涨。黄金和白银因货币贬值周期而上涨。财政赤字高企，债务占GDP比重过大。我想知道日本央行是否也大量印钞导致了通胀。
@adrianteri
Japan's society is simple. They absolutely hate private debts. Expect a deflationary spiral which leaves govt to step in with deficits as the monetary policy game is already up.
日本社会很简单：他们极度厌恶私人债务。预计会出现通缩螺旋，最终只能由政府通过赤字介入，因为货币政策游戏已经走到尽头。
@hailexiao2770
It's funny how everyone blames the plaza Accord when it reuated the USD against basically every other G7 currency, and yet the French, British, and Germans didn't fall into decades long stagnation as a result. Also Japan actually increased its trade surplus after the plaza Accords and had a boom that lasted until 1989.
I suspect it's the usual "America bad" memes, combined with an unwillingness to face the real causes--real estate bubble and unproductive zombie too big to fail firms. Because that hits too close to home.
有趣的是，人人都怪《广场协议》，但当时该协议是对美元兑所有G7货币的整体重估，可法国、英国、德国并未因此陷入长达数十年的停滞。而且日本在《广场协议》后贸易顺差反而扩大，并经历了持续到1989年的繁荣。
我怀疑这不过是“美国坏”的惯用叙事，加上人们不愿面对真正原因——房地产泡沫和那些“大到不能倒”的僵尸企业。因为那太戳痛处了。
@logbia7k608
They have to much office workers, should go back to farming.
他们办公室职员太多了，应该回去务农。
@zongzhengli-j6p
Success is America, failure is America
成功归功美国，失败怪罪美国。
@HungLeeBio
how can you talk about the Japanese economy with mentioning the plaza Accords. This is classic narrative formation, removing the US as an actor in the story
讨论日本经济却不提《广场协议》？这是典型的话语建构——把美国从故事中抹去。
@nishantahvan
So they never showed price rise, look like they had better life than rest of us who got sucked by big corporates and war lords.
他们根本没在意物价上涨，看起来他们的生活比我们这些被大企业和战争贩子吸干的人好多了。
@UUCLMusic
Where is China on this graph? Something like 300%? 8:27
这张图里中国在哪里？8分27秒，是不是涨了300%左右？
@Cyrus09
the easiest solution for the Japanese government is to liquidate their US bonds and use the money to fund all the subsidy projects. they are sitting on a stack of trillion dollar papers which don't do anything AT ALL in reality. just cash in those 'i owe you' and they can do whatever they want to do without increasing more debts.
日本政府最简单的解决方案就是抛售所持美国国债，用这笔钱资助所有补贴项目。他们手里攥着上万亿美元的纸面资产，在现实中根本毫无作用。不如直接兑现这些“欠条”，想做什么就做什么，还不必增加新债务。
@althyk
What is going to happen? Are they going to be OK? I need their video games, someone save them, please!
接下来会发生什么？他们会没事吧？我还需要他们的电子游戏啊，求谁救救他们！
@redryan20000
I love how stability is so offensive to westerners
真有意思，稳定性居然让西方人如此反感。
@Jiangzem8
I’d still prefer to live in Japan over western countries! ����>����������������
我还是宁愿住在日本，胜过西方国家！
@CrimsonAlchemist
Japanese companies apologizing for raising prices. Here in USA, it's like having a free buffet for the companies, they will hike with Ai helpmlikw there's no tomorrow
日本公司涨价还要道歉。而在美国，公司就像进了免费自助餐——在AI的帮助下疯狂涨价，仿佛永远没有明天。
@Alpha-f5z
Economics is complicated......��
经济学真复杂啊……
@聖寿万歳
日米半導体協定が日本の半導体産業の競争力を減らした
日美半导体协定削弱了日本半导体产业的竞争力。
@xzera1012
Good production but no mention on how USA and other nations. Pressured Japan into “plaza Accord”. That’s what made it set off in part. Not Japan’s completely own fault. For the first part during the 80s
制作精良，但未提及美国及其他国家如何向日本施压，迫使其签署《广场协议》。这在一定程度上正是80年代初期问题的导火索，并非完全归咎于日本自身。
