????日本一直在盡量維持自己的全球第三大經(jīng)濟(jì)體地位。15年來，日本的物價(jià)水平不斷下滑，讓它成為大蕭條以來唯一的一個(gè)長期處于通縮狀態(tài)的主要經(jīng)濟(jì)體。多年來，日本政府一直在設(shè)法讓本國經(jīng)濟(jì)回到曾經(jīng)的發(fā)展軌道上，但這樣的努力一再讓投資者和公眾失望。

????這次，日本的情況有所不同，原因是有了“安倍經(jīng)濟(jì)學(xué)（Abenomics）”，也就是日本新首相安倍晉三所采取的政策。上周，日本央行推出了一項(xiàng)大膽的方案，每個(gè)月將購買7,500億美元（4.6425萬億元人民幣）的債券。日本央行希望此舉能降低利率，進(jìn)而促進(jìn)個(gè)人和企業(yè)更多地貸款和消費(fèi)。這樣做的另一個(gè)目的是降低日元匯率，以便陷入困境的日本公司能以較低的價(jià)格向其他地區(qū)出口產(chǎn)品和服務(wù)。

????當(dāng)然，這樣做也面臨著一些重大的風(fēng)險(xiǎn)：日本政府現(xiàn)在的負(fù)債水平就已經(jīng)極高。如果這項(xiàng)政策未能奏效，日本將進(jìn)一步陷入債務(wù)困境。另一個(gè)風(fēng)險(xiǎn)因素是，它可能在全球范圍內(nèi)引發(fā)資產(chǎn)泡沫。和日本已經(jīng)較低的工資水平相比，如果物價(jià)上漲過快，民眾的生活質(zhì)量就會(huì)普遍下降。

????此前日本曾數(shù)次放寬貨幣政策，但這次的措施史無前例，原因有三：

投資者相信局勢將出現(xiàn)反轉(zhuǎn)

????日本曾經(jīng)多次試圖調(diào)整經(jīng)濟(jì)，但相關(guān)舉措一直未能收到實(shí)效。銀行曾通過購買政府債券來壓低利率，但批評(píng)人士指出，這些措施過于畏首畏尾，而且讓人困惑，在其鼓舞之下提高借貸和支出水平的個(gè)人和企業(yè)并不多。

????這次，日本政府的計(jì)劃更為清晰——它說明了政府將怎樣提高通脹率以及將在什么時(shí)候讓通脹率達(dá)到2%。今后兩年，日本央行將使國內(nèi)貨幣供應(yīng)量增加一倍，途徑是購買債券和交易所交易基金（ETF）等較不尋常的證券。此外，日本央行還取消了購買長期證券的限制，意在向投資者表明它著眼于長期發(fā)展。

????美利堅(jiān)大學(xué)（American University）教授、布魯克林研究所（Brookings Institution）高級(jí)研究員米雷婭?索利斯指出：“日本新一屆政府正在改變?nèi)藗兊念A(yù)期。”所利斯是日本對外經(jīng)濟(jì)政策專家，她認(rèn)為這一點(diǎn)是和以往的根本區(qū)別。

????日本政府的目標(biāo)確實(shí)很高。就連安倍也承認(rèn)，在最終期限之前，也就是兩年時(shí)間內(nèi)讓通脹率達(dá)到2%的目標(biāo)很困難。不過，日本政府的透明度讓投資者知道今后會(huì)出現(xiàn)怎樣的情況，這有助于他們就借貸的時(shí)機(jī)和規(guī)模制定計(jì)劃。

他們不光是砸錢來解決問題

????安倍重振日本經(jīng)濟(jì)的計(jì)劃并不只是購買債券。許多人都說日本經(jīng)濟(jì)受到了過多的監(jiān)管，大量法規(guī)限制了企業(yè)的經(jīng)營活動(dòng)，導(dǎo)致日本無法改善自身狀況。

????了解到這一點(diǎn)后，安倍開始實(shí)施結(jié)構(gòu)性改革，其中就包括放松管制，也就是旨在推動(dòng)經(jīng)濟(jì)復(fù)蘇的“安倍經(jīng)濟(jì)學(xué)”中所謂的“第三條”。雖然還在商討之中，但中心議題已經(jīng)集中在幾個(gè)方面，包括放寬就業(yè)法規(guī)，從而降低裁員難度，徹底調(diào)整電力行業(yè)格局，放松對醫(yī)療和兒童保育記錄的管制以及普及互聯(lián)網(wǎng)。

????Japan has struggled to keep its standing as the world's third-largest economy. For the past 15 years, it has been plagued by falling prices, making it the only major economy to undergo prolonged deflation since the Great Depression. Over the years, the government has tried to reboot the economy to what it once was, only to disappoint investors and the public repeatedly.

????This time, it's different under "Abenomics," the term coined to describe policy prescriptions launched by Japan's new prime minister Shinzo Abe. Last week, the central bank announced an aggressive plan to buy $75 billion of bonds a month. The hope is that this would send interest rates lower, giving people and businesses an incentive to borrow and spend more. It's also hoped the move would weaken the yen, which would allow struggling manufacturers to sell their goods and services cheaply to the rest of the world.

????There are, of course, some serious risks: Japan's government debt is extremely high. If the program doesn't work, Japan would fall deeper in the money hole. There's also the risk that it could create asset bubbles around the world. And if prices rise too rapidly ahead of Japan's already low wages, it would make everyone worse off.

????Japan has embarked on easing monetary policies several times before, but the move this time is unprecedented. Here are three reasons why:

Investors believe in a turnaround

????Japan has repeatedly tried to fix its economy, but efforts never really went anywhere. The banks bought up government bonds and helped drive down interest rates, but critics say those plans were too timid and confusing. They didn't encourage many people and businesses to borrow and spend more.

????This time, officials have set out a clearer plan -- complete with when and how it expects to raise inflation to 2%. Over the next two years, the Bank of Japan expects to double the country's money supply by buying debt and more exotic securities like ETFs. What's more, the bank lifted a restriction for buying longer-term securities, which signals to investors that it's in it for the long haul.

????"The new leadership is shaking up expectations," says Mireya Solis, a professor at American University and senior fellow at Brookings Institution. Solis, an expert on Japan's foreign economic policies, adds that this makes all the difference.

????The goals are indeed ambitious. Even Abe acknowledged that hitting the 2% target before the deadline in two years could be difficult. Nonetheless, the level of clarity he provided lets investors know what to expect, which in turn, helps them plan when and how much they can borrow.

They're not just throwing money at the problem

????Abe's plan to reboot Japan's economy doesn't stop with a bond-buying bonanza. Many say its economy is over-regulated, and the bounty of rules limiting the flow of business has kept the country from better times.

????Knowing this, Abe has made structural reform, such as deregulation, the so-called "third row" of his "Abenomics" plan to revive the economy. While talks are ongoing, discussions have centered around loosening employment rules to make it easier to shed workers, overhauling electric power utilities, deregulating medical and child care records, and promoting use of the Internet.