The scale of the BoJ's monetary actions marks a decisive break with the past.

从货币措施实行的规模来看，此次央行是决心打破以往的惯例。

Their sales over the past few weeks have pushed up nominal yields far more quickly than the BoJ expected.

过去几周的卖出量迅速推高了名义收益率，其速度超出日本央行的预期。

The father and stepmother were arrested after the Boj escaped.

父亲和继母在日本央行逃跑后被逮捕。

Both Taro Aso, the finance minister, and Mr Abe last week called on the BoJ to reassure the bond market.

日本财政大臣麻生太郎与首相安倍上周双双呼吁日本央行缓解债券市场的担忧。

On May 23rd the yield on ten-year Japanese government bonds touched 1%, three times higher than before the BoJ's April announcement.

5月23日日本十年期国债收益率触及1%，是4月BOJ声明前的3倍。

Thus if the boj is dragged into tighter policy, it will not be by a budding recovery.

因此，如果日本央行被迫收紧政策，那也不会是复苏初露端倪。

The first decision by the boj's new governor, Ueda Kazuo, proved to be no exception.

日本央行新任行长植田和夫的第一个决定也不例外。

Instead, the boj's policymakers announced a review of their monetary policy.

相反，日本央行的政策制定者宣布对其货币政策进行审查。

If rates rise, the boj immediately owes more on these reserves.

如果利率上升，日本央行立即欠下更多这些准备金。

When the boj buys a bond, it creates a reserve asset that pays its benchmark rate.

当日本央行购买债券时，它创造了一种支付其基准利率的储备资产。

Holders of low-yielding government bonds who believe that the BoJ will achieve its inflation target of 2% in two years may respond by selling.

一部分低收益率国债持有者相信日本央行在未来两年中能够实现2%的通胀目标，并选择卖出所持国债。

So the concern or the potential impact from the BoJ changing its policy is that that last anchor will be removed.

因此，日本央行改变其政策的担忧或潜在影响是最后一个锚点将被移除。

Mr Ueda, an outsider to the boj from academia, has a chance to convey that plainly.

日本央行学术界的局外人上田先生有机会清楚地表达这一点。

During a recent parliamentary hearing for his confirmation, there were some hints that he gave about the BoJ's yield curve control policy.

在最近一次确认他的国会听证会上，他就日本央行的收益率曲线控制政策给出了一些暗示。

And so it was kind of like the BoJ's YCC was like the last anchor that kept global yields at a certain level.

因此，这有点像日本央行的 YCC 就像是将全球收益率保持在一定水平的最后一根锚。

Unlike almost every other central bank, the Bank of Japan (boj) has refused to raise rates: its short-term interest rate remains at -0.1%.

与几乎所有其他央行不同的是，日本央行 (Boj) 拒绝加息：其短期利率仍维持在-0.1%。

The report will assess decisions made by the boj since the Japanese economy entered a period of deflation in the 1990s.

该报告将评估日本央行自 1990 年代经济进入通缩时期以来所做的决定。

And the hint that he dropped was if prices keep going up in Japan, then the BoJ will need to head towards normalisation.

他放弃的暗示是， 如果日本物价继续上涨，那么日本央行将需要走向正常化。

Basically, for the past decade, as we've been discussing, the BoJ has been keeping yields very low and, you know, it stood out among other central banks.

基本上，在过去十年中， 正如我们一直在讨论的那样，日本央行一直将收益率保持在非常低的水平，而且你知道， 它在其他央行中脱颖而出。

But he also suggested that there is negative side effect from the policy where, you know, obviously the BoJ needs to spend so much money to keep the cap.

但他也表示， 该政策存在负面影响，你知道，日本央行显然需要花这么多钱来保持上限。