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Japan's economy: Rebalancing act
A long era of current-account surpluses may be ending
日本1月份出現13年來首次經常項目赤字。
current-account
pl.n.
Cash or assets convertible into cash at short notice.
1. A balance sheet account that represents the value of all assets that are reasonably expected to be converted into cash within one year in the normal course of business. Current assets include cash, accounts receivable, inventory, marketable securities, prepaid expenses and other liquid assets that can be readily converted to cash.
2. In personal finance, current assets are all assets that a person can readily convert to cash to pay outstanding debts and cover liabilities without having to sell fixed assets.
In the United Kingdom, current assets are also known as "current accounts".
Japan's economy
Rebalancing act
Mar 5th 2009
From The Economist print edition
From The Economist print edition
A long era of current-account surpluses may be ending
JAPANESE households used to be among the world’s biggest savers and, as a result, the country ran a massive trade surplus. But no longer. They now save less of their income than American households, and Japan’s trade balance moved into deficit last year (see top chart). A long-overdue—and painful—economic rebalancing is under way.
Japan has had a current-account surplus in every year since 1981, because of a surfeit of domestic saving over investment. However, the saving rate of households has fallen from 18% of income in 1980 to an estimated 1% last year (see bottom chart). It may have edged up slightly over the past few months, but it is almost certainly lower than in America, where the saving rate jumped to 5% in January as falling wealth and tighter credit caused consumers to pull back.
The fall in saving is exactly what the “life-cycle hypothesis” would predict. People like to smooth consumption over their lifetimes, so during their working years they spend less than they earn and accumulate wealth, which they then draw down once they retire. The more retired folk there are relative to the number of workers, the lower the saving rate will be. The ratio of Japanese aged over 65 to those of working age rose from 14% in 1980 to an estimated 34% in 2008. It is forecast to increase to 49% by 2020.
And that art is often at its most phenomenal in that “but also” moment of transition. At the end of “Arden Court” (1981), James Samson — who, like other men, has been leaping high — is the last to leave the stage. He jumps, jumps, jumps in quick succession, and then, without skipping a beat, rolls, rolls, rolls; and that’s how it ends.
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Still, Mr. Dulaney said the level of interest in making software for the iPhone is "white hot" and could help enhance the appeal of the iPhone. "You don't see this kind of phenomenon very often," he says.
on Page 23: "... In every branch of science we lack the resources to study more than a fragment of the phenomena that might advance our knowledge.
adjective
describes metal which is so hot it is giving out a white light
phenomenon (EXISTING THING)
noun [C] plural phenomena
something that exists and can be seen, felt, tasted, etc., especially something which is unusual or interesting:
Gravity is a natural phenomenon.
Do you believe in the paranormal and other psychic phenomena?
There's evidence to suggest that child abuse is not just a recent phenomenon.
phenomenon (SUCCESS)
noun [C] plural phenomena
someone or something extremely successful, often because of special qualities or abilities:
The Beatles were a phenomenon - nobody had heard anything like them before.
phenomenal
adjective
Her rise to fame was quite phenomenal - in less than two years she was a household name.
phenomenally
adverb
His first novel was phenomenally successful.
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