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Unit5JapanGoesFromDynamictoDisheartenedExercises1.Answerthequestionsonthetext:1)WhatwerethetwomajorfactorscomprisingJapan’seconomicbubbleinthe1980’s?#speculativestock#propertybubbles2)WhatwerethemethodsJapanesegovernmentadoptedtostimulateitseconomy,butturnedouttobeafailure?#budgetdeficits#floodofeasymoney3)Whatdoes“economicGodzilla”meaninthetext?Itmeanseconomicgiantwithenormouspower.ItissoquotedbecauseitisaJapanculturalicon.4)WhatarethereasonsthattheU.S.wouldnotfollowJapan’ssuit,accordingtosomeeconomists?#thegreaterresponsivenessoftheAmericanpoliticalsystem#Americans’greatertoleranceforcapitalism’screativedestruction5)Whatarethespecifiedstepsinthe“deflationarytrap”?Demanddecreases→supplydecreases→unemployment/reluctanceininvesting→lessspending→lessdemand.6)WhatarethefactorscontributingtoJapan’sevendimmerfuture?#theworld’slargestgovernmentdebt(around200%ofGDP)#ashrinkingpopulation#risingratesofpovertyandsuicide7)WhydopeopletodayrefertotheJapaneseyouthas“herbivores”?Because:underthebackgroundoflong-termeconomicstagnation,youngergenerationofJapanbecomepessimisticandfatalistic,andtheylackambitionsthattheirparentsoncevaluedandbecomemildlytemperedandbehavedinbothcareerandsex.8)WhatdoyouthinkofJapan’srealestateindustry?Duringtheperiodofdeflation,propertykeepslosingitsvalue,andpeoplethenrefusetobuynewhousesandhouse-ownersareburdenedwithlargesumsofloan.Theyhavetocomeupwithdifferentwaystocutexpenses,whichsabotagespeople’sexpectationstowardsabetterfuture.9)WhyisMr.Kaiamiexpectinginflationtocomebackagain?BecausetheJapaneseeconomyhasbeendepressedandsluggishforsolong.IfinflationcomesbackheexpectstoseevibrancyoftheJapaneseeconomyagain.10)Accordingtothearticle,howwouldyouexplain“destructivedestruction”?Onthecontrarytocreativedestruction,whichdescribesthechaoticchangesthatoccurwhenanewproduct(i.e.,technology)orserviceisintroducedintothemarket,andentrepreneurscanmakegreatprofitbyinnovation,destructivedestructionheremeanspeople’spessimisticexpectationrendersthemmakingtheirlivingbycuttingexpensesandsellingcurrentpropertyratherthanriskingcreatingnewfortune.2.Fillineachblankofthefollowingsentenceswithoneofthephrasesinthelistgivenbelow:1)Ihavediscoveredthatpayingdownyourloancanresultinbeingcashpoorwhenaneedoremergencyarises.2)Theroadtorecoveryisalongone,sothepoliticiansmustwakeuptotherecession,acceptitandgetuswhereweneedtogo.3)AllsignspointtoApple’siPadsalesastherecoveryoftabletPCsandfuturespendingboom.4)Duringthisurgentperiod,journalistsweretoldtoholdbackonsomestoriesincasetheymightdodamagetothedelicateadministration.5)Accordingtosomeanalysts,BPPlc'soilspillintheGulfofMexicowilldrivedownrentalpricesfordeep-seadrillingvesselsbyabout20percent.6)Consolidationislikelytoincreasesincenooneplayercontrolsmorethan10percentofthemarket,there’sagoldenopportunityforbigfishtogobbleupsmallerbusinesses.7)Accordingtoasurvey,teachersandlawyersareputinthemostovertime,theytoilfortenhoursaweekunpaid.8)Theyalsoaddedthattheywouldnotsurrenderthefutureoftheirchildrentoafewpeoplewhoarebentonenslavingthemforlife.9)China'stoplegislatureistodeliberateaboutthedraftamendmenttothepersonalincometaxlaw,amajormovethatismeanttonarrowthewideninggapbetweenthecountry'srichandpoor.10)Wemustbridgethegapbetweenthesupplyanddemandofpowerifwearetoachievehigherratesofeconomicgrowthonasustainablebasisinthenextdecade.3.MatchthetermsincolumnAwiththeexplanationsincolumnB:AB1)budgetdeficita)Aprocedurewhich,incertainjurisdictions,allowsanindividualtodeclarebankruptcy.102)stagnationb)Thehighest-rankingcorporateadministratorinchargeoftotalmanagementofanorganization.93)pricewarc)Theamountbywhichagovernment,company,orindividual'sspendingexceedsitsincomeoveraparticularperiodoftime.14)speculativestockd)Aprocedurewithrapidincreasesinvaluationsofrealestateuntiltheyreachunsustainablelevelsrelativetoincomesandothereconomicelements,followedbyareductioninpricelevels.85)deflatione)Commercemoneythatcanbeborrowedatalowinterestrate.76)grossdomesticproductf)Aperiodoftimeinwhichaneconomyexperiencesdifficultiesandachieveslittleornogrowth.27)easymoneyg)Marketsituationinwhich(usuallytwo)Powerfulcompetitorstrytousurpeachother'smarketsharebyprogressivelyreducingpricesuntiloneofthemretreats,atleasttemporarily.38)propertybubbleh)Themonetaryvalueofallthefinishedgoodsandservicesproducedwithinacountry'sbordersinaspecifictimeperiod.69)chiefexecutiveofficeri)Ageneraldeclineinprices,oftencausedbyareductioninthesupplyofmoneyorcredit.510)personalbankruptcypositivereturns.4j)astockwithhighriskrelativetoanypotential4.TranslatethefollowingintoChinese:自2008年經(jīng)濟(jì)震蕩以來(lái)酋長(zhǎng)國(guó)城市迪拜遭受了媒體的負(fù)面宣傳。假如該城市國(guó)的統(tǒng)治者們?cè)谶@時(shí)退縮的話,他們只能怪自己了。不管怎么說(shuō),是他們自己首先招徠了媒體的關(guān)注。只在二十來(lái)年之前,迪拜還只不過(guò)是空曠的沙漠而已,沒(méi)有任何理由建曼哈頓式的高樓大廈,更不用說(shuō)世界最高樓了。也就是說(shuō),除了浮華的抱負(fù)外沒(méi)有任何其他理由能使荒蕪之地變?yōu)槭澜缟献罹呋盍Φ某鞘兄弧.?dāng)?shù)习菟ㄊ澜缱罡咚畛醯拿Q)開(kāi)建時(shí),迪拜正處于由國(guó)外投機(jī)商促成的劃時(shí)代繁榮之中,奢華發(fā)展項(xiàng)目接連不斷。1月4日迪拜塔正式開(kāi)張時(shí)雖煙花絢麗多睬,但實(shí)際上這種嘩眾取寵的表現(xiàn)已開(kāi)始衰減了。在這數(shù)周之前,迪拜最大的國(guó)有開(kāi)發(fā)公司就已宣布無(wú)力償債。官方公布的數(shù)據(jù)顯示迪拜欠債主800億美元,但阿拉伯地區(qū)最大的投資銀行EFG-Hermes估計(jì)其債務(wù)可能高達(dá)1700億美元。后來(lái)為了避免這一十分尷尬的局面,石油資源豐富的阿布扎比的統(tǒng)治者SheikKhalifaal-Nahyan注入了100億美元,而且該摩天大樓的主人把該樓改名為哈利法塔。對(duì)于一個(gè)習(xí)慣于華麗辭藻的城市來(lái)說(shuō),這已是相當(dāng)?shù)穆淦橇?。不過(guò),在接踵而來(lái)的恐慌、指控和幸災(zāi)樂(lè)禍之中,人們可能很容易忘記,海灣不僅僅只有迪拜。臨近的競(jìng)爭(zhēng)對(duì)手們從金融危機(jī)中恢復(fù)的狀態(tài)比其傷痕累累鄰居要好,其中有些因更豐富的石油天然氣資源比迪拜要富得多。根據(jù)里雅得沙特法國(guó)銀行和巴黎農(nóng)業(yè)信貸銀行首席經(jīng)濟(jì)學(xué)家JohnSfakianakis的預(yù)測(cè),海灣地區(qū)今年不光能從全球衰退中復(fù)蘇,而且可能成為繼東南亞經(jīng)濟(jì)后第二個(gè)最重要的全球經(jīng)濟(jì)增長(zhǎng)中心。他說(shuō):“世界一直來(lái)只關(guān)注迪拜,但迪拜不是海灣合作委員會(huì),”他指的是比較松散的海灣國(guó)家政治和經(jīng)濟(jì)聯(lián)盟?!皬亩唐诳?,迪拜的問(wèn)題可能會(huì)影響世界對(duì)該地區(qū)的看法。但從長(zhǎng)遠(yuǎn)看,海灣地區(qū)一定會(huì)展現(xiàn)強(qiáng)勁的增長(zhǎng)勢(shì)頭。”5.Fillineachofthefollowinggapswithoneofthesentencesgivenbelow:1)Thisisanightmareforallbutthemostinnovativebusinesses.2)Well,theJapanesearestartingtodothat.3)Theymightbelivingwiththeirparents,savingtheirsalariesfordesignerhandbags.4)Alwaysconsciousthatithasnooilofitsown,Japanisnowthemostenergy-efficientlargeeconomy.5)Thecapital'spublic-transportsystemalsomakesiteasyandcheaptogetaround.SupplementaryReadingAsianEconomiesReboundinSpiteoftheWest1.Theword"decoupling"inthefirstparagraphreferstotheprocessthat__________.A.U.S.economyisstillreliantonAsiacountries’exportsoastoreviveinashorttime.B.U.S.economydoesn’tnecessarilyhavetodependonAsiancountries’export.C.AsianeconomiesbecomeindependentonU.S.consumptionandboomallbythemselves.D.AsianeconomiesstillhavetodependonU.S.consumerspending.2.Accordingtothecontext,whatdoes“R.I.P.”in“decouplingR.I.P.”inthesecondparagraphmean?A.RestinPeace.B.RoutingInformationProtocol.C.RenderImmensePower.D.RecoveryIsPossible.3.WhichofthefollowingistrueasthesignsofAsianeconomyrecovery?A.China’sexporthasincreasedby17%everymonththisyear.B.India’s5.8%growthisnotasgoodasestimated.C.Indonesiahasachievedaquickandsmoothgrowthof4.4%.D.India’sperformancehasexceededpreviousexpectation.4.Whatisthecoreofthedecouplingthesis?A.TheWestwillconsumethemajorityofproductsthatAsianeconomiesproduce.B.Asianeconomiescanachievegrowthamongthemselvesbydomesticdemands.C.ConsumerspendinginAsiacan'tfillthegapleftbyfallingexportstotheU.S..D.U.S.canholdupitseconomybydomesticdemand.5.WhatisoneimportantreasonofAsianrevivalaccordingtoMerrillLynch?A.TheWestisgettingricherandbeginstoconsumemoregoodsfromAsia..B.Chinahasalargerdomesticdemandwhichresultsinajumpinimportfromtherestoftheregion.C.JapanismoreeconomicallyinterrelatedwithotherAsiancountries.D.U.S.hasdeclinedtheimportfromEuropeandJapan,instead,itimportmorefromAsia.6.WhydoesChinesegovernmentspendlargesumofmoneytocover90%populationwithhealth-care?A.
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