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)濟震蕩以來酋長國城市迪拜遭受了媒體的負面宣傳。假如該城市國的統(tǒng)治者們在這時退縮的話，他們只能怪自己了。不管怎么說，是他們自己首先招徠了媒體的關注。只在二十來年之前，迪拜還只不過是空曠的沙漠而已，沒有任何理由建曼哈頓式的高樓大廈，更不用說世界最高樓了。也就是說，除了浮華的抱負外沒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．數(shù)习菟ㄊ澜缱罡咚畛醯拿Q）開建時，迪拜正處于由國外投機商促成的劃時代繁榮之中，奢華發(fā)展項目接連不斷。1月4日迪拜塔正式開張時雖煙花絢麗多睬，但實際上這種嘩眾取寵的表現(xiàn)已開始衰減了。在這數(shù)周之前，迪拜最大的國有開發(fā)公司就已宣布無力償債。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估計其債務可能高達1700億美元。后來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。對于一個習慣于華麗辭藻的城市來說，這已是相當?shù)穆淦橇?。不過，在接踵而來的恐慌、指控和幸災樂禍之中，人們可能很容易忘記，海灣不僅僅只有迪拜。臨近的競爭對手們從金融危機中恢復的狀態(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)里雅得沙特法國銀行和巴黎農(nóng)業(yè)信貸銀行首席經(jīng)濟學家JohnSfakianakis的預測，海灣地區(qū)今年不光能從全球衰退中復蘇，而且可能成為繼東南亞經(jīng)濟后第二個最重要的全球經(jīng)濟增長中心。他說：“世界一直來只關注迪拜，但迪拜不是海灣合作委員會，”他指的是比較松散的海灣國家政治和經(jīng)濟聯(lián)盟?！皬亩唐诳?，迪拜的問題可能會影響世界對該地區(qū)的看法。但從長遠看，海灣地區(qū)一定會展現(xiàn)強勁的增長勢頭?！?.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.