With growth anemic in most advanced economies, the rally in risky assets that began in the second half of 2012 has not been driven by improved fundamentals, but rather by fresh rounds of unconventional monetary policy. Most major advanced economies’ central banks – the European Central Bank, the US Federal Reserve, the Bank of England, and the Swiss National Bank – have engaged in some form of quantitative easing, and they are now likely to be joined by the Bank of Japan, which is being pushed toward more unconventional policies by Prime Minister Shinzo Abe’s new government.
随着大部分发达国家经济增长乏力，始于2012年下半年的高风险资产价格回升并非源自于基本面的改善，而是受到新一轮的非常规货币政策驱动。大多数重要发达国家的央行——比如欧洲央行、美联储、英格兰银行、瑞士国家银行——都忙于实施某种形式的定量宽松政策，而日本央行很有可能会加入这种大潮——首相安倍晋三领导的新政府致力于推动实施更加非常规的政策。