Japan, for example, is starting to experience a huge retirement bulge, implying a sharp reduction in savings as the elderly start to draw down lifetime reserves. Japan’s past predilection toward saving has long implied a large trade and current-account surplus, but now these surpluses are starting to swing the other way.
首先，导致全球储蓄曲线上移的力量很快就会在相反的方向上起作用。比如，日本已开始经历退休爆炸，这意味着随着老年人开始动用生命储备，储蓄将显著下降。长期以来，日本对储蓄的偏好导致了巨额贸易和经常项目盈余，但现在这些盈余已开始向反方向波动。