日本央行(BoJ)昨日表示，经季节性调整后，日本7月份出口量环比增长2.3%。来自亚洲的需求增强，加上补充库存的活动，提振了日本制造商。

The volume of Japanese exports rose a seasonally adjusted 2.3 per cent in July from June as stronger demand from Asia and replenishment of inventories boosted manufacturers, the Bank of Japan said yesterday.

该数据表明，在7-9月份的这一季度，日本经济有望再取得可观增长。上周的数据显示，4-6月季度，产出按年率计算增长了3.7%。

The data suggest that Japan may enjoy another quarter of respectable growth from July to September, after last week's report that output rose at an annualised rate of 3.7 per cent in the April-June quarter.

财务省公布的另一组数据则显示，经季节性调整后，7月份出口商品的价值下降了1.3%。但出口量能够更好地衡量日本经济的活跃程度以及海外需求。

The value of goods exported fell a seasonally adjusted 1.3 per cent, ac-cording to a different data series published by the Ministry of Finance. But, volumes are a better guide to activity in the Japanese economy and demand from overseas.

经济学家告诫称，虽然月出口量较2月份低点回升了23%，但一旦海外客户备足了存货，复苏之势可能停滞。“近6个月出口增长很快的事实，并不能很好地说明最终需求的状况，”东京麦格理证券(Macquarie Securities)首席经济学家理查德·杰拉姆(Richard Jerram)表示。

Economists cautioned that while monthly export volumes were up by 23 per cent from their trough in February, the recovery might stall once customers abroad have rebuilt inventories. “The fact that it's gone up very quickly over the last six months doesn't tell you much about final demand,” said Richard Jerram, chief economist at Macquarie Securities in Tokyo.

7月份出口量较去年同期下降27%，出口额则同比下降36.5%。一年前金融危机尚未全面爆发。

Monthly export volumes are 27 per cent below levels of a year ago, before the financial crisis took hold. In value terms, exports were 36.5 per cent lower in July than a year before.

丰田(Toyota)昨日表示，从明年春季起的一年多时间内，将关闭一条大规模国内生产线。这表明该公司预计不会很快恢复到危机前的产出水平。

Toyota said yesterday that it would shut a big domestic production line for more than a year from next spring, in a sign that it does not expect a rapid recovery to pre-crisis output levels.

一些观察家表示，出口复苏势头或许已在减缓。“从7月份实际出口的增速放慢来看，推动出口回升的一些因素……可能已开始减弱。”法国巴黎银行(BNP Paribas)经济学家Ryutaro Kono和Azusa Kato在一份发给客户的报告中写道。

Some observers said that the momentum of export recovery might already be slowing. “Given the slower tempo of July's real exports, it seems that some of the drivers of the export rebound . . . could already be starting to wane,” BNP Paribas economists Ryutaro Kono and Azusa Kato wrote in a note to clients.

译者/岱嵩