Japan is considering establishing a special state investment fund - modelled on Singapore's Temasek - to manage part of its $909bn in foreign exchange reserves and improve returns while mitigating¹ the long-term impact of the country's ageing population.

目前，在日本首相安倍晋三(Shinzo Abe)领导的一个重要经济顾问委员会中，日本金融厅(Financial Services Agency)政策研究小组正在就这个想法进行讨论。同时，日本执政的自由民主党(Liberal Democratic party)内部也在讨论这一想法。日本的邻国--中国和韩国此前都采取了类似行动。

The idea is being discussed within a key economic advisory² council headed by Shinzo Abe, prime minister, by the policy study group of the Financial Services Agency, and also within the ruling Liberal Democratic party. The discussions follow similar moves by neighbours China and South Korea.

尽管讨论尚处于初级阶段，但是，只要传统上较为保守的日本转而采取更积极的投资方式，就会对全球市场产生重大影响。日本绝大部分外汇储备目前投资于美国国债。 Although the debate is in its early stages, any shift to a more active investment approach by traditionally conservative Japan would have a major impact on global markets. For the most part, the country's foreign exchange reserves are invested in US Treasuries³.

日本出生率的不断下降意味着，到2015年，四分之一以上的日本人口将超过65岁，到2030年，日本工作人口预计将减少近10%。

Japan's declining birth rate means that by 2015 more than one in four Japanese will be 65 or over, while the working population is forecast to shrink almost 10 per cent by 2030.

作为为日本储蓄赢得更好回报的措施之一，日本还在考虑分拆政府养老金投资基金(Government Pension Investment Fund)。该基金在全球规模最大，拥有160万亿日元（合1.347万亿美元）资产。

A break-up of the country's Government Pension Investment Fund, the world's largest with assets of Y160,000bn ($1,347bn), is also being considered as part of moves to secure better returns for Japanese savings⁴.

日本内阁府经济财政政策担当与金融担当大臣政务官田村耕太郎(Kotaro Tamura)指出："人们越来越坚定地认为，各种类型的（日本）公共基金都必须得到有效管理。"

"There is growing momentum⁵ behind the view that all sorts of [Japanese] public funds have to be managed effectively," said Kotaro Tamura, parliamentary secretary of the cabinet office for economic and fiscal⁶ policy and financial services.

一种观点认为，日本应该跟随新加坡和北欧各国的脚步，更积极地进行外汇储备投资，从而获得更好的回报。田村耕太郎表示，他认为新加坡政府的投资部门淡马锡就是最好的例子。淡马锡投资于新加坡国内外的众多公司。

One idea is for Japan to follow in the steps of Singapore and Scandinavian countries, which invest foreign reserves more actively⁷ and therefore obtain better returns. Mr Tamura said he saw Temasek, the Singapore government's investment arm, which invests in a broad range of companies both in Singapore and overseas, as the best example.