Japan's central bank governor yesterday made the case for a gradual increase in interest rates, warning that keeping rates low could fuel the so-called yen¹ carry trade and destabilise the country's economy.

福井俊彦昨日在日本国会讲话时表示，与经济运行状况相比，日元利率偏低。日本目前的基准利率为0.5%，是七国集团(G7)中最低的，而日本近年一直保持略高于2%的的经济增幅。

Japan's interest rates, which at 0.5 per cent are the lowest among the Group of Seven nations, are relatively² low in comparison with the economy, which has been growing at a little more than 2 per cent in recent years, Toshihiko Fukui, Bank of Japan governor, told parliament.

但是，福井俊彦希望反驳一种日益流行的观点。这种观点认为日本央行近期可能无法加息。而日本央行担心，这种观点可能助推房地产泡沫，并鼓励更多投资者借入低利率的日元，投资于收益率更高的海外资产（即所谓的套利交易）。

But Mr Fukui sought to counter a growing view that the BoJ may not be able to raise rates soon, which it fears could fuel a real estate bubble and more investors³ borrowing low-interest yen to invest in higher-yielding assets overseas, in what is known as the carry trade.

福井俊彦对日本参议院金融委员会表示："如果市场预期认为，无论物价和经济状况如何，日本都将保持低利率，那么，这就可能鼓励人们进行低效率的资产配置，如投资房地产和日元套利交易等。"

"If the expectation takes hold that low interest rates will continue regardless of the situation of both prices and the economy, then that could invite inefficient⁴ allocation of capital including real estate and the yen carry trade," he told the Upper House's financial committee.

"如果日本央行在利率调整方面动作太慢，就可能会增加（发生上述风险的）可能性，意味着我们没有尽到职责。"

"If the BoJ acts too slowly in adjusting interest rates, that would raise the possibility of [upside risks] occurring and would mean that we are not fulfilling our responsibility."

与此同时，欧洲央行官员也明确表示，有必要紧缩货币政策：欧洲央行(ECB)行长让-克洛德o特里谢(Jean-Claude Trichet)昨日暗示，欧元区利率将在6月份升至4%的水平；而英国央行(Bank of England)也于昨日决定将主导利率提高25个基点，至5.5%，为6年来最高水平。

Mr Fukui's comments came as European central bankers made it clear that tighter monetary⁵ policy was necessary: Jean-Claude Trichet, European Central Bank president, yesterday signalled that eurozone rates would rise to 4 per cent in June, while the Bank of England raised its main interest rate by a quarter of a percentage point to 5.5 per cent, its highest in six years.

此外，美联储(Fed)周三也重申了它的主要忧虑，担心"通货膨胀可能不像预期那样趋缓"。至此，世界主要央行均已表示，他们的首要任务依然是控制通货膨胀。

With the Federal Reserve reiterating⁶ its main concern that "inflation will fail to moderate as expected" on Wednesday, all the world's big central banks have signalled their primary focus remains⁷ the control of inflation.