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The missing piece of the puzzle had been wages.
整个环节中缺少的一环是工资。
Last year annual wage negotiations produced gains of 3.8%, the highest in three decades.
去年，年度工资谈判产生了3.8%的工资增长，是三十年来的最高水平。
But wage growth still trailed inflation, leaving real incomes falling.
但工资增长率仍然落后于通胀率，导致实际收入下降。
Then came last week’s blockbuster numbers.
然后就出现了上周的重磅数据。
They included a big boost to the so-called base-up portion of Japanese wages, which is not linked to seniority.
这些数据包括大幅提高日本工资中的基础部分，这一部分的工资与资历不挂钩。
A sustained period of rising prices has emboldened unions to push forcefully for higher pay; Japan’s shrinking labour force is also forcing firms to compete for talent.
持续了一段时间的物价上涨鼓励工会大力争取更高的工资，日本劳动力的萎缩也迫使企业争夺人才。
Policymakers “have been very, very patient, deliberately waiting for the right timing”, says Nakaso Hiroshi, a former BOJ deputy governor.
日本央行前副行长中曾宏表示，政策制定者“一直非常、非常有耐心，刻意等待合适的时机”。
“And now the time is right.”
“现在时机成熟了。”
For such a momentous decision, the short-term impact will be limited.
对于如此重大的决定，短期影响将是有限的。
The BOJ had hinted at its intentions, meaning markets priced in the move, and had loosened its yield cap last year.
日本央行过去曾暗示了其意图（这说明市场已经将举措的影响计入了价格中），并在去年放松了收益率上限。
The yen depreciated slightly against the dollar following the announcement.
消息公布后，日元兑美元汇率小幅贬值。
Long-term yields have settled at 0.7% to 0.8%, below the scrapped 1% reference point.
长期债券收益率稳定在0.7%至0.8%之间，低于已取消的1%参考点。
Although some local investors may bring funds home as a consequence of the policy shift, global capital flows are unlikely to move drastically since rates in Japan will still be low by international standards, notes Kiuchi Takahide of Nomura Research Institute, a research outfit.
研究机构野村综合研究所的木内高秀指出，尽管一些本土投资者可能会因为政策转变而将资金带回国内，但全球资本不太可能大幅流动，因为以国际标准衡量，日本的利率仍将处于较低水平。
Nor will the change to the policy rate have a big effect: under the BOJ’s old framework, there were three tiers of accounts, and the share of funds held in those subject to negative rates was minimal.
政策利率的变化也不会产生太大影响：在日本央行的旧框架下有三层账户，其中负利率账户持有的资金份额微乎其微。
The question is where the BOJ goes from here.
问题是，日本央行此后将采取何种措施。
Officials have been careful to signal they are not embarking on a tightening cycle.
官员们一直小心翼翼地发出信号，表示他们不会进入紧缩周期。
Last month Uchida Shinichi, a deputy governor, said there would not be a rapid series of rate rises.
上个月，日本央行副行长内田真一表示，不会出现一连串的快速加息。
Mr Ueda offered few clues about where he suspects rates will settle; most economists reckon they will not exceed 0.5%.
央行行长植田几乎没有透露线索表明他猜测利率将稳定在什么水平，大多数经济学家认为利率不会超过0.5%。
The BOJ will also continue to buy “broadly the same amount” of government bonds to control long-term rates.
日本央行还将继续购买“大致相同数量”的政府债券，以控制长期利率。
Normalisation of its own balance-sheet will be a gradual process.
央行自身的资产负债表的正常化将是一个渐进的过程。
“The BOJ has left a huge footprint on the market,” says Kato Izuru of Totan Research, a think-tank.
智库Totan研究中心的加登出说，“日本央行在市场上留下了巨大的足迹”。
“They want to reduce that footprint, but it cannot be reduced suddenly.”
"他们希望减少这种足迹，但不能突然减少。”
As the BOJ enters its new era, several risks loom.
随着日本央行进入新时代，几个风险隐约可见。
One comes from overseas.
一个来自海外。
If there is a slowdown in America or China, Japan’s two biggest trading partners, it would weigh on external demand and drag down the outlook for Japanese firms, making them less likely to invest.
如果日本最大的两个贸易伙伴（美国或中国）的经济放缓，这将对外部需求造成压力，并拖累日本企业的前景，使它们不太可能投资。
Another comes from within.
另一个来自国内。
In the long run, interest payments on Japan’s large government debt will rise, putting pressure on public finances.
从长期来看，日本高额的政府债务让政府支付的利息将增加，这将给公共财政带来压力。
The financial system looks sound, but Japan’s financial regulator recently stepped up oversight of regional lenders.
金融体系看起来很健全，但日本金融监管机构最近加强了对地区银行的监管。
Many observers are concerned about the impact of rate rises on mortgages and small and medium-sized businesses that do not have large cash buffers.
许多观察人士担心加息对抵押贷款和没有大量现金缓冲的中小企业的影响。
Most worrying, inflation could drop below target again.
最令人担忧的是，通胀率可能再次低于目标。
Price inflation, while still above 2%, is already falling.
价格通胀率虽然仍高于2%，但已经在下降。
Two doveish board members voted against the decision to abolish negative interest rates, arguing that more time was needed to be sure that inflation will stick.
两名温和派的董事会成员投票反对取消负利率，认为需要更多的时间来确保通胀将持续下去。
For the trend to continue, Japan needs reforms that raise productivity and boost the potential growth rate, Mr Nakaso argues.
中曾宏认为，要使通胀持续下去，日本需要进行改革，提高生产率和潜在增长率。
If there is one lesson from Japan’s era of monetary-policy experiments, it is that there are limits to central banks’ powers.
如果说日本的货币政策实验时代有什么教训的话，那就是中央银行的权力是有限的。
During Japan’s new era, others will have to take the lead.
在日本的新时代，其他人将必须起到带头作用。
