The Nikkei Stock Average broke the 20,000 mark early Friday morning for the first time since April 2000. Market sentiment has improved recently on expectations of an economic recovery and increased stock purchases by public funds, helping the benchmark index top the psychologically important line.
周五上午，日經(jīng)指數(shù)在2000年4月之后首次突破20000點(diǎn)大關(guān)。預(yù)期經(jīng)濟(jì)復(fù)蘇，以及公共基金加大債券購(gòu)買力度，讓市場(chǎng)情緒變得更加樂(lè)觀，使得基準(zhǔn)指數(shù)超過(guò)了重要的心理線。

The yen's slide against the dollar and other major currencies has helped improve Japanese exporters' earnings, and aggregate pretax profit at listed companies for the year ended March is expected to have hit a record high. Against this?backdrop, Toyota Motor and other big companies agreed to raise wages during Japan's spring labor negotiations this year. Market players expect higher wages, in turn, will result in stronger consumption. These factors have all contributed to higher share prices.
日元對(duì)美元等主要貨幣的匯率下跌使日本出口收入增加。到今年3月為止，上市公司的年度稅前利潤(rùn)總額也有望因此達(dá)到歷史高點(diǎn)。這一背景下，豐田汽車等大公司在今年春季的勞工協(xié)商（又稱“春斗”）中同意加薪。市場(chǎng)參與者想要更高的薪資，相應(yīng)的，也會(huì)有更多的消費(fèi)。這些因素都導(dǎo)致了股價(jià)上升。

The last time the Nikkei average was above 20,000 was at the end of dot-com bubble in 2000. After the bubble burst, the index continued to fall, before recovering to the 18,000 level in June 2007. Then the U.S.?subprime?mortgage problem emerged, and the global financial crisis rattled the market the next year. The Nikkei average fell to 7,054 in March 2009, the lowest since the collapse of Japan's asset-inflated economy in the late 1980s.
上次日經(jīng)指數(shù)突破20000點(diǎn)是在2000年互聯(lián)網(wǎng)泡沫時(shí)期。泡沫破裂后，日經(jīng)指數(shù)持續(xù)下跌，直到2007年6月才恢復(fù)18000點(diǎn)。此后，美國(guó)次貸危機(jī)爆發(fā)，次年全球金融危機(jī)令市場(chǎng)感到不安。日經(jīng)指數(shù)在2009年3月下降到7054點(diǎn)，這是日本上世紀(jì)80年代末房地產(chǎn)泡沫破滅以來(lái)的最低點(diǎn)。

The current bull market began in late 2012, when Shinzo Abe became prime minister for a second time. Expectations for his economic policy, later dubbed Abenomics, helped rejuvenate the stock market.
此次牛市是從2012年末開(kāi)始的。當(dāng)時(shí)安倍晉三第二次成為日本首相。他的經(jīng)濟(jì)政策后來(lái)被稱為安倍經(jīng)濟(jì)學(xué)，對(duì)這一政策的期待為證券市場(chǎng)的復(fù)蘇提供了幫助。

Haruhiko Kuroda took over as governor of the Bank of Japan in March 2013. The following month, in line with market expectations, the BOJ launched aggressive monetary easing measures that included massive purchases of government bonds. The bank surprised the market by implementing additional easing in October 2014.
2013年3月，黑田東彥接任日本央行行長(zhǎng)。次月，日本央行實(shí)行了符合市場(chǎng)預(yù)期的激進(jìn)的寬松貨幣政策，包括增加政府債券的購(gòu)買量。2014年10月，日本央行出乎市場(chǎng)意料，進(jìn)一步放寬貨幣政策。

The BOJ has also been purchasing exchange-traded funds as part of its easing measures. Additionally, the Government Pension Investment Fund and other public pension funds in search of higher returns are buying more stocks, adding to the bullish mood of recent months.
作為其寬松政策的一部分，日本央行還買入交易型開(kāi)放式指數(shù)基金。此外，為了更高的回報(bào)率，GPIF（年金積立金管理運(yùn)用獨(dú)立行政法人）等公共年金基金機(jī)構(gòu)買入更多股票，為市場(chǎng)帶來(lái)更多樂(lè)觀情緒。