The Bank of Japan has downgraded its view of the economy but held interest rates at minus 0.1 per cent, as it wrestles with public confusion over January’s unprecedented move into negative territory.

日本央行(BoJ)下调了对本国经济的预期，但仍将利率维持在-0.1%水平，该行正在设法消除公众对1月份利率突然迈入负值区域的困惑。

Haruhiko Kuroda, BoJ governor, was forced to defend the policy as he unveiled a range of tweaks designed to reduce unintended consequences in the financial system.

在宣布一系列旨在减少负利率在金融系统引发非预期性后果的政策微调后，日本央行行长黑田东彦(Haruhiko Kuroda)不得不为这一政策辩护。

The BoJ’s language suggests a high chance of more easing later in the year — but shows how the knock-on effects of negative rates are putting practical limits on the European Central Bank and others’ use of their radical new tool.

日本央行的言论暗示了今年晚些时候出台更多宽松政策的可能性很高，但也显示出，负利率的连锁反应正给欧洲央行(ECB)及其他央行在新激进政策工具的使用上带来实际限制。

“I do see signs that the BoJ is softening its signal on negative interest rates,” said Izumi Devalier, economist at HSBC in Hong Kong. “I think they were taken aback by the amount of negative feedback they got.

“我的确看到了日本央行正在软化其负利率立场的迹象，”汇丰(HSBC)驻香港经济学家Izumi Devalier说，“我认为，他们被自己收到的负面反馈的数量吓到了。”

“I wouldn’t rule out further rate cuts at all but it stresses the fact they want to give this a bit more time to work through,” she added, arguing that the central bank was most likely to make a further easing move next month.

她补充说：“我无法排除进一步降息的可能，但这强调了一点，他们希望给这一政策更多一点时间发挥作用，”并称，日本央行很可能在下月进一步推出宽松措施。

As well as holding interest rates, the BoJ kept asset purchases at Y80tn ($708bn) a year.

除了维持利率不变，日本央行将继续每年购买80万亿日元（合7080亿美元）资产的计划。

January’s move to negative rates prompted falls in bank share prices and led financial trade unions to scrap their wage demands — the opposite of what the central bank needs to fuel inflation.

1月份开始实施的负利率政策拖累银行股下跌，并促使金融业的工会放弃他们的加薪要求，这与日本央行想要推高通胀的目标背道而驰。

Nor did the January move greatly weaken the yen, as it was overwhelmed by haven demand for the Japanese currency. The yen rose from Y113.8 to Y113 against the dollar in the wake of yesterday’s BoJ decision.

1月份的这一政策也没有大大压低日元汇率，因为对日元的避险需求占了上风。昨日日本央行公布利率决定后，日元兑美元汇率上升，从1美元兑113.8日元上升到兑113日元。

Mr Kuroda argued that the policy was working as intended. “Since we brought in minus rates, short- and long-term bond yields have fallen and that has clearly fed through to falls in mortgage and lending rates — so on the interest rate side the effects are already clear,” he told a news conference. “From here, I anticipate the effects will spread to prices and the real economy.”

黑田东彦认为该政策正在按预期发挥作用。他在记者会上表示：“自从我们引入负利率，短期和长期债券收益率下跌，而且这显然已带动抵押贷款和贷款利率下降，因此在利率方面的影响已经很明显。我预计这种影响将蔓延到物价和实体经济。”