Land of the Rising Price

1. Japan, people like to argue, is one place that should greet the return of inflation with joy. The country, after all, has been in the grip of deflationary forces for over a decade. Even after an economic recovery which began in 2002, the lingering deflationary mindset has meant firms have struggled to raise prices or pay better wages. A burst of inflation, the Japan bulls say, will provide just the shot in the arm that economy needs.

2. Prices are indeed on the rise. The Bank of Japan (BOJ) raised its forecast for ‘core’ inflation in the fiscal year ending in March 2009 to 1.8% up from 1.1%. But even Japan’s “core” inflation rate, which strips out both energy and fresh food, is ticking up, as higher prices for wholesale goods pass on to consumers. Higher prices not only do harm to Japan’s external strength. They are eating into workers’ real earnings, and hurting companies’ profit margins at home (as they have difficulty passing on higher costs).

3. The prices of Japan’s exports relative to imports have deteriorated for at least four years, but until recently growth in companies’ sales volumes had more than made up for that. Japan’s recovery was underpinned by strong exports, first to China and more recently to Europe and oil-exporting countries. In value terms, exports to America are shrinking. Now, export growth to Europe looks as if it is wobbling.

4. For as long as money remains cheap, the second element of the optimists’ case – corporate restructuring – is unlikely to take hold. Without the discipline of higher rates, some companies will continue to eke out a living on a drip of cheap credit, while plenty of unproductive sectors and smaller businesses will escape the kind of consolidation they need. Falling profits and a lack of reform: that hardly makes for a bullish story quite yet.

6. Определите, являются ли приведенные ниже утверждения (1, 2, 3)

а) истинными (true)

б) ложными (false)

в) в тексте нет информации (no information)

1. Japan has been in the grip of deflationary forces for over a decade.

2. A burst of inflation won’t provide just the shot in the arm that economy needs.

3. Consumers are not satisfied with higher prices in Japan.

6. Прочитайте абзац 1 и ответьте письменно на следующий вопрос:

What will a burst of inflation provide in Japan?

Вариант №4

1. Переведите письменно существительные (1-10). Выберите определения

(a – j), соответствующие существительным:

1) workforce	a) people living in a place, country, etc.
2) service	b) making of goods and materials
3) bank	c) the members of the population able to work
4) job	d) money paid regularly for work done
5) rise	e) the number of people in an area or group who have regular paid job
6) industry	f) system or arrangement that supplies public needs
7) employment	g) establishment for keeping money and valuables safely
8) wage	h) employment, post
9) manufacturing	i) upward progress
10) population	j) branch of trade and manufacture

2. a) Выполните КОПР № 2, 4.

б) В следующих предложениях подчеркните глагол-сказуемое, определите его видовременную форму и залог. Переведите предложения на русский язык.

1) The world’s leading gas and oil exporter, Russia has become one of the most attractive emerging markets in the world.

2) Nobody in the world knows the exact date when the first rent deal in the history of mankind was concluded.

3) The Russian government of the early 1990s decided to use shock therapy approach.

3. a) Выполните КОПР № 1.

б) В следующих предложениях подчеркните герундий и инфинитив. Переведите предложения на русский язык.

1) Banks are interested in keeping most of their money in circulation so that it should bring them profit.

2) In 1913 H. Ford began to use assembly-line techniques in his plant.

3) Many countries in Asia have an absolute advantage in manufacturing electronic goods.

4. a) Выполните КОПР № 1.

б) Письменно переведите на русский язык следующие предложения. Помните, что инфинитивные обороты часто соответствуют придаточным предложениям.

1) The RF government is expected to put considerable efforts and financial resources into transport infrastructure, development and modernization.

2) Most secretarial and clerical jobs require the applicant to take a written examination.

3) Some of the major investors wanted the bank to pay a higher interest rate.

5. Прочитайте и устно переведите на русский язык весь текст. Перепишите и письменно переведите абзацы 2, 3.