经济学人

of almost 15%—a cost it almost certainly cannot cover from its earnings. More recently it declined to redeem a $1.5 billion security at the first possible date, underscoring its need to preserve capital.

增加资本金着实困难。瑞穗金融集团在2月份表示，该集团将发行800亿日圆的优先债券修复其资本，但所支付的固定票息超过15%，收益几乎不够支付成本。最近该集团拒绝在最初的可能到期日赎回价值150亿美元的债券，强调其需要保有资本。

In recent weeks, the government has offered to inject capital into the banks and has set aside ￥20 trillion to buy many of the wilting shares from them. That would enable the banks to strengthen their balance-sheets further, preserve capital and keep on lending. But most banks have resisted: relying on the state would suggest they are in trouble. And selling would require them to crystallise the losses rather than let hope—that one day the stockmarket may miraculously recover—spring eternal. In the season of cherry blossoms, hope is all they have.

近几周来，日本政府已提出向银行业注资，并留有20万亿日圆购买银行手中持有的许多贬值股票。此举可使银行资本负债表进一步充盈、保有资本及继续放贷。但多数银行却拒绝了，认为依赖政府会表明他们陷于困境。而出售手中的股权将要求他们具体化其亏损度，而非使希望——某天股市会奇迹般反弹——永存。在这个樱花盛开的季节，他们所拥有的只有希望而已。