NO.PZ2023040601000072
问题如下：
Exhibit 1 provides some key points for the countries Morgan will be writing about in this week's economic update. Morgan discusses with Chan what these factors indicate about each country’s economic cycle and how they affect policy interest rates and fixed-income markets.
Based on the information in Exhibit 1, which country should most likely have a policy rate above the neutral rate?
选项：
A.
Japan
B.
United Kingdom
C.
Switzerland
解释：
A is correct. Japan is experiencing a positive output gap and an aggregate increase in borrowing. These factors are consistent with an economy that is producing beyond its sustainable capacity. As such, the appropriate policy rate should be above the neutral rate.
B is incorrect because inflation expectations have become more volatile, and equity risk premiums are increasing rapidly. These factors are not associated with an economy that is producing beyond its sustainable capacity.
C is incorrect because individuals have increased their marginal utility from consumption, and consumers have reduced borrowing levels. These factors are more likely associated with an economy that is producing below its sustainable capacity.
1.问题问的是哪国会有高利率吗？
2.日本那两句话说的是什么意思？先翻译一下中文，再解释一下为什么导致利率变高。
3.波动率增大利率更高，对不对？对的话为什么不选B？
