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2008年10月10日 (金)

世界の株安

2008/10/10 --The Asahi Shimbun, Oct. 9(IHT/Asahi: October 10,2008)

EDITORIAL: Crash in stock markets

世界の株安―資本注入へと踏み出せ


A tidal wave of panic selling is depressing stock markets all over the world. The benchmark stock indexes in both the Japanese and the U.S. markets fell to levels well below the 10,000-mark, while markets in Europe and elsewhere in Asia also nosedived.

 株安の津波が世界の市場を襲っている。日米の平均株価が相次ぎ「1万」の大台を大きく割り込み、欧州やアジアでも大幅に下落した。 

Late last week, the U.S. Congress finally enacted a financial bailout plan that allows the government to buy distressed assets from financial institutions. But markets reacted skeptically, questioning the effectiveness of the rescue package and urging the government to inject taxpayer money directly into troubled financial institutions. Europe also is struggling to come up with effective responses to the crisis that is now threatening the region's banking system.

 先週末に米国で、金融機関の不良資産を政府が買い取る法律がやっと成立した。だが、市場はその効果を疑問視し、金融機関に公的資本を直接注入することを求めている。危機が飛び火した欧州でも、効果的な対策を打ち出せずに、もたついている。 

The global stock market debacle indicates extremely heightened levels of anxiety about the financial system among investors and market players across the world. Furthermore, market participants predict a further global economic downturn in days to come. In a concerted move to stop the spreading downward spiral, six Western central banks, including the U.S. Federal Reserve Board and the European Central Bank, lowered their benchmark policy rates Wednesday.

 株安は金融不安が極度に高まったことを示している。それに加えて、世界的に景気が冷え込むのを先取りしている点で根が深い。危機の連鎖を防ぐため、欧米の6中央銀行はきのう協調して政策金利を引き下げた。 

As a result of the combined recession Japan experienced in the 1990s following the collapse of stock and real estate market bubbles, banks saddled with massive bad loans tightened up their screening for businesses and even called in loans, thereby making the recession worse and causing their own bad assets to increase further. This vicious cycle, in which a financial crisis weakened domestic demand and thereby worsened the crisis itself, pushed the nation deeper into recession.

 90年代の日本がバブル崩壊による不況に苦しんだとき、「複合不況」とよばれた。不良債権で窮地に立った銀行が企業に対して貸し渋り・貸しはがしに走ったことで不況が進み、それがまた不良債権を増やす。金融危機と需要減退が複合し、そうした悪循環が不況を深めていった。 

The synchronized stock market tumbles ominously suggest the crisis that originated in the United States and Europe is developing into a global combined recession.

 この複合不況が、これから欧米を震源に世界的な規模で押し寄せてくる。株安はその予兆ではなかろうか。 

In the United States, the financial storm that started on Wall Street has begun to drag down the real economy. U.S. vehicle sales in September plunged 26 percent from a year earlier.

Lenders are now beginning to shut off lines of new credit to consumers as well as to businesses. Many American consumers have been sustaining their brisk shopping pace with borrowed money. The current credit crunch could lead to a sharp drop in consumer spending in the country.

 米国では、ウォール街で発生した金融危機の嵐が実体経済へ及んできた。9月の自動車販売は前年より26%も落ち込んだ。貸し渋りは、企業だけでなく個人向けへも広がってきた。米国民は借金漬けで消費をふくらませてきた面が強いだけに、消費が大幅に落ち込むことになるかもしれない。 

Europe is also suffering a vicious cycle involving a downturn in the real estate market, a credit contraction and an economic decline.

 欧州も不動産市況の悪化、金融収縮と景気後退の悪循環が鮮明だ。 

The ripple effects of the crisis will also deliver a severe blow to Japan, which has pulled itself out of the prolonged post-bubble economic malaise on the back of strong exports of automobiles and electronic appliances. While overseas demand for Japanese exports is weakening, there is no quick way to stoke demand at home.

 自動車や電器の輸出に頼ってバブル不況から脱出してきた日本も苦しくなる。内需を拡大といっても、特効薬がすぐにあるわけではない。 

Japan first responded to the combined recession with massive rounds of simple public spending to boost demand, delaying cash injections into undercapitalized banks. The upshot was the now-famous "lost decade," in which a credit contraction and a deflationary downturn reinforced each other in a vicious cycle.

 日本は複合不況の時代に、財政出動による単純な需要拡大策を優先し、金融機関への資本注入を後回しにした。その結果、金融収縮と不況との悪循環が拡大して10年を失った。 

At a news conference on Tuesday, Bank of Japan Governor Masaaki Shirakawa said the lesson of Japan's bitter experience is that there can be no economic recovery under such circumstances without fixing the problem of undercapitalized banks.

 日本銀行の白川方明総裁はおとといの記者会見で、当時の教訓として「銀行の資本不足の解決なくして、景気回復はない」と振り返った。 

The U.S. and European authorities must protect their banking systems and end the credit crunch to prevent a toxic combination of a contraction in lending and an economic downturn. That requires bold moves to infuse the banking system with public funds.

 危機に直面している欧米諸国が、まず金融システムを守り、貸し渋りを防いで、金融収縮と景気後退の複合を食い止める。そのために公的資金の投入へ大胆に踏み出す――。これがいま最優先で取り組むべきことだ。 

The British government on Wednesday announced a rescue package for its embattled banks that will inject up to 50 billion pounds (some 9 trillion yen) of taxpayer funds into troubled lenders. Other countries are also considering similar measures. As a country that underwent a severe home-grown banking crisis triggered by the burst of its asset-inflated bubble, Japan should strongly urge other countries facing a similar crisis to take these steps.

 英政府はきのう、約9兆円の公的資本を銀行へ注入する救済策を発表した。各国とも資本注入策を模索しているようだ。日本はバブル処理に苦闘した経験者として、そうした対策を強力に働きかけることが大切だ。 

The nation's top financial policymakers will have an opportunity to do so when they attend a meeting of the finance ministers and central bankers of the Group of Seven industrialized nations this weekend.

 今週末には7カ国財務相・中央銀行総裁会議(G7)が開かれる。まずはこの会議がその場になるだろう。

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