« 米実体経済の悪化 | トップページ | 地球温暖化と総選挙 »

2008年10月 8日 (水)

世界同時株安

(Oct. 8, 2008) The Yomiuri Shimbun

Enough economic talk, it's time for tough action

世界同時株安 政策協調で強力な対策を(108日付・読売社説)

Stocks around the world are going into free fall as the U.S.-triggered financial crisis goes from bad to worse. The international community should not dawdle in coordinating policies that will be highly effective, including emergency cuts in interest rates by Japanese, European and U.S. authorities.

 米国発の金融危機が拡大し、世界同時株安に歯止めがかからない。日米欧の緊急利下げを含め、強力な政策協調が今ほど求められる時はない。

New York stocks fell below 10,000 for the first time in four years Monday. Tokyo stocks briefly dipped below the 10,000 threshold for the first time in four years and 10 months Tuesday. Other Asian markets as well as European markets also have seen falls in stock prices caused by a chain reaction.

 ニューヨーク株式市場の株価は6日、4年ぶりに1万ドルの大台を割った。7日の東京市場の株価も一時、4年10か月ぶりに1万円を割り込み、アジアや欧州でも、連鎖株安が続く。

On the foreign exchange market, the yen rose as the dollar briefly hit the 100 yen level. The Japanese currency also sharply rose against the euro. Market players are jittery. It is anyone's guess when these panic-stricken falls in stock prices and turbulent fluctuations in exchange rates will end.

 これに連動し、外国為替市場では、円相場が一時、1ドル=100円台に上昇し、対ユーロでも急伸した。パニック的な株安と、為替の乱高下がいつまで続くか。市場は疑心暗鬼にかられている。

The latest confusion in financial markets was, somewhat ironically, caused by the U.S. government's bailout package that was finally signed into law Friday. Due to doubts over the effectiveness of the package, selling pressure gathered pace in stock markets.

 混乱の引き金となったのは、皮肉にも、先週末にようやく成立した米国の金融安定化法である。その実効性を疑問視し、株売りが加速した。

Concern over such factors as the financial crisis spreading into Europe and the slowdown of the U.S. economy also took the wind out of the markets' sails.

 金融危機が欧州でも拡大したことや、米国の景気後退なども懸念され、市場を冷え込ませた。

===

U.S. rescue package flawed

The bailout package allows the injection of up to 700 billion dollars in public funds to buy up bad loans held by financial institutions. The package was expected to serve as a trump card to rescue financial institutions that are in dire situations.

 金融安定化法は、最大7000億ドル(約74兆円)の公的資金を投入し、金融機関の不良資産を買い取るものだ。金融機関の窮状を救う“切り札”と期待された。

However, observers believe it will be difficult to determine at what prices bad loans are to be bought up, and it likely will take time for the package to produce tangible results. Many pundits say the U.S. government should use public funds also to beef up the capital of financial institutions. The package, however, does not include such a measure.

 しかし、買い取り価格の決定が難しく、効果が発揮されるまで時間がかかるとされる。公的資金を金融機関の資本増強にも使うべきだとの指摘が多いが、この法律には盛り込まれていない。

Even if the U.S. government is set to establish a new law to enable capital injections, it cannot take actual steps because the Congress is closed ahead of the election season. This is a serious situation.

 資本注入を可能にする新たな法律を制定しようとしても、議会は選挙前の休会中で、身動きが取れない。深刻な事態だ。

In Europe, into which the crisis has seeped, emergency lending has been offered for imperiled German lender Hypo Real Estate. The German government also announced it would guarantee all private deposits. Since a number of banks and other financial institutions have been found to be treading water, other nations also are being driven to take action to rescue them.

 危機が飛び火した欧州では、経営不安に陥った独不動産金融大手に緊急融資枠が設けられ、独政府は預金の全額保護を表明した。各国で銀行などの経営危機が相次ぎ、救済策に追われている。

===

G-7 meet in spotlight

At a summit meeting of four major European nations last weekend, however, the leaders failed to hammer out any effective measures to alleviate this difficult situation. A plan to create a rescue fund to buy up bad loans, similar to the U.S. bailout package, has been shelved.

 だが、先週末の主要4か国首脳会議では、有効策を打ち出せず、米国のように不良資産を買い取る救済基金構想は見送られた。

Observers have pointed out that systems to monitor and support financial institutions that operate globally are far from satisfactory. We think steps to rectify the situation should be taken as soon as possible.

 国境を超えて活動する金融機関に対する監視・支援体制の不備が指摘されている。早急に対応を考えねばならない。

Japan, which is increasingly seeing signs of an economic recession, has been dealt the double punch of an abrupt slowdown in the U.S. economy and the appreciation of the yen. The nation probably should start considering implementing additional measures to sustain its economy.

 景気後退色が強まってきた日本には、米国経済の急減速と、円高がダブルパンチだ。日本も、さらなる景気下支え策の検討に入るべきではないか。

A focal point for now is the meeting of finance ministers and central bank chiefs of the Group of Seven major nations that is scheduled to be held in Washington on Friday. The finance leaders need to send a strong message to avoid a crisis.

 当面の焦点は、10日にワシントンで開かれる先進7か国財務相・中央銀行総裁会議(G7)だ。危機の回避に向け、市場にメッセージを送る必要がある。

Market players are pinning their hopes on coordinated cuts in interest rates by Japanese, European and U.S. monetary authorities. Whether they will make such a decision will be closely watched.

 市場は、日米欧の協調利下げに強く期待している。その決断ができるかどうかが注目されよう。

(From The Yomiuri Shimbun, Oct. 8, 2008)

20081080152  読売新聞)

|

« 米実体経済の悪化 | トップページ | 地球温暖化と総選挙 »

01-英字新聞(読売)」カテゴリの記事

コメント

コメントを書く



(ウェブ上には掲載しません)




« 米実体経済の悪化 | トップページ | 地球温暖化と総選挙 »