バブル後最安値

(Oct. 28, 2008) The Yomiuri Shimbun

Fast action needed on plummeting stocks

バブル後最安値　与野党協力し対策実現急げ（10月28日付・読売社説）

Stocks appear to be in free fall.

　株価の「底」が見えなくなってきた。

The key index of the Tokyo Stock Exchange on Monday dropped 486 points from Friday to close at 7,162, falling past the post-bubble low registered 5-1/2 years ago and hitting its lowest point since October 1982.

　東京市場の平均株価が２７日、前週末比４８６円安の７１６２円で取引を終え、５年半前につけたバブル崩壊後の最安値をあっけなく更新した。１９８２年１０月以来、２６年ぶりの安値だ。

Although the government unveiled a second package of emergency measures the same day to cope with sharp falls on the stock market, it did not help stop the plunge in stock prices.

　この日は、政府が緊急市場対策の第２弾を打ち出したが、株価急落に歯止めはかからなかった。

Market sentiment is thus too gloomy to positively respond to the government measures.

　対策を素直に好感できないところまで、市場の心理は悲観的になっている。

The government, the ruling parties and Bank of Japan must employ all available measures to strengthen financial functions and positively affect the economy. They must do their best to eliminate the anxiety that has been clouding the market.

　政府・与党と日銀は、金融機能の強化や景気にプラスになる政策を総動員し、「総弱気」にとりつかれた市場の不安解消に努めねばならない。

Under the new emergency measures, the amount of state funds that can be injected into regional banks and other financial institutions will be increased from the initially planned 2 trillion yen to 10 trillion yen. The new package also includes a plan to review the method used to calculate the capital adequacy ratio of banks so that the ratios will not be lowered due to increases in latent stock losses.

　緊急市場対策は、地方銀行などへの公的資金注入枠を当初の２兆円から１０兆円規模に拡大する方向だ。株式含み損の拡大で自己資本比率が下がらぬよう、比率算出方法を見直す方針も入った。

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Strengthen systems

These measures to strengthen financial functions will help stabilize financial systems and prevent banks from becoming overly reluctant to lend. The ruling and opposition parties should cooperate in promptly putting the measures into effect by taking necessary steps such as revising the relevant laws.

　こうした金融機能の強化策は、金融システム安定や、貸し渋りの防止に役立とう。与野党が協力し、必要な法改正などを早期に実現してもらいたい。

The purchasing of stocks held by banks by the Banks' Shareholdings Purchase Corporation with the use of government funds also will be resumed. The Bank of Japan, which purchased such stocks in the past just as the government did, also should cooperate.

　銀行等保有株式取得機構を通じた政府資金による銀行保有株の買い取りも再開する。政府と同様に買い取りの実績を持つ日銀も、協力すべきだ。

The government needs to work quickly on fleshing out the fine points of the measures such as whether it is necessary to provide additional funds for the BSPC to purchase such stocks.

　買い取りの資金を追加する必要がないかなど、具体策の詰めを急ぎたい。

If the decline in stock prices is not arrested even after exhausting these measures, another option the government could consider is using public funds to shore up stock prices as an ad hoc measure.

　これらの対策を打ってなお、株価の崩落に歯止めがかからぬようなら、緊急避難的に公的資金による株式買い支えを検討してもいいだろう。

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Falling stocks, rising yen

A major factor behind the continuing decline in stock prices is the appreciation of the yen. The Group of Seven major nations issued an emergency joint statement, in which they indicated they may jointly intervene against the sharply rising yen. But even after the statement was issued the yen continued rising.

　株安進行の大きな要因に円高がある。先進７か国（Ｇ７）は緊急の共同声明を発表し、急速な円高に対して協調介入も辞さない構えを見せた。それでも円高騰の流れは変わらなかった。

The market is closely watching whether the G-7, which showed strong concern over excessive fluctuation in the yen, would actually move for joint intervention to stop the yen from rising or go no further than mere "verbal intervention."

　「円の過度の変動」に強い懸念を示したＧ７が、円高阻止の協調介入に打って出るか、それとも「口先だけの介入」に終わるか、市場は注目している。

Sharp rises in the yen are not desirable as it may seriously damage export industries. A strong currency, however, is a barometer of economic strength.

　急激な円高は、輸出産業に深刻な打撃を与えかねず、望ましくない。だが、通貨の強さは経済力のバロメーターでもある。

Unlike past drops in stock prices, the nation has not seen the "Japan-selling" associated with depreciation of the yen. This indicates that investors worldwide are positively evaluating the Japanese economy as being stronger than those of the United States and Europe.

　過去の株価下落と違い、円安も進む「日本売り」は起きていない。世界の投資家が、欧米などより日本経済は強いと、評価している証左ではないか。

As the yen rises, the cost of imports such as crude oil falls. If industries make painful structural reforms, the nation's economy could gain even more strength.

　円高で、原油などの輸入コストも下がる。痛みに耐えて産業の構造改革を進めれば、一段と強い日本経済を構築できよう。

(From The Yomiuri Shimbun, Oct. 28, 2008)

（2008年10月28日01時26分  読売新聞）