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2008年10月10日 (金)

世界同時利下げ

(Oct. 10, 2008) The Yomiuri Shimbun

Market, players want U.S. to do more

世界同時利下げ 市場が催促する米国追加策(1010日付・読売社説)

The market is demanding strong measures that are sufficient to avert financial meltdown. The U.S. government should decide as soon as possible to inject public funds into financial institutions as capital reinforcement.

 金融危機を阻止する強力な対策を市場は求めている。米国政府は、金融機関の資本増強に公的資金を投入する決断を早急に下すべきだろう。

Six North American and European central banks, including the U.S. Federal Reserve Board and the European Central Bank, have cut their key policy rates by half a point. Other central banks, including the People's Bank of China, followed suit with their own cuts. It is unprecedented for so many central banks around the world to implement coordinated cuts in key interest rates.

 米連邦準備制度理事会(FRB)と欧州中央銀行(ECB)など米欧の六つの中央銀行が、政策金利を0・5%幅で利下げした。中国なども追随した。世界的な同時利下げは異例だ。

The Bank of Japan also needs to mobilize all possible policy measures while staying coordinated with other countries' central banks.

 日銀も各国と連携しつつ、政策を総動員する必要がある。

The current financial crisis, which started in the United States and spilled over to Europe, and the global run on stock markets does not seem close to ending. There is concern that the situation even will lead to a global recession. This worry must have prompted the central banks to make the emergency rate cuts.

 米国発の金融危機が欧州に飛び火し、連鎖株安が止まらない。世界不況も懸念される。危機感が緊急利下げを促したといえよう。

Meanwhile, the British government has decided to inject up to 50 billion pounds, about 9 trillion yen, into eight major banks as a measure to salvage them through recapitalization.

 一方、英国政府は、最大500億ポンド(約9兆円)の公的資金を大手8銀行に投入し、資本増強する銀行救済策も決めた。

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Effects only short-term

However, the market reacted coolly to such emergency moves. Stock prices on the New York Stock Exchange on Wednesday did not cease their falls, while the Tokyo Stock Exchange also saw prices plunge Thursday.

 しかし、市場の反応は冷ややかだった。8日のニューヨーク株式市場の株価は下げ止まらず、9日の東京市場も値下がりした。米欧の電撃的な協調利下げの効果は、限定的だった。

Thus, it seems the effects of the coordinated cuts were limited. This is probably because market players saw the cuts as not enough to stabilize markets or to shore up the economy. There are no clues yet in sight on how to fix the problem of bad mortgage-related assets of U.S. financial institutions, which is a key problem that needs to be solved very soon.

 市場の安定や、景気を下支えする効果が不十分と受け止められたのだろう。肝心の米国の金融機関の不良資産問題が解決するめども立たない。先行きへの懸念が背景にある。

U.S. Treasury Secretary Henry Paulson held a press conference Wednesday during trading hours for the New York Stock Exchange. This underscores that U.S. financial authorities are jittery about the current situation.

 ポールソン米財務長官が、8日のニューヨーク株式市場の取引時間中に記者会見したのは、米当局の焦りもうかがわせる。

Saying, "We will use all of the tools...including strengthening the capitalization of financial institutions of every size," Paulson suggested the possibility that the U.S. government will directly inject public funds, based on the recently established Emergency Economic Stabilization Act, into financial institutions that are undercapitalized.

 長官は、「資本増強を含むあらゆる手段を講じる」と述べ、先日成立した金融安定化法に基づき、資本不足に陥った金融機関に、公的資金を直接投入する可能性を示唆した。

One of the main pillars of the law is the purchase by the U.S. government of bad assets held by financial institutions. However, it does not clearly stipulate that the government will use public funds for beefing up their capital.

 金融機関の不良資産買い取りを柱にした金融安定化法には、金融機関の資本増強に公的資金を使う内容が明記されていない。

It seems that Paulson would like to stretch the interpretation of powers given to the Treasury Department and move to inject public funds.

 長官は、財務省に与えられた権限を拡大解釈し、資本注入も実施したい考えとみられる。

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Time to use public funds

However, an announcement of the government's determination alone is not enough to calm the market or assuage market players' fears. Stock prices plunged immediately after Paulson's news conference. Due to fears of possible resistance to Paulson's plan from the U.S. Congress, which is in its preelection recess, and the U.S. public, the market must be viewing skeptically the question of whether the government can really fix this problem.

 ただ、決意表明だけでは、市場は安心しない。長官の会見直後に株価は急落した。選挙前で休会中の米議会や、米国民が反発する恐れもあり、実現できるかどうか、懐疑的にみているのだろう。

Learning from Japan's experience, however, it is necessary for the United States to use public funds to recapitalize financial institutions in addition to the purchase of bad assets. Now is the time for the United States to emulate Britain, which decided to inject public funds into financial institutions.

 しかし、日本の教訓を踏まえれば、不良資産の買い取りとともに、金融機関の資本増強にも公的資金を使うことが必要だ。今こそ米国は、公的資金を投入する英国を見習う時だ。

A meeting of the Group of Seven finance ministers and central bank governors is scheduled for Friday in Washington. The G-7 financial chiefs have to further reinforce their policy coordination and at the same time prompt the United States to take a further measure that proves effective.

 10日にワシントンで、先進7か国財務相・中央銀行総裁会議(G7)が開かれる。政策協調を一段と強化し、米国に踏み込んだ政策を促さなければならない。

(From The Yomiuri Shimbun, Oct. 10, 2008)

200810100126  読売新聞)

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