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2009年3月 4日 (水)

世界同時株安 3月危機回避に全力挙げよ

The Yomiuri Shimbun (Mar. 4, 2009)

Try everything to avoid a March market crisis

世界同時株安 3月危機回避に全力挙げよ(34日付・読売社説)

With the crisis affecting European and U.S. companies having taken yet another turn for the worse, stock markets are sliding globally.

 欧米金融機関の経営危機が再び深刻さを増し、世界同時株安の様相となっている。

The government and the Bank of Japan should draw on every available policy tool to avoid a so-called March crisis--a situation in which stock prices plunge toward the end of the fiscal year, when most Japanese companies close their books.

 政府・日銀は政策を総動員し、年度末に向けて株価が急落する「3月危機」の回避に手を尽くすべきである。

The latest fall in the stock markets was triggered by the U.S. government's decision to inject more money into U.S. insurance giant American International Group Inc., which posted more than 60 billion dollars losses in the October-December quarter.

 米保険大手AIGが10~12月期に600億ドルを超える巨額赤字を出し、米政府の追加支援を受けることになったのがきっかけだ。

On Monday, the Dow Jones industrial average fell 299.64 to 6,763.29, its first drop below 7,000 in about 12 years. Major European stock markets also tumbled.

 2日のニューヨーク市場でダウ平均株価は7000ドルを下回り、12年ぶりの安値となった。欧州の主要市場も大幅安だった。

In Tokyo on Tuesday, sellers led buyers, pushing down the 225-issue Nikkei Stock Average to just above the 7,000 level at one point.

 これを受けた3日の東京市場は売りが先行し、平均株価は一時、7000円割れをうかがう水準まで下げた。

Stock prices are now about 40 percent lower than at the end of the midterm period in September. Banks, securities firms and insurance companies, which own a large amount of stocks, likely will post huge losses in their account settlements at the end of this month should stock markets remain in the doldrums.

 株価は、9月中間期末より4割も安い。このまま3月期決算を迎えれば、株式を大量に保有する銀行や証券、保険会社などで大きな損失が出る。

A further decline in stock prices likely will lead to a vicious cycle in which financial institutions become reluctant to extend loans, and the real economy worsens as a result.

 さらに株価が下がれば、金融機関が融資を絞り、実体経済が悪化する「負の連鎖」となろう。

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No time to lose

Although the Nikkei rebounded from its earlier fall to end at slightly lower than Monday's close amid expectations that the government's measures will buoy the flagging stock market, a failure to quickly turn such expectations into reality could trigger a new wave of selling by disappointed investors.

 結局、3日の東京市場は、株価対策への期待などで小幅安に持ち直したが、早急に「期待」を「現実」にしないと、失望売りを招きかねない。

The government and ruling parties are discussing a variety of ideas to prop up the stock market, including setting up a new organization to buy stocks and the expansion of stocks to be purchased by the Banks' Shareholdings Purchase Corporation. However, neither move is likely to be realized by the end of this month due to delays in revising relevant legislation.

 政府・与党内では、株式買い取り機関の新設や、銀行等保有株式取得機構による買い取り対象の拡大など、様々なアイデアが検討されている。だが、法改正などに手間取り、肝心の3月末に間に合いそうにないという。

The government should stop dragging its feet and carry out policies in timely manner. Its failure to do so would risk accelerating the economic downturn.

 これ以上、政策対応が後手に回り、経済の落ち込みを加速させる事態は避けねばなるまい。

We hope the government and the Bank of Japan will coordinate their policies by combining measures on equity supply and demand, such as outright purchases of stocks, with macroeconomic measures to prop up the entire economy.

 政府・日銀には、株式買い取りなどの株式需給対策と、経済全体を下支えするマクロ経済政策を組み合わせた対処を求めたい。

For instance, steps to arrest the fall in stock prices that can be carried out immediately should be promoted positively, such as the purchase of bank-held stocks by the BSPC and central bank.

 取得機構や日銀による銀行保有株の買い入れなど、すぐに実施できる株価対策を、積極的に進めねばならない。

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Govt, BOJ must act in concert

Though it is now certain that the fiscal 2009 budget will pass the Diet within the current fiscal year, it is crucial that bills related to the budget, which are needed to implement job-creation measures and mortgage tax cuts, are drafted within the current fiscal year.

 2009年度予算は年度内の成立が確実だが、雇用対策や住宅ローン減税の実施に必要な予算関連法案も年度内に成立させることが欠かせない。

The domestic economy saw a demand shortfall of about 20 trillion yen in the October-December period. Some private organization estimates say this will snowball to 40 trillion yen-50 trillion yen. Since deflation caused by the demand shortfall has now become a real possibility, the government must formulate and implement additional pump-priming measures to follow the fiscal 2009 budget as soon as possible.

 10~12月期の日本経済は、約20兆円の需要不足だった。これがさらに40~50兆円に膨らむとする民間の試算もある。需要不足によるデフレが現実味を増しており、09年度予算に続く追加景気対策の具体化を急がねばならない。

As overseas factors have played a major role in causing the stock market plunge and the economic downturn, it is very difficult for Japan to cope with the situation alone.

 今回の株安や景気悪化は、海外要因も大きく、日本単独で対処するのは難しい面もある。

At this juncture, international coordination of policies to prevent the global financial crisis from expanding is vitally important.

 危機拡大を防ぐ国際協調が一段と重要である。

(From The Yomiuri Shimbun, March 4, 2009)

2009340118  読売新聞)

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