金融緩和強化 「あらゆる政策」が必要だ

The Yomiuri Shimbun　(Mar. 20, 2009)

Govt-BOJ cooperation crucial to overcome crisis

金融緩和強化　「あらゆる政策」が必要だ（3月20日付・読売社説）

The Japanese and U.S. central banks have taken concerted action to strengthen monetary easing policies.

　日米の中央銀行が、金融緩和策の強化で足並みをそろえた。

Cooperation between the two financial entities can be seen as a sign of their strong determination to overcome the financial crisis and the worldwide recession.

　両中央銀行が協調することで、金融危機と世界同時不況を克服する強い決意を示したと言えよう。

On Wednesday, the Bank of Japan said it would boost its monthly purchase of long-term government bonds from the current \1.4 trillion to \1.8 trillion. This increase pans out at about \5 trillion a year and the size of the total purchase over a year will exceed \20 trillion.

　日銀が１８日、長期国債の買い入れ額を月１・４兆円から１・８兆円に増額した。年間で５兆円近く増え、計２０兆円を超える買い取り規模となる。

There are signs that stock prices are recovering, but more turmoil is expected for the financial market. We hope the market will become increasingly stable as abundant funds are supplied. The Bank of Japan's increase of its monthly purchase of long-term government bonds is expected to hold down climbing interest rates caused by the issuance of additional government bonds undertaken to finance economic stimulus measures.

　株価は持ち直しつつあるが、金融市場はまだ波乱含みだ。潤沢な資金供給で、安定さを増しておきたい。景気対策で国債を増発する際の金利上昇を抑える効果も期待できよう。

After the Bank of Japan's announcement, the U.S. Federal Reserve Board said it would spend up to $300 billion (about \29 trillion) over the next six months to buy long-term government bonds. The size of the Fed's purchase of long-term government bonds is larger than that of the Bank of Japan.

　日銀の決定後、米連邦準備制度理事会（ＦＲＢ）が、米国債の買い入れ開始を決めた。規模は、今後半年間で最大３０００億ドル（約２９兆円）と、日本をしのぐ。

On March 5, the Bank of England decided to introduce a quantitative easing policy. The European Central Bank also is considering a similar move.

　今月５日には英中央銀行のイングランド銀行が量的緩和策の導入を決め、欧州中央銀行（ＥＣＢ）も検討を進めている。

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No easy solutions

These steps are welcome because they are in accordance with an agreement made at the meeting of finance ministers and central bank chiefs from the Group of 20 major and emerging nations to do everything possible to revive growth and end the global financial crisis.

　あらゆる金融政策をとるという世界２０か国・地域（Ｇ２０）の財務相・中央銀行総裁会議の合意に沿う動きとして歓迎したい。

However, because this financial crisis was triggered by losses from financial products engineered in a complex manner, solutions will not be easy. Major and emerging nations should further strengthen measures for financial market stability.

　ただし、今回の金融危機は、複雑な仕組みの金融商品に損失が出たために起きた。解決は一筋縄ではいくまい。新興国も含め、金融市場の安定に向けた取り組みをさらに強化せねばならない。

Following the stunning collapse of the U.S. investment bank Lehman Brothers Holdings Inc. in September, the Bank of Japan has twice lowered its key interest rate and twice boosted its purchase of government bonds. It also decided to buy assets, such as corporate bonds and equity shares held by banks, at the risk of suffering losses.

　日銀は昨秋のリーマン・ショック以降、利下げと国債買い入れの増額をそれぞれ２回実施した。社債や銀行保有株など、損失が出るリスクのある資産の買い入れにも踏み切った。

On Tuesday, the Bank of Japan also decided to provide up to \1 trillion in subordinated loans to commercial banks to boost their capital that has been depleted by falling stock prices.

　１７日には劣後ローンという融資で民間銀行に資金を注入し、資本増強を支援する方針も決めた。

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BOJ running out of tricks

Partially due to the divided Diet, in which the ruling parties hold a majority in the House of Representatives and the opposition block controls the House of Councillors, the government has been unable to implement economic stimulus measures in a speedy manner. It is clear that the Bank of Japan's flexible responses have complemented the government's slow responses to buoy the economy.

　ねじれ国会の影響もあって、後手に回りがちな政府の経済対策を日銀の機動的な対応が補ってきたことは確かだろう。

But if the Bank of Japan takes too many risks that could result in losses, there is the worry that this could damage the trust it has as a central bank. It seems the Bank of Japan is reaching its limit on measures it can take independently.

　ただ、日銀が損失リスクを負いすぎると、中央銀行としての信認を損なう恐れもある。日銀単独での政策には、そろそろ限界が見えつつあるようだ。

For example, in order to avoid risking huge losses, the amount the central bank will provide in subordinated loans to commercial banks will be up to \1 trillion. The target of the loans will be limited to major banks and influential regional banks. Small and midsize banks, which probably have the greatest need for the loans, are excluded.

　例えば銀行への資本注入枠は、日銀が巨額損失を抱える事態を回避する狙いで、１兆円にとどまった。注入先も大手銀行や有力地銀に限られ、もっと必要性が高いはずの中小銀行は対象外だ。

To ensure the effectiveness of its capital infusion, it is advisable for the Bank of Japan to devise ways to expand both the amount and the target for the loans without harming its credibility. One possible way to do this is to provide government loss-covering guarantees.

　実効性を高めるため、損失に政府保証をつけるなど、日銀の信認を維持しながら金額や対象を拡大させる工夫があってもよい。

We hope that the Bank of Japan will spare no effort to overcome the current crisis by cooperating with other central banks and the government.

　国際協調と政府・日銀の協調。二つの協調をフル回転させ、危機を乗り切ってもらいたい。

(From The Yomiuri Shimbun, March 20, 2009)

（2009年3月20日01時52分  読売新聞）