« 読売緊急提言 新首相の下で復興体制確立を | トップページ | 社説:原発事故の賠償 救済の体制作りが必要 »

2011年8月13日 (土)

世界市場混乱 日米欧は危機の収束を急げ

The Yomiuri Shimbun (Aug. 13, 2011)
Japan, U.S., Europe must hasten to end fiscal crisis
世界市場混乱 日米欧は危機の収束を急げ(8月12日付・読売社説)

Unrest in global financial markets is continuing, as there is no end in sight to fiscal crises in the United States and some European countries, with credit uncertainty spreading.

International coordination must be enhanced to stabilize the markets, while Japan, the United States, European countries and emerging economies must also deal appropriately with their respective problems.

Finance ministers and central bank governors from the Group of Seven leading economies announced Monday they would jointly take every possible step to stabilize the markets.

The U.S. Federal Reserve Board pledged in a statement issued Tuesday to keep interest rates near zero until mid-2013.

A barrage of countermeasures temporarily stopped a chain-reaction global decline in stock values, but stock markets in the United States and European countries crashed again on Wednesday.

The stock average also fell below 9,000 again on the Tokyo Stock Exchange on Thursday.

However, it is not easy to deal with the latest market unrest because it has been caused by a complex web of factors.


U.S., Europe blamed for unrest

Since the U.S. government failed to take drastic countermeasures against its fiscal deterioration, U.S. Treasury bonds were downgraded by Standard & Poor's.

Under the circumstances, increased public spending to boost the economy can hardly be expected.

In Europe, fiscal crises in Greece and other countries have spread to Italy and Spain, and credit uncertainty has even spilled over to France, which is one of the countries helping them.

Financial institutions around the world possess a huge number of government bonds issued by the United States and European countries.

If the value of those bonds plummets, financial instability will grow.

The United States and European countries must proceed steadily with fiscal reconstruction and try to resolve the turmoil as soon as possible.

Meanwhile, economic overheating and inflation are concerns in emerging economies.

According to some observers, surplus funds put out by developed countries' monetary easing measures have flowed into emerging economies to inflate economic bubbles.

Countries around the world must work together and steer their respective economic policies cautiously to prevent bubbles in emerging economies from collapsing and to make soft landings possible.


Economic stimulus needed

Although the Japanese government and the Bank of Japan conducted an independent yen-selling intervention, the yen's value still remains high and is likely at any time to again reach a postwar record value above the 76 yen-to-the-dollar level.

The government and the central bank must conduct a concerted intervention with the United States and European countries to demonstrate their determination not to allow the yen's further appreciation.

The government has upgraded the nation's economic outlook to "picking up" because it considers the economic downturn caused by the Great East Japan Earthquake and subsequent tsunami to be almost over.

It also assumes a scenario in which Japan's economic growth will shift into high gear with overseas demand as a driving force, but we think this prospect is too rosy because the future of economies abroad does not allow much room for optimism.

The government must prioritize economic stimulus measures in its policy management.

Projects to restore damage caused by the disaster will lead to expansion of domestic demand.

It should daringly proceed with such projects after securing stable financial resources.

Confusion over the nation's energy policy under Prime Minister Naoto Kan's administration, especially on such issues as denuclearization, has raised the specter of severe electricity shortages and caused public concern over the future of the nation's economic growth.

The nation's growth strategy and energy policy must be put back into shape as Kan's Cabinet finally is coming to its end.

(From The Yomiuri Shimbun, Aug. 12, 2011)
(2011年8月12日01時08分  読売新聞)


« 読売緊急提言 新首相の下で復興体制確立を | トップページ | 社説:原発事故の賠償 救済の体制作りが必要 »





« 読売緊急提言 新首相の下で復興体制確立を | トップページ | 社説:原発事故の賠償 救済の体制作りが必要 »