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2012年10月 4日 (木)

日銀短観悪化 景気腰折れ回避に全力挙げよ

The Yomiuri Shimbun (Oct. 4, 2012)
All-out efforts needed to avert economic downturn
日銀短観悪化 景気腰折れ回避に全力挙げよ(10月3日付・読売社説)

The national economy has taken another turn for the worse.
 景気の足取りが一段と怪しくなってきた。

The government and the Bank of Japan must step up their vigilance and make all-out efforts to revive economic growth.
 政府・日銀は警戒を強め、経済成長の回復へ全力を挙げるべきだ。

The short-term quarterly survey of business sentiment compiled by the Bank of Japan in September showed the diffusion index for large manufacturers' current business conditions deteriorated for the first time in three quarters.
 日銀がまとめた9月の企業短期経済観測調査(短観)で、大企業・製造業の業況判断指数が3四半期ぶりに悪化した。

The so-called Tankan survey showed the index for large nonmanufacturers leveled off and a bleak outlook is ahead.
 改善が続いていた大企業・非製造業の指数も横ばいとなり、先行きは悪化が見込まれている。

About 70 percent of the more than 10,000 businesses surveyed had sent their responses by early September. Their answers did not fully factor in the effect of the recent chilling of Japan-China relations over the Senkaku Islands. If the survey was taken now, the results would probably have been even more grim.
 今回の短観は、9月上旬に約7割の企業が回答を済ませていたため、尖閣諸島を巡る日中関係悪化の影響が、十分に織り込まれていない面がある。現時点で調査すればさらに厳しい結果となろう。

Seiji Maehara, the new state minister for national policy, said at a news conference held after his appointment, "Fiscal and financial policy will be carried out steadily and seamlessly." The government must act quickly to prevent the economy from worsening.
 前原国家戦略相は就任の記者会見で、「しっかりした切れ目のない財政・金融政策をやっていく」と強調した。景気腰折れの回避へ迅速に取り組んでもらいたい。

The biggest concern is the stagnation of foreign demand. The European economic slowdown due to the sovereign debt crisis and slackening growth of China, which is a major exporter to Europe, have dealt a painful blow to Japan's exports and production.
 最大の懸念材料は、外需の低迷である。債務危機に伴う欧州経済の減速と、欧州向け輸出の多い中国の成長鈍化が、日本の輸出と生産に打撃を与えている。

===

Bold monetary easing vital

The government and the central bank have drawn up a scenario for economic growth recovery in which domestic demand is sustained by reconstruction projects from the March 11, 2011, disaster and subsidies for environmentally friendly vehicles, among other factors, before growth is led by foreign demand. This scenario seems to be coming off the rails.
 復興事業やエコカー補助金などで内需を支え、外需主導の成長にバトンタッチする――。こうした政府・日銀の成長回復シナリオが狂い始めたのではないか。

As part of additional monetary easing measures, the central bank on Sept. 19 decided to increase the amount in a reserve fund used to purchase government and corporate bonds by 10 trillion yen to 80 trillion yen. But it has already been proven that this step will not bring about such desired effects as a correction of the strong yen. Such a piecemeal policy approach is totally inadequate for dealing with the problem.
 日銀は9月19日、国債などを買い入れる基金の規模を10兆円上積みする量的金融緩和策を決めた。ところが、円高是正などの効果は早くも息切れした。小出しの対策では力不足と言える。

To prevent the yen from becoming even stronger and to underpin business activity, flexible market intervention depending on market trends and bold additional monetary easing measures will be required.
 一段の円高進行を阻止し、景気を下支えするため、市場動向によっては機動的な市場介入や、大胆な追加緩和策が必要となる。

This week's Cabinet reshuffle is a prime chance for the government to rectify previous economic policy blunders.
 内閣改造を機に、経済成長を阻害している従来の“経済失政”も修正すべきだ。

===

Drop 'zero-nuclear' policy

To ensure a stable electricity supply, it is absolutely essential that nuclear reactors be restarted after they are confirmed to be safe to operate. It is indispensable that the government withdraw the policy of ending reliance on nuclear power generation--a policy that will accelerate the hollowing-out of industry and hamper nuclear power plant exports.
 安全を確認できた原子力発電所の再稼働を進め、電力の安定供給を図ることは「焦眉の急」である。産業空洞化を加速させ、原発輸出を妨げる「原発ゼロ」方針は、速やかな撤回が不可欠だ。

Democratic Party of Japan-led administrations have persisted with their avowed handout schemes, delaying the implementation of growth strategy policies for an exit from protracted deflation and low growth.
 民主党政権が、公約したバラマキ政策に固執したため、デフレと低成長の脱却に向けた成長戦略の実行が遅れている。

To enhance growth potential amid Japan's declining population, it will be necessary to create new jobs and make more use of women and senior citizens in the workforce.
 人口減の中で成長力を高めるには、新たな雇用を創出し、女性や高齢者の労働力をさらに活用することが求められる。

Nursing care and medical treatment are promising fields where demand is expected to increase with the aging of the population. Regulations restricting new participation must be eased to encourage private business to enter these markets.
 高齢化の進展で需要が増える介護・医療などの分野が有望だ。参入規制を緩和し、民間の事業を後押しすべきだろう。

It is also essential to support research and development projects in such growth sectors as energy and the environment, and foster new industries that are internationally competitive.
 エネルギー・環境関連など成長分野の研究・開発を支援し、国際競争力のある新産業を育成することも欠かせない。

(From The Yomiuri Shimbun, Oct. 3, 2012)
(2012年10月3日01時17分  読売新聞)

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