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2013年3月18日 (月)

黒田日銀発足へ 野党分断が奏功した同意人事

The Yomiuri Shimbun (Mar. 18, 2013)
Abe's clever approach pays off with BOJ appointments
黒田日銀発足へ 野党分断が奏功した同意人事(3月17日付・読売社説)

The new leadership of the Bank of Japan bears the heavy responsibility of crafting bold monetary easing measures that help the nation drag itself out of deflation.
 大胆な金融緩和策を打ち出し、デフレ脱却に前進できるか。日銀の新体制の責務は重大だ。

Both Diet chambers have approved Haruhiko Kuroda, former vice finance minister for international affairs and currently president of the Asian Development Bank, as the replacement of outgoing Bank of Japan Gov. Masaaki Shirakawa. Gakushuin University Prof. Kikuo Iwata and Hiroshi Nakaso, executive director of the central bank, were given the thumbs-up to be deputy governors. The three will assume their posts Wednesday.
 衆参両院は日銀の白川方明総裁の後任に元財務官の黒田東彦・アジア開発銀行総裁を、副総裁に岩田規久男・学習院大教授と中曽宏・日銀理事を充てる人事に同意した。20日付で就任する。

The Cabinet of Prime Minister Shinzo Abe has cleared its biggest challenge so far during the current ordinary Diet session. It is significant that the administration has gained Diet approval for its appointments as it planned, considering the fact that the Diet remains divided.
 安倍内閣は、今国会で最大の課題をクリアした。衆参ねじれ国会の下、政府案通りに日銀の同意人事を実現させた意義は大きい。

The main opposition Democratic Party of Japan, which holds the most seats in the House of Councillors, opposed Iwata's appointment. However, he was eventually approved because other opposition parties voted for him.
 参院で最大勢力の民主党は、岩田氏の副総裁起用に反対したが、他の野党の賛成で同意を得た。

Diet approval of the appointments was the result of Abe's strategic personnel selections that took into account not only the DPJ's opinion, but also those of Nippon Ishin no Kai (Japan Restoration Party), Your Party and other opposition parties. Abe will surely apply this strategy--effectively splitting the opposition block--to other issues as he manages his government.
 安倍首相が民主党だけでなく、日本維新の会やみんなの党などの主張にも配慮し、戦略的に人選を進めたことが奏功した。こうした野党の「分断」策は、今後の政権運営にも応用できるだろう。

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Flexibility needed

The lineup for promoting the "Abenomics" economic policy has now been completed. The government and the central bank should work together even more closely to galvanize efforts to revive the economy.
 アベノミクス遂行の体制は整った。政府・日銀は連携を強め、経済再生を急がねばならない。

Kuroda is known as a proponent of a bold monetary easing policy. During hearings in both Diet chambers, Kuroda expressed his determination, saying, "I'll take whatever steps are possible to pull the nation out of deflation."
 黒田氏は、積極的な金融緩和論者として知られる。衆参両院で行われた所信聴取では、「デフレ脱却に向けてやれることは何でもやる」と、強い決意を表明した。

Kuroda also discussed details of his own views. He said the central bank should purchase large amounts of long-term government bonds and implement an open-ended monetary easing plan earlier than 2014 as scheduled, under which the bank buys a huge amount of financial assets without setting a specific termination date.
 長期国債の大量購入や日銀が2014年から実施する「無期限緩和」の前倒しなど、具体的な政策に踏み込んだ持論も展開した。

Kuroda said he will present new monetary easing measures as soon as he assumes the governor's post. We hope he responds flexibly to the challenges ahead.
 就任後、早急に新たな緩和策を打ち出す構えも見せた。機動的な対応に期待したい。

The most important thing is that the central bank promptly implements its policies.
 最も重要なのは、迅速に政策を実現させることである。

The Bank of Japan's monetary policy is decided by a majority vote by its governor, deputy governors and six other members of the Policy Board. Even a new policy proposed by the governor cannot be implemented if a majority of board members votes against it.
 金融政策は総裁と副総裁、審議委員6人の多数決で決まる。総裁が新政策を提案しても、採決で反対多数になれば実現しない。

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Not always on same page

Kuroda said the bank should aim to meet its annual inflation target of 2 percent within two years, but Nakaso said it is "difficult to guarantee the target will be achieved in two years." Kuroda and Iwata have different opinions when it comes to revising the Bank of Japan Law, with the former taking a cautious stance and the latter advocating it.
 黒田氏は物価上昇率2%のインフレ目標達成は2年をメドとしたが、中曽氏は「必ず2年とは言いがたい」と述べた。日銀法改正問題では、慎重な黒田氏と、積極論の岩田氏のズレは大きい。

It would cause problems if the central bank becomes indecisive because the Policy Board lacks unity. It is crucial that Kuroda exercise strong leadership as the bank's governor.
 まとまりを欠いた“決められない日銀”になっては困る。黒田氏が総裁として、強力なリーダーシップを発揮することが大切だ。

Equally important is ensuring the bank's independence. The central bank will find confidence in its monetary policy evaporates if it is perceived as merely following government instructions to underwrite its bonds and clear up its fiscal deficits.
 日銀の独立性も重要である。政府の言いなりになって国債を引き受け、財政赤字の尻ぬぐいをしていると見られれば、金融政策の信認は失墜しよう。

The Bank of Japan should not get overly cozy with the government, and should demand that fiscal discipline be maintained.
 日銀は徹底した財政規律を求めるなど、政府と適度な緊張関係を維持すべきである。

Some foreign countries have criticized Japan for intentionally weakening the yen by implementing a monetary easing policy, which is designed to usher the nation out of deflation. We hope Kuroda tries hard to gain understanding from other nations by taking advantage of his extensive personal connections overseas.
 デフレ脱却のための金融緩和について、海外の一部から円安誘導だとの批判が出ている。黒田氏は豊富な海外人脈を生かし、各国の理解を得るよう努めてほしい。

(From The Yomiuri Shimbun, March 17, 2013)
(2013年3月17日01時25分  読売新聞)

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