米国発金融危機

(Oct. 1, 2008) The Yomiuri Shimbun
U.S. must take action to cure financial woes
米国発金融危機　米政府と議会は迅速に動け（10月1日付・読売社説）

Some economists are warning that the world economy is on the verge of falling into a depression. This global financial crisis, which has its origins in the United States, must be contained using any and every means available.
　世界経済は恐慌の瀬戸際、という声さえ出てきた。米国発の金融危機はなんとしても抑え込む必要がある。

Above all else, the U.S. government and the U.S. Congress must wake up to their responsibilities as they oversee the economy that is the epicenter of the subprime loan problem. They also should work together to enact a 700 billion dollars financial bailout package as soon as possible.
　米国政府と議会は、サブプライムローン問題の“震源地”として、責任を自覚してもらいたい。金融安定化法案の成立を急ぐべきだ。

After the bailout package failed to pass the U.S. House of Representatives, the Dow Jones industrials index on the New York Stock Exchange plunged by a record 777 points Monday, surpassing the 684-point drop on the first trading day after the Sept. 11, 2001, terrorist attacks on the United States.
　２９日のニューヨーク株式市場の株価は、前週末比で７７７ドル安と急落した。２００１年９月の同時テロ直後をしのぐ過去最大の下げ幅だった。

This nosedive of U.S. share prices was echoed across the world. Tokyo stocks swooned Tuesday and the key Nikkei index lost nearly 500 points. Stock prices fell almost across the board on every market in Asia and Europe.
　株安は世界に波及し、３０日の東京市場の株価も５００円近く値下がりした。アジア、欧州の株価も軒並み大幅に下落した。

When will this chain of falling stock prices stop? The U.S. dollar was widely sold on foreign exchange markets, strengthening the yen against the dollar. This could threaten the credibility of the dollar.
　世界の連鎖株安に、いつ歯止めがかかるのか。外国為替市場ではドルが売られ、ドル安・円高が進む。ドルの信認が揺らぎかねない事態だ。

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Package rejected, stock down
　◆法案否決が株急落招く◆

Turmoil in the stock markets started after the House unexpectedly rejected the bailout package. The legislation would have allowed the U.S. government to buy bad mortgages held by troubled banks and other financial institutions with taxpayers' money to prevent a complete financial meltdown.
　市場の大混乱を招いたきっかけは、米国の金融安定化法案が、大方の予想に反し議会下院で否決されたことだ。
　法案は、米国政府が金融機関の不良資産を公的資金で買い取り、危機を防ぐのが目的だ。

The White House and congressional leaders had reportedly agreed to an acceptable revision of an earlier version of the package after marathon weekend talks. This appeared to set the stage for Congress to pass the rescue plan without delay. However, the package was rejected after many lawmakers of U.S. President George W. Bush's Republican Party balked at the injection of taxpayer dollars as outlined under the rescue plan and voted against it.
　政府と議会が法案の修正で合意し、すぐに可決・成立するはずだった。しかし、ブッシュ大統領の与党である共和党議員らが、税金の投入に反発して大量に造反し、否決してしまった。

This rejection betrayed the expectations of the market. The feeling of disappointment spread and stocks were sold in a state of panic. Congress should bear an extremely heavy responsibility for this situation.
　市場の期待が裏切られた形だ。失望感が広がり、パニック的な売りを招いたのも当然だろう。議会の責任は極めて重い。

Presidential and congressional elections are scheduled for November, so lawmakers are still coordinating opinions on the package and calculating the political risk of backing the measure, which is unpopular among voters. Are they aware that the global financial system is in critical condition? The U.S. government and Congress reportedly will resume talks on the package soon, but its passage remains far from certain.
　１１月の大統領選と議会選を控えて、議会では、保身の思惑絡みの駆け引きが続く。世界の金融システムが危機的状況にあるという認識が不足しているのでないか。政府と議会は、法案協議を仕切り直しする見通しだが、今のところ、事態は流動的だ。

In Japan, the financial turmoil and the recession that followed the collapse of the asset-inflated "bubble" economy in the early 1990s stubbornly hung around because the government failed to inject public money into troubled banks and financial institutions soon after the nation's financial system became unstable. U.S. authorities should draw on the lessons learned from Japan's bitter experience to deal with the current situation quickly.
　日本では、バブル崩壊後に金融システム不安が起きた時、公的資金の注入が遅れ、金融不安と景気後退を長期化させた。その日本を教訓とし、米当局は素早く対応しなければならない。

Both U.S. Republican presidential candidate John McCain and his Democratic counterpart Barack Obama should urge Congress to support the rescue plan.
　大統領候補の共和党のジョン・マケイン、民主党のバラク・オバマ両上院議員も、議会に協力を促すべきだ。

While the White House and congressional leaders were trying to cobble together a fragile compromise on the package, the financial upheaval was only getting worse.
　金融安定化法案をめぐる政府と議会のギリギリの調整が続いている間にも、金融危機は深刻化しつつあった。

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Crisis spreads to Europe
　◆欧州にも危機が飛び火◆

The U.S. government announced Monday that Citigroup Inc. would acquire the banking operations of Wachovia Corp., the fourth-largest U.S. bank, which faces bankruptcy and has become the latest victim of the deepening financial crisis.
　経営難に陥った米大手銀行ワコビアは２９日、大手銀行シティグループに救済合併されることになった。

Meanwhile, the crisis has spread to Europe. Financial authorities have decided to nationalize some operations of midsized banks in Britain, the Netherlands, Iceland and other countries.
欧州にも危機が飛び火し、イギリスやオランダ、アイスランドなどで、中堅銀行の一部国有化などが決まった。

More and more financial institutions are facing credit difficulties as short-term markets in the United States and Europe see an increasing demand for funds.
　欧米などの短期金融市場では、資金需給が逼迫(ひっぱく)し、資金調達に苦しむ金融機関が増えている。

Predictions that a repeat of the Great Depression of the 1930s could be looming if the chain-reaction crisis cannot be stopped are looking increasingly prescient.
　危機の連鎖が止まらないと、大恐慌以来の事態を招きかねないとの指摘が現実味を帯びてくる。

Many economists predict the financial turmoil will weaken the U.S. real economy and further whip up uncertainty in the financial market.
　金融不安が米国の実体経済を冷え込ませ、金融の混乱にさらなる拍車がかかるとの見方も強い。

Meanwhile, financial authorities around the world are being forced to walk a tightrope as they try to deal with the crisis.
　各国の金融当局は綱渡りの対応を迫られている。

Central banks around the world, including the Federal Reserve Board, the European Central Bank and the Bank of Japan, galvanized their joint efforts Monday to supply massive amounts of U.S. dollars to their respective money markets, demonstrating their resolve to support cash-strapped banks and financial institutions.
　米連邦準備制度理事会（ＦＲＢ）、欧州中央銀行（ＥＣＢ）、日銀などは、ドル資金を自国市場に大量に供給する協調策を拡充した。金融機関の資金繰りを支える強い決意を示すものだ。

However, the problem is that financial institutions are losing corporate vitality as losses from securitized mortgages they hold are increasing as house prices in the United States fall. The chorus of economists calling for public funds to be used to strengthen these institutions' capital bases is growing louder.
　だが、問題は、米国の住宅価格が下げ止まらず、値下がりした証券化商品を抱える金融機関の損失が拡大し、経営体力を消耗していることだ。金融機関の自己資本の増強にも公的資金を使うべきだ、との声が強まっている。

Central banks around the world must enhance their mutual cooperation and try to stabilize the global financial market by using every tool they have available.
　各国当局は連携をさらに強め、あらゆる政策を総動員して、市場の安定化を図らねばならない。

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Japanese economy chilled
　◆冷水を浴びた日本経済◆

The spreading financial crisis and volatility on global money markets have poured cold water on the stuttering Japanese economy, which has shown signs of falling into recession.
　金融危機の拡大と世界的な市場の混乱は、景気の後退色が強まり「カゼ気味」だった日本経済に冷水を浴びせている。

The economic downswing was clearly shown in economic indexes for August announced Tuesday.
　このところの景気の退潮は、３０日に発表された８月の経済指標を見ても明らかだ。

The index of industrial output showed the largest drop in history and household spending decreased for six straight months. The unemployment rate ticked up to 4.2 percent, rising to the highest level in about two years.
　鉱工業生産は過去最大の落ち込みとなり、家計の消費支出は６か月連続マイナスだった。失業率も４・２％と、約２年ぶりの高水準まで上昇した。

Market instability--such as plunging stock prices and the appreciation of the yen against the dollar--will deter investment and consumption.
　株価の下落や円高・ドル安の進行などマーケットの波乱も、投資や消費の意欲を萎(な)えさせる。

The Bank of Japan has injected more than 20 trillion yen into the Tokyo money market since major U.S. investment bank Lehman Brothers Holdings Inc. filed for bankruptcy in mid-September. Nonetheless, foreign banks still have the jitters over their cash-flow situations. The government needs to take flexible and agile policy measures to prevent paralysis of the financial system.
　日銀はリーマン・ブラザーズが９月中旬に破綻(はたん)してから、２０兆円を超える資金を市場に追加供給した。それでも外資系銀行などの資金繰り不安は根強い。金融システムのマヒを防ぐため、柔軟で機動的な政策運営が必要だ。

Before anything else, it must pass a supplementary budget for fiscal 2008 as soon as possible to implement the comprehensive economic package designed to alleviate the pains of the weakening economy.
　まずは、景気悪化の痛みを和らげる狙いで策定された総合経済対策を実施するため、補正予算の成立を急がねばならない。

The U.S. Congress rejected the bailout package out of partisan interests and aggravated the financial confusion. Japan must not repeat this mistake.
　党利党略で法案を否決し、混乱に輪をかけた米議会の轍(てつ)を、日本は踏んではなるまい。

(From The Yomiuri Shimbun, Oct. 1, 2008)
（2008年10月1日02時08分 読売新聞）