追加金融緩和 政府・日銀は効果的な連携を

The Yomiuri Shimbun (Nov. 1, 2012)
Govt, BOJ must cooperate effectively on monetary policy
追加金融緩和　政府・日銀は効果的な連携を（10月31日付・読売社説）

The government and the Bank of Japan are clearly strengthening their cooperation in tackling deflation. What they must do now is implement effective policies.
　デフレ脱却を目指し、政府・日銀が連携を強化する姿勢を明確にした。肝心なのは効果的な政策の実行である。

The central bank has decided to take additional monetary steps, including a boost to 91 trillion yen, up 11 trillion yen, in its fund to buy government bonds and other financial assets. The bank also hammered out a new system to provide funds at low interest rates to banks that have increased lending. It said it would refrain from setting an upper limit on lending to ensure an ample supply of funds.
　日銀が国債などを買い入れる基金を１１兆円上積みし、９１兆円とする追加金融緩和策を決めた。貸し出しを増やした銀行に、日銀が低利で資金供給する新制度も打ち出した。総額に上限を設けず、手厚く供給するという。

Due to slowdowns in overseas economies and the deterioration of Japan-China relations, the nation's economy has started to cool off. The Bank of Japan was wise to take additional steps for the second consecutive month to prevent the economy from worsening.
　海外経済の減速や日中関係の悪化の影響で、景気は冷え込み始めた。腰折れを防ぐため、日銀が２か月連続で追加策に踏み切ったのは妥当な判断と言えよう。

Previous increases in the central bank's fund have not been effective in pumping sufficient funds into companies and other entities. We hope the new system will be more productive in increasing bank lending.
　基金を積み増す従来の手法では企業などに資金が十分に行き渡らない。新制度によって貸し出しが増加することに期待したい。

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Joint statement important

For the first time, the government and the Bank of Japan issued a joint statement saying they would "work together and make utmost efforts" to overcome deflation.
　政府・日銀がデフレ脱却に向けて「一体となって最大限の努力を行う」という、初めての共同文書も発表した。

Seiji Maehara, state minister for economic and fiscal policy, who attended the central bank's monetary policy-setting meeting, stressed at a press conference that the statement was an important step forward in combating deflation. It is essential that the touting of cooperation between the government and the central bank does not end up as empty talk.
　金融政策決定会合に出席した前原経済財政相は記者会見で、「重要な一歩になる」と強調した。政府・日銀の協調を「かけ声倒れ」に終わらせないことが大切だ。

The central bank decided to take the additional measures--including introduction of the new system--apparently because it feared its projection of overcoming deflation "as early as fiscal 2014, in the not-too-distant future" was not feasible.
　日銀が新制度を含む追加策に動いた背景には、「２０１４年度以降、遠からず」としていたデフレ脱却の時期が遅れることへの危機感があるのだろう。

On the same day as the announcement of additional monetary steps, the Bank of Japan forecast that consumer prices would increase 0.8 percent in fiscal 2014, below the 1 percent yardstick for overcoming deflation.
　日銀が追加策とあわせて発表した１４年度の物価上昇率の見込みは「０・８％」で、デフレ脱却のメドとなる「１％」を下回った。

The consumption tax rate is scheduled to be raised to 8 percent in April 2014. Efforts must be accelerated to overcome deflation through all available measures, so no obstacles will be thrown in the way of integrated reform of social security and tax systems.
　１４年４月には消費税率が８％に引き上げられる予定である。社会保障・税一体改革に支障の出ないよう、政策を総動員し、デフレ脱却を急がねばならない。

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Nurture new industries

Some government officials and lawmakers from the ruling and opposition parties have called on the Bank of Japan to purchase foreign bonds to correct the yen's appreciation and to introduce an inflation target. The government and central bank should further deepen their discussions on these matters.
　政府や与野党には、円高是正を目指した外債購入や、インフレ目標の導入などを日銀に求める声もある。政府と日銀がさらに論議を深めることが求められる。

It is primarily the government's task to address structural problems, such as the shrinking population, declining potential growth rate and industrial hollowing-out. The small emergency economic measures decided by the Cabinet last week are far from satisfactory.
　人口減少や潜在成長率の低下、産業空洞化など、構造問題への対応は主として政府の役割である。先週に閣議決定された小規模な緊急経済対策では全く不十分だ。

We hope new industries will be nurtured in such growth areas as nursing care and medicine as well as environment-related industries to accelerate the creation of jobs.
　介護・医療や環境などの成長分野で新産業を育成し、雇用の創出も加速させてもらいたい。

It also is necessary to support economic revitalization by securing a stable supply of electricity through the reactivation of nuclear power plants after their safety has been confirmed.
　安全を確認できた原子力発電所を再稼働して電力の安定供給を図り、経済再生を後押しする態勢を整える必要もある。

More importantly, a bill to enable the government to issue deficit-covering bonds, which will secure resources for this fiscal year's initial budget, should be passed by the Diet as soon as possible. If state coffers become depleted and administrative functions suspended, sudden and severe deflationary pressures will deal the Japanese economy a deadly blow. Such confusion must be avoided.
　何より、今年度当初予算の財源を確保する特例公債法案の成立を急ぐべきだ。国庫が底をつき、行政機能が停止すれば、急激なデフレ圧力で日本経済は致命的な打撃を受ける。こうした混乱は回避しなければならない。

(From The Yomiuri Shimbun, Oct. 31, 2012)
（2012年10月31日01時16分 読売新聞）