通貨安競争 対立の火種を残したＧ２０声明

The Yomiuri Shimbun (Feb. 19, 2013)
G-20 meeting failed to resolve cause of conflict
通貨安競争　対立の火種を残したＧ２０声明（2月18日付・読売社説）

Industrialized nations--including Japan, the United States and European countries--and China and other emerging nations have agreed to avoid "currency competition" in which currencies are guided lower.
　自国通貨の為替レートを安く誘導する「通貨安競争」を避けることで、日米欧の先進国と中国など新興国が一致した。

It is laudable that the Group of 20 meeting in Moscow avoided naming Japan in connection with recent weakening of the yen, but it did not quench the underlying fire that could blaze up again into a new confrontation.
　最近の円安に関し、日本が名指しの批判を回避できた点は評価できるが、対立が再燃する火種を残したと言えよう。

The meeting was attended by finance ministers and central bank chiefs from 20 principal economies.
　主要２０か国・地域（Ｇ２０）財務相・中央銀行総裁会議が、モスクワで開かれた。

Since its inauguration in December, the administration of Prime Minister Shinzo Abe has adopted an economic policy dubbed "Abenomics" that combines drastic monetary easing with flexible fiscal measures, but which has led to the rapid weakening of the yen. This was a focus of G-20 discussions because emerging and some other member countries suspect Japan intentionally induced a weakening of the yen.
　安倍政権発足後、大胆な金融緩和と機動的な財政政策を組み合わせた経済政策「アベノミクス」が導入され、急速に円安が進んだことが焦点になった。新興国などから、「円安誘導策ではないか」という指摘が出ていたからだ。

The joint statement adopted by the G-20 economies stated they would refrain from "competitive devaluation" and "will not target our exchange rates for competitive purposes." No reference was made to Japan in this regard although it was a matter of concern.
　採択された共同声明は、「通貨の競争的な切り下げを回避する。為替レートを競争力を高める目標にしない」と明記した。懸念された日本への言及はなかった。

Finance Minister Taro Aso, who also serves as deputy prime minister, denied Japan intentionally weakened the yen and explained that the government's aim was to lift Japan out of deflation. It seems his explanation won a certain degree of understanding.
　麻生副総理・財務相が円安誘導策を否定し、「デフレからの早期脱却を目指す」という日本の政策目標を説明したことで、一定の理解が得られたようだ。

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Oblique warning to Japan

Concerning monetary policy, the statement said it should be "directed only at price stability and economic recovery" and adverse impacts would be monitored closely and minimized. This could be interpreted as a warning to Japan that its economic policy should not adversely affect exchange and other markets.
　ただし、声明は金融政策について、「国内の物価安定や経済回復に当てられるべきだ。負の波及効果を監視して最小化する」と強調した。為替市場などに悪影響を与え過ぎないよう、日本の政策にクギを刺したと解釈できる。

Brazil, Mexico and other emerging economies are vigilantly watching excessive capital inflows and the strengthening of their currencies, which could follow the monetary easing measures of Japan, European countries and the United States. Their vexation may strengthen if the yen depreciates further.
　ブラジル、メキシコなど新興国では、日米欧による金融緩和に伴う過剰な資本流入や、自国通貨高への警戒感が強い。円安がさらに進むと不満が高まりかねない。

For this reason, the government and the Bank of Japan need to exercise care as they carry out Abenomics to lead Japan out of deflation.
　それだけに、政府・日銀はデフレ脱却に向け、アベノミクスの成果を着実に上げる必要がある。

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Promote growth strategy

The government should not rely only on the yen's weakness. Instead, it must step up efforts to put together concrete measures for the growth strategy that it lists as one of its "three arrows." The other "arrows" are monetary easing and fiscal stimulation.
　円安に頼るだけでなく、金融緩和と財政政策と並ぶ「３本の矢」である成長戦略についても、具体化を急がねばならない。

There is a growing belief in industrial circles that the recent weakening of the yen represents nothing more than a slight correction of its exchange rates that rose to historically high levels and that the currency remains relatively strong.
　産業界などでは、最近の円相場は、歴史的な超円高がやや是正されたに過ぎず、まだ相当の円高だという見方が出ている。

It is essential for the government and the central bank to call on other countries to understand Japan's situation. But at the same time, Cabinet ministers and special advisers to the Cabinet must refrain from making comments on exchange rates that could affect the markets.
　政府・日銀はそうした状況への理解を他国に求めることが大事だが、併せて、閣僚や内閣官房参与らは具体的な為替水準に言及する口先介入を慎むべきだ。

Bright signs have emerged for the world economy as the worst of the protracted European financial crisis appears to be over and the United States has avoided falling off its so-called fiscal cliff.
　長期化した欧州危機が最悪期を脱し、米国の「財政の崖」もいったん回避されるなど、世界経済に明るい兆しが出てきた。

But the G-20 statement acknowledges that global economic growth is still too weak. This observation is quite natural. The G-20 economies face the heavy challenges of achieving growth and fiscal reconstruction at the same time.
　だが、Ｇ２０声明が「世界の成長はまだ弱すぎる」と指摘したのはもっともだ。成長と財政再建の両立も各国の重い課題である。

Japan will have to expedite efforts to break away from deflation and achieve economic revitalization, thereby contributing further to the stabilization of the world economy.
　日本はデフレ脱却と経済再生を急ぎ、世界経済の一層の安定に寄与することが期待される。

(From The Yomiuri Shimbun, Feb. 18, 2013)
（2013年2月18日01時26分 読売新聞）