量的金融緩和 日銀がデフレ退治に動いた

The Yomiuri Shimbun (Dec. 2, 2009)
BOJ moves to combat deflationary trend
量的金融緩和　日銀がデフレ退治に動いた（12月2日付・読売社説）

The Bank of Japan has decided to launch a new quantitative monetary easing measure to fight deflation.
　デフレ退治のため、日銀が新たな量的金融緩和策に踏み切った。

The central bank held an extraordinary policy meeting on Tuesday and decided to introduce a new money-easing measure to offer three-month loans to financial institutions at an ultralow interest rate of 0.1 percent.
　日銀は１日、金融政策決定会合を臨時に開き、０・１％の超低利で、返済期間３か月の資金を金融機関に供給する新たな金融緩和策の導入を決めた。

The central bank showed its intention to overcome deflation in cooperation with the government by compiling its own additional measure before talks between Prime Minister Yukio Hatoyama and Bank of Japan Gov. Masaaki Shirakawa to be held Wednesday.
　２日に予定される鳩山首相と白川日銀総裁の会談を前に、日銀として追加策を取りまとめ、政府と一体となってデフレ解消に取り組む姿勢を打ち出したものだ。

We expect the central bank to enhance its coordination with the government further and to prevent Japan from falling into a deflationary spiral--a combination of deflation and recession--with every possible measure.
　日銀は、今後も政府と連携を強め、デフレと不況が同時に進むデフレスパイラルの防止に全力を挙げてもらいたい。

The moves to supply funds to the financial system will start from early December at the rate of 800 billion yen per week. The total of injected funds will reach 10 trillion yen in three months and be increased further if necessary.
　資金供給は今月上旬から週８０００億円のペースで実施し、３か月後に残高を約１０兆円に積み上げる。必要に応じて上積みする。

Shirakawa said at a press conference the action constitutes "quantitative easing in a broad sense." The new measure is expected to have wider monetary easing effects than the current policy of keeping the key short-term interest rate at 0.1 percent.
　白川総裁は記者会見で、今回の措置を「広い意味での量的緩和」と認めた。短期金利を０・１％に誘導する現行の政策より、幅広い緩和効果が期待できるという。

The Bank of Japan decided that quantitative easing needs to be enhanced to deal with the commotion in the international financial market caused by fears of a debt default in Dubai and the yen's soaring value.
　日銀は、中東ドバイの信用不安による国際金融市場の動揺や、急速な円高に対応するため、金融緩和の強化が必要と判断した。

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Bringing yen back to earth

The government has already declared that the nation is in deflation and is planning to put forth additional economic measures, including one to cope with the strong yen, by the end of this week.
　政府もすでにデフレを宣言し、円高対策も含めた追加景気対策を今週中にもまとめる方針だ。

It is appropriate that the central bank's policy board hammered out the new measures in an agile manner without waiting until its next regular meeting. A further decline of the interest rate will help alleviate the rise in the yen.
　日銀が定例会合を待たず、機動的に追加策を打ち出したのは適切な判断だ。一段の金利低下は、円高の改善も後押ししよう。

However, it was regrettable to see the central bank adopt a tight money policy by terminating part of its corporate financial assistance at the end of October.
　ただ、日銀が企業金融支援の一部を打ち切る「引き締め策」を１０月末に決めたのは残念だった。

Many people may not be able to understand the true intention of the central bank in deciding on the additional money easing operation just one month later. The Bank of Japan should explain to the public in detail how it will maintain its policy of monetary easing until deflation has been overcome.
　わずか１か月後の今回の緩和措置に、日銀の真意が理解できないという人も多いのではないか。日銀はデフレ解消まで緩和を続けることを丁寧に説明すべきだ。

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Further measures needed

Of course, an easy-money policy alone is not sufficient to combat deflation.
　むろんデフレ対策は、金融緩和だけで十分とは言えない。

The business climate is improving thanks to measures stimulating consumption such as the introduction of eco points in exchange for the purchase of energy-saving home electrical appliances. However, there is concern about whether the government's decision to freeze some public works projects could have adverse effects. Drafting of next fiscal year's budget also must not be delayed.
　景気は、省エネ家電のエコポイントなど消費刺激策で持ち直しつつあるが、政府が公共事業の一部を凍結した悪影響などが心配だ。来年度予算の編成が遅れる事態は厳に避けるべきだ。

The government's finances are in critical condition, but it may now be necessary to concentrate the budget on projects with high reflationary effects even if the government has to increase the issuance of bonds to a certain degree.
　財政は危機的だ。だが今は、ある程度の国債を増発してでも、景気浮揚効果の高い事業に予算を重点配分することも必要だろう。

However, if the increased issuance of government bonds causes a sharp rise in long-term interest rates, the business climate will suffer strong side effects. The Bank of Japan will be required to support the government financially by buying more government bonds.
　ただし、国債増発で長期金利が急上昇すれば、景気への悪影響は大きい。日銀が国債買い入れ額をさらに増やすなど、財政を側面支援することが求められよう。

The strong yen deals a blow to exporting companies and worsens business conditions. At the same time, it increases deflationary pressures by lowering prices of imported items. The government should clarify its determination to stem the soaring appreciation of the yen.
　円高は輸出企業に打撃を与え、景気を悪化させる。同時に輸入品の物価が下がり、デフレ圧力も高まる。政府は円高阻止の決意を明確に示すべきだ。

(From The Yomiuri Shimbun, Dec. 2, 2009)
（2009年12月2日01時13分 読売新聞）