１ドル＝１００円台 円安テコに経済再生を急げ

The Yomiuri Shimbun May 12, 2013
Govt should revive economy quickly on back of yen's persistent weakness
１ドル＝１００円台　円安テコに経済再生を急げ（5月11日付・読売社説）

The yen, which had been on the verge of passing the 100 yen mark to the U.S. dollar for a while, broke the key threshold for the first time in about four years this week. The Japanese currency has also weakened against the euro, drifting around 130 yen.
　１ドル＝１００円の直前で一進一退の攻防が続いていた円相場が、約４年ぶりに１００円台に下落した。対ユーロでも約１３０円の円安・ユーロ高水準で推移している。

Correcting an excessively strong yen will provide a boost to ending the nation's persistent deflation. The government and the Bank of Japan must speed up work to revive the economy by taking up this opportunity.
　超円高の是正は、デフレからの脱却に追い風となる。好機を生かし、政府と日銀は経済再生を急がなければならない。

The yen's surpassing of the 100 yen line was triggered by dollar-purchasing and yen-selling mainly on upbeat U.S. jobs data and growing expectations of a U.S. economic recovery.
　米国の雇用指標が改善し、米景気の回復期待で、ドル買い・円売りが強まったことが、１００円突破の直接の引き金となった。

On the back of Prime Minister Shinzo Abe's Abenomics economic measures and bold monetary easing steps taken under central bank Gov. Haruhiko Kuroda, the exchange rate, which was about 80 yen to the dollar six months ago, has weakened significantly.
　安倍首相の経済政策「アベノミクス」と、黒田東彦日銀総裁の大胆な金融緩和が奏功し、半年前に８０円前後だった円相場は、大きく円安に振れていた。

In favorable response to the yen's weakness, the Nikkei Stock Average recovered to the 14,000 yen mark for the first time in about five years this week. Also, on the New York Stock Exchange, the Dow Jones industrial average soared above 15,000 for the first time. It is encouraging that rapidly rising stock prices in Japan and the United States have provided brisk news for the economy.
　円安を好感し、東京市場の平均株価は約５年ぶりに１万４０００円台を回復した。ニューヨーク市場の株価も、初めて１万５０００ドル台に上昇した。日米の株価急騰で、経済に明るさが広がってきたのは心強い。

Recovery with a virtuous cycle

Propelled by the yen's depreciation, Japanese exporters, such as automakers, have seen a boost in their international competitiveness, as well as increased profits.
　円安をテコに、自動車など日本の輸出企業は国際競争力が向上し、収益が拡大している。

If growing demand overseas leads them to increase production and capital investment, the benefits could spill over to the domestic economy, as employment and consumption are likely to improve. We have high hopes of a solid economic recovery with such a virtuous cycle.
　外需主導で生産や設備投資が活発化すれば、雇用は改善し、消費など内需にも恩恵が波及しよう。こうした好循環による、本格的な景気回復に期待したい。

However, caution is called for regarding possible side effects of the yen's continuing weakness. One potential concern is criticism from other countries of the yen's independent slide.
　ただし、円安がさらに加速した場合は、副作用への注意も怠れない。まず、円の独歩安に対する海外の批判が懸念される。

In an April meeting of Group of 20 major economies' finance ministers and central bank governors, Japan gained a measure of understanding for its explanation that the Bank of Japan's aggressive monetary easing has not been aimed at manipulating its currency downward but tackling prolonged deflation.
　４月の主要２０か国・地域（Ｇ２０）財務相・中央銀行総裁会議で、日銀の大胆な金融緩和はデフレ脱却が目的で円安誘導ではないとの説明に、一定の理解は得られた。

Japan also needs to further clarify its policy to fight deflation at a meeting of the Group of Seven nations' finance chiefs and central bank governors, which started Friday in Britain.
　英国で１０日に始まった先進７か国（Ｇ７）財務相・中央銀行総裁会議でも、デフレ克服に向けた日本の政策運営について、丁寧に説明する必要がある。

But it is also important that in the meeting, the G-7 countries will reconfirm the view that excessive exchange rate fluctuations are undesirable.
　Ｇ７各国が、過度な為替変動は望ましくないとの認識を再確認することも重要だ。

Side effects of yen's weakness

The yen's rapid descent is expected to result in price increases for imported materials and products, weighing on profits of companies that rely on imports. Such companies cannot help but raise prices of their products and services if they find it difficult to cover rising costs with cost-cutting efforts.
　急激な円安は、輸入原料や製品の価格を上昇させ、輸入品に頼る企業の利益を圧迫する。企業努力で吸収できない分は、値上げせざるを得ない。

Prices of flour, cooking oil and other imported items have already been on the rise. With costs of imported fuel for thermal power production soaring, utilities have also announced a series of electricity rate hikes, hitting both businesses and households.
　実際に小麦粉や食用油などの値上げが相次いでいる。火力発電向けの輸入燃料も高騰し、電力各社は電気料金を次々に値上げしている。企業にも家計にも痛手だ。

Price increases caused by rising costs are likely to have a negative impact on companies' performances. As a result, wages would not go up. Such side effects could create a drag on the government's envisaged growth strategy. By taking advantage of the yen's weakness, we urge the government to boost demand and eventually achieve sustainable growth.
　コスト高が原因の物価上昇だけでは企業業績は低迷し、賃金も増えない。かえって成長戦略の足かせとなろう。円安を生かして需要を拡大し、持続的な成長を実現することが求められる。

(From The Yomiuri Shimbun, May 11, 2013)
（2013年5月11日01時20分 読売新聞）