Ｇ２０共同声明 円安だけに頼れぬデフレ脱却

The Yomiuri Shimbun April 22, 2013
Japan should not rely solely on yen's depreciation to escape deflation
Ｇ２０共同声明　円安だけに頼れぬデフレ脱却（4月21日付・読売社説）

Japan's ability to gain the understanding of the Group of 20 advanced and emerging economies that Tokyo's bold monetary easing policy is not intended to induce a weaker yen was significant.
　日本の大規模な金融緩和策は円安誘導ではないとして、先進国と新興国の理解を得られたことは前進である。

The government and the Bank of Japan have assumed a greater responsibility in overcoming deflation and putting the country on a path toward a steady economic recovery.
　デフレ克服と着実な日本経済再生へ、政府と日銀は一段と重い責任を負った。

Finance ministers and central bank heads from the G-20 countries--which include Japan, the United States, some European nations, China and Russia--adopted a communique Friday at the end of a two-day meeting in Washington.
　日米欧と中国、ロシアなど主要２０か国・地域（Ｇ２０）財務相・中央銀行総裁会議がワシントンで開かれ、共同声明を採択した。

The statement first mentioned Japan, whose recent monetary moves were seen as a major issue during the meeting.
　声明はまず、焦点だった日本に言及した。

"Japan's recent policy actions are intended to stop deflation and support domestic demand," the joint statement said, referring to the quantitative and qualitative monetary easing policy that newly appointed Bank of Japan Gov. Haruhiko Kuroda has forged.
就任したばかりの黒田東彦日銀総裁が打ち出した量的・質的金融緩和策について、「デフレを止め、内需を支えることを意図したものだ」と明記した。

The rapid pace of the yen's depreciation is a result of what some call "another level" of monetary easing policy, which has prompted criticism from South Korea and other countries.
　「異次元」の金融緩和策を受けて急激に円安が進み、韓国などが日本を牽制(けんせい)していた。

However, the policy is aimed at pulling the nation out of deflation, not intentionally weakening the yen to boost exports. It is commendable that Japan was able to gain some degree of understanding concerning its stance from other G-20 members.
　しかし、金融緩和策はあくまで脱デフレが目的で、輸出拡大を意図した円安誘導ではない。こうした日本の主張が、一定の理解を得られたと評価できよう。

More pressing global concerns

The joint statement expressed a grim view on the global economy, saying, "Global growth has continued to be too weak" mainly because of fears that Europe's credit unrest may stir once again as the continent has marked a negative growth rate.
　声明は、マイナス成長が続く欧州の信用不安再燃などを踏まえ、「世界経済の成長は引き続き弱すぎる」と厳しい認識を示した。

The G-20 members accepted Japan's stance apparently because they share a sense of crisis over the global economy and agree that the nation's efforts to boost growth may have positive international repercussions.
　各国・地域が危機感を共有し、日本の成長強化が世界経済にも有益だと一致したことも、日本への理解につながったようだ。

It was also significant that G-20 officials reaffirmed they will "refrain from competitive devaluation," in which currencies are guided lower, which was also discussed at the last meeting of G-20 finance ministers and central bank heads in February.
　ただし、前回２月のＧ２０声明に盛り込んだ「通貨安競争の回避」を再確認した点は重要だ。

The nation has successfully averted criticism over the weakening yen from emerging economies and other G-20 members, at least for now. However, similar criticism may reemerge if Japan constrains its focus to the monetary easing policy and depreciation of the yen as measures to improve the economy.
　ひとまず新興国などからの円安批判は避けられたものの、日本が金融緩和策や円安進行に頼るだけでは批判が再燃しかねない。

Japan will need to continue seeking other countries' understanding concerning its revitalization strategies and produce results in its efforts to vanquish deflation as soon as possible.
　日本は今後も経済再生策への理解を求め、速やかに脱デフレの成果を出すことが問われよう。

Prime Minister Shinzo Abe has unveiled the first package of measures for his growth strategy, the "third arrow" of Abenomics following monetary easing and fiscal policy. The measures aim to maximize opportunities for young people, create more jobs for women and expand the nation's medical industry.
　金融緩和、財政政策に続く「３本目の矢」である成長戦略として、安倍首相が若者の能力向上、女性活用、医療産業育成を第１弾とする方針を示した。

We hope Abe will take the results of the G-20 meeting as an opening to compile additional measures.
これを機にさらなる戦略をまとめてほしい。

Avoid shortsighted tactics

However, the G-20's communique also said, "We will be mindful of unintended negative side effects" stemming from the monetary easing policies of Japan, the United States and Europe. This declaration should be taken to heart.
　日米欧の金融緩和策に関連し、声明が「意図せざる負の副作用に留意する」と強調した点も重く受け止めたい。

Some emerging countries have complained that speculative funds, which have posted huge gains recently due to the monetary easing policies of the developed countries, have been overheating their financial markets. Japan should work with the United States, Europe and other parties to monitor any additional side effects that their policies could cause.
　新興国では、先進国の金融緩和であふれた投機資金が新興国の金融市場などの過熱を招いているという不満がくすぶる。日本は米欧などと連携し、副作用の拡大を警戒する必要がある。

It was natural that the joint statement took aim at Japan by saying it "should define a credible medium-term fiscal plan."
　日本の課題として、声明が「信頼に足る中期財政計画を策定すべきだ」と注文したのは当然だ。

Japan has the worst fiscal situation of all developed countries. Fiscal stimulus measures may be acceptable for an immediate economic boost, but the nation must be careful not to lose international confidence due to efforts that are remiss in addressing fiscal reconstruction over the medium term.
　日本の財政は先進国最悪の状況である。当面は財政刺激策による経済再生を優先するにしても、中期的な財政再建を怠って信認が揺らぐ事態を避けねばならない。

(From The Yomiuri Shimbun, April 21, 2013)
（2013年4月21日01時13分 読売新聞）