Ｇ７緊急声明 問われる具体的な協調行動

The Yomiuri Shimbun (Aug. 10, 2011)
Coordinated action on financial markets crucial
Ｇ７緊急声明　問われる具体的な協調行動（8月9日付・読売社説）

Japan, the United States and European countries have made clear their determination to cooperate to avert turmoil in the financial markets resulting from the recent downgrading of the U.S. credit rating.
　日米欧が連携して、米国債の格下げによる金融市場の混乱を回避する決意を明確にした。

Yet the effect has so far been limited and has failed to eliminate unease in the markets. The question now is what concrete policy coordination is needed.
　しかし、その効果は限定的で、市場の不安感は払拭できていない。より具体的な政策協調が問われよう。

Finance ministers and central bank governors from the Group of Seven leading economies held an emergency telephone conference Monday morning (Japan time) and adopted a joint statement.
　日米欧の先進７か国財務相・中央銀行総裁会議（Ｇ７）は８日朝、緊急に電話で協議し、共同声明を採択した。

They held the conference right before the opening of Asian financial markets, indicating their sense of crisis and intention to forestall unrest in the markets.
東京やアジア市場が開く直前に会議を開いたのは、市場の動揺を警戒し、先手を打ちたいＧ７の危機感の表れだ。

It also said, "We are committed to taking coordinated action where needed," making clear their stance of supporting the markets by supplying ample funds.
　共同声明は、「金融安定化と成長を支えるためにあらゆる手段を講じる」と表明した。

The statement said, "We are committed to taking necessary measures to support financial stability and economic growth."
さらに「必要な場合は協調行動を取る」とし、資金供給によって市場を下支えする姿勢も明らかにした。

Late last week, Standard & Poor's cut the U.S. credit rating for the first time, as the credit ratings agency made a grim assessment of the outlook of U.S. fiscal reconstruction.
　先週末、米格付け会社のスタンダード・アンド・プアーズ（Ｓ＆Ｐ）が、米国の財政再建の見通しを厳しく評価し、米国債の格付けを史上初めて引き下げた。

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Market confidence shaken

The statement did not refer directly to this issue. But the markets' confidence in the U.S. currency has been shaken further, and the financial markets face a crucial juncture. Stock prices may fall worldwide, and the dollar-selling trend may accelerate.
　声明は直接、この問題に言及しなかったが、ドルの信認が一段と揺らぎ、世界的な株安連鎖と、ドル売りが加速しかねない正念場を迎えている。

The statement praised the "decisive actions" of the United States and European countries in trying to reduce their fiscal deficits.
　米国と欧州の財政赤字削減策に関し、声明は「断固たる行動を歓迎する」と指摘した。

The G-7 ministers urged the United States and European countries to steadily take actions to put their fiscal houses in order--actions that the markets would rate highly. The ministers may have been attempting to restore order to the markets.
市場が評価できるような着実な財政再建を米欧に促すことで、混乱の沈静化を狙ったのだろう。

On Monday, the 225-issue Nikkei Stock Average plunged 202.32 points from Friday's close on the Tokyo Stock Exchange. And on other Asian markets, stock prices declined.
　８日の東京株式市場の株価は前週末比２０２円安と下落した。アジア市場でも株価が値下がりした。

On the currency market, the U.S. dollar was traded at around 78 yen.
為替市場では、１ドル＝７８円をはさんだ取引が続いた。

A free fall in stock prices and a surge in the yen's value have been averted, at least for now, but prospects remain murky.
　ひとまず、株価の暴落や円急騰は回避できたが、先行きは不透明である。

The G-7 nations should consider that the markets are calling for additional concerted actions.
市場はＧ７の一段の行動を求めているとみるべきだ。

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Focus on Italy, Spain

In Europe, the yields on government bonds of such deficit-ridden countries as Greece have been rising across the board.
　欧州では、ギリシャなど財政赤字国の国債利回りが軒並み上昇している。

In particular, Italian and Spanish government bonds, whose creditworthiness is a source of spreading uncertainty, are coming under increasing scrutiny.
中でも、信用不安が広がっているイタリアとスペインが市場の焦点になりつつある。

In tandem with the issuance of the G-7 statement, the European Central Bank promptly decided to buy Italian and Spanish government bonds. We think this is proper.
　Ｇ７声明と連動する形で、欧州中央銀行（ＥＣＢ）がさっそく、両国の国債を買い入れる方針を決めた点は評価できる。

We hope the ECB will work more closely with France and Germany and they all will do their utmost to contain the crisis.
ＥＣＢは仏独と連携を強め、危機の封じ込めに全力を挙げてほしい。

Japan, for its part, needs to make efforts to prevent the yen from soaring again to the level of 76 yen to the dollar. 　日本としては、円相場が再び、１ドル＝７６円台に急騰する事態を防がねばならない。

The effect of the yen-selling market intervention, which Japan implemented unilaterally on Thursday, has already weakened.
日本が４日に単独で実施した円売り介入の効果が早くも薄れている。

It is significant that the G-7 statement said, "We will consult closely in regard to actions in exchange markets and will cooperate as appropriate," in an effort to hold in check excess volatility in exchange rates.
　Ｇ７声明が過度な為替変動をけん制し、「緊密に協議し、適切に協力する」と明記した意義は大きい。

Japan should demonstrate its resolve to prevent the dollar from plunging and the yen from rising too sharply, by taking such actions as concerted market intervention with the United States and European countries.
ドル急落と超円高の阻止へ、日本は米欧との協調介入も含め、断固たる姿勢で臨むべきだ。

(From The Yomiuri Shimbun, Aug. 9, 2011)
（2011年8月9日01時14分 読売新聞）