米金融崩壊

(Mainichi Japan) September 20, 2008
Financial crisis (Pt. 3): No end to the worst crisis since WWII
金融崩壊：リーマン・ショック／下　戦後最悪の危機続く

"It's like a blood clot in a hopelessly tangled blood vessel." Following the Lehman Brothers collapse, the short-term interest rate for dollars traded between banks shot up more than 10 percent for some financial institutions. One U.K. bank stated that some banks may collapse due to a lack of liquidity, with no end in sight for the worst financial crisis since WWII, and the Sept. 18 announcement by major central banks in Japan, America, and Europe indicated that they would cooperate in supplying significant dollar funding to short-term money markets in an attempt to alleviate anxiety.
　「血栓ができて血流が根詰まりしたみたいだ」。米大手証券リーマン・ブラザーズの経営破綻（はたん）後、銀行間で融通し合うドルの短期金利が突然、一部の金融機関向けで１０％以上に急上昇した。「流動性不足で破綻する銀行が出かねない」（英系銀行）戦後最悪の危機的状況が続く。日米欧の主要中央銀行が１８日夕、協調して短期金融市場に大量のドル資金を供給すると発表したのはこの不安を解消するのが狙いだった。

But confusion caused by the Lehman Brothers collapse continues. According to a major securities company, the decision on Sept. 16 to provide public support to AIG, a major American insurance corporation, raised hopes that the worst had passed. However, stock markets in New York were universally down on Sept. 17. Markets in Tokyo and Asia fell on Sept. 18, increasing the general anxiety.
　リーマン破綻に端を発した混乱が止まらない。米保険最大手ＡＩＧへの公的支援が１６日に決まり「最悪期を脱する」（大手証券）との期待が高まったが、１７日のニューヨーク株式市場は全面安。１８日の東京株式市場をはじめアジアの株式市場も下落、不安が増幅した。

The markets are voicing increasing dissatisfaction with financial authorities. According to a Japanese bank analyst, "there is absolutely no sense that they have a desire or strategy to actively strengthen their involvement in reducing credit instability." There is also a strong distrust of American financial authorities, that in a span of just two days flip-flopped on their policy for public support.
　「積極的に関与を強めて信用不安を解消していこうという意欲や戦略が全く感じられない」（邦銀アナリスト）。市場では金融当局への不満が募る。わずか２日間で公的支援の方針を転換した米金融当局への不信が強い。

U.S. Treasury Secretary Henry Paulson hasn't made a public appearance since the Sept. 16 decision to prop up AIG. Facing criticism, White House press secretary Dana Perino uncomfortably commented on Sept. 17 that the "Treasury Secretary is working hard," but didn't touch on what the market really wants to know; specifically, the standards for providing public support.
　だが、１６日のＡＩＧへの公的支援決定後、ポールソン米財務長官は公の場に姿を見せない。矢面に立たされたホワイトハウスのペリーノ大統領報道官は１７日、「財務長官が努力している」と苦しい対応に追われたが、市場が知りたい「公的支援実施の基準」には歯切れが悪いままだった。

The fearful and suspicious market also turned on major U.S. securities firms -- firms that were supposed to be stable. On Sept. 17, shares of Morgan Stanley, the second largest securities firm in the U.S., temporarily dropped 44 percent in the New York market, forcing them to pursue mergers with multiple financial institutions.
　疑心暗鬼に陥った市場は、経営に不安がないはずの米証券大手にも襲いかかる。１７日のニューヨーク市場で米証券２位のモルガン・スタンレーの株価は一時、４４％下落。同社は、複数の金融機関に合併を打診する事態に追い込まれた。

Investors are pulling their money out of the stock market and putting it into gold and U.S. bonds, regarded as the safer bet. During trading on Sept. 17 the price of gold jumped 70 dollars, its greatest increase ever, and the interest on three-month U.S. bonds dropped to 0.03 percent, the lowest level since WWII.
　投資家は、株式市場から資金を引き揚げ、「最も安全な資産」と呼ばれる金市場や米国債市場へと向かう。金の価格は１７日の取引で史上最大となる７０ドルの上げ幅を記録、米国債３カ月物の金利は、戦後最低水準となる０・０３％となった。


The financial market upheaval has also affected the economies of developing nations, which have been supporting global growth.
　金融市場の混乱は、世界の成長を支えてきた新興国の経済運営にも影響を与えた。

On Sept. 15, the People's Bank of China discarded its inflation control policy, lowering interest rates for the first time in six years and seven months, a shocking reduction in the interest rate that followed less than half a day after the announcement of the Lehman Brothers collapse.
　中国人民銀行は１５日、インフレ抑制という政策目標を投げ捨て、６年７カ月ぶりの利下げに踏み切った。リーマンの破綻発表から半日もたたない電撃的な利下げだった。

"Vice Premier Wang Qishan, head of Chinese financial affairs, was in Los Angeles for Cabinet-level talks between the U.S. and China on Sept. 15. After seeing the impact of the Lehman Brothers collapse first-hand, he probably bypassed People's Bank of China President Zhou Xiaochan to directly convince Premier Wen Jiabao," speculates one financial insider.
　「その日は金融担当の王岐山副首相が米中経済閣僚会議でロサンゼルスに滞在中だった。現地でリーマン破綻の影響の大きさを実感し、周小川・人民銀総裁の頭越しに温家宝首相を説得したのではないか」と金融関係者は推測する。

Regardless, stock markets continued to drop after this rate reduction, with dark clouds starting to color Chinese economic trends that had been universally optimistic following the end of the Beijing Olympics.
　だが、その後も株式市場は下落が続き、楽観論一色だった北京五輪後の中国経済動向には暗雲が垂れこめた。

The International Monetary Fund (IMF) tentatively estimates that losses from subprime loans "will reach 1.1 trillion dollars (115 trillion yen) worldwide," and IMF Managing Director Dominique Strauss-Kahn warned that the financial crisis may worsen.
"The consequences for some financial institutions are still in front of us. We expect that in the coming weeks or months there will be more financial institutions that will have problems."
　国際通貨基金（ＩＭＦ）は、サブプライムローンの損失額は「全世界で１兆１０００億ドル（１１５兆円）に達する」と試算する。ストロスカーン専務理事は、１７日、サウジアラビアのジッダで「一部の金融機関への影響はこれから明らかになる。今後、数週間、あるいは数カ月で問題が浮上する可能性がある」と述べ、金融危機がさらに深まる可能性を警告した。

毎日新聞　2008年9月19日　東京朝刊