円急騰 政府・日銀は為替安定へ動け

The Yomiuri Shimbun (Aug. 14, 2010)
Govt, BOJ must do more to stem yen's rise
円急騰　政府・日銀は為替安定へ動け（8月13日付・読売社説）

There has been no sign of an end to the strong yen and weak dollar, due to widespread concerns about a possible slowdown in the U.S. economy in recent days. The government and the Bank of Japan should increase their cooperation in taking flexible steps to stabilize the yen's value.
　米国の景気減速懸念から、円高・ドル安に歯止めがかからない。為替安定へ、政府と日銀が連携を強化し、機動的に対応すべきだ。

In early Thursday trading, the U.S. dollar temporarily dropped to the 84 yen level in Tokyo, its lowest against the yen since 1995. The yen's value reached an all-time high in that year, with the U.S. currency traded in the 79 yen range.
The rapid surge in the yen's value, if it continues unabated, could bring it close to yet another record high. As things stand today, the yen is the sole major currency whose value has not stopped increasing, as illustrated by its continued rise against the euro.
　円相場は１ドル＝８４円台に上昇した。１９９５年以来、１５年ぶりの水準だ。この年に７９円台の史上最高値を記録したが、このまま円高が進めば、最高値をうかがう展開もあり得る。対ユーロでも円が上昇し、円独歩高といえよう。

The yen's sharp advance could undermine the slight recovery in the economy, diminishing profits gained by carmakers, electronic manufacturers and other exporting companies whose business performance is beginning to improve at long last.
　円急騰は、ようやく業績が好転し始めた自動車、電機などの輸出企業の収益を圧迫し、景気回復に悪影響を与えかねない。

There are concerns that the fall in import prices that inevitably accompanies a strong yen could further prolong this country's deflation.
　円高に伴う輸入価格の下落により、日本のデフレがさらに長期化することも懸念される。

Fed move sends stocks down

On Thursday, Tokyo stocks sharply fell as investors were unnerved by the accelerated appreciation of the yen. The exchange rate fluctuations that may follow must be vigilantly watched.
　円高加速が嫌気され、１２日の東京株式市場の株価は急落した。今後の為替相場の動きを警戒しなければならない。

The rapid rise in the yen's value can be attributed to the U.S. Federal Reserve Board's decision Tuesday to effectively conduct additional monetary easing after significantly lowering its forecast for the U.S. economy.
　円高が進んだきっかけは、米連邦準備制度理事会（ＦＲＢ）が１０日、景気判断を大幅に下方修正し、事実上の追加金融緩和策に踏み切ったことである。

The Fed's decision seeks to underpin the economy through measures aimed at lowering long-term interest rates but not reducing the money supply to the market. The latest move also may signify an attempt by the Fed to preemptively contain growing deflationary concerns in the United States.
　市場への資金供給量を減らさずに、長期金利の低下を促し、景気を下支えする狙いだ。米国でも台頭し始めたデフレ懸念に対し、先手を打つ思惑もあろう。

However, the market has become even more cautious about an anticipated business slowdown, as indicated by the worsening employment situation and slumping personal consumption. Combined with speculation that the drop in U.S. interest rates will reduce the gap between Japanese and U.S. interest rates, this has encouraged dollar selling.
　しかし、市場ではむしろ、雇用悪化と個人消費の低迷など、景気減速への警戒感が一段と高まったといえる。米国の金利低下で、日米金利差が縮小するという見方も重なり、ドルが売られている。

Market players are apparently buying the yen after weighing the stability of each major currency and concluding the yen is relatively stable and therefore the best buy once potentially precarious currencies are eleminated from the list of viable choices.
　比較的安定した通貨と受け止められた円が、“消去法”で買われている事情もある。

The Fed's new easy credit policy is not without concerns. Many market players feel there is a limit to what can be accomplished to shore up the U.S. economy through the additional monetary easing.
　気がかりなのは、ＦＲＢの追加策による景気テコ入れ効果が限定的とみられる点だろう。

U.S. seems at impasse

President Barack Obama's administration has good reason to feel hesitant about implementing a new economy-boosting package if it stops to think about the nation's federal deficit. The U.S. government seems to find itself at an impasse, not knowing what kind of measures should be implemented to overcome the situation.
財政赤字を抱えたオバマ政権も、新たな景気刺激策を実施しにくい。政策に手詰まり感がみえる。

With these problems in mind, U.S. authorities are poised to allow the weak dollar--an obvious boost for the U.S. export drive--to continue for the foreseeable future. They hope U.S. exports will prop up the country's economy.
　そこで米当局は、当面は輸出で景気を下支えしようと、輸出促進にプラスになるドル安の進行を容認する構えのようだ。

Such is also the case with European nations, some of which are experiencing fiscal crises. These countries seem to rely on drops in their currencies' values as a means of underpinning their respective economies.
財政危機問題を抱えた欧州も事情は同じで、通貨安頼みがうかがえる。

All this is in stark contrast to the failure of the Japanese government and the Bank of Japan to take appropriate measures.
　そんな中、円急騰に無策ぶりが目立つのが日本政府と日銀だ。

On Tuesday, the central bank decided to maintain its current monetary policy. However, we believe there is a pressing need to consider additional measures to deal with the ongoing situation, including the expansion of its quantitative relaxation. The bank lacks a sense of urgency.
　日銀は１０日、金融政策の現状維持を決めたばかりだが、量的緩和策の拡充を含め、追加策の検討が急務ではないか。あまりにも危機感が足りない。

The Economy, Trade and Industry Ministry has said it will put together a report detailing how the strong yen has affected corporations it will survey by the end of the month. However, the ministry has been slow to make this decision.
　経済産業省は円高が経営などに与える影響について、企業調査を月内にまとめるという。しかし、これも緩慢すぎる。

The government and the Bank of Japan should not hesitate to intervene in the exchange market and stem the sharp rise in the yen's value.
　政府・日銀は、円高阻止の為替介入をためらうべきでない。

(From The Yomiuri Shimbun, Aug. 13, 2010)
（2010年8月13日01時32分 読売新聞）