円高加速 政府・日銀は具体策を急げ

The Yomiuri Shimbun (Aug. 27, 2010)
Govt, BOJ should move on yen--now
円高加速　政府・日銀は具体策を急げ（8月26日付・読売社説）

There seem to be no brakes on the rise of the yen as speculators apparently take advantage of the sluggish response of the government and the Bank of Japan to the yen's appreciation.
　政府・日銀の対応の鈍さに投機筋が付け込み、円高に歯止めがかからなくなっている。

The yen is surging, hitting a 15-year high in the 83 yen range against the U.S. dollar on foreign markets Tuesday. There are whispers in the markets that the yen could soon even reach a record high in the 79 yen range versus the dollar.
　２４日の海外市場で、１５年ぶりに１ドル＝８３円台をつけるなど、急ピッチで円が上昇している。市場には、やがて史上最高値の７９円台が視野に入るとの見方もある。

With the yen's surge set to batter the Japanese economy, the 225-issue Nikkei Stock Average dropped below the 9,000 mark Wednesday to close at the year's low of 8,845.39.
　日本経済への打撃を見越して、東京市場の平均株価は９０００円を割り、２５日の終値は今年最安値の８８４５円となった。

Unless the sharp appreciation of the yen is checked, business sentiment and the willingness of households to spend may cool, stalling the economy.
　円の急騰を止めないと、企業や家計の心理が冷え込み、景気が腰折れしかねない。

The government and the central bank should resolutely act to deal with this worrying situation, and consider intervening in the market to stem the yen's rise.
　政府・日銀は、円高阻止に向け市場介入も選択肢に、断固たる姿勢で臨むべきである。

The recent responses of the government and the Bank of Japan have been missing the mark.
　このところ、政府と日銀の対応は、誤算が続いている。

On Aug. 10, the central bank held off adding measures to expand liquidity. Soon after, the U.S. Federal Reserve Board took additional money-easing steps, triggering the latest rise in the yen.
　今月１０日、日銀は追加の金融緩和を見送ったが、その直後に米連邦準備制度理事会（ＦＲＢ）が追加の緩和策を実施した。それが今回の円急騰につながった。

Talks fall flat

A discussion over the telephone between Prime Minister Naoto Kan and Bank of Japan Gov. Masaaki Shirakawa on Monday, which set tongues wagging that steps would be taken to deal with the yen's rise, ended in just 15 minutes.
　円高対策で注目された菅首相と白川方明日銀総裁の２３日の会談は、１５分間の電話会談に終わった。

Contrary to what policymakers had intended, the talks ended with little substance and led to a further advance of the yen and offloading of stocks as disappointment spread among market players.
内容も乏しかったため、政策当局の狙いに反し、一層の円高と株の失望売りを誘った。

There have been striking inconsistencies in messages sent by Cabinet members to the market.
　閣僚らによる「市場との対話」も、ちぐはぐさが目立つ。

At a hastily arranged press conference Tuesday evening, Finance Minister Yoshihiko Noda indicated he would closely watch the market. He failed to offer any concrete response to the situation, which only fueled the yen's rise.
　野田財務相が２４日夕に開いた緊急記者会見は、市場を注視する考えを示しただけで具体策がなく、むしろ円高に拍車をかけた。

On Wednesday, Noda finally hinted the government might intervene in the market, saying, "When necessary, we will take appropriate measures."
　財務相は２５日、「必要な時は適切な対応を取る」と、やっと市場介入の可能性を示唆した。

During meetings with Democratic Party of Japan members of the House of Representatives the same day, Kan said, "We'll respond properly in the not-so-distant future."
菅首相もこの日、民主党衆院議員らとの会合で、「そう遠くない時期にちゃんと対応する」と述べた。

None of this changed the tide in the financial markets.
　だが、いずれも流れを変える材料にならなかった。

The halfhearted response by policymakers probably has speculators believing the government will not take any specific action to stem the yen's rise for the time being.
　これまでの及び腰の姿勢から、「日本政府はまだ動かない」と、投機筋は踏んでいるのだろう。

No time to waste

The government could be keeping an ace up its sleeve, which it will play when the yen stands on the brink of rising above 80 yen to the dollar. But this is no time for the government to be sitting on its hands. We think the government should discuss in earnest the possibility of going it alone in intervening in the currency market.
　政府は、円がさらに上昇し、１ドル＝８０円突破をうかがうまで「奥の手」を温存したい気持ちもあろうが、そろそろ潮時ではないか。日本単独での市場介入を、真剣に検討すべき段階と言えよう。

The United States and European countries embrace the depreciation of their currencies against the yen. But it is difficult to put a finger on why only the yen is rising against other major currencies, despite the fact that Japan is plagued by deflation and sluggish growth.
　米欧は自国通貨安を容認しているが、デフレと成長鈍化に悩む日本の円が独歩高なのは説明がつかない。

Japan will probably not be strongly criticized by other nations even if it moves to correct the yen's excessive appreciation.
日本が円高修正に動いても海外から強い批判は受けまい。

The Bank of Japan is reportedly considering taking additional money easing measures ahead of the next Monetary Policy Meeting set for early September. We hope the central bank will both check the yen's rise and stimulate the economy.
　日銀も、９月上旬の金融政策決定会合に向け、追加金融緩和の検討に入ったという。円高阻止、景気浮揚の両面で期待したい。

Depending on market developments, the central bank should promptly ease the money supply by holding an extraordinary meeting, rather than wait until the regular policy meeting.
　市場動向によっては、定例会合を待たずに臨時会合を開き、金融緩和を急ぐべきである。

(From The Yomiuri Shimbun, Aug. 26, 2010)
（2010年8月26日01時03分 読売新聞）