世界市場混乱 日米欧は危機の収束を急げ

The Yomiuri Shimbun (Aug. 13, 2011)
Japan, U.S., Europe must hasten to end fiscal crisis
世界市場混乱　日米欧は危機の収束を急げ（8月12日付・読売社説）

Unrest in global financial markets is continuing, as there is no end in sight to fiscal crises in the United States and some European countries, with credit uncertainty spreading.
　世界的な市場の混乱がおさまらない。米国と欧州の財政危機の収束が見通せず、信用不安が拡大しているためだ。

International coordination must be enhanced to stabilize the markets, while Japan, the United States, European countries and emerging economies must also deal appropriately with their respective problems.
　市場の安定には国際協調を強化し、日米欧や新興国がそれぞれ自国の抱える課題に適切に対処することが欠かせない。

Finance ministers and central bank governors from the Group of Seven leading economies announced Monday they would jointly take every possible step to stabilize the markets.
　先進７か国財務相・中央銀行総裁会議（Ｇ７）は８日、「あらゆる手段を講じる」とする緊急声明を発表した。

The U.S. Federal Reserve Board pledged in a statement issued Tuesday to keep interest rates near zero until mid-2013.
米連邦準備制度理事会（ＦＲＢ）も９日に、ゼロ金利政策を２０１３年半ばまで続けるとの声明を出した。

A barrage of countermeasures temporarily stopped a chain-reaction global decline in stock values, but stock markets in the United States and European countries crashed again on Wednesday.
　矢継ぎ早の対応で、世界的な株安の連鎖にいったんは歯止めがかかったが、１０日の欧米市場は再び総崩れとなった。

The stock average also fell below 9,000 again on the Tokyo Stock Exchange on Thursday.
１１日の東京株式市場も、平均株価が再び９０００円を割り込んだ。

However, it is not easy to deal with the latest market unrest because it has been caused by a complex web of factors.
　今回の混乱は要因が複雑に絡み合っており、対応が難しい。

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U.S., Europe blamed for unrest

Since the U.S. government failed to take drastic countermeasures against its fiscal deterioration, U.S. Treasury bonds were downgraded by Standard & Poor's.
　米国は、財政悪化に大胆なメスを入れられず、米国債は格下げされた。

Under the circumstances, increased public spending to boost the economy can hardly be expected.
財政出動による景気浮揚も期待しにくい。

In Europe, fiscal crises in Greece and other countries have spread to Italy and Spain, and credit uncertainty has even spilled over to France, which is one of the countries helping them.
　欧州では、ギリシャなどの財政危機がイタリアやスペインに飛び火し、さらに支援する側のフランスにも信用不安が拡大した。

Financial institutions around the world possess a huge number of government bonds issued by the United States and European countries.
　米国や欧州各国の国債は世界の金融機関が大量に保有している。

If the value of those bonds plummets, financial instability will grow.
急落すれば金融不安が高まる。

The United States and European countries must proceed steadily with fiscal reconstruction and try to resolve the turmoil as soon as possible.
米欧各国は財政再建を着実に進め、混乱収拾を急がねばならない。

Meanwhile, economic overheating and inflation are concerns in emerging economies.
　新興国は、景気過熱やインフレが心配だ。

According to some observers, surplus funds put out by developed countries' monetary easing measures have flowed into emerging economies to inflate economic bubbles.
先進国の金融緩和による余剰資金が流れ込み、バブルを発生させたとの見方もある。

Countries around the world must work together and steer their respective economic policies cautiously to prevent bubbles in emerging economies from collapsing and to make soft landings possible.
バブル崩壊を防ぎ、新興国の経済を軟着陸させるには、国際協調による慎重なかじ取りが求められる。

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Economic stimulus needed

Although the Japanese government and the Bank of Japan conducted an independent yen-selling intervention, the yen's value still remains high and is likely at any time to again reach a postwar record value above the 76 yen-to-the-dollar level.
　日本では、政府・日銀による単独為替介入の後も、円相場は１ドル＝７６円台の最高値をうかがう水準にある。

The government and the central bank must conduct a concerted intervention with the United States and European countries to demonstrate their determination not to allow the yen's further appreciation.
欧米各国との協調介入を実現し、円高進行を断固阻止する姿勢を示す必要があろう。

The government has upgraded the nation's economic outlook to "picking up" because it considers the economic downturn caused by the Great East Japan Earthquake and subsequent tsunami to be almost over.
　震災による景気悪化が一段落したとして、政府は景気判断を「持ち直し」に上方修正した。

It also assumes a scenario in which Japan's economic growth will shift into high gear with overseas demand as a driving force, but we think this prospect is too rosy because the future of economies abroad does not allow much room for optimism.
さらに海外需要をテコに成長が本格化するとのシナリオを描いているが、海外経済の先行きは楽観できない。見通しが甘すぎる。

The government must prioritize economic stimulus measures in its policy management.
　景気優先の政策運営が欠かせない。

Projects to restore damage caused by the disaster will lead to expansion of domestic demand.
震災復興事業は内需拡大につながる。

It should daringly proceed with such projects after securing stable financial resources.
安定財源を確保し、大胆に事業を推進していくべきだ。

Confusion over the nation's energy policy under Prime Minister Naoto Kan's administration, especially on such issues as denuclearization, has raised the specter of severe electricity shortages and caused public concern over the future of the nation's economic growth.
　「脱原発依存」をはじめ、迷走する菅政権のエネルギー政策が電力不足を招き、成長の先行き不安も引き起こしている。

The nation's growth strategy and energy policy must be put back into shape as Kan's Cabinet finally is coming to its end.
「ポスト菅」に向けて、成長戦略やエネルギー政策を、しっかりと立て直さなければならない。

(From The Yomiuri Shimbun, Aug. 12, 2011)
（2011年8月12日01時08分 読売新聞）