追加金融緩和 政府と日銀は脱デフレを急げ

The Yomiuri Shimbun (May. 1, 2012)
Govt, BOJ must expedite efforts to arrest deflation
追加金融緩和　政府と日銀は脱デフレを急げ（4月30日付・読売社説）

If the Bank of Japan simply continues taking monetary-easing measures in dribs and drabs, the country will remain without a clear prospect for defeating deflation.
　日銀が小出しの金融緩和を繰り返しているだけでは、デフレ脱却への展望は開けまい。

The government and the central bank must step up their collaboration and work hard to restore the growth of the domestic economy.
　政府と日銀は連携を強め、日本経済の成長回復に全力を挙げるべきだ。

The central bank decided to take additional monetary-easing policies, under which the total amount of its asset-purchase funds, used to purchase government bonds and other financial assets, will be raised to 70 trillion yen. This is a 5 trillion yen increase.
　日銀が、国債などを買い入れる基金を５兆円増やし、７０兆円とする追加金融緩和策を決めた。

The measure is aimed at increasing the amount of funds circulating in the market to boost the country's economic recovery.
　市場に出回る資金を増やし、景気回復を後押しする狙いだ。

This is the first time since Feb. 14 that the central bank has taken additional monetary-easing measures. On the previous occasion, the bank introduced as a guideline for price stabilization a 1 percent year-on-year rise in consumer prices, making it clear it was determined to continue following easy-money policies.
　日銀の追加緩和策は２月１４日以来となる。前回は「物価安定の目途(めど)」を導入し、消費者物価の「１％上昇」を目指して金融緩和を続ける方針を打ち出した。

The market responded favorably to the move: The average stock price of the Tokyo Stock Exchange recovered to above 10,000 for some time. The bank's decision also helped halt the yen's further appreciation against the dollar.
　これが好感され、東京市場の平均株価は１万円台を一時回復し、円高にも歯止めがかかった。

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Bank was right to act

However, given that the measure's effects are gradually weakening, it was appropriate for the central bank to "shoot a second arrow."
しかし、効果は薄れており、「二の矢」を放ったのは適切だ。

This time, the Bank of Japan presented projections for the rate of year-on-year increase in consumer prices: 0.3 percent for fiscal 2012 and 0.7 percent for fiscal 2013.
　日銀は今回、今後の消費者物価上昇率の見通しを示し、２０１２年度がプラス０・３％、１３年度はプラス０・７％とした。

Although these figures were above its projections in January, they were still below 1 percent, which the central bank has set as a gauge to arrest deflation. The central bank thus acknowledged it would be difficult to defeat deflation anytime soon--a fact that is highly significant.
　今年１月時点の見通しを上回ったとはいえ、日銀がデフレ脱却の目安とする１％に届かなかった。早期のデフレ脱却は難しいと、日銀が自ら認めた意味は重い。

If things stand as they are now, people's expectations for the country's economic recovery may fade away, shrinking the country's economic activities.
　このままでは景気回復への期待がしぼんでしまい、経済活動は萎縮しかねない。

The Bank of Japan also projected that the rise in consumer prices is highly likely to reach 1 percent in the not-too-distant future, as early as in fiscal 2014. The central bank should take a step forward and express its strong determination to defeat deflation.
　日銀は１４年度以降「１％に遠からず達する可能性が高い」との見通しも示した。さらに踏み込み、デフレ克服を実現する強い決意を明らかにするべきだ。

Of course, the government bears a heavy responsibility in this respect. Past administrations failed to take effective measures to address various key issues, including the declining population and fiscal deficits, which resulted in declines in the country's growth power. It can be said that this is the major cause for the country's prolonged deflation.
　もちろん政府にも、重い責任がある。歴代政権は人口減少や財政赤字などの課題に有効な手を打たず、成長力低下を招いた。デフレ長期化の主因と言える。

The Cabinet of Prime Minister Yoshihiko Noda set up a panel of Cabinet ministers to arrest deflation and started considering concrete measures for structural reforms of the country's economy. The move is highly commendable.
　野田内閣が脱デフレに向けた関係閣僚会議を設け、経済構造改革について具体策の検討を開始したことは評価できる。

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Discussions must be broad

Bank of Japan Gov. Masaaki Shirakawa also is taking part in the panel as an observer. Panel members should discuss not only monetary policies but also fiscal policies and growth strategies.
　日銀の白川方明総裁もオブザーバーで参加している。金融政策だけでなく、財政政策と成長戦略をあわせて議論する必要がある。

Calls have been growing for the Bank of Japan to adopt bold monetary-easing policies, mainly among Diet members with reservations about the consumption tax hike. These lawmakers argue that deflation must be stopped before the consumption tax is raised. But using such an argument as an expedient to avoid raising the consumption tax would be, we regret to say, a dereliction of their duty as politicians.
　最近、消費税増税に慎重な議員を中心に、日銀に大胆な金融緩和を求める声が強まってきた。「増税よりデフレ退治が先」という主張も、消費税から逃げる方便だとすれば政治の責任放棄だ。

Some members of the Democratic Party of Japan and the Liberal Democratic Party are calling for revising the Bank of Japan Law. They argue the government should have the power to dismiss the central bank governor in order to pressure the bank to take anti-deflationary or other measures.
　民主党や自民党の一部には、日銀法改正を求める意見もある。政府が総裁解任権を持ち、デフレ対策を迫るなどの内容だ。

There have not yet been any substantial moves toward revising the central bank law. But excessive political interference in the operations of the central bank would bring its independence into question, reducing confidence in the bank.
　法改正の動きが具体化しつつあるわけではないが、政治が過剰介入すれば、中央銀行の独立性は揺らぎ、信認低下を招く恐れがある。

Any moves that would throw the country's market and economy into confusion must be avoided.
市場や経済を混乱させる事態は避けなければならない。

(From The Yomiuri Shimbun, April 30, 2012)
（2012年4月30日01時18分 読売新聞）