ＧＤＰ減速 景気優先の政策対応を急げ

The Yomiuri Shimbun (Aug. 15, 2012)
Govt, BOJ must act quickly to shore up economy
ＧＤＰ減速　景気優先の政策対応を急げ（8月14日付・読売社説）

The nation's economic growth, which had been buoyed by demand for reconstruction from last year's earthquake and tsunami disasters, has slowed down.
　東日本大震災の復興需要などに下支えされた経済成長が、減速した。

Concerning the economic outlook, the government said, "Mild growth is expected to continue." But no optimism is warranted.
　今後の景気について政府は「緩やかな成長が続く」としているが、油断は禁物だろう。

The government and the Bank of Japan should strengthen economy-boosting policies and realize stable growth led by private demand.
　政府・日銀は、景気優先の政策運営を強化し、民需が主導する安定成長の実現を図るべきだ。

The real gross domestic product for the April-June period increased 0.3 percent over the previous quarter, marking the fourth straight quarter of growth. But the pace slackened from the 1.3 percent growth recorded in the previous quarter. The nominal growth rate, which reflects economic conditions more vividly than the real economic growth rate, dropped into negative territory for the first time in two quarters.
　今年４～６月期の実質国内総生産（ＧＤＰ）は前期比０・３％増と、４四半期連続でプラス成長を維持したものの、成長率は前期の１・３％から鈍化した。景気の実感に近い名目成長率は２期ぶりにマイナスに落ち込んだ。

The standstill in growth is attributed to the stagnation of consumer spending, which accounts for a major portion of domestic demand. New car sales were brisk thanks to government subsidies for purchases of fuel-efficient eco-friendly vehicles. But overall consumer spending did not fare well due to the bad weather and the drop in workers' income, among other factors.
　成長が足踏みした要因は、内需の柱である消費の低迷にある。低燃費車の購入を支援するエコカー補助金の効果で新車の販売は好調だったが、天候不順や労働者の所得減少などが響いて、消費全体は振るわなかった。

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Grim outlook ahead

The eco-car subsidies, which have been a lifeline for domestic consumption, are likely to be cut off in September as the budget set aside for that purpose runs out. This makes it impossible to dispel concern that the economy will slow down further in autumn.
　頼みのエコカー補助金も、９月には予算が底をつき、打ち切られる見通しという。秋から消費がさらに冷え込む懸念は拭えない。

The growth rate for public investment, which had been robust in disaster-stricken areas, shrank. The signs of decline emerging in domestic demand, which is said to be sustained by government spending for purposes such as reconstruction, are a cause for concern.
　被災地などを中心に堅調だった公共投資も伸び率が縮小した。復興予算など財政に支えられているはずの内需に、陰りが出てきたのは気がかりだ。

Prospects are also growing uncertain over foreign demand. Japan's exports slackened due to the slowdown of the world economy, particularly that of Europe, and domestic industrial production declined for the third straight month in June.
　一方の外需も不透明感が増してきた。欧州をはじめ世界経済の減速の影響で輸出が低迷し、国内の工業生産は、６月まで３か月連続で減少した。

To prevent the economy from losing steam, the government should adopt policies that back up private-sector economic activity.
　景気を失速させないようにするには、民間の経済活動を後押しする政策対応が求められる。

It will also be necessary to rectify the strength of the yen, which has risen to historic highs, to save the export industry from the predicament it now faces. We hope the government and the central bank will look into the possibility of market intervention and further easing of monetary policy. We suggest that they positively study measures, such as the central bank's purchase of foreign government bonds, that will lead to selling of the yen and buying of the U.S. dollar.
　歴史的な円高を是正し、輸出産業を窮地から救う必要がある。政府・日銀は市場介入や追加的な金融緩和策を検討してもらいたい。円売り・ドル買いにつながる日銀の外債購入など、新たな方策について前向きに考えてはどうか。

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Aggressive policies vital

It will be essential to strengthen aggressive policies such as promoting overseas investment by taking advantage of the yen's strength.
　円高のメリットを生かした海外投資の促進など、攻めの政策も一段と強化したい。

Nearly all of the nation's nuclear reactors currently stand idle, leaving the power supply still in limbo. It is feared that the possibility of power shortages will restrain domestic production and investment, further accelerating the hollowing out of industry. Reactors must be put back into operation in rapid succession as soon as their safety is confirmed.
　ほとんどの原子力発電所が運転を再開できず、電力不足は依然として深刻だ。国内の生産や投資が抑制され、産業空洞化が一層加速しよう。安全を確認できた原発を順次、再稼働すべきである。

It will also be important to push ahead with a growth strategy by working to expand free trade through participation in the Trans-Pacific Partnership trade framework talks, lowering the corporate tax rate and promoting deregulation for fostering of new industries.
　環太平洋経済連携協定（ＴＰＰ）の交渉参加による自由貿易の拡大や法人税率の引き下げ、新産業の育成に向けた規制緩和など、成長戦略の推進も重要となる。

The delay in implementing policies due to the confrontation between ruling and opposition parties over a dissolution of the House of Representatives for a snap election is another factor in the uncertain economic outlook.
　衆院解散をにらんで与野党が対立し、政策実現が遅れることも、景気の不安材料だ。

The government and ruling parties must work hard to achieve early legislation of important bills, including a special bill for issuance of deficit-covering bonds that is indispensable to the implementation of the budget for the current fiscal year.
政府・与党は今年度予算の執行に欠かせない特例公債法案など、重要法案の成立を急がねばならない。

(From The Yomiuri Shimbun, Aug. 14, 2012)
（2012年8月14日01時32分 読売新聞）