物価目標検討 政府・日銀はデフレ脱却急げ

The Yomiuri Shimbun (Dec. 22, 2012)
Govt, BOJ must move quickly to defeat deflation
物価目標検討　政府・日銀はデフレ脱却急げ（12月21日付・読売社説）

The inauguration of a Liberal Democratic Party-led government next week will mark the first step for the government and the Bank of Japan to close ranks and work toward leading Japan out of deflation.
　政権交代を機に、政府と日銀がデフレからの脱却に向けて連携を強める第一歩である。

The central bank decided Thursday to look into the possibility of introducing an inflation target.
　日銀が２０日、「物価目標」の導入を検討する方針を打ち出した。

At a news conference the same day, Gov. Masaaki Shirakawa said he would make a final decision on the matter in January. He said the central bank had decided to study the matter in response to a request from LDP President Shinzo Abe.
　日銀の白川方明総裁は記者会見で、「自民党の安倍総裁から物価目標について要請された。これを踏まえて検討することにした」と述べ、１月に結論を出す考えを明らかにした。

Currently, the central bank is aiming for a 1 percent inflation target but this goal is not set in stone.
　日銀は当面１％の消費者物価上昇率を目指しているが、「目途(めど)」というあいまいな位置づけだ。

Abe had called for the government and the central bank to reach an accord on a 2 percent inflation target and implement drastic monetary easing policies.
　安倍総裁は日銀に２％の物価目標の設定や大胆な金融緩和、政府と日銀の政策協定を求めていた。

The central bank should be praised for responding promptly and deciding to study setting an inflation target.
日銀が迅速に対応し、目標設定に踏み出すことは評価できる。

The bank has also decided on an additional monetary easing package worth 10 trillion yen. As a result, the bank's fund to purchase government bonds and other assets will exceed 100 trillion yen.
　日銀は今回、１０兆円の追加金融緩和策も決めた。日銀が国債などを買い入れる「基金」の規模は１００兆円を超える。

The slowdown of foreign economies and worsening of relations with China have reduced exports and production, making domestic business more sluggish.
　海外経済の減速と、日中関係の悪化で輸出や生産が低迷し、景気は後退色を強めている。

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Prompt decision praiseworthy

The Bank of Japan was correct in promptly deciding on additional monetary easing measures to follow up those decided in September and October.
　日銀が、９月と１０月の金融緩和から間を置かず追加策を講じたのは妥当な判断と言えよう。

The 225-issue Nikkei Stock Average has surged back to the 10,000 yen level due to high expectations for the incoming administration led by Abe, who is aggressive about pump-priming measures.
　景気対策に前向きな安倍新政権への期待から、東京市場の平均株価が１万円を回復している。

Of course, monetary policy alone is not enough to defeat deflation and achieve an economic recovery. The key is for the government and the central bank to conclude pragmatic policy accords.
　もちろん、金融政策だけではデフレ脱却や景気回復は望めない。肝心なのは、政府と日銀が実効性のある政策協定を結ぶことだ。

We hope they will coordinate their efforts expeditiously after the launch of the new government.
　新政権の発足後、調整を急いでもらいたい。

It will be necessary to restore a process that allows funds made available as a result of monetary easing to be used as loans for plant and equipment investments to expand both corporate profits and jobs.
　金融緩和で供給された資金が貸し出しを通じて設備投資に使われ、利益と雇用の拡大をもたらす流れを回復する必要がある。

The government is primarily responsible for undertaking this task. First and foremost, it will be essential to resolve as soon as possible the shortage in demand, which is one cause of deflation.
　これは主に政府の役割だろう。まずはデフレの原因である「需要不足」の解消が急がれる。

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Big stimulus package vital

Immediate results can be expected from the implementation of such urgent public works projects as repairs to aging infrastructure and improvement of antidisaster capabilities. It is indispensable to carry out a large-scale economic stimulus package after compiling a supplementary budget.
　老朽化した社会インフラの改修や防災など、緊急性の高い公共事業は即効性がある。補正予算による大型経済対策が不可欠だ。

Issuing a certain amount of additional government bonds will be unavoidable to secure fiscal resources but this should be done without causing the fiscal balance to deteriorate further.
　財源確保のため一定の国債増発はやむを得ないが、財政悪化に拍車をかけてはならない。

In formulating the budget for fiscal 2013 starting in April, it will be imperative to significantly cut back on spending programs initiated under the handout policies of the Democratic Party of Japan-led administration.
　来年度予算の編成では、民主党のバラマキ政策の予算を、大胆に削ることが重要となる。

It also will be essential to expand measures to assist corporate activities, including tax breaks for investment in growth fields, lowering the corporate tax and reviewing regulations detrimental to start-up businesses.
　成長分野の投資減税や法人税率引き下げ、新規事業を阻害する規制の見直しなど、企業活動を支援する政策の充実が求められる。

To keep the Bank of Japan on the defensive, the LDP and others have threatened to revise the Bank of Japan Law and hints have been dropped in connection with the bank's next governor.
　自民党などには、日銀法改正や次期日銀総裁人事をちらつかせ、日銀を牽制(けんせい)する向きもある。

However, if the bank's independence is undermined, it may lower confidence in Japan's monetary system and government bonds and spread disarray throughout the financial markets. Excessive political pressure must be avoided.
　中央銀行の独立性が揺らげば、日本の通貨制度や国債の信認が低下し、市場が混乱しかねない。過剰な政治圧力は避けるべきだ。

(From The Yomiuri Shimbun, Dec. 21, 2012)
（2012年12月21日01時29分  読売新聞）