緊急経済対策 「強い日本」取り戻す第一歩に

The Yomiuri Shimbun (Jan. 13, 2013)
Stimulus package expected to be 1st step in restoring Japan
緊急経済対策　「強い日本」取り戻す第一歩に（1月12日付・読売社説）

The emergency stimulus package approved by the Cabinet of Prime Minister Shinzo Abe on Friday is the first step in "Abenomics," which aims to spur growth and pull the nation's economy out of its period of prolonged deflation. The government must boost recovery efforts by implementing the planned measures swiftly.
　成長を重視してデフレ脱却を目指す「アベノミクス」の第１弾である。迅速に実行し、日本経済の再生に弾みを付けなければならない。

The Abe administration has endorsed the urgent economic package of projects worth more than 20 trillion yen, which will be undertaken by central and local governments.
　安倍政権が、国・地方合わせた事業規模が２０兆円超にのぼる緊急経済対策を決定した。

The administration will draw about 10 trillion yen from state coffers for the stimulus, which takes a three-pronged approach consisting of reconstruction and disaster management, creation of wealth through economic growth, and ensuring the happy livelihood of the public and the revitalization of regional areas. The package is intended to boost the nation's gross domestic product by 2 percent in real terms and create 600,000 jobs.
　復興・防災対策、成長による富の創出、暮らしの安心・地域活性化の３本柱に約１０兆円の国費を投入する。対策は、実質国内総生産（ＧＤＰ）を２％押し上げ、６０万人の雇用を創出するという。

A draft supplementary budget for fiscal 2012, which will finance the economic measures, totals about 13 trillion yen, coming close to the size of the first extra budget for fiscal 2009 formulated by the Cabinet of then Prime Minister Taro Aso to counter a recession following the "Lehman shock."
　対策の裏付けとなる２０１２年度補正予算案の総額は約１３兆円に達し、リーマン・ショック後の不況対策で麻生政権が策定した０９年度第１次補正予算に迫る。

At a press conference Friday, Abe said the government would shift from a policy of redistributing wealth amid economic contraction to a favorable cycle of growth and wealth.
　首相は記者会見で「縮小均衡の再配分から、成長による富の創出へ転換を図る」と語った。

We urge the government to take quick action to pass the extra budget early and bring about a robust economy.
政府は補正予算案を早期に成立させ、「強い経済」の実現を目指すスピードが問われよう。

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Excessive focus on public works

We highly regard the Abe administration's stance, shown in the stimulus package, to push for companies' growth through such measures as promoting investment in the private sector.
　対策が、民間投資の活性化など企業の成長力を強化する姿勢を打ち出したのは評価できる。

However, the package as a whole appears to rely on public works projects seeking to immediately buoy the economy. The state spending on public works projects that the government plans to include in the fiscal 2012 supplementary budget amounts to about 5 trillion yen, exceeding that for the year's initial budget.
　ただ、総じて、景気浮揚への即効性を重視するあまり、公共事業頼みとなった感は否めない。補正予算案に盛り込む５兆円強の公共事業費は、１２年度当初予算の公共事業費を上回る規模だ。

Only a one-time effect can be expected from a stimulus package centering on public works projects. In light of this, concerns linger over the extent to which Abe's stimulus will shore up the economy and boost employment.
　公共事業主体の景気刺激策は一過性の効果しか期待できない。成長の底上げや雇用拡大にどこまで結びつくか、懸念される。

The government also needs to speed up working out a comprehensive strategy to achieve sustainable growth. It is also essential for the government and the Bank of Japan to join hands to carry out bold monetary easing.
　持続的成長につなげる総合的な戦略の策定を急ぐ必要がある。政府と日本銀行の連携による大胆な金融緩和の実現も欠かせない。

Striking a balance between driving growth and rehabilitating public finances must be a key aspect of such efforts.
　忘れてならないのは、成長と財政再建をどう両立させるかだ。

As a result of high government spending, the issuance of government bonds for fiscal 2012, including both the initial and extra budgets, is expected to be about 50 trillion yen. This figure is significantly higher than the annual cap of 44 trillion yen set under the Democratic Party of Japan-led government to maintain fiscal discipline.
　大規模な財政出動に踏み切る結果、１２年度の新規国債発行額は当初予算と補正予算を合わせて約５０兆円に膨らむ。民主党政権下で財政規律維持の目安としてきた年４４兆円を大きく上回る。

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Fiscal health must be improved

To raise the consumption tax rate in April 2014 as scheduled, steady economic recovery is needed. It is thus inevitable for the government to focus on stimulus efforts with aggressive spending for the time being.
　１４年４月に消費税率引き上げを予定通り実施するには、着実な景気回復が必要になる。当面は積極財政で景気のテコ入れを重視するとの判断はやむを得まい。

Nevertheless, it is important to prevent lavish spending and reduce expenditures, given that the nation' fiscal health is the worst among major industrial countries. Questions have also been raised over the Abe administration's apparent move to revive public works projects that were cut drastically by the DPJ-led government.
　そうであっても、先進国で最悪の財政事情を考えれば、ばらまき型予算を排除し、歳出を絞り込むことが重要だ。民主党政権で大幅カットされた公共事業の復活を目指す動きも問題である。

The Abe administration must not allow a fiscal 2013 budget to finance public works projects with low investment efficiency in the name of disaster-management measures.
　１３年度予算編成では、投資効率の低い公共事業を防災名目で潜り込ませてはならない。

The government should set specific goals to improve its fiscal health and quickly work on medium- and long-term measures to achieve sound public finances.
　政府は、具体的な財政再建目標を設定し、中長期的な財政健全化への取り組みを急ぐべきだ。

(From The Yomiuri Shimbun, Jan. 12, 2013)
（2013年1月12日01時32分  読売新聞）