株価急落 相場の変動に振り回されるな

The Yomiuri Shimbun June 15, 2013
Govt, BOJ must stay calm in face of fast-changing market trends
株価急落　相場の変動に振り回されるな（6月14日付・読売社説）

Reflecting the turbulent moves of speculative money on world markets, erratic fluctuations in this country of both stock prices and exchange rates have continued.
　世界的な投資マネーの激しい動きを受け、株価と円相場の乱高下が止まらない。

Confronted with this situation, the government and the Bank of Japan must remain calm and steadily push ahead with down-to-earth economic policies.
　政府と日銀は浮足立たず、地に足の着いた経済政策を推進すべきである。

The 225-issue Nikkei index on the Tokyo Stock Exchange fell sharply Thursday, ending the day at 12,445, down 843 points from Wednesday’s close. The yen’s appreciation, on the other hand, advanced, briefly hitting the 93 yen level against the dollar.
　東京市場は１３日、平均株価が前日比８４３円安の１万２４４５円に急落した。円相場も一時、１ドル＝９３円台まで円高が進んだ。

The Nikkei average, however, is still more than 2,000 points higher than it was when Prime Minister Shinzo Abe launched his second administration in late December.
　とはいえ、平均株価は第２次安倍内閣が発足した昨年１２月下旬より２０００円以上も高い。

3rd arrow fired

The recent strengthening of the yen is not so painful as to deal a heavy blow to export-oriented industries. It should be noted that a stronger yen has the favorable effect of stemming rises in import prices.
　円高は輸出企業に打撃を与える水準ではなく、輸入物価の高騰を抑えるプラス面もある。

The government has mapped out the nation’s growth strategy, meaning that all three arrows of the Abe Cabinet’s Abenomics business stimulus package have been fired.
　政府が成長戦略を策定し、安倍政権の経済政策「アベノミクス」は３本の矢がそろったばかりだ。

Overreacting to market trends could cause declines in confidence in the government and the central bank, and threaten market turmoil.
ここで市場の動きに過剰反応すれば、政府と日銀の政策に対する信認が揺らぎ、かえって混乱に拍車をかけかねない。

Abe and Bank of Japan Gov. Haruhiko Kuroda met Thursday to discuss the economic situation prior to the Group of Eight summit scheduled to open in Britain on Monday.
　この日は、安倍首相と黒田東彦日銀総裁が会談し、１７日から英国で開かれる主要８か国首脳会議（Ｇ８サミット）を前に、経済情勢について意見交換した。

Kuroda was quoted as explaining to the prime minister that the current pace of Japan’s economic recovery “has gradually becoming more buoyant than before.” In response, Abe was quoted as saying the government would take its “share of responsibility by steadfastly implementing growth strategies and relevant policy measures.”
　黒田総裁が「日本経済は、回復の足取りが次第に力強くなっている」と説明したのに対し、首相は「成長戦略など政府の役割をしっかり果たす」と決意を示した。

Their views can be said to represent a correct assessment of the current state of the economy.
妥当な現状認識と言える。

The stock market plunge was attributed to the perception by the market that U.S. Federal Reserve Board Chairman Ben Bernanke may have hinted the Fed would wind down its ultra-easy monetary policy sooner than expected.
　そもそも最近の株安は、米連邦準備制度理事会（ＦＲＢ）のバーナンキ議長の発言が、超金融緩和策の縮小を示唆したと受け止められたことがきっかけだ。

This led market players to move funds away from risky assets such as stocks.
　世界の投資資金が株式などのリスク資産から流出し始めた。

Foreign investors who purchased Japanese stocks in large quantities have started to sell their shareholdings. In addition, speculative moves intended to drive down stock prices and high-speed, automated transactions are two other factors considered responsible for the market plunge.
日本株を大量に買った海外投資家が売りに転じ、売り崩しを狙う投機筋の動きや、コンピューターで瞬時に売買が成立する高速取引の普及などの要因も重なった。

Trying to control the global flow of money simply through Japan’s domestic policy measures is extremely difficult.
　世界的な資金の流れを、日本国内の政策でコントロールしようとしても難しい。

It is incorrect to call the decline in stock prices the result of “insufficiencies in growth strategies” needed to revitalize the economy.
　株安の原因を「成長戦略が踏み込み不足だから」などと決めつけるのは的外れだろう。

However, the government should be partly blamed for misleading the public. When stock prices were on the rise until late May, the prime minister and ministers in charge of economic affairs repeatedly stressed that this was due to the “fruit of Abenomics.” They must engage in serious soul-searching over the new development, as the declines in stock prices could be deemed as representing a failure of the government’s economic policies.
　ただ、誤解を生んだ責任は政権側にもある。５月までの株高を、首相や経済閣僚が「アベノミクスの成果」と強調する場面が目立った。その裏返しに、株安の原因が政策の失敗と見なされやすくなることを、肝に銘じるべきだ。

Vigilance rather than action

Earlier this week, rumors spread that the Bank of Japan might hammer out measures to stabilize long-term interest rates. As soon as it was learned that the central bank has no such intention, the yen began to appreciate and stock prices dived.
　今週は日銀が長期金利の安定化策を打ち出すとの観測が強まり、その実施が見送られるや、円高・株安に振れた。

The stock and financial markets appear to be “wooing” the central bank to come up with additional financial measures to stabilize the markets.
追加策を“催促”するような相場展開である。

It is inadvisable for the bank to adopt any measures that kowtow to market pressures.
　催促されるまま追加策を講じるのは得策ではない。

However, vigilance over market trends must be the order of the day.
今は市場動向を油断なく注視すべき局面だ。

(From The Yomiuri Shimbun, June 14, 2013)
（2013年6月14日01時35分  読売新聞）