世界同時株安 市場不安の沈静化を急ぎたい

The Yomiuri Shimbun
Prompt efforts should be made to soothe concerns of markets
世界同時株安　市場不安の沈静化を急ぎたい

With China’s economy the focus of concern, turmoil continues to roil global markets.
　中国経済への懸念を震源に、世界的な市場の動揺が続いている。

The Nikkei Stock Average plunged 733 points from Monday’s close to end at 17,806 on the Tokyo Stock Exchange on Tuesday. This was the sixth straight trading day the market has declined, with the plunge totaling more than 2,800 points.
　東京市場の平均株価は２５日、７３３円安の１万７８０６円と大幅に下落した。これで６日続落となり、下げ幅は計２８００円を超えた。

The accelerated appreciation of the yen on the foreign currency market also helped send stocks plummeting.
外国為替市場で円高が加速したことも、株安に拍車をかけた。

The plunge in stock prices, which started on the Chinese market, has had a knock-on effect on other major markets — the United States, European and Asian countries — taking on an aspect of stock prices simultaneously falling the world over.
　中国市場に端を発した株価急落は、欧米やアジアの主要市場へと連鎖し、「世界同時株安」の様相を呈している。

We should not let our guard down, but a feature of the wild fluctuations of stock prices seems to be due to speculative moves.
　警戒は怠れないが、投機的な思惑で乱高下している面もある。

Economic revitalization minister Akira Amari said it is necessary to deal with the issue calmly. In fact, the economies of Japan, the United States and European countries are still on a firm footing. We should not become too pessimistic about the current situation.
甘利経済再生相は「冷静な対処が必要だ」と述べた。確かに、日本や欧米の経済は概おおむね堅調だ。過度な悲観は不要だろう。

It is vital to assuage the uneasiness in the market and prevent it from adversely affecting the real economy.
　肝心なのは、市場の不安を沈静化し、実体経済への波及を防ぐことである。

Japan, the United States, European countries and China have to strengthen policy coordination to calm the market.
日米欧と中国は混乱収拾へ政策協調を強めるべきだ。

The stock plunge was triggered by China’s devaluation of its currency, the yuan, on Aug. 11. This led to the view that China’s economy had deteriorated to such a degree that measures were needed to prop up its exports, leading to prices on the Shanghai Stock Exchange to nosedive.
　株安の引き金は、中国が１１日に打ち出した人民元の切り下げだった。輸出テコ入れを要するほど中国景気が悪化しているとの見方から、上海市場の株価が崩れた。

China is maintaining its economic growth at 7 percent. But many of the country’s key economic indicators, such as consumption and exports, have shown signs of an economic slowdown. There is a deep-seated belief that the real state of the economy is even more serious.
　中国の経済成長率は７％を維持しているが、消費や輸出など経済指標の多くが景気減速を示している。実態はもっと深刻だとする観測は根強い。

China slowdown worse?

By pursuing a “new normal” policy, which allows the country’s economic growth to slow down, can the Chinese government lead its economy to a soft landing through structural reforms? A sense of distrust in the Chinese government’s economic management has exacerbated market uneasiness.
　経済成長の鈍化を容認する「新常態」政策の下、構造改革を進めて中国経済を軟着陸させられるのか。中国政府の経済運営への不信感が、不安を増幅している。

The administration under Chinese President Xi Jinping needs to face up squarely to the reality that China has become the cause of the global market turmoil.
　習近平政権は、中国が世界市場混乱の火種となっている現実を直視する必要がある。

Although China decided to further ease monetary policy on Tuesday, it needs to do much more to stabilize its economy.
２５日に追加金融緩和を決めたが、さらに景気安定に万全を期さねばならない。

Another major point of issue is whether the United States will raise interest rates in the near future. It has been pointed out that if the United States forcibly raises interest rates while markets are still in tumult, funds would immediately flow out of emerging markets, possibly resulting in currency and financial crises.
　米国が近く利上げに踏み切るかどうかも、大きな焦点である。市場の混乱が収まらないうちに利上げを強行すれば、新興国から一気に資金が流出し、通貨・金融危機を招く恐れが指摘されている。

The United States has to end its monetary relaxation policy eventually, but it should not send the world economy into disorder by hastily exiting from that policy. The Federal Reserve Board should keep a close eye on market trends and look for the proper time to increase rates.
　いずれ米金融緩和の幕は引かねばならないが、出口を急いで世界経済を混乱させてはなるまい。米連邦準備制度理事会（ＦＲＢ）は市場動向を注視し、慎重に利上げの時期を探ってほしい。

Following the stock price decline, there are calls, including those within the Liberal Democratic Party, for a supplementary budget to initiate economic stimulus measures.
　日本では株安を受けて、自民党などから補正予算による景気対策を求める声が出ている。

But as the performance of Japanese companies is at a record high level, the government should refrain from taking fiscal action too quickly.
だが、企業業績は過去最高の水準である。安易な財政出動は慎むべきだ。

It is most important to steadily implement Abenomics, the economic policy pursued by the administration under Prime Minister Shinzo Abe, and realize a full-fledged economic growth led by private-sector demand. The government should promote a comprehensive growth strategy to induce vitality into the private sector by easing regulations to encourage the fostering of new businesses.
　何より大切なのは、安倍政権の経済政策「アベノミクス」を着実に実行し、民需主導の本格成長を達成することだ。新ビジネスの育成を促す規制緩和など、民間活力を引き出す成長戦略をしっかり推進したい。

(From The Yomiuri Shimbun, Aug. 26, 2015)