これ一発でトヨタとホンダだけで数千億円の利益を計上できるはずだ。
非居住者で年金をたよりにつつましやかに生活している世界中の人々は一瞬にして受給額が数パーセントの減額となる厳しい現実。
なにより欧米への外交的配慮を全く欠いた今回の奇襲攻撃、やがて手痛いしっぺ返しをうけるのは明白だ。
そもそも政府は常々急激な為替変動は健全な経済発展に重大な悪影響を及ぼすと述べていた。これが急激な為替変動でなくてなんであろうか。ひどい話だ。
photo by srachai from OCNフォトフレンド
2010/09/16
unwelcoming fx intervention
こんな無法が許されてよいものだろうか。
これ一発でトヨタとホンダだけで数千億円の利益を計上できるはずだ。
非居住者で年金をたよりにつつましやかに生活している世界中の人々は一瞬にして受給額が数パーセントの減額となる厳しい現実。
なにより欧米への外交的配慮を全く欠いた今回の奇襲攻撃、やがて手痛いしっぺ返しをうけるのは明白だ。
そもそも政府は常々急激な為替変動は健全な経済発展に重大な悪影響を及ぼすと述べていた。これが急激な為替変動でなくてなんであろうか。ひどい話だ。
photo by srachai from OCNフォトフレンド
これ一発でトヨタとホンダだけで数千億円の利益を計上できるはずだ。
非居住者で年金をたよりにつつましやかに生活している世界中の人々は一瞬にして受給額が数パーセントの減額となる厳しい現実。
なにより欧米への外交的配慮を全く欠いた今回の奇襲攻撃、やがて手痛いしっぺ返しをうけるのは明白だ。
そもそも政府は常々急激な為替変動は健全な経済発展に重大な悪影響を及ぼすと述べていた。これが急激な為替変動でなくてなんであろうか。ひどい話だ。
photo by srachai from OCNフォトフレンド
jpy/usd fx prospect
日本政府日銀の為替介入の効果は一時しのぎにすぎない。円高への加速が多少弱まるだけだ。アジア諸国が日本のまねをして介入の動き。しかしながら円高の真の要因はまったく払拭されていない。今年の末には日本政府の執拗な介入にもかかわらず、80yen/$となる見込み。
Japanese FX Intervention
Wed, Sep 15 2010, 08:53 GMT
by Mitul Kotecha
The Bank of Japan acting on the behest of the Ministry of Finance intervened to weaken the JPY, the first such action since 2004. The intervention came as the USD was under broad based pressure, with the USD index dropping below its 200-day moving average. USD/JPY dropped to a low of around 82.88 before Japan intervened to weaken the JPY. The move follows weeks of verbal intervention by the Japanese authorities and came on the heels of the DPJ leadership election in which Prime Minister Kan retained his leadership.
One thing is for certain that Japanese exporters had become increasingly concerned, pained and vocal about JPY strength at a time when export momentum was waning. However, the move in USD/JPY may simply provide many local corporates with better levels to hedge their exposures.
Time will tell whether the intervention succeeds in engineering a sustainable weakening in the JPY but more likely it will only result in smoothing the drop in USD/JPY over coming months along the lines of what has happened with the SNB interventions in EUR/CHF. As many central banks have seen in the past successful intervention is usually helped if the market is turning and in this case USD/JPY remains on a downward trajectory.
Although the BoJ Governor Shirakawa said that the action should “contribute to a stable foreign exchange-rate formation” it is far from clear that the BoJ favoured FX intervention. Indeed, the view from the BoJ is that the move in USD/JPY is related less to Japanese fundamentals but more to US problems.
Now that the door is open, further intervention is likely over coming days and weeks but for it to be effective it will require 1) doubts about US growth to recede, 2) speculation of Fed QE 2 to dissipate, 3) and consequently interest rate differentials, in particular bond yields between the US and Japan to widen in favour of the USD. This is unlikely to happen quickly, especially given continued speculation of further US quantitative easing. A final prerequisite to a higher USD/JPY which is related to the easing of some of the above concerns is for there to be an improvement in risk appetite as any increase in risk aversion continues to result in JPY buying.
When viewed from the perspective of Asian currencies the Japanese intervention has put Japan in line with other Asian central banks which have been intervening to weaken their currencies. However, Asian central bank intervention has merely slowed the appreciation in regional currencies, and Japan may have to be satisfied with a similar result. Japan’s intervention may however, give impetus to Asian central banks to intervene more aggressively but the result will be the same, i.e. slowing rather then stemming appreciation.
As for the JPY a further strengthening, with a move to around 80.00 is likely by year end despite the more aggressive intervention stance. Over the short term there will at least be much greater two-way risk, which will keep market nervous, especially if as is likely Japan follows up with further interventions. USD/JPY could test resistance around 85.23, and then 85.92 soon but eventually markets may call Japan’s bluff and the intervention may just end up putting a red flag in front of currency markets to challenge.
Published on Wed, Sep 15 2010, 08:54 GMT
Japanese FX Intervention
Wed, Sep 15 2010, 08:53 GMT
by Mitul Kotecha
The Bank of Japan acting on the behest of the Ministry of Finance intervened to weaken the JPY, the first such action since 2004. The intervention came as the USD was under broad based pressure, with the USD index dropping below its 200-day moving average. USD/JPY dropped to a low of around 82.88 before Japan intervened to weaken the JPY. The move follows weeks of verbal intervention by the Japanese authorities and came on the heels of the DPJ leadership election in which Prime Minister Kan retained his leadership.
One thing is for certain that Japanese exporters had become increasingly concerned, pained and vocal about JPY strength at a time when export momentum was waning. However, the move in USD/JPY may simply provide many local corporates with better levels to hedge their exposures.
Time will tell whether the intervention succeeds in engineering a sustainable weakening in the JPY but more likely it will only result in smoothing the drop in USD/JPY over coming months along the lines of what has happened with the SNB interventions in EUR/CHF. As many central banks have seen in the past successful intervention is usually helped if the market is turning and in this case USD/JPY remains on a downward trajectory.
Although the BoJ Governor Shirakawa said that the action should “contribute to a stable foreign exchange-rate formation” it is far from clear that the BoJ favoured FX intervention. Indeed, the view from the BoJ is that the move in USD/JPY is related less to Japanese fundamentals but more to US problems.
Now that the door is open, further intervention is likely over coming days and weeks but for it to be effective it will require 1) doubts about US growth to recede, 2) speculation of Fed QE 2 to dissipate, 3) and consequently interest rate differentials, in particular bond yields between the US and Japan to widen in favour of the USD. This is unlikely to happen quickly, especially given continued speculation of further US quantitative easing. A final prerequisite to a higher USD/JPY which is related to the easing of some of the above concerns is for there to be an improvement in risk appetite as any increase in risk aversion continues to result in JPY buying.
When viewed from the perspective of Asian currencies the Japanese intervention has put Japan in line with other Asian central banks which have been intervening to weaken their currencies. However, Asian central bank intervention has merely slowed the appreciation in regional currencies, and Japan may have to be satisfied with a similar result. Japan’s intervention may however, give impetus to Asian central banks to intervene more aggressively but the result will be the same, i.e. slowing rather then stemming appreciation.
As for the JPY a further strengthening, with a move to around 80.00 is likely by year end despite the more aggressive intervention stance. Over the short term there will at least be much greater two-way risk, which will keep market nervous, especially if as is likely Japan follows up with further interventions. USD/JPY could test resistance around 85.23, and then 85.92 soon but eventually markets may call Japan’s bluff and the intervention may just end up putting a red flag in front of currency markets to challenge.
Published on Wed, Sep 15 2010, 08:54 GMT
After a bruising battle, Kan faces tough tasks
The Yomiuri Shimbun (Sep. 16, 2010)
After a bruising battle, Kan faces tough tasks
菅代表再選 円高と景気対策に挙党態勢を（9月15日付・読売社説）
Prime Minister Naoto Kan defeated Ichiro Ozawa, former secretary general of the Democratic Party of Japan, by a significant margin in the party presidential election Tuesday following a hard-fought battle that has opened a rift in the party.
党内を二分する激戦となった民主党代表選は、菅首相が小沢一郎前幹事長を大差で破った。
The confusion in the party, which followed the major defeat it suffered in the House of Councillors election in July, has effectively created a political vacuum in the nation. It cannot be denied that the situation has caused national policies to stagnate and has smothered the nation's politics in a sense of helplessness.
７月の参院選敗北に続く民主党内の混乱は、事実上の政治空白を生み、国政全体に停滞と閉塞(へいそく)感をもたらしてきたことは間違いない。
During the intraparty struggle, the government fell one step behind in dealing with the yen's rapid appreciation and the flagging economy. This was widely noticed.
この間、円高・経済対策では政府の対応が後手に回り、反応の鈍さも目立った。
Kan should immediately form his new Cabinet, appoint new party executives and exert leadership in implementing economic stimulus measures and drafting the fiscal 2011 budget.
菅首相は、すみやかに内閣・党役員人事を断行して態勢を整え、景気対策や来年度予算編成に全力をあげねばならない。
Scandal held Ozawa back
◆資金疑惑響いた小沢氏◆
Kan's victory, however, owes a lot to the "weak points" of his opponent, Ozawa.
菅首相の勝利は、対立候補の小沢氏が抱えていた多くの「弱点」に救われた面が大きい。
In connection with scandals involving his political funds management organization, his former secretaries were arrested and indicted. He resigned as party secretary general right before the upper house election.
自らの資金管理団体の政治資金規正法違反事件で元秘書らが逮捕・起訴された小沢氏は、参院選前に幹事長を辞職したばかりだ。
In the party leadership race, former Prime Minister Yukio Hatoyama, who was also involved in a politics-and-money scandal and had resigned as prime minister, threw his support behind the DPJ heavyweight. It was a renewed challenge by the Ozawa-Hatoyama duo toward the party leadership, a move that most observers found hard to understand. It was natural that many non-lawmaker party members and registered supporters did not accept them.
今回の代表選は、同じく「政治とカネ」の問題を抱えて辞任した鳩山前首相の支援を受けての「小鳩」による不可解な再挑戦だった。多くの党員・サポーターが受け入れなかったのは当然だろう。
In connection with the scandal, an inquest of prosecution committee is scheduled to decide in October--for the second time--whether Ozawa should be indicted in connection with a suspicious land purchase by his political funds management group.
小沢氏の「政治とカネ」の問題では、１０月にも検察審査会が再度の議決を行う予定だ。
When Ozawa was asked what he would do if the independent panel decides that he merits the indictment and he is prosecuted, he clearly stated he would neither leave the party nor resign as Diet member, indicating that he planned to fight the charges in court.
そこで「起訴すべき」との議決が出され、強制起訴になった場合、小沢氏は「離党も辞職もしない」と明言し、司法の場で争う考えを示した。
However, Ozawa has failed to fulfill his responsibility to explain his politics-and-money problems. His remarks undoubtedly aroused opposition and doubt among many party members.
しかし、「政治とカネ」の問題で説明責任を果たそうとしてこなかった小沢氏のこの発言には、多くの党員が、反発や疑問を抱いたに相違ない。
In the end, one factor behind Ozawa's defeat in the presidential election was the possibility that the country might have ended up with a prime minister who was on trial in a criminal case.
結局、「刑事被告人の首相」になる可能性があったことも、小沢氏敗北の一因といえる。
Passive support to Kan
◆首相への支持は消極的◆
However, much of the support Kan received in the presidential election was passive. In other words, many of his supporters apparently did not want to have yet another prime minister barely three months after Kan assumed the post, or the third prime minister within a year.
代表選での首相への支持は消極的なものに過ぎない。党内抗争によって、政権を担当して３か月余で首相が交代したり、１年間に３人目の首相が生まれたりするのは避けたい、という理由だ。
Kan and Ozawa staged a neck and neck battle for votes by Diet members, suggesting that there are deep-rooted frustrations over the prime minister's management of his administration.
国会議員の獲得票では、首相と小沢氏がほぼ互角だったことは、党内に首相の政権運営に根強い不満があることを示している。
How does Kan intend to handle the divided Diet, in which the ruling bloc controls the House of Representatives while the opposition camp holds a majority in the upper house? And how will he reunite his party, which was split in the presidential election?
菅首相は一体、衆参ねじれ国会をどう乗り切り、代表選で亀裂の入った党をどう修復して「挙党態勢」を築くのか。
During the presidential election campaign, Kan failed to present clear strategies on how to overcome such problems, simply insisting that it would be possible to form a consensus through "careful" and "modest" discussions in the divided Diet.
代表選で首相は、ねじれ国会でも、「丁寧に謙虚に議論していけば合意形成は可能だ」などと述べるだけで、確たる戦略を示すことが出来なかった。
In a speech after his reelection as party leader, he sought cooperation from party members. "To form a united party in which all party members will be able to fully exert their power now that the game is over and there are no sides, I ask for your support," he said.
首相は再選が決まった後の挨拶(あいさつ)で「ノーサイドで全員が力をフルに発揮できる挙党態勢のために協力をお願いする」と表明した。
If Kan opts for a troika system by appointing Ozawa and Hatoyama to key Cabinet or party posts, it may end up creating a dual power structure, just as in the Hatoyama administration. We urge the prime minister not to repeat that mistake. He must appoint the right people to the right positions to decisively implement policies.
仮に小沢氏や鳩山前首相を要職で起用する「トロイカ体制」を組むとすれば、鳩山前内閣同様の二重権力体制を生むことになりかねない。失敗を繰り返すことなく、適材適所で政策を果断に遂行できる布陣で臨むべきだ。
Now that the party leadership race is over, it is anticipated that Ozawa's supporters will intensify moves to shake the administration not only in personnel affairs but also in budget compilation and other policy matters. Some may even try to break away from the party.
今後、人事だけでなく、予算編成など政策面でも、小沢支持派による揺さぶりが強まり、離反の動きが出ることも予想される。
The prime minister is highly likely to face difficult political situations, in which he has to confront the Liberal Democratic Party and other opposition parties on one hand while dealing with the "intraparty opposition group" formed by Ozawa's supporters on the other.
首相が、前面に自民党などの野党と、後方に小沢支持派の「党内野党」とそれぞれ対峙(たいじ)する局面も大いにありえよう。
In addition, Kan has to deal with a full political agenda.
菅首相が取り組むべき政策課題は数多い。
As for the consumption tax rate hike, the prime minister has toned down his recent stance on the issue compared with what he said in the upper house election campaign. "We'll discuss the future of social security services together with fiscal resources. It'll be important to discuss the consumption tax in that process," he said during the presidential election campaign.
消費税率引き上げ問題について首相は、代表選で「社会保障のあり方を財源と一体で議論する。その中で消費税の議論をすることが重要」などと述べ、参院選時より発言をトーンダウンさせた。
However, if he adopts the "once bitten, twice shy" approach, he will unlikely be able to restore this country's public finances, which is one of his key policies.
「羹(あつもの)に懲りて膾(なます)を吹く」という姿勢では、自らの看板政策である財政再建は果たせまい。
The prime minister should expedite efforts to call on the LDP and other parties for suprapartisan negotiations to lay the groundwork for a consumption tax hike in the near future.
首相は、自民党などに超党派協議を呼びかけ、近い将来の消費税率引き上げに向けた環境整備を急ぐべきである。
Reevaluate election pledges
◆公約を大胆に見直せ◆
In the presidential election campaign, Ozawa called for sticking to the pledges the party made for the lower house election last year. However, his defeat indicates that his argument had been rejected.
衆院選政権公約（マニフェスト）への原点回帰を唱える小沢氏の主張は、結果として否定されることになった。
Japan's fiscal condition is the worst among the major industrialized countries. To meet the fiscal 2010 budget, the government has been forced to issue bonds in an amount greater than its tax revenues. Given the situation, we believe there is no room for the government to continue the handout policies outlined in its manifesto, especially since no economic effects can be expected from such measures.
日本の財政は、今年度予算で税収を上回る国債を発行せざるを得ないなど、主要国で最悪の状況にある。経済効果も期待できない政権公約によるバラマキ政策を続ける余裕はないはずだ。
The government therefore must drastically review the child-rearing allowance program and the plan to make expressways toll-free in the fiscal 2011 budget compilation.
来年度予算編成では、子ども手当、高速道路無料化などの政策は大胆に見直す必要がある。
In the middle of the presidential election campaign, the prime minister ordered the relevant government offices to consider lowering effective corporate tax rates, which are high by international standards. The step is necessary to boost Japanese companies' potential power and raise their international competitiveness. The government must put this measure into practice in the tax system reform for the next fiscal year.
首相は代表選のさなか、国際的に高い法人税の実効税率引き下げの検討を指示した。企業活力を引き出し、国際競争力を高めるためにも必要な施策だ。来年度の税制改正でぜひ実現させるべきだ。
As for the relocation of the U.S. Marine Corps' Futenma Air Station in Okinawa Prefecture, Ozawa suggested reviewing the Japan-U.S. agreement reached in May under the Hatoyama administration, exposing the fact that the DPJ is significantly divided over security policies.
米軍普天間飛行場の移設問題では、小沢氏が５月の日米合意の見直しに含みを持たせ、民主党政権内に安全保障政策で大きな違いがあることを露呈させた。
As soon as possible, Kan should dispel U.S. concerns that may have been generated by Ozawa's remarks and start full-fledged coordination with Okinawa Prefecture and the United States in line with the Japan-U.S. agreement.
首相は、小沢氏の発言がもたらした米側の懸念を早期に払拭(ふっしょく)するとともに、日米合意に基づいて沖縄や米国との調整を本格化させる必要があろう。
(From The Yomiuri Shimbun, Sept. 15, 2010)
（2010年9月15日01時53分 読売新聞）
After a bruising battle, Kan faces tough tasks
菅代表再選 円高と景気対策に挙党態勢を（9月15日付・読売社説）
Prime Minister Naoto Kan defeated Ichiro Ozawa, former secretary general of the Democratic Party of Japan, by a significant margin in the party presidential election Tuesday following a hard-fought battle that has opened a rift in the party.
党内を二分する激戦となった民主党代表選は、菅首相が小沢一郎前幹事長を大差で破った。
The confusion in the party, which followed the major defeat it suffered in the House of Councillors election in July, has effectively created a political vacuum in the nation. It cannot be denied that the situation has caused national policies to stagnate and has smothered the nation's politics in a sense of helplessness.
７月の参院選敗北に続く民主党内の混乱は、事実上の政治空白を生み、国政全体に停滞と閉塞(へいそく)感をもたらしてきたことは間違いない。
During the intraparty struggle, the government fell one step behind in dealing with the yen's rapid appreciation and the flagging economy. This was widely noticed.
この間、円高・経済対策では政府の対応が後手に回り、反応の鈍さも目立った。
Kan should immediately form his new Cabinet, appoint new party executives and exert leadership in implementing economic stimulus measures and drafting the fiscal 2011 budget.
菅首相は、すみやかに内閣・党役員人事を断行して態勢を整え、景気対策や来年度予算編成に全力をあげねばならない。
Scandal held Ozawa back
◆資金疑惑響いた小沢氏◆
Kan's victory, however, owes a lot to the "weak points" of his opponent, Ozawa.
菅首相の勝利は、対立候補の小沢氏が抱えていた多くの「弱点」に救われた面が大きい。
In connection with scandals involving his political funds management organization, his former secretaries were arrested and indicted. He resigned as party secretary general right before the upper house election.
自らの資金管理団体の政治資金規正法違反事件で元秘書らが逮捕・起訴された小沢氏は、参院選前に幹事長を辞職したばかりだ。
In the party leadership race, former Prime Minister Yukio Hatoyama, who was also involved in a politics-and-money scandal and had resigned as prime minister, threw his support behind the DPJ heavyweight. It was a renewed challenge by the Ozawa-Hatoyama duo toward the party leadership, a move that most observers found hard to understand. It was natural that many non-lawmaker party members and registered supporters did not accept them.
今回の代表選は、同じく「政治とカネ」の問題を抱えて辞任した鳩山前首相の支援を受けての「小鳩」による不可解な再挑戦だった。多くの党員・サポーターが受け入れなかったのは当然だろう。
In connection with the scandal, an inquest of prosecution committee is scheduled to decide in October--for the second time--whether Ozawa should be indicted in connection with a suspicious land purchase by his political funds management group.
小沢氏の「政治とカネ」の問題では、１０月にも検察審査会が再度の議決を行う予定だ。
When Ozawa was asked what he would do if the independent panel decides that he merits the indictment and he is prosecuted, he clearly stated he would neither leave the party nor resign as Diet member, indicating that he planned to fight the charges in court.
そこで「起訴すべき」との議決が出され、強制起訴になった場合、小沢氏は「離党も辞職もしない」と明言し、司法の場で争う考えを示した。
However, Ozawa has failed to fulfill his responsibility to explain his politics-and-money problems. His remarks undoubtedly aroused opposition and doubt among many party members.
しかし、「政治とカネ」の問題で説明責任を果たそうとしてこなかった小沢氏のこの発言には、多くの党員が、反発や疑問を抱いたに相違ない。
In the end, one factor behind Ozawa's defeat in the presidential election was the possibility that the country might have ended up with a prime minister who was on trial in a criminal case.
結局、「刑事被告人の首相」になる可能性があったことも、小沢氏敗北の一因といえる。
Passive support to Kan
◆首相への支持は消極的◆
However, much of the support Kan received in the presidential election was passive. In other words, many of his supporters apparently did not want to have yet another prime minister barely three months after Kan assumed the post, or the third prime minister within a year.
代表選での首相への支持は消極的なものに過ぎない。党内抗争によって、政権を担当して３か月余で首相が交代したり、１年間に３人目の首相が生まれたりするのは避けたい、という理由だ。
Kan and Ozawa staged a neck and neck battle for votes by Diet members, suggesting that there are deep-rooted frustrations over the prime minister's management of his administration.
国会議員の獲得票では、首相と小沢氏がほぼ互角だったことは、党内に首相の政権運営に根強い不満があることを示している。
How does Kan intend to handle the divided Diet, in which the ruling bloc controls the House of Representatives while the opposition camp holds a majority in the upper house? And how will he reunite his party, which was split in the presidential election?
菅首相は一体、衆参ねじれ国会をどう乗り切り、代表選で亀裂の入った党をどう修復して「挙党態勢」を築くのか。
During the presidential election campaign, Kan failed to present clear strategies on how to overcome such problems, simply insisting that it would be possible to form a consensus through "careful" and "modest" discussions in the divided Diet.
代表選で首相は、ねじれ国会でも、「丁寧に謙虚に議論していけば合意形成は可能だ」などと述べるだけで、確たる戦略を示すことが出来なかった。
In a speech after his reelection as party leader, he sought cooperation from party members. "To form a united party in which all party members will be able to fully exert their power now that the game is over and there are no sides, I ask for your support," he said.
首相は再選が決まった後の挨拶(あいさつ)で「ノーサイドで全員が力をフルに発揮できる挙党態勢のために協力をお願いする」と表明した。
If Kan opts for a troika system by appointing Ozawa and Hatoyama to key Cabinet or party posts, it may end up creating a dual power structure, just as in the Hatoyama administration. We urge the prime minister not to repeat that mistake. He must appoint the right people to the right positions to decisively implement policies.
仮に小沢氏や鳩山前首相を要職で起用する「トロイカ体制」を組むとすれば、鳩山前内閣同様の二重権力体制を生むことになりかねない。失敗を繰り返すことなく、適材適所で政策を果断に遂行できる布陣で臨むべきだ。
Now that the party leadership race is over, it is anticipated that Ozawa's supporters will intensify moves to shake the administration not only in personnel affairs but also in budget compilation and other policy matters. Some may even try to break away from the party.
今後、人事だけでなく、予算編成など政策面でも、小沢支持派による揺さぶりが強まり、離反の動きが出ることも予想される。
The prime minister is highly likely to face difficult political situations, in which he has to confront the Liberal Democratic Party and other opposition parties on one hand while dealing with the "intraparty opposition group" formed by Ozawa's supporters on the other.
首相が、前面に自民党などの野党と、後方に小沢支持派の「党内野党」とそれぞれ対峙(たいじ)する局面も大いにありえよう。
In addition, Kan has to deal with a full political agenda.
菅首相が取り組むべき政策課題は数多い。
As for the consumption tax rate hike, the prime minister has toned down his recent stance on the issue compared with what he said in the upper house election campaign. "We'll discuss the future of social security services together with fiscal resources. It'll be important to discuss the consumption tax in that process," he said during the presidential election campaign.
消費税率引き上げ問題について首相は、代表選で「社会保障のあり方を財源と一体で議論する。その中で消費税の議論をすることが重要」などと述べ、参院選時より発言をトーンダウンさせた。
However, if he adopts the "once bitten, twice shy" approach, he will unlikely be able to restore this country's public finances, which is one of his key policies.
「羹(あつもの)に懲りて膾(なます)を吹く」という姿勢では、自らの看板政策である財政再建は果たせまい。
The prime minister should expedite efforts to call on the LDP and other parties for suprapartisan negotiations to lay the groundwork for a consumption tax hike in the near future.
首相は、自民党などに超党派協議を呼びかけ、近い将来の消費税率引き上げに向けた環境整備を急ぐべきである。
Reevaluate election pledges
◆公約を大胆に見直せ◆
In the presidential election campaign, Ozawa called for sticking to the pledges the party made for the lower house election last year. However, his defeat indicates that his argument had been rejected.
衆院選政権公約（マニフェスト）への原点回帰を唱える小沢氏の主張は、結果として否定されることになった。
Japan's fiscal condition is the worst among the major industrialized countries. To meet the fiscal 2010 budget, the government has been forced to issue bonds in an amount greater than its tax revenues. Given the situation, we believe there is no room for the government to continue the handout policies outlined in its manifesto, especially since no economic effects can be expected from such measures.
日本の財政は、今年度予算で税収を上回る国債を発行せざるを得ないなど、主要国で最悪の状況にある。経済効果も期待できない政権公約によるバラマキ政策を続ける余裕はないはずだ。
The government therefore must drastically review the child-rearing allowance program and the plan to make expressways toll-free in the fiscal 2011 budget compilation.
来年度予算編成では、子ども手当、高速道路無料化などの政策は大胆に見直す必要がある。
In the middle of the presidential election campaign, the prime minister ordered the relevant government offices to consider lowering effective corporate tax rates, which are high by international standards. The step is necessary to boost Japanese companies' potential power and raise their international competitiveness. The government must put this measure into practice in the tax system reform for the next fiscal year.
首相は代表選のさなか、国際的に高い法人税の実効税率引き下げの検討を指示した。企業活力を引き出し、国際競争力を高めるためにも必要な施策だ。来年度の税制改正でぜひ実現させるべきだ。
As for the relocation of the U.S. Marine Corps' Futenma Air Station in Okinawa Prefecture, Ozawa suggested reviewing the Japan-U.S. agreement reached in May under the Hatoyama administration, exposing the fact that the DPJ is significantly divided over security policies.
米軍普天間飛行場の移設問題では、小沢氏が５月の日米合意の見直しに含みを持たせ、民主党政権内に安全保障政策で大きな違いがあることを露呈させた。
As soon as possible, Kan should dispel U.S. concerns that may have been generated by Ozawa's remarks and start full-fledged coordination with Okinawa Prefecture and the United States in line with the Japan-U.S. agreement.
首相は、小沢氏の発言がもたらした米側の懸念を早期に払拭(ふっしょく)するとともに、日米合意に基づいて沖縄や米国との調整を本格化させる必要があろう。
(From The Yomiuri Shimbun, Sept. 15, 2010)
（2010年9月15日01時53分 読売新聞）
2010/09/15
To be the first lady in Japan
女が出しゃばるとき
民主党代表選で菅首相が再選されました。
再選された以上この青年のような熱き志を持つ人に日本の運命を託しましょう。
雇用促進、社会保障制度の確立に重点を置いた政索を期待します。
で、ちょっと気になる記事を発見。
江青女史の出しゃばりが毛沢東の偉業を破壊させたように、今回もこの点がちょっと気になります。
大の酒好きで夜な夜な飲み狂っていると言う噂も気になるところです。
女は男の調教次第で天女にも魔物にもなり得ます。
菅首相には厳しい調教をお願いしたい。
ちなみにスラチャイはどうかというと、これはもう完全に調教されてしまっています。（平和＾＾）
cite from lovedoor news
度を越した女の出しゃばりは、目に障るし、鼻につくものだ
↓
http://news.livedoor.com/article/detail/5008230/
民主党代表選で菅首相が再選されました。
再選された以上この青年のような熱き志を持つ人に日本の運命を託しましょう。
雇用促進、社会保障制度の確立に重点を置いた政索を期待します。
で、ちょっと気になる記事を発見。
江青女史の出しゃばりが毛沢東の偉業を破壊させたように、今回もこの点がちょっと気になります。
大の酒好きで夜な夜な飲み狂っていると言う噂も気になるところです。
女は男の調教次第で天女にも魔物にもなり得ます。
菅首相には厳しい調教をお願いしたい。
ちなみにスラチャイはどうかというと、これはもう完全に調教されてしまっています。（平和＾＾）
cite from lovedoor news
度を越した女の出しゃばりは、目に障るし、鼻につくものだ
↓
http://news.livedoor.com/article/detail/5008230/
Japanese banks must bolster core capital ratios
The Yomiuri Shimbun (Sep. 15, 2010)
Japanese banks must bolster core capital ratios
銀行新規制 邦銀は自己資本の充実を急げ（9月14日付・読売社説）
The Basel Committee on Banking Supervision, comprised of central bankers and supervisors from major countries, agreed Sunday on a new framework for calculating minimum core capital requirements for leading financial institutions.
主要国の金融監督当局で構成するバーゼル銀行監督委員会が、世界の主要銀行に義務づける新たな自己資本規制の基準を決めた。
The new regulations decided on by the Switzerland-based committee are meant to compel banks to ensure sounder management, to prevent any repeat of the international financial crisis.
金融危機の再発を防ぐため、銀行に経営の健全性向上を求める措置だ。
Based on the new rules known as Basel III, Japan's three megabanks will have to increase their core capital as soon as possible.
日本の３大メガバンクなども、新しいルールに沿い、資本増強を急ぐ必要があろう。
A bank's capital adequacy ratio indicates the amount of core capital it has to cushion potential losses, as a percentage of loans and other assets. A higher capital adequacy ratio means a bank has a greater capability to deal with risk.
銀行の自己資本比率は、融資などの「資産」に対し、損失処理に充てられる自前の資金である「自己資本」がどれだけあるかを示した数字だ。数値が高いほど、リスクへの対応力が高い。
The new rules require banks to increase the core tier 1 capital, such as common stock and retained earnings, that they must hold in reserve, to at least 4.5 percent of assets, from the current 2 percent.
They also have to build a separate capital conservation buffer equivalent to 2.5 percent of assets. This makes the total top-quality capital requirement even higher--at least 7 percent of assets.
新規制は、普通株や利益剰余金などの内部留保による「中核的自己資本」の最低基準を現行の２％から４・５％に引き上げたうえ、２・５％分の上乗せも求めている。実質的に「７％以上」を確保させる厳しい内容となった。
The new rules will be phased in from 2013 and take full effect in January 2019.
実施時期は、２０１３年から段階的に適用し、１９年１月に完全実施するとしている。
===
Early proposals too strict
Proposals were initially floated in the committee that the minimum core tier 1 capital ratio be set between 6 and 8 percent and introduced in 2012 because the United States and Britain, which have suffered greatly from the credit crisis, demanded stricter requirements.
金融危機の痛手が大きかった米国と英国が、より厳格な規制を求めたため、バーゼル委では当初、中核的自己資本比率を６～８％に引き上げ、１２年から実施するとの案も浮上していた。
However, Japan, Germany and some other countries opposed this, saying that tightening regulations too quickly would cause a credit squeeze and negatively affect the real economy.
しかし、日本とドイツなどは、急激な規制強化は金融の収縮を招いて、実体経済に悪影響を与えかねないと反対した。
Although the worst of the financial crisis is over, the future of the global economy is still uncertain. The U.S. economy is quickly slowing down and Europe is still suffering from the financial crisis.
金融危機は最悪期を脱したが、米国経済の急減速や欧州危機など世界経済の先行きは不透明だ。
If regulations on bank capitalization had been tightened quickly as the United States and Britain demanded, banks might have started forcibly calling in loans and lowering loan assets to improve their capital adequacy ratios.
ここで米英の主張通りに規制強化を急げば、銀行は自己資本比率の引き上げを目指して、貸し出し資産圧縮につながる貸しはがしなどに走り出す恐れがあった。
We think it an appropriate conclusion that the tighter requirements initially proposed were relaxed and that banks were given longer-than-expected transition periods before the new rules will be implemented.
最終的に、当初案が緩和され、実施時期も先延ばしになったのは妥当な結論と言えよう。
It was a bitter lesson when banks in the United States and some European countries fell on tough times due to the credit crisis and were bailed out with taxpayers' money. With the introduction of the more stringent rules, banks must improve their own strength to weather business crises, and not casually depend on taxpayer bailouts.
金融危機で米欧などの銀行が経営不安に陥り、公的資金で救済されたのは苦い教訓だ。規制強化を機に、銀行は安易に公的資金に頼ることなく、自らの体力強化で危機を乗り切らねばなるまい。
===
Tough road ahead
Attention is now focused on how Japanese banks, including the three megabanks, will deal with the new rules.
今後の焦点は、３大メガバンクなどの邦銀の対応である。
The core tier 1 capital ratios of Mizuho Financial Group, Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group are said to be between 5 and 7 percent. The Financial Services Agency said Japanese banks will be able to meet the new international rules before the requirements are tightened.
今年６月末時点で、みずほ、三井住友、三菱ＵＦＪのメガバンクの中核的自己資本比率は約５～７％とされる。金融庁は「規制強化の期限までに、十分に対応は可能だ」と見ている。
However, there is no easy way for Japanese banks to meet the requirements while competing fiercely with gigantic foreign rivals. They must increase their core capital ratios by reviewing management strategies and steadily making profits.
しかし、巨大な外資との激しい競争を戦いながら、新規制策を達成する道は容易ではない。各行は経営戦略を練り直し、着実に利益を上げて、自己資本を増強する努力が求められよう。
(From The Yomiuri Shimbun, Sept. 14, 2010)
（2010年9月14日01時25分 読売新聞）
Japanese banks must bolster core capital ratios
銀行新規制 邦銀は自己資本の充実を急げ（9月14日付・読売社説）
The Basel Committee on Banking Supervision, comprised of central bankers and supervisors from major countries, agreed Sunday on a new framework for calculating minimum core capital requirements for leading financial institutions.
主要国の金融監督当局で構成するバーゼル銀行監督委員会が、世界の主要銀行に義務づける新たな自己資本規制の基準を決めた。
The new regulations decided on by the Switzerland-based committee are meant to compel banks to ensure sounder management, to prevent any repeat of the international financial crisis.
金融危機の再発を防ぐため、銀行に経営の健全性向上を求める措置だ。
Based on the new rules known as Basel III, Japan's three megabanks will have to increase their core capital as soon as possible.
日本の３大メガバンクなども、新しいルールに沿い、資本増強を急ぐ必要があろう。
A bank's capital adequacy ratio indicates the amount of core capital it has to cushion potential losses, as a percentage of loans and other assets. A higher capital adequacy ratio means a bank has a greater capability to deal with risk.
銀行の自己資本比率は、融資などの「資産」に対し、損失処理に充てられる自前の資金である「自己資本」がどれだけあるかを示した数字だ。数値が高いほど、リスクへの対応力が高い。
The new rules require banks to increase the core tier 1 capital, such as common stock and retained earnings, that they must hold in reserve, to at least 4.5 percent of assets, from the current 2 percent.
They also have to build a separate capital conservation buffer equivalent to 2.5 percent of assets. This makes the total top-quality capital requirement even higher--at least 7 percent of assets.
新規制は、普通株や利益剰余金などの内部留保による「中核的自己資本」の最低基準を現行の２％から４・５％に引き上げたうえ、２・５％分の上乗せも求めている。実質的に「７％以上」を確保させる厳しい内容となった。
The new rules will be phased in from 2013 and take full effect in January 2019.
実施時期は、２０１３年から段階的に適用し、１９年１月に完全実施するとしている。
===
Early proposals too strict
Proposals were initially floated in the committee that the minimum core tier 1 capital ratio be set between 6 and 8 percent and introduced in 2012 because the United States and Britain, which have suffered greatly from the credit crisis, demanded stricter requirements.
金融危機の痛手が大きかった米国と英国が、より厳格な規制を求めたため、バーゼル委では当初、中核的自己資本比率を６～８％に引き上げ、１２年から実施するとの案も浮上していた。
However, Japan, Germany and some other countries opposed this, saying that tightening regulations too quickly would cause a credit squeeze and negatively affect the real economy.
しかし、日本とドイツなどは、急激な規制強化は金融の収縮を招いて、実体経済に悪影響を与えかねないと反対した。
Although the worst of the financial crisis is over, the future of the global economy is still uncertain. The U.S. economy is quickly slowing down and Europe is still suffering from the financial crisis.
金融危機は最悪期を脱したが、米国経済の急減速や欧州危機など世界経済の先行きは不透明だ。
If regulations on bank capitalization had been tightened quickly as the United States and Britain demanded, banks might have started forcibly calling in loans and lowering loan assets to improve their capital adequacy ratios.
ここで米英の主張通りに規制強化を急げば、銀行は自己資本比率の引き上げを目指して、貸し出し資産圧縮につながる貸しはがしなどに走り出す恐れがあった。
We think it an appropriate conclusion that the tighter requirements initially proposed were relaxed and that banks were given longer-than-expected transition periods before the new rules will be implemented.
最終的に、当初案が緩和され、実施時期も先延ばしになったのは妥当な結論と言えよう。
It was a bitter lesson when banks in the United States and some European countries fell on tough times due to the credit crisis and were bailed out with taxpayers' money. With the introduction of the more stringent rules, banks must improve their own strength to weather business crises, and not casually depend on taxpayer bailouts.
金融危機で米欧などの銀行が経営不安に陥り、公的資金で救済されたのは苦い教訓だ。規制強化を機に、銀行は安易に公的資金に頼ることなく、自らの体力強化で危機を乗り切らねばなるまい。
===
Tough road ahead
Attention is now focused on how Japanese banks, including the three megabanks, will deal with the new rules.
今後の焦点は、３大メガバンクなどの邦銀の対応である。
The core tier 1 capital ratios of Mizuho Financial Group, Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group are said to be between 5 and 7 percent. The Financial Services Agency said Japanese banks will be able to meet the new international rules before the requirements are tightened.
今年６月末時点で、みずほ、三井住友、三菱ＵＦＪのメガバンクの中核的自己資本比率は約５～７％とされる。金融庁は「規制強化の期限までに、十分に対応は可能だ」と見ている。
However, there is no easy way for Japanese banks to meet the requirements while competing fiercely with gigantic foreign rivals. They must increase their core capital ratios by reviewing management strategies and steadily making profits.
しかし、巨大な外資との激しい競争を戦いながら、新規制策を達成する道は容易ではない。各行は経営戦略を練り直し、着実に利益を上げて、自己資本を増強する努力が求められよう。
(From The Yomiuri Shimbun, Sept. 14, 2010)
（2010年9月14日01時25分 読売新聞）
2010/09/14
China's military buildup worries intl community
The Yomiuri Shimbun (Sep. 14, 2010)
China's military buildup worries intl community
防衛白書 中国軍増強は国際社会の懸念（9月12日付・読売社説）
China's military buildup, as well as the activities of its navy and air force, are a common concern among many countries in the region. Japan must repeatedly hold constructive talks with China, and strongly and tenaciously call on that country to dispel such concerns.
中国の軍備増強と海空軍の活動には、多くの周辺国が「懸念」を共有している。日本は、中国との建設的な対話を重ね、懸念を解消するよう粘り強く求めることが肝要である。
The 2010 white paper on defense explicitly says that the opaqueness of China's defense policy and military power is a matter of concern to Japan and other countries in this part of the world and in the larger international community. It also states the need to meticulously analyze China's activities.
２０１０年版防衛白書は、中国の「国防政策の不透明性や軍事力の動向」が「わが国を含む地域・国際社会にとっての懸念事項」と明記し、「慎重に分析していく必要がある」と指摘した。
China's military might has been an important theme in defense white papers in recent years, but the level of concern expressed in this year's report is greater than before. This is very natural in view of the rapid modernization of China's military forces and the expansion of the range of its military activities.
中国の軍事力は近年の白書の重要テーマだったが、今年は、より明確に「懸念」を打ち出した。その急速な近代化や活動範囲の拡大を踏まえれば、当然だろう。
In the South China Sea, friction between China and Southeast Asian countries has been increasing. There were a number of threatening moves this spring: A fleet of 10 Chinese warships, including destroyers, entered an area west of Japan's southernmost island, Okinotorishima, and a ship-based helicopter flew extremely close to a Maritime Self-Defense Force destroyer on two occasions.
南シナ海では、東南アジア各国との摩擦が増えている。今春には中国海軍の駆逐艦など１０隻が沖ノ鳥島西方まで進出し、艦載ヘリが海上自衛隊の護衛艦に異常接近する示威的行動を繰り返した。
The Chinese Navy's activities are considered to be part of its "anti-access strategy" to hamper the engagement of the U.S. military in regional conflicts, such as an emergency involving China and Taiwan. The United States, as a result, is increasingly vigilant toward Chinese naval moves.
中国海軍の一連の活動は、中台有事など紛争への米軍の関与を阻む「接近拒否戦略」の一環と見られ、米国も警戒を強めている。
===
China's expanding 'core'
China has begun to apply the expression "core interests," which it has used regarding its sovereignty and territorial integrity concerning Taiwan, to the South China Sea as well. A similar phrase is certain to be used in the future to describe China's efforts to secure its maritime interests in the East China Sea.
中国は最近、台湾問題などに使ってきた「核心的利益」という表現を南シナ海に使い始めた。将来は、東シナ海の海洋権益確保についても、同様の表現を使う日が来ることも否定できない。
How should Japan deal with such Chinese moves?
日本はどう対応すべきか。
First and foremost, Japan must reconstruct a system in which the Japan-U.S. alliance can function properly. It is essential to restore the relationship of trust with Washington, which has been damaged by the immature diplomacy of the Democratic Party of Japan-led government.
まず日米同盟がきちんと機能する体制を再構築することだ。民主党政権の未熟な外交で傷ついた信頼関係の回復が欠かせない。
The peacetime warning and surveillance activities of the Self-Defense Forces must be bolstered. Such efforts are intended to strengthen "active deterrence" through troop operations, as opposed to "passive deterrence" through only the possession of military units and equipment.
自衛隊は、平時の警戒監視活動を強める必要がある。単なる部隊と装備の保有による「静的抑止力」でなく、部隊運用を通じた「動的抑止力」を強化するものだ。
For this reason, it is problematic that Japan's defense spending has declined 5 percent in the past decade. China's military expenditures approximately quadrupled during the same period, and those of the United States and South Korea more than doubled.
その観点で、中国の国防費は過去１０年で約４倍、米国や韓国も２倍以上になったのに、日本だけが５％減っている現状は問題だ。
It is also important to make efforts--through defense exchange programs and security dialogue--to have Beijing enhance the transparency of its military spending and activities, and comply with international rules.
中国との防衛交流や安保対話を通じて、国防費や軍の活動の透明性の向上や、国際ルールの順守を働きかけることも重要となる。
===
No concrete results
Recent years saw progress in exchanging visits by defense ministers, officers and warships between Japan and China. But those activities did not bring about such concrete results as the establishment of a mechanism for maritime communications to prevent accidents and joint training for search and rescue operations.
近年は、防衛相や制服組幹部、艦船の相互訪問など交流は進んでいるが、事故防止のための海上連絡メカニズムの構築や、捜索・救難の共同訓練の実施といった具体的成果にはつながっていない。
The defense white paper was supposed to be released in late July, as usual. But publication was postponed until last week on the pretext of adding the moves of the United Nations concerning the sinking of a South Korean warship.
防衛白書は本来、７月末に発表される予定だったが、韓国哨戒艦沈没事件に関する国連の動きを追加するとの名目で延期された。
But the additional portion accounts for a mere one paragraph in the main text and a sidebar. The real reason for the postponement was obviously excessive consideration to South Korea ahead of the 100th anniversary of Japan's annexation of the Korean Peninsula in August.
だが、その追加部分は本文１段落とコラムにすぎない。真の延期理由が日韓併合１００年を控えた韓国への過剰な配慮だったのは明らかだ。
The government should avoid such a poor approach based on a principle of peace at any price.
こうした稚拙な事なかれ主義の対応は厳に慎むべきだ。
(From The Yomiuri Shimbun, Sept. 12, 2010)
（2010年9月12日01時08分 読売新聞）
China's military buildup worries intl community
防衛白書 中国軍増強は国際社会の懸念（9月12日付・読売社説）
China's military buildup, as well as the activities of its navy and air force, are a common concern among many countries in the region. Japan must repeatedly hold constructive talks with China, and strongly and tenaciously call on that country to dispel such concerns.
中国の軍備増強と海空軍の活動には、多くの周辺国が「懸念」を共有している。日本は、中国との建設的な対話を重ね、懸念を解消するよう粘り強く求めることが肝要である。
The 2010 white paper on defense explicitly says that the opaqueness of China's defense policy and military power is a matter of concern to Japan and other countries in this part of the world and in the larger international community. It also states the need to meticulously analyze China's activities.
２０１０年版防衛白書は、中国の「国防政策の不透明性や軍事力の動向」が「わが国を含む地域・国際社会にとっての懸念事項」と明記し、「慎重に分析していく必要がある」と指摘した。
China's military might has been an important theme in defense white papers in recent years, but the level of concern expressed in this year's report is greater than before. This is very natural in view of the rapid modernization of China's military forces and the expansion of the range of its military activities.
中国の軍事力は近年の白書の重要テーマだったが、今年は、より明確に「懸念」を打ち出した。その急速な近代化や活動範囲の拡大を踏まえれば、当然だろう。
In the South China Sea, friction between China and Southeast Asian countries has been increasing. There were a number of threatening moves this spring: A fleet of 10 Chinese warships, including destroyers, entered an area west of Japan's southernmost island, Okinotorishima, and a ship-based helicopter flew extremely close to a Maritime Self-Defense Force destroyer on two occasions.
南シナ海では、東南アジア各国との摩擦が増えている。今春には中国海軍の駆逐艦など１０隻が沖ノ鳥島西方まで進出し、艦載ヘリが海上自衛隊の護衛艦に異常接近する示威的行動を繰り返した。
The Chinese Navy's activities are considered to be part of its "anti-access strategy" to hamper the engagement of the U.S. military in regional conflicts, such as an emergency involving China and Taiwan. The United States, as a result, is increasingly vigilant toward Chinese naval moves.
中国海軍の一連の活動は、中台有事など紛争への米軍の関与を阻む「接近拒否戦略」の一環と見られ、米国も警戒を強めている。
===
China's expanding 'core'
China has begun to apply the expression "core interests," which it has used regarding its sovereignty and territorial integrity concerning Taiwan, to the South China Sea as well. A similar phrase is certain to be used in the future to describe China's efforts to secure its maritime interests in the East China Sea.
中国は最近、台湾問題などに使ってきた「核心的利益」という表現を南シナ海に使い始めた。将来は、東シナ海の海洋権益確保についても、同様の表現を使う日が来ることも否定できない。
How should Japan deal with such Chinese moves?
日本はどう対応すべきか。
First and foremost, Japan must reconstruct a system in which the Japan-U.S. alliance can function properly. It is essential to restore the relationship of trust with Washington, which has been damaged by the immature diplomacy of the Democratic Party of Japan-led government.
まず日米同盟がきちんと機能する体制を再構築することだ。民主党政権の未熟な外交で傷ついた信頼関係の回復が欠かせない。
The peacetime warning and surveillance activities of the Self-Defense Forces must be bolstered. Such efforts are intended to strengthen "active deterrence" through troop operations, as opposed to "passive deterrence" through only the possession of military units and equipment.
自衛隊は、平時の警戒監視活動を強める必要がある。単なる部隊と装備の保有による「静的抑止力」でなく、部隊運用を通じた「動的抑止力」を強化するものだ。
For this reason, it is problematic that Japan's defense spending has declined 5 percent in the past decade. China's military expenditures approximately quadrupled during the same period, and those of the United States and South Korea more than doubled.
その観点で、中国の国防費は過去１０年で約４倍、米国や韓国も２倍以上になったのに、日本だけが５％減っている現状は問題だ。
It is also important to make efforts--through defense exchange programs and security dialogue--to have Beijing enhance the transparency of its military spending and activities, and comply with international rules.
中国との防衛交流や安保対話を通じて、国防費や軍の活動の透明性の向上や、国際ルールの順守を働きかけることも重要となる。
===
No concrete results
Recent years saw progress in exchanging visits by defense ministers, officers and warships between Japan and China. But those activities did not bring about such concrete results as the establishment of a mechanism for maritime communications to prevent accidents and joint training for search and rescue operations.
近年は、防衛相や制服組幹部、艦船の相互訪問など交流は進んでいるが、事故防止のための海上連絡メカニズムの構築や、捜索・救難の共同訓練の実施といった具体的成果にはつながっていない。
The defense white paper was supposed to be released in late July, as usual. But publication was postponed until last week on the pretext of adding the moves of the United Nations concerning the sinking of a South Korean warship.
防衛白書は本来、７月末に発表される予定だったが、韓国哨戒艦沈没事件に関する国連の動きを追加するとの名目で延期された。
But the additional portion accounts for a mere one paragraph in the main text and a sidebar. The real reason for the postponement was obviously excessive consideration to South Korea ahead of the 100th anniversary of Japan's annexation of the Korean Peninsula in August.
だが、その追加部分は本文１段落とコラムにすぎない。真の延期理由が日韓併合１００年を控えた韓国への過剰な配慮だったのは明らかだ。
The government should avoid such a poor approach based on a principle of peace at any price.
こうした稚拙な事なかれ主義の対応は厳に慎むべきだ。
(From The Yomiuri Shimbun, Sept. 12, 2010)
（2010年9月12日01時08分 読売新聞）
2010/09/13
Koran-burning in U.S..
2010/09/11
--The Asahi Shimbun, Sept. 10
EDITORIAL: Koran-burning in U.S..
米国とコーラン―寛容を取り戻すとき
A small Christian church in Florida called for the burning of the Koran, the sacred book of Muslims, on Sept. 11, the ninth anniversary of the 2001 terrorist attacks against the United States.
米フロリダ州の小さなキリスト教会が、イスラム教の聖典コーランを焼こうと呼びかけている。
According to the church, the plan is aimed at alerting the world to the dangers of Islam, which it says "is of the Devil."
今年の９・１１の日に「邪悪な宗教」であるイスラムの危険性を知らせるのだそうだ。
Anyone can imagine how much antipathy such an act would incur among people who believe in the Koran.
コーランの教えを信ずる人たちからどれほどの反発を招き寄せるか。だれもが想像できることだ。
News about the plan made headlines around the world. In Afghanistan, where U.S. and European troops are stationed, residents staged protests. The commander of U.S. forces in Afghanistan warned that the book burning could put his troops in further danger. Such reactions are natural.
ニュースは世界を駆けめぐり、欧米軍が駐留するアフガニスタンで住民の抗議行動があった。駐留米軍の司令官は米兵への危険が高まると心配した。当然だろう。
The building of a free and tolerant society is the foundation of the United States. First U.S. President George Washington wrote that the United States "gives to bigotry no sanction, to persecution no assistance." It is clear the church's plan would run counter to this philosophy.
自由で寛容な社会の構築は、米国の建国の原点である。初代のワシントン大統領は「米国は偏狭な価値観を認めず、迫害を助長することもない」との言葉を残している。教会の計画がこの理念に反するのは明らかだ。
Everything must be done to prevent the rift between the United States and the Islamic world from widening. We urge the church to immediately cancel its plans.
米国とイスラム世界との亀裂が広がることは避けねばならない。教会は今すぐ計画を撤回してもらいたい。
The image of passenger planes hijacked by terrorists crashing into the World Trade Center towers in New York nine years ago is still fresh in our minds. In the background of that attack was Muslim extremists' antagonism and distrust against the United States, which holds much of the world's wealth and power.
今から９年前、テロリストの乗っ取った旅客機が、ニューヨークの世界貿易センターに突っ込んだ光景はなお記憶に新しい。背景にあったのは、世界の富と権力の多くを手にする超大国米国に対するイスラム過激主義者の敵意と不信だった。
The George W. Bush administration, which plunged into war in Afghanistan and Iraq, could not alleviate such anti-U.S. sentiments.
アフガンとイラクでの戦争に突き進んだブッシュ前政権は、この反米感情を静められなかった。
Signs of change appeared after President Barack Obama, who advocates reconciliation with the Islamic world, took over. He embarked on mediating Middle East peace and reached a decision to withdraw U.S. troops from Iraq.
変化が見えたのは、イスラム世界との和解を掲げるオバマ大統領が就任してからだ。中東和平への仲介に乗り出し、イラクからの米軍撤退にようやくこぎつけた。
What has become clear now is the bitter conflict and agony within the United States over peaceful coexistence with Islam.
しかしいま露呈しているのは、イスラムとの共存をめぐって対立し、苦悩する米国内部の苦い現実である。
A plan to build a mosque near the site where the World Trade Center stood has reached a deadlock in the face of opposition by residents. While the plan is aimed at promoting understanding toward different cultures, some families of victims of 9/11 say it is an affront to the memories of their loved ones.
世界貿易センター近くにイスラム教のモスクを建設する計画が住民の反対で暗礁に乗り上げている。異文化への理解を進める計画だが、９・１１テロの被害者家族からは「息子の思い出への侮辱だ」という声が上がっている。
The number of Muslims around the world centering on the Middle East and West Asia is estimated at between 1 billion and 2 billion. The United States, a society of immigrants, is also home to millions of Muslims, and many mosques exist across the country. People of different religious faiths live in the same society.
中東や西アジアを中心に、イスラム教徒は世界に十数億人いるとされる。移民社会の米国にも数百万人が住み、数多くのモスクがある。宗教は異なるが、同じ社会に住んでいるのだ。
In Europe, moves to exclude Islamic immigrants and ban women from wearing veils are emerging. Growing anxiety over the increase in jobless people and other issues is apparently behind the rising trend to cast a wary eye against social minorities.
欧州でも、イスラム系移民排斥や女性のベール着用禁止の動きが起きている。社会の少数者への視線が厳しさを増す背景には、失業者の増加といった社会不安の増大もあるのだろう。
But now, security and prosperity of not only the United States but also the entire world cannot be maintained without coexistence with Islam.
いまやイスラムとの共存なしには、米国はもちろん、世界の安全や繁栄はありえない。
Last year, in a speech at Cairo University, President Obama quoted the Koran, the Talmud, the compendium of Jewish law, and the Bible, saying, "The people of the world can live together in peace."
オバマ大統領は昨年、カイロ大学での演説で、コーランとユダヤ教の律法タルムード、キリスト教の聖書を引用し、「世界の人々はともに平和に暮らすことができる」と呼びかけた。
We want U.S. society to eliminate narrow-minded thinking and recover its tradition of showing tolerance and magnanimity to accept different cultures.
狭量な考えを排し、異なる文化を受け入れる寛容と度量をもつ。米社会はそんな伝統を取り戻してほしい。
--The Asahi Shimbun, Sept. 10
EDITORIAL: Koran-burning in U.S..
米国とコーラン―寛容を取り戻すとき
A small Christian church in Florida called for the burning of the Koran, the sacred book of Muslims, on Sept. 11, the ninth anniversary of the 2001 terrorist attacks against the United States.
米フロリダ州の小さなキリスト教会が、イスラム教の聖典コーランを焼こうと呼びかけている。
According to the church, the plan is aimed at alerting the world to the dangers of Islam, which it says "is of the Devil."
今年の９・１１の日に「邪悪な宗教」であるイスラムの危険性を知らせるのだそうだ。
Anyone can imagine how much antipathy such an act would incur among people who believe in the Koran.
コーランの教えを信ずる人たちからどれほどの反発を招き寄せるか。だれもが想像できることだ。
News about the plan made headlines around the world. In Afghanistan, where U.S. and European troops are stationed, residents staged protests. The commander of U.S. forces in Afghanistan warned that the book burning could put his troops in further danger. Such reactions are natural.
ニュースは世界を駆けめぐり、欧米軍が駐留するアフガニスタンで住民の抗議行動があった。駐留米軍の司令官は米兵への危険が高まると心配した。当然だろう。
The building of a free and tolerant society is the foundation of the United States. First U.S. President George Washington wrote that the United States "gives to bigotry no sanction, to persecution no assistance." It is clear the church's plan would run counter to this philosophy.
自由で寛容な社会の構築は、米国の建国の原点である。初代のワシントン大統領は「米国は偏狭な価値観を認めず、迫害を助長することもない」との言葉を残している。教会の計画がこの理念に反するのは明らかだ。
Everything must be done to prevent the rift between the United States and the Islamic world from widening. We urge the church to immediately cancel its plans.
米国とイスラム世界との亀裂が広がることは避けねばならない。教会は今すぐ計画を撤回してもらいたい。
The image of passenger planes hijacked by terrorists crashing into the World Trade Center towers in New York nine years ago is still fresh in our minds. In the background of that attack was Muslim extremists' antagonism and distrust against the United States, which holds much of the world's wealth and power.
今から９年前、テロリストの乗っ取った旅客機が、ニューヨークの世界貿易センターに突っ込んだ光景はなお記憶に新しい。背景にあったのは、世界の富と権力の多くを手にする超大国米国に対するイスラム過激主義者の敵意と不信だった。
The George W. Bush administration, which plunged into war in Afghanistan and Iraq, could not alleviate such anti-U.S. sentiments.
アフガンとイラクでの戦争に突き進んだブッシュ前政権は、この反米感情を静められなかった。
Signs of change appeared after President Barack Obama, who advocates reconciliation with the Islamic world, took over. He embarked on mediating Middle East peace and reached a decision to withdraw U.S. troops from Iraq.
変化が見えたのは、イスラム世界との和解を掲げるオバマ大統領が就任してからだ。中東和平への仲介に乗り出し、イラクからの米軍撤退にようやくこぎつけた。
What has become clear now is the bitter conflict and agony within the United States over peaceful coexistence with Islam.
しかしいま露呈しているのは、イスラムとの共存をめぐって対立し、苦悩する米国内部の苦い現実である。
A plan to build a mosque near the site where the World Trade Center stood has reached a deadlock in the face of opposition by residents. While the plan is aimed at promoting understanding toward different cultures, some families of victims of 9/11 say it is an affront to the memories of their loved ones.
世界貿易センター近くにイスラム教のモスクを建設する計画が住民の反対で暗礁に乗り上げている。異文化への理解を進める計画だが、９・１１テロの被害者家族からは「息子の思い出への侮辱だ」という声が上がっている。
The number of Muslims around the world centering on the Middle East and West Asia is estimated at between 1 billion and 2 billion. The United States, a society of immigrants, is also home to millions of Muslims, and many mosques exist across the country. People of different religious faiths live in the same society.
中東や西アジアを中心に、イスラム教徒は世界に十数億人いるとされる。移民社会の米国にも数百万人が住み、数多くのモスクがある。宗教は異なるが、同じ社会に住んでいるのだ。
In Europe, moves to exclude Islamic immigrants and ban women from wearing veils are emerging. Growing anxiety over the increase in jobless people and other issues is apparently behind the rising trend to cast a wary eye against social minorities.
欧州でも、イスラム系移民排斥や女性のベール着用禁止の動きが起きている。社会の少数者への視線が厳しさを増す背景には、失業者の増加といった社会不安の増大もあるのだろう。
But now, security and prosperity of not only the United States but also the entire world cannot be maintained without coexistence with Islam.
いまやイスラムとの共存なしには、米国はもちろん、世界の安全や繁栄はありえない。
Last year, in a speech at Cairo University, President Obama quoted the Koran, the Talmud, the compendium of Jewish law, and the Bible, saying, "The people of the world can live together in peace."
オバマ大統領は昨年、カイロ大学での演説で、コーランとユダヤ教の律法タルムード、キリスト教の聖書を引用し、「世界の人々はともに平和に暮らすことができる」と呼びかけた。
We want U.S. society to eliminate narrow-minded thinking and recover its tradition of showing tolerance and magnanimity to accept different cultures.
狭量な考えを排し、異なる文化を受け入れる寛容と度量をもつ。米社会はそんな伝統を取り戻してほしい。
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