The Yomiuri Shimbun (Aug. 14, 2011)
Free riders make mockery of toll-free Tohoku expressways
東北高速無料化 「ただ乗り」許せば意味がない（8月13日付・読売社説）
One of the most glaring deficiencies of the populist policies espoused by Prime Minister Naoto Kan and the Democratic Party of Japan has been exposed.
菅民主党政権のポピュリズム体質のひずみが、また一つ露呈したと言えるだろう。
Many drivers have been taking advantage of the exemption on expressway tolls for trucks in the disaster-struck Tohoku region to travel without paying.
東北地方の高速道路無料化に便乗したトラックの「ただ乗り」問題である。
Hundreds of long-distance truck drivers bound for Tokyo and its vicinity from western Japan have exploited loopholes in this system by taking a longer route to get on or off at a toll-free section and avoid paying.
西日本から東京方面などへ向かう長距離トラックが、わざわざ遠回りして無料化の対象区間で乗り降りし、高速料金を浮かせるという“裏技”が横行している。
The system was intended to smooth the flow of goods to disaster areas by lowering transportation costs. トラックを対象とした無料化は本来、輸送コストを引き下げて被災地向けの物流を円滑にすることが目的だった。
However, a large number of truckers that have nothing to do with recovery work have abused the system by repeatedly traveling long distances on expressways for free.
ところが、復興支援とは無関係のトラックが制度の不備を突き、ただ乗りを繰り返している。
This has resulted in traffic often backing up from toll gates as far as driving lanes, and frustrated ordinary drivers.
料金所から走行車線まで続く長い渋滞に、一般ドライバーからは不満の声が上がっている。
On the other side of the coin, trucking companies and related businesses in disaster-hit areas have welcomed the toll-free system.
一方で、被災地の運送業者などは無料化を歓迎している。
===
Flawed from the beginning
We think the Land, Infrastructure, Transport and Tourism Ministry should survey residents in affected areas and conduct fact-finding investigations regarding the toll-free system.
If the ministry concludes the system is doing more harm than good, it should be dumped.
国土交通省は地元の意見や実態を調査し、無料化による副作用の方が大きいと判断したら、トラックの無料化を打ち切るべきだろう。
We believe there might have been problems with making Tohoku expressways toll-free from the very beginning.
そもそも東北無料化の制度自体に無理があったのではないか。
Since June 20, vehicles driven by March 11 disaster victims, people who evacuated from around the Fukushima No. 1 nuclear power plant, and midsize or larger trucks have had their tolls waived.
６月２０日から始まった無料化は、被災者が乗る車と、トラックなど中型以上の車が対象になった。
These vehicles are exempt from paying when starting from or arriving at toll gates on 20 sections of expressways in Tohoku and parts of Ibaraki and Niigata prefectures.
東北全域と茨城、新潟両県の一部の高速２０路線で乗り降りした場合、料金がかからない。
To use the system, drivers need certificates issued by municipal governments that prove they are disaster victims. However, trucks do not need these certificates and are not even asked about the purpose of their travel. 被災者は自治体の被災証明が必要だが、トラックは不要で、走行目的もチェックされない。
Consequently, trucks can travel without paying on expressway sections that have no tollgates.
途中で料金所を通過しない路線を選べば、全区間を無料で走れる。
Here's one case that highlights the system's flaws.
例えば、こんな具合だ。
A truck drives from the Kansai region via the Meishin, Chuo, Keno or Kita-Kanto expressways and passes a tollbooth at the Mito Interchange of the Joban Expressway, which is in a toll-free section.
関西から名神、中央、圏央、北関東などの高速を走り、無料化対象の常磐道水戸インターチェンジ（ＩＣ）で降りる。
The truck then makes a U-turn and drives back through the same tollgate--again without having to pay.
This would enable the truck to reach its actual destination in Tokyo or neighboring areas without paying a single yen.
すぐにＵターンして水戸ＩＣから乗り、本来の目的地の東京方面を目指す。
===
System must be reviewed
A transport ministry survey conducted in late July found about 800 of 6,000 trucks that went through tollgates of the Mito Interchange from 7 a.m. to 7 p.m. returned to those gates--but in the opposite direction--within one hour.
国土交通省が先月下旬に調査したところ、午前７時から午後７時までに水戸ＩＣを降りたトラック約６０００台のうち、約８００台が１時間以内に戻ってきた。
This meant one or two of every 10 trucks were suspected of unfairly using the toll-free system, according to the ministry.
１０台のうち１～２台は、便乗トラックの疑いがあるという。
It is also problematic that narrow streets used by children going to school and residential roads near interchanges have become clogged with heavy trucks.
Many locals have complained about the trucks making dangerous U-turns and the noise they generate.
ＩＣ付近の狭い通学路や生活道路に大型トラックがあふれ、危険なＵターン走行や騒音を訴える声が相次いでいるのも問題だ。
Although making a U-turn around interchanges on national highways is illegal, some truck drivers have turned around at parking lots of commercial establishments and other places. The result is that the situation remains uncorrected.
周辺の国道はＵターン禁止になったが、トラックは沿道の商業施設駐車場などで転回しており、事態は一向に改善していない。
The DPJ's campaign pledge to make all expressways toll-free is foolish because even people who do not use expressways will be forced to bear financial burdens related to them.
民主党が公約に掲げる全国の高速無料化は、利用しない人にも負担を強いるおかしな制度だ。
The confusion sparked by the toll-free Tohoku expressways should be an opportunity to put the DPJ's toll abolition plan under the microscope.
今回の東北無料化での混乱を、見直しの契機とすべきである。
(From The Yomiuri Shimbun, Aug. 13, 2011)
（2011年8月13日01時27分 読売新聞）
2011/08/16
2011/08/14
世界市場混乱 日米欧は危機の収束を急げ
The Yomiuri Shimbun (Aug. 13, 2011)
Japan, U.S., Europe must hasten to end fiscal crisis
世界市場混乱 日米欧は危機の収束を急げ（8月12日付・読売社説）
Unrest in global financial markets is continuing, as there is no end in sight to fiscal crises in the United States and some European countries, with credit uncertainty spreading.
世界的な市場の混乱がおさまらない。米国と欧州の財政危機の収束が見通せず、信用不安が拡大しているためだ。
International coordination must be enhanced to stabilize the markets, while Japan, the United States, European countries and emerging economies must also deal appropriately with their respective problems.
市場の安定には国際協調を強化し、日米欧や新興国がそれぞれ自国の抱える課題に適切に対処することが欠かせない。
Finance ministers and central bank governors from the Group of Seven leading economies announced Monday they would jointly take every possible step to stabilize the markets.
先進７か国財務相・中央銀行総裁会議（Ｇ７）は８日、「あらゆる手段を講じる」とする緊急声明を発表した。
The U.S. Federal Reserve Board pledged in a statement issued Tuesday to keep interest rates near zero until mid-2013.
米連邦準備制度理事会（ＦＲＢ）も９日に、ゼロ金利政策を２０１３年半ばまで続けるとの声明を出した。
A barrage of countermeasures temporarily stopped a chain-reaction global decline in stock values, but stock markets in the United States and European countries crashed again on Wednesday.
矢継ぎ早の対応で、世界的な株安の連鎖にいったんは歯止めがかかったが、１０日の欧米市場は再び総崩れとなった。
The stock average also fell below 9,000 again on the Tokyo Stock Exchange on Thursday.
１１日の東京株式市場も、平均株価が再び９０００円を割り込んだ。
However, it is not easy to deal with the latest market unrest because it has been caused by a complex web of factors.
今回の混乱は要因が複雑に絡み合っており、対応が難しい。
===
U.S., Europe blamed for unrest
Since the U.S. government failed to take drastic countermeasures against its fiscal deterioration, U.S. Treasury bonds were downgraded by Standard & Poor's.
米国は、財政悪化に大胆なメスを入れられず、米国債は格下げされた。
Under the circumstances, increased public spending to boost the economy can hardly be expected.
財政出動による景気浮揚も期待しにくい。
In Europe, fiscal crises in Greece and other countries have spread to Italy and Spain, and credit uncertainty has even spilled over to France, which is one of the countries helping them.
欧州では、ギリシャなどの財政危機がイタリアやスペインに飛び火し、さらに支援する側のフランスにも信用不安が拡大した。
Financial institutions around the world possess a huge number of government bonds issued by the United States and European countries.
米国や欧州各国の国債は世界の金融機関が大量に保有している。
If the value of those bonds plummets, financial instability will grow.
急落すれば金融不安が高まる。
The United States and European countries must proceed steadily with fiscal reconstruction and try to resolve the turmoil as soon as possible.
米欧各国は財政再建を着実に進め、混乱収拾を急がねばならない。
Meanwhile, economic overheating and inflation are concerns in emerging economies.
新興国は、景気過熱やインフレが心配だ。
According to some observers, surplus funds put out by developed countries' monetary easing measures have flowed into emerging economies to inflate economic bubbles.
先進国の金融緩和による余剰資金が流れ込み、バブルを発生させたとの見方もある。
Countries around the world must work together and steer their respective economic policies cautiously to prevent bubbles in emerging economies from collapsing and to make soft landings possible.
バブル崩壊を防ぎ、新興国の経済を軟着陸させるには、国際協調による慎重なかじ取りが求められる。
===
Economic stimulus needed
Although the Japanese government and the Bank of Japan conducted an independent yen-selling intervention, the yen's value still remains high and is likely at any time to again reach a postwar record value above the 76 yen-to-the-dollar level.
日本では、政府・日銀による単独為替介入の後も、円相場は１ドル＝７６円台の最高値をうかがう水準にある。
The government and the central bank must conduct a concerted intervention with the United States and European countries to demonstrate their determination not to allow the yen's further appreciation.
欧米各国との協調介入を実現し、円高進行を断固阻止する姿勢を示す必要があろう。
The government has upgraded the nation's economic outlook to "picking up" because it considers the economic downturn caused by the Great East Japan Earthquake and subsequent tsunami to be almost over.
震災による景気悪化が一段落したとして、政府は景気判断を「持ち直し」に上方修正した。
It also assumes a scenario in which Japan's economic growth will shift into high gear with overseas demand as a driving force, but we think this prospect is too rosy because the future of economies abroad does not allow much room for optimism.
さらに海外需要をテコに成長が本格化するとのシナリオを描いているが、海外経済の先行きは楽観できない。見通しが甘すぎる。
The government must prioritize economic stimulus measures in its policy management.
景気優先の政策運営が欠かせない。
Projects to restore damage caused by the disaster will lead to expansion of domestic demand.
震災復興事業は内需拡大につながる。
It should daringly proceed with such projects after securing stable financial resources.
安定財源を確保し、大胆に事業を推進していくべきだ。
Confusion over the nation's energy policy under Prime Minister Naoto Kan's administration, especially on such issues as denuclearization, has raised the specter of severe electricity shortages and caused public concern over the future of the nation's economic growth.
「脱原発依存」をはじめ、迷走する菅政権のエネルギー政策が電力不足を招き、成長の先行き不安も引き起こしている。
The nation's growth strategy and energy policy must be put back into shape as Kan's Cabinet finally is coming to its end.
「ポスト菅」に向けて、成長戦略やエネルギー政策を、しっかりと立て直さなければならない。
(From The Yomiuri Shimbun, Aug. 12, 2011)
（2011年8月12日01時08分 読売新聞）
Japan, U.S., Europe must hasten to end fiscal crisis
世界市場混乱 日米欧は危機の収束を急げ（8月12日付・読売社説）
Unrest in global financial markets is continuing, as there is no end in sight to fiscal crises in the United States and some European countries, with credit uncertainty spreading.
世界的な市場の混乱がおさまらない。米国と欧州の財政危機の収束が見通せず、信用不安が拡大しているためだ。
International coordination must be enhanced to stabilize the markets, while Japan, the United States, European countries and emerging economies must also deal appropriately with their respective problems.
市場の安定には国際協調を強化し、日米欧や新興国がそれぞれ自国の抱える課題に適切に対処することが欠かせない。
Finance ministers and central bank governors from the Group of Seven leading economies announced Monday they would jointly take every possible step to stabilize the markets.
先進７か国財務相・中央銀行総裁会議（Ｇ７）は８日、「あらゆる手段を講じる」とする緊急声明を発表した。
The U.S. Federal Reserve Board pledged in a statement issued Tuesday to keep interest rates near zero until mid-2013.
米連邦準備制度理事会（ＦＲＢ）も９日に、ゼロ金利政策を２０１３年半ばまで続けるとの声明を出した。
A barrage of countermeasures temporarily stopped a chain-reaction global decline in stock values, but stock markets in the United States and European countries crashed again on Wednesday.
矢継ぎ早の対応で、世界的な株安の連鎖にいったんは歯止めがかかったが、１０日の欧米市場は再び総崩れとなった。
The stock average also fell below 9,000 again on the Tokyo Stock Exchange on Thursday.
１１日の東京株式市場も、平均株価が再び９０００円を割り込んだ。
However, it is not easy to deal with the latest market unrest because it has been caused by a complex web of factors.
今回の混乱は要因が複雑に絡み合っており、対応が難しい。
===
U.S., Europe blamed for unrest
Since the U.S. government failed to take drastic countermeasures against its fiscal deterioration, U.S. Treasury bonds were downgraded by Standard & Poor's.
米国は、財政悪化に大胆なメスを入れられず、米国債は格下げされた。
Under the circumstances, increased public spending to boost the economy can hardly be expected.
財政出動による景気浮揚も期待しにくい。
In Europe, fiscal crises in Greece and other countries have spread to Italy and Spain, and credit uncertainty has even spilled over to France, which is one of the countries helping them.
欧州では、ギリシャなどの財政危機がイタリアやスペインに飛び火し、さらに支援する側のフランスにも信用不安が拡大した。
Financial institutions around the world possess a huge number of government bonds issued by the United States and European countries.
米国や欧州各国の国債は世界の金融機関が大量に保有している。
If the value of those bonds plummets, financial instability will grow.
急落すれば金融不安が高まる。
The United States and European countries must proceed steadily with fiscal reconstruction and try to resolve the turmoil as soon as possible.
米欧各国は財政再建を着実に進め、混乱収拾を急がねばならない。
Meanwhile, economic overheating and inflation are concerns in emerging economies.
新興国は、景気過熱やインフレが心配だ。
According to some observers, surplus funds put out by developed countries' monetary easing measures have flowed into emerging economies to inflate economic bubbles.
先進国の金融緩和による余剰資金が流れ込み、バブルを発生させたとの見方もある。
Countries around the world must work together and steer their respective economic policies cautiously to prevent bubbles in emerging economies from collapsing and to make soft landings possible.
バブル崩壊を防ぎ、新興国の経済を軟着陸させるには、国際協調による慎重なかじ取りが求められる。
===
Economic stimulus needed
Although the Japanese government and the Bank of Japan conducted an independent yen-selling intervention, the yen's value still remains high and is likely at any time to again reach a postwar record value above the 76 yen-to-the-dollar level.
日本では、政府・日銀による単独為替介入の後も、円相場は１ドル＝７６円台の最高値をうかがう水準にある。
The government and the central bank must conduct a concerted intervention with the United States and European countries to demonstrate their determination not to allow the yen's further appreciation.
欧米各国との協調介入を実現し、円高進行を断固阻止する姿勢を示す必要があろう。
The government has upgraded the nation's economic outlook to "picking up" because it considers the economic downturn caused by the Great East Japan Earthquake and subsequent tsunami to be almost over.
震災による景気悪化が一段落したとして、政府は景気判断を「持ち直し」に上方修正した。
It also assumes a scenario in which Japan's economic growth will shift into high gear with overseas demand as a driving force, but we think this prospect is too rosy because the future of economies abroad does not allow much room for optimism.
さらに海外需要をテコに成長が本格化するとのシナリオを描いているが、海外経済の先行きは楽観できない。見通しが甘すぎる。
The government must prioritize economic stimulus measures in its policy management.
景気優先の政策運営が欠かせない。
Projects to restore damage caused by the disaster will lead to expansion of domestic demand.
震災復興事業は内需拡大につながる。
It should daringly proceed with such projects after securing stable financial resources.
安定財源を確保し、大胆に事業を推進していくべきだ。
Confusion over the nation's energy policy under Prime Minister Naoto Kan's administration, especially on such issues as denuclearization, has raised the specter of severe electricity shortages and caused public concern over the future of the nation's economic growth.
「脱原発依存」をはじめ、迷走する菅政権のエネルギー政策が電力不足を招き、成長の先行き不安も引き起こしている。
The nation's growth strategy and energy policy must be put back into shape as Kan's Cabinet finally is coming to its end.
「ポスト菅」に向けて、成長戦略やエネルギー政策を、しっかりと立て直さなければならない。
(From The Yomiuri Shimbun, Aug. 12, 2011)
（2011年8月12日01時08分 読売新聞）
2011/08/13
読売緊急提言 新首相の下で復興体制確立を
The Yomiuri Shimbun (Aug. 12, 2011)
Next administration must show clear path to reconstruction
読売緊急提言 新首相の下で復興体制確立を（8月11日付・読売社説）
◆財源は消費税率引き上げを柱に◆
As of Thursday, it has been five months since the March 11 Great East Japan Earthquake, but reconstruction of disaster-hit areas has been greatly delayed from the government's initial schedule.
東日本大震災の発生から５か月たつのに、復興が大幅に遅れている。
Disposal of the massive amount of debris in the areas has not progressed smoothly, while many disaster survivors are still forced to live in evacuation centers.
被災地では大量のがれき処理が進まず、多数の被災者はいまだに避難所生活を余儀なくされている。
There is also political turmoil as a result of Prime Minister Naoto Kan's irresponsible extemporaneous remarks and ad hoc responses to various issues.
菅首相の思いつき発言と場当たり的な対応で、政治の混迷が続く。
There are even fears the Japanese economy will lose momentum due to upsets in financial markets, such as the hyper-appreciation of the yen and global plunges in stock prices.
超円高や世界的な株安などの市場の混乱により、日本の景気の腰折れすら懸念される。
At this juncture, we have no time to lose in drastically changing the current political framework.
政治体制の刷新に、もはや一刻の猶予も許されない。
The Yomiuri Shimbun has compiled a set of emergency proposals concerning reconstruction from the great earthquake.
読売新聞社は、震災復興に関する緊急提言をまとめた。
The central and local governments should unite to accelerate efforts to reconstruct the quake- and tsunami-hit areas and rebuild the lives of people in those areas as early as possible.
国と地方が一体となって復興作業を加速し、被災地の暮らしを一日も早く再建させたい。
It is also an urgent task to decontaminate areas tainted by radiation around the Fukushima No. 1 nuclear power plant, operated by Tokyo Electric Power Co.
福島第一原子力発電所の周辺の放射能除染作業も急務だ。
Japan must overcome the great earthquake and the nuclear crisis and realize a strong economic recovery.
大震災と原発事故を克服し、力強い景気回復を実現しなければならない。
What is really necessary is to restore political leadership in the nation.
何よりも必要なのは政治のリーダーシップを取り戻すことだ。
===
Chose new DPJ head quickly
◆代表選の論戦が重要だ◆
The prime minister, who announced his intention to resign in early June, still clings to the post, inviting serious paralysis in domestic and foreign policy. He must resign immediately.
６月初めに退陣表明したはずの首相が居座り、内政・外交の著しい停滞を招いている。即刻、退陣すべきである。
We would like the Democratic Party of Japan to swiftly elect Kan's successor as party president.
民主党は、速やかに新代表を選出してもらいたい。
The new DPJ president should not endlessly adhere to the party's unpopular election manifesto, which has already proved unworkable.
新代表は、破綻した政権公約（マニフェスト）にいつまでも固執することがあってはならない。
The new DPJ head should be strongly determined to bid farewell to the failed attempt to implement "government led by politicians" and able to effectively handle and make good use of bureaucrats and their expertise.
誤った「政治主導」に決別する意思と、官僚機構を使いこなす能力が求められる。
It is also indispensable for the new DPJ leader to put a premium on consultations between the ruling and opposition parties.
与野党協議を重視する姿勢も不可欠である。
Under the currently divided Diet, in which the ruling parties hold a majority in the House of Representatives and opposition parties have a majority in the House of Councillors, it is important for both blocs to cooperate in deliberating on and enacting bills.
衆参ねじれ国会では、与野党が法案の審議や成立に協力することが大事だ。
The new administration will have several options to swiftly carry out effective policy measures, including a grand coalition and cooperation from parties not represented in the cabinet.
有効な政策を迅速に遂行するためにも、新政権では大連立、閣外協力などの選択肢が考えられる。
The ruling and opposition parties need to put aside their political tug-of-war for about one year to seriously face the current national crisis.
与野党は最低１年間程度は政局の駆け引きから離れ、国難に立ち向かう必要がある。
According to the government's basic reconstruction policy, the first five years will be a period of intense reconstruction that will require revenues of at least 19 trillion yen.
政府の復興基本方針は、今後５年間を復興の集中期間とし、最低１９兆円の財源が必要と指摘した。
Of this amount, 13 trillion yen--not including money necessary for the first and second supplementary budgets for the current fiscal year--should be financed through means including the issuance of reconstruction bonds, spending cuts and non-tax revenue, the policy says.
今年度第１、２次補正予算分を除いた１３兆円の財源について、復興債の発行や歳出削減、税外収入で賄うとしている。
===
Discuss tax increase
◆増税論議を与野党で◆
Considering the nation's severe fiscal circumstances, the issuance of reconstruction bonds is unavoidable.
厳しい財政事情を考えると、復興債発行はやむを得ない。
The problem is how to secure revenues to redeem the government bonds.
問題はその復興債の償還財源をどのように確保するかである。
The government seems to be thinking about raising such key taxes as income, corporate and consumption taxes. 政府は、所得税、法人税、消費税の「基幹税」の増税を考えているようだ。
It must not leave debts to future generations, but should finance the redemption of the reconstruction bonds through stable revenue sources.
借金を将来につけ回しせず、復興債の償還を安定財源で賄うべきだ。
In this regard, we think it is most appropriate to make an increase in the consumption tax rate a major pillar of the tax hikes, because a wide variety of consumers can share the burden.
広く負担を分かち合える消費税の増税を柱とするのが妥当といえよう。
The plan for integrated reform of the tax and social security systems--which the government and ruling parties adopted in June--proposed that consumption tax revenue be used exclusively for social security purposes and the tax rate be raised to 10 percent by the middle of the 2010s.
政府・与党が６月に決めた社会保障と税の一体改革案は、消費税を社会保障財源として位置づけ、「２０１０年代半ばまでに１０％に引き上げる」と明記した。
It is reasonable to use the consumption tax revenue for social security purposes, in response to a graying society with a chronically low birthrate.
少子高齢化に対応し、消費税収を社会保障財源に充てるのは当然だ。
===
Raise consumption tax to 8%
Now that the nation is in a state of emergency, it may be advisable for the consumption tax rate to be raised by about 3 percentage points, starting in fiscal 2013, and for a considerable part of the increased revenue to be used for the redemption of the post-disaster reconstruction bonds.
非常時だからこそ、１３年度から消費税率を３％前後引き上げ、当面は増収分の相当部分を復興債の償還に使ってはどうか。
A one percentage point hike in the consumption tax would be expected to increase tax revenue by 2.5 trillion yen.
消費税率１％の引き上げで２・５兆円の増収が見込まれる。
The ruling and opposition parties should begin talks soon on the process of raising the tax rate and on the use of the increased revenue.
税率引き上げの道筋や増収分の扱いについて、与野党で早急に協議を始めるべきだ。
In connection with the issuance of post-disaster reconstruction bonds, the utilization of "buried treasure," idle funds held by individual households, is also promising.
復興債の発行に関連し、家計に眠る埋蔵金の活用も有望だ。
It may be advisable for the government to draw out this sleeping private capital by issuing a no-interest, nontaxable government bond that is exempt from inheritance tax, and utilize it for reconstruction efforts.
利子がつかない代わりに相続税が免除される「無利子非課税国債」を発行して家計の資金を引き出し、復興に活用したい。
Although the Japanese economy is picking up, there are worrisome factors, namely insufficient electricity and the rapid appreciation of the yen.
日本の景気は持ち直してきたが、懸念材料は、電力不足と急激な円高進行である。
===
Prevent power crisis from expanding
◆電力危機の拡大を防げ◆
In the aftermath of the nuclear crisis at the Fukushima plant, operations cannot be resumed at nuclear power plants that have completed regular inspections.
原発事故後、定期検査を終えた各地の原発の運転が再開できない状況が続く。
Operations at other nuclear power plants also are to be suspended for their regular inspections by next spring.
残る原発も来春までに検査で停止する。
A devastating power shortage is becoming more of a real possibility.
電力危機が現実味を帯びてきた。
Many companies are shifting their production bases abroad to avoid the risks stemming from the power shortage and the rapid rise of the yen.
If this trend accelerates, the nation's industries will be hollowed out.
電力不足と超円高のリスクを回避するため、多くの企業が工場を海外に移転する動きを加速させると国内産業は空洞化する。
This could undermine the foundation of the national economy.
日本経済の土台が揺らぎかねない。
To prevent such economic decay, the government should first ensure the safety of nuclear power plants and have operations resume at verified plants one by one, with the central government taking responsibility.
そうした衰退を防ぐには、まず原発の安全性を確認したうえで、国の責任で原発を順次、再稼働させていくべきである。
It is right for the government to pursue as an ultimate goal the promotion of such natural energies as solar, wind and geothermal power.
But we cannot count on their becoming major power sources anytime soon.
太陽光、風力、地熱などの自然エネルギーの普及を目指す方向は正しいが、直ちに主要な電力源になることは期待できない。
The government should pursue the best and most realistic energy policy, while utilizing nuclear power.
政府は原子力を活用しながら、現実的で最善のエネルギー政策を追求しなければならない。
The realization of full-fledged economic expansion will boost post-disaster reconstruction and expand support to disaster-stricken areas.
本格的な景気拡大の実現が、震災復興に弾みをつけ、被災地の支援を充実させる。
The government and the Bank of Japan must do their utmost to prevent the too-rapid appreciation of the yen, which would have an adverse impact on the economy.
政府・日銀は、景気に悪影響を与える超円高の阻止に全力を挙げるべきだ。
It is also desirable to reinforce the growth strategy of drawing on the vitality of foreign economies, through cooperation between the public and private sectors.
官民連携で海外の活力を取り込む成長戦略も強化したい。
Japan must also quickly rebuild its export system, including such social infrastructure as the high-speed Shinkansen railway system and nuclear power plants for emerging economies, and participate in the Trans-Pacific Partnership free trade pact.
新興国向けの新幹線や原発などのインフラ輸出体制を立て直し、環太平洋経済連携協定（ＴＰＰ）への参加を急ぐことも求められよう。
(From The Yomiuri Shimbun, Aug. 11, 2011)
（2011年8月11日03時04分 読売新聞）
Next administration must show clear path to reconstruction
読売緊急提言 新首相の下で復興体制確立を（8月11日付・読売社説）
◆財源は消費税率引き上げを柱に◆
As of Thursday, it has been five months since the March 11 Great East Japan Earthquake, but reconstruction of disaster-hit areas has been greatly delayed from the government's initial schedule.
東日本大震災の発生から５か月たつのに、復興が大幅に遅れている。
Disposal of the massive amount of debris in the areas has not progressed smoothly, while many disaster survivors are still forced to live in evacuation centers.
被災地では大量のがれき処理が進まず、多数の被災者はいまだに避難所生活を余儀なくされている。
There is also political turmoil as a result of Prime Minister Naoto Kan's irresponsible extemporaneous remarks and ad hoc responses to various issues.
菅首相の思いつき発言と場当たり的な対応で、政治の混迷が続く。
There are even fears the Japanese economy will lose momentum due to upsets in financial markets, such as the hyper-appreciation of the yen and global plunges in stock prices.
超円高や世界的な株安などの市場の混乱により、日本の景気の腰折れすら懸念される。
At this juncture, we have no time to lose in drastically changing the current political framework.
政治体制の刷新に、もはや一刻の猶予も許されない。
The Yomiuri Shimbun has compiled a set of emergency proposals concerning reconstruction from the great earthquake.
読売新聞社は、震災復興に関する緊急提言をまとめた。
The central and local governments should unite to accelerate efforts to reconstruct the quake- and tsunami-hit areas and rebuild the lives of people in those areas as early as possible.
国と地方が一体となって復興作業を加速し、被災地の暮らしを一日も早く再建させたい。
It is also an urgent task to decontaminate areas tainted by radiation around the Fukushima No. 1 nuclear power plant, operated by Tokyo Electric Power Co.
福島第一原子力発電所の周辺の放射能除染作業も急務だ。
Japan must overcome the great earthquake and the nuclear crisis and realize a strong economic recovery.
大震災と原発事故を克服し、力強い景気回復を実現しなければならない。
What is really necessary is to restore political leadership in the nation.
何よりも必要なのは政治のリーダーシップを取り戻すことだ。
===
Chose new DPJ head quickly
◆代表選の論戦が重要だ◆
The prime minister, who announced his intention to resign in early June, still clings to the post, inviting serious paralysis in domestic and foreign policy. He must resign immediately.
６月初めに退陣表明したはずの首相が居座り、内政・外交の著しい停滞を招いている。即刻、退陣すべきである。
We would like the Democratic Party of Japan to swiftly elect Kan's successor as party president.
民主党は、速やかに新代表を選出してもらいたい。
The new DPJ president should not endlessly adhere to the party's unpopular election manifesto, which has already proved unworkable.
新代表は、破綻した政権公約（マニフェスト）にいつまでも固執することがあってはならない。
The new DPJ head should be strongly determined to bid farewell to the failed attempt to implement "government led by politicians" and able to effectively handle and make good use of bureaucrats and their expertise.
誤った「政治主導」に決別する意思と、官僚機構を使いこなす能力が求められる。
It is also indispensable for the new DPJ leader to put a premium on consultations between the ruling and opposition parties.
与野党協議を重視する姿勢も不可欠である。
Under the currently divided Diet, in which the ruling parties hold a majority in the House of Representatives and opposition parties have a majority in the House of Councillors, it is important for both blocs to cooperate in deliberating on and enacting bills.
衆参ねじれ国会では、与野党が法案の審議や成立に協力することが大事だ。
The new administration will have several options to swiftly carry out effective policy measures, including a grand coalition and cooperation from parties not represented in the cabinet.
有効な政策を迅速に遂行するためにも、新政権では大連立、閣外協力などの選択肢が考えられる。
The ruling and opposition parties need to put aside their political tug-of-war for about one year to seriously face the current national crisis.
与野党は最低１年間程度は政局の駆け引きから離れ、国難に立ち向かう必要がある。
According to the government's basic reconstruction policy, the first five years will be a period of intense reconstruction that will require revenues of at least 19 trillion yen.
政府の復興基本方針は、今後５年間を復興の集中期間とし、最低１９兆円の財源が必要と指摘した。
Of this amount, 13 trillion yen--not including money necessary for the first and second supplementary budgets for the current fiscal year--should be financed through means including the issuance of reconstruction bonds, spending cuts and non-tax revenue, the policy says.
今年度第１、２次補正予算分を除いた１３兆円の財源について、復興債の発行や歳出削減、税外収入で賄うとしている。
===
Discuss tax increase
◆増税論議を与野党で◆
Considering the nation's severe fiscal circumstances, the issuance of reconstruction bonds is unavoidable.
厳しい財政事情を考えると、復興債発行はやむを得ない。
The problem is how to secure revenues to redeem the government bonds.
問題はその復興債の償還財源をどのように確保するかである。
The government seems to be thinking about raising such key taxes as income, corporate and consumption taxes. 政府は、所得税、法人税、消費税の「基幹税」の増税を考えているようだ。
It must not leave debts to future generations, but should finance the redemption of the reconstruction bonds through stable revenue sources.
借金を将来につけ回しせず、復興債の償還を安定財源で賄うべきだ。
In this regard, we think it is most appropriate to make an increase in the consumption tax rate a major pillar of the tax hikes, because a wide variety of consumers can share the burden.
広く負担を分かち合える消費税の増税を柱とするのが妥当といえよう。
The plan for integrated reform of the tax and social security systems--which the government and ruling parties adopted in June--proposed that consumption tax revenue be used exclusively for social security purposes and the tax rate be raised to 10 percent by the middle of the 2010s.
政府・与党が６月に決めた社会保障と税の一体改革案は、消費税を社会保障財源として位置づけ、「２０１０年代半ばまでに１０％に引き上げる」と明記した。
It is reasonable to use the consumption tax revenue for social security purposes, in response to a graying society with a chronically low birthrate.
少子高齢化に対応し、消費税収を社会保障財源に充てるのは当然だ。
===
Raise consumption tax to 8%
Now that the nation is in a state of emergency, it may be advisable for the consumption tax rate to be raised by about 3 percentage points, starting in fiscal 2013, and for a considerable part of the increased revenue to be used for the redemption of the post-disaster reconstruction bonds.
非常時だからこそ、１３年度から消費税率を３％前後引き上げ、当面は増収分の相当部分を復興債の償還に使ってはどうか。
A one percentage point hike in the consumption tax would be expected to increase tax revenue by 2.5 trillion yen.
消費税率１％の引き上げで２・５兆円の増収が見込まれる。
The ruling and opposition parties should begin talks soon on the process of raising the tax rate and on the use of the increased revenue.
税率引き上げの道筋や増収分の扱いについて、与野党で早急に協議を始めるべきだ。
In connection with the issuance of post-disaster reconstruction bonds, the utilization of "buried treasure," idle funds held by individual households, is also promising.
復興債の発行に関連し、家計に眠る埋蔵金の活用も有望だ。
It may be advisable for the government to draw out this sleeping private capital by issuing a no-interest, nontaxable government bond that is exempt from inheritance tax, and utilize it for reconstruction efforts.
利子がつかない代わりに相続税が免除される「無利子非課税国債」を発行して家計の資金を引き出し、復興に活用したい。
Although the Japanese economy is picking up, there are worrisome factors, namely insufficient electricity and the rapid appreciation of the yen.
日本の景気は持ち直してきたが、懸念材料は、電力不足と急激な円高進行である。
===
Prevent power crisis from expanding
◆電力危機の拡大を防げ◆
In the aftermath of the nuclear crisis at the Fukushima plant, operations cannot be resumed at nuclear power plants that have completed regular inspections.
原発事故後、定期検査を終えた各地の原発の運転が再開できない状況が続く。
Operations at other nuclear power plants also are to be suspended for their regular inspections by next spring.
残る原発も来春までに検査で停止する。
A devastating power shortage is becoming more of a real possibility.
電力危機が現実味を帯びてきた。
Many companies are shifting their production bases abroad to avoid the risks stemming from the power shortage and the rapid rise of the yen.
If this trend accelerates, the nation's industries will be hollowed out.
電力不足と超円高のリスクを回避するため、多くの企業が工場を海外に移転する動きを加速させると国内産業は空洞化する。
This could undermine the foundation of the national economy.
日本経済の土台が揺らぎかねない。
To prevent such economic decay, the government should first ensure the safety of nuclear power plants and have operations resume at verified plants one by one, with the central government taking responsibility.
そうした衰退を防ぐには、まず原発の安全性を確認したうえで、国の責任で原発を順次、再稼働させていくべきである。
It is right for the government to pursue as an ultimate goal the promotion of such natural energies as solar, wind and geothermal power.
But we cannot count on their becoming major power sources anytime soon.
太陽光、風力、地熱などの自然エネルギーの普及を目指す方向は正しいが、直ちに主要な電力源になることは期待できない。
The government should pursue the best and most realistic energy policy, while utilizing nuclear power.
政府は原子力を活用しながら、現実的で最善のエネルギー政策を追求しなければならない。
The realization of full-fledged economic expansion will boost post-disaster reconstruction and expand support to disaster-stricken areas.
本格的な景気拡大の実現が、震災復興に弾みをつけ、被災地の支援を充実させる。
The government and the Bank of Japan must do their utmost to prevent the too-rapid appreciation of the yen, which would have an adverse impact on the economy.
政府・日銀は、景気に悪影響を与える超円高の阻止に全力を挙げるべきだ。
It is also desirable to reinforce the growth strategy of drawing on the vitality of foreign economies, through cooperation between the public and private sectors.
官民連携で海外の活力を取り込む成長戦略も強化したい。
Japan must also quickly rebuild its export system, including such social infrastructure as the high-speed Shinkansen railway system and nuclear power plants for emerging economies, and participate in the Trans-Pacific Partnership free trade pact.
新興国向けの新幹線や原発などのインフラ輸出体制を立て直し、環太平洋経済連携協定（ＴＰＰ）への参加を急ぐことも求められよう。
(From The Yomiuri Shimbun, Aug. 11, 2011)
（2011年8月11日03時04分 読売新聞）
2011/08/12
米国債格下げ―世界危機への連鎖防げ
2011/08/10
--The Asahi Shimbun, Aug. 9
EDITORIAL: Countries need to work together to avert another global financial crisis
米国債格下げ―世界危機への連鎖防げ
Standard & Poor's, the credit rating agency, has stripped the U.S. government debt of its top-notch rating for the first time in history.
初の米国債格下げ。
Europe's sovereign debt crisis is showing no signs of waning.
収まらない欧州の債務問題。
And the yen is trading at historically high levels against the greenback.
そして歴史的な円高ドル安――。
Concerns about government debt in the industrialized world are threatening to create a full-blown financial crisis that will deliver a massive blow to the global economy.
財政赤字をめぐる不安が世界経済を揺るがす危機に発展しかねない。
The urgency of the situation prodded the Group of Seven leading economies into action.
そんな切迫感から主要７カ国（Ｇ７）が動いた。
At an emergency conference Aug.7, their finance ministers and central bankers issued a joint statement pledging to work in tandem to regain fiscal health and restore stability in foreign exchange markets.
電話による緊急の財務相・中央銀行総裁会議を開き、財政再建や為替安定などで結束するとの声明を発した。
We welcome their quick response to the situation.
機敏な反応を歓迎する。
For many years, U.S. government bonds have been regarded as the safest financial assets in the world.
米国債は長く世界で最も安全な金融資産とされてきた。
But Standard & Poor's, one of the three major credit-rating agencies, has--for the first time ever--lowered its rating of long-term federal debt one notch from the top grade of AAA.
その最上位の格付けを、大手格付け会社スタンダード・アンド・プアーズ（Ｓ＆Ｐ）が初めて引き下げた。
The investment services company said the downgrade was based mainly on a bleaker outlook for the U.S. public finances in the wake of political confusion in the Congress over the issue of increasing the government's borrowing limit.
債務上限の引き上げなどをめぐる米議会の政治的混乱から、本格的な財政再建への展望が暗い点を重く見た。
As former Federal Reserve Board Chairman Paul Volcker once said, the key question concerning the problem of government debt is not whether the country can pay back its debt but whether it has the will to do so.
政府債務問題は「その国が返済できるかどうかではなく、返済する気があるかどうかの問題だ」（ボルカー元米連邦準備制度理事会議長）といわれる。
The recent partisan squabbling over the debt ceiling issue has called into question Washington's will to tackle its fiscal woes.
まさにこの点への疑義が募った。
The U.S. government and Congress should work together to come up with stronger, more convincing measures to reduce the federal debt.
米政府と議会に財政再建策の拡充を改めて求めたい。
The two other major rating agencies, Moody's Investor Service and Fitch Ratings, have decided to maintain their top credit ratings for the U.S. government.
ムーディーズ、フィッチという他の大手は最上位の格付けを維持した。
There are clearly no other financial assets that are as safe, liquid and actively traded as U.S. government bonds.
相対的に信用が高く、発行量も多く、市場取引も活発な金融資産として、米国債に代わるものは他に見当たらない。
Analysts say the downgrade is unlikely to prompt investors to dump Treasuries.
投げ売りが広がる恐れは少ないとみられている。
But even the indirect effects of the downgrade are serious enough to warrant much attention.
ただし、格下げの間接的な影響だけでも無視できない。
As the risk of investing in Treasuries has increased, investors are likely to try to reduce their exposure to riskier investments, with serious consequences for stocks and bonds with lower ratings.
投資家は米国債のリスクが高まった分、もっと危ない投資対象を減らして対応する可能性が高い。
The immediate worry is that the rolling sovereign debt crisis in Europe may become even worse.
株式や格付けの低い債券への影響が心配だ。まず懸念されるのが、すでに欧州で燃え上がっている政府債務危機の火に油が注がれることだ。
The G-7 joint statement called on the member states of the European Union to swiftly ratify and implement their recent agreements on measures to enhance the European Financial Stability Facility, a bailout fund to rescue debt-ridden European countries.
Ｇ７の緊急声明は、欧州が先に決めた欧州金融安定化基金の強化策を加盟国が早く承認して実行するよう催促している。
Europe needs to act with haste to expand the fund so as to ease concerns about Italy's debt crisis.
イタリアの不安を抑え込むため、安定化基金の拡大にも急ぎ取りかかってほしい。
The joint G-7 statement also suggested that the world's richest countries are ready to make concerted intervention in currency markets to stop the dollar from weakening further and to curb wild fluctuations in exchange rates.
緊急声明はドル安と為替相場の混乱を防ぐため、協調介入もにおわせた。
Japan wants to prevent the yen, which is already close to the all-time high against the dollar, from rising further. 日本は戦後最高値に迫る円高の進行を押しとどめたい。
But the dollar's weakness is not a problem for Japan alone.
だが、ドル安は日本だけの問題ではない。
A repeat of the devaluation race that occurred last autumn must be avoided.
昨秋のような通貨安競争の再燃は避けなければならない。
The current crisis resulted from a confluence of deep-rooted problems.
進行中の危機は根が深い。
Countries need to take steps to fix their public finances while preventing their economies from sinking into recession in the face of relentless pressure from markets.
市場の圧迫に耐え、景気悪化を防ぎ、しかも財政再建を進める。
The question is whether the major industrial nations will be able to commit themselves firmly to cooperation for achieving these goals.
そんな３正面作戦に向けて主要国が腰を据えて協力できるかどうか。
Also important is expanding this international cooperation to include key emerging countries like China.
中国など新興国にも連携の輪を広げられるか。
Another big challenge facing rich countries is how to deal with the consequences of the trend toward a multipolar currency system, which will be accelerated by the downgrade of U.S. government bonds.
そして米国債の格下げで進むであろう国際通貨秩序の多極化にどう対応するか。
The multitude of challenges facing the world economy demands strenuous and coordinated international efforts based on a broad perspective.
山積する課題に、広い視野で当たってほしい。
--The Asahi Shimbun, Aug. 9
EDITORIAL: Countries need to work together to avert another global financial crisis
米国債格下げ―世界危機への連鎖防げ
Standard & Poor's, the credit rating agency, has stripped the U.S. government debt of its top-notch rating for the first time in history.
初の米国債格下げ。
Europe's sovereign debt crisis is showing no signs of waning.
収まらない欧州の債務問題。
And the yen is trading at historically high levels against the greenback.
そして歴史的な円高ドル安――。
Concerns about government debt in the industrialized world are threatening to create a full-blown financial crisis that will deliver a massive blow to the global economy.
財政赤字をめぐる不安が世界経済を揺るがす危機に発展しかねない。
The urgency of the situation prodded the Group of Seven leading economies into action.
そんな切迫感から主要７カ国（Ｇ７）が動いた。
At an emergency conference Aug.7, their finance ministers and central bankers issued a joint statement pledging to work in tandem to regain fiscal health and restore stability in foreign exchange markets.
電話による緊急の財務相・中央銀行総裁会議を開き、財政再建や為替安定などで結束するとの声明を発した。
We welcome their quick response to the situation.
機敏な反応を歓迎する。
For many years, U.S. government bonds have been regarded as the safest financial assets in the world.
米国債は長く世界で最も安全な金融資産とされてきた。
But Standard & Poor's, one of the three major credit-rating agencies, has--for the first time ever--lowered its rating of long-term federal debt one notch from the top grade of AAA.
その最上位の格付けを、大手格付け会社スタンダード・アンド・プアーズ（Ｓ＆Ｐ）が初めて引き下げた。
The investment services company said the downgrade was based mainly on a bleaker outlook for the U.S. public finances in the wake of political confusion in the Congress over the issue of increasing the government's borrowing limit.
債務上限の引き上げなどをめぐる米議会の政治的混乱から、本格的な財政再建への展望が暗い点を重く見た。
As former Federal Reserve Board Chairman Paul Volcker once said, the key question concerning the problem of government debt is not whether the country can pay back its debt but whether it has the will to do so.
政府債務問題は「その国が返済できるかどうかではなく、返済する気があるかどうかの問題だ」（ボルカー元米連邦準備制度理事会議長）といわれる。
The recent partisan squabbling over the debt ceiling issue has called into question Washington's will to tackle its fiscal woes.
まさにこの点への疑義が募った。
The U.S. government and Congress should work together to come up with stronger, more convincing measures to reduce the federal debt.
米政府と議会に財政再建策の拡充を改めて求めたい。
The two other major rating agencies, Moody's Investor Service and Fitch Ratings, have decided to maintain their top credit ratings for the U.S. government.
ムーディーズ、フィッチという他の大手は最上位の格付けを維持した。
There are clearly no other financial assets that are as safe, liquid and actively traded as U.S. government bonds.
相対的に信用が高く、発行量も多く、市場取引も活発な金融資産として、米国債に代わるものは他に見当たらない。
Analysts say the downgrade is unlikely to prompt investors to dump Treasuries.
投げ売りが広がる恐れは少ないとみられている。
But even the indirect effects of the downgrade are serious enough to warrant much attention.
ただし、格下げの間接的な影響だけでも無視できない。
As the risk of investing in Treasuries has increased, investors are likely to try to reduce their exposure to riskier investments, with serious consequences for stocks and bonds with lower ratings.
投資家は米国債のリスクが高まった分、もっと危ない投資対象を減らして対応する可能性が高い。
The immediate worry is that the rolling sovereign debt crisis in Europe may become even worse.
株式や格付けの低い債券への影響が心配だ。まず懸念されるのが、すでに欧州で燃え上がっている政府債務危機の火に油が注がれることだ。
The G-7 joint statement called on the member states of the European Union to swiftly ratify and implement their recent agreements on measures to enhance the European Financial Stability Facility, a bailout fund to rescue debt-ridden European countries.
Ｇ７の緊急声明は、欧州が先に決めた欧州金融安定化基金の強化策を加盟国が早く承認して実行するよう催促している。
Europe needs to act with haste to expand the fund so as to ease concerns about Italy's debt crisis.
イタリアの不安を抑え込むため、安定化基金の拡大にも急ぎ取りかかってほしい。
The joint G-7 statement also suggested that the world's richest countries are ready to make concerted intervention in currency markets to stop the dollar from weakening further and to curb wild fluctuations in exchange rates.
緊急声明はドル安と為替相場の混乱を防ぐため、協調介入もにおわせた。
Japan wants to prevent the yen, which is already close to the all-time high against the dollar, from rising further. 日本は戦後最高値に迫る円高の進行を押しとどめたい。
But the dollar's weakness is not a problem for Japan alone.
だが、ドル安は日本だけの問題ではない。
A repeat of the devaluation race that occurred last autumn must be avoided.
昨秋のような通貨安競争の再燃は避けなければならない。
The current crisis resulted from a confluence of deep-rooted problems.
進行中の危機は根が深い。
Countries need to take steps to fix their public finances while preventing their economies from sinking into recession in the face of relentless pressure from markets.
市場の圧迫に耐え、景気悪化を防ぎ、しかも財政再建を進める。
The question is whether the major industrial nations will be able to commit themselves firmly to cooperation for achieving these goals.
そんな３正面作戦に向けて主要国が腰を据えて協力できるかどうか。
Also important is expanding this international cooperation to include key emerging countries like China.
中国など新興国にも連携の輪を広げられるか。
Another big challenge facing rich countries is how to deal with the consequences of the trend toward a multipolar currency system, which will be accelerated by the downgrade of U.S. government bonds.
そして米国債の格下げで進むであろう国際通貨秩序の多極化にどう対応するか。
The multitude of challenges facing the world economy demands strenuous and coordinated international efforts based on a broad perspective.
山積する課題に、広い視野で当たってほしい。
2011/08/11
Ｇ７緊急声明 問われる具体的な協調行動
The Yomiuri Shimbun (Aug. 10, 2011)
Coordinated action on financial markets crucial
Ｇ７緊急声明 問われる具体的な協調行動（8月9日付・読売社説）
Japan, the United States and European countries have made clear their determination to cooperate to avert turmoil in the financial markets resulting from the recent downgrading of the U.S. credit rating.
日米欧が連携して、米国債の格下げによる金融市場の混乱を回避する決意を明確にした。
Yet the effect has so far been limited and has failed to eliminate unease in the markets. The question now is what concrete policy coordination is needed.
しかし、その効果は限定的で、市場の不安感は払拭できていない。より具体的な政策協調が問われよう。
Finance ministers and central bank governors from the Group of Seven leading economies held an emergency telephone conference Monday morning (Japan time) and adopted a joint statement.
日米欧の先進７か国財務相・中央銀行総裁会議（Ｇ７）は８日朝、緊急に電話で協議し、共同声明を採択した。
They held the conference right before the opening of Asian financial markets, indicating their sense of crisis and intention to forestall unrest in the markets.
東京やアジア市場が開く直前に会議を開いたのは、市場の動揺を警戒し、先手を打ちたいＧ７の危機感の表れだ。
It also said, "We are committed to taking coordinated action where needed," making clear their stance of supporting the markets by supplying ample funds.
共同声明は、「金融安定化と成長を支えるためにあらゆる手段を講じる」と表明した。
The statement said, "We are committed to taking necessary measures to support financial stability and economic growth."
さらに「必要な場合は協調行動を取る」とし、資金供給によって市場を下支えする姿勢も明らかにした。
Late last week, Standard & Poor's cut the U.S. credit rating for the first time, as the credit ratings agency made a grim assessment of the outlook of U.S. fiscal reconstruction.
先週末、米格付け会社のスタンダード・アンド・プアーズ（Ｓ＆Ｐ）が、米国の財政再建の見通しを厳しく評価し、米国債の格付けを史上初めて引き下げた。
===
Market confidence shaken
The statement did not refer directly to this issue. But the markets' confidence in the U.S. currency has been shaken further, and the financial markets face a crucial juncture. Stock prices may fall worldwide, and the dollar-selling trend may accelerate.
声明は直接、この問題に言及しなかったが、ドルの信認が一段と揺らぎ、世界的な株安連鎖と、ドル売りが加速しかねない正念場を迎えている。
The statement praised the "decisive actions" of the United States and European countries in trying to reduce their fiscal deficits.
米国と欧州の財政赤字削減策に関し、声明は「断固たる行動を歓迎する」と指摘した。
The G-7 ministers urged the United States and European countries to steadily take actions to put their fiscal houses in order--actions that the markets would rate highly. The ministers may have been attempting to restore order to the markets.
市場が評価できるような着実な財政再建を米欧に促すことで、混乱の沈静化を狙ったのだろう。
On Monday, the 225-issue Nikkei Stock Average plunged 202.32 points from Friday's close on the Tokyo Stock Exchange. And on other Asian markets, stock prices declined.
８日の東京株式市場の株価は前週末比２０２円安と下落した。アジア市場でも株価が値下がりした。
On the currency market, the U.S. dollar was traded at around 78 yen.
為替市場では、１ドル＝７８円をはさんだ取引が続いた。
A free fall in stock prices and a surge in the yen's value have been averted, at least for now, but prospects remain murky.
ひとまず、株価の暴落や円急騰は回避できたが、先行きは不透明である。
The G-7 nations should consider that the markets are calling for additional concerted actions.
市場はＧ７の一段の行動を求めているとみるべきだ。
===
Focus on Italy, Spain
In Europe, the yields on government bonds of such deficit-ridden countries as Greece have been rising across the board.
欧州では、ギリシャなど財政赤字国の国債利回りが軒並み上昇している。
In particular, Italian and Spanish government bonds, whose creditworthiness is a source of spreading uncertainty, are coming under increasing scrutiny.
中でも、信用不安が広がっているイタリアとスペインが市場の焦点になりつつある。
In tandem with the issuance of the G-7 statement, the European Central Bank promptly decided to buy Italian and Spanish government bonds. We think this is proper.
Ｇ７声明と連動する形で、欧州中央銀行（ＥＣＢ）がさっそく、両国の国債を買い入れる方針を決めた点は評価できる。
We hope the ECB will work more closely with France and Germany and they all will do their utmost to contain the crisis.
ＥＣＢは仏独と連携を強め、危機の封じ込めに全力を挙げてほしい。
Japan, for its part, needs to make efforts to prevent the yen from soaring again to the level of 76 yen to the dollar. 日本としては、円相場が再び、１ドル＝７６円台に急騰する事態を防がねばならない。
The effect of the yen-selling market intervention, which Japan implemented unilaterally on Thursday, has already weakened.
日本が４日に単独で実施した円売り介入の効果が早くも薄れている。
It is significant that the G-7 statement said, "We will consult closely in regard to actions in exchange markets and will cooperate as appropriate," in an effort to hold in check excess volatility in exchange rates.
Ｇ７声明が過度な為替変動をけん制し、「緊密に協議し、適切に協力する」と明記した意義は大きい。
Japan should demonstrate its resolve to prevent the dollar from plunging and the yen from rising too sharply, by taking such actions as concerted market intervention with the United States and European countries.
ドル急落と超円高の阻止へ、日本は米欧との協調介入も含め、断固たる姿勢で臨むべきだ。
(From The Yomiuri Shimbun, Aug. 9, 2011)
（2011年8月9日01時14分 読売新聞）
Coordinated action on financial markets crucial
Ｇ７緊急声明 問われる具体的な協調行動（8月9日付・読売社説）
Japan, the United States and European countries have made clear their determination to cooperate to avert turmoil in the financial markets resulting from the recent downgrading of the U.S. credit rating.
日米欧が連携して、米国債の格下げによる金融市場の混乱を回避する決意を明確にした。
Yet the effect has so far been limited and has failed to eliminate unease in the markets. The question now is what concrete policy coordination is needed.
しかし、その効果は限定的で、市場の不安感は払拭できていない。より具体的な政策協調が問われよう。
Finance ministers and central bank governors from the Group of Seven leading economies held an emergency telephone conference Monday morning (Japan time) and adopted a joint statement.
日米欧の先進７か国財務相・中央銀行総裁会議（Ｇ７）は８日朝、緊急に電話で協議し、共同声明を採択した。
They held the conference right before the opening of Asian financial markets, indicating their sense of crisis and intention to forestall unrest in the markets.
東京やアジア市場が開く直前に会議を開いたのは、市場の動揺を警戒し、先手を打ちたいＧ７の危機感の表れだ。
It also said, "We are committed to taking coordinated action where needed," making clear their stance of supporting the markets by supplying ample funds.
共同声明は、「金融安定化と成長を支えるためにあらゆる手段を講じる」と表明した。
The statement said, "We are committed to taking necessary measures to support financial stability and economic growth."
さらに「必要な場合は協調行動を取る」とし、資金供給によって市場を下支えする姿勢も明らかにした。
Late last week, Standard & Poor's cut the U.S. credit rating for the first time, as the credit ratings agency made a grim assessment of the outlook of U.S. fiscal reconstruction.
先週末、米格付け会社のスタンダード・アンド・プアーズ（Ｓ＆Ｐ）が、米国の財政再建の見通しを厳しく評価し、米国債の格付けを史上初めて引き下げた。
===
Market confidence shaken
The statement did not refer directly to this issue. But the markets' confidence in the U.S. currency has been shaken further, and the financial markets face a crucial juncture. Stock prices may fall worldwide, and the dollar-selling trend may accelerate.
声明は直接、この問題に言及しなかったが、ドルの信認が一段と揺らぎ、世界的な株安連鎖と、ドル売りが加速しかねない正念場を迎えている。
The statement praised the "decisive actions" of the United States and European countries in trying to reduce their fiscal deficits.
米国と欧州の財政赤字削減策に関し、声明は「断固たる行動を歓迎する」と指摘した。
The G-7 ministers urged the United States and European countries to steadily take actions to put their fiscal houses in order--actions that the markets would rate highly. The ministers may have been attempting to restore order to the markets.
市場が評価できるような着実な財政再建を米欧に促すことで、混乱の沈静化を狙ったのだろう。
On Monday, the 225-issue Nikkei Stock Average plunged 202.32 points from Friday's close on the Tokyo Stock Exchange. And on other Asian markets, stock prices declined.
８日の東京株式市場の株価は前週末比２０２円安と下落した。アジア市場でも株価が値下がりした。
On the currency market, the U.S. dollar was traded at around 78 yen.
為替市場では、１ドル＝７８円をはさんだ取引が続いた。
A free fall in stock prices and a surge in the yen's value have been averted, at least for now, but prospects remain murky.
ひとまず、株価の暴落や円急騰は回避できたが、先行きは不透明である。
The G-7 nations should consider that the markets are calling for additional concerted actions.
市場はＧ７の一段の行動を求めているとみるべきだ。
===
Focus on Italy, Spain
In Europe, the yields on government bonds of such deficit-ridden countries as Greece have been rising across the board.
欧州では、ギリシャなど財政赤字国の国債利回りが軒並み上昇している。
In particular, Italian and Spanish government bonds, whose creditworthiness is a source of spreading uncertainty, are coming under increasing scrutiny.
中でも、信用不安が広がっているイタリアとスペインが市場の焦点になりつつある。
In tandem with the issuance of the G-7 statement, the European Central Bank promptly decided to buy Italian and Spanish government bonds. We think this is proper.
Ｇ７声明と連動する形で、欧州中央銀行（ＥＣＢ）がさっそく、両国の国債を買い入れる方針を決めた点は評価できる。
We hope the ECB will work more closely with France and Germany and they all will do their utmost to contain the crisis.
ＥＣＢは仏独と連携を強め、危機の封じ込めに全力を挙げてほしい。
Japan, for its part, needs to make efforts to prevent the yen from soaring again to the level of 76 yen to the dollar. 日本としては、円相場が再び、１ドル＝７６円台に急騰する事態を防がねばならない。
The effect of the yen-selling market intervention, which Japan implemented unilaterally on Thursday, has already weakened.
日本が４日に単独で実施した円売り介入の効果が早くも薄れている。
It is significant that the G-7 statement said, "We will consult closely in regard to actions in exchange markets and will cooperate as appropriate," in an effort to hold in check excess volatility in exchange rates.
Ｇ７声明が過度な為替変動をけん制し、「緊密に協議し、適切に協力する」と明記した意義は大きい。
Japan should demonstrate its resolve to prevent the dollar from plunging and the yen from rising too sharply, by taking such actions as concerted market intervention with the United States and European countries.
ドル急落と超円高の阻止へ、日本は米欧との協調介入も含め、断固たる姿勢で臨むべきだ。
(From The Yomiuri Shimbun, Aug. 9, 2011)
（2011年8月9日01時14分 読売新聞）
2011/08/10
香山リカのココロの万華鏡：産業保健の講座受講 ／東京
(Mainichi Japan) August 7, 2011
Kaleidoscope of the Heart: A lesson in occupational health
香山リカのココロの万華鏡：産業保健の講座受講 ／東京
There is a field of medicine called occupational health, which involves protecting the health of people working in companies and organizations.
医学の中に、企業や組織などで働く人たちの健康を守る産業保健という分野がある。
Recently I made up my mind to take part in a one-week intensive summer course at the University of Occupational and Environmental Health.
一念発起して、産業医大で行われている１週間の夏季集中講座に参加した。
The program included statistics, ergonomics and training involving electrocardiograms and other issues that I'm not too good with, so I felt relieved when the topic of mental health came up.
統計学や人間工学、心電図など苦手な分野の講習が続く中、唯一ほっとできるのはメンタルヘルス系の科目だ。
Saying I'm relieved with talk about depression may sound strange, but being a psychiatrist, I guess that's where I fit in.
「うつ病の話にほっとする」などというのはおかしな表現だが、やっぱりこれが自分の居場所ということなのだろう。
In a lecture by Jun Nakamura of the university's Department of Psychiatry, one particular phrase that struck me was: "Psychiatric health in modern Japan is an economic issue."
産業医大精神科の中村純教授の講義で印象に残ったのは、「現代日本の精神保健は、経済問題」というフレーズだった。
In other words, the "emotional problems" that are in the spotlight in present-day Japan are intertwined with economic issues and changes in social structure at some point along the line.
つまり、いまの日本でクローズアップされている「心の問題」は、いずれもどこかに経済の問題や社会構造の変化が関係している、ということだ。
It's true that there is a lot of stress in companies today, with harsh personnel evaluations, a doctrine of competitiveness, and corporate restructuring that could happen any moment.
たしかに、会社に目をやると厳しい人事評価や競争主義、いつ宣告されるかわからないリストラ、などストレスがいっぱい。
At the same time, job hunting is also becoming tougher for students and some have no option but to become part-time job hoppers or NEETs -- those not in education, employment or training.
さらに学生の就職活動は過酷になるばかりで、その結果、仕事につけずにフリーターやニートにならざるをえない若者もいれば、
Others go from one temp job to another and end up losing both their work and their families.
派遣労働を転々として、最終的に仕事も家も失ってしまう人さえいる。
But since other people are busy looking out for number one, no one lends a helping hand.
そうなっても、誰もが自分のことで精いっぱいなので、助けの手もさしのべられない。
In other words, people in society today can't feel at ease whether they are in an organization or not.
つまり、いまの社会では人は組織にいてもいなくても、安心して暮らすことができない、ということだ。
Stress levels rise in an atmosphere of uneasiness and tension, and there is no doubt people who suffer from depression and other conditions as a result.
不安や緊張の中でストレスが高まり、うつ病などになる人も当然、増えるだろう。
However, no matter how much psychiatrists call for revision of the nation's economic structure, society will never change overnight.
とはいえ、精神科医がいくら「経済構造を見なおせ」などと声を上げても、すぐに社会が変わるわけではない。
Accordingly, there is no option but to handle the situation with preventive measures within the community and companies, and with treatment in consultation rooms.
そうであれば、まずは地域や企業では予防を、診察室では治療を、という地道な作戦しかない。
Professor Nakamura says that when someone in an organization takes leave due to depression or some other reason, he wants the person and those around that person to find significance in the event upon their return to work.
中村教授は、組織でうつ病などで休職した人が出た場合は、その復職にあたって本人もまわりも病気の経験に意義を見いだせるようにしてほしい、と語った。
In one cited example, when a worker succumbed to depression, the person's department looked back on its approach to work, and decreased overtime and provided more opportunities for communication.
たとえば、うつ病になる人が出たことで、その部署がこれまでの働き方を振り返り、残業を減らしたりコミュニケーションの機会を増やしたりした。
The person who had fallen ill also made an effort to increase family time.
本人も、家族とすごす時間を増やすように生活を工夫した。
If such an approach can be adopted, then it should be possible for the person to say, "It was good that I had depression."
もしそうできたら、まさに「うつ病になってよかった」ということになるはずだ。
I had secretly thought that if occupational health was really interesting, then I might change jobs, but what I learned from taking part in the course was that it was good I became a psychiatrist.
「産業保健があまりに面白かったらこっちに転職しようかな」とひそかに思っていた私だが、この講座で学んだことは「精神科医になってよかった」ということ。
I will now aim to become a doctor whose patients can think, "I got ill but there were some good things about that."
これからは患者さんに、「病気になったけれど、よかったこともあった」と思ってもらえるような医者を目指すことにしよう。
毎日新聞 2011年8月2日 地方版
Kaleidoscope of the Heart: A lesson in occupational health
香山リカのココロの万華鏡：産業保健の講座受講 ／東京
There is a field of medicine called occupational health, which involves protecting the health of people working in companies and organizations.
医学の中に、企業や組織などで働く人たちの健康を守る産業保健という分野がある。
Recently I made up my mind to take part in a one-week intensive summer course at the University of Occupational and Environmental Health.
一念発起して、産業医大で行われている１週間の夏季集中講座に参加した。
The program included statistics, ergonomics and training involving electrocardiograms and other issues that I'm not too good with, so I felt relieved when the topic of mental health came up.
統計学や人間工学、心電図など苦手な分野の講習が続く中、唯一ほっとできるのはメンタルヘルス系の科目だ。
Saying I'm relieved with talk about depression may sound strange, but being a psychiatrist, I guess that's where I fit in.
「うつ病の話にほっとする」などというのはおかしな表現だが、やっぱりこれが自分の居場所ということなのだろう。
In a lecture by Jun Nakamura of the university's Department of Psychiatry, one particular phrase that struck me was: "Psychiatric health in modern Japan is an economic issue."
産業医大精神科の中村純教授の講義で印象に残ったのは、「現代日本の精神保健は、経済問題」というフレーズだった。
In other words, the "emotional problems" that are in the spotlight in present-day Japan are intertwined with economic issues and changes in social structure at some point along the line.
つまり、いまの日本でクローズアップされている「心の問題」は、いずれもどこかに経済の問題や社会構造の変化が関係している、ということだ。
It's true that there is a lot of stress in companies today, with harsh personnel evaluations, a doctrine of competitiveness, and corporate restructuring that could happen any moment.
たしかに、会社に目をやると厳しい人事評価や競争主義、いつ宣告されるかわからないリストラ、などストレスがいっぱい。
At the same time, job hunting is also becoming tougher for students and some have no option but to become part-time job hoppers or NEETs -- those not in education, employment or training.
さらに学生の就職活動は過酷になるばかりで、その結果、仕事につけずにフリーターやニートにならざるをえない若者もいれば、
Others go from one temp job to another and end up losing both their work and their families.
派遣労働を転々として、最終的に仕事も家も失ってしまう人さえいる。
But since other people are busy looking out for number one, no one lends a helping hand.
そうなっても、誰もが自分のことで精いっぱいなので、助けの手もさしのべられない。
In other words, people in society today can't feel at ease whether they are in an organization or not.
つまり、いまの社会では人は組織にいてもいなくても、安心して暮らすことができない、ということだ。
Stress levels rise in an atmosphere of uneasiness and tension, and there is no doubt people who suffer from depression and other conditions as a result.
不安や緊張の中でストレスが高まり、うつ病などになる人も当然、増えるだろう。
However, no matter how much psychiatrists call for revision of the nation's economic structure, society will never change overnight.
とはいえ、精神科医がいくら「経済構造を見なおせ」などと声を上げても、すぐに社会が変わるわけではない。
Accordingly, there is no option but to handle the situation with preventive measures within the community and companies, and with treatment in consultation rooms.
そうであれば、まずは地域や企業では予防を、診察室では治療を、という地道な作戦しかない。
Professor Nakamura says that when someone in an organization takes leave due to depression or some other reason, he wants the person and those around that person to find significance in the event upon their return to work.
中村教授は、組織でうつ病などで休職した人が出た場合は、その復職にあたって本人もまわりも病気の経験に意義を見いだせるようにしてほしい、と語った。
In one cited example, when a worker succumbed to depression, the person's department looked back on its approach to work, and decreased overtime and provided more opportunities for communication.
たとえば、うつ病になる人が出たことで、その部署がこれまでの働き方を振り返り、残業を減らしたりコミュニケーションの機会を増やしたりした。
The person who had fallen ill also made an effort to increase family time.
本人も、家族とすごす時間を増やすように生活を工夫した。
If such an approach can be adopted, then it should be possible for the person to say, "It was good that I had depression."
もしそうできたら、まさに「うつ病になってよかった」ということになるはずだ。
I had secretly thought that if occupational health was really interesting, then I might change jobs, but what I learned from taking part in the course was that it was good I became a psychiatrist.
「産業保健があまりに面白かったらこっちに転職しようかな」とひそかに思っていた私だが、この講座で学んだことは「精神科医になってよかった」ということ。
I will now aim to become a doctor whose patients can think, "I got ill but there were some good things about that."
これからは患者さんに、「病気になったけれど、よかったこともあった」と思ってもらえるような医者を目指すことにしよう。
毎日新聞 2011年8月2日 地方版
2011/08/09
米国債格下げ 市場の動揺防ぐ財政再建策を
The Yomiuri Shimbun (Aug. 8, 2011)
U.S. must rebuild finances to stem global market unrest
米国債格下げ 市場の動揺防ぐ財政再建策を（8月7日付・読売社説）
The credit rating of U.S. government bonds, once among the world's highest, has been downgraded for the first time in history.
世界で最上級だった米国債の格付けが、史上初めて引き下げられた。
In the aftermath of the downgrade, stock prices may plunge around the world from Monday, and the depreciation of the dollar could accelerate.
“格下げショック”を受け、週明け以降、世界同時株安や、ドル安に拍車がかかりかねない。
To stem the unrest in global financial markets, it is imperative for the United States to chart out a package of measures to steadily rebuild government finances.
市場の動揺を食い止めるには、米国の着実な財政再建策が不可欠である。
U.S. credit rating agency Standard & Poor's on Friday lowered the long-term U.S. credit rating by one level from the top-tier AAA rating to AA-plus.
米格付け会社のスタンダード・アンド・プアーズ（Ｓ＆Ｐ）は５日、米国の長期国債格付けを最上級の「ＡＡＡ（トリプルＡ）」から、「ＡＡ（ダブルＡ）プラス」に１段階引き下げた。
As a reason for the downgrade, S&P said the accord reached between Congress and the administration of U.S. President Barack Obama "falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics."
Ｓ＆Ｐは国債格下げの理由として、「中期的な財政安定化が不十分」と指摘している。
Obama and the Democratic and Republican parties recently agreed on an increase in the government's statutory borrowing limit and a set of fiscal consolidation measures.
In the wake of that agreement, the Budget Control Act of 2011 was enacted Tuesday, centering on a goal of reducing the federal deficit by 2.4 trillion dollars over 10 years.
オバマ大統領と与野党は、政府の借金枠である債務上限の引き上げと財政再建で合意し、１０年間で２・４兆ドルの赤字削減を柱にした予算管理法が２日に成立した。
===
Deficit cut not sufficient
However, there is still a gulf in views about specific steps to reduce government debt, and the deficit cut agreed upon on Tuesday is substantially smaller than Obama's initial plan to reduce government debt by 3 trillion dollars to 4 trillion dollars.
しかし、具体的な赤字削減策を巡る主張の隔たりは大きく、削減幅も大統領の当初案だった３兆～４兆ドルに比べて小さい。
S&P is believed to have decided on the downgrade in light of these circumstances.
Ｓ＆Ｐはこうした状況を評価し、格下げを決めたと言えよう。
The U.S. government has criticized S&P's reduction in the credit rating, but what is seriously being questioned now is the effectiveness of the Budget Control Act.
米国政府は格下げに反論したが、予算管理法の実効性が厳しく問われている。
The president and the political parties should accelerate their discussions on a range of issues, including spending cuts and tax increases, to hammer out reliable measures that will gain markets' confidence.
大統領と与野党は歳出カットと増税を含めた協議を加速し、市場の信認を得られるような財政再建の方策を打ち出すべきだ。
Meanwhile, we cannot help but feel anxious over the adverse impact the downgrade of the U.S. credit rating could have on the world's financial markets.
一方、今回の格下げが、世界の金融市場に与える悪影響を懸念せざるを得ない。
Reflecting the slowdown in the U.S. and European economies, the Dow Jones industrial average plummeted more than 500 points Thursday, and the index fluctuated erratically the following day.
米欧経済の減速をきっかけに、ニューヨーク株式市場の平均株価は４日、５００ドル超も急落し、５日も乱高下した。
Stock prices declined across the board in European, Japanese and other Asian markets.
欧州や日本などアジア市場でも、軒並み、株価が全面安となった。
On the foreign exchange front, the hyper-appreciation of the yen slowed somewhat because of the yen-selling intervention by the government and the Bank of Japan. However, pressure has resurged to weaken the dollar against the Japanese currency.
外国為替市場では、政府・日銀の円売り介入で超円高にいったんブレーキがかかったが、再び、ドル安圧力が強まっている。
If the trustworthiness of the dollar erodes further following the cut in the U.S. credit rating, the credit markets of the world would unavoidably be thrown into confusion.
国債格下げでドルに対する信認がさらに揺らぐと、債券市場を含めた混乱は避けられまい。
===
Fed moves crucial
Japan is the world's second-largest holder, next to China, of U.S. government bonds.
日本は中国に次ぐ世界２位の米国債の保有国だ。
Due attention should be paid to what repercussions there would be from declines in U.S. government bond prices.
国債下落の影響にも注意する必要がある。
Attention is being focused at present on whether the U.S. Federal Reserve Board, in a meeting scheduled for Tuesday, will opt for additional quantitative monetary easing to stimulate the economy.
当面の焦点は、米連邦準備制度理事会（ＦＲＢ）が９日開く会合で、景気てこ入れのため、追加緩和策に踏み切るかどうかだ。
Given that the U.S. government, shackled by huge fiscal deficits, has found it hard to adopt any measures to stimulate business activity, expectations have been rising for the Fed to adopt fresh monetary easing.
財政赤字を抱えた政府は景気刺激策に動きにくく、ＦＲＢに期待する声は強い。
Additional monetary easing by the U.S. central bank could lead to further acceleration of the yen's appreciation and the dollar's depreciation, something very damaging to this country.
ただ、追加緩和策は円高ドル安を誘導し、日本には厳しい展開も予想される。
The world economy has been expanding since the global financial crisis was brought to an end thanks to unity among major economies.
世界経済は、主要国の結束で金融危機を克服した後、景気拡大を続けてきた。
A new round of coordinated efforts among major economies is needed to prevent another financial crisis.
危機の再燃を防ぐ連携が改めて求められよう。
(From The Yomiuri Shimbun, Aug. 7, 2011)
（2011年8月7日01時17分 読売新聞）
U.S. must rebuild finances to stem global market unrest
米国債格下げ 市場の動揺防ぐ財政再建策を（8月7日付・読売社説）
The credit rating of U.S. government bonds, once among the world's highest, has been downgraded for the first time in history.
世界で最上級だった米国債の格付けが、史上初めて引き下げられた。
In the aftermath of the downgrade, stock prices may plunge around the world from Monday, and the depreciation of the dollar could accelerate.
“格下げショック”を受け、週明け以降、世界同時株安や、ドル安に拍車がかかりかねない。
To stem the unrest in global financial markets, it is imperative for the United States to chart out a package of measures to steadily rebuild government finances.
市場の動揺を食い止めるには、米国の着実な財政再建策が不可欠である。
U.S. credit rating agency Standard & Poor's on Friday lowered the long-term U.S. credit rating by one level from the top-tier AAA rating to AA-plus.
米格付け会社のスタンダード・アンド・プアーズ（Ｓ＆Ｐ）は５日、米国の長期国債格付けを最上級の「ＡＡＡ（トリプルＡ）」から、「ＡＡ（ダブルＡ）プラス」に１段階引き下げた。
As a reason for the downgrade, S&P said the accord reached between Congress and the administration of U.S. President Barack Obama "falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics."
Ｓ＆Ｐは国債格下げの理由として、「中期的な財政安定化が不十分」と指摘している。
Obama and the Democratic and Republican parties recently agreed on an increase in the government's statutory borrowing limit and a set of fiscal consolidation measures.
In the wake of that agreement, the Budget Control Act of 2011 was enacted Tuesday, centering on a goal of reducing the federal deficit by 2.4 trillion dollars over 10 years.
オバマ大統領と与野党は、政府の借金枠である債務上限の引き上げと財政再建で合意し、１０年間で２・４兆ドルの赤字削減を柱にした予算管理法が２日に成立した。
===
Deficit cut not sufficient
However, there is still a gulf in views about specific steps to reduce government debt, and the deficit cut agreed upon on Tuesday is substantially smaller than Obama's initial plan to reduce government debt by 3 trillion dollars to 4 trillion dollars.
しかし、具体的な赤字削減策を巡る主張の隔たりは大きく、削減幅も大統領の当初案だった３兆～４兆ドルに比べて小さい。
S&P is believed to have decided on the downgrade in light of these circumstances.
Ｓ＆Ｐはこうした状況を評価し、格下げを決めたと言えよう。
The U.S. government has criticized S&P's reduction in the credit rating, but what is seriously being questioned now is the effectiveness of the Budget Control Act.
米国政府は格下げに反論したが、予算管理法の実効性が厳しく問われている。
The president and the political parties should accelerate their discussions on a range of issues, including spending cuts and tax increases, to hammer out reliable measures that will gain markets' confidence.
大統領と与野党は歳出カットと増税を含めた協議を加速し、市場の信認を得られるような財政再建の方策を打ち出すべきだ。
Meanwhile, we cannot help but feel anxious over the adverse impact the downgrade of the U.S. credit rating could have on the world's financial markets.
一方、今回の格下げが、世界の金融市場に与える悪影響を懸念せざるを得ない。
Reflecting the slowdown in the U.S. and European economies, the Dow Jones industrial average plummeted more than 500 points Thursday, and the index fluctuated erratically the following day.
米欧経済の減速をきっかけに、ニューヨーク株式市場の平均株価は４日、５００ドル超も急落し、５日も乱高下した。
Stock prices declined across the board in European, Japanese and other Asian markets.
欧州や日本などアジア市場でも、軒並み、株価が全面安となった。
On the foreign exchange front, the hyper-appreciation of the yen slowed somewhat because of the yen-selling intervention by the government and the Bank of Japan. However, pressure has resurged to weaken the dollar against the Japanese currency.
外国為替市場では、政府・日銀の円売り介入で超円高にいったんブレーキがかかったが、再び、ドル安圧力が強まっている。
If the trustworthiness of the dollar erodes further following the cut in the U.S. credit rating, the credit markets of the world would unavoidably be thrown into confusion.
国債格下げでドルに対する信認がさらに揺らぐと、債券市場を含めた混乱は避けられまい。
===
Fed moves crucial
Japan is the world's second-largest holder, next to China, of U.S. government bonds.
日本は中国に次ぐ世界２位の米国債の保有国だ。
Due attention should be paid to what repercussions there would be from declines in U.S. government bond prices.
国債下落の影響にも注意する必要がある。
Attention is being focused at present on whether the U.S. Federal Reserve Board, in a meeting scheduled for Tuesday, will opt for additional quantitative monetary easing to stimulate the economy.
当面の焦点は、米連邦準備制度理事会（ＦＲＢ）が９日開く会合で、景気てこ入れのため、追加緩和策に踏み切るかどうかだ。
Given that the U.S. government, shackled by huge fiscal deficits, has found it hard to adopt any measures to stimulate business activity, expectations have been rising for the Fed to adopt fresh monetary easing.
財政赤字を抱えた政府は景気刺激策に動きにくく、ＦＲＢに期待する声は強い。
Additional monetary easing by the U.S. central bank could lead to further acceleration of the yen's appreciation and the dollar's depreciation, something very damaging to this country.
ただ、追加緩和策は円高ドル安を誘導し、日本には厳しい展開も予想される。
The world economy has been expanding since the global financial crisis was brought to an end thanks to unity among major economies.
世界経済は、主要国の結束で金融危機を克服した後、景気拡大を続けてきた。
A new round of coordinated efforts among major economies is needed to prevent another financial crisis.
危機の再燃を防ぐ連携が改めて求められよう。
(From The Yomiuri Shimbun, Aug. 7, 2011)
（2011年8月7日01時17分 読売新聞）
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