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2010年09月19日
New Cabinet must tackle economy first
The Yomiuri Shimbun (Sep. 19, 2010)
New Cabinet must tackle economy first
菅改造内閣 まず景気回復に全力を挙げよ（9月18日付・読売社説）
Prime Minister Naoto Kan's reshuffled Cabinet was launched Friday.
菅改造内閣が１７日、発足した。
Kan retained five Cabinet members, including Yoshito Sengoku in the central post of chief cabinet secretary and Yoshihiko Noda, who emphasizes fiscal reconstruction, as finance minister. However, the prime minister made new appointments for the 12 other posts, including those of health, labor and welfare minister and economy, trade and industry minister.
内閣の要である仙谷由人官房長官、財政再建重視の野田佳彦財務相ら５閣僚を留任させる一方、厚生労働相や経済産業相など１２ポストは新たに選任した。
With this major shift in its lineup, the new Cabinet must boldly tackle a number of domestic and diplomatic issues. 内閣の陣容を大幅に入れ替えたのを機に、内政・外交の諸課題の解決に、果断に取り組まなければならない。
First and foremost should be measures to address the rising yen and the flagging economy.
真っ先に対応すべきは円高・景気対策である。
As a result of monetary authorities recently making their first market intervention in 6-1/2 years, the sharp appreciation of the yen has been stemmed for the time being. But there should be no optimism about what is to come.
６年半ぶりの為替介入で円高の流れにひとまず歯止めがかかっているが、予断は許さない。
Finance Minister Noda must make the utmost effort, in close cooperation with the Bank of Japan, to prevent appreciation in the yen's value.
野田財務相は、日銀と緊密に連携し、円高阻止に全力を挙げてほしい。
===
Put growth strategy on track
◆成長戦略を軌道に◆
Kan intends to craft a supplementary budget for this fiscal year that includes additional stimulus measures. Given the uncertain economic outlook, this is a reasonable decision.
菅首相は、追加の経済対策を盛り込んだ今年度補正予算を編成する意向だ。景気の先行き不安を考えれば妥当な判断である。
It also is essential to have a growth strategy to invigorate private companies and increase their international competitiveness. Cabinet ministers in charge of economic affairs must exercise leadership so the government-launched Council on the Realization of the New Growth Strategy can fully function.
企業の活力を引き出し、国際競争力を高める成長戦略も大事だ。先に政府が発足させた「新成長戦略実現会議」が十分に機能するよう、関係の経済閣僚は、指導力を発揮しなければならない。
Budget requests made by ministries for the next fiscal year total more than 96 trillion yen, far exceeding this fiscal year's budget. The state's finances are tight, so the budget requests must be reduced. But if that causes the economy to cool down further, the loss to the nation would be even greater.
来年度予算編成に向けた各府省の要求総額は９６兆円超と、今年度予算額を大きく上回っている。財政事情は厳しく、要求の絞り込みが課題となるが、景気を冷え込ませては元も子もない。
Regional economies are in dire straits. Funding should be increased for projects that could stimulate the economy and create new jobs. It is important to employ a selective, focused strategy in budget compilation.
地方の経済は疲弊している。景気を刺激し、新たな雇用創出が期待できる事業には、むしろ予算を増やす「選択と集中」が大切だ。
It is the handout policy measures included in the Democratic Party of Japan's manifesto for last year's House of Representatives election that must be drastically revised. Little economic benefit can be expected from such measures as child-rearing allowances and toll-free expressways.
経済効果が期待できない子ども手当や高速道路無料化など、衆院選政権公約によるバラマキ政策こそ大幅に見直すべきだ。
To improve fiscal conditions and secure a stable revenue source for social security spending, raising the consumption tax rate is inevitable.
財政の健全化と社会保障費の安定財源確保には、消費税率の引き上げが避けて通れない。
Kan has called for suprapartisan discussions on the consumption tax and social security. He needs to urge opposition parties to start such discussions soon.
菅首相はかねて、消費税問題や社会保障に関する超党派協議を唱えてきた。野党側に働きかけ、早期に協議入りする必要がある。
In the extraordinary Diet session that is expected to be convened in October, it is vital to obtain cooperation from the Liberal Democratic Party and other opposition parties under the divided Diet, where the ruling camp has a majority in the lower house while the opposition camp controls the House of Councillors.
１０月召集予定の臨時国会は、衆参ねじれ状況の下、自民党など野党の協力が欠かせない。
LDP Secretary General Nobuteru Ishihara has been receptive to the idea of suprapartisan talks. But he maintains they will not take place as long as the DPJ continues its handout measures, and has set revision or withdrawal of these pledges as a condition for beginning suprapartisan talks. This is only natural.
自民党の石原伸晃幹事長は、協議に前向きな姿勢を示している。だが、「民主党がバラマキを続けている限りはだめだ」とし、政権公約の修正・撤回が協議入りの前提としている。当然のことだ。
Kan should bring about suprapartisan talks by drastically reviewing the policy pledges. Doing so also would pave the way for the formation of policy-based partial alliances between ruling and opposition parties.
菅首相は、政権公約を大胆に見直すことで、超党派協議を実現すべきだ。それが、政策ごとに与野党が協力する部分連合への道を開くことにもなろう。
The post of foreign minister was given to Seiji Maehara, who previously served as land, infrastructure, transport and tourism minister. The previous foreign minister, Katsuya Okada, is now DPJ secretary general.
党幹事長に転じた岡田克也外相の後任には、前原誠司前国土交通相が横滑りした。
===
New Cabinet must tackle economy first
菅改造内閣 まず景気回復に全力を挙げよ（9月18日付・読売社説）
Prime Minister Naoto Kan's reshuffled Cabinet was launched Friday.
菅改造内閣が１７日、発足した。
Kan retained five Cabinet members, including Yoshito Sengoku in the central post of chief cabinet secretary and Yoshihiko Noda, who emphasizes fiscal reconstruction, as finance minister. However, the prime minister made new appointments for the 12 other posts, including those of health, labor and welfare minister and economy, trade and industry minister.
内閣の要である仙谷由人官房長官、財政再建重視の野田佳彦財務相ら５閣僚を留任させる一方、厚生労働相や経済産業相など１２ポストは新たに選任した。
With this major shift in its lineup, the new Cabinet must boldly tackle a number of domestic and diplomatic issues. 内閣の陣容を大幅に入れ替えたのを機に、内政・外交の諸課題の解決に、果断に取り組まなければならない。
First and foremost should be measures to address the rising yen and the flagging economy.
真っ先に対応すべきは円高・景気対策である。
As a result of monetary authorities recently making their first market intervention in 6-1/2 years, the sharp appreciation of the yen has been stemmed for the time being. But there should be no optimism about what is to come.
６年半ぶりの為替介入で円高の流れにひとまず歯止めがかかっているが、予断は許さない。
Finance Minister Noda must make the utmost effort, in close cooperation with the Bank of Japan, to prevent appreciation in the yen's value.
野田財務相は、日銀と緊密に連携し、円高阻止に全力を挙げてほしい。
===
Put growth strategy on track
◆成長戦略を軌道に◆
Kan intends to craft a supplementary budget for this fiscal year that includes additional stimulus measures. Given the uncertain economic outlook, this is a reasonable decision.
菅首相は、追加の経済対策を盛り込んだ今年度補正予算を編成する意向だ。景気の先行き不安を考えれば妥当な判断である。
It also is essential to have a growth strategy to invigorate private companies and increase their international competitiveness. Cabinet ministers in charge of economic affairs must exercise leadership so the government-launched Council on the Realization of the New Growth Strategy can fully function.
企業の活力を引き出し、国際競争力を高める成長戦略も大事だ。先に政府が発足させた「新成長戦略実現会議」が十分に機能するよう、関係の経済閣僚は、指導力を発揮しなければならない。
Budget requests made by ministries for the next fiscal year total more than 96 trillion yen, far exceeding this fiscal year's budget. The state's finances are tight, so the budget requests must be reduced. But if that causes the economy to cool down further, the loss to the nation would be even greater.
来年度予算編成に向けた各府省の要求総額は９６兆円超と、今年度予算額を大きく上回っている。財政事情は厳しく、要求の絞り込みが課題となるが、景気を冷え込ませては元も子もない。
Regional economies are in dire straits. Funding should be increased for projects that could stimulate the economy and create new jobs. It is important to employ a selective, focused strategy in budget compilation.
地方の経済は疲弊している。景気を刺激し、新たな雇用創出が期待できる事業には、むしろ予算を増やす「選択と集中」が大切だ。
It is the handout policy measures included in the Democratic Party of Japan's manifesto for last year's House of Representatives election that must be drastically revised. Little economic benefit can be expected from such measures as child-rearing allowances and toll-free expressways.
経済効果が期待できない子ども手当や高速道路無料化など、衆院選政権公約によるバラマキ政策こそ大幅に見直すべきだ。
To improve fiscal conditions and secure a stable revenue source for social security spending, raising the consumption tax rate is inevitable.
財政の健全化と社会保障費の安定財源確保には、消費税率の引き上げが避けて通れない。
Kan has called for suprapartisan discussions on the consumption tax and social security. He needs to urge opposition parties to start such discussions soon.
菅首相はかねて、消費税問題や社会保障に関する超党派協議を唱えてきた。野党側に働きかけ、早期に協議入りする必要がある。
In the extraordinary Diet session that is expected to be convened in October, it is vital to obtain cooperation from the Liberal Democratic Party and other opposition parties under the divided Diet, where the ruling camp has a majority in the lower house while the opposition camp controls the House of Councillors.
１０月召集予定の臨時国会は、衆参ねじれ状況の下、自民党など野党の協力が欠かせない。
LDP Secretary General Nobuteru Ishihara has been receptive to the idea of suprapartisan talks. But he maintains they will not take place as long as the DPJ continues its handout measures, and has set revision or withdrawal of these pledges as a condition for beginning suprapartisan talks. This is only natural.
自民党の石原伸晃幹事長は、協議に前向きな姿勢を示している。だが、「民主党がバラマキを続けている限りはだめだ」とし、政権公約の修正・撤回が協議入りの前提としている。当然のことだ。
Kan should bring about suprapartisan talks by drastically reviewing the policy pledges. Doing so also would pave the way for the formation of policy-based partial alliances between ruling and opposition parties.
菅首相は、政権公約を大胆に見直すことで、超党派協議を実現すべきだ。それが、政策ごとに与野党が協力する部分連合への道を開くことにもなろう。
The post of foreign minister was given to Seiji Maehara, who previously served as land, infrastructure, transport and tourism minister. The previous foreign minister, Katsuya Okada, is now DPJ secretary general.
党幹事長に転じた岡田克也外相の後任には、前原誠司前国土交通相が横滑りした。
===
2010年09月18日
Recently, I’m making comments on the postings of President Obama in facebook. I’ve realized reaction on my comments is quicker than that one in Japan. (It is slower in Japan.) I’m satisfied with the reaction, as I think my posting in English is accepted. Around two years ago, my posting for an American discussion forum was hated and rejected, because of lack of vocabulary in English as well as lack of American and European thinking way. Now it seems to me that I’ve already got rid of the difficulty. It is only concerning about English, but English! I’ve got impressed with the reaction made by foreigners. Thank you very much. (srachai from khonkaen, thailand)
ここのところ毎日facebookでオバマ大統領の投稿にはたいていコメントしています。海外よりの反応は日本より素早いですね。（日本は遅いです）多分私の英語を受け入れてもらったものだと感激しています。２年前にはアメリカ人の経営するディスカッションフォーラムで英語力のなさと欧米の価値観から逸脱した私の投稿は袋叩きにあった経験があります。今では歓迎されるようになっています。たかが英語されど英語。海外よりの励ましはグット胸に迫りました。ありがとうございます。（スラチャイ記、コンケンの自宅にて） 
photo by srachai from OCNフォトフレンド
Coexistence means fighting cultural frictions
The Yomiuri Shimbun (Sep. 18, 2010)
Coexistence means fighting cultural frictions
排外主義の台頭 異文化とどう共生していくか（9月17日付・読売社説）
The burqa, an enveloping outer garment, and the niqab, a veil covering the face, are worn by devout Muslim women.
敬虔(けいけん)なイスラム教徒女性が身に着ける衣装に、顔も体も覆い隠すブルカやニカブがある。
The French legislature has passed a bill banning women from wearing this type of clothing in public places.
これを公共の場で着用するのを禁止する法律が、フランスで成立した。
The law, prepared by the French government, will take effect in six months unless objections are raised by the Constitutional Council, an organ tasked with examining the constitutionality of laws.
違憲立法審査機関が異議を唱えなければ半年後に施行される。
Protagonists of the burqa-niqab ban have said wearing these garments runs counter to the principle of separation of church and state, and to the emancipation of women.
禁止の理由は、ブルカが厳格な政教分離や女性解放の理念に反するからだという。
President Nicolas Sarkozy's government has continued to send Roma back to such countries as Romania since summer. His administration is also considering revoking French nationality for immigrants found guilty of committing major crimes.
法案を準備したサルコジ政権は今夏以来、ルーマニアなどからやって来たロマ人を強制送還しているほか、重罪を犯した移民の国籍剥奪(はくだつ)も検討している。
Sarkozy's strong measures, including his crackdown on Roma communities, are a response to street disturbances by groups of young Roma and immigrants. However, the president continues to be accused of trying to resurrect his slumping popularity through these harsh measures, with a view to being reelected president in 2012.
ロマ人や移民の若者グループが暴動を起こしたためだが、２０１２年の大統領選を見据えた人気回復策だ、との批判は絶えない。
Violation of EU rules
France's expulsion of Roma, also known as Gypsies, has drawn fire from other European Union nations on the grounds that it violates the rule of freedom of movement within the bloc. However, a majority of French people support the Roma expulsion and burqa ban.
かつてジプシーと呼ばれたロマ人の追放には、欧州連合（ＥＵ）内でも、ＥＵの基本原則「域内の移動の自由」の侵害だ、と批判が起きている。しかし、仏国民の大半は、追放にもブルカ禁止にも賛成している。
If Sarkozy is merely trying to please the public through his antiforeigner policy, it is a sad commentary on France's national motto of liberty, equality and fraternity.
そんな世論に迎合した排外政策だとしたら、フランスが掲げる「自由・平等・友愛」の理念が泣くのではないか。
France is not the only country that apparently has become intolerant of immigrants and other minorities.
移民や少数派に非寛容になったのはフランスだけではない。
The Sept. 11, 2001, terrorist attacks on the United States have led many Americans and Europeans to view Muslims with fear and suspicion.
欧米諸国では、９年前の米同時テロ事件で、イスラム教徒を見る目に恐怖と猜疑(さいぎ)心が加わった。
Recent fiscal crises gripping some European countries, combined with a rise in unemployment, have triggered an even stronger antipathy toward immigrants. This is exemplified by ultrarightist parties making major gains in Dutch and Hungarian elections earlier this year after calling for restrictions on Muslim immigrants and a crackdown on Roma.
欧州では最近の財政危機や失業率の増加で、移民に対する風当たりはさらに強くなった。オランダやハンガリーで今年前半、イスラム教徒排斥やロマ人の取り締まり強化を叫ぶ極右政党が選挙で大躍進したのは、その一例である。
Rise in xenophobia
The anti-burqa movement is also gathering momentum in Belgium and Spain. Italy has also has set its sights on expelling Roma.
ブルカ禁止の動きはベルギーやスペインでも進む。ロマ人追放にはイタリアも乗り出した。
In early September, a board member of Germany's federal bank was dismissed for repeating racist remarks about Muslim immigrants and Jews. According to a survey, only about 30 percent of Germans thought the banker should be fired.
ドイツでは、イスラム教徒移民やユダヤ人に対する差別的発言を繰り返した連邦銀行理事が今月初めに解任されたが、解任を支持する声は約３割にとどまった。
The rise in xenophobic sentiment also is noticeable in the United States, a melting pot for immigrants. Divisions have deepened among Americans over a plan to build a mosque and Islamic center near New York's Ground Zero. Several days ago, a Florida pastor opposing the mosque construction plan stirred up an international furor when he vowed to burn copies of the Koran.
移民大国の米国でも、米同時テロ跡地近くにイスラム教礼拝堂を建設する計画をめぐって、賛成派と反対派の亀裂が深まっている。反対派の牧師がイスラム教の聖典コーランを焼却すると宣言して、世界を騒然とさせた。
The ongoing process of globalization obliges people to live with those who adhere to different religious faiths, manners and customs. Japan is no exception.
グローバル化が進む今、信仰や習俗の異なる人々との共生は避けて通れない。それは、日本も例外ではない。
The coexistence of different cultures also requires efforts by immigrants and other minorities to assimilate into the communities they live in. A society that accepts such minorities must fight cultural frictions that give rise to antiforeigner sentiments.
異文化との共生には、移民など少数派が既存社会に溶け込む努力も欠かせない。受け入れる側には文化摩擦の中で起きる排外主義と闘う責任があろう。
(From The Yomiuri Shimbun, Sept. 17, 2010)
（2010年9月17日01時34分 読売新聞）
Coexistence means fighting cultural frictions
排外主義の台頭 異文化とどう共生していくか（9月17日付・読売社説）
The burqa, an enveloping outer garment, and the niqab, a veil covering the face, are worn by devout Muslim women.
敬虔(けいけん)なイスラム教徒女性が身に着ける衣装に、顔も体も覆い隠すブルカやニカブがある。
The French legislature has passed a bill banning women from wearing this type of clothing in public places.
これを公共の場で着用するのを禁止する法律が、フランスで成立した。
The law, prepared by the French government, will take effect in six months unless objections are raised by the Constitutional Council, an organ tasked with examining the constitutionality of laws.
違憲立法審査機関が異議を唱えなければ半年後に施行される。
Protagonists of the burqa-niqab ban have said wearing these garments runs counter to the principle of separation of church and state, and to the emancipation of women.
禁止の理由は、ブルカが厳格な政教分離や女性解放の理念に反するからだという。
President Nicolas Sarkozy's government has continued to send Roma back to such countries as Romania since summer. His administration is also considering revoking French nationality for immigrants found guilty of committing major crimes.
法案を準備したサルコジ政権は今夏以来、ルーマニアなどからやって来たロマ人を強制送還しているほか、重罪を犯した移民の国籍剥奪(はくだつ)も検討している。
Sarkozy's strong measures, including his crackdown on Roma communities, are a response to street disturbances by groups of young Roma and immigrants. However, the president continues to be accused of trying to resurrect his slumping popularity through these harsh measures, with a view to being reelected president in 2012.
ロマ人や移民の若者グループが暴動を起こしたためだが、２０１２年の大統領選を見据えた人気回復策だ、との批判は絶えない。
Violation of EU rules
France's expulsion of Roma, also known as Gypsies, has drawn fire from other European Union nations on the grounds that it violates the rule of freedom of movement within the bloc. However, a majority of French people support the Roma expulsion and burqa ban.
かつてジプシーと呼ばれたロマ人の追放には、欧州連合（ＥＵ）内でも、ＥＵの基本原則「域内の移動の自由」の侵害だ、と批判が起きている。しかし、仏国民の大半は、追放にもブルカ禁止にも賛成している。
If Sarkozy is merely trying to please the public through his antiforeigner policy, it is a sad commentary on France's national motto of liberty, equality and fraternity.
そんな世論に迎合した排外政策だとしたら、フランスが掲げる「自由・平等・友愛」の理念が泣くのではないか。
France is not the only country that apparently has become intolerant of immigrants and other minorities.
移民や少数派に非寛容になったのはフランスだけではない。
The Sept. 11, 2001, terrorist attacks on the United States have led many Americans and Europeans to view Muslims with fear and suspicion.
欧米諸国では、９年前の米同時テロ事件で、イスラム教徒を見る目に恐怖と猜疑(さいぎ)心が加わった。
Recent fiscal crises gripping some European countries, combined with a rise in unemployment, have triggered an even stronger antipathy toward immigrants. This is exemplified by ultrarightist parties making major gains in Dutch and Hungarian elections earlier this year after calling for restrictions on Muslim immigrants and a crackdown on Roma.
欧州では最近の財政危機や失業率の増加で、移民に対する風当たりはさらに強くなった。オランダやハンガリーで今年前半、イスラム教徒排斥やロマ人の取り締まり強化を叫ぶ極右政党が選挙で大躍進したのは、その一例である。
Rise in xenophobia
The anti-burqa movement is also gathering momentum in Belgium and Spain. Italy has also has set its sights on expelling Roma.
ブルカ禁止の動きはベルギーやスペインでも進む。ロマ人追放にはイタリアも乗り出した。
In early September, a board member of Germany's federal bank was dismissed for repeating racist remarks about Muslim immigrants and Jews. According to a survey, only about 30 percent of Germans thought the banker should be fired.
ドイツでは、イスラム教徒移民やユダヤ人に対する差別的発言を繰り返した連邦銀行理事が今月初めに解任されたが、解任を支持する声は約３割にとどまった。
The rise in xenophobic sentiment also is noticeable in the United States, a melting pot for immigrants. Divisions have deepened among Americans over a plan to build a mosque and Islamic center near New York's Ground Zero. Several days ago, a Florida pastor opposing the mosque construction plan stirred up an international furor when he vowed to burn copies of the Koran.
移民大国の米国でも、米同時テロ跡地近くにイスラム教礼拝堂を建設する計画をめぐって、賛成派と反対派の亀裂が深まっている。反対派の牧師がイスラム教の聖典コーランを焼却すると宣言して、世界を騒然とさせた。
The ongoing process of globalization obliges people to live with those who adhere to different religious faiths, manners and customs. Japan is no exception.
グローバル化が進む今、信仰や習俗の異なる人々との共生は避けて通れない。それは、日本も例外ではない。
The coexistence of different cultures also requires efforts by immigrants and other minorities to assimilate into the communities they live in. A society that accepts such minorities must fight cultural frictions that give rise to antiforeigner sentiments.
異文化との共生には、移民など少数派が既存社会に溶け込む努力も欠かせない。受け入れる側には文化摩擦の中で起きる排外主義と闘う責任があろう。
(From The Yomiuri Shimbun, Sept. 17, 2010)
（2010年9月17日01時34分 読売新聞）
2010年09月17日
China shouldn't stir up anti-Japanese sentiment
The Yomiuri Shimbun (Sep. 17, 2010)
China shouldn't stir up anti-Japanese sentiment
尖閣沖漁船衝突 中国は「反日」沈静化に努めよ（9月16日付・読売社説）
China has taken a strikingly hard line over Japan's handling of the recent collisions of a Chinese fishing trawler with two Japan Coast Guard patrol vessels off the Senkaku Islands in the East China Sea.
尖閣諸島沖の中国漁船衝突事件で、中国の強硬姿勢が目立っている。
China has protested five times to Japanese Ambassador to China Uichiro Niwa over the arrest of the trawler's captain. China also unilaterally canceled talks on a pact covering joint gas field development in the East China Sea and a scheduled visit to Japan by Li Jianguo, vice chairman of the Standing Committee of the National People's Congress.
中国人船長の逮捕に対し、丹羽宇一郎駐中国大使への中国側の抗議は５度にわたった。東シナ海のガス田共同開発に向けた条約交渉や、全国人民代表大会副委員長の訪日も一方的にとりやめた。
In particular, the summons of Niwa by Chinese State Councillor Dai Bingguo, a deputy prime minister-level official, in the middle of the night on a holiday flies in the face of diplomatic protocol.
特に、副首相級の戴秉国国務委員が休日の未明に大使を呼び出したのは、外交儀礼的に問題のある対応だ。
China's postponement of the gas field talks, which has no direct link with the ship collisions, is an overreaction. We strongly urge China to exercise self-restraint.
事件と直接関係のないガス田交渉まで絡めることも行き過ぎである。中国には自制した対応を強く求めたい。
Japan in the right
The collisions occurred in Japanese waters off the Senkaku Islands, which are inherently Japanese. It is quite reasonable for Japan to deal with illegal activities in these waters in accordance with domestic law.
事件が起きた海域は、日本固有の領土である尖閣諸島沖の日本領海内だ。違法行為を日本の国内法で裁くのは当然である。
China is mistaken if it thinks Japan will buckle to China's demands if it plays hardball.
中国が、強い態度に出れば日本側が折れてくると考えているのなら、それは誤りだ。
Since the 1970s, China has claimed the Senkaku Islands belong to China. It has instilled this belief among its people through "anti-Japanese patriotism" education since the 1990s.
中国は、１９７０年代から尖閣諸島を中国の領土だと主張し、それを９０年代からの「反日・愛国」教育で国民に浸透させてきた。
If Chinese people get the impression that their government is "weak-kneed," it could ignite simmering public discontent over the country's economic disparities and other ills, which could escalate into anger directed at the Chinese Communist Party leadership.
尖閣問題で「政府は弱腰」との印象を与えれば、国内経済格差などへの不平や不満に“引火”し、中国国民の矛先が共産党指導部に向けられかねない――。
This fear has apparently driven the Chinese government to take a high-handed stance toward Japan over the collisions. But we think Beijing is barking up the wrong tree.
そんな懸念もあって、中国政府は今回、日本に高圧的な態度をとっているのだろう。だが、それは明らかに筋が違う話だ。
Online bulletin boards in China have been increasingly used to post extreme messages encouraging retaliatory attacks on Japan. Japanese living in China have been harassed, and small metallic balls were fired at a Japanese school building in Tianjin.
インターネット上では、日本への報復攻撃を促すなど過激な書き込みが増えている。天津市の日本人学校では、パチンコ玉状の金属球が撃ち込まれるなど、在留邦人への嫌がらせも起き始めた。
Level heads needed
The Japanese government on Monday sent members of the fishing boat crew, except for the captain, back to China, together with the vessel.
日本政府は１３日、船長以外の船員を帰国させ、漁船も返した。
We hoped China would applaud this attempt by the Japanese government to take some of the sting out of the situation. However, China has proclaimed the crew and vessel were returned "due to the united action taken by the Chinese government and its people." Beijing has used Japan's gesture to earn brownie points with the public.
そうした抑制的な対応を評価するならともかく、中国は「政府と国民の一体行動の成果」と喧伝(けんでん)し、国内世論対策に利用している。
This will only inflame "anti-Japanese" sentiment among Chinese people. We urge the Chinese government to defuse such sentiment and prevent a recurrence of the 2005 "anti-Japanese riots."
これでは、「反日」世論は過熱するばかりだ。中国は、２００５年の「反日」暴動を再来させることのないよう、国内世論の沈静化に努めるべきだ。
We also hope the Japanese side will continue to keep a level head. That being said, the government must not hesitate to refute inaccurate Chinese media reports, such as the claim that JCG patrol vessels "crashed into the fishing boat from behind."
日本側は冷静な対応に徹してほしい。ただ、海上保安庁の巡視船が「漁船に追突した」と、中国メディアが事実を曲げて報じていることには反論する必要がある。
The JCG videotaped the fishing boat intentionally colliding with two patrol vessels. However, the JCG has not released the tapes because it might need to submit them as evidence in court should the incident become a criminal case.
海保は、漁船が故意に衝突させた場面をビデオ撮影している。刑事裁判になれば証拠資料として提出する可能性があるため、公表を控えている。
If it becomes apparent that the captain was at fault, it may soothe public anger in China. Perhaps making the videotape public would be one way to achieve this.
だが、船長に非があることが明白になれば、中国国内世論を落ち着かせるのに役立とう。ビデオを公開するのも一案ではないか。
(From The Yomiuri Shimbun, Sept. 16, 2010)
（2010年9月16日01時27分 読売新聞）
China shouldn't stir up anti-Japanese sentiment
尖閣沖漁船衝突 中国は「反日」沈静化に努めよ（9月16日付・読売社説）
China has taken a strikingly hard line over Japan's handling of the recent collisions of a Chinese fishing trawler with two Japan Coast Guard patrol vessels off the Senkaku Islands in the East China Sea.
尖閣諸島沖の中国漁船衝突事件で、中国の強硬姿勢が目立っている。
China has protested five times to Japanese Ambassador to China Uichiro Niwa over the arrest of the trawler's captain. China also unilaterally canceled talks on a pact covering joint gas field development in the East China Sea and a scheduled visit to Japan by Li Jianguo, vice chairman of the Standing Committee of the National People's Congress.
中国人船長の逮捕に対し、丹羽宇一郎駐中国大使への中国側の抗議は５度にわたった。東シナ海のガス田共同開発に向けた条約交渉や、全国人民代表大会副委員長の訪日も一方的にとりやめた。
In particular, the summons of Niwa by Chinese State Councillor Dai Bingguo, a deputy prime minister-level official, in the middle of the night on a holiday flies in the face of diplomatic protocol.
特に、副首相級の戴秉国国務委員が休日の未明に大使を呼び出したのは、外交儀礼的に問題のある対応だ。
China's postponement of the gas field talks, which has no direct link with the ship collisions, is an overreaction. We strongly urge China to exercise self-restraint.
事件と直接関係のないガス田交渉まで絡めることも行き過ぎである。中国には自制した対応を強く求めたい。
Japan in the right
The collisions occurred in Japanese waters off the Senkaku Islands, which are inherently Japanese. It is quite reasonable for Japan to deal with illegal activities in these waters in accordance with domestic law.
事件が起きた海域は、日本固有の領土である尖閣諸島沖の日本領海内だ。違法行為を日本の国内法で裁くのは当然である。
China is mistaken if it thinks Japan will buckle to China's demands if it plays hardball.
中国が、強い態度に出れば日本側が折れてくると考えているのなら、それは誤りだ。
Since the 1970s, China has claimed the Senkaku Islands belong to China. It has instilled this belief among its people through "anti-Japanese patriotism" education since the 1990s.
中国は、１９７０年代から尖閣諸島を中国の領土だと主張し、それを９０年代からの「反日・愛国」教育で国民に浸透させてきた。
If Chinese people get the impression that their government is "weak-kneed," it could ignite simmering public discontent over the country's economic disparities and other ills, which could escalate into anger directed at the Chinese Communist Party leadership.
尖閣問題で「政府は弱腰」との印象を与えれば、国内経済格差などへの不平や不満に“引火”し、中国国民の矛先が共産党指導部に向けられかねない――。
This fear has apparently driven the Chinese government to take a high-handed stance toward Japan over the collisions. But we think Beijing is barking up the wrong tree.
そんな懸念もあって、中国政府は今回、日本に高圧的な態度をとっているのだろう。だが、それは明らかに筋が違う話だ。
Online bulletin boards in China have been increasingly used to post extreme messages encouraging retaliatory attacks on Japan. Japanese living in China have been harassed, and small metallic balls were fired at a Japanese school building in Tianjin.
インターネット上では、日本への報復攻撃を促すなど過激な書き込みが増えている。天津市の日本人学校では、パチンコ玉状の金属球が撃ち込まれるなど、在留邦人への嫌がらせも起き始めた。
Level heads needed
The Japanese government on Monday sent members of the fishing boat crew, except for the captain, back to China, together with the vessel.
日本政府は１３日、船長以外の船員を帰国させ、漁船も返した。
We hoped China would applaud this attempt by the Japanese government to take some of the sting out of the situation. However, China has proclaimed the crew and vessel were returned "due to the united action taken by the Chinese government and its people." Beijing has used Japan's gesture to earn brownie points with the public.
そうした抑制的な対応を評価するならともかく、中国は「政府と国民の一体行動の成果」と喧伝(けんでん)し、国内世論対策に利用している。
This will only inflame "anti-Japanese" sentiment among Chinese people. We urge the Chinese government to defuse such sentiment and prevent a recurrence of the 2005 "anti-Japanese riots."
これでは、「反日」世論は過熱するばかりだ。中国は、２００５年の「反日」暴動を再来させることのないよう、国内世論の沈静化に努めるべきだ。
We also hope the Japanese side will continue to keep a level head. That being said, the government must not hesitate to refute inaccurate Chinese media reports, such as the claim that JCG patrol vessels "crashed into the fishing boat from behind."
日本側は冷静な対応に徹してほしい。ただ、海上保安庁の巡視船が「漁船に追突した」と、中国メディアが事実を曲げて報じていることには反論する必要がある。
The JCG videotaped the fishing boat intentionally colliding with two patrol vessels. However, the JCG has not released the tapes because it might need to submit them as evidence in court should the incident become a criminal case.
海保は、漁船が故意に衝突させた場面をビデオ撮影している。刑事裁判になれば証拠資料として提出する可能性があるため、公表を控えている。
If it becomes apparent that the captain was at fault, it may soothe public anger in China. Perhaps making the videotape public would be one way to achieve this.
だが、船長に非があることが明白になれば、中国国内世論を落ち着かせるのに役立とう。ビデオを公開するのも一案ではないか。
(From The Yomiuri Shimbun, Sept. 16, 2010)
（2010年9月16日01時27分 読売新聞）
2010年09月16日
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。
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。
2010年09月15日
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年09月14日
防衛白書 中国軍増強は国際社会の懸念
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。
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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。
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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）