2013年05月30日
波乱含みの株価 ひるまずアベノミクスを前に
The Yomiuri Shimbun May 29, 2013
Govt should stick with Abenomics despite volatility in stock market
波乱含みの株価 ひるまずアベノミクスを前に（5月28日付・読売社説）
Stock prices have suddenly turned volatile after steadily soaring on the high regard market players have for Prime Minister Shinzo Abe’s economic policies, which have been dubbed “Abenomics.”
安倍首相の進める経済政策「アベノミクス」を好感し、急上昇してきた株価が、一転して波乱含みになってきた。
People should not overreact to daily market fluctuations. The government and the Bank of Japan should steadily proceed with Abenomics and expedite measures to realize a full recovery of the nation’s economy, whose prospects have become increasingly rosy.
マーケットの日々の変動に、一喜一憂すべきではない。政府と日銀は、アベノミクスを着実に推進し、明るさを増してきた景気の本格的な回復を急ぐべきである。
The key stock average index on the Tokyo market has been stormy since late last week. On Thursday, the index rose to just below 16,000, but then suddenly plunged by more than 1,000 points, triggered by a worsening Chinese economic indicator. On Friday, Tokyo stocks swung wildly.
東京市場の平均株価は先週後半から荒れ模様となった。２３日に１万６０００円の目前まで上昇した後、中国の景気指標悪化をきっかけに１０００円以上も急落した。２４日には激しく乱高下した。
On Monday, the index again sharply dropped 469 points to close at 14,142.
週明けの２７日も、大幅に値を下げ、４６９円安の１万４１４２円で取引を終えた。
Locking in profits
In the current state of the market, wary investors are inclined to sell their stocks to lock in profits after experiencing the rapid rise in stock prices that started last autumn.
昨秋からの急ピッチな株価上昇の息切れを警戒し、市場は利益確保の売りが出やすい状況だ。
It is believed that another factor behind the recent accelerating drops in stock prices is a selling offensive launched by speculators overseas in such things as futures to exploit the bearish mindset of investors.
弱気な投資家心理に乗じて、海外の投機筋が先物などで売り攻勢を仕掛けたことも、下げを加速させているのだろう。
It will be problematic if this unstable market situation continues for a prolonged period and drags down the real economy. The government and the Bank of Japan need to beef up their oversight of market movements.
市場の不安定な状況が長引き、実体経済の足を引っ張るようでは困る。政府と日銀は、市場動向の監視を強める必要がある。
Rises in long-term interest rates also are a cause of concern. It had previously been expected that the rates would decline as the amount of government bonds purchased by the central bank increased under its quantitative and qualitative monetary easing policy. Instead, they have been rising to levels higher than those before the monetary easing.
長期金利の上昇も気がかりだ。日銀の「量的・質的金融緩和」で国債の買い入れ額が上積みされ、長期金利の低下が見込まれたが、逆に緩和前より上昇している。
A continuation of this trend could dilute the effects of monetary easing, putting a damper on firms’ capital investments as well as housing sales, which would result in a cooling down of the economy. The central bank must make all-out efforts to arrest rises in the interest rates.
このままでは、金融緩和の効果が減殺されて設備投資や住宅販売に水を差し、景気を冷やす恐れがある。日銀は金利上昇の阻止に、全力を挙げねばならない。
Rising stock prices and a correction in the appreciation of the yen since autumn can be attributed to the early expectations for Abenomics. We hope the government will give a boost to the economic recovery with concrete measures to solidify market confidence in economic policies.
昨秋からの株高や円高是正は、アベノミクスへの期待が先行してきたといえる。具体的な施策で景気回復を後押しすることで、経済政策に対する市場の信認を確かなものにしたい。
Abe’s strategy for economic growth, or the “third arrow” of Abenomics, is particularly important. To enhance the vigor of the private sector and achieve sustainable growth, it is essential to implement reforms to take on vested interests and change regulations that have prevented the entry of newcomers. Policy measures must also be taken to provide support in such areas as research and development.
特に「３本目の矢」である成長戦略が重要だ。民間活力を高め、持続的成長を実現するには、新規参入を阻む既得権益や規制を改革し、研究開発などを後押しする政策が不可欠である。
We consider it important for the government to hammer out a bold policy and swiftly promote it.
大胆な方針を打ち出し、迅速に推進することが大切だ。
Road map needed
Given the poor track record of the growth strategies of previous administrations, the government should draw up a road map to realize its growth strategy by establishing systems that are powerful enough to neutralize the negative effects that have resulted from the vertically segmented administrative structure of ministries and other government bodies.
歴代政権の成長戦略が成果に乏しかった教訓を踏まえ、府省縦割りの弊害を打破する強力な実施体制を構築し、実現への道筋を示すことが求められる。
Meanwhile, private companies--the main drivers of growth--should positively regard the fact that stock prices soared on prospects for recovery in their performance, backed by the yen’s ongoing depreciation.
主役の民間企業も、円安の進行が追い風となり、業績回復を見込んで株価が急上昇した事実を前向きに受け止めてほしい。
How can they strengthen their profit-earning capacities by opening up new markets with creative and innovative efforts as well as a can-do spirit? They will be tested for their true abilities concerning aggressive business strategies.
創意工夫とチャレンジ精神で新たな市場を開拓し、いかに収益力を強化するか。攻めの経営戦略の真価が問われよう。
(From The Yomiuri Shimbun, May 28, 2013)
（2013年5月28日01時19分 読売新聞）
Govt should stick with Abenomics despite volatility in stock market
波乱含みの株価 ひるまずアベノミクスを前に（5月28日付・読売社説）
Stock prices have suddenly turned volatile after steadily soaring on the high regard market players have for Prime Minister Shinzo Abe’s economic policies, which have been dubbed “Abenomics.”
安倍首相の進める経済政策「アベノミクス」を好感し、急上昇してきた株価が、一転して波乱含みになってきた。
People should not overreact to daily market fluctuations. The government and the Bank of Japan should steadily proceed with Abenomics and expedite measures to realize a full recovery of the nation’s economy, whose prospects have become increasingly rosy.
マーケットの日々の変動に、一喜一憂すべきではない。政府と日銀は、アベノミクスを着実に推進し、明るさを増してきた景気の本格的な回復を急ぐべきである。
The key stock average index on the Tokyo market has been stormy since late last week. On Thursday, the index rose to just below 16,000, but then suddenly plunged by more than 1,000 points, triggered by a worsening Chinese economic indicator. On Friday, Tokyo stocks swung wildly.
東京市場の平均株価は先週後半から荒れ模様となった。２３日に１万６０００円の目前まで上昇した後、中国の景気指標悪化をきっかけに１０００円以上も急落した。２４日には激しく乱高下した。
On Monday, the index again sharply dropped 469 points to close at 14,142.
週明けの２７日も、大幅に値を下げ、４６９円安の１万４１４２円で取引を終えた。
Locking in profits
In the current state of the market, wary investors are inclined to sell their stocks to lock in profits after experiencing the rapid rise in stock prices that started last autumn.
昨秋からの急ピッチな株価上昇の息切れを警戒し、市場は利益確保の売りが出やすい状況だ。
It is believed that another factor behind the recent accelerating drops in stock prices is a selling offensive launched by speculators overseas in such things as futures to exploit the bearish mindset of investors.
弱気な投資家心理に乗じて、海外の投機筋が先物などで売り攻勢を仕掛けたことも、下げを加速させているのだろう。
It will be problematic if this unstable market situation continues for a prolonged period and drags down the real economy. The government and the Bank of Japan need to beef up their oversight of market movements.
市場の不安定な状況が長引き、実体経済の足を引っ張るようでは困る。政府と日銀は、市場動向の監視を強める必要がある。
Rises in long-term interest rates also are a cause of concern. It had previously been expected that the rates would decline as the amount of government bonds purchased by the central bank increased under its quantitative and qualitative monetary easing policy. Instead, they have been rising to levels higher than those before the monetary easing.
長期金利の上昇も気がかりだ。日銀の「量的・質的金融緩和」で国債の買い入れ額が上積みされ、長期金利の低下が見込まれたが、逆に緩和前より上昇している。
A continuation of this trend could dilute the effects of monetary easing, putting a damper on firms’ capital investments as well as housing sales, which would result in a cooling down of the economy. The central bank must make all-out efforts to arrest rises in the interest rates.
このままでは、金融緩和の効果が減殺されて設備投資や住宅販売に水を差し、景気を冷やす恐れがある。日銀は金利上昇の阻止に、全力を挙げねばならない。
Rising stock prices and a correction in the appreciation of the yen since autumn can be attributed to the early expectations for Abenomics. We hope the government will give a boost to the economic recovery with concrete measures to solidify market confidence in economic policies.
昨秋からの株高や円高是正は、アベノミクスへの期待が先行してきたといえる。具体的な施策で景気回復を後押しすることで、経済政策に対する市場の信認を確かなものにしたい。
Abe’s strategy for economic growth, or the “third arrow” of Abenomics, is particularly important. To enhance the vigor of the private sector and achieve sustainable growth, it is essential to implement reforms to take on vested interests and change regulations that have prevented the entry of newcomers. Policy measures must also be taken to provide support in such areas as research and development.
特に「３本目の矢」である成長戦略が重要だ。民間活力を高め、持続的成長を実現するには、新規参入を阻む既得権益や規制を改革し、研究開発などを後押しする政策が不可欠である。
We consider it important for the government to hammer out a bold policy and swiftly promote it.
大胆な方針を打ち出し、迅速に推進することが大切だ。
Road map needed
Given the poor track record of the growth strategies of previous administrations, the government should draw up a road map to realize its growth strategy by establishing systems that are powerful enough to neutralize the negative effects that have resulted from the vertically segmented administrative structure of ministries and other government bodies.
歴代政権の成長戦略が成果に乏しかった教訓を踏まえ、府省縦割りの弊害を打破する強力な実施体制を構築し、実現への道筋を示すことが求められる。
Meanwhile, private companies--the main drivers of growth--should positively regard the fact that stock prices soared on prospects for recovery in their performance, backed by the yen’s ongoing depreciation.
主役の民間企業も、円安の進行が追い風となり、業績回復を見込んで株価が急上昇した事実を前向きに受け止めてほしい。
How can they strengthen their profit-earning capacities by opening up new markets with creative and innovative efforts as well as a can-do spirit? They will be tested for their true abilities concerning aggressive business strategies.
創意工夫とチャレンジ精神で新たな市場を開拓し、いかに収益力を強化するか。攻めの経営戦略の真価が問われよう。
(From The Yomiuri Shimbun, May 28, 2013)
（2013年5月28日01時19分 読売新聞）
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