英字新聞

The Yomiuri Shimbun January 1, 2014
Deal with economy, China to ensure Japan can rise again
日本浮上へ総力を結集せよ（1月1日付・読売社説）

　◆「経済」と「中国」に万全の備えを

This nation must be saved from drowning in the sea of deflation, a challenge essential for putting its economy onto an upward trend.
　デフレの海で溺れている日本を救い出し、上昇気流に乗せなければならない。

Doing so will definitely require success in achieving the targets set in Prime Minister Shinzo Abe’s economic policy line, known as Abenomics, through efforts to ensure his administration is kept running even more stably.
　それには、安倍政権が政治の安定を維持し、首相の経済政策「アベノミクス」が成功を収めることが不可欠である。

With this in mind, the government should place priority on economic growth over fiscal reconstruction for the time being, a task necessary to revitalize the economy and increase tax revenue.
　当面は、財政再建より経済成長を優先して日本経済を再生させ、税収を増やす道を選ぶべきだ。

This must be accompanied by efforts to disburse financial resources in such fields as pensions, medical and other forms of social security, along with national security, crisis management and energy. Success in that endeavor is indispensable for boosting Japan’s national strength from the mid- and long-term standpoints.
　そのうえで、年金・医療などの社会保障、安全保障・危機管理、エネルギーなどの政策分野に投資し、中長期的に国力を上昇させていくことが肝要である。

In promoting good external relations, the government needs to ensure stability in the Asia-Pacific region.
　対外的には、アジア太平洋地域の安定が望ましい。

China has been escalating its high-handed behavior in the East China Sea and in the sky above the area in recent months. Few eyebrows would be raised if an accidental conflict erupted between Japan and China at any time. This situation will likely continue for the foreseeable future.
　中国が東シナ海とその上空で、強圧的な行動をエスカレートさせている。日本との間に偶発的衝突がいつあってもおかしくない、厳しい情勢が続く。

Perceived military tensions in this region must be relaxed through repeated dialogue between Japanese and Chinese diplomatic and defense authorities, coupled with efforts to improve the functions of the Japan-U.S. alliance.
　日中両国の外交・防衛当局者による対話を重ねつつ、日米同盟の機能を高めることで、軍事的緊張を和らげねばならない。

The economy and China will likely be the two major focuses of government policy this year. Failure to squarely confront the two tasks—one domestic, the other external—will render useless any attempt by Japan to start rising to prominence, economically or otherwise.
　今年も「経済」と「中国」が焦点となろう。この内外のテーマに正面から立ち向かわずに、日本が浮上することはない。

Crunch time for Abenomics
　◆アベノミクスに試練

One year has passed since Abe inaugurated his second Cabinet. The prime minister was at the forefront of his ruling coalition’s victory in the House of Councillors election last summer, a triumph that sealed an end to the divided Diet. This has enabled the Liberal Democratic Party to emerge as the sole dominant power in the political arena, reducing all other parties to lesser forces.
　第２次安倍内閣が発足して１年が経過した。首相は昨年夏の参院選で衆参両院のねじれを解消し、自民党が突出する「１強多弱」体制を作り上げた。

His Cabinet has consistently enjoyed a high popular support rating. Despite a drop in the rating due to turmoil arising from the enactment of the state secrets protection law during an extraordinary Diet session last year, the figure still stands in the 50 percent range.
　内閣支持率は一貫して高い。昨年の臨時国会での特定秘密保護法成立の混乱によって低下したが、なお５０％台を維持している。

This should be solely attributed to Abe’s focused efforts on economic recovery, a task that comes first in the list of his policy priorities.
　安倍首相が、政策課題に優先順位をつけ、専ら「経済」に力を注いできたからにほかならない。

The prime minister’s pursuit of his Abenomics policy is accomplishing a certain degree of success. This is evident in the fact, for example, that two of the three pillars stipulated in his policy—bold monetary relaxation and flexible fiscal stimulus—have apparently caused the economy to pick up. This has been accompanied by realizing higher stock prices and a decline in the value of the yen. There is no doubt that the current situation has helped make Japan’s presence felt more strongly in the international community.
　アベノミクスは、３本の矢のうち、大胆な金融緩和と機動的な財政出動の２本の矢によって、日本の景気を持ち直し、株高・円安も実現するなど、一定の成果を上げている。日本の国際社会での存在感が増したことも確かだ。

However, it is still uncertain whether—and how, for that matter—the Bank of Japan will be able to bring the annual price increase rate to 2 percent, a target set by the central bank to overcome protracted deflation. Furthermore, there is a limit to how long the benefits of the fiscal measures taken by the government to underpin the economy will endure. The Abe Cabinet’s high support rating is primarily because the public expect he will be able to recharge the economy. His high popularity does not mean people actually feel their living conditions are improving under the current administration.
　だが、日銀がデフレ克服の目標に掲げる「２％の物価上昇率」の実現への道筋は、なお不透明だ。景気を下支えする財政出動は持続力に限りがある。世論の支持も、景気回復への期待が先行し、必ずしも生活向上を実感できたからではない。

Given this, the Abenomics policy will be tested over whether it can truly achieve its purpose this year.
　今年は、アベノミクスの真価が問われる。

The prime minister’s decision in October to implement a consumption tax rate hike, as initially planned, means the rate will rise from 5 percent to 8 percent in April.
　首相の決断によって、４月に消費税率が５％から８％に引き上げられる。

The economy will likely remain more or less upbeat until the end of March, partly due to last-minute rise in demand for such commodities as consumer durables. In April and beyond, however, the economy could take a downturn due to dampened consumer appetite in reaction to the tax rate increase.
　３月までは、耐久消費財などの「駆け込み需要」もあって、景気は回復基調で推移するだろう。だが、消費が冷え込む「反動減」が予想される４月以降は、景気が腰折れしかねない。

To minimize the effect of the tax hike on consumption, the government put together an economic stimulus package worth about \5.5 trillion at government expense, the main pillars of which include financial and other support for business corporations and public works projects. With a similar purpose in mind, the government has devised a bloated budget for fiscal 2014.
　政府は消費増税の影響を最小限に抑えるため、企業支援や公共事業を柱に国費で５・５兆円規模の経済対策を打ち出した。２０１４年度予算案も大きく膨らんだ。

However, we think the package is less than satisfactory when it comes to supporting ordinary household finances. It includes a one-shot financial support for low-income households, or what the government calls “simple benefit payment.” Meanwhile, the government decided not to introduce a lower tax rate for such essential goods as foodstuffs and newspapers. We hope the government and the ruling parties will prepare to introduce a mitigated tax rate system covering such necessities when a planned rate hike from 8 percent to 10 percent is implemented.
　一方、家計への支援は物足りない。低所得者へ１回限りの「簡素な給付措置」が盛り込まれたが、食料品や新聞への軽減税率は導入が見送られた。政府・与党は１０％への消費増税と同時導入を期して準備を進めてもらいたい。