英字新聞

The Yomiuri Shimbun January 14, 2014
Govt must reshape growth strategy to bring about effective outcome
日本経済再生　効果的な成長戦略に練り直せ（1月14日付・読売社説）

　◆ＴＰＰ交渉で国益の最大化を

Business has been steadily picking up on the tailwind of the economic policies of Prime Minister Shinzo Abe.
　安倍政権の進める経済政策「アベノミクス」を追い風に、景気は明るさを増してきた。

The question now is how to maintain sustainable growth. It is essential to end the deflationary spiral that has continued for nearly 20 years.
　これから問われるのは成長の持続力である。２０年近く続いた悪性デフレの病を、完治させることが肝心だ。

The government must accelerate the implementation of an effective growth strategy with a view to achieving self-sustaining growth led by the private sector.
　政府は、民間主導の自律的な成長を目指し、実効性のある成長戦略を加速させねばならない。

The Nikkei Stock Average currently is hovering around 16,000 at the Tokyo Stock Exchange after soaring by about 60 percent in the past year. The stronger yen that plagued the national economy has weakened significantly and remains low in relation to other currencies.
　東京市場の平均株価は、ここ１年で約６０％上昇し、１万６０００円前後で推移している。日本経済を苦しめた円高も大幅に修正され、円安傾向が続く。

Bold monetary easing and fiscal stimulus measures pushed by the Abe administration plus the business recovery of the United States have helped the Japanese economy. It is to ensure that the move toward improvement does not end up as a “false dawn.”
　安倍政権が打ち出した大胆な金融緩和と財政出動に加え、米国の景気回復も好材料となった。大切なのは、改善の動きを「偽りの夜明け」に終わらせないことだ。

Tax hike biggest hurdle
　◆カンフル剤は効いたが

The biggest hurdle to this goal is the consumption tax hike set for April.
　最大のハードルは、４月の消費税率の引き上げである。

The tax burden on the nation’s households will increase by \6 trillion a year after the rate is raised from the current 5 percent to 8 percent. It is feared that consumption—which accounts for 60 percent of the gross domestic product—will cool off, causing a business slowdown.
　消費税率が５％から８％に上がると、家計全体の税負担は年６兆円も増える。国内総生産（ＧＤＰ）の６割を占める消費が冷え込み、景気が失速する懸念がある。

Relying only on fiscal stimulus to prop up the economy will lead to the worsening of state finances. To attain economic revitalization and fiscal reconstruction together, it is indispensable to invigorate the economy through implementation of a radical growth strategy.
　景気テコ入れ策として財政出動に頼るだけでは、財政悪化に拍車がかかる。経済再生と財政再建を同時に達成するには、大胆な成長戦略で民間経済を活性化させることが欠かせない。

In connection with the law on enhancement of industrial competitiveness enacted in December and other growth strategy-related bills, the government will shortly work out implementation plans that include timetables and designation of Cabinet ministers in charge of implementation. The government should steadily carry out measures and assess their effectiveness.
　政府は昨年末に成立した産業競争力強化法をはじめ成長戦略の関連施策について、近く実行計画を策定し、実施時期や担当閣僚を明示する。各施策の着実な遂行と、効果の検証が求められよう。

It is problematic, however, that the growth strategy is lackluster.
　だが問題は、成長戦略の中身が物足りないことだ。

Deregulation steps insufficient
　◆規制緩和が物足りない

A deregulation plan to establish special national strategy zones under the slogan “to provide the world’s most favorable business environment” fails to do away with regulations that are as hard as bedrock in such fields as employment, medical treatment and agriculture.
　「世界一ビジネスがしやすい環境を作る」とした国家戦略特区の規制緩和メニューは、雇用や医療、農業などの強固な「岩盤規制」を十分に突き崩せなかった。

Deregulation of working hours, which has been strongly requested by business circles, has been postponed. So has expansion of a mixed medical treatment system under which treatment covered and not covered by health insurance could be provided together.
　経済界が強く求める労働時間の規制緩和や、自由診療と保険診療を併用する混合診療の大幅拡充なども見送られた。

In his New Year’s press conference, Abe revealed a plan to reexamine the growth strategy in the middle of this year. Half-baked revision would make no sense. To ensure the success of deregulation, the prime minister must lead the way in containing the resistance of government ministries and agencies as well as their related organizations trying to protect their vested interests.
　首相は年頭の記者会見で、今年半ばに成長戦略を見直す方針を表明した。中途半端な改定では意味がない。既得権を守ろうとする各府省や関係団体の抵抗を、首相の指導力で封じ込め、規制緩和を前進させてもらいたい。

Another challenge for the growth strategy is lowering the effective corporate tax rate, which is higher than those in major countries in Europe and other parts of Asia.
　欧州やアジアの主要国よりも高い法人税実効税率の引き下げも、成長戦略の課題である。

The government must aim at reinforcing the international competitiveness of Japanese companies by realizing the tax cut as soon as possible, while at the same time revitalizing the Japanese market by promoting the inflow of foreign capital.
　早期に実現して、日本企業の競争力強化を図るとともに、外資の参入促進による日本市場の活性化を目指すべきだ。

The recovery of a cheap and stable power supply is the basis of economic growth. It is vital to steadily restart nuclear power reactors whose safety has been confirmed.
　安価で安定した電力供給の回復は、経済成長の基盤といえる。安全性の確認できた原発を着実に再稼働することも不可欠である。

Yet we cannot expect much from the growth strategy as long as the companies, who are to play the leading role under the strategy, “have not danced though we have piped unto them.”
　せっかくの成長戦略も、主役の企業が「笛吹けど踊らず」では成果は乏しい。

It is worrisome that many companies have not shaken free of their defensive stance. This is partly because their business performances were sluggish for a protracted period due to the deflationary trend and the strong yen.
　デフレや円高で業績不振が長引いたこともあり、多くの企業が守りの姿勢から抜け出せていないことが気がかりである。

Japanese companies hold a total of at least \200 trillion in cash and money on deposit. This shows they have refrained from investing in plant and equipment and manpower in order to set aside cash reserves for emergencies.
　日本企業は総額２００兆円を超える現金と預金を保有している。万一に備えて手元資金を残しておこうと、設備や人材への投資を控えてきた証しといえる。

Although they have bailed themselves out of the plight caused by the superstrong yen, Japanese manufacturers have been fiercely competing abroad with their rivals from emerging economies. This comes at a time when the domestic market is expected to shrink, due to the declining population.
　超円高の苦境は脱したものの、製造業各社は海外市場で、新興国企業などと激しい競争を展開している。国内は、人口減少による市場の縮小が見込まれる。