日本、債券価格急上昇の悪影響を一蹴

Japan plays down concerns bond price spike could hurt recovery
（日本、債券価格急上昇の悪影響を一蹴）
By Philip Aldrick, Economics Editor
Telegraph: 6:48PM BST 26 May 2013

Japan's central bank governor has shrugged off concerns that the recent spike in bond prices could damage the country's fledgling recovery.

黒田東彦日銀総裁は、最近の債券価格急騰は日本の始まったばかりの景気回復にダメージを与えるのではないか、との懸念を一蹴にしました。

Haruhiko Kuroda, the Bank of Japan governor, said analysis by the central bank last month showed that the country could withstand an increase in market interest rates of as much as 3pc, as long as there were accompanying improvements in the economy.

黒田東彦日銀総裁は、日銀が先月行った分析によって、景気回復が伴われる限り、日本は3%まで金利が上昇しても耐えられることがわかった、と語りました。

Japan's stock market crashed 7pc on Thursday following weak economic data in China, speculation that the US was close to winding up its money-printing programme, and on fears that falling Japanese government bond prices would undermine the government's economic strategy and punch a hole in bank balance sheets.

日経は木曜日、中国の弱い経済データ、米国のQE撤収は間近ではないかとの憶測、そして日本国債の価格下落は政府の経済政策を阻害し銀行のバランスシートに穴を穿つのではないかとの懸念を受けて、7%も暴落しました。

Stock markets across the world also took fright, with the FTSE 100 falling 2pc on the day.

世界中の株式市場も値下がりして、FTSE 100は同日に2%下落しました。

However, the recently-appointed Mr Kuroda yesterday said that Bank of Japan estimates in April showed that a one to three percentage point rise in interest rates would not cause problems for Japan's financial system, as long as it was accompanied by economic improvements, since a recovery would lead to increased lending and help to improve banks' earnings.

しかし、先日就任したばかりの黒田総裁曰く、日銀の4月の予測の結果、景気回復により貸出が増え、銀行の収益改善が促進されるので、景気回復が伴われている限り金利が1-3%上昇しても日本の金融システムに問題は生じないということが明らかになったそうです。

"Japan's financial system as a whole seems to possess sufficient resilience against such shocks as a rise in interest rates and deterioration in economic conditions," Mr Kuroda said.

「日本の金融システムは全体的に、金利上昇や経済情勢の悪化といったショックに十分な耐久性があるようだ」

Mr Kuroda and Japan's prime minister, Shinzo Abe, have launched a vast stimulus programme, promising in April to inject $1.4 trillion into the economy in less than two years through quantitative easing, to jolt the Japanese economy out of a 15-year deflationary malaise and lift inflation to 2pc.

黒田総裁と安倍晋三総理大臣は、日本経済を15年間の不況から脱出させ物価上昇率を2%に押し上げるべく、大規模な景気刺激策を開始して、4月には量的緩和を通じて2年以内に経済に1.4兆ドルを注入すると約束しました。

The policy triggered a massive stock market rally. But a surge in bond yields, which means bond prices have fallen, has threatened to make government borrowing expensive.

この政策は猛烈な株価の上昇を引き起こしました。
しかし、債券金利の急上昇（債券価格の下落）は、政府の借入コストを押し上げようとしています。

Domestic banks could be forced to take losses on their large holdings of Japanese government debt.

国内の銀行は、大量に保有する国債で損失を被るかもしれません。

Mr Kuroda said that the Bank of Japan was watching for any signs of overheating in asset prices and would take "appropriate action" if financial imbalances emerge, suggesting it might unwind its ultra-loose policy.

黒田総裁曰く、日銀は資産価格の過熱の兆しに注意しており、金融的調和が崩れるようであれば「適切な対策」を実施する、つまり異次元緩和を巻き戻すかもしれないとのことです。