ひとりの委員は、最近の消費者アンケートなどをみると、デフレ期待が若干修正され始めているのではないかと述べた。
One of these members remarked that a recent consumer survey suggested that expectations for deflation might start to be revised to some degree.この間、ひとりの委員は、何らかの形で物価安定のアンカーを示していくことも考えられるとの意見を述べた。
One member expressed the view that the Bank could consider some way of providing an anchor for price stability.もっとも、ひとりの委員は、来年度はスーパーの出店が増加する見込みであり、非製造業の設備投資の先行きや商業地価への影響にも注目しているとコメントした。
One member commented that the number of openings of new supermarket stores was expected to increase in fiscal 2004, and that the member would pay attention to the effects on developments in nonmanufacturers' business fixed investment and commercial land prices.この間、ひとりの委員は、財政政策をあまり急速に引き締めないことで名目公債残高が伸びることと、マネタリーベースが伸びることが相俟って、デフレから脱却できるとコメントした。
One member said that deflation could be overcome through a combination of an increase in nominal public debt outstanding, without any too rapid tightening of fiscal policy by the government, and an increase in the monetary base.ひとりの委員は、特に、国際競争に晒されていない財・サービスや規制に守られた産業の価格については、引き続き高コスト体質是正圧力による値下がり傾向が避けられないと述べた。
One member commented that prices would inevitably continue falling for goods and services that were not exposed to global competition, and for industries protected by regulation due to pressures to correct their high cost structure.Combinations with other parts of speech
この間、物価について、ひとりの委員は、国内卸売物価が弱含んでいることの背景として、世界的なIT分野の調整や、国内素材関連の需給悪化が影響している点を指摘した。
With regard to prices, one member pointed out that domestic wholesale prices were weak against the background of global adjustments in IT-related industries and a deterioration in the supply-demand balance in the domestic market for materials.ひとりの委員は、中堅中小企業を含めた企業収益の回復は、キャッシュフローの改善を通じて足許の資金需要低迷の一因ともなっていると指摘した。
One member pointed out that one of the factors causing the recent sluggishness in firms' demand for funds was that the recovery in profits of firms, including small and medium-sized firms, had improved their cash flow.長期金利上昇の影響について、ひとりの委員は、現時点では、多額の債券を保有する銀行のリスクテイク力に大きな負のインパクトを及ぼすものではない、との見方を示した。
One member expressed the view that the recent rise would not have significant negative effects on the risk-taking capacity of banks holding a considerable amount of JGBs.ひとりの委員は、個人消費の現状について、消費構造の変化、2極分化が進行しているが、各種指標の振れを均せば「平時」の状態にあると評価した。
One member said that private consumption was currently undergoing structural changes and a polarization, but if all the fluctuations in various indicators of private consumption were smoothed out, it would be seen to be at normal levels on the whole.この間、ひとりの委員は、原油価格動向について、年後半にかけてじり高の展開が予想され、中東情勢の影響も含め、警戒すべきである、との意見を示した。
One member expressed the view that crude oil prices were expected to continue rising gradually in the second half of 2002, and thus close attention should be paid to developments, including the effects of the situation in the Middle East.ひとりの委員は、輸出・生産が減速を続けると、内需の回復には至らずに景気がピークアウトする可能性もあるとして先行きへの懸念を示した。
One member expressed concern about the economic outlook, saying that there was a possibility that a further slowdown in the growth of exports and production might cause Japan's economy to peak out before a recovery in domestic demand.これに関連して、ひとりの委員は、証券税制の簡素化によって、現在は預金・保険に著しく偏っている個人金融資産が株式に流れる可能性があるとの期待を表明した。
In relation to this, one member expressed hope that financial assets of households, which were currently heavily concentrated in deposits and insurance, might flow into the stock market after the securities tax system was simplified.ひとりの委員は、このところ上昇傾向にある単位労働コストやエネルギー価格の動向が、米国の経済や物価に与える影響については、今後とも注意してみていく必要があると述べた。
One member said that the effects on the U.S. economy and prices of developments in unit labor cost and energy prices, both of which were recently on an increasing trend, continued to require close monitoring.原油価格について、ひとりの委員は、今回の高騰の主たる原因は、世界的な需要増であり原油高と世界経済の拡大は両立するとの意見を述べた。
With regard to the path of crude oil prices, one member expressed the view that high crude oil prices would be compatible with the expansion of the global economy, because the primary factor behind this surge was increased global demand.まず、ひとりの委員は、「デフレ懸念は払拭されていない」との認識を踏まえて、インフレーション・ターゲッティングとマネタリーベースの量的拡大による一段の金融緩和を主張した。
One of the members, who considered that deflationary concern persisted, advocated further monetary easing through inflation targeting and expansion of the monetary base.ひとりの委員は、マネタリーベースの伸びを評価するに当たっては、貨幣の流通速度の変化を考慮する必要がある、との見解を述べた。
One member expressed the view that changes in the velocity of money should be taken into consideration when assessing the growth rate of the monetary base.ひとりの委員は、生産や企業収益が改善しているとはいえ、需給ギャップが残存していることが物価低下圧力に繋がる可能性は否定できないとの見方を述べた。
One member expressed the view that the possibility that the output gap would exert downward pressure on prices could not be ruled out even though production and corporate profits were improving.ひとりの委員は、公的金融機関のプレゼンスの高まりに伴って、信用補完という意味での日本銀行の役割は縮小すべきであるとの見解を示した。
One member expressed the view that the Bank's role of taking credit risk in the ABS market should be reduced if government financial institutions entered it.また、ひとりの委員は、内外市場を通じてボラティリティが低下しているが、世界的な金融緩和の結果蓄積された流動性の今後の動きが与える影響については引き続き注意を要する、と述べた。
One member said that attention should continue to be paid to the effects of future developments in liquidity that had accumulated as a result of the worldwide monetary easing, although the volatility of financial markets at home and abroad had declined.ひとりの委員は、足許、世界的に長期金利が低下していることを指摘し、市場では原油高が景気減速をもたらし、物価下落圧力に繋がるリスクが意識されているとみられる、と述べた。
One member pointed out that long-term interest rates were declining worldwide recently, and said that market participants were aware of the risk that high crude oil prices might cause an economic slowdown, leading to downward pressure on prices overall.ひとりの委員は、海外市場でリスク・プレミアムの上昇傾向が広範にみられている一方、日本ではこうした動きは一部低格付社債に限られ、借り手の調達コストの全般的な上昇には結びついていないことを指摘した。
One member pointed out that in overseas financial markets an uptrend in risk premiums was widely observed, but in Japanese financial markets, it was only seen in some corporate bonds with low credit ratings and had not led to a rise in fund-raising costs of borrowers as a whole.その背景について、ひとりの委員は、成長期待の改善が伴っていない点を指摘したうえで、金融緩和効果を高めるためにも経済の基礎的な力を高め、需要を引き出していく必要があると述べた。
One member cited lack of improvement in growth expectation as the background to the above developments, and said that it was necessary to increase the fundamental strength of the economy and induce demand in order to enhance the effects of monetary easing.この間、ひとりの委員は、現在、追加緩和策として外部から提案されている様々な資産購入策には、実際には「金融政策」ではなく「財政政策」の範疇に属するものが多い、と指摘した。
One member pointed out that many of the asset purchasing measures that were suggested by people outside the Bank as additional easing measures were, in fact, not a matter of monetary policy but fiscal policy.以上に対して、ひとりの委員は、日本銀行として「物価の安定」についての考え方を公表することを評価しつつも、数値目標を直ちに設定すべきであるとして、報告書の内容に反対の意見を表明した。
One member, while supporting the Bank's plan to make public its thinking on price stability, disagreed with the contents of the report as the member believed that the Bank should immediately set a numerical target for the inflation rate.ひとりの委員は、債券安の背景を、円安に伴う海外勢の売りが先導する中、期末接近もあって国内投資家がデュレーション・リスクをとれない状況と分析した。
One member's analysis was that bond prices had declined because foreign investors started to sell bonds against the background of the depreciation of the yen and, in the meantime, domestic investors were reluctant to take duration risk with the approach of the fiscal year-end.また、ひとりの委員は、米国以外でも、ユーロエリアの景気減速が一段と明確化し、東アジア諸国でも輸出の落ち込みが内需にも波及しつつあることに懸念を示した。
One member expressed concern that(1) deceleration of economic growth in the euro area, in addition to that of the United States, was becoming more distinct, and(2) a fall in East Asian economies' exports was starting to negatively affect domestic demand in the region.この間、ひとりの委員は、社債などの信用スプレッドの縮小が一段と進んでいることに言及し、BB格債も現在の金融緩和効果を享受できる段階にまで企業金融を巡る環境は改善してきていると評価した。
One member said that the further contraction of credit spreads, such as those on corporate bonds, indicated that the corporate financing environment was recovering to such an extent that the effects of monetary easing measures had even reached bonds with a BB rating.家計部門に関し、ひとりの委員は、雇用・所得環境の厳しさはなお続く可能性が高く、個人消費は、所得対比でみて持ちこたえているとはいえ、弱めの動きが続く可能性が高い、との見方を述べた。
As for the household sector, one member said that the employment and income situation was likely to remain severe. Private consumption was likely to remain weak, although it had been holding up well relative to the income situation.ひとりの委員は、財の消費は弱い動きを続けているものの、通信、外食、旅行などのサービス消費の堅調から、全体としての消費は、引き続き弱含みではあるが、なお「平時」の範囲内にあると述べた。
One member said that consumption as a whole was within normal levels, although relatively weak, as consumption of services in areas such as telecommunications, food services, and travel was firm while consumption of goods was weak.こうした認識を踏まえて、ひとりの委員は、デフレ懸念という状態から離脱しつつあるという状況を踏まえると、経済の回復力への配慮に万全を期しつつ、「極端な金融緩和政策」を微調整する局面になりつつあるとの趣旨の意見を述べた。
On this basis, one member expressed the view that deflationary concern was disappearing, and thus the time was approaching to make fine adjustments to the extremely easy monetary policy, giving due consideration to the strength of the recovery of the economy.