英語 での Additional easing の使用例とその 日本語 への翻訳
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There is scope for additional easing in the coming months.
If the momentum towards the 2% target weakens they will consider additional easing.
Most of market participants don't expect additional easing measures from the central bank's officials this time.
On this basis, the member expressed the recognition that, if the inflation momentum was lost,the Bank should flexibly and decisively conduct additional easing.
The Bank needs to show itsstrong stance toward achieving the target by taking additional easing measures and strengthening its commitment.
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The most likely additional easing step would be to bump up the BOJ's purchases of government bonds-- now 80 trillion yen(US$676 billion) a year-- by 10 trillion yen to 20 trillion yen.
Rather, a stance of taking swift, flexible, and decisive actions,including additional easing, in response to changes in the situation is desirable.
There are various possible measures for additional easing, such as cutting the short-term policy interest rate, lowering the target level of 10-year JGB yields, expanding asset purchases, and accelerating the expansion of the monetary base.
If there are concerns that the inflation momentum will be lost,the Bank should decisively conduct additional easing and clearly argue against claims that there is a limit to monetary easing. .
In Europe, the ECB in March this year decided to take additional easing measures in order to deal with increasing risks to the price stability target, pointing to the importance of avoiding second-round effects of low inflation rates on inflation expectations.
One member pointed out that many of the asset purchasingmeasures that were suggested by people outside the Bank as additional easing measures were, in fact, not a matter of monetary policy but fiscal policy.
If a situation arises in which it becomes difficult to achieve the target-- for example, a significant change in the state of the global economy--I think that the Bank should take additional easing measures without hesitation.
It is important to augment the momentum of the virtuous cycle that hasemerged during this process through additional easing measures-- that is, having yields on JGBs with maturities of 10 years and longer broadly lowered further and reinforcing the inflation-overshooting commitment-- and thereby put an end to deflation.
It is necessary to encourage a widening of the output gap within positive territory and a rise in inflation expectations by clearly stating the timing of achieving the price stability target,taking additional easing measures, and reinforcing the commitment.
One member noted that the Bank should emphasize that, if there emerged concerns that the inflation momentum would be lost,it would decisively conduct additional easing. This member continued that the Bank also should clearly argue against claims, which some people had pointed out, that there was a limit to monetary easing. .
A different member said that, amid changes in the external environment, such as growing expectations for monetary easing in the United States and Europe, the Bank also needed to strengthen monetary easing, and that it was necessary to furtherconsider in depth the feasibility of a wide range of additional easing measures, as well as their effects and side effects.
Based on the above assessment of the economy, the Policy Board shared the view that it was appropriate to take additional easing measures at this meeting.Some members emphasized the additional easing measures the Board was about to take had two objectives: the first was to tackle the current deterioration of the economy, and the second to tackle preemptively the risks in the future.
With a view to reinforcing the inflation-overshooting commitment, Mr. G. Kataoka expressed the opinion that, if there was a delay in the timing of achieving the price stability target due to domestic factors,the Bank should take additional easing measures, and that it was necessary to include that in the policy statement.
With a view to achieving the price stability target of 2 percent at the earliest possible time, Mr. G. Kataoka dissented, considering that it wasappropriate for the Bank to make a commitment to taking additional easing measures if it revised downward its assessment of medium- to long-term inflation expectations, rather than to make the commitment to maintaining the levels of short- and long-term interest rates.
Return to text[Note 2] Mr. G. Kataoka dissented, considering that(1) the timing of achieving the price stability target should be clearly stated, and(2) with a view to reinforcing the inflation-overshooting commitment, if there was a delay in the timing of achieving the target due to domestic factors,the Bank should take additional easing measures and that it was necessary to include that in the text.
With a view to achieving the price stability target of 2 percent at the earliest possible time, Mr. G. Kataoka expressed the opinion that it wasappropriate for the Bank to make a commitment to taking additional easing measures if it revised downward its assessment of medium- to long-term inflation expectations, rather than to make the commitment to maintaining the levels of short- and long-term interest rates.
Return to text[Note 3] With a view to reinforcing the inflation-overshooting commitment and achieving the price stability target of 2 percent at the earliest possible time, Mr. G. Kataoka dissented, considering that, if the Bank revised downward its assessment of medium- to long-term inflation expectations,it should take additional easing measures, and that it was necessary to include that in the text.
In response to this, one member said that, with a view to reinforcing the inflation-overshooting commitment, it was appropriate for the Bank to introduce a newcommitment that it would take additional easing measures if-- with regard to the median of the Policy Board members' forecasts of the CPI in the Outlook Report-- there was a delay in the timing of achieving the price stability target due to domestic factors.
Note 1 With a view to reinforcing the inflation-overshooting commitment, Mr. G. Kataoka dissented from the decision, considering that, if there was a delay in the timing of achieving the price stability target due to domestic factors,the Bank should take additional easing measures and that it was necessary to include that in the text.
In response to this, one member said that, with a view to reinforcing the inflation-overshooting commitment, it was appropriate for the Bank to introduce a newcommitment that it would take additional easing measures if-- with regard to the median of the Policy Board members' forecasts of the CPI in the Outlook for Economic Activity and Prices-- there was a delay in the timing of achieving the price stability target due to domestic factors.
Return to text[Note 3] With a view to reinforcing the inflation-overshooting commitment, Mr. G. Kataoka opposed the description, considering that, if there was a delay in the timing of achieving the price stability target due to domestic factors,the Bank should take additional easing measures and that it was necessary to include that in the text.
In order to achieve the price stability target of 2 percent at the earliest possible time, Mr. G. Kataoka dissented, considering that further coordination of fiscal and monetary policy was important, andthat it was necessary for the Bank to make a commitment to taking additional easing measures if it revised downward its assessment of medium- to long-term inflation expectations.
Mr. G. Kataoka expressed the opinion that further coordination of fiscal and monetary policy was important in order to achieve the price stability target of 2 percent at the earliest possible time, andthat it was necessary for the Bank to make a commitment to taking additional easing measures if it revised downward its assessment of medium- to long-term inflation expectations.
In response to this, one member said that it was appropriate for the Bank to clearly state the timing of achieving the price stability target and-- with a view to reinforcing the inflation-overshooting commitment--introduce a new commitment that it would take additional easing measures if there was a delay in the timing of achieving the target due to domestic factors.
Mr. G. Kataoka expressed the following opinions:(1) the timing of achieving the price stability target should be clearly stated, and(2) with a view to reinforcing the inflation-overshooting commitment, if there was a delay in the timing of achieving the price stability target due to domestic factors,the Bank should take additional easing measures, and it was necessary to include that in the text.