英語 での Deflationary expectations の使用例とその 日本語 への翻訳
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How did these actions affect financial markets and deflationary expectations?
これらの行動は金融市場とデフレ期待にどんな影響を与えたのだろうか？Strictly theorized the theory of deflationary expectations and showed that long-term deflation could occur in an environment of zero interest rates.
シュミット•グロー教授らの2002年の研究はデフレ期待説を厳密に理論化し、ゼロ金利下で長期デフレが発生することを示した。How did these actions affect financial markets and deflationary expectations?
これらの措置は、金融市場とデフレ期待にどのような影響を与えたのだろうか？As actual prices declined due to those factors, deflationary expectations that prices will not rise but instead decline were generated among people.
これらの要因によって現実の物価が下落すると、人々の間に「物価は上がらない、むしろ下がるものだ」というデフレ予想が生まれました。These include a slowdown in overseas economies, prolonged appreciation of the yen, a rise in electricity costs,and possible protraction of deflationary expectations.
それは、海外景気の減速や為替円高の定着、電力コストの上昇、デフレ予想の長期化懸念などです。By doing so, the QQE aims to drastically change the deflationary expectations of economic entities such as businesses and households.
そうすることで、企業や家計といった経済主体の「デフレ期待」を抜本的に転換することを目指しています。Nevertheless, while those policies were effective in terms of stimulating economic activity,they could not change people's persistent deflationary expectations.
しかし、それらは、景気の下支えには機能しても、人々の根強いデフレ予想を変えることはできませんでした。If deflationary expectations are embedded, real interest rates, which are obtained by subtracting expected rates of inflation from nominal interest rates, remain high.
デフレ期待が定着すると、名目金利から予想物価上昇率を差し引いた実質金利は高止まりします。One member expressed the view that the Bank's current commitment to maintain its quantitative easing policy might havebeen causing economic entities to have deflationary expectations.
ひとりの委員は、量的緩和政策継続についての現在のコミットメントにより、経済主体の間にかえってデフレ期待が定着しているのではないか、との見方を示した。First, when deflationary expectations were embedded, real interest rates obtained by subtracting the expected rates of inflation from nominal interest rates remained high Chart 7.
第1に、デフレ期待が定着すると、名目金利から予想物価上昇率を差し引いた実質金利は高止まりします(図表7)。In order to escape from such a situation, it became necessary to dispel such deflationary expectations entrenched among the public; namely, to raise their inflation expectations. .
そうした状況から抜け出すためには、人々の間に定着した「デフレ期待」を払拭すること、つまり、人々の予想インフレ率を引き上げることが必要です。If the deflationary expectations disappear, the holding of low risk-low return assets such as cash will be unprofitable and it is expected to shift to the risky assets on a massive scale.
デフレ期待がなくなれば、現金などの低リスク低リターンの資産を持つことにロスが生じ、リスク資産への大規模なシフトが起こるはずである。In Japan, in the midst of prolonged deflation since the latter half of the 1990s,people's inflation expectations declined and deflationary expectations were firmly embedded in society.
日本では、1990年代後半から長期にわたりデフレが続く中で、人々の予想インフレ率が低下し、「デフレ予想」が定着した状況にありました。The fear that reversing deflationary expectations would prove hard explains why the Fed has cut its official interest rate so quickly since the crisis broke in August 2007.
デフレ期待を反転させるのは難しいという懸念が、FRBが2007年8月の危機発生以来、政策金利を急激に引き下げてきた背景にある。A key challenge in Japan is that, with deflation having taken hold since the second half of the 1990s,people's inflation expectations have declined and deflationary expectations have become entrenched.
日本では、1990年代後半から長期にわたりデフレが続く中で、人々の予想インフレ率が低下し、「デフレ予想」が定着した状況にありました。Second, when deflationary expectations were embedded, holding cash and deposits became a relatively better investment even if nominal interest rates were zero or at extremely low levels Chart 8.
第2に、デフレ期待が定着すると、現金や預金は金利がゼロないし極めて低い水準であっても、これらを保有していることが、相対的に有利な投資になります(図表8)。First, demonstrate the Bank's determination to definitively overcome deflation in the form of strong and clear commitment,in order to dispel deflationary expectations that have been embedded among firms and households.
First, to eliminate deflationary expectations that were entrenched among firms and households, the Bank showed its determination that it would definitively overcome deflation through a strong and clear commitment.
第1に、企業や家計に定着した「デフレ期待」を払拭するため、必ずデフレから脱却するという日本銀行の意志を、強く明確なコミットメントで示すことです。Furthermore, the fact that the expected growth rate on a nominal basis was lower than that on a real basis even when corporate profits increasedsubstantially in the mid-2000s tells us how persistent deflationary expectations were.
さらに、2000年代半ばに企業収益が大きく増加した局面でも、名目ベースの期待成長率が実質ベースを下回って推移したという事実は、デフレ期待がいかにしつこいものかを物語っています。On the other hand as I have explained,under 15 years of deflation, deflationary expectations became entrenched and medium- to long-term inflation expectations drifted down to a very low level.
一方で、日本では、15年にわたるデフレのもとで、人々にデフレ期待が定着し、中長期的な予想インフレ率はかなり低いところまで下がってしまいました。If expectations for the continuation of the zero interest rate become protracted in a situation where more time is needed to achieve price stability,there is a risk that people's deflationary expectations will intensify in a self-fulfilling manner.
このように、物価安定の実現までになお時間がかかるもとで、ゼロ金利の継続予想が長期化すれば、人々のデフレ予想が自己実現的に強まってしまうリスクがあります。Our work to change deflationary expectations that have been entrenched over time as well as people's behavior under such expectations has been progressing as expected, with the strong reinforcement of an actual rise in the CPI.
長年にわたって定着したデフレ予想とそのもとでの行動原理を転換する作業は、現実の消費者物価の上昇という強い援軍を得て、順調に進んでいます。They also remarked that price increases originating from the supply-side of the economy, such as the rise in crude oil prices,had the positive effect of dampening deflationary expectations but could also have the negative effect of squeezing corporate profits.
The major reason for this is that, due to prolonged deflation,persistent deflationary expectations-- that is, the recognition that it is natural for prices not to increase-- have become entrenched among people, and they took actions based on such expectations.
その最も大きな原因は、長年のデフレによって、人々の間に物価は上がらなくて当然であるという根強いデフレ予想が定着し、人々はそれを前提に行動するようになってしまったことです。This policy differs from the Bank's past monetary easing policies, as well as monetary easing policies implemented by major central banks overseas,in that its policy effects focus on dispelling deflationary expectations by directly working on people's expectations; in other words, on raising people's inflation expectations. .
この政策は、人々の期待に直接働きかけて「デフレ期待」を払拭すること、すなわち、人々の予想インフレ率を引き上げることを政策効果の中心に据えたという点で、日本銀行のこれまでの金融緩和策や、海外の主要中央銀行で実施されている金融緩和策と異なります。In a world in which deflationary expectations are entrenched, the holding of cash or deposits becomes a relatively better investment strategy, and firms' incentives to launch new initiatives through investing in business facilities and in research and development become reduced.
デフレ期待」が定着した世界では、現金や預金を保有することが相対的に有利な投資戦略となり、設備や研究開発に投資して新たな挑戦を行う意欲が削がれます。In my view, the most important point of our current conduct ofmonetary easing policy is to dispel the deflationary expectations that had been firmly embedded after nearly 15 years of deflation, and to generate mild and stable inflationary expectations. .
過去15年近く続くデフレの中で定着してしまったデフレ予想を「緩やかで安定的なインフレの方向」に変えていくことが、私たちが現在取り組んでいる金融緩和政策の、最も重要なポイントだというのが私の考えです。Starting from dispelling deflationary expectations, the Bank aims at creating and embedding an economic virtuous cycle of a moderate rise in prices, an increase in sales and profits, an increase in wages, a boost in consumption, and a moderate rise in prices.
日本銀行は、デフレ期待の払拭を起点として、価格の緩やかな上昇、売上・収益の増加、賃金の上昇、消費の活性化、価格の緩やかな上昇といった形で、経済の好循環が実現し、定着することを目指しているのです。Subsequently, even if those factors that induced price declines diminished,once deflationary expectations became entrenched, people would make decisions and take actions on the assumption that prices would not rise. Through this process, deflationary expectations themselves created in a self-fulfilling manner an economy in which prices did not easily rise.
その後、これらの物価下落要因が消えたとしても、一旦デフレ予想が定着してしまうと、人々は物価が上がらない経済を前提に意思決定や行動をしますので、いわばデフレ予想自体が自己実現的に物価の上がりにくい経済を作り上げてしまいました。
