英語 での Deflationary pressure の使用例とその 日本語 への翻訳
{-}
-
Colloquial
-
Ecclesiastic
-
Computer
-
Programming
In the 2000s, reflecting increasing deflationary pressure, firms were unable to raise sales prices.
Based on the above, the Government would like to ask the Bank to conduct monetary policy in a flexible manner,taking into account the deflationary pressure during the adjustment period.
Therefore, to mitigate any deflationary pressure stemming from structural reforms, support through appropriate monetary easing is indispensable.
Therefore the strength of the recovery is extremely weak and deflationary pressures are strong.
According to an estimation, the deflationary pressure in fiscal 1997, including that from the fiscal consolidation, was approximately 15 trillion yen, and this intensified the downward momentum of the medium-term adjustment.
It is for this reasontoo that monetary easing needs to alleviate deflationary pressure stemming from structural reform.
Accelerated corporate restructuring, including greater use of the revised Commercial Code and other legal mechanisms,to reduce chronic overcapacity and alleviate deflationary pressure.
Cutting wages all across the economy, with all the pain and deflationary pressure that would involve, so as to compensate for China's currency peg would be crazy.
At present, the Japanese economy is experiencing a strange balance betweeninflationary pressure caused by excess liability and deflationary pressure caused by the strong yen.
This member, however,added that attention should be paid to the risk that deflationary pressure could intensify temporarily if the amount of nonperforming-loan disposal increased significantly in the short term.
In addition to financial bailing out, economic stimulative packages are being undertaken orplanned all over the world to resist recession and deflationary pressure caused by credit crunch.
One member projected that,if every firm implemented thorough restructuring to increase profits, deflationary pressure would intensify on a macroeconomic level and therefore corporate profits would not improve.
Second, even if deflationary pressure intensifies in the short run as a result of structural reform, current monetary policy has an automatic adjustment function such that the easing effects strengthen through the policy duration effect.
In this atmosphere of economic instability,there exist a number of risks, and deflationary pressure is generally increasing.
Currently, financial markets have abundant funds,but recent growth is sluggish and deflationary pressure remains strong as economic entities such as firms and households are skeptical about future growth and unwilling to undertake forward-looking spending.
This member continued that if such a stance were taken,the markets' assessment of Japanese banks would improve, but deflationary pressure on small and medium-sized firms might intensify.
Although there was a concern that deflationary pressure might intensify further, it was uncertain to what extent the current easing measures would produce easing effects to realize price stability and when the current fall in prices would show signs of turning around.
Looking back on the eight years since the collapse of the bubble,Japan's economy has faced recurrent deflationary pressure as well as pressure for structural adjustment.
The other side of the coin is that, once the existing markets for goods and services mature and fall into excess supply, this situation tends to persist, andthis has become a factor responsible for generating excess employment and deflationary pressure.
Setting the target level at 2 percent is a global standard;if we lowered the target, deflationary pressure would be exerted through changes in people's expectations as well as in foreign exchange rates and asset prices.
Furthermore, even though structural reform is making progress under the growth strategy, it is supply-side policy that enhances the production capacity of Japan's economy. Unless there is aggregate demand to meet such new capacity,it will end up aggravating the deflationary pressure.
Similarly, Eggertson and Krugman(2012)claim that the natural rate of interest declines and deflationary pressure becomes large during the deleveraging process, induced by a tightening in the financial constraints.
If structural reforms under the growth strategy make progress, these reforms are basically supply-side measures that increase the aggregate supply capacity of Japan's economy.Such increases in supply capacity could result in generating deflationary pressure unless they are accompanied by corresponding increases in aggregate demand.
The member continued that the Bank was determined to do itsutmost to deal with the current situation where deflationary pressure was likely to intensify in the short term due to progress in structural reform, and the Bank also expected the Government to take necessary measures.
One of these members commented that the Bank had anticipated deflationary pressure stemming from structural reforms when it adopted the current accommodative policy, and it was important to achieve a full-fledged recovery of the economy by a combination of the monetary policy measures, efforts by the private sector, and fiscal policy.
A different member, on the other hand, remarked that there was widespreadconcern that structural reforms would increase deflationary pressure in the short term, and said that this could be having a negative effect on corporate sentiment.
Structural Reform and the Medium-Term Economic and Fiscal Perspectives-FY 2003 Revision"recently approved by the Cabinet also stated that deflationary pressure would gradually decline as a result of measures taken by the government with the Bank and deflation would be overcome after an intensive adjustment period that would continue through fiscal 2004.
One member said that solving the nonperforming-loan problem was a delicate issue since aggressive disposal ofnonperforming loans could create short-term deflationary pressure, while on the other hand, ignoring the problem could reignite anxiety about the financial system.
Theparadigm shift occurred at the beginning of the decade when the tight moneyconditions that Paul Volcker imposed triggered a deflationary pressure, a big economic contraction, and a debt crisis in which emerging markets were unable to service their debt obligations to American banks.
A few members commented on market reaction to structural adjustment. They pointed out that structural adjustmentwas recently not necessarily taken as deflationary pressure but was being taken in many cases as a positive factor as shown by the rebound in stock prices.