英語 での Market functioning の使用例とその 日本語 への翻訳
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Market functioning, which I touched upon, is one of these important issues.
Central banks will carefully monitor market functioning and stability, and cooperate closely.".
They may be willing to, but I am not surehow Treasury purchases will improve market functioning.
Therefore, maintaining and improving market functioning is a very important issue for central banks.
Controlling the long-term yields in a flexible manner is likely to contribute to maintaining andimproving market functioning.
When market functioning has declined, particularly important are the types of assets a central bank accepts as collateral, and their prices.
The relationship between the zero interest rate policy orquantitative easing and the market functioning requires a multifaceted examination.
Given that the purpose to restore market functioning had been achieved, these measures were completed at the end of 2009. Issuing conditions for CP and corporate bonds have remained favorable.
I believe that allowing the long-term yields to move to some extent will, in a broad sense,lead to maintaining market functioning.
Thus the purchases aredesigned to serve as a safety net to restore the market functioning if the CP and corporate bond markets should become unstable.
But it has to be borne in mind that merely increasing the size of the domestic investorbase does not necessarily improve market functioning.
As seen in those improvements,the Bank considers that the purpose of the purchases to restore market functioning in the impaired CP and corporate bond markets has fully been achieved.
Of course, there is a trade-off between strengthening a central bank's ability to control interest rates andmaintaining the market functioning.
In addition, when, as in the recent financial crisis, market functioning decreases significantly and the supply of funds falls substantially short of demand, the Bank needs to provide ample funds.
It would be desirable that innovations led by the private sector continue to evolve under the appropriate code of conduct,thereby improving market functioning.
There is room for the Bank to consider making its monetary policymore flexible in the future with a view to maintaining market functioning, on the condition that the balance between supply and demand is maintained in the economy.
On the other hand, I have been monitoring the side effects-- such as the effects on financial system stability, including the broadly-defined settlement system,and the market functioning.
But as long as such moves remain self-contained anddo not threaten market functioning or the soundness of financial institutions, they are not a source of much concern: we may need to get used to them.
In the financial markets as a whole,although the intermediary functioning was on an improving trend, the market functioning had yet to fully recover.
These steps-- completed by March 2010 after market functioning had been restored-- were exceptional, in that the central bank had taken on individual private firms' credit risks, which would appear on its balance sheet.
We are committed to taking coordinated action where needed, to ensuring liquidity,and to supporting financial market functioning, financial stability and economic growth.
When making assessments on the financial system and market functioning, it is necessary to deepen discussion of how they should be assessed in line with the price stability target, rather than focusing on individual indicators.
It is necessary to maintain the current monetary easing policy,paying more attention than before to the side effects on financial institutions and market functioning while cautiously examining economic developments for the time being.
Given this situation, the Bank judged it appropriate to maintain the market functioning by allowing the level of the long-term yields to move upward and downward to some extent while maintaining the target level at"around zero percent.
In addition, I believe that the Bank can maintain accommodative financial conditions for a long time by continuously making efforts to strike a balance between conducting yield curve control as well as maintaining andimproving the market functioning.
Such measures shall not impede the effectiveopening of the market set out in Article 33 or market functioning and shall be notified to the Commission, where relevant, in accordance with the provisions of paragraph 15 of this Article.
There is a growing concern in the JGB market that the market functioning has been deteriorating, with the long-term yields being somewhat stuck and the transaction volume being on a declining trend, although this can be regarded in a sense as the consequence of powerful monetary easing.
One member expressed the recognition that it was necessary to maintain the current monetary easing policy for an extended period of time,paying more attention than before to the side effects on financial institutions and market functioning while examining developments in the global economy and the effects of the scheduled consumption tax hike.
Relationship between Central Banks and theMarkets A. Maintaining and Improving Market Functioning Mutual feedback between theory on financial markets and reality-- which I have elaborated on-- holds an important meaning for central banks.
When such measures are introduced, in order to avoid constraining market functioning where market participants become reliant on such extraordinary measures, it would be important to have an appropriate built-in exit mechanism which reduces the incentive to use the facility as market functioning recovers.