A different member commented that, depending on developments in overseas economies, there was a high risk that, at best, the economy might be plodding along at bottom even in the latter half of 2002.
In response to this comment, another member expressed the view that it could be expected that disposal of nonperforming loans would have a positive effect in encouraging both borrowers and lenders to invest in new projects.
A different member, on the other hand, remarked that there was widespread concern that structural reforms would increase deflationary pressure in the short term, and said that this could be having a negative effect on corporate sentiment.
A different member pointed out that the effects of the surge in gasoline prices on households were cause for concern and expressed the view that growth in consumption would slow as the effects of tax cuts fell off.
Another member expressed the view that business fixed investment of small nonmanufacturing firms was relatively weak compared to that of manufacturing firms.
A different member pointed out that the current account surpluses of Asian economies were decreasing rapidly due to the bursting of the IT bubble, and they were facing difficulty in raising funds smoothly in international capital markets.
A different member commented that the necessary"safety margin" had been diminishing due, for example, to a decrease in downward rigidity of nominal wages, and the median figure was thought to be positive and close to zero percent.
別の委員は、米国北東部の干ばつが原油在庫、さらには先行き原油価格に及ぼす影響に留意が必要と述べた。
A different member commented that close monitoring was required of the effects of the dry spell in the northeast of the United States on stocks of crude oil and on crude oil prices in the future.
A different member stated that judging from the recovery in bank stock prices to the levels of before mid-July 2000, concerns over the financial system had not heightened as they had in 1997 and 1998.
A different member emphasized that in order to achieve economic recovery and halt deflation,a combination of efforts in fiscal policy, in monetary policy, and by the private sector, including firms and banks, was necessary.
A different member said that uncertainty about the future conduct of monetary policy was spreading among market participants, in part since there were concerns about inflation and at the same time about a possible deceleration in housing investment.
A different member said that in some industries with low spare production capacity, for example the steel and chemical industries, exports were declining because suppliers were giving priority to domestic firms over overseas markets.
A different member said that sustainable non-inflationary growth in the economy and further progress in fiscal consolidation would contribute to stable developments in long-term interest rates.
Another member commented that an analysis of the indexes of business conditions showed that since around January 2000, the momentum of the current economic recovery had exceeded those of past recovery phases.
A different member said that some firms were starting to pass through part of their costs in final goods prices, and this might become more widespread if consumers' expected inflation rate increased.
別の委員は個体Aや個体Cが別の海域に移動した可能性に触れ、識別のためにも広域調査が必要だとした。
Another committee member mentioned the possibility that Specimen A and Specimen C had moved to a different area of the ocean, and said that a large-scale survey would be necessary for identification.
Another member pointed out that it was necessary to watch closely the progress of corporate restructuring in judging the outlook for the economy, and referred to the relationship between the break-even-point ratio and business fixed investment as follows.
A different member said that although it might take time for the new role of the official discount rate to be fully understood, it would eventually be accepted as the Bank continued to explain it thoroughly.
別の委員は、金融機関の採用計画が上方修正されたことも、経済全体にとってプラスの材料であると述べた。
Another member said that the upward revision in the number of new graduates financial institutions planned to recruit was also a positive development for the economy as a whole.
A different member said that the rise in materials, crude oil, and energy prices might cause a supply shock and be a downside risk to corporate profits, given that the rise in upstream prices had not been passed on.
A different member described the current market situation as one in which market participants had an excessive sense of security as a result of the Bank's ample provision of liquidity and safety nets. This member expressed concern that, in this situation, market participants' sensitivity to risk was no longer sharp.
As for the Bank's future conduct of monetary policy, a different member commented that it should also consider the issue of increasing the outstanding balance of current accounts at the Bank in order to maintain the year-on-year growth rate of the monetary base.
A different member added that the ratio of job offers to applicants with specialized skills was increasing, as was the proportion of high school and college students who had received job offers, and the pace of increase in the proportion of part-time workers was slowing.
In contrast to the above view, a different member stated that firms had managed to makea profit by reducing costs through restructuring and a self-sustained recovery in private demand would be required for a full-fledged recovery in corporate profits.
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