英字新聞
読売、毎日、朝日各社英字新聞の主として社説を学習研究します

The Yomiuri Shimbun
China holds key to strictly enforcing sanctions resolution on North Korea
対「北」制裁決議　厳格な履行へカギ握る中国

It is crucial for the international community to stand united and crank up the pressure on North Korea to bring about Pyongyang’s abandonment of its nuclear weapons program.
　国際社会が結束して、北朝鮮への圧力を強め、核放棄の実現につなげることが肝要である。

The U.N. Security Council has unanimously adopted a resolution that significantly strengthens sanctions on North Korea in response to its latest defiant nuclear test and launch of a long-range ballistic missile.
　核実験と長距離弾道ミサイル発射を強行した北朝鮮に対して、国連安全保障理事会が制裁を大幅に強化する決議を全会一致で採択した。

This is the fifth resolution imposing sanctions on North Korea. While it was unusual that it took nearly two months after the nuclear test to reach an agreement on the resolution, the sanctions are the toughest imposed on North Korea to date.
　対北朝鮮制裁決議は５回目だ。核実験実施から２か月近くを要したのは異例だが、これまでにない強力な内容になったと言える。

The resolution obliges states to inspect all cargo going to and from North Korea, rather than limiting inspections to shipments suspected to contain embargoed goods in fields related to Pyongyang’s nuclear and missile development programs.
　決議は、北朝鮮に出入りする貨物について、核・ミサイル関連分野などで禁輸品の疑いがある場合に限らず、すべて検査することを各国に義務づけた。

Most noteworthy is that these steps are aimed squarely at revenue sources of the military and the Workers’ Party of Korea — two mainstays of the Kim Jong Un regime.
　注目すべきは、金正恩政権の中枢を担う朝鮮労働党や軍の収入源を狙い撃ちした措置である。

The resolution bans, in principle, exports of North Korean mineral resources, including coal and iron ore. It also placed an embargo on aviation fuel, a step aimed at weakening the military. If the sanctions are strictly enforced, we think they will deliver a strong blow to the Kim administration, which has been recklessly pursuing nuclear missile development.
　北朝鮮産の石炭や鉄鉱石など鉱物資源の輸出は原則、禁止した。軍の弱体化を狙い、航空用燃料も禁輸とした。制裁が厳格に履行されれば、核ミサイル開発へ暴走する金政権に相当な打撃を与えられるのではないか。

North Korea bristled at moves to adopt the resolution. The official Korean Central News Agency described them as an “infringement on [North Korea’s] sovereignty and [a] grave challenge to it.”
　北朝鮮は朝鮮中央通信を通じて、決議採択の動きに対し、「自主権に対する侵害であり、重大な挑戦だ」などと反発している。

Shortly after the resolution was adopted, North Korea fired six projectiles thought to be short-range missiles or rockets into the Sea of Japan. Vigilance must be maintained against further military provocations.
　採択直後には、短距離ミサイルかロケット弾とみられる６発を日本海に向けて発射した。さらなる軍事挑発への警戒は怠れまい。

Do not allow loophole

Having China stand front and center is paramount for sharpening the effect of these sanctions. There are suspicions that previously goods were illicitly transported to and from North Korea via China.
　制裁の効果を高めるには、中国が前面に立つことが不可欠だ。従来は、中国経由で物資が不正に輸送されている疑いがあった。

The latest sanctions resolution allows, as an exception, the export of North Korean coal and iron ore provided revenue from their sale is spent for civilian purposes. The decision to buy these resources rests with China and other importing nations. This must not become a loophole used to flout the resolution.
　今回の制裁決議は、収入が民生用の場合は例外として、北朝鮮産の石炭や鉄鉱石の輸出を認めた。その判断は中国など輸入国に委ねられる。これを抜け道として利用させてはならない。

Discussions on the resolution became protracted because the United States was demanding tough sanctions, which China strongly resisted.
　決議を巡る協議は、強力な制裁を求める米国に、中国が強く抵抗し、長期化した。

Chinese President Xi Jinping will visit the United States at the end of March. We wonder if China relented in an attempt to avoid criticism for dragging out the resolution discussions at a time when Washington and Beijing are at odds over the situation in the South China Sea.
　習近平国家主席は今月末に訪米する。中国が譲歩したのは、南シナ海情勢で米国と対立する中、制裁協議の引き延ばしへの批判を避けようとしたためではないか。

Russia wanted to make changes to the resolution during the final stage of the discussions. It appears Russia’s intention was to secure some influence in Korean Peninsula affairs.
　ロシアも協議の最終局面で決議の修正を求めた。朝鮮半島問題での影響力を確保しようという思惑があったのだろう。

Japan, as a nonpermanent member of the Security Council, contributed to the adoption of the resolution. Prime Minister Shinzo Abe emphasized Japan will “work with the international community and rigorously implement [the resolution].”
　日本は、安保理非常任理事国として、決議採択に貢献した。安倍首相は「国際社会と協力し、厳格に実施していく」と強調した。

The resolution also mentioned “the humanitarian concerns of the international community” with regard to North Korea. Based on close cooperation among Japan, the United States and South Korea, it is vital that the nuclear and missile problems are linked to seeking progress in resolving the abduction of Japanese nationals by North Korea.
　決議は北朝鮮に関し、「国際社会による人道上の懸念」にも言及している。日米韓の連携を基盤に、核、ミサイル問題と連動して、日本人拉致問題の進展を目指すことが欠かせない。

(From The Yomiuri Shimbun, March 4, 2016)

The Yomiuri Shimbun
Republican front-runner Trump accelerates a dangerous whirlwind
米大統領選　危うさもはらむトランプ旋風

Voting was held on Super Tuesday, the biggest day of nominating contests for both the Democratic and Republican parties’ candidates in the U.S. presidential election.
　米大統領選で、民主党と共和党の指名候補を争うスーパーチューズデーの投票が行われた。

The day marked the climax of the early-stage primaries in which more than 10 states held primary elections and caucuses. In the Republican race, Donald Trump, a real estate tycoon, and in the Democratic race, Hillary Clinton, a former secretary of state, advanced toward securing their parties’ presidential nominations by winning the most states on the day.
　１０を超える州の予備選と党員集会が集中する序盤戦最大のヤマ場だ。共和党は不動産王のドナルド・トランプ氏、民主党はヒラリー・クリントン前国務長官がそれぞれ多くの州で勝利し、指名獲得に前進した。

In his victory speech, Trump boasted that he has expanded the support base of the Republican Party, referring to “the numbers that we got in terms of extra people coming in. They came from the Democratic Party ... And they were independents.”
　トランプ氏は勝利宣言で、「民主党員や無党派層がこちら側に来ている」と述べ、支持層が拡大したことを誇示した。

The whirlwind set off by an outsider with no political experience shows no sign of subsiding. Lying behind this development is voters’ anger at “Washington politics,” epitomized by gridlock due to constant partisan conflict. This can also be seen as a manifestation of anti-intellectualism, which is firmly rooted in the United States.
　政治経験のないアウトサイダーの旋風は、とどまるところを知らない。党派対立に明け暮れ、物事が決まらない「ワシントン政治」への有権者の怒りが背景にある。米国に根強い「反知性主義」の表れとも言えるだろう。

Trump has proposed that he would build a wall along the U.S.-Mexico border to stop the flow of immigrants, ban all Muslims from entering the United States, and forcibly deport all the illegal immigrants from the country. These radical assertions made by Trump are ones that an established politician cannot afford to make.
　「移民の流入を阻止するため、メキシコ国境に壁を築く」「イスラム教徒の入国禁止」「すべての不法移民の強制送還」――。トランプ氏の過激な主張は、既存の政治家には口にできまい。

Novelty appeal

For those people who are angry, feeling their jobs were taken by immigrants, and for those who are hostile to Islam, Trump’s words may strike a chord in their hearts as novel remarks not assimilated into established politics.
　移民に職を奪われたと憤り、イスラム教を敵視する人々には、既成政治に染まらない斬新な発言として、心に響くのではないか。

Voters’ hope of entrusting to Trump the task of breaking the current deadlock has begun to spread among a wide range of supporters of the Republican Party. There is even speculation prevailing that Trump is the Republican candidate most likely to win the November election.
　トランプ氏に閉塞状況の打破を託す思いは、共和党の幅広い支持者に浸透しつつある。「１１月の本選で勝てる可能性が最も大きい候補」との見方も広がってきた。

A matter of concern is that the party has yet to see policy discussions among candidates deepened at debates or other occasions, with Trump’s assertions left largely unexamined in terms of appropriateness and feasibility.
　懸念されるのは、討論会などで政策論争が深まらず、トランプ氏の主張の妥当性や実現性がほとんど検証されていないことだ。

Repetition of such simplistic slogans as “We will overwhelm Japan, China and Mexico in trade,” and “We will make America great again,” sounds like nothing but perilous demagoguery.
　「日本や中国、メキシコを貿易で打倒する」「偉大な米国を取り戻す」といった単純なスローガンの繰り返しは、危うい大衆扇動そのものではないか。

Among mainstream Republicans, negative voices have arisen about the prospect of Trump winning the party’s presidential nomination. Yet the very gravity of the whole situation lies in the likelihood that such negative opinions would provoke opposition as “interference by establishment elites,” which may actually help expand Trump’s support.
　共和党の主流派には、トランプ氏の指名獲得に否定的な声も出ている。だが、それが「既存支配層の介入」と反発を呼び、トランプ支持がむしろ拡大しかねないところに事態の深刻さがある。

At a victory rally, Clinton said, “Instead of building walls we need to be tearing down barriers ... We need to make America whole again.” It seems Clinton is already thinking about having a showdown with Trump.
　クリントン氏は勝利集会で「壁を築くのではない。取り払うのだ」「米国を再び一つにしよう」と語った。トランプ氏との対決を早くも意識しているのだろう。

Her experience of having been the first lady and a senator are Clinton’s strong point and also her weakness. How those people disgruntled with the “establishment elites” evaluate her will be the key to the campaign.
　ファーストレディーや上院議員などの経験と実績がクリントン氏の強みであり、弱みだ。「支配層」に不満を持つ人々がどう評価するかが、選挙戦のカギとなる。

It is worrisome that both Trump and Clinton have made clear their opposition to the Trans-Pacific Partnership free trade agreement. The accord, which is aimed at reinvigorating trade in Asia and the Pacific regions, must not be scrapped with the change of president.
　トランプ、クリントン両氏が、環太平洋経済連携協定（ＴＰＰ）への反対を明言しているのは心配だ。アジア太平洋地域の貿易活性化を目指す協定が、大統領の交代で反故ほごにされてはならない。

(From The Yomiuri Shimbun, March 3, 2016)

--The Asahi Shimbun, March 1
EDITORIAL: Fukushima disaster trial offers chance to reveal TEPCO's organizational woes
（社説）原発強制起訴　検証の重要な機会だ

A case concerning responsibility for the disaster at the Fukushima No. 1 nuclear power plant will be brought to court.
　甚大な被害をもたらした福島第一原発事故の責任が、司法の場で問われることになった。

Three former executives of Tokyo Electric Power Co., operator of the plant, face a trial over the nuclear crisis triggered by the Great East Japan Earthquake and tsunami in 2011.
Court-appointed lawyers serving as prosecutors filed indictments with the Tokyo District Court on Feb. 29 against the three former executives on charges of professional negligence resulting in death and injury.
　東京電力の勝俣恒久元会長ら当時の幹部３人がきのう、業務上過失致死傷罪で強制起訴された。

Former TEPCO Chairman Tsunehisa Katsumata, 75, and two former vice presidents are accused of failing to implement sufficient safety measures against tsunami. A number of patients at hospitals in the vicinity of the plant died in the subsequent evacuation and workers were injured at the plant.
事前の津波対策を怠り、原発周辺の入院患者を死亡させたなどと起訴状は指摘している。

The mandatory indictments reflect public criticisms and suspicions concerning the nuclear accident.
　あの事故を「想定外」で片付け、誰の責任も問わぬままでいいのか。

Many citizens have taken a dim view of the fact that nobody has been held accountable for the nuclear accident, which the company claims was “beyond expectation.” TEPCO’s profit-oriented policy is also believed to be behind the failure to take sufficient safety measures at the plant.
東電は利益優先で原発の安全対策を怠ったのではないか――。そうした市民の疑念を反映した強制起訴である。

Such huge accidents are caused by a complicated confluence of factors. There is inevitably a limit to what the trial of the former TEPCO executives can do in terms of clarifying the whole picture of the disaster. The trial will be focused on the three individuals’ criminal liability for negligence from the viewpoint of the law and evidence.
　巨大事故は、さまざまな要因が複雑に絡みあって起きる。絞られた争点で元幹部ら個人の過失責任を「法と証拠」に照らして問う法廷は、全容解明の場としては、おのずと限界がある。

Still, the trial can reveal important facts about the information the former executives had before the accident and the decisions they made in responding to the information.
　それでも、元幹部が事故前にどんな情報を得ていて、どんな判断をしたかは、これまで十分に明らかになっていない重要なパーツだ。

We also hope the trial will shed light on problems with the organization and corporate culture of a large utility operating many nuclear reactors so that important lessons can be gleaned.
原発を抱える電力会社の組織の在り方や企業風土にも光を当て、教訓がくみ取れる裁判になることを期待する。

After residents and citizens groups filed a criminal complaint, the Tokyo District Public Prosecutors Office decided not to indict the former executives, citing the difficulty in predicting such an accident.
　この事故では告発を受けた東京地検が「今回のような規模の津波は予見できなかった」と不起訴にしたが、

But a committee for the inquest of prosecution comprising 11 citizens has twice decided that the former TEPCO executives should be prosecuted, triggering the process for forced indictment.
１１人の市民からなる検察審査会が２度にわたって「起訴相当」と議決した。

A report on the accident published by TEPCO in 2012 did not make clear who should be held responsible and what kind of lessons should be learned. The document’s descriptions were vague about many key subjects, especially issues regarding TEPCO’s entire organization, such as the company’s advance assumptions about possible tsunami, steps it had taken against the risk, and how the company handled related information during the crisis.
　１２年に東電が公表した事故報告書は、事前の津波想定とその対応、事故時の情報の扱いなど、組織全体にかかる問題ほど抽象的な記述で、責任や教訓があいまいなままだ。

The Diet-appointed commission tasked with investigating the nuclear accident said the root cause dated back before the disaster.
　国会の事故調査委員会（事故調）は「事故の根源的な原因は震災以前に求められる」と指摘した。

But many questions remain unanswered about how the utility dealt with the risks before the accident.
だが、東電の事前対応に関してはいまも、不明な部分が多い。

Why didn’t TEPCO take stronger measures against the risk of tsunami even though it had estimated a tsunami of up to 15.7 meters could hit the plant? What was the thinking behind this failure to take such measures?
最大１５・７メートルの津波が襲うとの試算を手にしながら、なぜ十分な備えをしなかったのか。どんな判断が働いたのか。

The government’s investigative committee has interviewed around 770 people and disclosed the testimonies of about 200, who have given their consent. But only about 20 of them are former TEPCO executives and other people linked to the utility.
　政府の事故調は約７７０人から聞き取りをし、これまでに同意が得られた約２００人分の調書を公表したが、東電関係者はわずか２０人ほどにとどまる。

We do hope the trial will fill in as many information gaps as possible.
　裁判が大きな空白を少しでも埋めるものになってほしい。

The trial should also provide an opportunity to take a closer look at the roles played by the investigative panels.
　同時に、事故調の役割も改めて考えたい。

All panels established to look into the accident finished their work in about one year, leaving many stones unturned.
いずれの事故調も１年ほどで活動を終え、検証は不十分なままだ。

These panels should scrutinize all relevant factors, including flaws with related organizations, to prevent a recurrence of the disaster. The systems and functions of investigations into nuclear accidents should be expanded and enhanced.
再発防止を目的に関係組織の問題にまで切り込むのが事故調の本来の役割のはずだ。そうした仕組みや機能をもっと充実させるべきだ。

The damaged nuclear reactors that have spewed large amounts of radioactive materials into the environment must be continuously cooled with water. Water contaminated with radioactive substances keeps accumulating at the plant.
　放射性物質をまき散らした原子炉は水で冷やし続けねばならず、汚染水が生じている。

Around 100,000 people are still living away from their homes as evacuees. The nuclear accident has still not been brought under control.
今も約１０万の人々が故郷から避難している。事故は今も続いている。

Obviously, more efforts are needed to draw crucial lessons to ensure nightmarish nuclear accidents will never happen again.
二度と繰り返さない教訓を引き出す努力がもっと必要だ。

The Yomiuri Shimbun
Uncertainties remain about Russia-led ceasefire to end Syrian civil war
シリア情勢　露主導の停戦に不安が残る

The ceasefire brokered by the United States and Russia to end the Syrian civil war has taken effect. Fighting between the administration of President Bashar Assad and antigovernment groups has largely subsided but it remains to be seen whether the truce can be maintained.
　シリア内戦を巡り、米国とロシアが共に呼びかけた停戦が発効した。アサド政権と反体制派の戦闘は概おおむね沈静化したが、このまま維持できるかどうかは予断を許さない。

Large-scale fighting has been halted temporarily for the first time in the five years since the start of the civil war. The United Nations has announced a plan for peace talks, suspended in early February, to resume next Monday. The ceasefire must be maintained to help promote these talks.
　５年に及ぶ内戦で大規模な戦闘が一時停止したのは、初めてである。国連は、２月上旬から中断している和平協議を７日に再開する方針を発表した。停戦を保ち、協議進展につなげねばならない。

The main framework of the ceasefire agreement is for the Assad regime and rebel groups to end their hostilities and accept food and water supplies for citizens from the United Nations and other organizations. The accord also calls for both parties to resume peace talks and discuss how to implement a road map starting with the establishment of a transitional government and leading to an election and formation of a new government.
　アサド政権と反体制派が攻撃を中止し、国連などによる住民向けの食糧や水を受け入れることが停戦の主な枠組みだ。和平協議に応じ、移行政権樹立から選挙実施、新政権発足までの行程表の履行を話し合うことも含まれる。

The truce does not apply to the Islamic State of Iraq and the Levant (ISIL) militant group, the Al-Qaida-linked Nusra Front and other terrorist organizations. The U.S.-led coalition and Russia are permitted to continue military campaigns against these groups.
　過激派組織「イスラム国」や、アル・カーイダ系の「ヌスラ戦線」などのテロ組織には、停戦は適用されない。米国主導の有志連合やロシアは、こうした勢力への軍事作戦を継続できる。

ISIL has stated it will try to thwart the ceasefire by continuing hostilities and terrorist attacks. Resolute responses are needed by the countries concerned.
　「イスラム国」は、戦闘やテロを続け、停戦を妨害する構えを示している。関係国の断固とした対処が求められよう。

Ukraine a vexing precedent

One worry is a scenario in which the Assad regime and its ally Russia attack rebel groups under the pretext of wiping out terrorist groups, thereby breaking the truce.
　懸念されるのは、アサド政権と、政権を支援するロシアがテロ組織掃討の名目で反体制派を攻撃し、停戦が破られる事態だ。

Before the ceasefire went into effect, air raids were carried out on the rebels’ stronghold in Aleppo on the grounds that Nusra Front fighters “are in the neighborhood.”
停戦前の反体制派拠点アレッポへの空爆も、「ヌスラ戦線兵士が周辺にいる」ことが理由になっていた。

The activities of the Nusra Front and the rebel groups overlap in many areas. Can Russia give a good explanation that it is not attacking the rebels?
　ヌスラ戦線と反体制派の活動範囲は、重なる場合が多い。ロシアは、反体制派を攻撃していないという十分な説明ができるのか。

The ceasefire will be monitored by U.S., Russian and other working teams, but their operations are limited to information-gathering in areas where Russian troops are stationed and in Jordan, a country adjacent to Syria.
　停戦監視は、米露などの作業チームが、シリアの露軍駐屯地や隣国ヨルダンなどで、情報収集を進めるにとどまっている。

The effectiveness of the truce cannot be assured unless an international framework including the United Nations is established to confirm on the spot when the ceasefire is violated and to respond adequately.
国連などが現地で停戦違反を確認し、対応する体制でなければ、実効性は期待できない。

U.S. President Barack Obama revealed his suspicions about Russia over the truce, saying that he was “not under any illusions.” He made this statement likely because of what happened in the Ukrainian conflict. While calling for a ceasefire, Russia continued to provide assistance to pro-Russia armed groups.
　オバマ米大統領は停戦について、「いかなる幻想も抱いていない」と述べ、ロシアへの不信を露あらわにした。ウクライナ紛争での前例があるからだろう。ロシアは停戦を呼びかける一方で、親露派武装集団への支援を続けた。

The truce this time was reached with Moscow taking the leading role. Russian President Vladimir Putin said, “The true opportunity for ending bloodshed and violence has finally come.” He made this statement likely because he had ascertained that the Assad regime could be kept in place and Russia could secure influence in the Middle East to counter that of the United States.
　今回の停戦を主導したのはロシアだ。プーチン大統領は「流血と暴力に終止符を打つ真の機会がようやく訪れた」と語った。アサド政権の温存や、中東で米国に対抗する影響力の確保に、メドがついたという判断からではないか。

The U.S.-Russia struggle for hegemony will only make it more difficult to resolve the conflict. Unless the civil war is ended, ISIL will not be weakened and the outflow of refugees will not be curbed. The international community must not forget this.
　米露の覇権争いは、事態収拾を困難にするだけである。内戦が終結しなければ、「イスラム国」の弱体化や難民流出の抑制への道が開かれないことを、国際社会は忘れてはなるまい。

(From The Yomiuri Shimbun, March 1, 2016)

--The Asahi Shimbun, Feb. 28
EDITORIAL: G-20 members need to end dependence on easy money policies
（社説）Ｇ２０協調　緩和依存から脱却を

The top finance officials of the world’s major economies met last week for the first time since global financial turbulence started early this year.
　年初来の世界金融波乱のあと初めて主要国の国際金融をつかさどる責任者たちが一堂に会した。

The meeting of Group of 20 finance ministers and central bank governors, which ended Feb. 27 in Shanghai, confirmed the nations will “use all policy tools” to prevent a further rise in global financial risks.
きのうまで上海で開かれた主要２０カ国・地域（Ｇ２０）財務相・中央銀行総裁会議は、世界的な金融リスクがこれ以上高まらないように各国が政策を総動員することを確認した。

The opportunity for the G-20 members to show they are ready to work together may have helped suppress market turmoil. But the occasion may have also revealed that it is never easy for the G-20 to come up with effective, concrete measures.
　Ｇ２０の協調を演出できたことは市場の動揺を抑えるのに一役買ったかもしれない。ただ、Ｇ２０が有効な具体策を打ち出すことは難しい実情もあらわになったのではないか。

A slowdown in the Chinese economy, a sharp drop in crude oil prices, and the recent interest rate hike in the United States are believed to be the primary factors behind the market anxiety.
　市場不安の主な要因は（１）中国経済の減速（２）原油価格の急落（３）米国の利上げ、の三つとされる。

Instability in the world, as exemplified by the influx of refugees into Europe, rising tensions over North Korea and the chaotic situation in the Middle East, is another factor leading markets to believe the global economy could remain sluggish over the long term.
加えて欧州の難民問題、北朝鮮をめぐる緊張の高まり、泥沼化する中東情勢など、世界の不安定化が経済の長期停滞を市場に意識させている面もある。

Since the 2008 collapse of U.S. investment bank Lehman Brothers triggered a worldwide financial crisis, all major economies of the world have been reacting to similar situations with stimulus packages and monetary easing.
　リーマン・ショック以来、こういう事態に主要国はこぞって財政出動や金融緩和のエンジンをふかしてきた。

But those countries have used up almost all available means, leaving little room now for additional measures.
ところが各国はほぼ手を打ち尽くし、今では追加策を打つ余地に乏しい。

Moreover, the excess of such response measures has generated investment bubbles in emerging economies and natural resources, which ended up triggering the financial turbulence we are currently in. Ironically enough, the responses to crises have engendered other crises.
　しかもそうした対策の過剰が新興国バブルや資源バブルを生み、結果的にいまの金融波乱を招いてきた。危機対応が新たな危機を生む皮肉な構図である。

To end this cycle, the major economies should refrain from indulging further in stimulus spending and easy money. While awareness of that issue was not shared during the G-20 meeting, it is probably high time its member states change course.
　同じ過ちを繰り返さないためにも、主要各国が財政出動と金融緩和にこれ以上のめりこむことは避けるべきだ。今回のＧ２０でそういう問題意識は共有されなかったが、軌道修正するときが来ているのではないか。

The most necessary policy measure is structural reform, designed to achieve long-term economic stability. For China, that reform would include clearing overcapacity and excessive debt and reforming state-owned enterprises; in Europe, deepening fiscal integration; and in Japan, reforming tax and social security systems and stabilizing state finance.
　本当に必要な政策は長期的に経済を安定させる構造改革だ。中国なら過剰設備・過剰債務の解消や国有企業改革、欧州は財政統合の深化、日本は税と社会保障改革や財政の安定である。

Amid the shortage of effective means, there are worries that countries may rush to devalue their currencies in favor of their own export industries. The G-20 members confirmed during the latest meeting that they will refrain from “competitive devaluations.”
　心配なのは、各国が有効な手が見つからないなかで自国の輸出産業を有利にする通貨安政策に走ることだ。Ｇ２０でも通貨安競争はしないことを確認した。

But the Bank of Japan’s recently introduced negative interest rate policy has devaluing effects. If Japan and Europe, which have adopted that policy, were to continue or even intensify it, that could trigger a devaluation race across the globe.
　ただ、日本銀行が導入したマイナス金利政策には通貨安を促す効果がある。これを導入している日欧がこの政策を継続・強化すれば世界の通貨安競争を招きかねない。

In a worrisome development, leading candidates for the U.S. presidential election, including former Secretary of State Hillary Clinton, are blaming Japan for moving to weaken the yen.
クリントン前国務長官など米大統領選の有力候補者たちが日本の円安誘導を批判しているのも気になる動きだ。

After all, the super-easy monetary policy, being continued by Japan and Europe, is nothing more than a stopgap stimulant, and it has yet to create the economic growth expected of it. Moreover, gradual erosion of market functions, a side effect of that policy, is growing more serious as the policy becomes prolonged.
　そもそも日欧が続ける超金融緩和は一時的なカンフル剤にすぎず、期待された経済成長にはつながってこなかった。しかもその長期化が次第に市場機能を損なう副作用の方が深刻になってきている。

Japan and Europe should outgrow their dependence on easy money as early as possible. That is precisely what the major economies of the world should be working together for.
　日欧は一刻も早くこの「緩和依存」から脱却しなければならない。そのためにこそ主要国の協調が必要ではないか。

The Yomiuri Shimbun
G-20 nations must coordinate policies to stabilize global financial markets
Ｇ２０と政策協調　市場安定へ行動が求められる

Can the current turmoil in global financial markets be contained by the latest moves of the Group of 20 countries? The developed and emerging market economies must coordinate their policies effectively to achieve this goal.
　世界的な金融市場の混乱を、これで抑えられるか。先進国と新興国は政策協調を実効あるものとしなくてはならない。

A conference of the G-20 finance ministers and central bank governors ended on Saturday. A joint communique adopted at the conference included the grim perception that “Downside risks and vulnerabilities have risen” for the global economy.
　主要２０か国・地域（Ｇ２０）財務相・中央銀行総裁会議が閉幕した。採択された共同声明は、「世界経済の下方リスクと脆弱ぜいじゃく性が高まっている」とする厳しい認識を示した。

Based on this recognition, the G-20 countries expressed their strong resolve in the communique to “use all policy tools — monetary, fiscal and structural — individually and collectively” to check the global economy from stalling.
　そのうえで、世界経済の失速回避に向けて、金融政策や構造改革、財政出動といった「全ての政策手段を総合的に用いる」との強い決意を表明した。

The world economy has been shrouded in a number of destabilizing factors, such as the slowdown in China’s economic growth, a drop in crude oil prices, and capital flows out of emerging market economies in the wake of the recent U.S. interest rate hike.
　世界経済は、中国の成長鈍化や原油安、米国の利上げに伴う新興国からの資金流出など、多くの不安要因に覆われている。

It is noteworthy that the G-20 countries shared a sense of alarm and came up with a stance of jointly tackling these challenges to realize market stabilization.
　Ｇ２０が危機感を共有し、市場の安定化へ協調して臨む姿勢を打ち出したことは評価できよう。

The G-20 countries agreed on the view that excessive movement in exchange rates can adversely affect the world economy. They also reaffirmed that they will refrain from competitive devaluations of currencies to promote their exports. The communique thus took into consideration the concern in the market over the yen’s excessive rise and China’s devaluation of the yuan.
　各国は、過度な為替の変動が経済に悪影響を及ぼすとの見解で一致した。輸出促進のために自国通貨を切り下げる「通貨安競争」を避けることも確認した。行き過ぎた円高や、人民元切り下げを懸念する市場に配慮した形だ。

The focal point of the conference was whether China, chair of the conference and a country reckoned to be the epicenter of market confusion, can send an effective message to calm the market turmoil.
　会議の焦点は、市場の混乱の震源地とされる議長国・中国が、動揺を鎮めるのに有効なメッセージを発信できるかどうかだった。

Trying to calm fears

People’s Bank of China Gov. Zhou Xiaochuan sought to ease the distrust of the market by saying at a press conference, among other things, that the bank would take additional monetary-easing measures. The press conference was, unusually, held ahead of the opening of the G-20 conference. Chinese Prime Minister Li Keqiang also made clear the country’s policy of promoting structural reforms.
　中国人民銀行の周小川総裁は、開会前に異例の記者会見を開いて追加の金融緩和策に言及するなど、市場の不信感を和らげるのに懸命だった。李克強首相も構造改革を進める方針を表明した。

However, just emphasizing a reform-promoting stance will not be enough to eliminate deep-rooted concerns about China’s economic prospects. The country will be required to specify the policy course it will take.
　だが、中国経済の先行きへの根深い不安を払拭するには、改革姿勢を強調するだけでは足りない。今後の政策の道筋を市場に明示することが求められよう。

It is reasonable that Finance Minister Taro Aso said, “Chinese authorities need to present a structural reform plan with a concrete schedule.”
　麻生財務相が「具体的なスケジュールを伴った構造改革のプランを示す必要がある」と注文をつけたのは、もっともだ。

In dealing with challenges such as reducing excess production capacity and reorganizing state-owned enterprises, the ability to act to carry through painful reforms is vitally needed.
　過剰設備の解消や国有企業の再編など、痛みを伴う改革をやり抜く行動力が欠かせない。

It is also appropriate that the communique clearly stated, “We will clearly communicate our policy actions to minimize negative spillovers,” apparently taking into account such countries as the United States, which is exploring ways to make an additional interest rate hike.
　声明が、追加利上げを模索する米国などを念頭に、「政策の負の波及効果を最小化するため、明確にコミュニケーションを行う」と明記したのも妥当である。

We hope G-20 countries make policy decisions carefully by also paying attention to the possible ill effects of interest rate hikes, such as an exodus of capital from emerging economies.
　新興国からの資金流出など、利上げの悪影響にも目配りしながら慎重な政策判断をしてほしい。

The vulnerability of Europe’s financial system was also taken up for discussion at the conference. European countries need to throw their energy into accelerating their disposal of nonperforming loans and implementing structural reforms to vitalize their economies.
　会議では欧州の金融システムの脆弱性も議論された。不良債権処理の加速や、経済を活性化する構造改革に力を注ぐ必要がある。

Japan explained to other G-20 countries that it will get the nation out of deflation with its negative interest rate policy. It is imperative to realize an economic recovery led by domestic demand while pushing through growth strategies.
　日本は、マイナス金利政策でデフレ脱却を図る考えを説明した。成長戦略を進め、内需主導の景気回復を実現することが急務だ。

(From The Yomiuri Shimbun, Feb. 28, 2016)