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The Yomiuri Shimbun
G-7 leaders should follow up Sendai finance meeting with deeper cooperation
Ｇ７財務相会議　サミットで協調さらに深めよ

It is important for the major advanced nations to boost cooperation to lead the global economy toward stable growth despite persistent economic uncertainty.
　不透明感を拭えない世界経済を安定成長に導くには、先進国が協調を強めることが重要だ。

The meeting of finance ministers and central bank governors from the Group of Seven major developed countries reaffirmed in Sendai that they will mobilize all three policy measures to play the leading roles in putting the world economy on track for sustainable growth: monetary policy, fiscal stimulus and structural reforms.
　仙台市で開かれた先進７か国（Ｇ７）財務相・中央銀行総裁会議は、世界経済の持続的な成長を牽引けんいんしていくため、金融政策と財政出動、構造改革の三つの政策手段を総動員することを確認した。

The participating countries shared an understanding that the global market has become more stable compared to a while ago, but it faces increasing uncertainty caused by, among other factors, Britain’s possible exit from the European Union.
　Ｇ７各国は世界経済について、一時期より市場は安定したが、英国の欧州連合（ＥＵ）離脱問題などで先行きの不確実性は増しているとの認識を共有した。

China and other emerging economies still suffer from a slowdown. It is natural for the G-7 to show determination to fulfill its responsibilities to play a leading role to boost growth.
　中国など新興国経済の減速傾向も続いている。Ｇ７が成長の先導役として、責任を果たしていく決意を示したのは当然だ。

When it came to flexible fiscal stimulus, one of the key topics at the meeting, Japan and the United States, which are positive toward such action, failed to fully bridge the gap with Germany and Britain, which place emphasis on fiscal discipline. Many of the participating countries reportedly said that perhaps it is quality that matters most in implementing fiscal stimulus measures.
　焦点だった機動的な財政出動を巡る議論では、積極的な日米と、財政規律を重んじる独英の溝は十分に埋まらなかった。多くの国から「財政出動はむしろ質が大事だ」といった声も相次いだという。

How can each country facilitate “high-quality investment” in accordance with the respective conditions to help each economy grow? Prime Minister Shinzo Abe should lead deeper discussions when he chairs the Ise-Shima summit meeting later this week.
　各国の事情に応じて、成長に資する「質の高い投資」をどう促進していくか。今週の主要国首脳会議（伊勢志摩サミット）では、議長の安倍首相の主導で、議論を深める必要があろう。

Rift over yen intervention

Meanwhile, it is worrisome that Finance Minister Taro Aso and U.S. Treasury Secretary Jacob Lew were unable to resolve their rift over foreign exchange rates when they held talks on the sidelines of the Sendai gathering.
　Ｇ７会議に合わせた日米財務相会談で、為替を巡る対立が解消しなかったのも気がかりだ。

During a press conference, Aso once again showed he would not refrain from intervening in the currency market against excessive yen rises. “[Exchange rates for the yen] over the past several weeks cannot be described as orderly,” he said.
　麻生財務相は記者会見で「（円相場の）この数週間は秩序立った動きとは言えない」と述べ、円高阻止の市場介入も辞さない考えを改めて示した。

Lew, on the other hand, issued a warning against Tokyo’s possible intervention, saying, “It’s a pretty high bar to have disorderly [currency] conditions.”
　ルー米財務長官は「無秩序な動きと呼べる基準は極めて高い」として、介入を牽制した。

Increased disagreement between Japan and the United States could encourage speculators to take advantage of the situation, thus inviting violent fluctuations in currency markets. It is important for Tokyo and Washington to communicate in detail with each other while placing their top priority on stabilizing the financial market.
　日米の不協和音が高まれば、投機筋につけ込まれて為替相場の乱高下を招く恐れもある。金融市場の安定を最優先に、日米が丁寧に意思疎通を図ることが大切だ。

In the meeting of finance ministers, the G-7 nations also agreed to step up measures against international tax evasion, following the release of the so-called Panama Papers that have revealed partially how tax havens are used. The participants also agreed to urge many other countries to join an international scheme that will allow their tax authorities to share bank account information, among other measures.
　Ｇ７会議は、タックスヘイブン（租税回避地）の実態の一端が明らかになった「パナマ文書」問題を受け、国際的な税逃れ対策の強化でも合意した。税務当局による口座情報の交換など、国際的な枠組みに多くの国の参加を促す。

Tax avoidance cannot immediately be deemed illegal, but can undermine confidence in the tax system. The summit meeting should look into rules to ensure fair international taxation.
　租税回避はただちに違法ではなくても、税への信頼を損なう。サミットで公正な国際課税のあり方の検討を進めるべきだ。

The Sendai gathering also compiled an action plan on combating the financing of terrorism. Measures include enhanced information exchange among the G-7 countries and lowering the maximum amount of cash individuals can bring into another country without reporting the sum to customs.
　テロ資金対策に関する行動計画もまとめた。Ｇ７間の情報交換の強化や、税関に申告せずに他国に持ち出せる現金の上限額引き下げなどが柱だ。

Cross-border financial transactions have to be cut off to stop terrorist organizations. The G-7 should urge other countries to also work together on this issue.
　テロ組織を追い詰めるには、国境を超えた資金の流れを断たねばならない。Ｇ７以外にも協調行動を広めたい。

(From The Yomiuri Shimbun, May 22, 2016)