2009年11月28日

ウォールストリートジャーナルが鳩山内閣へ苦言

ウォールストリートジャーナルのアジア版社説が鳩山内閣へ苦言を呈しました。

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Tokyo Deflation Deflections

AG-AB685_1defla_NS_20091126113625.gifJapan has struggled with deflation in the past, and it appears to be doing so again. The latest downward trend in prices is sparking a policy brouhaha in Tokyo about whom to blame and what to do. Politicians might start with a look in the mirror.

(中略)

Japan's aging consumer corps is still determined to save for the future. Large companies, pessimistic about the economy's prospects, are reluctant to borrow for capital investment. Note that Japan's latest break from deflation, in the middle of this decade, came only after demand for Japan's exports in the U.S. and China had picked up.

What the economy really needs is a good dose of animal spirits. The first priority here would be a change in Tokyo's fiscal policies that have pursued budget-busting Keynesian stimulus with little impact on growth. A return to the deregulatory and tax-cutting policies that prevailed for a time during the middle-part of this decade would also help. Mimicking the Obama Administration's tax and spend policies will only further reduce domestic Japanese growth.

These steps are primarily the domain of Mr. Fujii and his colleagues in Prime Minister Yukio Hatoyama's government, not the central bank's problem. Just as Japan's deflation is symptomatic of deeper problems lurking in the economy, the latest debate about deflation is symptomatic of deeper problems lurking in Japanese economic policy making. Whatever role monetary policy is playing in the current deflation, it isn't a central bank's role alone to spur growth.
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以下私なりの抄訳です。

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