量的緩和政策 - 英語 への翻訳

• quantitative easing policy
• QE

日本語 での 量的緩和政策 の使用例とその 英語 への翻訳

量的緩和政策の導入と同様、枠組みの変更も先例のないものであるだけに、金融市場において経済・物価情勢に応じた価格形成が円滑に行われるよう配慮することが重要である。
Given that the change of the current policy framework, as with the introduction of the quantitative easing policy, is unprecedented, it is essential to ensure that financial markets are able to perform pricing function smoothly, reflecting underlying conditions of the economy and prices.

委員は、量的緩和政策解除後の金融市場は総じてみれば落ち着いて推移しており、金融政策運営に対する日本銀行の考え方に対する理解は次第に浸透しつつあるとの認識を共有した。
Members concurred that, taken as a whole, developments in financial markets since the termination of the quantitative easing policy had been stable, and understanding of the Bank's thinking concerning the conduct of monetary policy had been gradually spreading among market participants.

以上のように、全体として量的緩和政策は、景気(ここでは生産)に対して相応の効果があり、その際、資産価格(株価および為替レート)を通じた波及ルートが機能していたことがみて取れます。
In summary, the QE policy as a whole had a certain effect on economic activity, which is production here, and a transmission channel through asset prices-- namely, stock prices and the foreign exchange rate-- was working.

また、ある委員は、量的緩和政策の効果を浸透させるためには、不良債権処理を加速させ、銀行の金融仲介機能を回復させることが最優先の課題であると強調した。
One member stressed that, for the effects of quantitative monetary easing measures to permeate throughout the economy, top priority should be given to encouraging recovery of the financial intermediary function of banks by accelerating the disposal of nonperforming loans NPLs.

もっとも、景気回復の持続性が高く、消費者物価上昇率も次第にプラス基調が定着していくことが展望される中、量的緩和政策というデフレ・スパイラル阻止のための異例の政策運営枠組みは、来年度にかけて変更を迎える可能性が高まっています。
With the economic recovery likely to remain highly sustainable and the year-on-year changes in the CPI expected to remain positive, the possibility of a departure from the unprecedented framework of the quantitative easing policy, which was introduced to stave off a deflationary spiral, is likely to increase over the course of fiscal 2006.

これに関連し、一人の委員は、金融市場関係者に加え、企業関係者や国民においても、量的緩和政策の解除が経済に非連続的な変化をもたらすものではないという点について理解が十分に浸透するように、丁寧な説明を続けていく必要があると述べた。
In relation to this, one member commented that the Bank should continue to explain clearly that termination of the quantitative easing policy would not imply an abrupt change in the economy so that this was fully understood not only by market participants but also the corporate sector and the public.

日本銀行は、「量的緩和政策」を進めるもとで、当初5兆円(対名目GDP比で1%)程度であった当座預金残高目標を、経済情勢を踏まえながら徐々に引き上げ、2004年1月には、当座預金残高目標は30〜35兆円(対名目GDP比で6〜7%)程度にまで達しました。
In pursuing QE, the Bank gradually increased its target for current account balances from initially about 5 trillion yen(about 1 percent of nominal GDP) to about 30 to 35 trillion yen(about 6 to 7 percent of nominal GDP) in January 2004 while consistently taking the economic situation into account.

従って、今回の展望レポートが対象とする期間において、この「約束」の条件が満たされ量的緩和政策の枠組みを変更する時期を迎えるか否かは明らかではありませんが、私どもの物価の見通しが実現していけば、2006年度にかけてその可能性が徐々に高まっていくとみられます。
Therefore, it is not certain whether the conditions in the Bank's commitment will be fulfilled and there will be occasion to change the present framework of the quantitative easing policy during the projection period covered in the April Outlook Report. However, assuming that our projections regarding prices in fact materialize, it is likely that this possibility will gradually increase over the course of fiscal 2006.

金融機関においては、量的緩和政策採用以降長期間にわたって、多額の当座預金残高や資金供給オペレーションを前提とした資金繰りが行われてきた。このため、当座預金残高の削減は、数か月程度の期間を目途としつつ、短期金融市場の状況を十分に点検しながら進めていく。
Given that financial institutions have managed liquidity against the backdrop of large amounts of current account balances and extensive funds-supplying operations by the Bank for a prolonged period since the adoption of the quantitative easing policy, the reduction in current account balance is expected to be carried out over a period of a few months, taking full account of conditions in the short-term money market.

さらに、消費者物価に基づく量的緩和政策継続の「約束」は、景気回復が続くもとでも企業が低い金利で資金調達することを可能としており、先行き、企業の将来に対する自信が強まっていくにつれ、金利を通じてより強い緩和効果を発揮していくと考えられる。
The Bank's commitment to maintain the quantitative easing policy based on the consumer price index has allowed firms to continue to enjoy low funding costs even as the economy continues to recover. Positive effects on the economy, acting via interest rates, will strengthen as firms gradually become more confident about the economic outlook.

大勢意見に対しては、一人の委員が、金融機関の資金需要が後退していることや巨額の当座預金残高維持のデメリットが相対的に強まっていること等を理由に、量的緩和政策の枠組みは堅持し引き続きデフレからの脱却を図りつつ、当座預金残高目標を減額し、「27〜32兆円程度」とすることが適当であるとの見解を示した。
Against this majority view, one member said that it would be appropriate to lower the target range for the outstanding balance of current accounts at the Bank to"around 27 to 32 trillion yen" and at the same time maintain the current framework of quantitative easing policy aimed at overcoming deflation, giving reasons such as that liquidity demand among financial institutions was decreasing and the disadvantages of maintaining a huge outstanding balance of current accounts were becoming relatively significant.

量的緩和政策の枠組みは、日本銀行が、金融機関が準備預金制度等により預け入れを求められている額を大幅に上回る日本銀行当座預金を供給することと、そうした潤沢な資金供給を消費者物価指数(全国、除く生鮮食品)の前年比上昇率が安定的にゼロ%以上となるまで継続することを約束することから成り立っている。
The two pillars of the quantitative easing policy are: the Bank's provision of ample liquidity to the money market so that the outstanding balance of current accounts at the Bank substantially exceeds the amount of required reserves; and the Bank's commitment to continue with this ample provision of liquidity until the year-on-year rate of change in the consumer price index(excluding fresh food, on a nationwide basis) registers zero percent or higher on a sustainable basis.

量的緩和政策導入以降を振り返ると、金融システムが脆弱性を抱えるもとで、米国での同時多発テロやイラク戦争の発生、りそな銀行に対する公的資金の投入など様々なショックが加わる中にあっても、97〜98年に起こったような大規模なクレジット・クランチは回避され、金融市場の安定が確保されました。
After the introduction of the quantitative easing policy, there was no occurrence of any large-scale credit crunch, such as was observed in 1997 and 1998, and stability in financial markets was maintained despite the materialization of various shocks, including the terrorist attacks in the United States and the Iraq war as well as the injection of public funds into a major Japanese bank when the financial system was fragile.

大方の委員は、上述の経済・物価情勢に関する判断を踏まえると、2001年3月の量的緩和政策導入時に示した「消費者物価指数(全国、除く生鮮食品)の前年比上昇率が安定的にゼロ%以上となるまで量的緩和政策を続ける」との「約束」の条件は満たされたと判断できると述べた。
Most members' view was that, based on the assessment of economic activity and prices described earlier, it could be judged that the condition laid out in the commitment-- the Bank would maintain the quantitative easing policy until the year-on-year change in the CPI(excluding fresh food, on a nationwide basis) registered zero percent or higher on a sustainable basis-- which was set when the policy was introduced in March 2001, was fulfilled.

もっとも、2000年代の「量的緩和政策」(2001~2006年)や、「量的・質的金融緩和」(2013年~)の時期のように、日本銀行の潤沢な資金供給により、多くの金融機関が法定準備預金額を超える「超過準備」を有することが常態化してくると、準備預金制度に、各金融機関の日銀当座預金残高を安定化させる役割を期待することは難しくなります。
However, in the periods of the quantitative easing policy(2001-06) and Quantitative and Qualitative Monetary Easing(QQE; 2013-), holding excess reserves(an amount exceeding the legal reserve requirements) has become common for many financial institutions as a result of the ample provision of funds by the Bank, and it has become difficult for the reserve requirement system to be utilized as a measure to stabilize financial institutions' current account balances at the Bank.

いわゆる量的緩和政策です。
This is the so-called quantitative easing policy.

つは日銀の量的緩和政策です。
Another example is Japan's quantitative easing policy.

量的緩和政策」が浮上しました。
Quantitative Easing" policies would bring on.

量的緩和政策に効果はあるのでしょうか？
Proof that your policy of quantitative easing has worked?

ところがユーロ圏の場合は、量的緩和政策がやりにくい。
In the euro area, a policy of quantitative easing is in full force.