A DIFFERENT MEMBER - 日本語 への翻訳

• 別の委員は
• 別の加盟

英語 での A different member の使用例とその 日本語 への翻訳

A different member added that only a few market interest rates were still linked to the official discount rate, and therefore, it was acceptable to set a target level for market interest rates as the main objective of monetary policy management.
また、別のある委員からは、公定歩合に連動する市中金利はすでに限られたものとなっているので、市場金利の誘導目標を金融政策運営の柱として物事を考えるということでとりあえずよいのではないか、との見解も付け加えられた。

Regarding the consumption tax hike scheduled to take place in October 2019, a different member noted that, with the slowdown in overseas economies exerting downward pressure on Japan's economy, there was a risk that the hike would have negative effects on future consumption.
本年10月に予定されている消費税率の引き上げについて、別のある委員は、海外経済の減速がわが国経済に下押し圧力をかける中、先行きの消費に悪影響を及ぼすリスクがあると指摘した。

A different member commented that there were many cases in which firms could absorb upward pressure of costs by increasing productivity instead of raising prices, and one example was termination of late-night services at some stores by the convenience store industry, adding that this might be the reason for the delay in price rises.
別のある委員も、コンビニ業界の深夜営業の取り止めなど、企業が値上げではなく、生産性の上昇によりコスト上昇圧力を吸収する事例が数多く存在することで、物価上昇が遅れている可能性があると述べた。

A different member emphasized the severe situation in corporate profits, pointing out that(1) the degree of downward revision currently in the earnings forecasts of general electrical machinery and communications firms was extremely large for such a short interval of time and(2) earnings forecasts for the second half of 2001 could still be revised downward.
別の委員も、このところの総合電機・通信メーカーなどの収益予想の下方修正は短期間の修正幅としては極めて異例であり、下期の計画にはなお下方修正リスクがある、として企業収益の厳しさを強調した。

A different member also added that the level of real interest rates did not seem to be directly influencing firms' decision making in investment because firms generally evaluated their investment projects by comparing their fund-raising costs with cash flows from investment.
別のある委員も、企業が投資判断する際には、資金調達コストと投資から得られるキャッシュフローを比較することが基本であり、実質金利水準そのものは企業経営の直接的な判断基準にはなっていないのではないか、と発言した。

In relation to the fact that firm housing prices were supporting U.S. private consumption, a different member pointed out that there was a considerable time-lag before the collapse of a bubble economy became apparent in real estate prices as observed in the case of Japan.
別の委員も、堅調な住宅価格が米国の個人消費を支えている点に関連して、日本の過去の経験によれば、不動産価格にバブル崩壊の影響がはっきりと現われるのにはかなりのラグがあったことを指摘した。

A different member added that the importance of the deterioration in the diffusion index should not be underestimated, given the deterioration particularly in some materials industries and cautiousness in firms' estimates of sales and profits for fiscal 2005.
さらに別の委員も、素材産業の一部で業況判断DIが悪化していることや、2005年度の売上・収益計画に慎重さがみられることを踏まえると、DIの悪化を過小評価すべきではないと指摘した。

A different member noted that it was important for the Bank to explicitly convey to the market that it was not different from other central banks in terms of the direction of monetary policy by presenting its determination that it would persistently continue with the powerful monetary easing.
別のある委員は、強力な金融緩和を息長く続ける姿勢を示すことにより、市場に対して、他の中央銀行と方向性が変わらないことをしっかりと伝えていくことが大事であると述べた。

A different member also said that the impact had been limited so far, pointing out that, according to the Tankan, manufacturers expected their earnings for the second half of fiscal 2000 to increase by almost 30 percent, although firms had revised their forecasts for the period downward.
また、別の委員も、短観によれば、企業は、今年度下期の収益見通しを下方修正しているものの、それでも製造業は3割弱の増益計画となっていると指摘し、これまでのところ、原油価格上昇の影響は限定的と考えられる、と述べた。

A different member commented that, since the recent sluggishness in prices was unlikely to be attributable solely to a mere shortage of demand, it was not necessarily appropriate to adopt a policy that would forcibly push up demand in a short period of time.
別のある委員は、最近の物価の伸び悩みは、単純な需要不足だけが理由であるとは考え難いことから、短期間で需要を無理に押し上げるような政策は必ずしも適当ではないと述べた。

A different member commented that termination of the zero interest rate policy should be considered as a slight adjustment within the Bank's extremely easy monetary policy stance to normalize the interest rate structure, and thus termination of the policy need not be seen as a shift to monetary tightening.
また別の委員も、ゼロ金利政策の解除は、異常な金利体系を正常に戻すという「超金融緩和の中での微調整」と捉えるべきであり、「引き締め政策への転換」とみる必要はない、と述べた。

One member analyzed time-series data of indices of industrial production and commented that production would recover after April 2002 at the earliest. A different member, pointing to a delay in inventory adjustments in materials industries, said that they would be completed in and after the first half of fiscal 2002.
ある委員は、鉱工業生産指数の時系列分析を示しつつ、生産が回復に転じるのは早くても来年4月以降になると述べ、別のある委員も、素材業種の在庫調整の遅れを例示しつつ、完了時期は来年度上期以降になると述べた。

A different member commented that room for the U.S. government to implement additional measures to stimulate the economy was already limited, and given that medium- to long-term issues such as fiscal consolidation and problems related to the pension system needed to be dealt with, the government's conduct of economic policy might negatively affect the economy in the future.
別の委員は、政府による追加的な景気刺激策の余地は既に限られており、財政再建や年金問題といった中長期的な課題への取り組みが必要になることを踏まえると、今後は、政府の経済政策運営が景気にマイナスの効果をもたらす可能性がある、との意見を述べた。

A different member cited the following as factors causing the sluggishness in lending:(1) demand for on-hand liquidity was declining reflecting the market's increasing confidence in the availability of liquidity as the effects of monetary easing permeated; and(2) improvement in firms' cash flow was contributing to their balance-sheet restructuring--that is, repayment of loans.
さらに別の委員は、貸出の伸び悩みの要因として、(1)金融緩和が浸透し、流動性確保への安心感が広がっているため、手元資金への需要がむしろ減少していること、(2)企業のキャッシュ・フローの改善が、バランスシートの改善--すなわち、借入金の返済--に向けられていること、を指摘した。

A different member referred to the results of a questionnaire conducted by the Japan Association of Corporate Executives(Keizai Doyukai) on firms' attitudes regarding a rise in long-term interest rates. The member said that firms were not rushing to raise funds at fixed interest rates, against the background of their ample cash flow, and that they were calm about a rise in long-term interest rates.
別の委員は、経済同友会が実施した長期金利上昇に関する企業の受け止め方についてのアンケート結果を紹介し、企業の間では、キャッシュ・フローが潤沢なもとで、急いで固定金利での調達を実施する動きはみられず、長期金利上昇について冷静に受け止めている、と述べた。

A different member pointed out that, given that the adaptive formation mechanism of inflation expectations played a large role in Japan, it could not be ignored when examining future price developments that items such as administered prices, housing rent, and charges for mobile phone services-- all of which have large weights in the CPI-- were hardly responsive to the output gap.
別のある委員は、わが国では適合的な期待形成メカニズムの影響が大きいことを踏まえると、消費者物価指数の中で大きなウエイトを占める公共料金や家賃、携帯電話通信料といった品目が、需給ギャップにほとんど感応しないという点も、先行きの物価動向を点検するうえで無視できないと指摘した。

A different member pointed out that, in a situation where there were high uncertainties regarding economic and price developments, it was important to sustain moderate economic expansion while avoiding an accumulation of imbalances, and essential to persistently continue with the powerful monetary easing while carefully examining the positive effects and side effects of the policy.
また、別のある委員は、不確実性の高い経済・物価動向のもとでは、不均衡を蓄積させずに緩やかな景気拡大を持続させることが重要であり、政策の効果と副作用を慎重に点検しつつ、強力な金融緩和を粘り強く続けることが肝要であると指摘した。

A different member, however, said that it was unlikely that an increase in business fixed investment would be the driving force of economic recovery. This was because momentum for a recovery in business fixed investment was weak due to factors such as pressures to adjust both the industrial structure and firms' balance sheets, and the decline in the expected growth rate.
もっとも、別のある委員は、わが国の設備投資は、産業構造の調整圧力やバランスシート調整圧力、期待成長率の低下といった要因から回復力が弱く、先行き、設備投資が景気を牽引していく姿は想定しにくい、と発言した。

A different member pointed out that an improvement in households' ability to borrow money due to a rise in housing prices had been one of the factors underpinning consumption. On this basis, this member said that there was a possibility that the rise in housing prices was caused by a bubble and this mechanism might collapse if housing prices fell in the future.
別のある委員は、住宅価格上昇に伴う家計の借入れ能力向上が消費下支えの一因となっている点を指摘したうえで、住宅価格の上昇にはバブル的な要素があった可能性があり、今後住宅価格が下落すれば、こうしたメカニズムが崩れかねないとの見方を示した。

A different member was of the opinion that, given, for example, that risks concerning the outlook for economic activity had tilted to the downside and early achievement of 2 percent inflation could not be envisaged, it was necessary for the Bank to further strengthen monetary easing instead of persistently continuing with the current policy.
別のある委員は、景気の先行きを巡るリスクは下方に厚く、物価情勢も早期の2%の実現が見通せない状況にあることなどを踏まえると、現行の政策を粘り強く続けるのではなく、これまでよりも金融緩和を強化する必要があるとの意見を述べた。