QUALITATIVE MONETARY EASING - 日本語 への翻訳

• 質的金融緩和

英語 での Qualitative monetary easing の使用例とその 日本語 への翻訳

In the case of the Bank of Japan's conduct of quantitative and qualitative monetary easing(QQE), its strong and clear commitment to achieving the price stability target of 2 percent affects expected inflation rates, and at the same time, the large-scale purchases of Japanese government bonds(JGBs) exert downward pressure on the entire yield curve, bringing about lower real interest rates, and thereby stimulate private demand.
日本の「量的・質的金融緩和」の場合には、2%目標の実現に強く明確なコミットメントを示すことで、予想インフレ率に働きかけ、同時に大規模な国債買入れによってイールドカーブ全体に低下圧力を加えることで実質金利を低下させ、民間需要を刺激する。

So far, this policy has exerted positive effects on Japan's economy. However, while supporting the concrete measures of quantitative and qualitative monetary easing, I have continued to propose changing the expression representing the Bank's commitment in the Statement on Monetary Policy, although the view that such a change should be made has been held by a minority of the Policy Board members.
これまでのところ、「量的・質的金融緩和」は日本経済に好影響をもたらしていると思います。一方で、私自身は、「量的・質的金融緩和」の具体的な施策には賛成しつつも、政策委員会の中では少数意見ですが、対外公表文の修正議案を提出し続けています。

When it is expected that economic activity and prices will continue to improve going forward, the situation may occur where the Bank will need to consider adjustment of the level of interest rates under the framework of"Quantitative and Qualitative Monetary Easing(QQE) with Yield Curve Control," including from the perspective of strengthening the sustainability of the framework.
先行き、経済・物価情勢の改善が続くと見込まれる場合には、「長短金利操作付き量的・質的金融緩和」の枠組みのもとで、その持続性を強化する観点も含め、金利水準の調整を検討することが必要になる可能性もあるのではないか。

Meanwhile, although there were phases during which developments overseas affected Japanese markets as seen particularly in stock price declines and the continued appreciation of the yen, highly accommodative financial conditions have been maintained with the Bank of Japan's introduction of"Quantitative and Qualitative Monetary Easing(QQE) with Yield Curve Control" in September 2016.
この間、わが国でも株価下落や円高進行など海外の影響を受ける局面もみられたが、9月に日本銀行が「長短金利操作付き量的・質的金融緩和」を導入したもとで、きわめて緩和的な金融環境が維持されている。

There are views that monetary policy cannot resolve challenges for Japan's economy such as fiscal sustainability and a decline in the potential growth rate. Since the introduction of quantitative and qualitative monetary easing(QQE), however, employment and fiscal conditions have improved and the potential growth rate has been stable.
金融政策では財政の持続可能性や潜在成長率の低下という日本経済の課題を解決することはできないとの考え方もあるが、現実には、「量的・質的金融緩和」の導入以降、雇用や財政は改善し、潜在成長率も安定している。

The current economic recovery phase likely has lasted for six years already, which mostly overlaps with the period of quantitative and qualitative monetary easing(QQE) that the Bank introduced in April 2013, and this month its duration is expected to be the same as the longest post-war recovery phase in the mid-2000s(Chart 1).2 I would like to point out two characteristics of the current prolonged economic recovery, as follows.
今回の景気回復局面は、2013年4月に日本銀行が導入した「量的・質的金融緩和」の継続期間とほぼ重なるかたちで、既に6年にわたって続いているとみられ、この12月には、戦後最長である2000年代半ばの回復局面と並ぶことが見込まれます2(図表1)。以下では、こうした長期にわたる景気回復の特徴について、2つの点を指摘したいと思います。

The Bank currently adopts the policy framework of"Quantitative and Qualitative Monetary Easing(QQE) with Yield Curve Control."Under the framework, it sets the short-term policy interest rate at minus 0.1 percent and the target level of 10-year JGB yields at around zero percent, and has conducted purchases of Japanese government bonds(JGBs) in the market so that the yield curve would be formed in line with this guideline Chart 11.
現在、日本銀行は、「長短金利操作付き量的・質的金融緩和」という政策枠組みを採用しており、そのもとで、短期政策金利を「0.1%」、10年物国債金利の操作目標を「ゼロ%程度」と定め、これと整合的なイールドカーブの形成を促すよう、市場において国債の買入れを実施しています(図表11)。

While the Bank recognized the significant side effects of quantitative and qualitative monetary easing, it decisively embarked on the introduction of this policy. The rationale for the introduction was the Bank's view that, with favorable developments gradually emerging in economic activity and financial markets, it was a great opportunity for the Bank to positively influence the expectations of financial markets and of firms and households through a large monetary policy change, thereby maximizing such policy effects.
日本銀行が、相応の副作用を認識しながらも「量的・質的金融緩和」の導入に果断に踏み切った背景には、実体経済や金融市場に次第に前向きな動きが現れ始めていた中で、金融政策の大きな転換を通じて金融市場や家計・企業などの期待形成に好影響を与え、その政策効果を最大限に高めることが出来る絶好の機会である、との判断がありました。

Overview of Results Since the Bank's introduction in April 2013 of quantitative and qualitative monetary easing, the current account balances at the Bank have increased significantly. However, there were no significant changes in the amount outstanding in the money market, credit lines established for uncollateralized transactions, or the administrative structures of market participants in repo and call transactions.
サーベイの結果の概観今回のサーベイの結果を概観すると、まず、全体としては、本年4月の日本銀行による量的・質的金融緩和の導入以降、日銀当座預金残高が大幅に増加しているもとでも、短期金融市場の取引残高や無担保取引におけるクレジットライン設定状況、市場参加者の事務体制などには、大きな変化はみられなかった。

The statement says,"The Bank will achieve the price stability target of 2 percent in terms of the year-on-year rate of change in the CPI at the earliest possible time, with a time horizon of about two years," and"The Bank will continue with quantitative and qualitative monetary easing, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner.
決定された対外公表文では、「日本銀行は、消費者物価の前年比上昇率2%の『物価安定の目標』を、2年程度の期間を念頭に置いて、できるだけ早期に実現する」、「『量的・質的金融緩和』は、2%の『物価安定の目標』の実現を目指し、これを安定的に持続するために必要な時点まで継続する」としています。

Introduction of the"Quantitative and Qualitative Monetary Easing"(2013).
量的・質的金融緩和」の導入(2013年4月～)。

Supplementary Measures for Quantitative and Qualitative Monetary Easing Announced.
量的質的緩和補完ため諸措置。

What is Quantitative and Qualitative Monetary Easing(QQE) with Yield Curve Control?
長短金利操作付き量的・質的金融緩和」とはどのようなものですか？

JAN BOJ introduces"Quantitative and Qualitative Monetary Easing with a Negative Interest Rate.
月日銀が「マイナス金利付き量的・質的金融緩和」を導入。

This is the bold monetary easing policy called"quantitative and qualitative monetary easing" hereafter QQE.
これが、「量的・質的金融緩和」と呼ばれる大胆な金融緩和です。

Bank of Japan(2014),"Expansion of the Quantitative and Qualitative Monetary Easing".
日本銀行［2014『「量的・質的金融緩和」の拡大』。

In April last year, the Bank of Japan introduced quantitative and qualitative monetary easing.
日本銀行は、昨年4月、「量的・質的金融緩和」を導入しました。

In October 2014, the Bank of Japan decided to expand quantitative and qualitative monetary easing QQE.
昨年10月、日本銀行は、量的・質的金融緩和の拡大を決定しました。

Are risks and costs considerable? It is true that the quantitative and qualitative monetary easing entails some risks.
リスクやコストは大きいのではないか「量的・質的金融緩和」にはリスクが伴うことは事実です。

Almost four years have passed since the Bank introduced quantitative and qualitative monetary easing(QQE) in April 2013.
日本銀行が2013年4月に「量的・質的金融緩和」を導入して以降、間もなく4年が経ちます。