英語 での The virtuous cycle の使用例とその 日本語 への翻訳
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If the virtuous cycle of economic activity is sustained, a view that"around 2 percent inflation will continue with improvements in corporate profits, employment, and wages" will spread widely throughout the country, and a new inflation rate that the general public perceives as representing price stability will take hold.
It is important to augment the momentum of the virtuous cycle that has emerged during this process through additional easing measures-- that is, having yields on JGBs with maturities of 10 years and longer broadly lowered further and reinforcing the inflation-overshooting commitment-- and thereby put an end to deflation.
Meanwhile, one member noted that, as Japan's economy had reached a state of no longer being in deflation, it was important to augment the momentum of the virtuous cycle that had emerged during this process through additional easing measures, thereby putting an end to deflation.
Based on the Basic Policy on Economic and Fiscal Management and Reform 2019-- A New Era of Reiwa: Challenges toward Society 5.0-- the government will do its utmost with regard to economic and fiscal management while aiming to expand the virtuous cycle of growth and distribution and providing a social security system for all generations.
I expect that the endeavors that the government, the private sector, and the Bank are making together as one will bear fruit, and the virtuous cycle of the economy will start to operate vigorously on the new outlook for sustainable economic growth with price stability.
Regarding the establishment of a sound material-cycle society, Prime Minister Abe stated that Japan will promote measures against climate change in a way that accelerates the virtuous cycle of environmental protection and economic growth. In addition, the Prime Minister stated that Japan will announce an initiative of effective measures for the entire world to address the issue of marine plastic litter.
A different member said that it was important that the Bank maintain its policy stance of adjusting the monetary policy framework in an appropriate manner while taking account of developments in economic activity and prices as well as financial conditions and thereby enhancing its sustainability, with the aim of persistently encouraging the virtuous cycle of the economy to take hold and achieving the price stability target.
In order to maintain the virtuous cycle, it is important that firms and households actually make use of the accommodative financial conditions for funding and increase investment and spending, which in turn will lead to an improvement in the aggregate supply and demand balance and further to the strengthening of the economy's growth potential.
At present, the virtuous cycle continues to operate as the effects of QQE on economic activity are gradually becoming pronounced. Nevertheless, it is important to carefully examine economic developments and the effects of monetary policy, including the pick-up in economic activity after the decline in demand following the front-loaded increase prior to the consumption tax hike.
Given this situation, the Bank will continue to persistently pursue powerful monetary easing under the current"QQE with Yield Curve Control," thereby more firmly supporting the mechanism in which the virtuous cycle from income to spending continues to operate, with wages and prices increasing moderately.
As for the outlook, Japan's economic growth rate for the April-June quarter is expected to temporarily decline due to the subsequent decline in demand following the front-loaded increase. However, the virtuous cycle among production, income, and spending is expected to be maintained, as private consumption is expected to remain resilient as a trend, reflecting improvement in the employment and income situation, and as exports and business fixed investment are expected to follow a moderate increasing trend.
So, the virtuous cycle does seem to exist.
In these circumstances, the virtuous cycle of growth in production, income, and spending will not operate properly.
Against this backdrop, the virtuous cycle among production, income, and expenditure has kept the growth momentum intact and Japan's economy has continued to recover moderately.
This could bring a halt to the operation of the virtuous cycle of income to spending, with employment deteriorating, and consequently undermine the mechanism through which prices trend upward.
One member expressed the view that, although an ideal situation of so-called synchronous growth of the global economy was no longer observed, the virtuous cycle of economic activity had been maintained overall.
Despite such developments, the virtuous cycle that has already been working in Japan's economy will continue and the economy is likely to continue growing at a pace above its potential, as a trend.
If the virtuous cycle of income to spending ceases to operate, with employment deteriorating, consequently undermining the mechanism through which prices trend upward, I think that the Bank should implement additional monetary easing without any hesitation.
In this situation, along with the clear improvement in the employment and income situation, the virtuous cycle of economic activity has continued to operate steadily, and Japan's economy has continued to recover moderately as a trend.
It is vital that the virtuous cycle continue to operate in order for the conversion of the prolonged deflationary mindset to take place, and for people's medium- to long-term inflation expectations to rise to around 2 percent and take root.