Examples of using 別の委員 in Japanese and their translations into English
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また、別の委員は、今後の運営を考えるにあたっては、マネタリーベースの前年比伸び率を維持するという考え方に基づいて、当座預金残高を増加させていくことも検討すべきとの意見を示した。
As for the Bank's future conduct of monetary policy, a different member commented that it should also consider the issue of increasing the outstanding balance of current accounts at the Bank in order to maintain the year-on-year growth rate of the monetary base.また、別の委員は、専門的技術者に対する求人倍率や高・大卒者の就職内定率が上昇しているほか、パート比率の上昇テンポも鈍化していると述べた。
A different member added that the ratio of job offers to applicants with specialized skills was increasing, as was the proportion of high school and college students who had received job offers, and the pace of increase in the proportion of part-time workers was slowing.これに対して、別の委員は、企業は、リストラによるコストダウン効果に支えられてようやく収益を出したのであり、収益の本格的な回復のためには、民間需要の自律的な回復を待たなければならないと述べた。
In contrast to the above view, a different member stated that firms had managed to make a profit by reducing costs through restructuring and a self-sustained recovery in private demand would be required for a full-fledged recovery in corporate profits.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。
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.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 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 2005.一方、別の委員は、雇用・所得の改善は、昨年10月に「経済・物価の将来展望とリスク評価」を公表した時点で想定していたよりもかなり弱かった、とコメントした。
On the other hand, a different member commented that improvement in the employment and income situation had been much smaller than expected in October 2000 when the"Outlook and Risk Assessment of the Economy and Prices"(hereafter, Outlook Report) was released.また別の委員は、企業の抵抗力が大きく低下している現状では、銀行再編などの動きは、企業による雇用調整などを加速させる可能性を指摘し、さらに別の委員は、そのような調整が消費や投資のコンフィデンスの悪化に跳ね返るリスクがあると述べた。
Another 別の委員も、景気が踊り場にあり、先行きの回復力についても不確実性が伴う状況においては、現行の当座預金残高を維持し、金融政策面から景気回復を後押しすることが必要であるとの考えを述べた。
A different member expressed the view that, given the current situation where the economy was still at a pause and there was uncertainty about the momentum for economic recovery, the Bank should maintain the outstanding balance of current accounts within the current target range to underpin the recovery through monetary policy.この間、別の委員は、最近の世界的な長期金利の低位安定には、会計制度の変更等を背景として、年金や保険会社等の機関投資家の債券投資意欲が構造的に高まっていることも影響しているとの見方を示した。
A different member said that the low and stable long-term interest rates worldwide also reflected the structural factor that institutional investors, such as pension funds and insurance companies, were becoming more active in investing in bonds against the background of various changes, for example, changes in accounting rules.これに対し、別の委員は、実質GDPの高い伸びが一時的な要因やデフレーターの下方バイアスの影響を受けているとすれば、実質GDPの伸び程には、需給ギャップが縮小していない可能性も高い、と指摘した。
In response to this, a different member said that, if the high growth of real GDP was due partly to temporary factors and the downward bias of the GDP deflator, it was likely that the output gap might not have been contracting as much as the high growth of real GDP seemed to suggest.別の委員は、ここ7〜8年、先進国の株式のリスク・プレミアムは高い水準となっており、不確実性は相応に市場価格に反映されているとみてよいのではないか、とコメントした。
A different member said that the risk premium on stocks in industrial countries had been at high levels in the past seven to eight years, and market prices seemed to have appropriately reflected uncertainties about the economic outlook.別の委員は、見通しが緩やかな景気回復であると共に、そこからの下振れリスクもある中で、2006年度にかけての政策運営について記述することは難しいのではないかとの意見を述べた。
A different member expressed the opinion that it would be difficult to indicate the Bank's conduct of monetary policy through fiscal 2006 in the Outlook Report because the economy was projected to recover only at a moderate pace and there was also a risk that economic activity might deviate below the projections.別の委員も、雇用の過剰感が和らいでいることや、定額郵貯の満期資金の一部が消費に向かうことが期待されるなど、個人消費を巡る環境は悪材料ばかりではない、という考えを示した。
Another member suggested that the environment for private consumption was not too dismal considering the easing of concern about a surplus in labor and growing hopes that some portion of postal savings that had matured would be used for consumption.別の委員は、原材料価格の動向が不透明な中で、バブル期のピークを超える利益率をあげている現状をさらに上回る強気の見通しを、企業経営者は、立て難くなっているとみられると述べた。
A different member said that, given the uncertainty of future developments in materials prices, it was becoming difficult for corporate management to project higher profits in the current situation where the ratio of current profits to sales was above the peak recorded during the bubble period.別の委員は、デフレ克服に強くコミットしている日本銀行として、今後、デフレにどのように対処していくのかについて一層の説明責任を果たしていくという観点から、金融政策運営の透明性向上の議論をさらに深めていく必要があるとの認識を示した。
A different member said that, as the Bank was strongly committed to overcoming deflation, it should further discuss ways to improve the transparency of the conduct of monetary policy from the viewpoint of enhancing its accountability with respect to how it would deal with deflation.これに関連して、別の委員も、日本銀行の金融緩和によって、マネタリーベースは名目GDPなどとの対比でみれば十分供給されており、経済活動が活性化すればマネーサプライが増加していく素地は整っていると述べた。
In relation to this, a different member said that the monetary base had already been provided to a sufficient level relative to nominal GDP through the Bank's monetary easing, and this had provided the foundation on which the money stock could rise if economic activity increased.別の委員は、当面は現状の当座預金残高の維持が適当であるが、デフレ克服にマイナスの影響が出ないことに理解を得ながら、慎重に当座預金残高目標を減額していくことは将来の選択肢の一つと考えられるとの見解を示した。
A different member expressed the view that although it was appropriate to maintain the current target range for the time being, carefully lowering it, while ensuring understanding outside the Bank that this would not hinder the process of overcoming deflation, would be one of the options in the future.別の委員は、家計のコンフィデンスの悪化を示す指標もあるため、当面は、原油価格の高止まりによる景気下押しが強まる可能性などについて引き続き注意しておく必要があり、その点、クリスマス商戦の仕上がりがどうなるかが注目されると述べた。
A different member said that as there were indicators showing a deterioration in consumer confidence, it was necessary for the time being to continue paying attention to factors such as the possibility of further downward pressure on the economy stemming from continued high crude oil prices.別の委員は、再びデフレに戻らない程度の物価上昇率を示すことで、経済・物価の先行き見通しにアンカーを提供することができ、市場における安定的な期待形成にも資するのではないかとの見解を示した。
A different member expressed the view that, by indicating a rate of inflation at which it was considered that Japan's economy would not fall into deflation again, the Bank could provide an anchor for economic agents' expectations regarding future developments in economic activity and prices and contribute to stable formation of expectations in financial markets.一方、別の委員は、例えば民間や国際機関の世界経済見通しがここにきて下方修正されている訳ではないので、現時点では一つのリスク・ファクターとして注目していくということでよい、と述べた。
In response to this, a different member said that at present, it would be enough to take a close look at the effects as one risk factor, given that private research institutes and international organizations had not recently revised their outlook for the world economy downward.
