The Yomiuri Shimbun August 13, 2013
Appointment of new ambassador chance to build new Japan-U.S. ties
ケネディ大使　新たな日米関係を構築したい（8月11日付・読売社説）

We welcome the nomination of the incoming U.S. ambassador as indicating the great importance that President Barack Obama’s administration places on its relations with Japan. This should be used as a step forward to build more mature Japan-U.S. relations.
　オバマ米政権が日本を重視する姿勢の表れとして、歓迎したい。より成熟した日米関係を構築する一歩とすべきだ。

Obama has named Caroline Kennedy, a lawyer and the eldest daughter of the late President John F. Kennedy, as ambassador to Japan. Kennedy, 55, will be the first female U.S. ambassador to this nation. She will assume the post as early as this autumn, upon her Senate confirmation.
　オバマ大統領が、駐日大使にケネディ元大統領の長女の弁護士、キャロライン・ケネディ氏（５５）を指名した。女性の駐日大使は初めてで、上院の承認を得て、今秋にも着任する。

Kennedy comes from one of the most distinguished families in the United States. Early in 2008, before the presidential election later that year, she gave her support to Obama, helping create the momentum that led to Obama’s selection as the Democratic nominee for president. She also contributed to Obama’s reelection in 2012. Hers is a political nomination, a reward for her outstanding contributions to the Obama administration.
　ケネディ氏は米国屈指の名門の出身だ。２００８年大統領選では早々とオバマ氏を支持し、オバマ氏が民主党候補に選出される流れを作った。１２年の大統領再選にも貢献した。オバマ政権に目立つ論功行賞による政治任命である。

People with various careers and backgrounds have been apppointed as U.S. ambassadors in the past. These include heavyweight politicians such as Mike Mansfield, scholars like Edwin Reischauer and diplomats such as Michael Armacost.
　米国の歴代の駐日大使には、マンスフィールド氏ら大物政治家、ライシャワー氏のような学者、アマコスト氏ら外交官など、様々な経歴の人物が起用されてきた。

In recent years, the appointments have been based on strong personal relations with presidents, as in the cases of John Scheiffer and John Roos. Kennedy’s nomination can be said to be in this line.
　最近は、シーファー、ルース両氏のように、大統領との強い個人的関係に基づく人選が続いた。ケネディ氏もこの系統と言える。

Kennedy has no experience with diplomacy or politics, leaving her abilities as an ambassador unknown. On the other hand, she has strong connections with Obama and a close relationship with U.S. Secretary of State John Kerry.
　ケネディ氏は外交や政治の経験がなく、大使としての手腕は未知数だ。一方で、オバマ大統領と太いパイプを持ち、ケリー国務長官とも親しいことが強みである。

Kennedy brings big guns

A big-name ambassador is expected to be able to get the president on the phone and explore ways to solve problems when bilateral Japan-U.S. relations reach a critical point. In this sense, Kennedy is equipped with an important “weapon.”
　大物の駐日大使に期待されるのは、日米関係が重大な局面を迎えた際、電話一本で大統領と直接連絡を取り、問題解決の道を探ることだ。その意味で、ケネディ氏は重要な“武器”を備えている。

Yet another of Kennedy’s strong points is her oustanding name recognition and popularity. As an iconic figure for stable Japan-U.S. relations, she will be asked to boost both Japanese and Americans’ interest in each other.
　ケネディ氏のもう一つの長所は抜群の知名度と人気だ。安定した日米関係の象徴的存在として、相手国に対する両国民の関心を高める役割が求められよう。

Both Japan and the United States are facing various important challenges.
　日米両国は現在、様々な重要課題に直面している。

How should they face China, which is becoming an economic and military power, and how should they confront North Korea, which is pursuing nuclear and missile development programs? How should Japan and the United States proceed with the issue of relocating the U.S. Marine Corps’ Futenma Air Station in Ginowan, Okinawa Prefecture, and with bilateral defense cooperation? How should they promote free trade in Asia through such frameworks as the Trans-Pacific Partnership accord negotiations?
　経済、軍事両面で台頭する中国や、核開発を進める北朝鮮に、どう向き合うか。米軍普天間飛行場の移設問題や日米防衛協力をいかに進めるか。環太平洋経済連携協定（ＴＰＰ）交渉などでアジアの自由貿易をどう推進するか。

To solve these thorny issues, it is vital to reinforce intergovernmental relations, including those on the summit level. We hope Kennedy will make a contribution in this area.
　こうした難題の解決には、首脳級を含む、政府間の関係強化が欠かせない。ケネディ氏には、その一翼を担ってもらいたい。

Recently, the number of Japanese students studying in the United States has been on the decline, falling to No. 7 among all the nations that send students to the states and raising concerns that bilateral exchange between the two countries will dwindle.
　近年は、米国への日本人留学生が減少し、出身国別で７位に低下するなど、日米交流の先細りが懸念されている。

If Japan weakens its presence in the United States, while China and South Korea are making ever-greater efforts to transmit information and expand exchanges there, it would harm Japan’s national interests.
中国や韓国が米国での情報発信や交流拡大に努める中、日本の存在感が薄れることは、国益にも悪影響を与えよう。

Expansion in grass-roots exchanges, including exchanges among the next generation of young people, will serve as the foundation for promoting mutual understanding and confidence-building efforts. We hope Kennedy, with her strong ability to communicate, will contribute in this field as well.
　次代を担う青少年などの草の根交流の拡充は、日米の相互理解と信頼醸成を進める基盤となる。この分野でも、発信力の高いケネディ氏の貢献に期待したい。

(From The Yomiuri Shimbun, Aug. 11, 2013)
（2013年8月11日01時17分  読売新聞）

お知らせ

タイ人妻の親族に不幸があったので家族で葬儀に参加します。
場所はチェンマイの近くですが、コンケンよりバスで8時間かかります。
葬儀は2，3日かかりますので、この期間英字新聞の発行は出来ません。
明日のために作成していた原稿ですが、本日今から掲載します。
（スラチャイ記）

実にこそくな手段だと思います。
学校で試験前に出題される問題を教える先生がいましたが、同じようなノリなのでしょう。
当時、先生は生徒たちの試験平均点を上げることに躍起となっていました。
先生がそれで評価されるからなんです。
今回の最低賃金アップも同じです。
まず景気回復のてこ入れをすることが先なんです。
それを怠って賃金を法律で上げさせて、その費用は企業に全額負担させる。
こんなこそくな手段を続けていれば日本経済は遠からず破綻します。
アベノミクス異次元金融緩和も同じノリの失敗なんです。
現実にアメリカで失敗しているではありませんか。
それより、デフレでも国民が幸せに暮らせる社会を目指すべきですね。
急激な円安で迷惑を被っている人は多いのです。
私もその一人です＾＾。
安倍さんのやり方は異次元金融緩和を除いて、概ね賛同出来ます。
特に海外への発進力は強いですね。
出来ればそのエネルギーの一部分を北朝鮮拉致被害者の為に向けてもらいです。
アントニオ猪木さんが頑張っていますが、所詮限界があります。
（スラチャイ記）

The Yomiuri Shimbun August 9, 2013
Will higher minimum wage help increase consumption?
最低賃金アップ　消費拡大の呼び水になるか（8月8日付・読売社説）

The minimum hourly wage will be increased at the strong urging of Prime Minister Shinzo Abe’s administration. Could this be a trigger to bail the country out of deflation?
　安倍政権の強い意向を受け、最低賃金が引き上げられる。デフレからの脱却につなげることができるだろうか。

The Health, Labor and Welfare Ministry’s Central Minimum Wages Council has decided to set this fiscal year’s target for raising the minimum hourly wage at 14 yen on a national average--nearly 2 percent higher than the current minimum of 749 yen and the first increase of 10 yen or more in three years.
　厚生労働省の中央最低賃金審議会は、今年度の最低賃金の引き上げ幅を全国平均で時給１４円を目安とすることを決めた。引き上げ率は約２％で、１０円以上のアップは３年ぶりだ。

The minimum wage is the lowest possible rate that companies can pay their employees. After the revision, the average minimum hourly wage nationwide will be 763 yen. This means that a minimum-wage, full-time worker would take home about 120,000 to 130,000 yen per month, an increase of about 2,000 yen.
　最低賃金は、企業が従業員に支払う賃金の下限をいう。改定後の最低賃金は、全国平均で時給７６３円となり、フルタイムで働いた場合の月収は２０００円程度増えて１２万～１３万円が見込まれる。

While this is still insufficient for maintaining family finances, it is the first step toward implementing increases in the basic wage table.
　家計を維持するうえで、まだ十分ではないものの、賃金底上げの一歩とは言えよう。

The issue of raising the minimum wage received a lot of attention this year in particular because it was associated with Abenomics, a set of economic policies set forth by the Abe administration that aims to lift this nation out of deflation.
　今年、最低賃金引き上げが注目されたのは、デフレ脱却を目指す安倍政権の経済政策「アベノミクス」と関連付けられたからだ。

In its Basic Policies for Economic and Fiscal Management and Reform compiled in June, the government set a goal of hiking wages by more than 2 percent. The minimum wage increase corresponds almost exactly to the government’s wage hike target.
　政府は６月にまとめた「経済財政運営と改革の基本方針」（骨太方針）で、２％を上回る賃上げを目標に掲げた。今回の引き上げ率はほぼこれに相当する。

Business performance has been improving, mainly at major corporations, making the tone of recovery clearer. However, the general public is still complaining about Abenomics, saying it has yet to result in income increases.
　大手企業を中心に業績が上向き、景気回復基調が鮮明になりつつある。だが、アベノミクスに対しては、所得増につながっていないとの国民の不満がくすぶる。

At a press conference, Chief Cabinet Secretary Yoshihide Suga said, “The council held serious discussions in considering the Basic Policies for Economic and Fiscal Management and Reform.” He welcomed the minimum wage hike, while emphasizing the necessity of creating a virtuous cycle that can build momentum and result in pay raises at each company.
　菅官房長官は記者会見で、「骨太方針に配慮する真摯(しんし)な議論が行われた」と述べた。最低賃金引き上げを歓迎し、企業各社の賃上げに弾みがつく好循環を期待しているのだろう。

Expand consumption

It is generally believed that a high percentage of low-income earners tend to use wage hikes for consumption. The government must utilize the minimum wage hike as a way to prime the pump of consumption and push up economic growth.
　所得の低い人ほど、収入が増えた分を消費に回す割合が高いと言われる。最低賃金の引き上げが、消費拡大の呼び水になり、成長を後押しすることが課題だ。

Currently, minimum wages are less than the livelihood protection benefits in Tokyo, Hokkaido and nine other prefectures--hardly a tool to stoke people’s zeal for work. We would like to applaud the panel’s proposal as its minimum wage review will finally resolve the “reversal phenomenon” between minimum wages and livelihood protection benefits in 10 prefectures, excluding Hokkaido.
　現在、１１都道府県で最低賃金が生活保護支給水準を下回り、労働意欲をそいでいるとされる。今回の見直しで、北海道を除く１０都府県でようやく「逆転現象」が解消されることは評価したい。

Of course, if the minimum wage is increased, struggling small and midsize firms will have to shoulder a heavier burden. We are concerned about the side effects of raising the minimum wage. For instance, it could deprive young people of job opportunities if such firms decide to cut back on employment to secure the financial resources for pay hikes.
　無論、最低賃金を引き上げれば、経営難の中小企業などの負担は重くなる。そうした企業が賃上げ原資を確保するために人員削減に走れば、若者の雇用を奪うといった副作用も懸念される。

Most importantly, the government should prepare an environment for companies that will help them raise wages. The government must steadily promote its growth strategy, the pillars of which include revitalizing local economies and expanding business opportunities, to prompt small and midsize enterprises to improve productivity.
　大切なのは、企業が賃金を上げやすい環境を作ることだ。政府は地域活性化やビジネス機会の拡大などを柱とした成長戦略を着実に進め、中小企業の生産性向上を促さねばならない。

The labor ministry has been providing assistance to small and midsize firms that actually raised wages through measures such as extending subsidies for introduction costs of accounting systems. We hope the ministry will consider more measures that will create an environment in which companies can comfortably increase wages.
　厚労省は、賃金を引き上げた中小企業に会計システムの導入経費などを助成している。一層の支援策を検討し、賃上げの環境整備を進めてもらいたい。

(From The Yomiuri Shimbun, Aug. 8, 2013)
（2013年8月8日01時40分  読売新聞）

The Yomiuri Shimbun August 8, 2013
All generations must bear costs to maintain social security system
社会保障会議　制度維持に全世代の負担必要（8月7日付・読売社説）

　◆民主の３党協議離脱は無責任だ

How can a sustainable social security system be built? Part of a prescription has been presented to achieve this objective, but there is still much to be done.
　持続可能な社会保障制度をどう築くのか。処方箋の一端は示されたが、課題は山積している。

The government’s National Council on Social Security System Reform compiled a final report and submitted it to Prime Minister Shinzo Abe on Tuesday. The government plans to submit a bill that sets forth a road map for the reform to the Diet during an extraordinary session this autumn.
　政府の社会保障制度改革国民会議が報告書をまとめ、安倍首相に提出した。政府は、改革の工程を定めた法案を秋の臨時国会に提出する。

The council discussed the direction of reform to the nation’s pension, medical care and nursing care systems in time for the planned consumption tax increase.
　国民会議は、消費増税に合わせた年金、医療、介護などの改革の道筋を検討した。

A notable feature of the report is that it calls on higher-earning elderly people to shoulder a greater burden of medical costs and taxes. The report called for a change of the current system in which costs are shouldered based on age to one in which costs will be borne based on financial ability.
　報告書の最大の特徴は、所得の高い高齢者に医療費や税の負担増を求めた点にある。現行の「年齢別の負担」から「能力に応じた負担」へと方向性を転換した。

Support from elderly needed
　◆高齢世代も支え手に

Due to the nation’s low birthrate and rapidly aging population, pension, medical care and nursing care benefits have increased, causing government debt to balloon. It is clear that the principle of the current social security system--according to which the working generation bears the financial burden of supporting the elderly--is no longer feasible.
　急速な少子高齢化で、年金、医療、介護の給付費が増大し、政府の借金は膨らんでいる。現役世代の負担で高齢者を支える現行の社会保障の原則では、もはや制度を維持できないのは明らかだ。

The council naturally recommended that the nation’s social security system be changed to one in which such expenses are shouldered by all generations, including elderly people who can afford it.
　国民会議が、負担を支払い能力のある高齢者を含めた「全世代型」に転換するよう提言したのはやむを得ない。

It is a point of concern, however, whether the government can steadily carry out the reform.
　問題は、政府が着実に改革を実行できるかどうかである。

One problem the government must work on is medical expenses that people aged 70 to 74 pay at hospitals. Medical expenses to be paid by people in this age bracket were set at 20 percent of hospital treatment fees under the Health Insurance Law and other laws revised in 2008. However, the then coalition government of the Liberal Democratic Party and New Komeito kept this figure at 10 percent as a special measure, which is still in effect. As much as 200 billion yen in taxpayer money is spent every year to cover these costs.
　例えば、７０～７４歳の医療費の窓口負担だ。２００８年の健康保険法などの改正で２割と定められたが、当時の自公政権は特例で１割に据え置き、現在も続いている。穴埋めに年間約２０００億円もの税金が投入されている。

It is only natural that the council called for raising this figure to 20 percent as stipulated by law by abolishing the special measure--a prime example of unfairness among generations.
　国民会議が、世代間の不公平の典型と言える特例措置を廃止し、法定の２割に引き上げるよう求めたのは当然である。

The council also called on higher-income earners to shoulder a greater portion of nursing care expenses, which is currently set at a uniform rate of 10 percent. We think the proposed measure is realistic. The government should quickly review this rate of self-contribution.
　現在は一律１割である介護保険の利用者負担について、国民会議が高所得者の負担増を求めたことも現実的な方策と言える。政府は負担割合の検討を急ぐべきだ。

The council proposed transferring the management of the national health insurance program, which is mainly used by self-employed people, from municipal to prefectural governments. It also called for raising contributions by health insurance unions of large companies and mutual aid associations for public servants, so they can be used as a resource to rehabilitate the finances of the national health insurance program.
　自営業者らが加入する国民健康保険の運営主体を、現在の市町村から都道府県に移管することも打ち出した。国保財政の健全化の財源とするため、大企業の健康保険組合や公務員の共済組合の拠出金を増やすことも求めた。

However, many corporate health insurance unions have already fallen into the red due to such contributions. It would defeat the purpose if a sharp increase in their burden resulted in the collapse of these unions. It is necessary to design a national health insurance system that will not cause confusion.
　だが、拠出金によって既に赤字に陥っている健保組合は多い。急激な負担増で破綻を招けば、本末転倒だ。混乱が生じない制度設計が必要である。

Benefits must be curbed

To put this nation’s limited resources to effective use, an increase in social security benefits must be curbed.
　限られた財源を有効活用するには、社会保障給付費の伸びを抑えることも不可避だ。

　◆給付の抑制が急務だ

The ballooning of medical expenses is partly attributable to bills incurred by people who suffer a variety of diseases due to their advanced age and visit more than one medical institution for examinations and treatment, according to observers.
　高齢化で様々な病気を持った患者が、複数の医療機関を重複受診していることが医療費を押し上げている要因の一つとされる。

To prevent this, the council proposed increasing the number of doctors known as general physicians who can diagnose a wide range of illnesses. However, the panel fell short of addressing a key question begged by its proposal--namely, how to train such doctors.
　国民会議はこれを防ぐため、幅広い診療能力を持つ「総合診療医」の普及を提唱した。だが、そうした医師をどう育成するかという肝心な点には言及していない。

Among the issues covered by the council’s report is the starting age for benefit payments under the state-run pension system. However, the report only described the issue as a medium- and long-term task that should be discussed together with what mode of employment could be adopted by elderly people.
　年金の支給開始年齢については、「高齢者の働き方と合わせて議論すべき中長期的課題」とするにとどめた。

It is necessary to push back the starting age for receiving pension payments from the current age of 65, given the higher average life expectancy of Japanese and the deteriorating financial condition of the pension program. The United States and major European countries have already decided to push back their respective pensionable ages to 67 or 68. Japan is aging the fastest among advanced nations in the world. With this in mind, the government should begin considering implementing a similar reform as early as possible.
　平均寿命の延びと年金財政の悪化から、６５歳からさらに引き上げる必要がある。欧米主要国は、既に６７～６８歳への引き上げを決めている。日本は先進国で最も早く高齢化が進んでいるだけに、早期に検討を始めるべきだろう。

The national council also emphasized the need to transform the current social security system into one under which people of all generations would be entitled to benefit. For example, the panel insisted on proactively financing child-rearing support plans and other projects to address various problems arising from the chronically low birthrate.
　国民会議は、社会保障給付の面でも「全世代型」を目指し、子育て支援など少子化対策への積極的な投資が必要と強調した。

Specific measures proposed by the panel include increasing the number of day care centers and improving the quality of their services. The council also suggested setting up centers that offer consultations to pregnant and nursing women.
　具体的には、保育所の拡充に加え、妊産婦に対する相談・支援拠点の設置を掲げている。

This proposal is aimed at extending continuous assistance to such women, not only during their pregnancy but also during child-raising. In promoting this idea, the panel noted the fact that such women begin to worry about how to raise their children and provide other forms of parental care even while pregnant. An important task in this regard is to work out how to ensure such child care support centers help them realize their purposes.
　女性が妊娠時から育児などに不安を持っている点に着目し、子育てまで切れ目なく支援するのが狙いだ。拠点をいかに機能させるかが課題である。

Discussions at the national council coincided with a round of debates among three major parties--the LDP, Komeito and the Democratic Party of Japan--over social security system reform.
　国民会議と並行して、自民、公明、民主の３党は、社会保障改革に関する議論を重ねてきた。

However, the DPJ has decided to pull out of the talks.
　ところが、民主党は、３党協議からの離脱を決めた。

The leading opposition party took this step because of the LDP-Komeito ruling coalition’s refusal to discuss such matters as a DPJ proposal to adopt a minimum guaranteed pension plan. The DPJ also cited the fact that its pension proposal had not been incorporated into the panel’s report.
　民主党が主張する最低保障年金制度の導入などについて、自公両党が議論に応じず、国民会議の報告書にも盛り込まれなかったことを理由に挙げている。

All parties should help out
　◆改革は与野党の責任で

However, it would not be enough to raise the consumption tax rate to 10 percent if the DPJ-proposed minimum guaranteed pension program was translated into reality. The DPJ plan also requires a large tax increase besides the consumption tax hike.
　しかし、民主党が掲げる最低保障年金の実現には、消費税率の１０％への引き上げとは別に、大幅な追加増税が必要となる。

The main opposition party has also insisted on scrapping the health care program for persons aged 75 and over, known as people in the latter stage of advanced age. However, there is little need to abolish the system, given that it has already taken root.
　後期高齢者医療制度の廃止を唱えているが、既に制度は定着している。廃止の必要性は乏しい。

The pension reform plan trumpeted by the DPJ is unrealistic. The party has defended its decision to quit talks with the LDP and Komeito, citing the ruling parties’ refusal to discuss its pension proposal. The DPJ’s stance must be criticized as too self-righteous.
　現実離れした改革案を振りかざし、受け入れられないからといって協議から離脱する。それではあまりに独りよがりだ。

It should be noted that the national council was launched when DPJ senior leader Yoshihiko Noda held the reins of government as prime minister. The opposition party should not shirk its responsibilities.
　そもそも野田政権時代に始まった会議である。民主党は責任を放棄すべきではない。

The ruling and opposition parties should join hands in reforming the social security system--a linchpin of national welfare. Such reform is imperative to ensure that the system is not shaken from its foundations even in the event of a change in government.
　国の根幹である社会保障制度については、政権交代があっても揺るがぬよう、与野党が共に改革に取り組むことが重要である。

(From The Yomiuri Shimbun, Aug. 7, 2013)
（2013年8月7日01時39分  読売新聞）

The Yomiuri Shimbun August 7, 2013
Japan must take realistic option in face of increasing nuclear threat
原爆忌　一段と高まる核兵器の脅威（8月6日付・読売社説）

On Tuesday, Hiroshima marks the 68th anniversary of the atomic bombing of the city. Nagasaki will do the same Friday.
　広島は６日、長崎は９日に、それぞれ６８回目の原爆忌を迎える。

As the only nation ever to have been attacked with atomic weapons, how will Japan pass on the accounts of the terrible devastation wrought by the bombings and entreat the world to prevent nuclear weapons, which are inhumane by themselves, from being used again? The average age of atomic-bomb survivors has already passed 78.
　唯一の被爆国として、いかに原爆の惨禍を語り継ぎ、非人道的な核兵器が二度と使用されないよう世界に訴えていくか。被爆者の平均年齢は既に７８歳を超えた。

In a declaration of peace to be announced Tuesday at a peace memorial ceremony, Hiroshima Mayor Kazumi Matsui will pledge his utmost efforts to work toward the elimination of nuclear arms by 2020.
　広島市の松井一実市長は、きょうの平和記念式典で発表する平和宣言で、２０２０年までの核廃絶に全力を尽くすことを誓う。

But in light of the harsh realities of today’s world, high hurdles lie on the road to nuclear abolition.
　しかし、世界の現状は厳しく、廃絶へのハードルは高い。

The number of nuclear weapons, which totaled about 70,000 at the peak of the Cold War, has been cut significantly due to nuclear reduction talks between the United States and Russia. But more than 17,000 such weapons reportedly still remain.
　冷戦時代のピーク時に世界で計約７万発もあった核兵器は、米露核軍縮交渉で大幅に削減されたものの、なお１万７０００発以上も残っているとされる。

In a speech he made in Berlin in June, U.S. President Barack Obama proposed cutting the respective number of strategic nuclear warheads deployed by the two nuclear superpowers by about one-third. We hope negotiations on this matter will proceed steadily.
　今年６月、オバマ米大統領はベルリンで演説し、米露が配備している戦略核弾頭数を現在の３分の２程度にまで、それぞれ削減することを提案した。着実に推進してもらいたい。

Needless to say, nuclear disarmament is not an issue to be dealt with by Washington and Moscow alone. China and other nuclear powers should actively get involved in the issue.
　無論、核軍縮は米露だけの問題ではない。中国など他の核保有国も積極的に取り組むべきだ。

The nuclear control system under the Nuclear Non-Proliferation Treaty, which bans possession of nuclear arsenals by countries other than the United States, Russia, Britain, France and China, has been noticeably frayed for years.
　米露英仏中の５か国以外の核保有を禁止した核拡散防止条約（ＮＰＴ）体制に、ほころびが目立つようになって久しい。

N. Korea’s moves worrying

Of particular concern is North Korea’s attempt to make its possession of nuclear weapons a fait accompli. Following its test-firing of a long-range ballistic missile in December, North Korea charged ahead with its third nuclear test in February. It is accelerating efforts to develop nuclear warheads small enough to be mounted on a missile capable of reaching the continental United States.
　特に懸念されるのは、核保有の既成事実化を図る北朝鮮の動向だ。昨年１２月の長距離弾道ミサイル発射に続き、今年２月には３回目の核実験を強行した。米本土に届くミサイルと、搭載可能な小型核弾頭の開発を急いでいる。

All of Japan lies within range of Rodong intermediate-range ballistic missiles deployed by Pyongyang. If North Korea successfully develops nuclear warheads, it is highly likely Japan could become the target of its first nuclear strike.
　北朝鮮が実戦配備中の中距離弾道ミサイル「ノドン」は、日本のほぼ全域を射程に収める。核弾頭が完成すれば日本が先制核攻撃の標的となる確率は小さくない。

This concern is behind the emergence of support in the Liberal Democratic Party and elsewhere for the view that Japan should possess the capabilty to attack missile bases and other enemy facilities in self-defense.
　自民党などで、自衛のために相手国のミサイル基地などを攻撃する「敵基地攻撃能力」を保持すべきだという議論が起きているのはそのためである。

In cooperation with the United States and South Korea, as well as Beijing and Moscow, Japan must relentlessly urge Pyongyang to abandon its nuclear ambitions.
　米韓や中露と連携し、北朝鮮に対しても核放棄をねばり強く求め続けねばならない。

The U.S. nuclear umbrella is the bedrock of Japan’s national security policy. We believe its importance is increasing all the more.
　日本の安全保障政策の根幹にある米国の「核の傘」の重要性も高まっていると言えよう。

Since three years ago, Washington has been providing Tokyo with information on some nuclear facilities in the United States.
　米政府は３年前から、米国内の核施設の一部を日本政府に開示するようになった。

Promoting Japan-U.S. consultative talks on nuclear deterrence is essential for the bilateral alliance to function. This also will reinforce the deterrence policy.
　核抑止をめぐる日米協議の進展は、日米同盟を機能させる上で必須である。抑止力政策の強化にもつながる。

Telling the world about the awful devastation of Hiroshima and Nagasaki, and using the U.S. nuclear umbrella to protect national security from nearby nuclear threats: This is the realistic option Japan can take as an atomic-bombed nation and a country without nuclear weapons.
　広島、長崎の惨状を訴える一方で、周囲の核脅威には米国の核で安全を担保する。それが、被爆国であり、非核保有国としての日本が取り得る現実的選択である。

(From The Yomiuri Shimbun, Aug. 6, 2013)
（2013年8月6日01時28分  読売新聞）

アベノミクス景気で大変なことになっている株式市場ですがFX市場だって千載一遇のチャンス到来なんです。
ここは思い切って虎の子の貯金をはたいてでもFX投資に打って出るべきですね。
ですが、FX投資で儲けるためには、多少の知識と技術が必要なんです。
FX投資で儲けるための基本（知識）は、まずテクニカル分析です。
テクニカル分析チャートに従ってポジション取りをすれば大抵勝利します。
忘れてならないのがファンダメンタルズ分析です。
常日頃からアンテナを高く張って世界の情報を聞き逃さないような努力が絶対必要です。
特にアメリカから発信される情報は大切で、FXはアメリカ発ファンダメンタルズで動くことがあるから要注意です。
それから技術なんですが、使い勝手の良い管理画面を使うことが、FX勝利の秘訣です。
何故ならFXは秒単位で激しく動くことが多いので、管理画面の使用でもたついていたら、それで負けです。
テクニカル分析に優れ、しかも使い勝手の良いサイトを紹介します。
VT-TraderⅡ サイトを使って下さい。
大変使い易い管理画面なんです。

The Yomiuri Shimbun August 6, 2013
Use FY14 public works budget to repair aging infrastructure
公共事業予算　防災や成長分野に重点配分を（8月5日付・読売社説）

The nation’s roads and bridges must be improved and comprehensive disaster countermeasures developed without fail by utilizing the government’s limited sources of revenue.
　限られた財源を有効に活用し、道路や橋などの整備や防災対策を実現しなければならない。

To this end, efforts should be redoubled to enhance the efficiency of public works projects.
公共事業の一層の効率化が問われよう。

The government, in working out guidelines for estimated budget appropriation requests from ministries and agencies for fiscal 2014, is set to reduce their allocations for discretionary spending for policy implementation, including public works projects, by about 10 percent compared with the fiscal 2013 initial budget.
　政府は２０１４年度予算案の概算要求基準で、公共事業などの裁量的経費を１３年度当初予算から１０％ほど減らす方針だ。

In the budget for this fiscal year, the administration of Prime Minister Shinzo Abe has earmarked 5.3 trillion yen for public works spending, the first year-on-year increase in four years, with a view to realizing the Abenomics policy package for refloating the national economy.
　安倍政権は、経済政策「アベノミクス」を推進するため、今年度予算で公共事業を５・３兆円と４年ぶりに増やしている。

Given that Japan’s government finances are in the worst shape of all industrially advanced economies, however, the government cannot simply continue to expand outlays for public works projects.
　だが、先進国で最悪の財政事情を抱える中、安易に公共事業の拡大を継続することは許されない。

It is reasonable that the government plans to impose curbs on public works spending based on the stringent guidelines for budget appropriation requests for the next fiscal year.
厳しい概算要求基準を課し、歯止めをかけるのは妥当と言える。

But at the same time, the government is poised to create special, expensive budgetary allocations that will not be subject to the envisioned across-the-board spending cuts. Sufficient cost-benefit considerations are a must in scrutinizing what policy measures should be included in allocations not subject to budgetary curbs.
　政府は、一律の削減対象としない多額の特別枠も設ける方向だ。これについても費用対効果を吟味する必要がある。

Such anti-disaster measures as boosting earthquake resistance of buildings and strengthening the aging infrastructure are indispensable for ensuring the public’s safety. The pace of projects aimed at recovery from the Great East Japan Earthquake, which have been delayed because of such factors as shortages of manpower and construction materials, must be swiftly accelerated.
　建物の耐震化などの防災対策や老朽化した社会資本（インフラ）の更新は、国民の安全を守るために不可欠だ。人手と資材の不足などで遅れている東日本大震災の復興も加速しなければならない。

‘Selection, concentration’

As part of the government’s growth strategy, it is essential to improve infrastructure, especially such things as arterial road networks in urban areas and airports that can serve as international hub airports.
　成長戦略を後押しするうえで都市部の基幹道路網や国際拠点となる空港など、インフラの整備も求められる。

To smoothly carry through these projects, the principle of “selection and concentration” should be thoroughly employed.
　こうした公共事業を着実に進めるため、「選択と集中」を徹底すべきだ。

We want to see urgent anti-disaster projects and measures to improve infrastructure given high priority in budget allocations for fiscal 2014.
緊急性が高い災害対策や老朽化対策へ重点的に予算配分してもらいたい。

Costs for improving antiquated infrastructure will reach an estimated 190 trillion yen during the next 50 years, according to the Land, Infrastructure, Transport and Tourism Ministry. Under the circumstances, it is unrealistic to entirely rebuild aging infrastructure.
　国土交通省は、老朽化したインフラの更新費用が今後５０年間で約１９０兆円に上ると推計している。インフラをすべて造り直すことは現実的ではない。

The idea of excluding low-use public facilities and bridges from repair and improvement projects is worthy of consideration.
　利用率が下がった公共施設や橋などは更新しないという考え方も検討に値しよう。

It is worrying that the old-fashioned style of implementing public works projects may return. In this connection, the Liberal Democratic Party vowed in its election platform in the House of Councillors election in July to “promote projects for enhancing national land resilience.”
　懸念されるのは、自民党が７月の参院選で、防災対策などの「国土強靱(きょうじん)化」を推進する公約を掲げたことに乗じて、旧来型の公共事業が息を吹き返すことだ。

It should never be forgotten that previous construction of unneeded roads, airports and other projects touted under the banner of large-scale development programs ended up worsening government finances.
　かつて大規模な開発事業のもとで、必要性の乏しい道路や空港を造り、財政悪化を招いたことを忘れてはなるまい。

To cut back on costs, due constideration must be paid to ways public works projects are undertaken.
　費用を抑制するには、公共事業の進め方にも工夫が要る。

For example, information technologies should be used to enhance the efficiency of inspection and repair of such facilties as roads and bridges. To this end, automatic collection and analysis of data obtained through high-performance sensors could lead to cost reduction as well as longer life spans of such facilities.
　センサーから得た情報を自動的に収集・分析するなど、ＩＴ（情報技術）を活用して道路や橋の点検や補修を効率化すれば、低コストで長寿命化が図れるだろう。

It could also be effective to integrate such public facilities as schools and libraries into single entities, while expediting diversification of their functions.
　学校や図書館などの公共施設を１か所に集約し、施設の多機能化を進めることも有効だ。

In addition, sufficient attention should be given to the wisdom of making the best use of the private finance initiative formula of the central and local governments to entrust construction and management of public facilities to private businesses.
国や自治体が公共施設の建設や運営を民間に委ねる「ＰＦＩ」の活用にも知恵を絞るべきである。

(From The Yomiuri Shimbun, Aug. 5, 2013)
（2013年8月5日01時43分  読売新聞）

The Yomiuri Shimbun August 5, 2013
National health insurance program should be managed by prefectures
国民健康保険　都道府県移管は必要な方策だ（8月4日付・読売社説）

The financial condition of the national health insurance program, which was originally started as medical insurance for the self-employed, has taken a serious turn for the worse. The program must be rehabilitated as soon as possible.
　自営業者らの医療保険制度として発足した国民健康保険（国保）の財政悪化は深刻である。立て直しが急務だ。

The National Council on Social Security Reform will propose in an upcoming report that the national health insurance program, currently managed by cities, towns and villages, should be run by prefectures.
　政府の社会保障制度改革国民会議は近くまとめる報告書で、国保の運営主体を市町村から都道府県に移すことを求める。

The biggest aim of the proposal is to enhance the financial foundation of the program. We think having prefectural governments, which are larger than city, town and village governments, manage the program is a necessary means to maintaining the program.
　財政基盤の強化が最大の眼目だ。運営の広域化は国保を維持する上で必要な方策と言えよう。

There are about 35 million subscribers to the national health insurance program. With a decrease of farming families and private shops, about 70 percent of the subscribers are now nonregular workers and the unemployed.
　国保加入者は約３５００万人に上る。農家や商店の減少に伴い、全体の約７割を非正規労働者や無職の人が占めている。

Because more and more low-income earners are joining the program, revenues from insurance premiums remain low. In fact, less than 30 percent of the more than 11 trillion yen in national health insurance payouts a year is covered by premiums.
　低所得の加入者の増加で、保険料収入は低水準にとどまっている。１１兆円余の医療給付費のうち、保険料で賄えているのは３割に満たないのが現状だ。

To cover revenue shortages, the program must depend on financial assistance from employees’ insurance programs such as those operated by corporate health insurance unions and on public money from the national and prefectural governments. Nonetheless, this does not cover the deficits. To compensate for the deficits, 350 billion yen is allocated to the insurance program every year from the general accounts of municipal governments. The structure of the insurance program apparently ensures it will lose money.
　財源不足を補うため、健康保険組合など被用者保険からの支援金や国、都道府県の公費に頼っているが、それでも赤字を解消できない。穴埋めに市町村の一般会計から年３５００億円も繰り入れている。構造的な赤字体質である。

Besides, small municipalities that operate the program easily find themselves in the red with high medical costs from advanced treatments. Depopulation worsens this situation.
　高度医療で高額な医療費がかかれば、人口が少ない市町村の国保会計はすぐさま赤字に転落してしまうという事情もある。過疎化がこの傾向に拍車をかけている。

Adjust insurance premiums

Another problem is that premiums have become a heavy burden on subscribers.
　加入者の保険料負担が重いことも問題である。

As a percentage of income, subscribers to national health insurance pay twice as much in premiums as do subscribers to health insurance programs run by corporate health insurance unions and mutual aid societies for public servants. And even among cities, towns and villages within the same prefecture, the difference between the most and least expensive national health insurance premiums is up to 2.8 times.
　１人当たりの所得に占める保険料の割合は、健保組合や公務員の共済組合の約２倍だ。同一都道府県内でも、市町村ごとの保険料には最大２・８倍の格差がある。

If management of the national health insurance program is transferred from cities, towns and villages to prefectures, its financial foundation would be improved by economy of scale.
　国保の運営を市町村から都道府県に移せば、規模の拡大によって財政は強化される。

And the difference in premiums among subscribers would become smaller if prefectural governments recalculated premiums necessary to sustain the national health insurance within their jurisdictions.
　都道府県単位で保険料を算出し直すことで、加入者の保険料格差は縮小するだろう。

Of course, a reduction in medical spending is important to rehabilitate the finances of the national health insurance program.
　無論、国保財政を健全化するには、医療費の削減が重要だ。

If they run the programs, prefectural governments will be able to gather a great deal of information about medical treatment within their jurisdictions. Analysis of such information would enable them to monitor wasteful spending such as expenses for unnecessary medical tests and excessive administration of drugs.
　都道府県が運営主体になれば、管内の多くの診療情報が集約される。その情報を分析することで、過剰な検査や投薬といった無駄を把握できるようになる。

This would eventually help prefectures exercise leadership in the operation of medical institutions after scrutinizing the contents of treatment.
　都道府県が、医療機関の治療内容を点検した上で指導力を発揮することにもつながるだろう。

However, there are still many problems in transferring management of the national health insurance program to prefectures.
　都道府県に移管するにしても、様々な課題がある。

For example, the National Governors’ Association demands the central government increase its financial assistance to them before they will agree to manage the program. But where is that money going to come from?
　全国知事会は、都道府県への移管を受け入れる前提として、政府に財政支援の強化を求めている。財源をどう確保するか。

According to the proposal, cities, towns and villages will likely keep collecting premiums for the national health insurance program. However, it is doubtful that municipalities no longer running the national health insurance program will collect premiums in a responsible manner.
　保険料徴収については引き続き市町村が担う見込みだ。国保を運営しなくなる市町村が、責任を持って徴収業務を行うだろうか。

It will be necessary to create a system to prevent the rate of national health insurance premium payments from declining further.
　納付率を低下させない仕組み作りが必要となろう。

(From The Yomiuri Shimbun, Aug. 4, 2013)
（2013年8月4日01時22分  読売新聞）

ただいま夏休み真っ盛り、みなさまいかがお過ごしでしょうか。
群馬県の四万温泉の老舗、柏屋旅館が提供するスペシャルを紹介します。
中之条ビエンナーレプラン というのが一押しです。
どんな素敵なプランなんでしょうか？
あなたもアーティストの仲間入りが出来るプランなんです。
四万温泉街で現代アートが楽しめる企画なんです。

どんな特典があるのでしょうか？
特典１：アート鑑賞に必須のパスポートと公式ガイドブック付きなんです
特典２：あなたもアーティストとしてプチアート体験が出来ます
特典３：レンタル自転車が用意されています
特典４：柏屋旅館・柏屋カフェで、あなたの作品を展示出来ます
特典５：連泊なら特別割引なんです＾＾

この夏のご旅行は、群馬の四万温泉柏屋旅館 にしてみませんか。

The Yomiuri Shimbun August 4, 2013
How can we learn from Nazis about constitutional revision?
麻生財務相発言　ナチスにどう改憲を学ぶのか（8月3日付・読売社説）

Was this something a person who has held the prime minister’s post should say? We cannot help but doubt his qualification to be an important minister in the current administration.
　これが首相経験者の言うことなのか。現在の重要閣僚としての資質も疑わざるを得ない。

Referring to the approach to constitutional revision taken by the former Nazi regime in Germany, Deputy Prime Minister and Finance Minister Taro Aso made remarks to the effect that we should learn from its technique to amend the country’s Constitution.
　麻生副総理・財務相が憲法改正を巡って、ドイツのナチス政権を引き合いに出し、その手法を学べという趣旨の発言をした問題である。

Many people took this statement as expressing a positive view of Nazi Germany. Widespread revulsion was rapidly expressed, not only in Japan but also by parties including a Jewish human rights organization in the United States. China and South Korea have also criticized the statement, linking it to their existing disagreements with the administration of Prime Minister Shinzo Abe over recognition of history.
　ナチスを肯定的に語ったものと受け止められ、国内だけでなく、米国のユダヤ人人権団体などにも、反発が広がった。中国や韓国も、安倍政権の歴史認識の問題と重ねて批判している。

Aso retracted his statement, saying: “It was taken differently from my real intent. It is regrettable that I invited a misunderstanding.” However, the situation is so serious that it may even damage Japan’s national interests.
　麻生氏は、「真意と異なり、誤解を招いたことは遺憾」として撤回したものの、日本の国益も損ないかねない事態だ。

The statement came out on Monday during a speech Aso made in Tokyo, in the context of his attempt to describe how cool-headed discussions are necessary for constitutional revision.
　今回の発言は７月２９日、都内の講演会で、憲法改正は冷静な議論が必要という文脈で出てきた。

He referred to the circumstance in which Adolf Hitler emerged under the Weimar Constitution and said: “The Weimar Constitution was changed to the Nazi Constitution before people realized it. Why don’t we learn from that technique?”
　ヒトラーがワイマール憲法の下で台頭したことに言及し、「ワイマール憲法もいつの間にかナチス憲法に変わっていた。あの手口を学んだらどうかね」と述べた。

However, while the Weimar Constitution was rendered a dead letter, nothing called the “Nazi Constitution” ever existed.
　しかし、ワイマール憲法は形骸化されただけで、「ナチス憲法」なるものは存在しない。

Hitler seized the reins of government by legitimate means and built the foundation of his dictatorial regime through such things as the Enabling Act, by which the government was empowered to enact laws without parliamentary deliberation or approval. He sent Jewish people to concentration camps and caused the Holocaust.
　ヒトラーは、合法的手段によって政権を掌握し、政府が国会審議を経ずに立法できる全権委任法などで独裁体制の基礎を築いた。ユダヤ人らを強制収容所に送り込み、大虐殺を引き起こした。

Inappropriate expression

At his press conference Friday, Aso explained: “The Nazis emerged in the midst of an uproar before people realized it. I meant to say we have to learn from that as a bad example.” If it was his real intent, the expression “Learn from the technique” is totally inappropriate.
　麻生氏は、２日の記者会見で、「狂騒の中で、いつの間にか、ナチスが出てきた。悪(あ)しき例で、我々は学ばないといけないと申し上げた」と釈明した。それが真意というなら、「手口に学べ」という表現は全く不適切だ。

It is also not understandable at all why he picked the Nazi Germany case in relation to revision of the Constititution. In Japan a national referendum is needed to amend the Constitution, and that is only after an amendment has been initiated by both houses of the Diet. Therefore, it cannot be amended “before people realize it.”
　憲法改正に絡めて持ち出した意図も全く理解できない。憲法改正には国会の発議だけでなく、国民投票が必要であり、「いつの間にか」改正できるはずがない。

Democratic Party of Japan President Banri Kaieda criticized Aso, saying: “Revision of the Constitution is an issue that should be debated in the most vigorous way. His remarks ignore democracy, as he said it’s OK to do it secretly.”
　民主党の海江田代表は、「憲法改正は侃々諤々(かんかんがくがく)の議論をすべき問題だ。こっそりやってしまえばいいなどという、民主主義を無視した発言だ」と批判している。

There is no doubt that Aso’s speech was a serious blow to the Abe administration, which aims at constitutional revision.
　麻生氏の発言が、憲法改正を掲げる安倍政権にとって、打撃となったのは間違いない。

Chief Cabinet Secretary Yoshihide Suga said: “Cabinet ministers must fully recognize their positions and should make statements carefully, so as not to be misunderstood.”
　菅官房長官は、「閣僚は立場を十分承知し、慎重に誤解されないよう発言すべきだ」と述べた。

That is something which is too obvious. However, Aso repeatedly made gaffes and irresponsible remarks when he was foreign minister or prime minister such as, “Even people with Alzheimer’s can understand it,” or, “There are many doctors who lack common sense.”
　言うまでもないことである。だが、麻生氏は、外相、首相時代にも「アルツハイマーの人でもわかる」、「医師は社会的常識が欠落している人が多い」といった失言や放言を繰り返している。

Due to the Liberal Democratic Party’s landslide victory in the recent House of Councillors election, we suspect the the administration has let its hair down. Aso’s remarks also reveal the arrogance of a party winning big.
　参院選での大勝で政権のタガが緩んできたのではないか。麻生氏の発言には傲(おご)りも垣間見える。

(From The Yomiuri Shimbun, Aug. 3, 2013)
（2013年8月3日01時49分  読売新聞）

The Yomiuri Shimbun August 3, 2013
Fed must cleverly pursue exit from quantitative easing policy
米金融緩和策　縮小へ問われる「市場との対話」（8月2日付・読売社説）

The U.S. Federal Reserve Board has been assessing the appropriate timing for an exit strategy to scale back the current phase three of its quantitative monetary easing policy, known as QE3.
　米連邦準備制度理事会（ＦＲＢ）が、異例の量的緩和策第３弾（ＱＥ３）を縮小する「出口戦略」の時期を巡り、模索を続けている。

What should the U.S. central bank do to begin tapering off the QE policies as soon as September without wreaking havoc on the market? The Fed is certain to tread a thorny path going forward in steering its monetary policy.
　混乱を招くことなく、９月にも踏み出せるのかどうか。難しい舵(かじ)取りを迫られよう。

A two-day meeting of the Fed’s policy-making Federal Open Market Committee was held Tuesday and Wednesday. During the meeting, a decision was made to continue QE3, which entails purchasing Treasury bonds and mortgage-backed securities at a pace of $85 billion (about 8.3 trillion yen) a month and a near-zero interbank interest rate policy.
　ＦＲＢは、連邦公開市場委員会（ＦＯＭＣ）を開き、米国債などを毎月８５０億ドル（約８・３兆円）買い入れているＱＥ３と、ゼロ金利政策の維持を決めた。

Chairman Ben Bernanke announced in June the central bank’s plan for an exit strategy to start slowing down the pace of bond purchases “later this year,” contingent upon ongoing positive economic data. Specifically, he said bond buying could wrap up “by mid-2014.”
　バーナンキＦＲＢ議長は６月、景気回復が想定通りならば、「年後半に資産購入ペースを縮小し、来年半ばに終了する」という出口の道筋を明らかにしていた。

Market players were closely watching the latest policy meeting to see whether the Fed would solidify further steps for scaling back the bond-buying program. The FOMC statement that was released on Wednesday, however, did not mention anything of the sort, instead saying the committee “is prepared to increase or reduce the pace” of its purchases to maintain appropriate policy accommodation. As for the commercial sector, the Fed slightly downgraded its economic outlook for the United States.
　今回注目されたのは、さらに踏み込んだ方針だったが、ＦＯＭＣ声明は言及せず、「購入ペースを増減する準備ができている」と指摘するにとどまった。米国の景気認識はやや下方修正した。

In response to heightened speculation that the central bank may start backing off of QE3 in September, Bernanke said “there is no preset course” for ending the Fed’s bond buying. He added, “Highly accommodative monetary policy for the foreseeable future is what’s needed” for the U.S. economy.
　議長は最近、９月にＱＥ３を縮小するとの観測が台頭していることに対し、「あらかじめ決まった道筋はない」とか、「予見しうる将来まで、極めて緩和的な金融政策が必要だ」と述べていた。

Caution promotes stability

Based on the latest FMOC statement and a series of remarks by the Fed chairman, it seems the U.S. central bank wants to prevent volatile market reactions yet maintain the flexibility to gradually curtail its ultraeasy monetary policy.
　ＦＯＭＣ声明と、一連の議長発言から読み取れるのは、市場の先走りを牽制(けんせい)し、条件が整えば緩和縮小に動くフリーハンドを握りたいという思惑である。

Stock prices on the New York exchange have been stable, with market players likely reacting favorably to the Fed’s cautious stance on implementing its exit strategy, which they see as conducive to stimulating business activity.
　ニューヨーク株価は落ち着いている。出口戦略を急がない姿勢は景気にプラスだと好感されたのだろう。

Given the circumstances, theories have begun emerging about the winding down of QE3 being postponed beyond the middle of next year.
ＱＥ３縮小の先送り説も市場に出始めた。

The Fed’s decision on when to scale back quantitative monetary easing will largely depend on the near-term outlook for the U.S. economy, which is still short of achieving a full-scale recovery.
　本格回復が遅れている米国景気の動向が、縮小時期の判断を左右することになろう。

A preliminary report on the United States’ inflation-adjusted gross national product for the April to June period showed an annualized 1.7 percent rise from the previous quarter. The positive figure was due mainly to such factors as strengthening of the housing sector and corporate capital investment in addition to robust personal spending.
　２０１３年４～６月期の実質国内総生産（ＧＤＰ）の速報値は、年率で前期比１・７％増を記録した。住宅投資や企業の設備投資が牽引(けんいん)役となり、個人消費も堅調だったのが主因である。

While the U.S. economy’s modest pace of expansion is encouraging, the national growth estimate for the January-March quarter was sharply revised downward to a 1.1 percent annual rate from the previously estimated 1.8 percent. It seems the economic prospects of the United States in and after the last half of 2013 remain uncertain.
　緩やかな回復基調にあることは好材料だが、一方で、１～３月期の成長率は１・８％から１・１％に下方修正された。下期以降の見通しは不透明と言えよう。

The fact that the U.S. labor market is still strained is worrying, as a rise in personal consumption is a prerequisite for comprehensive economic recovery.
　依然厳しい雇用情勢が懸念される。本格回復には、個人消費の勢いが強まることも欠かせない。

The Fed also takes issue with the country’s persistent annual inflation rate of about 1 percent, a rate significantly below the FOMC’s long-run objective of 2 percent inflation.
　ＦＲＢは、インフレ率が１％程度と、長期目標の２％を大きく下回っている点を問題視する。

Foreign markets have become increasingly susceptible to developments in U.S. monetary policy. Some observers have expressed anxiety that the winding down of QE3 could cause an outflow of cash from emerging economies.
　米金融政策を材料に、世界の市場が動揺しやすい展開が続いている。ＱＥ３縮小で新興国からのマネー流出を懸念する声もある。

Now is the time for the Fed to exercise its ingenuity to help stabilize the global economy by exploring means of further communication with the market.
　ＦＲＢが「市場との対話」をさらに工夫し、世界経済の安定を図ることが求められる局面だ。

(From The Yomiuri Shimbun, Aug. 2, 2013)
（2013年8月2日01時36分  読売新聞）