西洋は日本の回復を支援すべきだ　WP社説

일본의 TPP 참가 지지를=미국 신문, 사설로 대통령에 호소

시사 통신 2월 23일 (토) 1시 7 분배신

　【워싱턴 시사】미국 신문 워싱턴・포스트는, 아베 신조 수상과 오바마 대통령의 정상회담을 앞에 둔 22 일자의 사설로, 일본이 환태평양 제휴 협정(TPP) 교섭 참가를 통해서 구조개혁을 추진해, 경기회복을 달성하는 것은, 미국이나 세계경제 전체의 이익이 된다고 주장.TPP 교섭 참가를 둘러싸 일본내가 분열하고 있는 현상을 근거로 해오바마 대통령은, 일본의 교섭 참가를 지지하기 위해(때문에)「모든 일을 실시해야 한다」라고 불러 걸었다.

　「서양은 일본의 회복을 지원해야 한다」라고 제목을 붙인 사설은, 대담한 금융완화등을 기둥으로 한 아베 정권의 경제정책「아베노미크스」에 대해서, 일본은행에 의한 외채 구입 등「명백한 시장개입이라고 하는 일선을 넘지 않는 한」는 긍정되어야 한다는 견해를 나타냈다.한편, 금융완화만으로는, 강력한 성장은 회복할 수 없다고 해, TPP 교섭 참가등을 통한 구조개혁의 필요성을 호소했다.　
http://headlines.yahoo.co.jp/hl?a=20130223-00000010-jij-n_ame





The Post’s View
The West should support Japan’s recovery

By Editorial Board, Published: February 22

http://www.washingtonpost.com/opinions/the-west-should-support-japans-recovery/2013/02/21/d7a8a498-7c55-11e2-a044-676856536b40_story.html


BAD AS IT has been, the global economic crisis that began five years ago could have been a lot worse if major countries had responded with protectionist tariffs or deliberate export-boosting currency devaluations. Instead, there’s been little back-sliding on free trade, and the United States and Europe have begun talks to make it freer.

To be sure, the central banks of the United States, Europe and Britain massively expanded their balance sheets to support domestic growth. Lower exchange rates were a side effect of this money-printing — causing export-dependent developing nations to complain about a “currency war.” But for the most part, that threat hasn’t materialized, in part because salvaging U.S., British and European growth enabled them to continue importing from developing countries.



There’s renewed fear of a currency war now that Japan, the sole major industrialized democracy to expand its central bank balance sheet in the crisis, has decided to get into the game. Newly elected Prime Minister Shinzo Abe is pursuing the explicit goal of ending two decades of deflation. Expecting this to produce a cheaper yen, markets have driven the Japanese currency down 20 percent against the dollar since October.

But economists widely agree that Japan needs monetary stimulus and the cheaper yen need not threaten the global economy — as long as it happens as a byproduct of domestic monetary expansion and not overt government intervention on foreign exchange markets. That is a line that major industrial democracies have not crossed, for fear of triggering retaliation by others, especially China — which has actually slowed its notorious currency manipulation in recent months, quietly allowing the yuan to appreciate, to the benefit of the United States among others.

A statement last week by the Group of 20 industrial countries and leading emerging markets — “we will refrain from competitive devaluation” — amounted to a green light for Mr. Abe’s new economic approach and an implicit warning not to devalue Japan’s currency directly by buying foreign bonds. Of course, Mr. Abe still hasn’t ruled out direct intervention, but, in a hopeful sign, he told Japan’s parliament after the G-20’s statement that the need for foreign bond-buying “has considerably declined” because of the yen’s fall to date.

Like monetary expansion in the United States and elsewhere, looser central bank policy in Japan may be necessary but not sufficient to restore robust growth. Structural reform of its maxed-out export-led growth model is what Japan needs above all, and to his credit Mr. Abe has labeled that the “third arrow” in a policy quiver that includes monetary and fiscal expansion. Yet reform is also the hardest policy to carry out, given the many interest groups wedded to the status quo.

Among the measures that those groups dislike is one that would do the most to modernize Japan’s protected, inefficient domestic markets: full participation in the Trans-Pacific Partnership (TPP), a regional free-trade initiative spearheaded by the United States. Mr. Abe is set to discuss the TPP with President Obama on Friday during a visit to Washington. For the sake of their respective economies, and the global system, Mr. Obama should do everything he can to help this ally help itself.




역시 TPP에 질질 끌어 들이는 것이 목표일 것이다