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In particular, on November 25, the Fed announced that it would purchase up to $100 billion of debt issued by the housing-related GSEs and up to $500 billion of agency-guaranteed mortgage-backed securities, programs that were expanded substantially and augmented by a program of purchases of Treasury securities in March.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡£¤Ç¡¢¤³¤ÎÀ¯ºöÌÜŪ¤Ç¤¹¤¬¡¦¡¦¡¦¡¦ ¡ØThe goal of these purchases was to provide additional support to private credit markets, particularly the mortgage market.¡Ù ¤¤¤Ä¤â¤ÎFRBÀ¼ÌÀʸ¤Ë¤¢¤ë¤È¤ª¤ê¤Ç¤¹¤±¤ì¤É¤â¡¢Ì±´Ö¥¯¥ì¥¸¥Ã¥È´Ä¶¤Î²þÁ±¤È¤¢¤ë»ö¤Ë´Ø¤·¤Æ¡ÖÆÃ¤Ë¥â¡¼¥²¡¼¥¸ºÄ»Ô¾ì¡×¤È¸À¤Ã¤Æ¤¤¤Þ¤¹¤Í¡£¤Ç¡¢¤¢¤¿¤¯¤·¥á¤¬¤³¤³¤Î½ê¡Ö¿®ÍÑ´ËϤÈÎÌŪ´ËÏ¡פÎÀ°Íý¤ò¤·¤Æ¤¤¤ëÃæ¤Ç¿½¤·¾å¤²¤Æ¤ª¤ê¤Þ¤¹¤·¡¢¿åÌµÄ°Ñ°÷¤Î¹Ö±é¤Ç¤â¤¢¤ê¤Þ¤·¤¿¤è¤¦¤Ë¡¢FRB¤Î¤³¤ì¤é¤ÎÇãÆþ¤Ã¤Æ¡Ö½áÂô¤Ê»ñ¶â¶¡µë¡×¤Ï¹Ô¤¦¤±¤ì¤É¤â¡¢¤½¤Î»ñ¶â¤ÎÎ̤˴ؤ·¤Æ¤É¤¦¤Î¤³¤¦¤Î¤È¤¤¤¦À¯ºö¥í¥¸¥Ã¥¯¤Ê¤Î¤Ç¤Ï¤Ê¤¯¡¢¤¢¤¯¤Þ¤Ç¤â»Ô¾ìµ¡Ç½¤Î²óÉü¤¢¤ë¤¤¤Ï»Ô¾ì¤Ø¤Î¿®ÍѶ¡Í¿¤È¤¤¤¦Ê¸Ì®¤Ê¤Î¤Ç¤¹¤Ê¡£ ¡ØAlso on November 25, the Fed announced the creation of the Term Asset-Backed Securities Loan Facility (TALF). This facility aims to improve the availability and affordability of credit for households and small businesses and to help facilitate the financing and refinancing of commercial real estate properties.¡Ù ¤Ç¡¢TALF¤Ï²È·×¤äÃæ¾®´ë¶È¤Î¿®ÍѤΥ¯¥ì¥¸¥Ã¥È¤Î¶¡µë²ÄǽÀ¤ò¹â¤á¤ë»ö¤Ë¤è¤Ã¤Æ¾¦¶ÈÍÑÉÔÆ°»º¤Î¥Õ¥¡¥¤¥Ê¥ó¥¹¤ä¥ê¥Õ¥¡¥¤¥Ê¥ó¥¹¤ò¥µ¥Ý¡¼¥È¤¹¤ë¤È¤Ê¡£ ¡ØThe TALF has shown early success in reducing risk spreads and stimulating new securitization activity for assets included in the program.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢¾Ú·ô²½´ØÏ¢¤Î³èȯ²½¤ä¥ê¥¹¥¯¥¹¥×¥ì¥Ã¥É¤Î½Ì¾®¤¬¸²Ãø¤Ë¸«¤é¤ì¤¿¤È¤¤¤¦¸ú²Ì¤òȯ´ø¤·¤Þ¤·¤¿¤È¡¢¤³¤Á¤é¤Ç¤â¸ÄÊ̻Ծì¤Î²þÁ±¤ÎÏäò¤·¤Æ¤¤¤ë¤Î¤Ç¤¢¤ê¤Þ¤¹¡£ ¼¡¤Î¥Ñ¥é¥°¥é¥Õ¤Ç¤Ï¾¹ñ¤ÎÀ¯ºö¤Ë´Ø¤·¤Æ¡£ ¡ØForeign central banks also cut policy rates to very low levels and implemented unconventional monetary measures. For example, the Bank of Japan began purchasing commercial paper in December and corporate bonds in January. In March, the Bank of England announced that it would purchase government securities, commercial paper, and corporate bonds, and the Swiss National Bank announced that it would purchase corporate bonds and foreign currency. For its part, the ECB injected more than ?400 billion of one-year funds in a single auction in late June. In July, the ECB began purchasing covered bonds, which are bonds that are issued by financial institutions and guaranteed by specific asset pools. Actions by central banks augmented large fiscal stimulus packages in the United States, China, and a number of other countries.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢¥Ð¡¼¥Ê¥ó¥µÄĹ¤Ï¾¹ñ¤ÎÀ¯ºö¤Ë´Ø¤·¤Æ¤Ï¤È¤ê¤¢¤¨¤º»ö¼Â¤ÎÀâÌÀ¤Î¤ß¤ò¹Ô¤Ã¤Æ¤¤¤Þ¤¹¡£¤Ç¡¢¤³¤³¸«¤Æ¤Æ»×¤¦¤Î¤Ç¤¹¤¬¡¢ÆüËܤζ¯ÎÏ¥ª¥Ú¡Ö´ë¶È¶âÍ»»Ù±çÆÃÊÌ¥ª¥Ú¡×¤ÎÏ䬻Äǰ¤Ê»ö¤Ë¥¹¥ë¡¼¤µ¤ì¤Æ¤¤¤ë(ECB¤Î1ǯ¥ª¥Ú¤ÏÀâÌÀ¤¢¤ë¤ó¤Ç¤¹¤±¤É)¤Î¤Ç¤¹¤Ê¡£»ØÃÍ̵À©¸Â¥ª¥Ú¤Î¶âÍø²¡¤µ¤¨¤Ä¤±¸ú²Ì¤Ë¤Ä¤¤¤Æ¤Î¸ÀµÚ¤¬Ìµ¤¤¤Î¤ÏÏä¬Ä¹¤¯¤Ê¤ë¤«¤é¥¹¥ë¡¼¤·¤Æ¤¤¤ë¤Î¤«¡¢¤½¤ì¤È¤âFRB¤Ï¤½¤Î¼ê¤Î¥ª¥Ú¤ò¤ä¤Ã¤Æ¤¤¤Ê¤¤¤«¤é¤½¤Î¶¯Îϸú²Ì¤Ö¤ê¤Ë¥¤¥Þ¥¤¥Áǧ¼±¤¬Ìµ¤¤¤Î¤«¤È¤¤¤¦¤Î¤¬¾¯¡¹µ¤¤Ë¤Ê¤ë½ê¤Ç¤¢¤ê¤Þ¤¹¡£ ¤ó¤Ç¼¡¤Î(Âè19)¥Ñ¥é¥°¥é¥Õ¤Ï¥¹¥È¥ì¥¹¥Æ¥¹¥È¤ÎÏäò¤·¤Æ¤¤¤ë¤Î¤Ç¤¹¤¬¡¦¡¦¡¦¡¦¡¦ ¡ØOn February 10, Treasury Secretary Geithner and the heads of the federal banking agencies unveiled the outlines of a new strategy for ensuring that banking institutions could continue to provide credit to households and businesses during the financial crisis. A central component of that strategy was the exercise that came to be known as the bank stress test.¡Ù ¤Ï¤¤¤Ï¤¤¡£ ¡ØUnder this initiative, the banking regulatory agencies undertook a forward-looking, simultaneous evaluation of the capital positions of 19 of the largest bank holding companies in the United States, with the Treasury committing to provide public capital as needed.¡Ù ¤Õ¤©¤ï¡¼¤É¤ë¤Ã¤¤ó¤°¤Ê¤·¤ß¤å¤ì¡¼¤·¤ç¤ó¤Ç¤¹¤Ã¤Æ?? ¡ØThe goal of this supervisory assessment was to ensure that the equity capital held by these firms was sufficient--in both quantity and quality--to allow those institutions to withstand a worse-than-expected macroeconomic environment over the subsequent two years and yet remain healthy and capable of lending to creditworthy borrowers. This exercise, unprecedented in scale and scope, was led by the Federal Reserve in cooperation with the Office of the Comptroller of the Currency and the FDIC. Importantly, the agencies' report made public considerable information on the projected losses and revenues of the 19 firms, allowing private analysts to judge for themselves the credibility of the exercise. Financial market participants responded favorably to the announcement of the results, and many of the tested banks were subsequently able to tap public capital markets.¡Ù ¤½¤ì¤Ï¤½¤ì¤Ï¤È¤Ã¤Æ¤âÎɤ«¤Ã¤¿¤Ç¤¹¤Í¤¨(ËÀÆÉ¤ß)¡£¤·¤«¤·¶âÍ»µ¡´Ø¤Î»ñËÜÉÔÂÌäÂê¤È¤«ËÜÅö¤ËºÆÇ³¤·¤Ê¤¤¤ó¤Ç¤·¤ç¤¦¤«¤Í¤¨¡¦¡¦¡¦¡¦¡¦ ¤È¤¤¤¦¤³¤È¤Ç¡¢À¯ºöÂбþ¤Ë´Ø¤¹¤ëÀâÌÀ¤ÎºÇ¸å¤¬Âè20¥Ñ¥é¥°¥é¥Õ¤Ê¤Î¤Ç¤¹¤¬¡¢¤³¤³¤Ç¤â¤¢¤¯¤Þ¤Ç¤â»Ô¾ìµ¡Ç½¤Ë´Ø¤¹¤ëÏá¢Â¨¤ÁÎ̤¬¤É¤¦¤Î¤³¤¦¤Î¤ÎÏäǤϤʤ¯¡¢¿®ÍÑ´ËϤȤ¤¤¦Ê¸Ì®¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤¹¤Ê¡£ ¡ØOverall, the policy actions implemented in recent months have helped stabilize a number of key financial markets, both in the United States and abroad. Short-term funding markets are functioning more normally, corporate bond issuance has been strong, and activity in some previously moribund securitization markets has picked up.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢»àË´À£Á°¤Î»Ô¾ì¤ò°ú¤¾å¤²¤ë¤È¤¤¤¦ÏäǤ¹¤Ê¡£»Ô¾ìµ¡Ç½»Ô¾ìµ¡Ç½¡£ ¡ØStock prices have partially recovered, and U.S. mortgage rates have declined markedly since last fall. Critically, fears of financial collapse have receded substantially.¡Ù ¡ØAfter contracting sharply over the past year, economic activity appears to be leveling out, both in the United States and abroad, and the prospects for a return to growth in the near term appear good.¡Ù ¤½¤¦¤¤¤ä¥Ð¡¼¥Ê¥ó¥¤Î·Êµ¤ÄìÂǤÁȯ¸À¤Ç³ô¼°»Ô¾ì¤¬È¿±þ¤·¤¿¤È¤«¤³¤Î¹Ö±é¤Î¤¢¤¿¤ê¤Ç¤´¤¶¤¤¤Þ¤·¤¿¤¬¡¢¤â¤·¤«¤·¤Æ¤³¤³¤ÎÉôʬ¤ËÈ¿±þ¤·¤¿¤Î¤«¤·¤é?? ¡ØNotwithstanding this noteworthy progress, critical challenges remain: Strains persist in many financial markets across the globe, financial institutions face significant additional losses, and many businesses and households continue to experience considerable difficulty gaining access to credit. Because of these and other factors, the economic recovery is likely to be relatively slow at first, with unemployment declining only gradually from high levels.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢ÄìÂǤÁ¤·¤¿¤È¤Ï¸À¤Ã¤Æ¤â¿§¡¹·üǰ¤Ï¤¢¤ê¤Þ¤¹¤è¤È¡£ ¤Ç¡¢¤³¤Î¹Ö±é¤Ç¤¹¤¬¡¢Âè8-9¥Ñ¥é¥°¥é¥Õ¤Ç¡Ö¥ê¡¼¥Þ¥ó¤ò¤³¤«¤·¤ÆAIG¤ò¤³¤«¤µ¤Ê¤«¤Ã¤¿Íýͳ¡×¤Ë¤Ä¤¤¤Æ¤Þ¤¢¶ì¤·¤¤¸À¤¤Ìõ¤ò¤·¤Æ¤¤¤ë¤Î¤È¤«¤¬¹á¤Ð¤·¤«¤Ã¤¿¤ê¤¹¤ë¤Î¤È¤«¡¢º£°úÍѤ·¤¿Éôʬ¤Î¼¡¤Ë¡ØInterpreting the Crisis¡Ù¤È¤¤¤¦¾®¸«½Ð¤·¤ÎÉôʬ¤¬¤¢¤ë¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢¤³¤Ã¤Á¤ÎÏäϼç¤Ë¥ê¥¯¥¤¥Ç¥£¥Æ¥£¶¡µë¤ÎÏä¬Â¿¤¯¤Æ¡¢FED¥Ó¥å¡¼VSBIS¥Ó¥å¡¼¤ß¤¿¤¤¤Ê´ÑÅÀ¤Ï²ÚÎï¤Ë¥¹¥ë¡¼¤·¤Æ¤¤¤ë¤Î¤¬¥Á¥ã¡¼¥ß¥ó¥°¤Ê¤Î¤Ç¤¢¤ê¤Þ¤¹¤¬¡¢¤½¤ì¤Ï¤Þ¤¢¾Ò²ð¤¹¤ë¤«¤â¤·¤ì¤Þ¤»¤ó¤·¡¢¾Ò²ð¤·¤Ê¤¤¤«¤â¤·¤ì¤Þ¤»¤ó¤Ç¤¹¡¢¤Ï¤¤¡£
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¿åÌ¤ó¤Î¹Ö±é¤¬ÊÒÉÕ¤«¤Ê¤¤¤¦¤Á¤ËÇòÀîÁíºÛ¤Î¹Ö±é¤ä¤é¥Ð¡¼¥Ê¥ó¥µÄĹ¤Î¥¹¥Ô¡¼¥Á¤ä¤é¤ÈµÞ¤Ë¥Í¥¿¤¬ËþºÜ¤ÇÄɤ¤¤Ä¤«¤Ê¤¤¤Î¤Ç¤¢¤ê¤Þ¤·¤¿¡£ ¤È¤¤¤¤¤Ä¤ÄBOE¤Î¥Í¥¿¤â¥Õ¥©¥í¡¼¤·¤È¤«¤Ê¤¤¤È¤È¥Í¥¿ºß¸Ë¤¬Î¯¤Þ¤ë¤Î¤Ç¤¢¤ê¤Þ¤·¤¿(><)¡£[³°Éô¥ê¥ó¥¯] Medium and long-dated gilt yields had increased by around 25 basis points during the course of the month.¡Ù ¤È¤¤¤¦¤³¤È¤ÇÃæÄ¹´ü¤Î¹ñºÄ¶âÍø¤Ï¾å¾º¤·¤¿¤È¤Ê¡£ ¡ØBut spreads between government bond yields and OIS rates had fallen markedly since the beginning of the year. This was in contrast to the United States and euro area, where central banks¡Çpurchases of government bonds had been smaller relative to the size of the outstanding stock.¡Ù ¤¨¡¼¤Ã¤È¡¢¹ñºÄ¶âÍø¤ÈOIS¶âÍø¤Î¥¹¥×¥ì¥Ã¥É¤¬½Ì¾®¤·¤Æ¤¤¤Þ¤¹¤¬¡¢¤³¤ì¤ÏÊÆ¹ñ¤ä¥æ¡¼¥í¥·¥¹¥Æ¥à¤Î¤è¤¦¤Ë¡¢¹ñºÄήÄ̻Ĺâ¤ËÂФ·¤Æ¤Î¹ñºÄÇãÆþ³Û¤¬Èæ³ÓŪ¾¯¤Ê¤¤¹ñ¤ÈÂоÈŪ¤Ç¤¹¤È¡£ ¡ØThat suggested that the MPC¡Çs asset purchases had played a part in reducing gilt yields relative to where they might otherwise have been.¡Ù ¤È¤¤¤¦¤Î¤¬BOE¤Î»ñ»ºÇãÆþ¥×¥í¥°¥é¥à¤Î¸ú²Ì¤Î°ì¤Ä¤Ç¤Ï¤Ê¤¤¤«¤È¤¤¤¦ÏäˤʤäƤ¤¤ë¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢¹ñºÄ¤Î¶âÍø¤¬¾å¾º¤·¤Ä¤ÄOIS¤È¤Î¥¹¥×¥ì¥Ã¥É¤¬½Ì¾®¤·¤Æ¤¤¤ë¤È¤¤¤¦¤Î¤¬ËÜÅö¤Ë¤½¤ì¸ú²Ì¤Ê¤Î¤«¤è¤È¤¤¤¦¤Î¤ÏÈù̯¤ËÌõ¤ÎȽ¤é¤óÏä˸«¤¨¤ë¤Î¤Ç¤¹¤¬¡£»þ´Ö¼´¸ú²Ì¤¬½Ð¤Æ¤¯¤ì¤ÐOIS¤ÎÊý¤¬Äã²¼¤¹¤ë¤¸¤ã¤ó¤È¤«»×¤¦¤Î¤Ç¤¢¤ê¤Þ¤·¤Æ¡¦¡¦¡¦¡¦¡¦¡¦ ¡Ø6 Market expectations were for Bank Rate to remain unchanged at 0.5% for the rest of 2009, but for an increase beyond that horizon to around 1.5% by the middle of 2010.¡Ù ¥Þ¡¼¥±¥Ã¥È¤ÎÀ¯ºö¶âÍ»¥Ñ¥¹¤Î´üÂÔ(=OIS»Ô¾ì¤ÎÃÍÆ°¤¤ò¸«¤Æ¤ë¤Î¤Ç¤·¤ç)¤Ï2009Ç¯Ãæ¤Ï¸½¹Ô¶âÍø¤Î0.5%¤Ç¤¹¤¬¡¢2010ǯȾ¤Ð¤Ë1.5%¤Ç¤¹¤è¤È¡£ ¡ØThat was around 50 basis points higher than at the time of the July MPC meeting.¡Ù ¡¦¡¦¡¦¡¦¡¦¤ó¡¼¤Ã¤È¡¢¤È¤¤¤¦¤³¤È¤ÏOIS¤È¥®¥ë¥È¤Î¥¹¥×¥ì¥Ã¥É½Ì¾®¤Ã¤ÆOIS¶âÍø¤¬¾å¾º¤·¤Æ¸½½Ð¤·¤¿¤â¤Î¤À¤È¤¤¤¦Ïäˤʤé¤ó¤«¤Í¤È»×¤¦¤Î¤Ç¤·¤Æ¡¢´Î¿´¤Î¹ñºÄ¶âÍø¤¬Äã²¼¤·¤Æ¤ëÌõ¤Ç¤â̵¤¤¤Î¤Ë¤É¤³¤¬¤É¤¦Ä¹´ü¹ñºÄÇãÆþ¤Î¸ú²Ì¤Ê¤Î¤«¤¬Îɤ¯¤ï¤«¤é¤ó¤Î¤Ç¤¹¤±¤É¡£ °ìËüÊâ¾ù¤Ã¤Æ¹Í¤¨¤ë¤È¡¢OIS¥ì¡¼¥È¤Î¾å¾º=Áá´üÍø¾å¤²´üÂÔ¤ÎÂæÆ¬=¥¤¥ó¥Õ¥ì´üÂԤιâ¤Þ¤ê=(°ìÊý¤Ç̾ÌܶâÍø¤¬¥¤¥ó¥Õ¥ì´üÂÔ¹â¤Þ¤ê¤Û¤É¾å¾º¤·¤Ê¤¤¤Î¤Ç)¼Â¼ÁĹ´ü¶âÍø¤ÎÄã²¼=Ĺ´ü¹ñºÄÇãÆþ¤Î¸ú²Ì!!¤È¤¤¤¦Íý¶þ(ÁêÅö̵Ãã¤ÊÍý¶þ¤Ë¸«¤¨¤ë¤¬)¤Ê¤Î¤«¤è¤È¤«Çº¤à¤Î¤Ç¤¹¤±¤É¡¦¡¦¡¦¡¦²¿¤«¤¢¤¿¤¯¤·½ÅÂç¤ÊÆÉ¤ß´Ö°ã¤¤¤·¤Æ¤¤¤ë¤Î¤«¤Ê¤¢¡£ ¡ØThe sterling effective exchange rate had appreciated by almost 3% on the month, and by 15% since the start of the year, although it remainedsome 20% below its mid-2007 level.¡Ù ¤³¤ì¤Ï±Ñ¹ñ¥Ý¥ó¥É¤Î¼Â¸ú°ÙÂØ¥ì¡¼¥È¤ÎÏäʤΤǥ¹¥ë¡¼¡£ ¡û¹¹¤ËÀ¯ºö¸ú²Ì¤Ë´Ø¤·¤Æ¤Ç¤¹¤¬¡¦¡¦¡¦¡¦ ÅÓÃæ¤ò²ÚÎï¤Ë¥¹¥ë¡¼¤·¤Æ¶âÍ»À¯ºö·èÄê¤ÎÏÀµÄ¤ò¤¹¤ëÂè25¥Ñ¥é¥°¥é¥Õ¤«¤é¡£ ¡Ø25 During the month, the Bank had met the MPC¡Çs target for purchases of ¡ò125 billion of assets financed by the issuance of central bank reserves. Although it remained too early to assess the full effect of the asset purchase programme, there were some promising signs that it was having a positive impact.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢»ñ»ºÇãÆþ¥×¥í¥°¥é¥à¤Î¸ú²Ì¤ò¬Äꤹ¤ë¤Ë¤Ï¤Þ¤ÀÁᤤ¤±¤É¡¢¥Ý¥¸¥Æ¥£¥Ö¥¤¥ó¥Ñ¥¯¥È¤ò»ý¤Ã¤Æ¤¤¤ëÍ˾¤Ê¥µ¥¤¥ó¤¬´ö¤Ä¤«¸«¤é¤ì¤ë¤È¤¤¤¦Èù̯¤Ê¤ªÏá£Àè¤Û¤É°úÍѤ·¤¿Ïäξ¤Ë¤³¤ó¤ÊÏäò¡£ ¡ØThe United Kingdom had seen a large reduction in the spread between government bond yields and OIS rates by comparison with similar markets overseas. Corporate bond spreads had fallen, gross issuance had been strong, and the rate at which the Bank had been acquiring corporate bonds had slowed, consistent with a pickup in private investor demand.¡Ù °ìÊý¤Ç¤Þ¤À¤Þ¤À¸ú²Ì¤¬Â¤ê¤Ê¤¤¤È¤¤¤¦Ïä⡣ ¡Ø26 By contrast, another diagnostic for assessing the initial impact of the asset purchase programme, underlying broad money growth, had been surprisingly weak.¡Ù ´Î¿´¤Î¥Þ¥Í¡¼³ÈÂ礬¼å¤¤¤Ç¤¹¤È¤Ê¡£ ¡ØTo some extent, however, that might have reflected the impact of institutional investors¡Ç acquisition of banking sector assets, which should,in time, encourage greater bank lending. It might also reflect companies using the proceeds of capital market issuance to pay off bank debt. But this would still be consistent with the asset purchase programme boosting nominal demand.¡Ù ¤Ä¡¼¤³¤È¤Ç¡¢»ñ»ºÇãÆþ¥×¥í¥°¥é¥à¤Î¼ûÍ×ÁϽиú²Ì¤Ã¤Æ¤É¤¦¤Ê¤ó¤Ç¤¹¤«¤Í¤¨¤È»×¤¦¤Î¤Ç¤¹¤±¤É¡£ ¤Ç¡¢¼¡¤Î¥Ñ¥é¥°¥é¥Õ¤Ç¤ÏGDP¤ÎÏäʤɤò¤·¤Æ¤Þ¤·¤Æ¡¢ºÇ°¤Î»öÂ֤˴٤ë¤È¤¤¤¦¥À¥¦¥ó¥µ¥¤¥É¥ê¥¹¥¯¤Ï·Ú¸º¤µ¤ì¤Þ¤·¤¿¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤Þ¤¹¡£¤á¤ó¤É¤¤¤Î¤Ç°úÍѳ䰦¤·¤Þ¤·¤Æ¡¢¼¡¤Î¥Ñ¥é¥°¥é¥Õ¤Ç¤Ï¥¤¥ó¥Õ¥ì¥ì¥Ý¡¼¥È¤Ç»þ´Ö¼´¤ß¤¿¤¤¤ÊÏäò¤·¤Æ¤¤¤ë¤è¤¦¤Ë¸«¤¨¤Þ¤¹¡£ ¡Ø28 In Inflation Report months, the Committee considered the likely future evolution of the economy through the analysis and discussion of its quarterly projections for GDP growth and CPI inflation.¡Ù ¡ØThose projections suggested that, without a greater monetary stimulus than embodied in the combination of implied market expectations for Bank Rate and the current ¡ò125 billion scale of the MPC¡Çs asset purchase programme, nominal demand would likely be insufficient to prevent inflationremaining below the 2% target, perhaps substantially, throughout the forecast period.¡Ù ¡ØThe publication of such a projection might cause market participants to re-evaluate the likely path of Bank Rate and the market yield curve to fall. That could provide an additional stimulus to current activity, and lessen the need for further asset purchases. But such an effect was far from guaranteed.¡Ù ¤Û¤Û¤¦¡£¤Ç¡¢¼¡¤Î¥Ñ¥é¥°¥é¥Õ¡£ ¡Ø29 The projections indicated that an increase in asset purchases of ¡ò50 billion would probably need to be combined with a lower path of Bank Rate than implied by market yields to balance the risks of inflation around the 2% target in the medium term. Assuming that Bank Rate followed the pathimplied by prevailing market yields, a larger increase in the scale of the asset purchase programme was likely to be necessary to counterbalance the risk that inflation would fall short of the target.¡Ù ¤È¤ê¤¢¤¨¤ºÇãÆþ³ÈÂç¤Ë¤è¤Ã¤Æ»þ´Ö¼´¤ß¤¿¤¤¤ÊÏäò¶âÍøÄã²¼¤¹¤ë¤Î¤Ïʪ²Á¾å¾ºÎ¨¤ÎÄã²¼¤Î¥ê¥¹¥¯¤òÁ껦¤¹¤ë¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤ë¤è¤¦¤Êµ¤¤¬¤·¤Þ¤¹¡£ ¡û¥¢¥°¥ì¥Ã¥·¥Ö¤Ê»ÑÀª¤Ê¤Î¤«Ã±¤Ë¥ä¥±¥¯¥½ÆÃ¹¶¤Ê¤Î¤«¤¬Èù̯¤Ê¤Î¤Ç¤¹¤¬ ¤Ç¡¢Âè30¥Ñ¥é¥°¥é¥Õ¤¬º£²ó¤ÎÇãÆþ³ÈÂç¤Ë´Ø¤¹¤ëÍý¶þ¤Ê¤Î¤ì¤¹¡£ ¡Ø30 There were arguments in favour of a considerable expansion of the programme at this month¡Çs meeting.¡Ù ¤â¤È¤â¤ÈÇãÆþ³ÈÂç¤ÏºÇ½é¤«¤éÁ°Äó¤Î¸µ¤Ç¤ÎµÄÏÀ¤Ç¤·¤¿¤È¡£ ¡ØThe potential adverse consequences of adding another large monetary stimulus might be less severe than the possible costs of acting too cautiously.¡Ù ´ËϤ¬ÀѶËŪ²á¤®¤ë¤³¤È¤ÎÊÀ³²¤È¡¢¿µ½Å¤¹¤®¤ë¤³¤È¤ÎÊÀ³²¤ò¹Í¤¨¤¿¤éÀѶËŪ¤Ë¤ä¤Ã¤¿Êý¤¬Îɤ¤!!¤È¤¤¤¦ÂçÊѤËͦÁÔ¤ÇÁÇÀ²¤é¤·¤¤ÏäǤ¹¡£ ¡ØInsufficiently stimulatory monetary policy would cause inflation to remain below the target for a sustained period of time, depressing inflation expectations, and might harm public confidence in the recovery causing it to falter.¡Ù ¡ØConfidence in the efficacy of monetary policy might also be damaged, limiting policymakers¡Ç ability to stimulate the economy in future.¡Ù ¤È¡¢¤³¤³¤Þ¤Ç¤Ï¼Â¤ËͦÁÔ¤ÇÁÇÀ²¤é¤·¤¤¤Î¤Ç¤¹¤¬¡¢ºÇ¸å¤Î°ìʸ¤ò¸«¤ë¤È¡¢Í¦ÁԤʤΤǤϤʤ¯¤ÆÃ±¤Ê¤ë¥ä¥±¥¯¥½ÆÃ¹¶¤Ç¤Ï¤Ê¤¤¤«¤È¤¤¤¦°´¨¤â¤¹¤ë¤Î¤Ç¤¢¤ê¤Þ¤¹¡£ ¡ØIn addition, if it became apparent that monetary policy had been overly expansive, policy could be tightened by a combination of asset sales and increases in Bank Rate.¡Ù ¤¨¡¼¤Ã¤È¤Ç¤¹¤Í¡¢À¯ºö¸ú²Ì¤¬½Ð¤ë¤Î¤Ë¥é¥°¤¬¤¢¤ë¤È¤¤¤¦»ö¤ò´ª°Æ¤·¤Þ¤¹¤È¡¢¡Ö¸ú²Ì¤¬½Ð¤¹¤®¤ÆÌäÂê¤Ë¤Ê¤Ã¤¿¤éºÄ·ôÇä¤êÈô¤Ð¤·¤ÆÍø¾å¤²¤¹¤ê¤ãÎɤ¤¤¸¤ã¤ó¡×¤È¤¤¤¦¤Î¤ÏÂç¾æÉפ«¤Í¤È¤¤¤¦µ¤¤¬¡£¤¤¤¶¤½¤¦¤Ê¤Ã¤¿¤éʪÀ¨¤¤Àª¤¤¤Ç¶âÍ»»Ô¾ì¤¬¥¨¥é¥¤¥³¥Ã¥Á¥ã¤Ë¤Ê¤Ã¤Æ¡¢Ä¹´ü¶âÍø¤¬ÌµÃã¤Ê¾õÂ֤ˤʤäƺ£Å٤ϰú¤Äù¤á¤Î¤ä¤ê²á¤®¤Ë¤Ê¤ë¤Î¤¸¤ã¤Ê¤¤¤Î¤«¤Ã¤Æ¤¤¤¦µ¤¤¬¤¹¤ë¤ó¤Ç¤¹¤¬¤Í¤¨¡£ ¤Ç¡¢´Ä¶¤Ï²þÁ±¤·¤Æ¤¤¤ë¤Î¤Ç¤¹¤«¤é¤â¤¦¤Á¤ç¤Ã¤È¥Þ¥¤¥ë¥É¤Ë¤È¤¤¤¦µÄÏÀ¤¬¤½¤Î¼¡¤Ë¡£ ¡Ø31 But there were also arguments for a more moderate expansion of the programme, given that some of the most immediate downside risks to the economy seemed to have receded.¡Ù ¡ØThe channels through which large-scale asset purchases affected the economy, and the magnitude and speed of those effects, were uncertain. The substantial injections of liquidity into the economy might result in unwarranted increases in some asset prices that could prove costly to rectify or in inflation expectations moving upwards.¡Ù ¸ú²Ì¤¬¸ú¤¤¤Æ¤¤¿¤È¤¤Î®ÅÙ¤âȽ¤é¤ó¤·¡¢¤½¤â¤½¤â¤½¤ì¤Ç»ñ»º²Á³Ê̵Â̤˾徺¤·¤ä¤»¤ó¤Ç¤¹¤«¤È¤¤¤¦Ïä⡣ ¡ØMoreover, if the asset purchases proved to be more effective than anticipated, an early withdrawal of some of the monetary stimulus might prompt a sharp rise in market interest rates that was unwarranted by the economic outlook.¡Ù ¤Ç¡¢µÄÏÀ¤ÎºÇ¸å¤ÎÊý¤Ë¤Ê¤ê¤Þ¤¹¡£ ¡Ø32 There was a range of views amongst the Committee over the precise balance of risks to the outlook for inflation and how much significance to ascribe to the various arguments about the appropriate policy response to that outlook, although all members agreed that substantial further assetpurchases were needed over the next three months.¡Ù ¤Ç¤â¤Ã¤Æ¡¢ ¡ØFor most members, an increase in the size of the asset purchase programme of ¡ò50 billion to a total of ¡ò175 billion was warranted, while for others there was a case for a larger stimulus.¡Ù ¤È¤Ê¤Ã¤¿¤Î¤Ç¤¹¤¬¡¢¤â¤Ã¤È¿¤¤¤Û¤¦¤¬Îɤ¤¤È¼çÄ¥¤·¤¿¤Î¤Ï¤½¤Î¼¡¤Ë¤¢¤ê¤Þ¤¹¤¬¡¢(the Governor, Tim Besley and David Miles)¤Î3̾¤Ç¤¢¤ê¤Þ¤·¤¿¡£ ¡û¤È¤¤¤¦¤³¤È¤Ç ÇãÆþ³ÈÂç¤ò¥¢¥°¥ì¥Ã¥·¥Ö¤Ë¹Ô¤Ã¤¿¤È¤¤¤¦º£²ó¤Î²ñ¹çµÄ»öÍ׻ݤǤ¢¤ê¤Þ¤·¤¿¤¬¡¢¤É¤¦¤âÇãÆþ¤Î¸ú²Ì¤¬³Îǧ¤µ¤ì¤Æ¤¤¤ëÌõ¤Ç¤â̵¤¤Ãæ¤Ç¤È¤ê¤¢¤¨¤º³ÈÂ礷¤Æ¤ß¤Þ¤¹¤«¤Ã¤Æ¤¤¤¦Ê·°Ïµ¤¤Ï¥¢¥ê¥¢¥ê¤Ç¤·¤Æ¡¢ËÜÅö¤ËÎÌŪ´ËϤθú²Ì¤¬½Ð¤Æ¡¢¤½¤ì¤¬¸ú¤¤¹¤®¤Ë¤Ê¤Ã¤¿¾ì¹ç¤ËÂç¾æÉפʤΤ«¤è¤È¤¤¤¦´¶¤¸¤Î¥ä¥±¥¯¥½ÆÃ¹¶¤Î¹á¤ê¤¬»×¤¤¤Ã¤¤êɺ¤Ã¤Æ¤¯¤ëMPCµÄ»öÏ¿¤Ç¤Ï¤´¤¶¤¤¤Þ¤·¤¿¡£
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Household spending has continued to show signs of stabilizing but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit. Businesses are still cutting back on fixed investment and staffing but are making progress in bringing inventory stocks into better alignment with sales.¡Ù(º£²ó) ¡ØConditions in financial markets have generally improved in recent months. Household spending has shown further signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Businesses are cutting back on fixed investment and staffing but appear to be making progress in bringing inventory stocks into better alignment with sales. ¡Ù(Á°²ó) ¶âÍ»»Ô¾ì¤Ï¹¹¤Ë²þÁ±¤·¤Æ¤¤¤ë¤È¤¤¤¦¤Î¤È¡¢¾ÃÈñ»Ù½Ð¤Î²þÁ±¤¬Â³¤¤¤Æ¤¤¤ë¤³¤È¤ò»ØÅ¦¤·¤Ä¤Ä¡¢½êÆÀ¤ÎÁý²Ã¤¬ÉÔ³èȯ¤ß¤¿¤¤¤Ê»ØÅ¦¤ò²Ã¤¨¤Æ¤¤¤ë¤Î¤Ç¤¹¤«¤Ê¡£¤¦¤à¤¦¤à¡£ ¡ØAlthough economic activity is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability.¡Ù(º£²ó) ¤á¤ó¤É¤¤¤Î¤ÇÁ°²óʬ¤Ï°úÍѤ·¤Þ¤»¤ó¡£¤Ê¤¼¤«¤È¸À¤¦¤È¤³¤ÎÉôʬ¤ÏÁ´Ê¸°ìÃפǤ´¤¶¤¤¤Þ¤·¤Æ(¤´³Îǧ¤¢¤ì^^)¡£ ¡¦Êª²Á¤Ë´Ø¤·¤Æ ¡ØThe prices of energy and other commodities have risen of late. However, substantial resource slack is likely to dampen cost pressures, and the Committee expects that inflation will remain subdued for some time.¡Ù(º£²ó) ¤³¤ì¤Þ¤¿Á°²ó¤ÈÁ´Ê¸°ìÃס£¤¦¡¼¤à¡¦¡¦¡¦¡¦¡¦¡¦ ¡¦¤È¸À¤¦¤ï¤±¤Ç´Î¿´¤Î¶âÍ»À¯ºö ¤³¤³¤Ï¤¢¤Þ¤êÁ°²ó¤ÈÈæ³Ó¤¹¤ëÏäǤÏ̵¤¤¤Î¤Çº£²óʬ¤òÆÉ¤ß¤Ä¤Ä¡£ ¡ØIn these circumstances, the Federal Reserve will employ all available tools to promote economic recovery and to preserve price stability.¡Ù ¤Þ¤¢¤³¤³¤ÏËèÅ٤ΤªÌó«¤Î¤è¤¦¤Êʸ¾Ï¡£ ¡ØThe Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period.¡Ù ¤Ç¡¢¤³¤³¤ÎÉôʬ¤âÁ°²ó¤ÈÁ´Ê¸°ìÃפÇÊѲ½Ìµ¤·¡£ÆÃ¤Ë»þ´Ö¼´¤ò¶¯²½¤·¤Æ¤¤¤ëÌõ¤Ç¤â̵¤¯¡¢¶¯ÎÏ¥³¥ß¥Ã¥È¥á¥ó¥È¤·¤Æ¤¤¤ëÌõ¤Ç¤â¤Ê¤¤¤Î¤Ç¤¹¤±¤É¡¢¤³¤ÎÊÕ¤ê¤Îǧ¼±¤¬¤É¤¦¤¤¤¦ÏÀµÄ¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤Î¤«¤È¤¤¤¦ÅÀ¤Ë´Ø¤·¤Æ¤ÏµÄ»öÍ׻ݤò²þ¤á¤Æ¸«¤¿Êý¤¬µ¹¤·¤¤¤«¤È»×¤¤¤Þ¤¹¤±¤É¤Í¡£ ¡ØAs previously announced, to provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of up to $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt by the end of the year.¡Ù ¤³¤³¤Î½ê¤âÊѲ½Ìµ¤·¤Ç¤¹¤ï¤Ê¡£¤Þ¤¿¤Þ¤¿Á´Ê¸°ìÃ×(^^)¡£ ¡ØIn addition, the Federal Reserve is in the process of buying $300 billion of Treasury securities.¡Ù ¤Ê¤Î¤Ç¤¹¤¬¡¦¡¦¡¦¡¦¡¦ ¡ØTo promote a smooth transition in markets as these purchases of Treasury securities are completed, the Committee has decided to gradually slow the pace of these transactions and anticipates that the full amount will be purchased by the end of October.¡Ù 10·î°Ê¹ß¤Ï¤É¤¦¤¹¤ë¤È¤Ï¸À¤Ã¤Æ¤Þ¤»¤ó¤¬¡¢¤Þ¤¢ÇãÆþ¥Ú¡¼¥¹¤òÍî¤È¤·¤Æ¤½¤Îʬ´ü¸Â¤ò1¤«·î±äŤ·¤Þ¤¹¤È¤¤¤¦¸À¤¤Êý¤Ç¤¹¤·¡¢smooth transition in markets¤ò¤¹¤ë¤Ã¤Æ¸À¤Ã¤Æ¤Þ¤¹¤Î¤Ç¡¢¤³¤ì¤Ï¤Þ¤¢Ä¹´ü¹ñºÄÇãÆþ¥Õ¥§¡¼¥É¥¢¥¦¥È¤Ç¤¹¤è¤È¤¤¤¦ÉáÄ̤βò¼á¤Ç̵ÌäÂê¤Ç¤·¤ç¤¦¤Ê¡£ ¡ØThe Committee will continue to evaluate the timing and overall amounts of its purchases of securities in light of the evolving economic outlook and conditions in financial markets. 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2009/08/10¡Ê·î¡Ë08:02:21
ºÇ¶á¸ÛÍÑÅý·×¤¬Èù̯¤Ë¸å¤«¤é½¤Àµ¤µ¤ì¤ë¤Î¤Ç¤¹¤¬¡¢¤Þ¤µ¤«º£²ó¤Î¸ÛÍÑÅý·×¡¦¡¦¡¦¡¦¤È¤«¸À¤¤½Ð¤¹¤ÈºÇÁá±¢ËÅÏÀ¤Ë¤Ê¤ê¤Þ¤¹¤Î¤Ç¤Þ¤¢Îɤ¤¤Ã¤¹¤±¤É¤Í(^^)¡£¤Þ¤¢³ô¤¬¾å¤¬¤ë¤Î¤ÏÎɤ¤¤³¤È¤¸¤ã¡£ ¤ó¤Ç¤Þ¤¢ECB¤Ê¤ó¤Ç¤¹¤±¤É¡£[³°Éô¥ê¥ó¥¯] me now explain our assessment in further detail, starting with the economic analysis. The data and survey information that have become available since our meeting on 2 July 2009 have broadly confirmed our previous expectations.¡Ù ¡ØWhile uncertainty is still high, there are increasingly signs that the global recession is bottoming out. As regards the euro area, recent surveys suggest that the pace of contraction is clearly slowing down. However, economic activity over the remainder of this year is expected to remain weak.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢¥·¥Ê¥ê¥ªÄ̤ê¤ÎŸ³«¤Ê¤Î¤Ç¤¹¤¬¡¢À¤³¦Åª¤Ê¥ê¥»¥Ã¥·¥ç¥ó¤ÏÄì¤òÂǤÁ¤Ä¤Ä¤¢¤ë¤È¤¤¤¦Ç§¼±¤Ç¤·¤Æ¡¢BOE¤Î·Êµ¤Ç§¼±¤ÈÈæ³Ó¤¹¤ë¤È²¹ÅÙº¹¤¬¤´¤¶¤¤¤Þ¤¹¤Ê¤È¤¤¤¦¤³¤È¤Ç¡£·Êµ¤¤Ï°ÍÁ³¼å¤¤¤È¤¤¤¦ÏäǤ¹¤¬¡¢ÌÀ³Î¤Ê²¼¤²»ß¤Þ¤ê¤È¤¤¤¦ÏäˤʤäƤ¤¤Þ¤¹¡£ ¡ØLooking ahead into next year, after a phase of stabilisation, a gradual recovery with positive quarterly growth rates is expected. The significant policy stimuli in all major economic areas should support growth globally, including in the euro area.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢¶âÍ»ºâÀ¯¤Î»É·ãºö¤Ë¤è¤ê·Êµ¤²óÉü´ðÄ´¤Ø¤È¡£ ¤ó¤ÇÂè5¡¢6¥Ñ¥é¥°¥é¥Õ¤Ëʪ²Á¤ÎÏ䬡£ ¡ØWith regard to price developments, annual HICP inflation was, according to Eurostat¡Çs flash estimate, -0.6 % in July, compared with -0.1% in June. This further decline in annual rates of inflation was anticipated and reflects primarily base effects resulting from the peaks observed in global commodity prices a year ago.¡Ù ¡ØLooking ahead, owing to these base effects, annual inflation rates are projected to remain temporarily in negative territory, before turning positive again later this year. However, such short-term movements are not relevant from a monetary policy perspective.¡Ù ¤Á¤å¤¦¤³¤È¤Ç¡¢Â¸µ¤Îʪ²Á²¼Íî¤Ï°ì»þŪÍ×°ø¤Ë¤è¤ë¤â¤Î¤Ç¡¢¥Ç¥Õ¥ì°µÎϤǤϤ´¤¶¤¤¤Þ¤»¤ó¤È¤Ê¡£ ¡û¥ê¥¹¥¯¤Ï¥Ð¥é¥ó¥¹ Æü¶ä¤Î¤è¤¦¤ËÀè¹Ô¤¤Î¥ê¥¹¥¯¤òÁ´Éô°²½Êý¸þ¤Ç¸«¤Æ¤¤¤ë¤Î¤È¤Ï¤À¤¤¤Ö°ã¤¤¤Þ¤¹¡£ Âè4¥Ñ¥é¥°¥é¥Õ¤«¤é¡£ ¡ØIn the view of the Governing Council, uncertainty remains high and we have to be prepared for ongoing volatility in incoming data. Overall, the risks to this outlook remain balanced.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢·Êµ¤¤Ë´Ø¤¹¤ë¾å²¼¤Î¥ê¥¹¥¯¤¬¥Ð¥é¥ó¥¹¤È¤Ê¡£ ¡ØOn the upside, there may be stronger than anticipated effects stemming from the extensive macroeconomic stimulus being provided and from other policy measures taken. Confidence may also improve more quickly than currently expected.¡Ù ·Êµ¤¤Ë´Ø¤¹¤ëÀ¤´Ö¤Îǧ¼±¤¬ECB¤ÎͽÁÛ¤è¤ê®¤¯²þÁ±¤·¤Æ¤¤¤ëÊդ꤫¤é¡¢¶âÍ»ºâÀ¯À¯ºö¤Î»É·ã¤¬¸ú¤¤¹¤®¤ë»ö¤ò¥¢¥Ã¥×¥µ¥¤¥É¥ê¥¹¥¯¤Ë¡£Æü¶ä¤¬¤³¤ó¤Ê»ö¸À¤Ã¤¿¤éʪÀ¨¤¤Àª¤¤¤ÇÁíᤤËÁø¤¤¤½¤¦¤Ç¤¹¤¬(¶ì¾Ð)¡£ ¡ØOn the downside, concerns remain relating to a stronger or more protracted negative feedback loop between the real economy and the turmoil in financial markets, renewed increases in oil and other commodity prices, the intensification of protectionist pressures, more unfavourable than expected labour market conditions and, lastly, adverse developments in the world economy stemming from a disorderly correction of global imbalances.¡Ù ²¼Êý¥ê¥¹¥¯¤Ï¶âÍ»¤È¼ÂÂηкѤÎÉé¤Î¥Õ¥£¡¼¥É¥Ð¥Ã¥¯¤ÎÏ䬰ìÈÖ¶¯Ä´¤µ¤ì¤Æ¤¤¤Þ¤¹¤Ê¡£¤É¤¦¸«¤Æ¤â¤½¤ì¤Ã¤Æ¥æ¡¼¥í¥¨¥ê¥¢¤ä¤Ð¤¤¤ó¤¸¤ã¤Ê¤¤¤Ç¤¹¤«¤È»×¤¤¤Þ¤¹¤¬¡£ ʪ²Á¤Ë´Ø¤¹¤ëÂè7¥Ñ¥é¥°¥é¥Õ¤«¤é¡£ ¡ØRisks to the outlook for inflation are broadly balanced. They relate, in particular, to the outlook for economic activity and to higher than expected commodity prices. Furthermore, increases in indirect taxation and administered prices may be stronger than currently expected owing to the need for fiscal consolidation in the coming years.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¥¤¥ó¥Õ¥ì¥ê¥¹¥¯¤â¥Ð¥é¥ó¥¹¤È¤Ê¡£ ¡û½Ð¸ýÀ¯ºö¤Ë´Ø¤·¤Æ Âè12¥Ñ¥é¥°¥é¥Õ¤Ê¤ó¤Ç¤¹¤±¤É¤Í¡£ ¡ØAs the transmission of monetary policy works with lags, our policy action should progressively feed through to the economy in full. Hence, with all the measures taken, including our covered bond purchases, monetary policy will provide ongoing support for households and corporations.¡Ù ¶âÍ»À¯ºö¤Î¸ú²Ì¿»Æ©¤Ë¤Ï»þ´Ö¤¬³Ý¤«¤ë¤Î¤Ç¤È¤¤¤¦Ïä¬Íè¤Þ¤·¤¿¡£ ¡ØOnce the macroeconomic environment improves, the Governing Council will take care that the measures taken are quickly unwound and that the ample liquidity provided is absorbed.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¥Þ¥¯¥í´Ä¶¤¬²þÁ±¤·¤¿¤éήưÀ¶¡Í¿¥×¥í¥°¥é¥à¤Ï½ªÎ»¤·¤Þ¤¹(Ê̤ËÍø¾å¤²¤¹¤ë¤È¤Ï¸À¤Ã¤Æ¤Ê¤¤¤È»×¤ï¤ì¤Þ¤¹¤Î¤Çǰ¤Î¤¿¤á)¤È¤Ê¡£ ¡ØHence, any threat to price stability over the medium to longer term will be effectively countered in a timely fashion. The Governing Council will continue to ensure a firm anchoring of medium-term inflation expectations. Such anchoring is indispensable to supporting sustainable growth and employment and contributes to financial stability. Accordingly, we will continue to monitor very closely all developments over the period ahead.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢¤Þ¤¢¤³¤ÎÊդäÆÍ½ÁÛ¤µ¤ì¤Æ¤¤¤ëÈÏ°ÏÆâ¤À¤È¤Ï»×¤¦¤Î¤Ç¤¹¤¬¡¢¤½¤ì¤Ë¤·¤Æ¤âBOE¤ÎĶ¿µ½Å¤È¤¤¤¦¤«¼åµ¤Ç§¼±¤ÈÂоÈŪ¤ÇÌÜΩ¤Á¤Þ¤¹¤Ê¤¢¤È¤¤¤¦¤È¤³¤í¤Ç¤¹¡£ ¡ûM3¤ÈM1¤ÎÏà ÆÉ¤ó¤Ç¤Æ¤Û¤Û¡¼¤È»×¤Ã¤¿¤Î¤¬Âè9¥Ñ¥é¥°¥é¥Õ¡£M3¤Î¿¤ÓΨ¤¬Äã²¼¤·¤Æ¤¤¤ë¤È¤¤¤¦Ïäθå¤Ê¤ó¤Ç¤¹¤±¤É¤Í¡£ ¡ØThe declining pace of monetary expansion since the last quarter of 2008 continues to be accompanied by volatility in the short-term developments of M3 and its components. This reflects to a large extent the impact that absolute and relative changes in interest rates have had on the allocation of funds between financial investments inside and outside M3 and between the different deposit categories within M3.¡Ù ¡ØIn this respect, the shift in allocation from short-term time deposits to overnight deposits within M3 has led to a further substantial strengthening of annual M1 growth in June. ¡Ù M3¤Î¿¤Ó¤ÏÆß²½¤·¤Æ¤¤¤ë¤±¤ì¤É¤â¡¢M1¤¬¿¤Ó¤Æ¤¤¤ë¤È¤¤¤¦¤Î¤Ï¤Õ¡¼¤ó¤È»×¤¤¤Þ¤·¤¿¤Ç¤¹¡£ ¤È¤¤¤¦¤³¤È¤ÇQ&A¤ÏÆÉ¤ó¤Ç¤¤¤Ê¤¤¤Î¤Ç¡¢ÆÉ¤ó¤À¤é¤´¾Ò²ð¤¹¤ë¤«¤âÃΤì¤Þ¤»¤ó¤¬¡¢²¿¤È¤Ê¤¯¥¹¥ë¡¼¤·¤½¤¦¤Ê´õ¥¬¥¹¡£ °Ê²¼Ê̤ÎÏäǤ¹¡£ ¡ûÄ´»Ò¤ÎÎɤ¤»ö¤ò¸À¤¦¤Î¤¬¡Ö»Ô¾ì¤È¤ÎÂÐÏáפǤϤ¢¤ê¤Þ¤»¤ó ̱¼çÅÞ¤¬¡Ö»Ô¾ì´Ø·¸¼Ô¸þ¤±ÀâÌÀ²ñ¡×¤È¤ä¤é¤ò¼Â»Ü¤·¤¿¤½¤¦¤Ç¤¹¤¬ÅöÁ³¤ÎÇ¡¤¯¤¢¤¿¤¯¤·¤¬¸«¤ËÀ¤¯Ìõ¤â̵¤¯¡¢ÊóÆ»¥Ù¡¼¥¹¤Ç°Â֤Ĥ¯¤Ê¤È¸À¤ï¤ì¤½¤¦¤Ç¤¹¤±¤É¤Í¡£ ¤Þ¤º¤Ï¥Ö¥ë¡¼¥à¥Ð¡¼¥°¤«¤é¡£[³°Éô¥ê¥ó¥¯] ¡¦¡¦¡¦¡¦¤¨¡¼¤Ã¤È¤Ç¤¹¤Í¡¢ºâ¸»¤¬²ø¤·¤²¤ÊÃæ¤Ç¿§¡¹¤Ê·Êµ¤Âкö¤ò¤ä¤ë¤Ã¤ÆÏäò¤·¤Æ¤¤¤ë¤Î¤Ë²¿¤ò¤É¤¦¤¹¤ë¤È¹ñºÄ°Í¸ÅÙ¤¬²¼¤¬¤ë¤Î¤Ç¤·¤ç¤¦¤«¡£¤¤¤ä¤Þ¤¢»Ô¾ì¤É¤³¤í¤«¥á¥Ç¥£¥¢¤«¤é¡Ö¤³¤ÎÀ¯ÅޤΥޥ˥ե§¥¹¥È¤Ïºâ¸»¤¬²ø¤·¤¤¤«¤é°¤¤¶âÍø¾å¾º¤Ë¤Ê¤Ã¤ÆÄ¹´ü¶âÍøÂç¾æÉפ«¡×¤È¸À¤ï¤ì¤ë(¼ÂºÝÌäÂê¤È¤·¤Æ¤Ï¡¢ÆüËܤλñ¶â¹½Â¤¤¬ÊѤï¤é¤º¡¢°À¥¤¥ó¥Õ¥ì¤òȼ¤ï¤Ê¤¤¸Â¤ê¤Ï¼ûµë·üǰ¤ÇĹ´ü¶âÍø¤¬¾å¾º¤·¤Æ¤â¹â¤¬ÃÎ¤ì¤Æ¤ë¤·¡¢¶âÍø¾å¾º¤Ç·Êµ¤°²½¤¹¤ë¤ó¤Ç¤·¤ç¤¦¤±¤É¤Í^^)¤Î¤Ç¡¢µÞ¤ËºâÀ¯ºÆ·úÏ©Àþ·ø»ý¤ß¤¿¤¤¤ÊÏäò¤¹¤ë¤ó¤Ç¤·¤ç¤¦¤¬¡£ ¡Ø¡Ö·Êµ¤ÉâÍȤȻԾì¤Î°ÂÄê¤òǰƬ¤ËÃÖ¤¤¤¿¥Þ¥¯¥í·ÐºÑ±¿±Ä¤ÏÅöÁ³¤Î¤³¤È¡£»Ô¾ì¤¬º®Íð¤ò¤¤¿¤¹¤Î¤Ï¸·¤Ë¿µ¤à¤Ù¤¤À¡×¤È½Ò¤Ù¤¿¡£¡Ù(¾åµ¥Ö¥ë¡¼¥à¥Ð¡¼¥°µ»ö¤è¤ê) ¤½¤ì¤¬´Êñ¤Ë½ÐÍè¤Ê¤¤¤«¤é¶ìÏ«¤·¤Æ¤ë¤ó¤Ç¤·¤ç¤¦¤¬¤È¡£ ¤Ç¡¢»þ»öÄÌ¿®¤«¤é¡£[³°Éô¥ê¥ó¥¯] ¡¡¡ÖºâÀ¯µ¬Î§´Ë¤á¤¿¡× ¡ØÉðÆ£»á¤Î¾º³Ê¤ËÅö½é¤«¤é°ÛÏÀ¤ò¾§¤¨¤¿Àçëͳ¿Í¸µÀ¯Ä´²ñĹ¤Ï¡ÖÃæ±û¶ä¹Ô¤ÎÌò³ä¤ÏÄ̲߲ÁÃͤΰÂÄê¡£¤½¤Î¤¿¤á¤Ë¤Ï(·Êµ¤Âкö¤Ê¤É¤Ç)À¯Éܤ«¤éºâÀ¯À¯ºö¤È¤Î°ìÂ⽤ò¶¯¤¤¤é¤ì¤Æ¤â¡¢Å¬ÀڤʶâÍ»À¯ºö¤ò´Ó¤¯¤³¤È¤¬½ÅÍפÀ¡×¤È¶¯Ä´¤¹¤ë¡£¡Ù ¤¤¤ä¤Þ¤¢Àç뤵¤ó¤ÏÀ¯ºö·èÄê¤Ë´ØÍ¿¤·¤Æ¤Þ¤»¤ó¤«¤é´Ø·¸¤Ê¤¤¤Ç¤¹¤Ã¤Æ¸À¤¦¤Î¤Ç¤·¤ç¤¦¤±¤ì¤É¤â¡¢ÂçÄͤµ¤ó¤ÎÀâÌÀ¤È¤·¤Æ»þ»ö¤Îµ»ö¤Ë¤Ï¡ÖÆü¶ä¤ÈÀ¯ºö¶¨Äê¤â¡×¤È¤Þ¤Ç½ñ¤¤¤Æ¤¢¤ê¤Þ¤·¤Æ¡¢¤â¤¦¤ªÁ°¤é²¿¤Ê¤ó¤À¤È¡£ ¨¤Á¡¢ÂçÄÍÂçÀèÀ¸Íͤ¬¶Ä¤»¤Ë¤Ê¤ëÏäȡ¢¤«¤Ä¤ÆÉðÆ£ÉûÁíºÛ¤ÎÁíºÛ½¢Ç¤¤ËÈ¿ÂФ·¤¿¥ß¥ó¥¹ÍͤÎÍý¶þ¤òÁí¹ç¤¤¤¿¤·¤Þ¤¹¤È¡¢¡ÖÆü¶ä¤¬¼«¸øÏ¢Î©À¯¸¢¤È¶¨ÎϤ¹¤ë¤Î¤Ï°¤¤¶¨ÎϤǡ¢²æ¤¬ÅÞÀ¯¸¢¤È¶¨ÎϤ¹¤ë¤Î¤ÏÎɤ¤¶¨ÎϡפȤ¤¤¦»ö¤À¤ÈÍý²ò¤Ç¤¤ëÌõ¤Ç¤¹¤¬¡¢¤½¤¦¤¤¤¦¤Î¤¬¡ÖÃæ±û¶ä¹Ô¤ÎÀ¯¼£¤«¤é¤ÎÆÈΩ¡×¤ËØ£¤ëÍý¶þ¤À¤È¤·¤«¿½¤·¾å¤²¤è¤¦¤¬¤´¤¶¤¤¤Þ¤»¤ó¤¬¡¢¤â¤¦Çϼ¯¤«¤È°¤Êò¤«¤È¡£
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