米国為替報告書が公開されました。
日本については、消費増税で需要が弱いと言及されています。
Demand also remains weak in Japan, with consumption especially hit hard following the April 2014 hike in the consumption tax.
チャイナも需要が弱まりつつあり、投資と輸出が引っ張る経済から消費が引っ張る経済成長への転換が難しいと。
Demand has also been weaker than usual in many emerging market economies, most notably in China, where a necessary but difficult transition is taking place from investment and export-led growth to consumer-led growth.
日本は4年間、為替介入していない(最後は民主党政権&白川日銀総裁の暗黒時代)。柔軟な財政政策(と構造改革)で成長を支えろと。特に文句はないようだ。
Japan has a significant bilateral trade surplus with the United States and a material current account surplus. Japan has not intervened in the foreign exchange market in over four years. Given Japan’s fragile growth outlook, it is increasingly important that the authorities use all policy levers, including a flexible fiscal policy and an ambitious structural reform agenda, to lift near- term growth. Treasury assesses that current conditions in the dollar-yen foreign exchange market are orderly, and reiterates the importance of all countries adhering to their G-20 and G-7 commitments regarding exchange rate policies.
そして、ドルに対して円だけが…
消費増税後、個人消費が特に弱いと、アメリカ様が。
Growth in Japan has been highly variable and private consumption has been especially weak since the consumption tax was increased in April 2014.
金融政策、財政政策、構造改革を総動員しろ、と。
In the context of the G-7 and G-20, Japan has committed to use all policy tools— monetary, fiscal, and structural—to foster confidence and strengthen the recovery and agreed that monetary policy alone cannot lead to balanced growth. Given Japan’s fragile growth outlook and weak global demand, it is increasingly important that the authorities use all policy levers, including pursuit of (1) a flexible fiscal policy in the near-term that provides a supportive fiscal impulse and (2) an ambitious structural reform agenda that prioritizes measures to lift near- term growth (such as corporate tax reform, policies to address labor market duality, and the revitalization of local economies) while continuing to move forward on reforms with longer-term benefits (such as reforms associated with the Trans-Pacific Partnership and a stronger R&D infrastructure).