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BOJ's Iwata: Focus On Price Stability, Not Asset Prices

Jackson HoleのコンファレンスでBoJ岩田副総裁の講演が1日に行なわれた。報道ではDow Jonesで以下のように報じられた。

BOJ's Iwata: Focus On Price Stability, Not Asset Prices
DOW JONES NEWSWIRES
September 1, 2007 4:45 p.m.

JACKSON HOLE, Wyo. (Dow Jones)--Bank of Japan Deputy Gov. Kazumasa Iwata said Saturday that monetary policy should focus on price stability, not asset prices.

Iwata made his remarks at the Federal Reserve Bank of Kansas City's annual Jackson Hole conference.

His remarks didn't address Japan's economic or monetary policy outlook.

The BOJ held rates steady last month. Before the global market turmoil, markets had expected the Japanese central bank to raise rates.

Iwata said that land prices in Japan have "bottomed out" with commercial land prices rising and that its core consumer price index hovers around zero.

さて、講演本文はBoJの英語サイトに掲示された。おそらく、上記報道は以下の部分を指してなされたものと思われる。

15. I feel inclined towards the indirect approach to asset prices; namely that monetary policy should be oriented toward enhancing price stability and smoothing fluctuations in GDP gap, while refraining from targeting asset prices directly, given the limited knowledge to correctly detect fundamental asset prices.

今後について興味深いのは、結論だろう。

21. Given the asset price boom and bust in the latter half of the 1980s, and the subsequent persistent deflation after 1998, the "new policy framework for the conduct of monetary policy" was announced in March 2006. Aside from the first perspective, which examines the likely development within forecast period, the new policy framework incorporated as a second perspective an examination of potential risks beyond the forecast period. Today, we observe that land prices have bottomed out with the significant rise in the price of commercial land, while the core CPI hovers around zero against a background of rising utilization ratio and a tightening of labor market conditions. We must recall that behind the aggressive risk-taking in the latter half of the 1980s there was the market perception of long-sustained low interest rates for the future under price stability. It may be useful to carry out an exercise to demonstrate the consequences of long-sustained low interest rates and the financial imbalance on the future development of economic activity and prices. This may further clarify the role and merits of the two perspectives in our new policy framework.

下線は私であるが、こういう調査研究が民間シンクタンクから発表されることを期待したい。なお、脚注はいずれも興味深く、Hayekや住宅金融支援機構についての指摘もあるので面白い。講演では脚注は披露されなかっただろう。講演発表後の日経の報道は以下の通り:

岩田日銀副総裁、低金利継続のリスクを指摘・米で講演

 日銀の岩田一政副総裁は1日、米ワイオミング州で講演し、「日本で1980年代後半に過剰にリスクを抱えた背景には、物価安定の下で低金利が長期的に続くとの認識が市場にあったことを思い出さなければいけない」と述べた。バブル期の状況を挙げたうえで、経済実勢を離れた低金利の継続が中長期的には経済・物価面でリスクが高まる可能性を示した。

 岩田副総裁の講演要旨は、日銀が3日午前に公表した。副総裁は現在の金融・経済情勢もふまえ、「低金利や金融の不均衡がどのような結果をもたらすか検証することが有効だろう」とも語った。(14:06)

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