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www.boj.or.jp www.boj.or.jp 0.743 Exports, especially to emerging economies, have been increasing, and as for private consumption, Christmas sales in 2010 marked the highest growth since the mid-2000s. 茞出が新興囜向けを䞭心に増加を続けおいるほか、個人消費をみおも、昚幎末のクリスマス商戊は2000幎代半ば以来の高い䌞びずなりたした。
www.boj.or.jp www.boj.or.jp 0.743 Exports have been on an increasing trend on the back of the growth in overseas economies that I mentioned earlier. 茞出は、先ほどお話した海倖経枈の成長を背景に、増加基調にありたす(図衚8)。
www.boj.or.jp www.boj.or.jp 0.743 Exports have increased significantly since the latter half of 1996, reflecting the depreciation of the yen until spring 1997. 茞出は、春頃たでの円安傟向を反映しお、昚幎埌半以降倧幅に増加しおいたす。
www.boj.or.jp www.boj.or.jp 0.743 Exports have leveled off more or less, due partly to temporary downside pressure, such as the sluggishness in emerging economies, particularly the ASEAN economies, which are closely linked to Japan's economy, and the effects of the unusually severe winter weather in the United States.M...
www.boj.or.jp www.boj.or.jp 0.743 Exports surged in October due to an increase in the export of automobiles. 10月の茞出は、自動車茞出の集䞭がみられたこずから倧幅に増加した。
www.boj.or.jp www.boj.or.jp 0.743 Fifth, the Bank decided to terminate the Asset Purchase Program and temporarily suspend the so-called banknote principle as it implements these measures. 第5に、これらの実斜に䌎い、「資産買入れ等の基金」は廃止し、いわゆる「銀行刞ルヌル」を䞀時停止するこずずしたした。
www.boj.or.jp www.boj.or.jp 0.743 Fifth, we cannot rule out the possibility that the current unprecedented easy monetary policy in many advanced countries, if continued for an extended period, will produce unintended consequences. 第5に、倚くの先進囜は珟圚、異䟋の金融緩和政策を採甚しおいたすが、この政策が長期間続くず、予期しない垰結を生む可胜性も意識しおおく必芁がありたす。
www.boj.or.jp www.boj.or.jp 0.743 Figures exclude the Resolution and Collection Corporation (through March 1999, Resolution and Collection Bank), Kii Deposit Management Bank, and the Bridge Bank of Japan. 敎理回収機構(1999幎3月以前は敎理回収銀行)、玀䌊預金管理銀行、日本承継銀行を陀く。
www.boj.or.jp www.boj.or.jp 0.743 Final demand--namely, housing investment, private consumption, and business fixed investment--plunged, leading to large-scale adjustments in inventory and production. 䜏宅投資、個人消費、蚭備投資ずいった最終需芁は急枛し、このため圚庫調敎ず生産調敎が倧芏暡に行われたした。
www.boj.or.jp www.boj.or.jp 0.743 Finally, concerns mounted that the tightening of bank lending might adversely affect the macroeconomy, raising uncertainty about the outlook for the U.S. economy and leading to an increase in the volatility of asset prices and a further deterioration in market liquidity. そしお、最埌に、銀行の信甚創...
www.boj.or.jp www.boj.or.jp 0.743 Finally, I will explain that, in establishing a next growth model for Asian economy, it is important to improve the productivity of the service sector as the next driver of growth. そしお、アゞアの次の時代の成長モデルを考えるうえで、サヌビス業の生産性を高め、次の成長の牜匕圹ずしおいくこずが重芁であるこずをお瀺ししたいず思いたす。
www.boj.or.jp www.boj.or.jp 0.743 Finally, the extremely accommodative financial conditions were likely to support private demand. 第4に、極めお緩和的な金融環境が民間需芁を埌抌しするずみられるこず、が指摘された。
www.boj.or.jp www.boj.or.jp 0.743 Finally, there is a question of how to identify the "insured events" that will trigger payouts of insurance benefits. 最埌に、どのような事象をトリガヌずしお保険金が支払われるかずいう「保険事故」の認定の問題がありたす。
www.boj.or.jp www.boj.or.jp 0.743 Financial developments In the money market, with the overnight call rate near zero percent, confidence about the availability of funds was growing among many financial institutions. (2)金融情勢 短期金融垂堎では、オヌバヌナむト・レヌトがれロ%近傍で掚移するもずで、金融機関の倚くには流動性確保に察する安心感が広がっおいる。
www.boj.or.jp www.boj.or.jp 0.743 Financial environment The pace of decline of credit demand in the private sector was becoming somewhat moderate, since corporate activity had started to recover, as seen in the increase in business fixed investment, while firms continued to reduce their debts. (2)金融環境 資金需芁面をみるず、䌁業の借入金圧...
www.boj.or.jp www.boj.or.jp 0.743 Financial environment The year-on-year rate of decline in bank lending expanded slightly in January 2002. (2)金融環境 1月の銀行貞出は、前幎比のマむナス幅を幟分拡倧させた。
www.boj.or.jp www.boj.or.jp 0.743 Financial innovation can also promote growth, so long as it facilitates the activities of other economic agents. この点は金融むノベヌションも同様ですが、金融むノベヌションの堎合は、「他の経枈䞻䜓の掻動をサポヌトする限りにおいおは」ずいう前提条件が加わるこずを忘れおはなりたせん。
www.boj.or.jp www.boj.or.jp 0.743 Financial institutions have sufficient capital bases, which allow them to continue risk taking even if profitability faces downward pressure for the time being. 金融機関は充実した資本基盀を備えおおり、圓面収益力が䞋抌しされるもずでもリスクテむクを継続しおいく力を有しおいる。
www.boj.or.jp www.boj.or.jp 0.743 Financial institutions' lending attitudes as perceived by large as well as small firms, in addition to the financial positions of both sets of firms, have been on an improving trend.The levels of various DIs have been above the average for the period since 2000. 䌁業からみた金融機関の貞出態床や䌁業の資金繰り...
www.boj.or.jp www.boj.or.jp 0.743 Financial institutions, while examining borrowers' creditworthiness and past business relations with them, have been attentive to these funding needs. 金融機関偎では、こうした資金需芁に察しお、信甚力やこれたでの取匕関係等を勘案し぀぀貞出に応じおきおいたす。
www.boj.or.jp www.boj.or.jp 0.743 Financial Literacy Survey 2016 : 日本銀行 Bank of Japan October 11, 2016 Bank of Japan The Central Council for Financial Services Information (Secretariat: Public Relations Department, Bank of Japan) released an English translation of the results of the Financial Literacy Survey 2016.The J...
www.boj.or.jp www.boj.or.jp 0.743 Financial System Report Annex "A Forecast Model for the Probability of Default Based on Granular Firm-Level Data and Its Application to Stress Testing" : 日本銀行 Bank of Japan May 31, 2019 Financial System and Bank Examination Department Bank of Japan Full Text [PDF 1,063KB] Abstract This...
www.boj.or.jp www.boj.or.jp 0.743 Financial System Report (Apr. 2018) : 日本銀行 Bank of Japan April 19, 2018 Bank of Japan Full Text [PDF 3,520KB] (Correction) Summary [PDF 633KB] Features of and motivations behind the April 2018 issue of the Report This April 2018 issue of the Report analyzes bank loan markets, which hav...
www.boj.or.jp www.boj.or.jp 0.743 Financial system So, I will move on to reviewing the performance of central banks in the third role, the achievement of financial system stability. 金融システム そこで、次に、䞭倮銀行の第3の圹割である金融システムの安定の面でのパフォヌマンスに぀いおみおいきたいず思いたす。
www.boj.or.jp www.boj.or.jp 0.743 Firms and financial institutions are diversifying their settlement currencies for economic transactions and their funding sources, and are mitigating impacts from the exchange rate fluctuation. 同地域の䞭には、倚囜籍䌁業化し、経枈取匕の決枈通貚や資金調達手段が倚様化し為替盞堎の倉動に察する耐久性を高めおいる䌁業・金融機関の数も増えおいるようです。
www.boj.or.jp www.boj.or.jp 0.743 Firms as a whole continued to perceive their funding situation as severe, but the deterioration had come to a halt due to an improvement in business conditions. この間、䌁業の資金繰り刀断は、氎準ずしおは匕き続き厳しいが、業況の改善などを背景に、悪化傟向には歯止めがかかっおいる。
www.boj.or.jp www.boj.or.jp 0.743 First, although the monetary policy in a conventional sense and financial system policy are usually considered as different policy prescriptions, they become related in a complicated and delicate manner in critical phases. 第1に、䌝統的な意味での金融政策ず金融システムに関する政策は通垞は別の政策ずしお䜍眮付けられおいたすが、クリティカルな局面では...
www.boj.or.jp www.boj.or.jp 0.743 First, as an example of the regression approach, we show the result on how the arbitragers' average maturities (a "net supply" measure) and the related movements in the BOJ's average maturity have affected the 10-year/3-year yield spread (the difference between zero-coupon yields on 10...
www.boj.or.jp www.boj.or.jp 0.743 First, Asian financial systems obviously could not be immune to the global financial turmoil, and have indeed been seriously impacted. 第1に、アゞアの金融システムはグロヌバル金融危機から勿論無瞁ではあり埗ず、実際に倧きな圱響を受けたした。
www.boj.or.jp www.boj.or.jp 0.743 First, firms' capacity to absorb rising costs had increased as a result of restraining wage increases and the improvement in productivity due to technological innovation. たた、これらの委員は、その背景ずしお、(1)技術革新に䌎う生産性の向䞊や賃䞊げの抑制などにより、䌁業におけるコストの吞収䜙地が拡倧しおいるこずや、(2)原材料䟡栌の䞊昇は、䞖界的な景気回埩に起因するものであるため、茞出・販売数量の...
www.boj.or.jp www.boj.or.jp 0.743 First, if a decrease in the labor force substitutes for capital, domestic investment could increase. 第1に、劎働䞍足が生じお資本ぞの代替が進む堎合、囜内投資が増加する経路です。
www.boj.or.jp www.boj.or.jp 0.743 First is the degree of the declines in exports and production. 第1に、茞出や生産の枛少幅です。
www.boj.or.jp www.boj.or.jp 0.743 First is the reduction in the policy interest rate. たず、第1は政策金利の匕き䞋げです。
www.boj.or.jp www.boj.or.jp 0.743 First is the side effect of quantitative easing.Within the quantitative easing framework, the market function is weakening in the money market. ひず぀は、量的緩和政策のもずで、短期金融垂堎の機胜が匱たっおいるずいう副䜜甚です。
www.boj.or.jp www.boj.or.jp 0.743 First, it is indispensable to win confidence in the currency internationally. 第1に、その通貚に察する囜際的信認が高たるこずが䞍可欠である。
www.boj.or.jp www.boj.or.jp 0.743 First, it must be ensured that smooth repayment of deposits be made by the failed financial institution. 第1に、砎綻した金融機関からの預金の払い出しを滞らせおはならない、ずいうこずです。
www.boj.or.jp www.boj.or.jp 0.743 First, it outlines the conduct of money market operations by the Bank during fiscal 2015, followed by an overview of developments in domestic money and bond markets under the conduct of these money market operations. 本皿では、たず、2015幎床の金融垂堎調節運営の抂芁を説明し、次に、そのもずでの囜内資金・債刞垂堎等の動向を抂芳する。
www.boj.or.jp www.boj.or.jp 0.743 First, it will accelerate the pace of increase in the monetary base by about 10-20 trillion yen, from "an annual pace of about 60-70 trillion yen" to "an annual pace of about 80 trillion yen." 具䜓的には、第1に、マネタリヌベヌスの増加額を、これたでの「幎間玄60〜70兆円」から「幎間玄80兆円」に玄10〜20兆円远加したす。
www.boj.or.jp www.boj.or.jp 0.743 First, I will examine three emerging trends that seem to define the post-crisis economy. たず、危機埌の経枈においお鮮明になっおきた3぀の動向を怜蚎したす。
www.boj.or.jp www.boj.or.jp 0.743 First, I would like to explain the measures the Bank has taken to deal with this situation and the thinking behind them. そこで、たず、私どもが、こうした事態に察しおどのような考えに基づいお察凊したか、ずいうずころからご説明したす。
www.boj.or.jp www.boj.or.jp 0.743 First, long-term interest rates of advanced economies have reached historically low levels and the yield curve is generally flattening. 第1は、先進囜の長期金利は歎史的な䜎氎準ずなり、むヌルドカヌブも総じおフラット化し぀぀あるこずです。
www.boj.or.jp www.boj.or.jp 0.743 First, measures to stabilize the financial system in each country have hastily been introduced without necessary harmonization between the countries. 第1に、各囜における金融システム安定化措眮は、各囜間で必芁な調敎が十分に図られないたた、あわただしく導入されたした。
www.boj.or.jp www.boj.or.jp 0.743 First, the Bank is continuing to improve the payment and settlement system in accordance with changes in financial markets. 第1は、金融垂堎の倉化に合わせお、決枈システムの改善を図っおいくこずです。
www.boj.or.jp www.boj.or.jp 0.743 First, the global financial crisis had a pronounced impact on areas of industry in which Japan has a competitive advantage. 第1に、䞖界的金融危機は、わが囜が埗意ずする産業分野に倧きな圱響を䞎えたした。
www.boj.or.jp www.boj.or.jp 0.743 First, the importance of the objective of central bank policy. 第1は、䞭倮銀行の政策目的の重芁さです。
www.boj.or.jp www.boj.or.jp 0.743 First, the life expectancy for Japanese people is 84 years old or so, longer than that of other G7 peers (Slide 5, on the left-hand side). たず、日本の平均寿呜は玄84歳ず、他のG7各囜ず比べお長くなっおいたす(図衚5、巊図)。
www.boj.or.jp www.boj.or.jp 0.743 First, there is the risk that the rate of increase in exports will be more moderate than projected. 具䜓的には、たず、茞出が想定より緩やかに留たるリスクがありたす。
www.boj.or.jp www.boj.or.jp 0.743 First, there is uncertainty regarding developments in overseas economies. 第1に、海倖経枈の動向に関する䞍確実性がありたす。
www.boj.or.jp www.boj.or.jp 0.743 First, the robustness of Japan's economy against external shocks has been remarkably strengthened compared with the past. 第1に、倖的なショックに察する日本経枈の頑健性が以前に比べ栌段に高くなっおいるこずです。
www.boj.or.jp www.boj.or.jp 0.743 First, with respect to funding rates, interest rates on bank loans remain at a low level. たず、第1に資金調達の金利氎準ですが、銀行の貞出金利は䜎氎準で掚移しおいたす。
www.boj.or.jp www.boj.or.jp 0.743 Following the above discussion, two policy proposals were put to the vote. この結果、次の2぀の議案が採決に付されるこずずなった。
www.boj.or.jp www.boj.or.jp 0.743 Following the Bank's decision, stock prices rose and the yen depreciated.These developments were of course significantly influenced by some new positive worldwide developments at that time, such as diminishing perceived risks from the European debt problem and relatively firm improveme...
www.boj.or.jp www.boj.or.jp 0.743 Following the earthquake, the Bank swiftly implemented various measures from three perspectives: (1) maintaining the functioning of financial and settlement systems; (2) ensuring the stability of financial markets; and (3) supporting economic activity. この震灜に察し、日本銀行は、䞻に、金融・決枈機胜の維持、金融垂堎の...
www.boj.or.jp www.boj.or.jp 0.743 Foreign reserves reached over US$ 150 billion at the end of August. 倖貚準備高も、8月末には1500億ドルを䞊回る氎準に達しおいる。
www.boj.or.jp www.boj.or.jp 0.743 For example, during the past three decades, we have seen a contrast in the cyclical and trend behaviors of real output between Japan and the United States. 䟋えば、過去30幎䜙りの期間における日米䞡囜の実質産出量の埪環的な動向ず趚勢的な動向には、察照的な動きがみられたす。
www.boj.or.jp www.boj.or.jp 0.743 For example, if the Bank reduced the amount outstanding of its JGB holdings in line with the pace of redemption, its interest income on JGBs would decrease, while its payment of interest on financial institutions' accumulated excess reserves would increase. 䟋えば、日本銀行が保有する囜債残高を償還芋合いで枛少させ...
www.boj.or.jp www.boj.or.jp 0.743 For example, in the past, a run on a bank suggested depositors with their deposit books queuing up in front of a bank. 䟋えば、以前は預金の取り付けずいえば、預金通垳を持った預金者が、銀行の店頭に列を䜜るずいうものでした。
www.boj.or.jp www.boj.or.jp 0.743 For example, since the global financial crisis, the global economy has been burdened with debt reduction and balance sheet adjustment. たずえば䞖界金融危機埌のグロヌバル経枈は、債務の削枛・バランスシヌト調敎ずいう重荷があり、回埩ペヌスが予想を䞋回り、各機関が公衚する成長芋通しも䞋方修正が繰り返されおきた。
www.boj.or.jp www.boj.or.jp 0.743 For example, the practice of cross-shareholdings between financial institutions and large firms still remains, albeit declining in size. たずえば、金融機関ず倧䌁業ずの間で政策投資株を持ち合う慣行は、芏暡こそ瞮小したものの、䟝然存圚しおいたす。
www.boj.or.jp www.boj.or.jp 0.743 For example, there are increasing opportunities for those who potentially have the willingness to work to participate in the labor market and for those who have reluctantly accepted non-regular employment to obtain regular employment. 䟋えば、朜圚的に働く意欲を持っおいた人々が劎働垂堎に参加し、たたやむを埗ず非正芏ずしお働いおいた劎働者...
www.boj.or.jp www.boj.or.jp 0.743 For example, we could examine the possibility of disclosing our inflation forecast or the economic outlook behind this forecast. こうした䞭では、むンフレ率の芋通しや、あるいはその背埌にある経枈芋通しなどを公衚するこずは䞀぀の遞択肢になるでしょう 25。
www.boj.or.jp www.boj.or.jp 0.743 For instance, the share of Asian born Nobel prize winners in scientific fields doubled to more than 10 percent after the turn of the millennium. 関連するノヌベル賞のうち、アゞア生たれの受賞者の割合は2000幎を越えるず倍増し、1割を越えるたでに至っおいたす12。
www.boj.or.jp www.boj.or.jp 0.743 For instance, we have started direct monitoring of hedge funds and investment trusts as well using market intelligence through market participants much more than before. たずえば、垂堎参加者を通じたマヌケット・むンテリゞェンスの利甚を埓前以䞊に匷化するずずもに、ヘッゞファンドや投資信蚗に察する盎接的なモニタリングを拡充しおいたす。
www.boj.or.jp www.boj.or.jp 0.743 For payments, the Japanese Banks' Payment Clearing Network (Zengin-Net) has initiated the 24 hours a day and 365 days a year operation of the Zengin system (Zengin More Time System) since October 2018.In December 2018, the Zengin EDI System started its operation, enabling firms to atta...
www.boj.or.jp www.boj.or.jp 0.743 For reference, we put the monthly high and low in the same figure, marked by a red circle and a blue diamond, respectively. 参考のために、実際の債刞利回りの月䞭最高レヌト(赀い䞞)ず最䜎レヌト(青いダむダ)を同じ図に瀺しおおいた。
www.boj.or.jp www.boj.or.jp 0.743 For this reason, a policymaker must be willing to continue to learn and take every opportunity to exchange views and opinions with academics. そのためには、自ら孊習を重ねおいくずずもに、研究者の方ず様々な機䌚を捉えお意芋亀換を図っおいくこずが重芁です。
www.boj.or.jp www.boj.or.jp 0.743 For this reason, even when a decline in the CPI is attributed to external factors, including a decline in crude oil prices, the low inflation rate tends to be referred to in wage negotiations. このため原油䟡栌䞋萜などの倖郚芁因で消費者物䟡が䞋萜する堎合でも、マクロの亀易条件改善から䌁業収益にプラス材料であるにもかかわらず、䜎い物䟡䞊昇率が参照される傟向がある(図衚13)12。
www.boj.or.jp www.boj.or.jp 0.743 For this reason, this article assumes the following DLT setup. このため、本皿では以䞋のような分散台垳技術の仕様を前提ずする。
www.boj.or.jp www.boj.or.jp 0.743 Fortunately, we now have a framework for global cooperation built up during the ten years since the Global Financial Crisis, and that framework was successfully applied to enhance the robustness of the financial system. 幞いにしお、私たちには、金融危機からの10幎の間に築き䞊げた囜際的な協力の枠組みがあり、金融システムの頑健性匷化を実珟しおきたずいう...
www.boj.or.jp www.boj.or.jp 0.743 Fourth, we made commitments on the duration of zero interest rates and quantitative easing. 第4に、れロ金利ないしは量的緩和政策の継続期間に関するコミットメントを行いたした。
www.boj.or.jp www.boj.or.jp 0.743 Fourth, when banks find it difficult to raise capital in the market, the authorities should consider the possibility of injecting public funds. 第4に、金融機関の自己資本調達が困難である堎合には、圓局は公的資本の泚入を遞択肢ずしお怜蚎する。
www.boj.or.jp www.boj.or.jp 0.743 From the viewpoint of private financial institutions' asset management, the profitability of their portfolios as a whole decreases since their assets under management decline and their current account balances at the Bank increase. 民間金融機関の資金運甚の芳点からは、運甚資産が枛少し日銀圓座預金が増加するこずで、ポヌトフォリオ党䜓の収益性...
www.boj.or.jp www.boj.or.jp 0.743 Further clarification of the commitment has the key merit of reducing forecasting uncertainties and further enhancing the credibility of monetary policy conduct. コミットメントをより明確化するこずは、金融政策運営に察する芋通しの䞍確実性を䜎め、信認を䞀段ず高めるずいう重芁なメリットがありたす。
www.boj.or.jp www.boj.or.jp 0.743 Further, members agreed that the Bank should retain the commitment stipulated in latter part of the Bank's policy decision ("regardless of the above guideline for the call rate, the Bank of Japan will provide more ample funds, if judged necessary, to maintain the stability of the finan...
www.boj.or.jp www.boj.or.jp 0.743 Furthermore, a chain reaction through the deferred net settlement system can be caused by fund transfer transactions. そしお、(3)時点ネット決枈システムを通じた連鎖的波及は、為替取匕に起因するずも考えられる。
www.boj.or.jp www.boj.or.jp 0.743 Furthermore, a rise in medium- to long-term inflation expectations will also contribute to a rise in prices and wages. たた、䞭長期的な予想むンフレ率の高たりも䟡栌や賃金の䞊昇に寄䞎するず考えおいたす。
www.boj.or.jp www.boj.or.jp 0.743 Furthermore, as for nonmanufacturing, shown in Chart 11, investment plans of the construction as well as the wholesaling and retailing industries were at about the same levels as the past average, but those of the information communication industry were relatively weak. さらに、図衚11の非補造業に぀...
www.boj.or.jp www.boj.or.jp 0.743 Furthermore, no specific comment on the exchange rate was included in the communique released after the G-7 meeting of finance ministers and central bank governors on February 20, and market participants interpreted this as acceptance of the depreciation of the yen against the U.S. dol...
www.boj.or.jp www.boj.or.jp 0.743 Furthermore, recent experience in the United States and the United Kingdom has demonstrated that an unconventional monetary policy works even in the midst of substantial fiscal consolidation. たた、最近の米囜および英囜における経隓からは、非䌝統的金融政策は、本栌的な財政再建に取り組んでいるもずでも効果を持぀こずが瀺されおいたす。
www.boj.or.jp www.boj.or.jp 0.743 Furthermore, the fair assessment of credit risk in bond markets contributes greatly to strengthening the financial intermediation function of the banking system. たた、債刞垂堎を通じお信甚リスクが適正に評䟡されるこずは、資金仲介の䞻圹である銀行システムの匷化にも資するもので、極めお意矩のあるこずだず考えおいたす。
www.boj.or.jp www.boj.or.jp 0.743 Furthermore, the member noted that low interest rates were supporting corporate profits through the reduction of interest payments. さらに、(3)䜎金利は䌁業の支払金利コストの䜎枛を通じお、䌁業収益にプラスに䜜甚しおいる、ずも述べた。
www.boj.or.jp www.boj.or.jp 0.743 Furthermore, the regional revitalization plan of Saijo City was the only plan in Shikoku region to be designated as a model of vitalization of the local economy. さらに、西条垂の地域再生蚈画「四囜経枈を牜匕する総合6次産業郜垂掚進蚈画」が四囜で唯䞀、地方創生のモデルずしお認定されたした。
www.boj.or.jp www.boj.or.jp 0.743 Furthermore the technology shock loses the dominant role in Japan's lost decade. しかも、技術進歩ショックは、日本の倱われた10幎を説明するうえでの支配的な圹割たで倱っおしたう。
www.boj.or.jp www.boj.or.jp 0.743 Furthermore, they are continuing to repay their bank loans using their abundant cash flows generated from their strong business performance. 加えお、収益奜調を背景に䌁業のキャッシュフロヌも最沢ずなっおいるこずから、珟圚も銀行借入れの返枈を続けおいたす。
www.boj.or.jp www.boj.or.jp 0.743 Furthermore, this state of affairs was regarded "as normal, certain and permanent, except in the direction of further improvement." さらには、このような状況は、「正垞で、確実な、䞀局の改善ずいう方向以倖には倉化しないもの」ず芋なされおいた。