太田述正コラム（#5087、2011.11.1、<皆さんとディスカッション（続x1366）>）からコピペする（太字）。URL（イタリック）はコピペ文の直前に載せる。
URL;http://blog.ohtan.net/archives/52106975.html
＜太田＞
それでは、その他の記事の紹介です。
[途中一部省略]
今回の日本政府による為替介入の無意味さを見事に説明している。↓
＜日本のデフレを考慮すれば、長期的（＝ここ四半世紀の平均）に見て、円は少しも円高になってないってさ。↓＞
・・・Almost two decades of nearly continuous deflation have offset nominal yen strength. So the real, price-adjusted, value of the yen relative to Japan's trading partners is 2% below its 25-year average.・・・
＜第一、円はここ数年、1986年以降の平均に比べて大幅に円安に振れていたってんだな。↓＞
The hidden complaint from exporters is that the yen is not as super-cheap as it used to be, not that it is stronger than average. The currency depreciated significantly in real terms during the recovery that started in 2002, falling to a level in 2007 that was 30% below its post-1986 average. That super-cheap yen helped to drive the growing trade surplus that fueled the recovery.
＜にもかかわらず、この間、先進国中の日本の輸出シェアは落ち続けてきた。↓＞
But again, it's hard to extrapolate from that fact to a conclusion that a cheaper yen would revive export competitiveness. Despite the cheapness of the yen in the last decade, Japan's global market share kept on falling. Japan's share of global goods exports by rich countries (meaning China is excluded from the calculation) peaked in 1986 at 13.5% and then fell to 8.4% by 2007.
＜その原因は、日本の工業生産性の伸びが、例えば、米韓に比べて著しく低かったところにある。↓＞
What would help the Japanese economy? A country that keeps losing market share even with a super-cheap currency has a fundamental competitiveness problem. Due primarily to insufficient competition at home, Japan's productivity has flagged in services and manufacturing for domestic consumption. Since 2000, factory output per work-hour has increased 66% in the U.S. and 90% in South Korea, but only 38% in Japan. That raises the relative costs that Japan's exporters have to pay for goods and services inputs.
＜仕方なく、日本の企業は賃金を減らすことで対応してきた。これが、内需を減らし、日本を輸出依存経済にしてしまった。↓＞
That, in turn, set in motion another huge imbalance. Japan's firms have tried to surmount their domestic cost problem by suppressing wages. In the past decade, real wages per hour have fallen 6%. Low income means anemic domestic consumption. In response to that, Japan has tried to use a growing trade surplus, fueled by a super-cheap yen, as the main driver of growth. In the 2002-07 recovery, a full third of growth in gross domestic product came from growth in the trade surplus. Another third came from increases in business investment, much of which was driven by exports.・・・
＜だから、日本を成長/競争志向経済にしなければならないのであって、為替介入なんて愚の骨頂だって。↓＞
Rather than shaking its fist at scapegoats, Tokyo should focus on a pro-growth, pro-competitiveness agenda, not more futile currency intervention.
http://online.wsj.com/article/SB10001424052970204394804577009570986086502.html
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