Diploma in Translation Exam Paper

 Source text - Japanese米国の低所得者向け住宅融質（サブプライム ローン）問題をきっかけにした世界金融市場 動揺は２力月半たっても余震が続いている。今週も、米国の大手証券メリルリンチが９千 億円もの評価損が出たと発表し、株式市場や 為賛市場が揺れた。これから各国で金融機関 の損失額が次々と出てくるだろう。米国の景 気への悪　影響も来年にかけて本格化するに ちがいない。そもそも混乱の発端は、収入が足りないひと 向けに、住宅の値上上がりだけを　頼りにロ ーンを膨らませたことだ。米国内の問題だっ たはずが、危機は欧州で噴きだしたいつかみた光景だ。１０年前の夏、タイ通貨 の投機売りをきっかけに世界中へ広がった通 貨危機のことだ。金融の自由化に債権を証券に換える金融技術 が発達し投機資金は国境をものともせずに走 り回る。マネー経済が実体経済を振り回し、 投機とは無縁に国民生活をも巻き込んでしま う。新しいタイプの恐怖である。いま世界の資金の循環は、経済赤字が限界を 越えて増えて続けている米国に対して、黒字 を稼ぐ　中国や日本などのアジア諸国と産油 国が資金を出すことで保たれている。この二 極講造のアンバランスが９０年代末ごろから 急拡大している。中国や産油国の資金はいったん米国や欧州に 流れ、ヘッジファンドのてで金融商品に作り 替えられて、投機資金として国際市場を駆け 回る。こうして危機の芽が世界にばら撒かれ ている。米国の経営赤字が大幅に増えたのは、国内の 貯蓄が極端に低下したことの裏返しだ。輸出 力を大幅に上回る商品や物質を世界から輸入 し、赤字をたれ流す。そこには、サブプライ ム問題にみられる消費の行き過ぎがある.

Translation - English

The question of the mortgage crisis facing home holders in America has shaken markets worldwide, and this crisis has continued for two and a half months.

This week as well, the big American share company Merlinch announced it had suffered losses of nine hundred billion yen, and the share markets and exchange markets were also shaken.

It seems that because of this financial institutions in each country are continuing to experience losses.

It is certain that the bad financial climate towards The United States of America will continue until next year.

To begin with the tumult faced people with insufficient incomes but now effects people who want loans to buy a house.

It was originally just an American problem but the crisis spilled over into Europe.

It is a familiar scene: In the summer of ten years before we experienced a worldwide crisis caused by speculative selling of the baht.

In addition to the liberalization of credit turning credit into bonds has also increased.

Speculative funds galloped away seeing and ignoring the borders of states.

The money market leads the practical market and the speculation engulfs the indifferent populace, it is a new breed of fear.

The global money circulation of today, is as follows in contrast to the America that continues to surpass ordinary debt, Asian countries such as Japan and china and oil producing countries are preserved by providing funds.

This bipolar unbalance began to spread like wildfire since the end of the nineties

The funds of china and the oil producing countries spread at once to the West and at the hands of the hedge funds and stock markets move about because of investments.

The seed of the financial crisis bloomed out to the world in this way. The fact that America’s debt has dramatically increased is then flip side of the fact that their national treasury is depleted.

And it haemorrhages debt.

This over consumption can be seen in the problem of sub prime mortgages.