<font size "3">Specialist legal translations<font size "3"> <br>Admitted as a solicitor of the Senior Courts of England & Wales

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Japanese to English: Mortgage backed securities General field: Bus/Financial
Source text - Japanese 国内金融機関、サブプライム商品の評価益拡大続く 金融庁は米国の信用力が低い個人向け住宅融資(サブプライムローン）関連商品について、国内の預金取扱金融機関による保有分の評価損益が今年6月末時点で110億円のプラスになったとの調査結果をまとめた。評価益は30億円だった3月末から拡大した。各行が資産売却や減損処理を進めたことが背景だ。 金融庁は国内の銀行や信用金庫、信用組合などを対象にサブプライムローンを組み込んだ資産担保証券（ABS）や債務担保証券（CDO）などの保有状況を四半期ごとに聞き取り調査している。リーマン・ショック直後の2008年9月末には1470億円の評価損が発生していた。 国内金融機関が関連商品の売却や減損処理を進めた結果、今年6月末のサブプライム関連商品の簿価は3270億円と08年9月末（7970億円）の約4割の水準に縮小。売却損や減損処理、引当金の計上などを累計した「実現損」は07年4月からの累計で1 兆450億円に上った。 サブプライムローンとは直接関係のない分も含めた証券化商品全体の評価損益は6月末で1120億円のマイナス。08年9月末（1兆5110億円）の10分の1以下に縮小したが、引き続き含み損を抱えている。	Translation - English Banking sector's sub-prime asset gains continue to rise Japan's Financial Services Agency (FSA) has revealed the results of a survey into how much the country's depositary institutions are holding in assets securitised against American sub-prime mortgages. The results revealed the assets to be showing a total gain of ¥11bn in June this year, up from gains of ¥3bn at end of March. These gains must be viewed against a background of impairments and asset disposals by the banks. The FSA carries out its investigation into the country's financial institutions’ (banks, credit co-ops, etc.) holdings of asset backed securities (ABS) and collateralised debt obligations (CDO) with exposure to sub-prime mortgages each quarter. Immediately after the Lehman Brothers crash at the end of September 2008, these assets were showing losses of ¥147bn. As a result of impairments and disposals, the sum of sub-prime assets held by financial institutions diluted by about 40% from ¥797bn at the end of September 2008 to ¥327bn in June this year. From a starting point of 2007, realised losses (an aggregate of loss on sale, impairments, loss allowances etc.) have accumulated to ¥1.45trn. All securitised paper, including securities with no direct exposure to sub-prime mortgages, was showing a combined loss of ¥112bn at end of June this year, less than one tenth of the same at end of September 2008 (¥1.511trn), but there are still further losses to be realized.
Japanese to English: 常識の壁 Detailed field: Government / Politics
Source text - Japanese はじめに 僕たちの周りには「常識の壁」が立ちはだかっている。　意識しないことも含め常識にがんじがらめに縛られて、勝手に困って勝手に苦しみあがいているんじゃ なかろうか。養老孟司先生と「バカの壁」の話をしていて、もう一つある大きな壁「常識の壁」に気がついた。これを取り払った途端、真っ暗だった未来は目も くらむような明るさと楽しさに輝いて見えることにも気がついた。今世間をおおう閉塞感とは常識の別名なのです。 この世は常識に成り立っているーように見える。しかし常識とはけっこうあやふや。大人になれば結婚するのは常識だったが、めんどっちいからしない人が増 え、しないことも常識になってしまった。かといって結婚しない常識も、そのうち世の中が変わって迷惑がられて非常識に転落するかもしれないし、逆に、いっ しょにいればいいのであって、役所なんかに届け出る結婚なんて古臭い形式はバカみたい、という常識に進むかもしれない。 親は子供の面倒をみて、年をとったら子供が親の面倒を見るのは世界の常識だったが、日本政府というものが偉そうに年金や介護保険などの制度を作って、どう せ他人の金だからと高額を支払い、わずらわしさから解放してあげる、なんて決めたおかげで、年取った親の面倒を見ないのが常識になりつつある。おかげで反 作用が起きて、親のほうも子供の面倒なんか見ないどころか、いじめる親まで増えている。虐待の増加は日本政府のせいだ。 常識なんてしょうもないものが多いのだ。 １０代２０代の若者が自分の年金の心配をしているそうだ。バカバカしいといったら、今じゃそれは常識らしい。つまらん常識に若い人が縛られるくらいろくで もない現象はこの世にない。４０年後の日本を信用するかどうかの話だ。４０年後は、いまの年金システムが面倒をみている人は、年金をもらうだけもらってほ ぼ全員死んでしまっている。４０年後信用されるかされないかの主体は、実は今の若い自分たち大人だということだ。つまり自分を信用するかどうかの話なのだ から、心配するほうが愚かしい。小泉首相や坂口大臣を筆頭に、年金などにつぃて今適当なことをいっているオヤジたちの保障など、なんのあてにもなりはしな い。偉い人たちが真剣に、将来のためにやってくれているはずだったのは大昔の常識。今はそんなこと信じないのが常識なのです。 国のシステムは税金を集めることで成り立っている、という常識もある。しかし日本の真の姿は全然違う。税金のほぼ全額は全国の公務員の給料になってしま い、国の仕事はほぼ全部借金でまかなわれている。これを全額税金でまかなわれるように戻そう、と政府はいっているが、そんなことはできるわけがない。だっ たら常識を変えて、国は借金だけでやっていく。世界初、国そのものを民営化してしまったほうが早い。これが日本の新しい常識だ。 民主党がマニフェストで高速道路をタダにしてやるといっているのに、財源の心配をするのが良識ある人の常識らしいが、余計なお世話だ。タダにしてもらいえ ばいいではないか。あとの心配は民主党がやるといっているのだ。自分が心配することはない。全く常識人たちというのはおせっかいで、世の中がよくなること に足を引っ張ってばかりいる。 今の若いもんはだめだ、という何千年も前からの常識人のくりごとは、何千年もの間常に嘘でありつづけてきた。それなのに今もいわれている。学力が低下した とか、礼儀を知らないとか、日本語を壊しているとか、戦いを避ける、コミュニケーションがへただとか。とんでもない話だ。いろんな情報を、例えばケータイ で、インターネットで、つい１０年前なら１日かかった検索を、今の若い人たちは１分で成し遂げる。この生産性の高さは、ちょっと前に比べてけた違いだ。そ の効率の良さを十分に生かしてすばらしい日本を作ることも妨げているのが、今時の常識人だ。 常識とはひょっとして、人の能力に上限をつけて、非効率人間の既得権を守ろうとする道具なのではなかろうか？ 学校も社会も国も、１月ではなくて４月から新年度が始まるという常識。これもおかしい。なぜ４月なのだろうか。さくらが咲くからではない。会社が新人社員 を４月に一斉に採るため、そのときにあわせて大学が３月に卒業させるので、それにあわせて高校も３月に卒業させ、中学校も小学校も幼稚園も３月卒業にし た。それだけのことだ。つまり、新人社員を会社に一斉に入れて、効率よい日本社会を作るのが目的なのだ。これ常識。でも世界の常識ではない。日本でもかつ て、寺子屋は随時入学だったし、明治の初めは学校によって入学時期はさまざまだった。今世界では、たいがいのところで学校は夏休み前に終わる。ゆっくり休 んで、９月あたりから次の学年にぼちぼちと行き始める。勉強が主体なんだから当たり前。入学したいときに入学する方式に変えてはどうか。人さまざまなのだ から自然だろう。不登校なんて消えうせる。会社に勤めるための勉強、という常識もなくなってしまう。たったそれだけのことが、あらゆる人の生き方を変え日 本社会を変えてしまうのです。	Translation - English The Wall of Social Norms-by Kikuchi Tetsuro Introduction A great wall stands in our way. I call it the "Wall of Social Norms". We are made to suffer and struggle, unwittingly imprisoned by a wall of our own making. I came to realize the significance of this wall after speaking with Dr. Takeshi Yoro, author of "The Wall of Stupidity". Once the wall is removed, I believe that rather than the dark and dismal future foretold by most of us, a dazzling road can lie ahead of us. The immobility we sense in the world today is merely the spectre of this wall of social norms. This world is made up of social norms - so it seems. However, social norms are constantly changing. In the past, social norm dictated that when we become adults we must get married, but recently ambivalence towards marriage has risen with the result that NOT getting married has become a social norm. Meanwhile, as the world continues to change, NOT marrying may become an inconvenience, with the result of marriage returning to its former glory. On the other hand, couples may continue to feel that just being together is enough. In this case, the trend of seeing marriage as an outdated tradition, a worthless slip of paper to be handed in at the local town hall, will continue to become a social norm. Parents look after their children through childhood, and the children return the favour by helping their parents through old age. This used to be a social norm throughout the world. However, the government of Japan assumed the role of carer by creating the national pension and nursing care insurance systems. As these systems use other people's money (workers pay contributions each month), the government of Japan does not fret about spending large amounts of it to free the older generation from the troubles of later life. However, thanks to this framework, the tendency of children NOT looking after their parents through old age is continuing to become a social norm. Perhaps as a continuation of this theme, many parents are not looking after their children, and even worse, incidents of child abuse are also rising. The rise in child abuse is the fault of the Japanese government. There are many examples of social norms which are created by wrong turns and serve no practicality. Teenagers and twenty somethings are worrying about their pensions. However ridiculous it seems, it has become a social norm. The question is whether we have confidence in a Japan 40 years down the road. In 40 years the people who are receiving pension money now will all be gone. The question of whether or not to have confidence in the future of Japan has to be answered by us, the young adults of today. In other words, because it is a question of whether we have faith in ourselves, it would be foolish to worry. We can't rely on the indefinite assurances of people like Prime Minister Koizumi and minister Sakaguchi along with all the other men of that generation. The social norm of believing that distinguished men are earnestly working for a better future for us younger people now seems defunct. Rather, disbelieving is now the social norm. It is another social norm that the country funds its expenditure by collecting taxes. However, Japan's reality is completely different. Almost all of the taxes collected are used to cover the cost of the civil service alone, whereas the money needed for other expenditure comes from loans. The government is pledging to remove this reliance on loans to fund the budget deficit, but it is living in a dreamland. If that is the case, why don't we change social norms and run the country on loans! We could even go the whole hog and become the world's first denationalised country! This has become Japan's new social norm. Although the Democratic Party of Japan is pledging to make use of motorways free of charge, it seems that the social norm for "people in the know" is to worry about the where the finance is going to come from. Nevermind about that! Make it free! The Democratic Party say they will do the worrying afterwards - it is not our concern. By forcing their negative opinions on us the "people in the know" are unwittingly impeding the world's progress to a better future. "Kids nowadays are no good." This complaint has been voiced by the protectors of social norms for thousands of years and yet they have consistently been proved wrong. Nevertheless, it is still being voiced! Complaints include; falling educational standards, bad manners, degradation of the Japanese language, aversion to confrontation, poor communication. It's absurd! In less than 1 minute via mobile phone or the internet, the children of today can search for and find information, that only 10 years ago would have taken a full day. This amount of productivity is huge compared to even the recent past. It is the protectors of social norms who are guilty of restricting us from using this effectiveness in creating a new, great Japan. Perhaps social norms are the tools which incapable people use to put a ceiling on the abilities of others, in order to protect their pre-ordained rights. Social norm dictates that, schools, society and the country starts a new year from April, not January. This is also strange. Why does it start from April? It's certainly not due to the advent of the cherry blossom season. The real reason is to enable companies to pick out new recruits in one fell swoop. To aid this end, universities, high schools, middle schools, primary schools and even kindergartens are made to finish the school year in March. In other words, society is moulded towards enabling companies to do their recruiting all at once, therefore creating an efficient Japan. This is the social norm. However, it is not a social norm throughout the world. Even in Japanese history we can find examples of differences. The Terakoya (the first primary schools set up during the Edo era [1615-1868] to teach the masses basic literacy) admitted students at any time, and during the beginning of the Meiji era (1868) different schools had various starting times. Today, most countries finish the school year before the summer holidays. The idea is to allow students a long rest before slowly returning to school at the start of September. After all, a thoroughly relaxed child is much more able to concentrate on studying, the primary aim of any education system. Why don't we change school admissions policy and allow students to enter into school when they wish? It would be a natural conclusion considering that all people are different. The problem of a great many children choosing not to attend school would disappear. The social norm of students studying purely for employment into companies would also disappear. Such minute adjustments would change the lifestyles of all people and, in turn, reshape Japanese society.