TPP (Trans-Pacific Partnership) Vol.1

All the links and tweets are in English.


Canada Vol.38 / Trans-Pacific Partnership #TPP Vol.4

Australia Vol.15 / Trans-Pacific Partnership #TPP Vol.2

New Zealand Vol.15 / Trans-Pacific Partnership #TPP Vol.1

Trans-Pacific Partnership #TPP Vol.3 (Miscellaneous)


TPP, RCEP, and Japan’s Agricultural Policy Reforms (PDF; 03/31/2014) | Hiro Lee, Ken Itakura @osaka_univ_e
CPTPP ‘levels the playing field’ in Japan (02/03/2018) | @WTO Center VCCI

Obama’s visit to Japan(#Hiroshima関連:オバマ前米大統領訪日)


Donald Trump and North Korea tipped to be on agenda as Barack Obama renews friendship with Shinzo Abe (25/03/2018) | Danielle Demetriou @guardian
Abe to lunch with ex-President Obama in Tokyo (03/25/2018) | @NHKWorldNews_EN
安倍首相、オバマ前米大統領と銀座ですしランチ (日本語;写真有;2018年3月25日) | @AFP
「北朝鮮は本当の脅威」 来日中のオバマ元米大統領が北朝鮮情勢について発言 (日本語;2018年3月25日) | 産経新聞
…「第4回世界オピニオン・リーダーズ・サミット オバマ前大統領との対話」(NPO法人世界開発協力機構主催)にゲストとして出席。ブレンダン・スキャネル元駐日アイルランド大使との対談で、北朝鮮情勢や自身の広島訪問などについて語った。…
( Sake Royalty – What PM Shinzo Abe Poured Obama in Tokyo – And Why (May 2014) | @TrueSake )
Obama, in Japan, says NKorea’s isolation means less leverage (03/25/2018) | Yuri Kageyama @AP (@washingtonpost 等多数)
Obama envisions creating ‘a million young Barack Obamas’ during speech in Japan (03/25/2018) | Daniel Chaitin @dcexaminer

Post-presidency Obama meets PM Lee in S’pore: He wants to tell the world about the Obama Foundation and what it can do. (03/20/2018) | Belmont Lay @MothershipSG
Former US President Barack Obama catches up with PM Lee during his brief visit to Singapore (03/20/2018) | @CoconutsSG
Some very lucky young people got to meet Obama in Singapore – here’s what he’s been up to so far (03/20/2018) | Jessica Lin @BusInsiderSG
Listening to former US president Obama in person was 10 times better than seeing a pop star: Generation Grit millennial (03/19/2018) | Theresa Tan @STcom
Ganesh meets Obama in Singapore (03/21/2018) | LUQMAN ARIF ABDUL KARIM @NewStraitsTimes
Barack Obama shows he hasn’t lost his touch in Sydney visit (03/24/2018) | SAM BUCKINGHAM-JONES @australian
President Obama’s delivers invite-only address in Sydney: FACT and logic are being tested around the world, former President Obama has told an exclusive invite-only crowd in Sydney. (03/24/2018) | @newscomauHQ
Former US President Barack Obama’s third and final day in New Zealand (23/03/2018) | @nzherald
Obama in New Zealand for meetings, golf, but no public talks (03/25/2018) | Nick Perry @AP @washingtonpost
Former US president Barack Obama jets in to Auckland tonight (20/03/2018) | Claire Trevett @NewstalkZB


U.S.-Japan Summit Meetings 日米首脳会談 Vol.9(関連1: New Zealandメディア報道など — APEC,TPPなど)


New Zealand ニュージーランド Vol.5(#JacindaArdern coalition between Labour and New Zealand First アーダーン連立政権)

(The below links and tweets are in English.)

今月下旬、ニュージーランドのアーダーン新首相が宣誓し新連立内閣 * が正式に発足しましたので、取り急ぎ下記貼っておきます。
* 労働党とNZファースト党の連立政権(、及び、個別政策への信任と予算案の承認に係る緑の党との部分連合): a formal coalition between Labour and New Zealand First, supported on confidence-and-supply by the Green Party
New Zealand Vol.14 (Ardern administration)
New Zealand Vol.13 (Coalition)
New Zealand Vol.12 (General Election 2017)

Australia-New Zealand Summit Meeting 豪NZ首脳会談

All the below links are in English.


English, Turnbull singing from the same page (w Video; 2/18/2017) | @tracy_watkins @NZStuff
The pair are still forging a personal relationship, but could be forced together when working out how to deal with the US president.

It was a show of trans-Tasman mateship – and its indirect target was US President Donald Trump. …
Turnbull’s passionate rejection of a retreat into protectionism and “putting up walls” was another indirect dig at the Trump administration turning its back on trade liberalisation. …
The chemistry between Turnbull and English’s predecessor John Key had been a strength in the relationship, and helped push a better deal for Kiwi expats in Oz across the line last year.
Turnbull and Key were similar in their outlook and backgrounds, while Turnbull and English are chalk and cheese – Turnbull the more urbane money man, while English still wears his southern farming roots on his sleeve. …
Speaking with one voice on the TPP is not hard for either country, however; the bigger test of the Anzac spirit will come if the US calls on its traditional allies to commit troops to its fights, like Iraq or Syria. …

Turnbull works on English bromance (2/17/2017) | @SBS
… Given the public “bromance” between Mr English’s predecessor, John Key, and Mr Turnbull the fleeting trip is about reaffirming the strong connection between their two sporting rival countries. …
Both expressed a desire to work together in their push for free trade on the back of the US’ withdrawal from the Trans-Pacific Partnership.
There were no further announcements on pathways to citizenship for Kiwis in Australia but Mr English appreciated the agreement struck last year.
It’s estimated up to 70,000 New Zealanders who arrived between February 2001 and 2016 will be eligible from July 1. …
Mr English also revealed a New Zealand offer to take 150 asylum seekers from Australia still stands despite Mr Turnbull’s deal with the Obama administration.
Industry Minister Arthur Sinodinos and Economic Development Minister Simon Bridges used the trip to sign a science and innovation treaty aimed at collaborating on research to tackle among other challenges, chronic disease. …

Turnbull, English’s plan to tackle ‘The Donald’ (w Video; 2/17/2017) | @PatrickGower @NewshubNZ
… “The only approach is to be frank and forthright, I’m too old to be any different. I suspect Bill’s too old to change too “, Mr Turnbull says. …
The Trump administration is believed to have made a big ask of Australia behind the scenes – more troops for Iraq, meaning New Zealand will likely be hit up too for ‘Troops for Trump’.
“We’ll assess all requests on their merits as we always do,” Mr Turnbull said; Mr English echoing: “I simply couldn’t pre-judge that”.
And the Christchurch fire invoked the Anzac spirit, with Mr Turnbull offering support to help against the Port Hills blaze.
He also paid tribute to Steve Askin, the former SAS member who died when his helicopter crashed fighting the Port Hills fires. …
“The trans-Tasman trade and economic relationship provides an excellent model for deeper economic integration and we continue to build on that foundation as we engage with other partners.”

Turnbull and English meet amid global turmoil (2/17/2017) | @chrisbramwell @radionz
… Labour Party trade spokesperson David Clark said Australia and New Zealand had worked well together traditionally on trade and the two countries should look to leverage that on the world stage.
“Whether that is through the TPP minus USA, which in my view is a face-saving exercise by those who have staked their credibility on getting the TPP through last year, or whether it’s through some alternative trade agreement, we should be looking for opportunities for New Zealand to benefit, so long as those benefits are shared fairly across the population.”
New Zealand International Business Forum executive director Stephen Jacobi said the TPP minus the US was far from dead. …
Green Party co-leader James Shaw, said there were two clear messages Bill English should be giving Malcolm Turnbull.
“First of all, is that New Zealand does not accept the way that Australia has been treating these refugees over the course of the last few years – we agree with the United Nations assessment that they are in inhumane conditions.
“And the second message is that if Australia’s arrangement with the United States falls through, that New Zealand would be willing to take those refugees.” …
cf. NZ’ers in Australia could get easier citizenship path (2/19/2016) | @demelzaleslie @radionz

Trade dominates English, Turnbull talks (2/17/2017) | @NewstalkZB
… Mr English reiterated that New Zealand’s four-year-old offer to take 150 refugees from Australian detention centre on Nauru and Manus Island still stands.
He also praised the Australian government for its significant shift in policy to allow a pathway for up as many as 60,000 New Zealanders living in Australia to become citizens. …
Mr English thanked Australia for its assistance battling the Port Hills fire and in the aftermath of the Kaikoura earthquake…
While Mrs Turnbull asked Defence Force members how the Port Hills fire battle was progressing, Mr Turnbull paid tribute to Steven Askin, the helicopter pilot killed fighting the blaze. …
Mr Turnbull also acknowledged the loss many small communities like Arrowtown had suffered during World War I and the importance of the Australia-New Zealand relationship. …

Malcolm Turnbull’s Aussie-Kiwi bromance with New Zealand Prime Minister Bill English (2/17/2017) | @matt_killoran @newscomauHQ

姉妹都市 Vol.4(Exploring opportunities in sister cities)

(The below link is in English.)

Exploring opportunities in sister cities (5/12/2017) | @siah_ang (@BNZ @VicUniWgtn) @NZStuffBusiness の一部抜粋です。

… New Zealand’s cities and towns have more than 150 sister city arrangements. Close to 100 of these are with cities and towns in Japan, China and Australia.
Auckland and Wellington regions each have 19 sister city arrangements. Christchurch has seven of these partnerships. …
… Each sister city organisation is independent and plans and implements cooperative activities and exchanges in cultural, educational, municipal/technical, business, and humanitarian fields.
… Thousands of inbound and outbound exchanges take place every year, as well as virtual exchanges and other remote, cooperative activities.
…unlike geographical and logistical challenges that may come out of trade considerations, sister city arrangements are not weighed down by these constraints. A study has concluded that geographical distance has negligible influence on the choice of sister cities. …
In New Zealand’s engagements with Asia, it is important to bear in mind that we already have 79 existing sister city arrangements to build on. …

New Zealand ニュージーランド Vol.4

(The below links are in English.)

1. Financial stability risks from housing market cycles (19/07/2016) | Michael Thornley @ReserveBankofNZ(住宅市場の循環による金融安定性のリスク)の本文抜粋です。

1 Introduction …the global financial crisis (GFC)…

2 Housing market boom-bust cycles 及び 3 Direct exposure of the financial system to the housing market 

4 Indirect exposure of the financial system to the housing market
Impact on household consumption(家計消費への影響)
There is substantial literature on how household consumption responds to changes in housing wealth. Some theories argue that consumption should be completely unresponsive to changes in house prices as (i) households can borrow against their future income to support consumption and (ii) houses are a consumption good in their own right,
so house price declines would not affect a home-owner’s net wealth if they coincide with a decline in rental prices.
These arguments, however, depend on households having standard preferences, rational asset prices and no credit market frictions. Empirical evidence suggests that, in practice, household consumption is affected by house prices. One study finds that during the GFC, US households on average reduced their consumption by $540 for every $10,000 decline in the value of their home
Recent research also suggests that the responsiveness of household consumption to house prices is affected by the size and distribution of household debt. This is particularly noteworthy, as household debt-to-disposable income ratios have grown substantially in many advanced economies since the turn of this century (figure 6). In New Zealand, this growth was driven mainly by mortgage debt…
…countries with high aggregate household debt to disposable income ratios in 2007 suffered larger reductions in consumption in 2007-12, when controlling for other factors. …when public and corporate debt increase above certain thresholds it is bad for GDP growth. A negative relationship between household debt (above 85 percent of GDP) and future growth is found but the estimate is extremely imprecise.
… There are broadly two reasons why highly indebted households might reduce consumption more than other households when facing income or housing wealth shocks. First, income and wealth shocks may cause households to increase precautionary savings in response to lower expectations for future income, and this response may be larger for more highly indebted households (the ‘precautionary savings channel’). Second, income and wealth shocks may cause lenders to disproportionately restrict lending to highly indebted households in response to lower expectations for future income and concerns about the collateral value of their homes (the ‘credit availability channel’). …

Impact on sectors related to the housing market(住宅市場関連分野への影響)
… A housing market downturn can affect the construction industry, for example, by reducing demand for new property, reducing the value of the portfolio of land they hold awaiting future construction or causing projects to be written off due to lack of funding. This was demonstrated in Ireland and Spain in the GFC, when a pre-crisis boom in construction collapsed and caused significant losses for the local banking systems. The collapse of the domestic housing markets resulted in severe losses for the financial system, forced government bail-outs (which in Ireland amounted to around 40 percent of GDP) and, ultimately, forced the governments to seek financial support from international agencies…
A housing downturn could also depress the commercial property market by reducing the value of land and property that leveraged commercial property developers have used as collateral to borrow against, threatening their solvency or future borrowing capacity. A relatively large proportion of bank losses in past financial crises are estimated to have come from loans to the commercial property sector… For example, prior to the Nordic and Japanese financial crises in the early 1990s, there was rapid growth in commercial property prices and construction, following a property boom fuelled by financial liberalisation. Significant loan losses were incurred when rising interest rates and slowing economic activity triggered a sharp fall in commercial property prices.

5 Summary and implications for financial stability in New Zealand
A housing market downturn can cause ‘direct losses’ for banks on mortgage lending, with losses typically being larger on mortgages to highly levered borrowers. It can also contribute to ‘indirect losses’ on lending to sectors related to the housing market, such as the construction and commercial property sectors, and more generally, by affecting household consumption and economic activity.

5.1 Assessment of housing market risks in New Zealand
The Reserve Bank has reason to be wary of these risks in New Zealand. New Zealand house prices have displayed a degree of cyclicality in recent years (figure 7) and although we have not seen a major decline in prices since the early 1980s, many other advanced economies have experienced sharp and significant declines in house prices, particularly during the GFC. In addition, New Zealand banks’ exposure to the housing market has increased in the past two decades: in aggregate, mortgage lending comprised less than 40 percent of banks’ overall lending portfolio in 1994 and has risen to around 52 percent today.
House prices in New Zealand were among the fastest growing in advanced economies last year and have grown faster relative to incomes than in most advanced economies in the five years after 2010 (figure 8). The house price to income ratio in Auckland rose to 9 in Q1 2016, high internationally and up significantly from 6 in 2012.
There are also signs that a significant proportion of new mortgage lending in New Zealand is highly levered. Currently, around 40 percent of residential mortgages are issued at more than five times the borrower’s gross annual income. Anecdotally, banks were much less willing to write mortgage loans this large relative to income in the aftermath of the GFC and also required substantial deposits. This cyclicality of mortgage supply could exacerbate cyclicality in the housing market, as a price-credit loop can fuel dramatic escalations in house prices and amplify sharp falls in prices.
Property investors may also amplify housing market cycles as they are more likely than owner-occupiers to purchase houses during a housing boom and sell during a housing crash, as their decisions are driven by profit-seeking behaviour. This is a risk in Auckland, where nearly half of recent house sales have been to investors.
It is difficult to estimate the amount house prices could decline in a housing market downturn and the subsequent losses the financial system could face. While the New Zealand market does not currently exhibit the moral hazard and weak mortgage underwriting standards exhibited in the US and Ireland prior to the GFC, there are still risks from high LVR and high DTI mortgages.
Changes in the size and distribution of household debt may have increased the financial stability risk from a housing downturn in recent years. Since 2000 the level of household debt-to-GDP has increased significantly in New Zealand, as in other advanced economies (figure 6). And of the households that took out new mortgages in the period 2011-13, a larger proportion did so at high LVR (>80%) and DTI multiples (>4), than in the period 2008-10 …these households are likely to reduce their consumption by more than other households in a house price crash.
…banks may significantly reduce their lending in an economic downturn, so highly indebted households may face tighter credit constraints and place a further drag on consumption.

5.2 Policy frameworks to mitigate housing market risks in New Zealand
One of the primary responsibilities of the Reserve Bank is to promote the maintenance of a sound and efficient financial system. The Reserve Bank has a number of policy options to help maintain financial stability. Microprudential policies, which include bank capital and liquidity regulations, promote the soundness and resilience of individual financial institutions, and therefore the integrity of the financial system as a whole.
Macroprudential policies, which include countercyclical capital buffers and temporary LVR restrictions, promote greater financial stability by (a) building additional financial system resilience during periods of rapid credit growth and rising leverage or abundant liquidity, and (b) dampening excessive growth in credit and asset prices. Therefore, the Reserve Bank can use both microprudential and macroprudential policies to mitigate the risk that housing market vulnerabilities pose to New Zealand’s financial system stability and the broader economy.
The financial system’s first line of defence against a housing market downturn is the loss-absorbing capital it holds against expected and unexpected losses on its mortgage lending and other exposures. To enhance the resilience of this defence, the Reserve Bank monitors banks’ provisioning against expected losses and requires banks to hold buffers of capital against unexpected losses, where the size of the buffer is determined by the size and riskiness of the lending. These capital requirements bolster the resilience of individual financial firms, even in a severe downturn, but in some circumstances they may not be sufficient to preserve the stability of the financial system as a whole. As the GFC demonstrated, the actions of individual banks, investors, firms and households are interconnected and can collectively result in financial system losses that are exceptional and unexpected when assessed from the perspective of an individual financial institution e.g. due to credit crunches or falls in consumption or investment.
… Stress test results are, however, subject to inherent uncertainty over the scenarios against which banks are tested and the approach to modelling losses on the basis of the given scenarios. Furthermore, the stress test assessed the resilience of banks to a ‘static’ scenario and do not take account of the on-going interaction between the macroeconomic and macro-financial elements of the scenarios and banks’ response to them. These second order effects can themselves be a threat to financial stability and can fall within the scope of the Reserve Bank’s macro-prudential policy instruments. In particular…discussed in section 4.
A second line of defence to protect the financial system from a housing market downturn is to reduce the potential scale of the downturn itself by using borrower-based macroprudential tools such as LVR and DTI limits. These measures may also temporarily reduce the probability of a housing downturn, although that is often not the primary objective.
In recent years, the national authorities of many countries, including the Reserve Bank, have taken some form of proactive action to mitigate the build-up of financial stability risks from their domestic housing market. In 2013, the Reserve Bank introduced a 10 percent speed limit on mortgage lending with an LVR of greater than 80 percent, which has helped reduce the stock of high LVR mortgages from 21 percent to 12 percent (figure 9). In addition, the Reserve Bank introduced a speed limit on high LVR investor mortgages in Auckland in November 2015 which appears to have moderated the nationwide share of investor lending at LVRs greater than 70 percent.
In many cases, national authorities use more than one macroprudential tool to tackle risks from the housing market. For example, it is common for caps on LVR and DTI to be applied together… The rationale for this approach is that in theory the macroprudential tools are complementary as they can tackle the same risks from various angles. For example, the LVR policy in New Zealand has helped to reduce the stock of risky high-LVR lending, but risks in the housing market remain, as a significant amount of New Zealand’s new residential mortgage lending, particularly to investors, is at high DTI multiples (figure 10).

2. Household debt (9/9/2016) | @ReserveBankofNZ(家計負債)
In the 20 years to 2011, total housing and consumer loan debt increased around six-fold in dollar terms. As a ratio of household disposable income, the percentage at June 2011 of 147% is about two and a half times that of 58% at March 1991. Through the mid-2000s, household debt grew strongly, at an average annual rate of over 14% in the five years to June 2007. The rate of growth slowed sharply from 2007, averaging well under 4% per annum in the four years to June 2011. …

Crisis Management 危機管理 Vol.2

(The below link is in English.)


今日は、ニュージーランドのクライストチャーチ市経済インフラ状況レポートの最新版 Latest Christchurch Economic Infrastructure Situation Report online (see PDF) | @CDCChristchurch @ChristchurchCC @SCIRT_info (#Chch #CDEM #lgnz #ECan #CHC_Airport #ChorusNZ #ufbnz #OrionNZ…) をごく簡単にご紹介します。2011年カンタベリー地震等による被害からの復旧等が記載されており、PDFの総論 General context(p9-21)、水 Water(p23,30,32,34-39)、交通 Transport(p48-50,52-66)、通信 Communications(p72-76,78-79)、エネルギー Energy(p84,87-89,91-94)に本Christchurch市の、その他のページに広域周辺地域及び国の、現状や政策等が記されています。以下、PDF内の図表をいくつか貼っておきます。

Game Changers

Water Supply Damage
Wastewater Damage

NZ Transport Networks
Road Damage
Roads Significance
Rail Traffic
Lyttleton Port

Enable Networks
Tasman Global

Pet Storage


New Zealand ニュージーランド Vol.3

ニュージーランド貿易・投資概観です。(Link in 1.(1)is in Japanese, and links in 2. are in English.)

1.(1)ニュージーランド(New Zealand)基礎データ 平成27年7月14日 の「経済」(以下、データは概ね2014年)の

 加えて、「日本からNZへの直接投資残高」は、2,604億円 となっています。

2.(1)「OUR SECTORS」| @NZTEnews (主要経済分野)として、
・ Agribusiness
・ Biotechnology
・ Geothermal *
・ Consultancy services
・ Creative, film and TV
・ Food and Beverage *
・ Health technology
・ High value manufacturing
・ Information and communications technology
・ Marine
・ Natural products *
・ Oil and gas
の12分野が挙げられ、それぞれに概要説明等が掲載されています(* は更なる分類等有り)。

(2)「EXPORT MARKETS」 | @NTZEnews として、世界各国につき概要説明があります。
 日本については、Japan | @NZTEnews において、
・ Food and beverage
・ Healthcare
・ Renewable energy
・ Software, electronics, and engineering

 オーストラリアについては、Australia | @NZTEnews において、
・ Food and beverage
・ Specialised manufacturing
・ Information and communications technology (ICT)
・ Creative and retail

 アメリカについては、U.S. | @NZTEnews において、
・ Information and communications technology (ICT)
・ Public sector
・ Healthcare solutions
・ Bioactives
・ Food and beverage
・ Agribusiness
・ Marine and aviation

 カナダについては、Canada | @NZTEnews において、
・ Food and beverage
・ Wine and other alcoholic beverages
・ Manufactured goods and information technology(Aerospace、Marine、Utilities and infrastructure)

(3)「SECTORS OF OPPORTUNITY」| @NZTEnews(主要投資分野)として、
・ Food and beverage manufacturing
・ Primary production
・ Information and communication technology
・ High-value manufacturing
・ Infrastructure
・ Oil and gas
・ Shared services
それぞれに詳細な概要及び強みを持つ地方(“ニュージーランド Vol.2” の2.PDF)も掲載されています。

New Zealand ニュージーランド Vol.2


1. @NZTEnews (New Zealand Trade & Enterprise ニュージーランド貿易経済促進庁) annual report 2014/15 [PDF] は、同庁の2014/15年の年次レポートです。具体的数字を挙げた要点(p.2)は、以下のとおり。
・ 2014年には、NZTEと提携する企業を増やし国際的ネットワークを創るために、4年以上に亘り6900万ドルの追加投資をすることを決めた。(… In 2014, as part of the Business Growth Agenda (BGA), the Government committed an additional investment of $69m over four years, targeted at increasing the number of companies we work with and growing our international network. …)
・ また、2014/15年には、我々のF700(*1)の顧客たる企業の国際収益は、2013/14年から67億ドル増の340億ドルであった。前年より3億ドル以上増の11億ドルの収益を顧客企業と共に新規輸出において産み出し、また、91%の顧客企業がF700による付加価値を認めた。 14.5億ドルの直接的な経済的インパクトの可能性のある、8億6600万ドルの資本の展開を手助けした。(… In 2014/15, international revenue for customers in our F700 portfolio was $34b, up $6.7b from last year, with a portfolio growth rate of 8.7%. We worked with customers to generate $1.1b in new export deals, over $300m more than last year, and 91% of our customers said that we added value to their business. To support growth, we helped deploy $866m of capital, with a potential direct economic impact for New Zealand of $1.45b. …)
* NZ政府と企業が連携して国際展開を図るスキームであり、700社が対象。参考:
※ なお、ニュージーランド外交貿易省(@mfat:Ministry of Foreign Affairs and Trade)の2014/15年次レポート(NZTEレポートとは特に具体的には関連付けられてはいない)は、

2. Regions of opportunity – Find out which New Zealand region matches your investment interests by comparing each region’s sector strengths and how these are supported by the region’s workforce, raw materials, services and infrastructure. [PDF] | @NZTEnews は、同庁が投資の観点から各地方を紹介しています(2014年7月)。主な投資考慮対象等は、以下のとおり。
・ ノースランド地方: 造船(p.3)、木材(p.4)、養殖漁業(p.5)。日本企業 Juken New Zealand Ltd が紹介されている(p.6)。
・ オークランド地方: 情報通信(p.11)、食品加工(p.12)、農業技術・海洋・航空等の高額製造業(p.13)。日本企業 Asahi が紹介されている(p.14)。
・ ワイカト地方: 様々な高額製造業(p.19)、ロジスティクス(p.20)、付加価値日用品(p.21)。
・ ベイオブプレンティ地方: 高品質で費用効果の良い木材(p.27)、チタン製造や海洋エンジニアリングなどの高額製造業(p.28)、アボガドやキウイフルーツなどの食料(p.29)。
・ ギズボーン地方: 木材(p.35)、羊・牛/穀物/単一品種白ワイン(p.36)、食品・飲料製造(p.37)。 日本企業 Cedenco Foods New Zealand Ltd 及び Juken New Zealand Ltd が紹介されている(p.38)。
・ ホークスベイ地方: 園芸/牛・羊/ブドウ栽培/野菜など(p.43)、果物・野菜加工/ワイン製造など(p.44)、事務所サービス(p.45)。日本企業 Oji Holdings Corporation が紹介されている(p.46)。
・ マナワツ・ワンガヌイ地方: アグリビジネス(p.51)、食料イノベーション(p.52)、コンタクトセンター(p.53)。日本企業 Toyota が紹介されている(p.54)。
・ タラナキ地方: 原油・天然ガス(p.59)、肉類・食品添加物など(p.60)、石油化学などエンジニアリング(p.61)。日本企業との企業 ANZCO Foods が紹介されている(p.62)。
・ ウェリントン地方: 映像産業(p.67)、デジタル技術(p.68)、コンタクトセンター(p.69)。日本企業 Fujitsu New Zealand 及び Juken New Zealand Ltd が紹介されている(p.70)。
・ ネルソン・タスマン・マールボロ地方: ワイン・りんご/緑イ貝養殖など(p.75)、海洋・航空エンジニアリング(p.76)、付加価値木材製品(p.77)。 日本企業 Nelson Pine Industries が紹介されている(p.78)。
・ ウェストコースト地方: 鉱物(p.83)、山羊・乳製品/園芸(フェイジョア・クランベリー・ブルーベリー・カラーリリー)(p.84)、観光(p.85)。
・ カンタベリー地方: 食品加工・農業技術研究など(p.91)、健康・農業・ソフトウェアなど知識集約型産業(p.92)、建設・インフラ(p.93)。日本企業 Allied Telesis Labs 及び 日本企業出資企業 Synlait Milk が紹介されている(p.94)。
・ オタゴ地方: デザイン技術・高額製造業(p.99)、観光・エコツーリズム(p.100)、果物・ワイン(p.101)。
・ サウスランド地方: 食品(食肉・オーツミルク・大麦・小麦)・飲料(p.107)、鉱物・金属部品(p.108)、宇宙産業(p.109)。日本企業 Otsuka Diatranz 及び 日本企業出資企業 New Zealand Aluminium Smelters (NZAS) が紹介されている(p.110)。

3. NEW ZEALAND ECONOMICS: @ANZ_NZ ECONOMIC OUTLOOK “ROLLING WITH THE PUNCHES” [PDF](2016年7月)では、ニュージーランド経済の現況が説明されています。要点は以下のとおり。
・ 国内経済(p.2-6): 好調持続、今後3年も3%弱の成長を維持できる見通し。酪農製品の輸出不調及びNZドル高によるマイナス効果を、酪農以外の輸出、建設、移民関連、住宅、サービス業、観光の好調が上回っている。(The New Zealand economy continues to perform well and we expect more of the same over the years ahead, with growth averaging close 3% per year over the next three years. Challenges in dairying and a high NZD are being outweighed by non-dairy exports, construction, migration, housing, services and tourism. Solid demand will see capacity constraints come more to the fore. …)
・ 国際経済(p.7): 日欧はどんよりした見通し、アメリカはよく闘い抜いている。(While our global growth forecasts depict a reasonable outlook, this masks considerable tension and risks. High leverage, investment misallocation and a populist-driven backlash against globalisation are a potent mix. Prospects for Europe and Japan are sombre. Emerging market economies, including China, face transitional challenges. The exception is the US, which is battling on nicely.)
・ 主要分野(p.8): 酪農(牛乳、羊肉、牛肉、羊毛)不調、園芸(ワイン、ピップフルーツ、キウイフルーツ)好調。この二極化は2016/17年も続く見通し。(The dichotomy across key primary sectors is expected to continue in 2016/17. The operating environment looks challenging for key livestock sectors. Dairy farmers are facing their third low payout year and second year of cash losses. Cuts in discretionary spend will continue. In the red meat and fibre sector there are knock-on impacts from dairying on arable and support prices. The reason for sheepmeat and venison price increases is lower New Zealand supply. In contrast, the main horticultural crops are on track to post near-record export volumes with solid prices lifting revenues and bottom-line returns.)
・ 金融市場(p.9-11): OCR(銀行間の資金取引に適用される翌日物貸出金利)下げが短期的になされるという見通しに気乗りしない。(We are lukewarm over prospects for the OCR moving lower in the short-term; amidst housing largesse the economy simply doesn’t need more easing right now. We expect the RBNZ to hold fire in August. Short-end interest rates are still biased lower over time, with more OCR cuts likely down the track. We see an elevated TWI and global risks ultimately bringing the RBNZ back to the easing table. The Brexit vote has created significant uncertainty, increased the likelihood of further easing in Europe, the UK and Japan, and side-lined the Fed. Against that backdrop, we expect the NZD and local interest rate markets to be well supported, in the absence of a meltdown across emerging markets (which, to be fair, is a key risk). Last quarter we were of the view that Fed tightening and RBNZ easing would see the curve steepen, but Brexit has turned that on its head; and we now expect global yield curves to flatten as markets adjust to a prolonged period of uncertainty and easy policy. )