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Probaby this has been debated many times before, but let me file my opinion any way. To me, translate="yes", sounds like the element *must* be translated, rather than it may be translated. Perhaps translatable="yes" is better?
This is a response of the ITS working group. We share your concerns and have discussed this issue several times. However, to be consistent with existing practice (like the "translate" attribute in DITA), we would like to stick with the current naming. Does this reply to your concerns? If we don't here from you within 2 weeks, we will regard the issue as closed. Regards, Felix Sasaki.
Wait: answer sent, wait respone.
Closed. No answer after 2 weeks.