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Punctuation prediction is an important task in spoken language translation and can be performed by using a monolingual phrase-based translation system to translate from unpunctuated to text with punctuation. However, a punctuation prediction system based on phrase-based translation is not able to capture long-range dependencies between words and punctuation marks. In this paper, we propose to employ hierarchical translation in place of phrase-based translation and show that this approach is more robust for unseen word sequences. Furthermore, we analyze different optimization criteria for tuning the scaling factors of a monolingual statistical machine translation system. In our experiments, we compare the new approach with other punctuation prediction methods and show improvements in terms of F1-Score and BLEU on the IWSLT 2014 German→English and English→French translation tasks.