The general method for estimating phrase translation probabilities consists of sequential processes: word alignment, phrase pair extraction, and phrase translation probability calculation. However, during this sequential process, errors may propagate from the word alignment step through the translation probability calculation step. In this paper, we propose a new method for estimating phrase translation probabilities that reduce the effects of error propagation. By considering the semantic recoverability of phrase retranslation, our method identifies incorrect phrase pairs that have propagated from alignment errors. Furthermore, we define retranslation similarity which represents the semantic recoverability of phrase retranslation, and use this when computing translation probabilities. Experimental results show that the proposed phrase translation estimation method effectively prevents a PBSMT system from selecting incorrect phrase pairs, and consistently improves the translation quality in various language pairs.