{"id":10768,"date":"2020-05-13T20:05:00","date_gmt":"2020-05-13T11:05:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=10768"},"modified":"2020-05-13T15:42:12","modified_gmt":"2020-05-13T06:42:12","slug":"%e3%83%89%e3%83%a9%e3%83%83%e3%82%b1%e3%83%b3%e3%83%9f%e3%83%a9%e3%83%bc%e6%b0%8f-%e4%b8%ad%e5%a4%ae%e9%8a%80%e8%a1%8c%e3%81%af%e3%82%b3%e3%83%ad%e3%83%8a%e3%81%8b%e3%82%89%e6%a0%aa%e5%bc%8f%e5%b8%82","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/10768","title":{"rendered":"\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f: 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class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"612\" height=\"379\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2020\/05\/2020-5-13-s-and-p-500-chart.png\" alt=\"\" class=\"wp-image-10770\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2020\/05\/2020-5-13-s-and-p-500-chart.png 612w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2020\/05\/2020-5-13-s-and-p-500-chart-300x186.png 300w\" sizes=\"auto, (max-width: 612px) 100vw, 612px\" \/><\/figure>\n\n\n\n<p>3\u6708\u672b\u4ee5\u964d\u306e\u4e0a\u6607\u76f8\u5834\u306b\u3064\u3044\u3066\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u306f\u30b7\u30f3\u30d7\u30eb\u306a\u76f8\u5834\u89b3\u3092\u8868\u660e\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u682a\u5f0f\u306e\u30ea\u30b9\u30af\u3068\u30ea\u30ef\u30fc\u30c9\u306e\u6bd4\u7387\u306f\u6050\u3089\u304f\u308f\u305f\u3057\u306e\u30ad\u30e3\u30ea\u30a2\u3067\u898b\u305f\u4e2d\u3067\u6700\u60aa\u3060\u3002<\/p><\/blockquote>\n\n\n\n<p>\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306e\u30ad\u30e3\u30ea\u30a2\u306f\u9577\u3044\u3002\u30af\u30a9\u30f3\u30bf\u30e0\u30fb\u30d5\u30a1\u30f3\u30c9\u306b\u79fb\u308b\u76f4\u524d\u306b\u306f1987\u5e74\u306e\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u3092\u7d4c\u9a13\u3057\u3001\u305d\u306e\u5f8c2001\u5e74\u306e\u30c9\u30c3\u30c8\u30b3\u30e0\u30d0\u30d6\u30eb\u5d29\u58ca\u307e\u3067\u30af\u30a9\u30f3\u30bf\u30e0\u30fb\u30d5\u30a1\u30f3\u30c9\u3092\u7387\u3044\u3066\u3044\u308b\u3002\u52ff\u8ad6\u5f7c\u306e\u30ad\u30e3\u30ea\u30a2\u306b\u306f2008\u5e74\u306e\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u3082\u542b\u307e\u308c\u3066\u3044\u308b\u3002\u305d\u306e\u5f7c\u306e\u9577\u3044\u30ad\u30e3\u30ea\u30a2\u306e\u4e2d\u3067\u682a\u5f0f\u76f8\u5834\u306f\u4eca\u304c\u4e00\u756a\u5272\u9ad8\u306b\u306a\u3063\u3066\u3044\u308b\u3068\u5f7c\u306f\u8a00\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u308f\u305f\u3057\u306e\u5206\u6790\u304c\u9593\u9055\u3063\u3066\u3044\u308b\u3053\u3068\u3092\u9858\u3063\u3066\u306f\u3044\u308b\u304c\u3001\u7aef\u7684\u306b\u8a00\u3063\u3066V\u5b57\u56de\u5fa9\u306f\u5e7b\u60f3\u3060\u3002<\/p><p>\u85ac\u304c\u3042\u308b\u304b\u3089\u3068\u3044\u3046\u7406\u7531\u3067\u4eba\u3005\u304c\u30a6\u30a3\u30eb\u30b9\u306b\u5bfe\u3059\u308b\u884c\u52d5\u3092\u5909\u3048\u308b\u3068\u306f\u601d\u3048\u306a\u3044\u3002<\/p><\/blockquote>\n\n\n\n<p><strong>\u91cf\u7684\u7de9\u548c\u3068\u7d4c\u6e08\u5bfe\u7b56\u306f\u5e02\u5834\u3092\u6551\u3046\u304b<\/strong><\/p>\n\n\n\n<p>\u78ba\u304b\u306b\u65b0\u578b\u30b3\u30ed\u30ca\u306e\u5f71\u97ff\u306f\u751a\u5927\u3067\u3042\u308b\u3002\u3057\u304b\u3057\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306f\u6570\u5146\u30c9\u30eb\u306e\u7d4c\u6e08\u652f\u63f4\u3092\u8868\u660e\u3057\u3001Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306f\u7121\u5236\u9650\u306e\u91cf\u7684\u7de9\u548c\u3092\u884c\u306a\u3063\u3066\u3044\u308b\u3002\u305d\u308c\u306f\u682a\u4fa1\u3092\u652f\u3048\u3089\u308c\u306a\u3044\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u7d9a\u3051\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u5e02\u5834\u306e\u30b3\u30f3\u30bb\u30f3\u30b5\u30b9\u306f\u300c\u5fc3\u914d\u306a\u3044\u3001Fed\u304c\u52a9\u3051\u3066\u304f\u308c\u308b\u300d\u3068\u3044\u3046\u3082\u306e\u3089\u3057\u3044\u3002\u3053\u306e\u8003\u3048\u306b\u306f\u4e00\u3064\u3060\u3051\u554f\u984c\u304c\u3042\u308b\u3002\u308f\u305f\u3057\u306e\u8a08\u7b97\u306b\u3088\u308c\u3070\u305d\u308c\u306f\u4e8b\u5b9f\u3067\u306f\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p><\/blockquote>\n\n\n\n<p>\u5f7c\u306e\u767a\u8a00\u306f\u3044\u3064\u3082\u6e05\u3005\u3057\u3044\u307b\u3069\u30b7\u30f3\u30d7\u30eb\u3067\u3042\u308b\u3002\u307e\u305f\u3001\u7406\u7531\u306b\u3064\u3044\u3066\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u7d9a\u3051\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u30c8\u30ec\u30fc\u30c0\u30fc\u305f\u3061\u306f\u5e02\u5834\u306b\u306f\u81a8\u5927\u306a\u6d41\u52d5\u6027\u304c\u6d41\u308c\u8fbc\u3093\u3067\u304a\u308a\u3001\u7d4c\u6e08\u523a\u6fc0\u30d7\u30ed\u30b0\u30e9\u30e0\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u76f4\u9762\u3057\u3066\u3044\u308b\u554f\u984c\u3092\u89e3\u6c7a\u3067\u304d\u308b\u307b\u3069\u5927\u898f\u6a21\u3060\u3068\u601d\u3063\u3066\u3044\u308b\u3088\u3046\u3060\u304c\u3001\u65b0\u578b\u30b3\u30ed\u30ca\u30a6\u30a3\u30eb\u30b9\u306b\u3088\u308b\u5f71\u97ff\u306f\u9577\u5f15\u304d\u305d\u3046\u3067\u3042\u308a\u3001\u305d\u306e\u9593\u306b\u305f\u304f\u3055\u3093\u306e\u4f01\u696d\u304c\u5012\u7523\u3059\u308b\u3060\u308d\u3046\u3002<\/p><\/blockquote>\n\n\n\n<p>1\u4eba\u5f53\u305f\u308a1,200\u30c9\u30eb\u306e\u30d8\u30ea\u30b3\u30d7\u30bf\u30fc\u30de\u30cd\u30fc\u306a\u3069\u3092\u542b\u3080\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u7d4c\u6e08\u652f\u63f4\u306b\u3064\u3044\u3066\u3082\u540c\u3058\u3088\u3046\u306b\u5207\u308a\u6368\u3066\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u3053\u308c\u306f\u57fa\u672c\u7684\u306b2\u3064\u306e\u3082\u306e\u306e\u7d44\u307f\u5408\u308f\u305b\u3060\u3002\u52b4\u50cd\u8005\u306b\u4ed5\u4e8b\u306b\u884c\u304b\u306a\u3044\u3088\u3046\u306b\u3055\u305b\u308b\u305f\u3081\u306e\u73fe\u91d1\u7d66\u4ed8\u3001\u305d\u3057\u3066\u30be\u30f3\u30d3\u4f01\u696d\u3092\u751f\u304d\u306a\u304c\u3089\u3048\u3055\u305b\u308b\u305f\u3081\u306e\u5927\u91cf\u306e\u8cc7\u91d1\u3060\u3002<\/p><\/blockquote>\n\n\n\n<p>\u8457\u540d\u6295\u8cc7\u5bb6\u306e\u9593\u3067\u91d1\u878d\u7de9\u548c\u3068\u30d8\u30ea\u30b3\u30d7\u30bf\u30fc\u30de\u30cd\u30fc\u306e\u8a55\u5224\u306f\u6975\u3081\u3066\u60aa\u3044\u3002\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u3084\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3001\u30af\u30a9\u30f3\u30bf\u30e0\u30fb\u30d5\u30a1\u30f3\u30c9\u306b\u304a\u3051\u308b\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306e\u5148\u8f29\u306b\u3042\u305f\u308b\u30b8\u30e0\u30fb\u30ed\u30b8\u30e3\u30fc\u30ba\u6c0f\u306a\u3069\u3082\u540c\u3058\u610f\u898b\u3092\u8868\u660e\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/10473\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: \u653f\u5e9c\u304c\u91d1\u878d\u5371\u6a5f\u304b\u3089\u5b88\u3063\u3066\u304f\u308c\u308b\u3068\u601d\u3046\u306a<\/a><\/li><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/9681\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3001\u65b0\u578b\u30b3\u30ed\u30ca\u3067\u306e\u4f01\u696d\u6551\u6e08\u3068\u30d8\u30ea\u30b3\u30d7\u30bf\u30fc\u30de\u30cd\u30fc\u3092\u75db\u70c8\u6279\u5224<\/a><\/li><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/10717\">\u30b8\u30e0\u30fb\u30ed\u30b8\u30e3\u30fc\u30ba\u6c0f: 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