{"id":1124,"date":"2015-05-31T07:41:31","date_gmt":"2015-05-30T22:41:31","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=1124"},"modified":"2015-05-31T07:42:26","modified_gmt":"2015-05-30T22:42:26","slug":"%e6%97%a5%e9%8a%80%e3%81%ae%e3%83%86%e3%83%bc%e3%83%91%e3%83%aa%e3%83%b3%e3%82%b0%ef%bc%88%e7%b7%a9%e5%92%8c%e7%b8%ae%e5%b0%8f%ef%bc%89%e3%81%ab%e5%82%99%e3%81%88%e3%82%8b%e6%8a%95%e8%b3%87%e6%88%a6","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/1124","title":{"rendered":"\u65e5\u9280\u306e\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\uff08\u7de9\u548c\u7e2e\u5c0f\uff09\u306b\u5099\u3048\u308b\u6295\u8cc7\u6226\u7565: \u91cf\u7684\u7de9\u548c\u30d0\u30d6\u30eb\u306f\u4f55\u51e6\u304b\u3089\u5d29\u58ca\u3059\u308b\u304b\uff1f"},"content":{"rendered":"<p>\u5468\u77e5\u306e\u3088\u3046\u306b\u3001\u73fe\u5728\u306e\u3068\u3053\u308d\u65e5\u9280\u306f2%\u306e\u7269\u4fa1\u76ee\u6a19\u304c2016\u5e74\u5ea6\u306e\u59cb\u3081\u306b\u9054\u6210\u3055\u308c\u308b\u3068\u3057\u3066\u304a\u308a\u3001\u3053\u306e\u8a00\u8449\u3092\u9d5c\u5451\u307f\u306b\u3059\u308c\u3070\u3001\u9045\u304f\u3068\u30822016\u5e74\u306e\u521d\u65ec\u306b\u306f\u91cf\u7684\u7de9\u548c\u306e\u7e2e\u5c0f\uff08\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\uff09\u304c\u8b70\u8ad6\u3055\u308c\u59cb\u3081\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<ul>\n<li><a title=\"2015\u5e74\u3001\u65e5\u9280\u304c\u8ffd\u52a0\u7de9\u548c\u3092\u3059\u308c\u3070\u30c9\u30eb\u5186\u306f\u3069\u3046\u306a\u308b\u304b\uff1f\" href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/1042\">2015\u5e74\u3001\u65e5\u9280\u304c\u8ffd\u52a0\u7de9\u548c\u3092\u3059\u308c\u3070\u30c9\u30eb\u5186\u306f\u3069\u3046\u306a\u308b\u304b\uff1f<\/a><\/li>\n<li><a title=\"2015\u5e74\u4ee5\u964d\u3001\u65e5\u9280\u306e\u8ffd\u52a0\u7de9\u548c\u306f\u3042\u308b\u304b\uff1f\u3000\u6642\u671f\u306f\u3044\u3064\u304b\uff1f\" href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/1086\">2015\u5e74\u4ee5\u964d\u3001\u65e5\u9280\u306e\u8ffd\u52a0\u7de9\u548c\u306f\u3042\u308b\u304b\uff1f\u3000\u6642\u671f\u306f\u3044\u3064\u304b\uff1f<\/a><\/li>\n<\/ul>\n<p>\u52ff\u8ad6\u3001\u4e0a\u8a18\u306e\u8a18\u4e8b\u3067\u66f8\u3044\u305f\u3088\u3046\u306b\u3001\u8ffd\u52a0\u7de9\u548c\u306a\u3057\u306b\u306f\u7269\u4fa1\u76ee\u6a19\u306f\u9054\u6210\u3055\u308c\u305a\u3001\u3057\u304b\u3082\u8ffd\u52a0\u7de9\u548c\u306f\u7de9\u548c\u306e\u5ef6\u9577\u3068\u3044\u3046\u5f62\u3067\u70ba\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3002\u3057\u304b\u3057\u3001\u91cf\u7684\u7de9\u548c\u306e\u958b\u59cb\u304b\u30892\u5e74\u4ee5\u4e0a\u304c\u7d4c\u904e\u3057\u305f\u4eca\u3001\u65e5\u9280\u304c\u91cf\u7684\u7de9\u548c\u306e\u7d42\u4e86\u306b\u5411\u3051\u3066\u52d5\u3044\u305f\u5834\u5408\u306b\u5e02\u5834\u304c\u3069\u3046\u52d5\u304f\u304b\u3092\u3001\u6295\u8cc7\u5bb6\u306f\u8003\u3048\u59cb\u3081\u308b\u3079\u304d\u3067\u3042\u308b\u3002<\/p>\n<p>\u73fe\u5728\u306e\u76f8\u5834\u3067\u306f\u4f55\u304c\u30d0\u30d6\u30eb\u3067\u4f55\u304c\u30d0\u30d6\u30eb\u3067\u306f\u306a\u3044\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u682a\u306f\u3069\u3046\u304b\uff1f\u3000\u4e0d\u52d5\u7523\u306f\u3069\u3046\u304b\uff1f\u3000\u65e5\u672c\u56fd\u50b5\u306f\u66b4\u843d\u3059\u308b\u306e\u304b\uff1f\u3000\u5186\u306f\u5b89\u3059\u304e\u308b\u306e\u304b\uff1f\u3000\u7b49\u3005\u3001\u9806\u756a\u306b\u8003\u3048\u3066\u3086\u304d\u305f\u3044\u3002<\/p>\n<p><!--more--><strong>\u65e5\u672c\u682a\u306f\u30d0\u30d6\u30eb\u304b\uff1f<\/strong><\/p>\n<p>\u5148\u305a\u3001\u65e5\u672c\u682a\u5168\u4f53\u306b\u3064\u3044\u3066\u306f\u7c73\u56fd\u682a\u3068\u540c\u3058\u3067\u3042\u308a\u3001\u73fe\u6642\u70b9\u3067\u306f\u5272\u9ad8\u3067\u306f\u3042\u308b\u3082\u306e\u306e\u3001\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u3067\u898b\u308c\u3070\u30d0\u30d6\u30eb\u3067\u306f\u306a\u3044\u30022015\u5e745\u6708\u672b\u306e\u6c34\u6e96\u3067P\/E\uff08\u682a\u4fa1\u53ce\u76ca\u7387\uff09\u306f18.15\u3001P\/B\uff08\u7d14\u8cc7\u7523\u500d\u7387\uff09\u306f1.42\u3068\u3001\u5272\u9ad8\u611f\u306f\u3042\u308b\u304c\u30d0\u30d6\u30eb\u3068\u3044\u3046\u6c34\u6e96\u3067\u306f\u306a\u3044\u3002\u7c73\u56fd\u682a\u304c\u30d0\u30d6\u30eb\u3067\u3042\u308b\u304b\u3069\u3046\u304b\u306f\u3001\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3092\u53c2\u8003\u306b\u3057\u3066\u307b\u3057\u3044\u3002<\/p>\n<ul>\n<li><a title=\"2015\u5e74\u3001\u91d1\u878d\u5e02\u5834\u306f\u7c73\u56fd\u306e\u91cf\u7684\u7de9\u548c\u7d42\u4e86\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u306a\u3044\" href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/669\">2015\u5e74\u3001\u91d1\u878d\u5e02\u5834\u306f\u7c73\u56fd\u306e\u91cf\u7684\u7de9\u548c\u7d42\u4e86\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u306a\u3044<\/a><\/li>\n<\/ul>\n<p>\u3057\u304b\u3057\u306a\u304c\u3089\u3001\u7c73\u56fd\u3068\u4e8b\u60c5\u304c\u7570\u306a\u308b\u306e\u306f\u3001\u65e5\u672c\u7d4c\u6e08\u306f\u6d88\u8cbb\u5897\u7a0e\u306b\u3088\u3063\u3066\u843d\u3061\u8fbc\u3093\u3067\u304a\u308a\u3001\u3057\u304b\u30822017\u5e74\u306b\u518d\u5ea6\u5897\u7a0e\u304c\u884c\u308f\u308c\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a title=\"2015\u5e741Q\u3001\u65e5\u672c\u306eGDP\u5185\u8a33: \u6d88\u8cbb\u5897\u7a0e\u5f8c\u306e\u843d\u3061\u8fbc\u307f\u304b\u3089\u56de\u5fa9\u305b\u305a\u3001\u5c06\u6765\u3078\u306e\u4e0d\u5b89\u3092\u793a\u3059\" href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/1103\">2015\u5e741Q\u3001\u65e5\u672c\u306eGDP\u5185\u8a33: \u6d88\u8cbb\u5897\u7a0e\u5f8c\u306e\u843d\u3061\u8fbc\u307f\u304b\u3089\u56de\u5fa9\u305b\u305a\u3001\u5c06\u6765\u3078\u306e\u4e0d\u5b89\u3092\u793a\u3059<\/a><\/li>\n<\/ul>\n<p>\u5897\u7a0e\u304cGDP\u306b\u53ca\u307c\u3057\u305f\u5f71\u97ff\u306b\u3064\u3044\u3066\u306f\u4e0a\u8a18\u306e\u8a18\u4e8b\u306b\u66f8\u3044\u305f\u304c\u3001\u8981\u3059\u308b\u306b\u3001\u500b\u4eba\u6d88\u8cbb\u304c\u4f38\u3073\u3066\u3044\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u3053\u306e\u50be\u5411\u306f\u3001\u65e5\u9280\u304c\u91cf\u7684\u7de9\u548c\u3092\u7d42\u4e86\u3059\u308b\u3053\u3068\u3067\u91d1\u5229\u304c\u4e0a\u304c\u308c\u3070\u3001\u3088\u308a\u9855\u8457\u306b\u306a\u308b\u3060\u308d\u3046\u3002\u3067\u306f\u500b\u4eba\u6d88\u8cbb\u304c\u4f38\u3073\u306a\u3051\u308c\u3070\u65e5\u672c\u306e\u91d1\u878d\u5e02\u5834\u306f\u3069\u3046\u306a\u308b\u306e\u304b\uff1f\u3000\u4ee5\u4e0b\u306b\u8a73\u7d30\u3092\u5206\u6790\u3059\u308b\u3002<\/p>\n<p><strong>\u4e00\u756a\u53b3\u3057\u3044\u4f4f\u5b85\u95a2\u9023\u682a<\/strong><\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2015\/05\/2015-1q-japan-real-gdp-growth.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1106\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2015\/05\/2015-1q-japan-real-gdp-growth.png\" alt=\"2015-1q-japan-real-gdp-growth\" width=\"468\" height=\"468\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2015\/05\/2015-1q-japan-real-gdp-growth.png 468w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2015\/05\/2015-1q-japan-real-gdp-growth-150x150.png 150w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2015\/05\/2015-1q-japan-real-gdp-growth-300x300.png 300w\" sizes=\"auto, (max-width: 468px) 100vw, 468px\" \/><\/a><\/p>\n<p>GDP\u306e\u30b0\u30e9\u30d5\u3092\u3082\u3046\u4e00\u5ea6\u5f15\u7528\u3059\u308b\u304c\u3001\u4e0a\u8a18\u306e\u3088\u3046\u306b\u3001\u5897\u7a0e\u306e\u5f71\u97ff\u3092\u4e00\u756a\u53d7\u3051\u3066\u3044\u308b\u306e\u306f\u4f4f\u5b85\u6295\u8cc7\u3067\u3042\u308b\u3002\u3057\u304b\u3082\u65e5\u9280\u306e\u7de9\u548c\u7d42\u4e86\u306b\u3088\u308a\u91d1\u5229\u304c\u4e0a\u304c\u308c\u3070\u3001\u4f4f\u5b85\u30ed\u30fc\u30f3\u306e\u501f\u308a\u5165\u308c\u30b3\u30b9\u30c8\u306f\u4e0a\u304c\u308a\u3001\u50b5\u5238\u306e\u5229\u56de\u308a\u304c\u9ad8\u304f\u306a\u308c\u3070\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u76f8\u5bfe\u7684\u9b45\u529b\u304c\u4f4e\u4e0b\u3059\u308b\u3002<\/p>\n<p><strong>\u65e2\u306b\u30d0\u30d6\u30eb\u306e\u9818\u57df\u306b\u9054\u3057\u3066\u3044\u308bREIT<\/strong><\/p>\n<p>\u3053\u306e\u5f71\u97ff\u3092\u4e00\u756a\u306b\u53d7\u3051\u308b\u306e\u304cREIT\uff08\u4e0d\u52d5\u7523\u6295\u8cc7\u4fe1\u8a17\uff09\u3067\u3042\u308b\u3002REIT\u306f2015\u5e745\u6708\u672b\u73fe\u5728\u3067\u65e2\u306b\u30d0\u30d6\u30eb\u3067\u3042\u308a\u3001\u65e5\u9280\u304c\u7de9\u548c\u3092\u505c\u6b62\u3059\u308c\u3070\u66b4\u843d\u3092\u514d\u308c\u306a\u3044\u3060\u308d\u3046\u3002\u58f2\u308a\u8981\u56e0\u306f\u5c71\u306e\u3088\u3046\u306b\u3042\u308b\u3002<\/p>\n<ul>\n<li>\u65e5\u9280\u306b\u3088\u308bREIT\u8cb7\u3044\u5165\u308c\u505c\u6b62<\/li>\n<li>\u4f4f\u5b85\u30ed\u30fc\u30f3\u91d1\u5229\u4e0a\u6607\u306b\u3088\u308b\u4e0d\u52d5\u7523\u5e02\u6cc1\u306e\u60aa\u5316<\/li>\n<li>\u6d88\u8cbb\u5897\u7a0e\u306b\u3088\u308b\u4f4f\u5b85\u6295\u8cc7\u306e\u6e1b\u9000<\/li>\n<li>\u50b5\u5238\u5229\u56de\u308a\u4e0a\u6607\u306b\u3088\u308b\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u76f8\u5bfe\u7684\u9b45\u529b\u4f4e\u4e0b<\/li>\n<li>\u91d1\u5229\u4e0a\u6607\u306b\u3088\u308b\u30ec\u30d0\u30ec\u30c3\u30b8\u8ca1\u653f\u60aa\u5316<\/li>\n<\/ul>\n<p>\u7de9\u548c\u7d42\u4e86\u3068\u6d88\u8cbb\u5897\u7a0e\u306e\u60aa\u5f71\u97ff\u3092\u307b\u307c\u3059\u3079\u3066\u53d7\u3051\u308b\u30bb\u30af\u30bf\u30fc\u304cREIT\u3067\u3042\u308b\u3068\u8a00\u3063\u3066\u3044\u3044\u30025\u6708\u672b\u73fe\u5728\u306e\u6771\u8a3cREIT\u6307\u6570\u306e\u5229\u56de\u308a\u306f3%\u7a0b\u5ea6\u3068\u975e\u5e38\u306b\u4f4e\u304f\u3001\u3053\u308c\u306f\u65e5\u9280\u304c\u304b\u306a\u308a\u306e\u984d\u306eREIT\u3092\u6bce\u6708\u8cb7\u3044\u5165\u308c\u3066\u3044\u308b\u305f\u3081\u3067\u3042\u308b\u3002\u4f4f\u5b85\u95a2\u9023\u3067\u306fREIT\u306e\u4ed6\u306b\u5bb6\u5177\u306e\u5c0f\u58f2\u308a\u306a\u3069\u3067\u73fe\u5728\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3092\u7dad\u6301\u3067\u304d\u306a\u3044\u9298\u67c4\u304c\u51fa\u3066\u304f\u308b\u3068\u601d\u308f\u308c\u308b\u304c\u3001\u3084\u306f\u308aREIT\u304c\u4e00\u756a\u306e\u58f2\u308a\u5019\u88dc\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u65e5\u672c\u56fd\u50b5\u306f\u30d0\u30d6\u30eb\u304b\uff1f<\/strong><\/p>\n<p>\u65e5\u672c\u56fd\u50b5\u304c\u30d0\u30d6\u30eb\u304b\u3069\u3046\u304b\u3092\u8003\u3048\u308b\u305f\u3081\u306b\u306f\u3001\u30d0\u30fc\u30ca\u30f3\u30ad\u6c0f\u304c\u6628\u4eca\u306e\u4f4e\u91d1\u5229\u306e\u7406\u7531\u3092\u8aac\u660e\u3057\u305f\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3092\u601d\u3044\u51fa\u3057\u3066\u307b\u3057\u3044\u3002<\/p>\n<ul>\n<li><a title=\"\u30d0\u30fc\u30ca\u30f3\u30ad\u6c0f\u30d6\u30ed\u30b0: \u3069\u3046\u3057\u3066\u91d1\u5229\u306f\u305d\u308c\u307b\u3069\u4f4e\u3044\u306e\u304b\" href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/1023\">\u30d0\u30fc\u30ca\u30f3\u30ad\u6c0f\u30d6\u30ed\u30b0: \u3069\u3046\u3057\u3066\u91d1\u5229\u306f\u305d\u308c\u307b\u3069\u4f4e\u3044\u306e\u304b<\/a><\/li>\n<\/ul>\n<p>\u30d0\u30fc\u30ca\u30f3\u30ad\u6c0f\u304c\u8ff0\u3079\u305f\u3088\u3046\u306b\u3001\u4e2d\u592e\u9280\u884c\u306f\u91d1\u5229\u304c\u5747\u8861\u5b9f\u8cea\u91d1\u5229\u306b\u8fd1\u3065\u304f\u3088\u3046\u306b\u653f\u7b56\u3092\u6c7a\u3081\u3001\u5747\u8861\u5b9f\u8cea\u91d1\u5229\u306f\u6f5c\u5728\u6210\u9577\u7387\u306b\u3088\u3063\u3066\u6c7a\u307e\u308b\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u6295\u8cc7\u5bb6\u304c\u5bfe\u8c61\u3068\u3059\u3079\u304d\u540d\u76ee\u91d1\u5229\u306f\u3001\u5927\u307e\u304b\u306b\u306f\u6f5c\u5728\u6210\u9577\u7387\u3068\u671f\u5f85\u30a4\u30f3\u30d5\u30ec\u7387\u306b\u3088\u3063\u3066\u6c7a\u3081\u3089\u308c\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<ul>\n<li><a title=\"2015\u5e741Q\u3001\u65e5\u672c\u306eGDP\u5185\u8a33: \u6d88\u8cbb\u5897\u7a0e\u5f8c\u306e\u843d\u3061\u8fbc\u307f\u304b\u3089\u56de\u5fa9\u305b\u305a\u3001\u5c06\u6765\u3078\u306e\u4e0d\u5b89\u3092\u793a\u3059\" href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/1103\">2015\u5e741Q\u3001\u65e5\u672c\u306eGDP\u5185\u8a33: \u6d88\u8cbb\u5897\u7a0e\u5f8c\u306e\u843d\u3061\u8fbc\u307f\u304b\u3089\u56de\u5fa9\u305b\u305a\u3001\u5c06\u6765\u3078\u306e\u4e0d\u5b89\u3092\u793a\u3059<\/a><\/li>\n<\/ul>\n<p>\u73fe\u5728\u306eGDP\u306f\u3001\u4e0a\u8a18\u8a18\u4e8b\u3067\u8ff0\u3079\u305f\u3088\u3046\u306b\u524d\u5e74\u540c\u671f\u6bd4\u3067\u30de\u30a4\u30ca\u30b9\u3067\u3042\u308b\u3002\u6bd4\u8f03\u5bfe\u8c61\u304c\u6d88\u8cbb\u5897\u7a0e\u5f8c\u3068\u306a\u308b4-6\u6708\u671f\u306b\u306f\u4f55\u3068\u304b\u30d7\u30e9\u30b9\u6210\u9577\u306b\u56de\u5fa9\u3059\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u3001\u697d\u89b3\u7684\u306b\u898b\u3066\u30820.5%\u524d\u5f8c\u3060\u308d\u3046\u3057\u3001\u8ffd\u52a0\u7de9\u548c\u306a\u3069\u306e\u65b0\u3057\u3044\u8981\u7d20\u306f\u306a\u3051\u308c\u3070\u30011%\u3092\u8d85\u3048\u305f\u6570\u5b57\u3067\u5b89\u5b9a\u3059\u308b\u3053\u3068\u306f\u96e3\u3057\u3044\u3060\u308d\u3046\u3002<\/p>\n<p>2017\u5e74\u306b\u6d88\u8cbb\u5897\u7a0e\u3092\u8fce\u3048\u308c\u3070\u3001\u8ffd\u52a0\u7de9\u548c\u3068\u306e\u517c\u306d\u5408\u3044\u3082\u3042\u308b\u304c\u3001\u30de\u30a4\u30ca\u30b9\u6210\u9577\u306b\u843d\u3061\u8fbc\u3080\u3053\u3068\u3082\u5145\u5206\u8003\u3048\u3089\u308c\u308b\u3002<\/p>\n<p>\u3067\u306f\u3001CPI\uff08\u6d88\u8cbb\u8005\u7269\u4fa1\u6307\u6570\uff09\u306e\u307b\u3046\u306f\u3069\u3046\u304b\uff1f\u3000CPI\u306b\u3064\u3044\u3066\u306f\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3092\u53c2\u8003\u306b\u3057\u3066\u307b\u3057\u3044\u3002<\/p>\n<ul>\n<li><a title=\"2015\u5e74\u4ee5\u964d\u3001\u65e5\u9280\u306e\u8ffd\u52a0\u7de9\u548c\u306f\u3042\u308b\u304b\uff1f\u3000\u6642\u671f\u306f\u3044\u3064\u304b\uff1f\" href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/1086\">2015\u5e74\u4ee5\u964d\u3001\u65e5\u9280\u306e\u8ffd\u52a0\u7de9\u548c\u306f\u3042\u308b\u304b\uff1f\u3000\u6642\u671f\u306f\u3044\u3064\u304b\uff1f<\/a><\/li>\n<\/ul>\n<p>\u3053\u306e\u8a18\u4e8b\u3067\u306f\u30b3\u30a2CPI\uff08\u65e5\u9280\u306e\u8a00\u3046\u30b3\u30a2\u30b3\u30a2\uff09\u304c0.2-0.4%\u3001\u751f\u9bae\u98df\u54c1\u3092\u9664\u304fCPI\uff08\u65e5\u9280\u306e\u8a00\u3046\u30b3\u30a2\uff09\u304c0.9-1.1%\u3067\u7740\u5730\u3059\u308b\u3060\u308d\u3046\u3068\u5206\u6790\u3057\u305f\u3002\u8a18\u4e8b\u3067\u3082\u66f8\u3044\u305f\u304c\u3001CPI\u306fGDP\u307b\u3069\u306b\u306f\u6d88\u8cbb\u5897\u7a0e\u306e\u60aa\u5f71\u97ff\u3092\u53d7\u3051\u3066\u304a\u3089\u305a\u3001\u30c7\u30d5\u30ec\u8131\u5374\u306f\u7740\u5b9f\u306b\u9032\u884c\u3057\u3066\u3044\u308b\u3002<\/p>\n<p>\u7dcf\u3058\u3066\u8003\u3048\u308c\u3070\u3001\u6d88\u8cbb\u5897\u7a0e\u3092\u7d4c\u3066GDP\u306f\u30a2\u30d9\u30ce\u30df\u30af\u30b9\u4ee5\u524d\u3088\u308a\u4f4e\u304f\u3001CPI\u306f\u9ad8\u3044\u3068\u3044\u3046\u7d50\u679c\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u3057\u304b\u3057\u3001\u4e21\u6307\u6570\u3068\u3082\u306b\u5186\u5b89\u306b\u3088\u308b\u62bc\u3057\u4e0a\u3052\u52b9\u679c\u304c\u5265\u843d\u3059\u308c\u3070\u6570\u5b57\u304c\u3084\u3084\u4e0b\u304c\u3063\u3066\u304f\u308b\u3060\u308d\u3046\u3002<\/p>\n<p>\u3057\u305f\u304c\u3063\u3066\u3001\u540d\u76ee\u91d1\u5229\u3092\u6c7a\u3081\u308b\u8981\u7d20\u306f\u3001\u7dcf\u5408\u7684\u306b\u306f\u30a2\u30d9\u30ce\u30df\u30af\u30b9\u4ee5\u524d\u3068\u5909\u308f\u3063\u3066\u3044\u306a\u3044\u304b\u30012017\u5e74\u306e\u518d\u5897\u7a0e\u3092\u8003\u616e\u3059\u308c\u3070\u60aa\u5316\u3057\u3066\u304a\u308a\u3001\u4f4e\u91d1\u5229\u3092\u652f\u6301\u3059\u308b\u5185\u5bb9\u3068\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n<p>\u30a2\u30d9\u30ce\u30df\u30af\u30b9\u4ee5\u524d\u300110\u5e74\u7269\u56fd\u50b5\u306f0.8%\u524d\u5f8c\u306e\u91d1\u5229\u3067\u53d6\u5f15\u3055\u308c\u3066\u304a\u308a\u30012015\u5e745\u6708\u672b\u306e\u91d1\u5229\u304c0.4%\u3067\u3042\u308b\u304b\u3089\u3001\u65e5\u9280\u306e\u91cf\u7684\u7de9\u548c\u7d42\u4e86\u5f8c\u3001\u91d1\u5229\u306f\u4e0a\u6607\u3059\u308b\u3068\u601d\u308f\u308c\u308b\u3082\u306e\u306e\u3001\u9577\u671f\u91d1\u5229\u304c1%\u3092\u8d85\u3048\u308b\u307b\u3069\u306e\u50b5\u5238\u5b89\u3068\u306a\u308b\u53ef\u80fd\u6027\u306f\u3001\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u3067\u898b\u308c\u3070\u9ad8\u3044\u3068\u306f\u8a00\u3048\u306a\u3044\u3002<\/p>\n<p>\u3057\u305f\u304c\u3063\u3066\u65e5\u672c\u56fd\u50b5\u306f\u3001\u4ed6\u56fd\u3068\u6bd4\u3079\u304b\u306a\u308a\u306e\u4f4e\u91d1\u5229\u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u5272\u9ad8\u3067\u306f\u3042\u308b\u304c\u30d0\u30d6\u30eb\u3067\u306f\u306a\u3044\u3002\u3053\u306e\u70b9\u306f\u4e16\u754c\u7684\u306b\u3082\u7279\u7570\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n<p>\u7d50\u8ad6\u3068\u3057\u3066\u3001\u65e5\u672c\u306e\u91cf\u7684\u7de9\u548c\u7d42\u4e86\u306f\u7c73\u56fd\u3084\u30e6\u30fc\u30ed\u570f\u3068\u306f\u7570\u306a\u3063\u305f\u7d50\u679c\u3092\u62db\u304f\u3060\u308d\u3046\u3002\u7c73\u56fd\u3067\u306f\u7d4c\u6e08\u56de\u5fa9\u304b\u3089\u306e\u91cf\u7684\u7de9\u548c\u7d42\u4e86\u3068\u3044\u3046\u738b\u9053\u3092\u8fbf\u3063\u305f\u305f\u3081\u3001\u91d1\u5229\u306f\u4e0a\u6607\u305b\u3056\u308b\u3092\u5f97\u305a\u3001\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u66f8\u3044\u305f\u3088\u3046\u306b\u3001\u7d50\u679c\u3068\u3057\u3066\u682a\u5f0f\u304b\u3089\u50b5\u5238\u3078\u306e\u8cc7\u91d1\u306e\u9006\u6d41\u3092\u62db\u304f\u3060\u308d\u3046\u3002<\/p>\n<ul>\n<li><a title=\"2015\u5e74\u3001\u91d1\u878d\u5e02\u5834\u306f\u7c73\u56fd\u306e\u91cf\u7684\u7de9\u548c\u7d42\u4e86\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u306a\u3044\" href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/669\">2015\u5e74\u3001\u91d1\u878d\u5e02\u5834\u306f\u7c73\u56fd\u306e\u91cf\u7684\u7de9\u548c\u7d42\u4e86\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u306a\u3044<\/a><\/li>\n<\/ul>\n<p>\u307e\u305f\u3001\u30e6\u30fc\u30ed\u570f\u3067\u306f\u5357\u6b27\u8af8\u56fd\u306e\u56fd\u50b5\u304c\u5b8c\u5168\u306a\u30d0\u30d6\u30eb\u3068\u306a\u3063\u3066\u304a\u308a\u3001\u3053\u3061\u3089\u3082\u91cf\u7684\u7de9\u548c\u7d42\u4e86\u3068\u3068\u3082\u306b\u91d1\u5229\u304c\u4e0a\u6607\u305b\u3056\u308b\u3092\u5f97\u306a\u3044\u3002\u3057\u304b\u3057\u3001\u65e5\u672c\u3067\u306f\u6050\u3089\u304f\u56fd\u50b5\u306e\u66b4\u843d\u3068\u3044\u3046\u3053\u3068\u306b\u306f\u306a\u3089\u306a\u3044\u306e\u3067\u306f\u306a\u3044\u304b\u3002<\/p>\n<p>\u9593\u9055\u3044\u306a\u304f\u4e0b\u843d\u3059\u308b\u306e\u306fREIT\u3067\u3042\u308a\u3001\u65e5\u672c\u306b\u304a\u3051\u308b\u4e00\u756a\u306e\u554f\u984c\u306f\u3001\u91d1\u5229\u4e0a\u6607\u3067\u306f\u306a\u304f\u5f31\u3044\u7d4c\u6e08\u3067\u3042\u308b\u3002\u305d\u3057\u3066\u3001\u601d\u3044\u5207\u3063\u305f\u8ca1\u653f\u652f\u51fa\u304c\u51fa\u6765\u306a\u3044\u72b6\u614b\u3067\u7d4c\u6e08\u3092\u518d\u751f\u3057\u3088\u3046\u3068\u601d\u3048\u3070\u3001\u7d50\u5c40\u306f\u91d1\u878d\u7de9\u548c\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3002\u3053\u308c\u306f\u5186\u304c\u9577\u671f\u306e\u58f2\u308a\u5bfe\u8c61\u3067\u3042\u308b\u7406\u7531\u3067\u3042\u308b\u3002<\/p>\n<p>\u307e\u305f\u3001\u5f31\u3044\u500b\u4eba\u6d88\u8cbb\u306f\u3001\u8a2d\u5099\u6295\u8cc7\u3092\u4f4e\u8ff7\u3055\u305b\u7d9a\u3051\u308b\u3060\u308d\u3046\u3002\u3053\u3053\u304b\u3089\u58f2\u308a\u5bfe\u8c61\u3068\u306a\u308b\u500b\u5225\u9298\u67c4\u3092\u8003\u3048\u3060\u3059\u3053\u3068\u304c\u3067\u304d\u308b\u304c\u3001\u5177\u4f53\u7684\u306a\u540d\u524d\u306b\u3064\u3044\u3066\u306f\u3001\u65e5\u9280\u306e\u7de9\u548c\u7e2e\u5c0f\u304c\u8fd1\u3065\u3044\u3066\u304b\u3089\u8a00\u53ca\u3057\u305f\u3044\u3002<\/p>\n<ul>\n<li><a title=\"2015\u5e74\u4ee5\u964d\u3001\u65e5\u9280\u306e\u8ffd\u52a0\u7de9\u548c\u306f\u3042\u308b\u304b\uff1f\u3000\u6642\u671f\u306f\u3044\u3064\u304b\uff1f\" href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/1086\">2015\u5e74\u4ee5\u964d\u3001\u65e5\u9280\u306e\u8ffd\u52a0\u7de9\u548c\u306f\u3042\u308b\u304b\uff1f\u3000\u6642\u671f\u306f\u3044\u3064\u304b\uff1f<\/a><\/li>\n<\/ul>\n<p>\u4e0a\u8a18\u306e\u8a18\u4e8b\u3067\u66f8\u3044\u305f\u3088\u3046\u306b\u3001\u65e5\u9280\u306f\u91d1\u878d\u7de9\u548c\u3092\u306a\u304b\u306a\u304b\u7d42\u4e86\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u306a\u3044\u3002\u3057\u304b\u3057\u305d\u308c\u3067\u3082\u3001\u7de9\u548c\u304c\u7d42\u4e86\u3059\u308b\u3068\u304d\u306b\u4f55\u304c\u8d77\u3053\u308b\u306e\u304b\u3092\u77e5\u3063\u3066\u304a\u304f\u3053\u3068\u306f\u3001\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u91cd\u8981\u3060\u308d\u3046\u3002ECB\uff08\u6b27\u5dde\u4e2d\u592e\u9280\u884c\uff09\u306e\u91cf\u7684\u7de9\u548c\u306b\u3064\u3044\u3066\u3082\u3001\u3053\u3053\u3067\u306f\u5c0e\u5165\u306e\u534a\u5e74\u4ee5\u4e0a\u524d\u304b\u3089\u8a00\u53ca\u3057\u3066\u304d\u305f\u306e\u3067\u3042\u308b\u3002<a title=\"[\u500b\u5225\u9298\u67c4] Gecina (EURONEXT:GFC): \u30d1\u30ea\u306eREIT\u3001\u91cf\u7684\u7de9\u548c\" href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/53\">Gecina\u7d39\u4ecb\u8a18\u4e8b<\/a>\u304b\u3089\u6587\u7ae0\u3092\u5f15\u7528\u3057\u305f\u3044\u3002<\/p>\n<blockquote><p>\u30e6\u30fc\u30ed\u9ad8\u3068\u52b4\u50cd\u5e02\u5834\u6539\u5584\u306e\u4e21\u65b9\u306b\u6709\u52b9\u306a\u624b\u6bb5\u306f\u91cf\u7684\u7de9\u548c\u3067\u3042\u308a\u3001\u307e\u305f\u52b4\u50cd\u5e02\u5834\u306b\u95a2\u308f\u308b\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u4f4e\u4e0b\u306f\u69cb\u9020\u7684\u4f4e\u30a4\u30f3\u30d5\u30ec\u3067\u3042\u308b\u306e\u3067\u3001ECB\u304c\u52d5\u304b\u306a\u3044\u5834\u5408\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u4f4e\u4e0b\u3057\u7d9a\u3051\u308b\u3068\u60f3\u5b9a\u3055\u308c\u308b\u3002\u53e3\u5148\u4ecb\u5165\u306e\u307f\u3067\u30e6\u30fc\u30ed\u50b5\u52d9\u5371\u6a5f\u3092\u6551\u3063\u305f\u30c9\u30e9\u30ae\u7dcf\u88c1\u304c\u5b9f\u969b\u306b\u91d1\u878d\u7de9\u548c\u306b\u8e0f\u307f\u5207\u308b\u307e\u3067\u306b\u306f\u6642\u9593\u304c\u304b\u304b\u308b\u3068\u601d\u308f\u308c\u308b\u304c\u3001 \u30a4\u30f3\u30d5\u30ec\u7387\u306e\u7d99\u7d9a\u7684\u306a\u4f4e\u4e0b\u3092\u53d7\u3051\u3001\u4eca\u5e74\u306e\u5f8c\u534a\u304b\u3089\u6765\u5e74\u306e\u524d\u534a\u307e\u3067\u306b\u3001ECB\u306f\u91d1\u878d\u7de9\u548c\u306b\u8e0f\u307f\u5207\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3002<\/p><\/blockquote>\n<p>\u3053\u308c\u306fECB\u306e\u91cf\u7684\u7de9\u548c\uff082015\u5e741\u6708\uff09\u306e\u524d\u5e745\u6708\u306b\u66f8\u3044\u305f\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n<p>\u5e38\u306b\u4ed6\u306e\u6295\u8cc7\u5bb6\u3088\u308a\u5148\u3092\u8aad\u3080\u3053\u3068\u304c\u91cd\u8981\u3067\u3042\u308b\u3002\u4e88\u6e2c\u306f\u5fc5\u305a\u3057\u3082\u5f53\u305f\u308b\u3068\u306f\u9650\u3089\u305a\u3001\u65b0\u305f\u306a\u60c5\u5831\u306b\u3088\u3063\u3066\u5e38\u306b\u4fee\u6b63\u3055\u308c\u3066\u3086\u304f\u3002\u3057\u304b\u3057\u3001\u4fee\u6b63\u3059\u3079\u304d\u4e88\u6e2c\u3055\u3048\u306a\u3044\u6295\u8cc7\u5bb6\u306f\u3001\u30de\u30af\u30ed\u306e\u76f8\u5834\u89b3\u3092\u5e38\u306b\u66f4\u65b0\u3057\u3066\u3086\u304f\u6295\u8cc7\u5bb6\u306e\u5f8c\u624b\u306b\u56de\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u3069\u3061\u3089\u306b\u56de\u308a\u305f\u3044\u304b\u306f\u3001\u5404\u500b\u4eba\u6b21\u7b2c\u3067\u3042\u308b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u5468\u77e5\u306e\u3088\u3046\u306b\u3001\u73fe\u5728\u306e\u3068\u3053\u308d\u65e5\u9280\u306f2%\u306e\u7269\u4fa1\u76ee\u6a19\u304c2016\u5e74\u5ea6\u306e\u59cb\u3081\u306b\u9054\u6210\u3055\u308c\u308b\u3068\u3057\u3066\u304a\u308a\u3001\u3053\u306e\u8a00\u8449\u3092\u9d5c\u5451\u307f\u306b\u3059\u308c\u3070\u3001\u9045\u304f\u3068\u30822016\u5e74\u306e\u521d\u65ec\u306b\u306f\u91cf\u7684\u7de9\u548c\u306e\u7e2e\u5c0f\uff08\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\uff09\u304c\u8b70\u8ad6\u3055\u308c\u59cb\u3081\u308b\u3053\u3068\u306b\u306a\u308b\u3002 2015\u5e74\u3001\u65e5\u9280 &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/1124\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u65e5\u9280\u306e\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\uff08\u7de9\u548c\u7e2e\u5c0f\uff09\u306b\u5099\u3048\u308b\u6295\u8cc7\u6226\u7565: \u91cf\u7684\u7de9\u548c\u30d0\u30d6\u30eb\u306f\u4f55\u51e6\u304b\u3089\u5d29\u58ca\u3059\u308b\u304b\uff1f<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[7,11,22,24,66,77],"class_list":["post-1124","post","type-post","status-publish","format-standard","hentry","category-japanese-stock-market","tag-quantitative-easing","tag-reit","tag-bank-of-japan","tag-japanese-government-bonds","tag-gdp","tag-cpi"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/1124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/comments?post=1124"}],"version-history":[{"count":12,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/1124\/revisions"}],"predecessor-version":[{"id":1136,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/1124\/revisions\/1136"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=1124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=1124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=1124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}