{"id":1211,"date":"2015-06-29T14:10:08","date_gmt":"2015-06-29T05:10:08","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=1211"},"modified":"2015-06-29T14:32:33","modified_gmt":"2015-06-29T05:32:33","slug":"%e3%82%ae%e3%83%aa%e3%82%b7%e3%83%a3%e5%9b%bd%e6%b0%91%e6%8a%95%e7%a5%a8%e3%81%a7%e5%86%86%e9%ab%98-%e3%83%89%e3%83%ab%e5%86%86%e3%80%81%e6%a0%aa%e5%bc%8f%e5%b8%82%e5%a0%b4%e3%80%81%e5%82%b5%e5%88%b8","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/1211","title":{"rendered":"\u30ae\u30ea\u30b7\u30e3\u30c7\u30d5\u30a9\u30eb\u30c8\u61f8\u5ff5\u3067\u5186\u9ad8: \u30c9\u30eb\u5186\u3001\u682a\u5f0f\u5e02\u5834\u3001\u50b5\u5238\u5e02\u5834\u306f\u3069\u3046\u306a\u308b\u304b\uff1f"},"content":{"rendered":"<ul>\n<li><a title=\"\u30ae\u30ea\u30b7\u30e3\u304c\u30c7\u30d5\u30a9\u30eb\u30c8\u3068\u30e6\u30fc\u30ed\u570f\u96e2\u8131\u3092\u304b\u3051\u3066\u56fd\u6c11\u6295\u7968: \u30c9\u30a4\u30c4\u306f\u91d1\u3092\u6255\u3046\u3079\u304d\u3067\u3042\u308b\" href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/1190\">\u30ae\u30ea\u30b7\u30e3\u304c\u30c7\u30d5\u30a9\u30eb\u30c8\u3068\u30e6\u30fc\u30ed\u570f\u96e2\u8131\u3092\u304b\u3051\u3066\u56fd\u6c11\u6295\u7968: \u30c9\u30a4\u30c4\u306f\u91d1\u3092\u6255\u3046\u3079\u304d\u3067\u3042\u308b<\/a><\/li>\n<li><a title=\"\u30ae\u30ea\u30b7\u30e3\u304c\u8cc7\u672c\u7d71\u5236\u3001\u9280\u884c\u3068\u682a\u5f0f\u5e02\u5834\u306f\u6708\u66dc\u958b\u304b\u305a\" href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/1205\">\u30ae\u30ea\u30b7\u30e3\u304c\u8cc7\u672c\u7d71\u5236\u3001\u9280\u884c\u3068\u682a\u5f0f\u5e02\u5834\u306f\u6708\u66dc\u958b\u304b\u305a<\/a><\/li>\n<\/ul>\n<p>\u30ae\u30ea\u30b7\u30e3\u304c\u50b5\u6a29\u56e3\u306e\u8981\u6c42\u3092\u98f2\u3080\u304b\u3069\u3046\u304b\u306b\u3064\u3044\u3066\u56fd\u6c11\u6295\u7968\u3092\u884c\u3046\u3068\u767a\u8868\u3057\u305f\u3053\u3068\u3092\u53d7\u3051\u3001\u30ae\u30ea\u30b7\u30e3\u306e\u30c7\u30d5\u30a9\u30eb\u30c8\u304c\u73fe\u5b9f\u7684\u3068\u306a\u308a\u3001\u65e5\u672c\u5e02\u5834\u3067\u306f\u30ea\u30b9\u30af\u30aa\u30d5\u306e\u5186\u9ad8\u30fb\u682a\u5b89\u3068\u306a\u3063\u3066\u3044\u308b\u304c\u3001\u5148\u305a\u30c9\u30eb\u5186\u306b\u3064\u3044\u3066\u306f120\u5186\u3092\u4e0b\u56de\u308c\u3070\u8cb7\u3044\u3067\u3042\u308b\u3002<\/p>\n<p>\u30ae \u30ea\u30b7\u30e3\u306e\u7d4c\u6e08\u898f\u6a21\u306f\u3042\u307e\u308a\u306b\u5c0f\u3055\u304f\u3001\u30e6\u30fc\u30ed\u570f\u306e1.7%\u3067\u3042\u308a\u3001\u9060\u304f\u96e2\u308c\u305f\u65e5\u672c\u306e\u91d1\u878d\u5e02\u5834\u306f\u52ff\u8ad6\u3001\u30e6\u30fc\u30ed\u30c9\u30eb\u3084\u30e6\u30fc\u30ed\u570f\u7d4c\u6e08\u306e\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u81ea\u4f53\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3053\u3068\u306f\u3067\u304d\u306a\u3044\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u30c9\u30eb\u5186\u306b\u95a2\u3059\u308b\u898b\u65b9\u306f\u5909\u308f\u3089\u305a\u3001\u4ee5\u524d\u66f8\u3044\u305f\u901a\u308a\u3001115-120\u3067\u306e\u8cb7\u3044\u306f\u9577\u671f\u7684\u306b\u5831\u308f\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u3044\u3046\u3053 \u3068\u3067\u3042\u308b\u3002<!--more--><\/p>\n<ul>\n<li><a title=\"\u65e5\u7c73\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9\u6bd4\u8f03: \u30c9\u30eb\u5186120\u5186\u306f\u59a5\u5f53\u304b\" href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/520\">\u65e5\u7c73\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9\u6bd4\u8f03: \u30c9\u30eb\u5186120\u5186\u306f\u59a5\u5f53\u304b<\/a><\/li>\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<\/ul>\n<p><strong>\u4e16\u754c\u7684\u306b\u30d0\u30d6\u30eb\u5d29\u58ca\u306e\u4e88\u5146<\/strong><\/p>\n<p>\u5186\u9ad8\u3068\u306a\u3063\u305f\u3053\u3068\u3067\u65e5\u7d4c\u5e73\u5747\u3082\u6025\u843d\u3057\u3066\u3044\u308b\u3002\u4e16\u754c\u7684\u306b\u898b\u308c\u3070\u65e5\u672c\u682a\u306f\u3053\u308c\u307e\u3067\u975e\u5e38\u306b\u597d\u8abf\u3060\u3063\u305f\u3053\u3068\u3082\u3042\u308a\u3001\u8abf\u6574\u304c\u3042\u3063\u305f\u3068\u3057\u3066\u3082\u304a\u304b\u3057\u304f\u306a\u3044\u5c40\u9762\u3067\u3042\u3063\u305f\u3002<\/p>\n<p>\u65e5\u672c\u306e\u5e02\u5834\u3060\u3051\u898b\u3066\u3044\u308c\u3070\u6c17\u4ed8\u304d\u306b\u304f\u3044\u304c\u3001\u4e16\u754c\u306e\u91d1\u878d\u5e02\u5834\u306b\u306f\u5acc\u306a\u5146\u5019\u304c\u3042\u308b\u3002\u7b2c\u4e00\u306e\u5909\u8abf\u306f\u3001\u30c9\u30a4\u30c4\u56fd\u50b5\u4e0b\u843d\u306b\u59cb\u307e\u308b\u4e16\u754c\u7684\u306a\u91d1\u5229\u4e0a\u6607\u3067\u3042\u308b\u3002\u3053\u308c\u304c\u7d42\u308f\u308a\u306e\u59cb\u307e\u308a\u3067\u3042\u308b\u3053\u3068\u306f\u65e2\u306b\u66f8\u3044\u305f\u304c\u3001\u305d\u308c\u3067\u3082\u91cf\u7684\u7de9\u548c\u30d0\u30d6\u30eb\u304c\u7d42\u308f\u308b\u306e\u306f\u3001\u6050\u3089\u304f\u307e\u3060\u307e\u3060\u5148\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a title=\"\u9577\u671f\u91d1\u5229\u304c\u4e16\u754c\u7684\u306b\u4e0a\u6607\u3001\u5358\u306a\u308b\u8abf\u6574\u3067\u306f\u306a\u3044: \u76f8\u5834\u89b3\u3068\u500b\u5225\u682a\u30ec\u30d3\u30e5\u30fc\" href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/1155\">\u9577\u671f\u91d1\u5229\u304c\u4e16\u754c\u7684\u306b\u4e0a\u6607\u3001\u5358\u306a\u308b\u8abf\u6574\u3067\u306f\u306a\u3044: \u76f8\u5834\u89b3\u3068\u500b\u5225\u682a\u30ec\u30d3\u30e5\u30fc<\/a><\/li>\n<\/ul>\n<p>\u6b21\u306b\u6c17\u306b\u306a\u308b\u306e\u306f\u3001\u30c9\u30a4\u30c4\u306e\u4e0d\u52d5\u7523\u4f1a\u793eDeutsche Woehen (XETRA:DWNI\u3001<a href=\"https:\/\/www.google.com\/finance?cid=685699\">Google Finance<\/a>)\u306a\u3069\u3001\u4eca\u5e74\u306e\u524d\u534a\u307e\u3067\u3082\u3063\u3068\u3082\u597d\u8abf\u3067\u3042\u3063\u305f\u30e6\u30fc\u30ed\u570f\u306e\u91cf\u7684\u7de9\u548c\u9298\u67c4\u306e\u8edf\u8abf\u3067\u3042\u308b\u3002<\/p>\n<p>\u3053\u308c\u3089\u306e\u767a\u7aef\u306f\u30e6\u30fc\u30ed\u570f\u306e\u5931\u696d\u7387\u3084\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u60f3\u50cf\u4ee5\u4e0a\u306b\u6539\u5584\u3057\u3066\u3044\u308b\u3053\u3068\u3067\u3042\u308a\u3001ECB\uff08\u6b27\u5dde\u4e2d\u592e\u9280\u884c\uff09\u304c\u91cf\u7684\u7de9\u548c\u3092\u4e88\u5b9a\u901a\u308a2016\u5e749\u6708\u3067\u7d42\u4e86\u3057\u3066\u3057\u307e\u3046\u3053\u3068\u3092\u6295\u8cc7\u5bb6\u304c\u61f8\u5ff5\u3057\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u4e0a\u6d77\u7dcf\u5408\u6307\u6570\u306f20\uff05\u6025\u843d<\/strong><\/p>\n<p>\u66f4 \u306b\u3053\u306e\u72b6\u6cc1\u306b\u8ffd\u3044\u6253\u3061\u3092\u304b\u3051\u308b\u306e\u304c\u3001\u4e0a\u6d77\u5e02\u5834\u306e\u6025\u843d\u3067\u3042\u308b\u3002\u4e0a\u6d77\u7dcf\u5408\u6307\u6570\u306f6\u6708\u534a\u3070\u306e\u5929\u4e95\u304b\u308920\uff05\u4ee5\u4e0a\u4e0b\u843d\u3057\u3066\u3044\u308b\u30021\u5e74\u304b\u304b\u3089\u305a\u500d\u306b\u306a\u3063\u305f\u53cd\u52d5\u3068\u3044\u3046 \u3053\u3068\u3082\u3067\u304d\u308b\u304c\u3001\u500b\u4eba\u7684\u306b\u306f\u4e16\u754c\u7684\u306a\u91d1\u5229\u4e0a\u6607\u3092\u5acc\u6c17\u3057\u305f\u3082\u306e\u3068\u8003\u3048\u3066\u3044\u308b\u3002\u30c9\u30eb\u5efa\u3066\u3067\u8cc7\u91d1\u8abf\u9054\u3057\u4e2d\u56fd\u3067\u904b\u7528\u3059\u308b\u7406\u8ca1\u5546\u54c1\u306a\u3069\u306f\u3001\u30c9\u30eb\u306e\u91d1\u5229\u304c\u4e0a\u304c\u308c\u3070\u30c7 \u30d5\u30a9\u30eb\u30c8\u306e\u5371\u6a5f\u304c\u9ad8\u307e\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u91cf\u7684\u7de9\u548c\u76f8\u5834\u306e\u7d42\u308f\u308a<\/strong><\/p>\n<p>\u3059\u3079\u3066\u306e\u59cb\u307e\u308a\u306f\u3001\u9577\u3089\u304f\u7d9a\u3044\u305f\u91cf\u7684\u7de9\u548c\u76f8\u5834\u306e\u7d42\u308f\u308a\u304c\u610f\u8b58\u3055\u308c\u305f\u3053\u3068\u306b\u3042\u308b\u3002ECB\u306e\u7de9\u548c\u7d42\u4e86\u61f8\u5ff5\u306b\u52a0\u3048\u3066\u3001\u65e5\u9280\u3082\u6765\u5e74\u306b\u51fa\u53e3\u6226\u7565\u3092\u8003\u3048\u3066\u3044\u308b\u3002\u3057\u304b\u3057\u306a\u304c\u3089\u3001\u3053\u3053\u307e\u3067\u60b2\u89b3\u7684\u306a\u898b\u65b9\u3092\u66f8\u3044\u305f\u304c\u3001\u500b\u4eba\u7684\u306b\u306f\u91cf\u7684\u7de9\u548c\u30d0\u30d6\u30eb\u306e\u5d29\u58ca\u306f\u6050\u3089\u304f\u307e\u3060\u5148\u306a\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u601d\u3063\u3066\u3044\u308b\u3002<\/p>\n<p>\u7b2c\u4e00\u306b\u3001\u30e6\u30fc\u30ed\u570f\u306f\u3068\u3082\u304b\u304f\u3001\u65e5\u9280\u306e\u91cf\u7684\u7de9\u548c\u306f\u5358\u7d14\u306b\u6765\u5e74\u3067\u7d42\u3048\u308b\u3053\u3068\u306f\u3067\u304d\u306a\u3044\u3002\u4ee5\u4e0b\u306e\u8a18\u4e8b\u306b\u66f8\u3044\u305f\u901a\u308a\u3067\u3042\u308b\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>\u66f4\u306b\u3001\u7c73\u56fd\u306e\u5229\u4e0a\u3052\u306f\u6700\u5c0f\u9650\u306e\u3082\u306e\u3068\u306a\u308a\u3001\u305d\u306e\u30da\u30fc\u30b9\u3082\u7de9\u3084\u304b\u306a\u3082\u306e\u3068\u306a\u308b\u3002\u4e00\u5ea6\u306e\u5229\u4e0a\u3052\u3067\u306f\u3001\u30d0\u30d6\u30eb\u306e\u3059\u3079\u3066\u306f\u5d29\u58ca\u3057\u306a\u3044\u3060\u308d\u3046\u3002\u305d\u3057\u3066\u305d\u308c\u307e\u3067\u306f\u3001\u8abf\u6574\u3092\u7d4c\u306a\u304c\u3089\u76f8\u5834\u306f\u4e0a\u304c\u308a\u7d9a\u3051\u308b\u3002<\/p>\n<p>\u3057 \u304b\u3057\u306a\u304c\u3089\u30012015\u5e74\u4ee5\u964d\u306e\u76f8\u5834\u3067\u306f\u3001\u4e0a\u6d77\u5e02\u5834\u306e\u3088\u3046\u306a10%\u308420%\u306e\u6025\u843d\u306f\u3001\u4e16\u754c\u4e2d\u3069\u3053\u306e\u5e02\u5834\u3067\u3082\u899a\u609f\u3057\u3066\u304a\u304f\u3079\u304d\u3067\u3042\u308b\u3002\u305d\u306e\u7a0b\u5ea6\u306e\u8abf\u6574\u306f\u3001\u4e00\u756a \u6700\u5f8c\u306b\u8d77\u3053\u308b\u66b4\u843d\u306b\u6bd4\u3079\u308c\u3070\u8aa4\u5dee\u306b\u904e\u304e\u306a\u3044\u3002\u6295\u8cc7\u5bb6\u306f\u5e02\u5834\u304c\u672c\u8cea\u7684\u306b\u4f55\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u306a\u3044\u306e\u304b\u3001\u3057\u3063\u304b\u308a\u628a\u63e1\u3057\u3066\u304a\u304b\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u306e\u3067\u3042\u308b\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>\u4f55\u5ea6\u3082\u8a00\u3046\u3088\u3046\u306b\u3001\u3053\u3053\u304b\u3089\u5148\u306f\u682a\u5f0f\uff08\u7279\u306b\u7c73\u56fd\u682a\uff09\u306e\u5358\u7d14\u306a\u8cb7\u3044\u6301\u3061\u306f\u63a8\u5968\u3067\u304d\u306a\u3044\u3002\u58f2\u308a\u3092\u6df7\u305c\u308b\u3079\u304d\u3067\u3042\u308b\u3002\u7c73\u56fd\u682a\u306b\u6bd4\u3079\u308c\u3070\u65e5\u672c\u682a\u306f\u671b\u307f\u304c\u3042\u308b\u304c\uff08\u305d\u3057\u3066\u305d\u308c\u306f\u65e5\u672c\u306e\u7d4c\u6e08\u6210\u9577\u306b\u671b\u307f\u304c\u306a\u3044\u305f\u3081\u3060\u304c\uff09\u3001\u305d\u308c\u3067\u3082\u6025\u306a\u5024\u52d5\u304d\u306f\u907f\u3051\u3089\u308c\u306a\u3044\u3060\u308d\u3046\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u30ae\u30ea\u30b7\u30e3\u304c\u30c7\u30d5\u30a9\u30eb\u30c8\u3068\u30e6\u30fc\u30ed\u570f\u96e2\u8131\u3092\u304b\u3051\u3066\u56fd\u6c11\u6295\u7968: \u30c9\u30a4\u30c4\u306f\u91d1\u3092\u6255\u3046\u3079\u304d\u3067\u3042\u308b \u30ae\u30ea\u30b7\u30e3\u304c\u8cc7\u672c\u7d71\u5236\u3001\u9280\u884c\u3068\u682a\u5f0f\u5e02\u5834\u306f\u6708\u66dc\u958b\u304b\u305a \u30ae\u30ea\u30b7\u30e3\u304c\u50b5\u6a29\u56e3\u306e\u8981\u6c42\u3092\u98f2\u3080\u304b\u3069\u3046\u304b\u306b\u3064\u3044\u3066\u56fd\u6c11\u6295\u7968\u3092\u884c\u3046\u3068\u767a\u8868\u3057\u305f\u3053\u3068\u3092\u53d7\u3051\u3001\u30ae\u30ea\u30b7\u30e3\u306e &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/1211\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30ae\u30ea\u30b7\u30e3\u30c7\u30d5\u30a9\u30eb\u30c8\u61f8\u5ff5\u3067\u5186\u9ad8: \u30c9\u30eb\u5186\u3001\u682a\u5f0f\u5e02\u5834\u3001\u50b5\u5238\u5e02\u5834\u306f\u3069\u3046\u306a\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":[59,38,30,14,19],"tags":[7,72,79],"class_list":["post-1211","post","type-post","status-publish","format-standard","hentry","category-us-stock-market","category-european-bond-market","category-european-stock-market","category-japanese-stock-market","category-foreign-exchange-market","tag-quantitative-easing","tag-rate-hike","tag-grexit"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/1211","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=1211"}],"version-history":[{"count":5,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/1211\/revisions"}],"predecessor-version":[{"id":1216,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/1211\/revisions\/1216"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=1211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=1211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=1211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}