{"id":13821,"date":"2021-06-04T20:05:00","date_gmt":"2021-06-04T11:05:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=13821"},"modified":"2021-06-04T19:09:56","modified_gmt":"2021-06-04T10:09:56","slug":"%e3%82%a2%e3%82%a4%e3%82%ab%e3%83%bc%e3%83%b3%e6%b0%8f%e3%81%8c%e3%82%a4%e3%83%b3%e3%83%95%e3%83%ac%e3%81%a7%e6%a0%aa%e4%be%a1%e6%80%a5%e8%90%bd%e3%82%92%e4%ba%88%e6%83%b3%e3%80%81%e4%bd%8f%e5%ae%85","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/13821","title":{"rendered":"\u30a2\u30a4\u30ab\u30fc\u30f3\u6c0f\u304c\u30a4\u30f3\u30d5\u30ec\u3067\u682a\u4fa1\u6025\u843d\u3092\u4e88\u60f3\u3001\u4f4f\u5b85\u30ed\u30fc\u30f3\u306f\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u5371\u6a5f\u306e\u518d\u6765\u3078"},"content":{"rendered":"\n<p>\u8457\u540d\u6295\u8cc7\u5bb6\u306e\u30ab\u30fc\u30eb\u30fb\u30a2\u30a4\u30ab\u30fc\u30f3\u6c0f\u304cBloomberg\u306b\u3088\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u30a4\u30f3\u30d5\u30ec\u3068\u81ea\u5206\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u30022008\u5e74\u3092\u5f77\u5f7f\u3068\u3055\u305b\u308b\u30b7\u30ca\u30ea\u30aa\u3092\u8a9e\u3063\u3066\u3044\u3066\u8208\u5473\u6df1\u3044\u306e\u3067\u7d39\u4ecb\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u30a4\u30f3\u30d5\u30ec\u3068\u91d1\u878d\u5f15\u304d\u7de0\u3081<\/strong><\/p>\n\n\n\n<p>\u30a2\u30a4\u30ab\u30fc\u30f3\u6c0f\u306f\u73fe\u91d1\u7d66\u4ed8\u306a\u3069\u306e\u523a\u6fc0\u7b56\u3067V\u5b57\u56de\u5fa9\u3057\u305f\u7d4c\u6e08\u3068\u3001\u305d\u306e\u7d50\u679c\u30a2\u30e1\u30ea\u30ab\u3067\u8d77\u3053\u308a\u59cb\u3081\u3066\u3044\u308b\u7269\u4fa1\u9ad8\u9a30\u306b\u3064\u3044\u3066\u3053\u3046\u8ff0\u3079\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u7d4c\u6e08\u306b\u5927\u91cf\u306e\u8cc7\u91d1\u304c\u6ce8\u5165\u3055\u308c\u3066\u3044\u308b\u3002\u5f53\u7136\u30a4\u30f3\u30d5\u30ec\u304c\u8d77\u3053\u308b\u3002\u3068\u3044\u3046\u304b\u305d\u308c\u306f\u3082\u3046\u8d77\u3053\u3063\u3066\u3044\u308b\u3002\u3060\u304b\u3089\u30a4\u30f3\u30d5\u30ec\u306b\u5bfe\u5fdc\u3059\u308b\u5fc5\u8981\u304c\u51fa\u3066\u304f\u308b\u3060\u308d\u3046\u3002\u30d6\u30ec\u30fc\u30ad\u3092\u8e0f\u307e\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304f\u306a\u308b\u3002<\/p><\/blockquote>\n\n\n\n<p>\u30d6\u30ec\u30fc\u30ad\u3092\u8e0f\u3093\u3067\u30a4\u30f3\u30d5\u30ec\u306b\u5bfe\u5fdc\u3059\u308b\u3068\u306f\u3064\u307e\u308a\u4e2d\u592e\u9280\u884c\u304c\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u884c\u3046\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u5f7c\u306f\u3053\u3046\u7d9a\u3051\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u3044\u305a\u308c\u91d1\u5229\u306f\u4e0a\u6607\u3057\u5e02\u5834\u306b\u5927\u304d\u306a\u8abf\u6574\u304c\u8d77\u3053\u308b\u3060\u308d\u3046\u3002\u3057\u304b\u3057\u3044\u3064\u8d77\u3053\u308b\u306e\u304b\u3001\u3069\u308c\u3050\u3089\u3044\u5927\u304d\u306a\u3082\u306e\u306b\u306a\u308b\u306e\u304b\u306b\u3064\u3044\u3066\u306f\u73fe\u6642\u70b9\u3067\u306f\u7b54\u3048\u3089\u308c\u306a\u3044\u3002<\/p><\/blockquote>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u30a4\u30f3\u30d5\u30ec\u304c\u59cb\u307e\u3063\u3066\u304a\u308a\u3001\u30a4\u30f3\u30d5\u30ec\u61f8\u5ff5\u3067\u91d1\u5229\u304c\u4e0a\u304c\u3063\u305f\u3053\u3068\u3067\u30b3\u30ed\u30ca\u5f8c\u306e\u682a\u4fa1\u56de\u5fa9\u3092\u652f\u3048\u3066\u304d\u305f\u4f4e\u91d1\u5229\u304c\u306a\u304f\u306a\u308a\u3064\u3064\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/13653\" data-type=\"post\" data-id=\"13653\">\u30a2\u30e1\u30ea\u30ab\u3067\u30a4\u30f3\u30d5\u30ec\u6b62\u307e\u3089\u305a\u30014\u6708\u306f\u5e74\u73879.6%<\/a><\/li><\/ul>\n\n\n\n<p>\u91d1\u5229\u306f\u91d1\u878d\u5f15\u304d\u7de0\u3081\u304c\u59cb\u307e\u3063\u3066\u3044\u306a\u3044\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u4e0a\u304c\u3063\u3066\u3044\u308b\u3002\u30a4\u30f3\u30d5\u30ec\u304c\u7d9a\u3051\u3070\u5b9f\u969b\u306b\u91d1\u878d\u5f15\u304d\u7de0\u3081\u304c\u884c\u308f\u308c\u3001\u305d\u306e\u5f37\u5ea6\u304c\u5f37\u307e\u308c\u3070\u6700\u7d42\u7684\u306b\u306f2018\u5e74\u578b\u306e\u682a\u4fa1\u66b4\u843d\u304c\u8d77\u304d\u308b\u3060\u308d\u3046\u3002\u5f53\u6642\u306f\u91cf\u7684\u5f15\u304d\u7de0\u3081\u304c\u682a\u4fa1\u3092\u4e0b\u843d\u3055\u305b\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7959\" data-type=\"post\" data-id=\"7959\">\u4e16\u754c\u540c\u6642\u682a\u5b89\u3092\u4e88\u60f3\u3067\u304d\u305f\u7406\u7531\u3068\u682a\u4fa1\u4e0b\u843d\u306e\u539f\u56e0 (2018\/10\/28)<\/a><\/li><\/ul>\n\n\n\n<p>\u3057\u304b\u3057\u30a2\u30a4\u30ab\u30fc\u30f3\u6c0f\u306e\u8a00\u3046\u901a\u308a\u3001\u73fe\u6642\u70b9\u3067\u91d1\u878d\u5f15\u304d\u7de0\u3081\u304c\uff08\u305d\u3057\u3066\u682a\u5b89\u304c\uff09\u3069\u308c\u307b\u3069\u5927\u304d\u304f\u306a\u308b\u306e\u304b\u306b\u3064\u3044\u3066\u4e88\u60f3\u3059\u308b\u306e\u306f\u65e9\u3059\u304e\u308b\u3060\u308d\u3046\u30022018\u5e74\u306b\u304a\u3044\u3066\u305d\u3046\u3060\u3063\u305f\u3088\u3046\u306b\u3001\u682a\u4fa1\u304c\u5b9f\u969b\u306b\u6025\u843d\u3092\u59cb\u3081\u308b\u307e\u3067\u306b\u306f\u9577\u3044\u30d7\u30ed\u30bb\u30b9\u304c\u3042\u308b\u3002\u5f53\u6642\u304b\u3089\u306e\u8aad\u8005\u306a\u3089\u899a\u3048\u3066\u3044\u308b\u3060\u308d\u3046\u3002\u3057\u304b\u3057\u305d\u308d\u305d\u308d\u6295\u8cc7\u5bb6\u306f\u305d\u306e\u30b7\u30ca\u30ea\u30aa\u3092\u982d\u306b\u5165\u308c\u59cb\u3081\u308b\u3079\u304d\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u30a2\u30a4\u30ab\u30fc\u30f3\u6c0f\u306e\u30e2\u30fc\u30b2\u30fc\u30b8\u50b5\u7a7a\u58f2\u308a<\/strong><\/p>\n\n\n\n<p>\u3055\u3066\u3001\u3067\u306f\u4eca\u6295\u8cc7\u5bb6\u306b\u51fa\u6765\u308b\u3053\u3068\u306f\u4f55\u3060\u308d\u3046\u304b\u3002\u30a2\u30a4\u30ab\u30fc\u30f3\u6c0f\u306f\u73fe\u5728\u9032\u884c\u7cfb\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u30921\u3064\u7d39\u4ecb\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>CMBX\u306e\u7a7a\u58f2\u308a\u306f\u308f\u305f\u3057\u306e\u5927\u304d\u306a\u30dd\u30b8\u30b7\u30e7\u30f3\u306e1\u3064\u3060\u3002<\/p><\/blockquote>\n\n\n\n<p>CMBX\u3068\u306f\u30b7\u30e7\u30c3\u30d4\u30f3\u30b0\u30e2\u30fc\u30eb\u306a\u3069\u306e\u4e0d\u52d5\u7523\u30ed\u30fc\u30f3\u3092\u7e8f\u3081\u305f\u6307\u6570\u3067\u3042\u308b\u3002\u30b7\u30e7\u30c3\u30d4\u30f3\u30b0\u30e2\u30fc\u30eb\u306f\u82e6\u5883\u306b\u3042\u3048\u3044\u3067\u3044\u308b\u3002\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306e\u5927\u5132\u3051\u3057\u305fAmazon.com\u304c\u30b3\u30ed\u30ca\u7d4c\u6e08\u306e\u5149\u3067\u3042\u308c\u3070\u3001\u6d88\u8cbb\u8005\u304c\u8db3\u3092\u904b\u3070\u306a\u304f\u306a\u3063\u305f\u30b7\u30e7\u30c3\u30d4\u30f3\u30b0\u30e2\u30fc\u30eb\u306f\u5f71\u306e\u90e8\u5206\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/10817\" data-type=\"post\" data-id=\"10817\">\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u30013\u6708\u306e\u5e95\u5024\u3067Amazon\u3068Netflix\u8cb7\u3044\u5897\u3057<\/a><\/li><\/ul>\n\n\n\n<p>\u305d\u308c\u3067\u30b7\u30e7\u30c3\u30d4\u30f3\u30b0\u30e2\u30fc\u30eb\u304c\u4e0d\u52d5\u7523\u30ed\u30fc\u30f3\u3092\u6255\u3048\u306a\u304f\u306a\u308b\u3068\u4e88\u60f3\u3057\u3001\u30a2\u30a4\u30ab\u30fc\u30f3\u6c0f\u306f\u305d\u308c\u3089\u306e\u50b5\u5238\u3092\u7a7a\u58f2\u308a\u3057\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u30b7\u30e7\u30c3\u30d4\u30f3\u30b0\u30e2\u30fc\u30eb\u3084CMBX 6\u306b\u542b\u307e\u308c\u308b\u4ed6\u306e\u3044\u304b\u304c\u308f\u3057\u3044\u4e0d\u52d5\u7523\u306f\u30ed\u30fc\u30f3\u306e\u501f\u308a\u63db\u3048\u3092\u884c\u3046\u3053\u3068\u304c\u3067\u304d\u305a\u3001\u501f\u91d1\u306f\u652f\u6255\u308f\u308c\u306a\u3044\u3060\u308d\u3046\u3002\u3053\u308c\u3089\u306e\u591a\u304f\u306e\u30b7\u30e7\u30c3\u30d4\u30f3\u30b0\u30e2\u30fc\u30eb\u306e\u30ed\u30fc\u30f3\u306f2022\u5e74\u306b\u671f\u9650\u3068\u306a\u308b\u3002<\/p><p>\u3053\u308c\u3089\u306e\u30ed\u30fc\u30f3\u306f2008\u5e74\u3067\u554f\u984c\u3068\u306a\u3063\u305f\u3088\u3046\u306a\u4f4f\u5b85\u30ed\u30fc\u30f3\u8a3c\u5238\u3068\u540c\u3058\u60b2\u60e8\u306a\u904b\u547d\u3092\u8fbf\u308b\u3053\u3068\u306b\u306a\u308b\u3068\u4fe1\u3058\u3066\u3044\u308b\u3002<\/p><\/blockquote>\n\n\n\n<p>\u3053\u308c\u3089\u306e\u50b5\u5238\u306f\u30e2\u30fc\u30b2\u30fc\u30b8\u50b5\u3068\u547c\u3070\u308c\u3001\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u30ed\u30fc\u30f3\u5371\u6a5f\u3067\u4e00\u8e8d\u6709\u540d\u3068\u306a\u3063\u305f\u3042\u306e\u8a3c\u5238\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>2008\u5e74\u306b\u306f\u30e2\u30fc\u30b2\u30fc\u30b8\u50b5\u306e\u30c7\u30d5\u30a9\u30eb\u30c8\u304c\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u306e\u539f\u56e0\u3068\u306a\u3063\u305f\u3002\u305d\u3057\u3066\u30a2\u30a4\u30ab\u30fc\u30f3\u6c0f\u306f\u66f4\u306b2008\u5e74\u3092\u5f77\u5f7f\u3068\u3055\u305b\u308b\u3053\u3068\u3092\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\u308c\u308f\u308c\u306f\u3053\u308c\u3089\u306e\u30e2\u30fc\u30b2\u30fc\u30b8\u306eCDS\uff08\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30b9\u30ef\u30c3\u30d7\uff09\u3092\u52b9\u7387\u7684\u306b\u8cb7\u3044\u96c6\u3081\u308b\u3053\u3068\u304c\u51fa\u6765\u305f\u3002CDS\u5951\u7d04\u3068\u306f\u5c11\u984d\u306e\u6c7a\u307e\u3063\u305f\u4fdd\u967a\u6599\u3092\u6255\u3046\u3053\u3068\u3067\u3053\u308c\u3089\u306e\u30e2\u30fc\u30b2\u30fc\u30b8\u304c\u6e80\u984d\u652f\u6255\u308f\u308c\u308b\u3088\u3046\u306b\u5951\u7d04\u76f8\u624b\u306b\u4fdd\u8a3c\u3055\u305b\u308b\u3082\u306e\u3060\u3002<\/p><\/blockquote>\n\n\n\n<p>\u3064\u307e\u308a\u3001\u30e2\u30fc\u30b2\u30fc\u30b8\u304c\u30c7\u30d5\u30a9\u30eb\u30c8\u3059\u308c\u3070CDS\u306e\u5951\u7d04\u76f8\u624b\u304c\u305d\u306e\u5206\u3092\u4fdd\u8a3c\u3057\u3066\u304f\u308c\u308b\u5951\u7d04\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30a2\u30a4\u30ab\u30fc\u30f3\u6c0f\u306f\u3053\u308c\u3089\u306e\u30e2\u30fc\u30b2\u30fc\u30b8\u50b5\u3092\u4fdd\u6709\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u304c\u3001CDS\u3092\u8cb7\u3046\u3053\u3068\u3067\u30ed\u30fc\u30f3\u304c\u30c7\u30d5\u30a9\u30eb\u30c8\u3057\u305f\u6642\u306b\u5229\u76ca\u3092\u5f97\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u30022008\u5e74\u306e\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u3067\u306f\u30e2\u30fc\u30b2\u30fc\u30b8\u50b5\u306f\u5927\u91cf\u306b\u30c7\u30d5\u30a9\u30eb\u30c8\u3057\u3001\u30ea\u30fc\u30de\u30f3\u30fb\u30d6\u30e9\u30b6\u30fc\u30ba\u306a\u3069\u306e\u591a\u304f\u306e\u300c\u5951\u7d04\u76f8\u624b\u300d\u304c\u30c7\u30d5\u30a9\u30eb\u30c8\u3057\u305f\u50b5\u5238\u306e\u591a\u984d\u306e\u4fdd\u8a3c\u3092\u6c42\u3081\u3089\u308c\u3066\u7834\u7dbb\u3057\u305f\u3002<\/p>\n\n\n\n<p><strong>2008\u5e74\u306e\u518d\u6765\u304b<\/strong><\/p>\n\n\n\n<p>\u5e02\u5834\u306b\u306f\u30a2\u30a4\u30ab\u30fc\u30f3\u6c0f\u306e\u3088\u3046\u306b\u30e2\u30fc\u30b2\u30fc\u30b8\u50b5\u306e\u7834\u7dbb\u3092\u4e88\u60f3\u3059\u308b\u6295\u8cc7\u5bb6\u3082\u3044\u308c\u3070\u3001\u7834\u7dbb\u3057\u306a\u3044\u3068\u4e3b\u5f35\u3057\u3066\u9867\u5ba2\u306b\u8ca9\u58f2\u3059\u308b\u30d5\u30a1\u30f3\u30c9\u3082\u3042\u308b\u3002\u30a2\u30a4\u30ab\u30fc\u30f3\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8aac\u660e\u3059\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow 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