{"id":28935,"date":"2022-10-02T20:03:00","date_gmt":"2022-10-02T11:03:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=28935"},"modified":"2022-10-02T19:02:06","modified_gmt":"2022-10-02T10:02:06","slug":"%e3%82%a4%e3%83%b3%e3%83%95%e3%83%ac%e7%9b%b8%e5%a0%b4%e3%81%a7%e3%81%ae%e6%9c%80%e8%89%af%e3%81%ae%e6%8a%95%e8%b3%87%e6%96%b9%e6%b3%95%e3%81%af%e6%a0%aa%e3%81%ae%e7%a9%ba%e5%a3%b2%e3%82%8a%e3%82%92","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/28935","title":{"rendered":"\u30a4\u30f3\u30d5\u30ec\u76f8\u5834\u3067\u306e\u6700\u826f\u306e\u6295\u8cc7\u65b9\u6cd5\u306f\u682a\u306e\u7a7a\u58f2\u308a\u3092\u9664\u3051\u3070\u682a\u5f0f\u6295\u8cc7\u3067\u306f\u306a\u304f\u9810\u91d1"},"content":{"rendered":"\n<p>\u7269\u4fa1\u9ad8\u9a30\u306b\u3088\u308b2022\u5e74\u306e\u682a\u4fa1\u66b4\u843d\u76f8\u5834\u306b\u3064\u3044\u3066\u306f\u3053\u3053\u3067\u306f\u5e74\u59cb\u304b\u3089\u4e88\u60f3\u3057\u3066\u304d\u305f\u3002\u6295\u8cc7\u3092\u3084\u3063\u3066\u3044\u308b\u3053\u3053\u306e\u8aad\u8005\u306f\u5927\u304d\u306a\u542b\u307f\u76ca\u306b\u306a\u3063\u3066\u3044\u308b\u4eba\u304c\u591a\u3044\u306f\u305a\u3060\u304c\u3001\u682a\u5f0f\u3082\u50b5\u5238\u3082\u4e0b\u843d\u3059\u308b\u76f8\u5834\u3067\u306f\u7a7a\u58f2\u308a\u3092\u305b\u305a\u306b\u5229\u76ca\u3092\u51fa\u3059\u306e\u306f\u307b\u307c\u4e0d\u53ef\u80fd\u3060\u3068\u3044\u3046\u3053\u3068\u3082\u305a\u3063\u3068\u8a00\u3063\u3066\u304d\u305f\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u682a\u5f0f\u3082\u50b5\u5238\u3082\u4e0b\u304c\u308b\u76f8\u5834<\/strong><\/p>\n\n\n\n<p>\u57fa\u672c\u7684\u306b\u3001\u30a4\u30f3\u30d5\u30ec\u306e\u72b6\u6cc1\u4e0b\u3067\u306f\u682a\u5f0f\u3082\u50b5\u5238\u3082\u4e0b\u843d\u3059\u308b\u3002\u300c\u73fe\u91d1\u306f\u30b4\u30df\u300d\u306e\u30d5\u30ec\u30fc\u30ba\u3067\u6709\u540d\u306a\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u3060\u304c\u3001\u4eca\u5e74\u306f\u300c\u682a\u5f0f\u306f\u3082\u3063\u3068\u30b4\u30df\u300d\u3068\u8a00\u3063\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/24809\" data-type=\"post\" data-id=\"24809\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: 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class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/27807\" data-type=\"post\" data-id=\"27807\">\u300c\u682a\u5f0f\u306e\u9577\u671f\u6295\u8cc7\u306f\u307b\u307c\u5132\u304b\u308b\u300d\u3068\u3044\u3046\u5e7b\u60f3\u306f\u91d1\u878d\u5e81\u306e\u300c\u57fa\u790e\u304b\u3089\u5b66\u3079\u308b\u91d1\u878d\u30ac\u30a4\u30c9\u300d\u304b\u3089\u6765\u305f<\/a><\/li><\/ul>\n\n\n\n<p>\u3042\u308b\u3044\u306f\u5225\u306b\u8ab0\u304b\u3089\u3082\u5f37\u5236\u3055\u308c\u3066\u3044\u306a\u3044\u306f\u305a\u306a\u306e\u306b\u4f55\u6545\u304b\u8cb7\u3044\u3057\u304b\u3084\u3089\u305a\u306b\u4eca\u5e74\u5927\u640d\u3092\u51fa\u3057\u3066\u3044\u308b\u4eba\u3005\u3082\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u3046\u3044\u3046\u4eba\u3005\u306b\u306f\u3001\u7a7a\u58f2\u308a\u3068\u3044\u3046\u6709\u52b9\u306a\u6295\u8cc7\u624b\u6bb5\u3092\u610f\u5473\u4e0d\u660e\u306a\u7406\u7531\u3067\u9664\u5916\u3059\u308b\u6295\u8cc7\u306e\u59ff\u52e2\u3092\u4f55\u3068\u304b\u3057\u305f\u65b9\u304c\u826f\u3044\u3068\u6307\u5c0e\u3059\u308b\u307b\u304b\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u4e00\u65b9\u3067\u3001\u3053\u306e\u30a4\u30f3\u30d5\u30ec\u306f\u30b3\u30ed\u30ca\u5f8c\u306e\u653f\u5e9c\u306b\u3088\u308b\u73fe\u91d1\u7d66\u4ed8\u3068\u305d\u308c\u3092\u652f\u6301\u3057\u305f\u5927\u534a\u306e\u6709\u6a29\u8005\u306e\u611a\u304b\u3055\u306b\u3088\u3063\u3066\u5f15\u304d\u8d77\u3053\u3055\u308c\u305f\u4eba\u707d\u3067\u3042\u308a\u3001\u73fe\u91d1\u7d66\u4ed8\u3092\u652f\u6301\u3057\u306a\u304b\u3063\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u5f7c\u3089\u306e\u305b\u3044\u3067\u30a4\u30f3\u30d5\u30ec\u3092\u98df\u3089\u3063\u305f\u4eba\u3005\u304c\u3001\u305d\u308c\u3092\u56de\u907f\u3059\u308b\u306b\u306f\u7a7a\u58f2\u308a\u3092\u99c6\u4f7f\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3068\u3044\u3046\u306e\u306f\u3042\u307e\u308a\u306b\u9177\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/28780\" data-type=\"post\" data-id=\"28780\">\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f: \u30a4\u30f3\u30d5\u30ec\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u653f\u5e9c\u306e\u9593\u9055\u3044\u306f\u9577\u671f\u306b\u308f\u305f\u3063\u3066\u8ca7\u56f0\u5c64\u3092\u82e6\u3057\u3081\u308b<\/a><\/li><\/ul>\n\n\n\n<p><strong>\u30a4\u30f3\u30d5\u30ec\u76f8\u5834\u306b\u304a\u3051\u308b\u682a\u5f0f\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9<\/strong><\/p>\n\n\n\n<p>\u305d\u3053\u3067\u3001\u5f7c\u3089\u304c\u8cb7\u3063\u3066\u5bdd\u3066\u3044\u308b\u3060\u3051\u3067\u30a4\u30f3\u30d5\u30ec\u3092\u56de\u907f\u3067\u304d\u308b\u65b9\u6cd5\u304c\u672c\u5f53\u306b\u306a\u3044\u306e\u304b\u3092\u63a2\u3063\u3066\u307f\u305f\u3044\u3002<\/p>\n\n\n\n<p>\u307e\u305a\u306f\u682a\u5f0f\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u304a\u3055\u3089\u3044\u3057\u3066\u307f\u308b\u304c\u3001\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u304c\u300c\u7c73\u56fd\u682a\u306e\u9577\u671f\u6a2a\u3070\u3044\u671f\u9593\u300d\u3068\u3057\u3066\u3088\u304f\u4f8b\u306b\u6319\u3052\u3066\u3044\u308b1970\u5e74\u4ee3\u306e\u7269\u4fa1\u9ad8\u9a30\u6642\u4ee3\u306b\u304a\u3051\u308b\u7c73\u56fd\u682a\u306e\u30c1\u30e3\u30fc\u30c8\u3092\u63b2\u8f09\u3057\u3066\u307f\u3088\u3046\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/06\/1966-1982-s-and-p-500-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"675\" height=\"543\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/06\/1966-1982-s-and-p-500-chart.png\" alt=\"\" class=\"wp-image-25849\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/06\/1966-1982-s-and-p-500-chart.png 675w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/06\/1966-1982-s-and-p-500-chart-300x241.png 300w\" sizes=\"auto, (max-width: 675px) 100vw, 675px\" \/><\/a><\/figure>\n\n\n\n<p>1974\u5e74\u306b\u306f\u91d1\u878d\u5f15\u304d\u7de0\u3081\u306e\u305f\u3081\u306b50%\u306e\u4e0b\u843d\u3092\u7d4c\u9a13\u3057\u3066\u3044\u308b\u3053\u306e\u76f8\u5834\u306f\u3001\u898b\u3066\u306e\u901a\u308a\u9577\u671f\u306b\u6e21\u3063\u3066\u7c73\u56fd\u682a\u306e\u6c34\u6e96\u304c\u307b\u307c\u5909\u308f\u3089\u305a\u306b\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u671f\u9593\u4e2d\u3001\u73fe\u91d1\u3092\u6301\u3063\u3066\u3044\u308c\u307050%\u306e\u8cc7\u7523\u4fa1\u683c\u66b4\u843d\u3092\u7d4c\u9a13\u3059\u308b\u3053\u3068\u3082\u306a\u304b\u3063\u305f\u306e\u3067\u73fe\u91d1\u306e\u65b9\u304c\u826f\u304b\u3063\u305f\u3060\u308d\u3046\u304c\u3001\u305d\u306e\u30c9\u30eb\u7d19\u5e63\u306e\u4fa1\u5024\u304c\u305d\u3082\u305d\u3082\u66b4\u843d\u3059\u308b\u306e\u304c\u30a4\u30f3\u30d5\u30ec\u3067\u3042\u308b\u3002\u3053\u306e\u30a4\u30f3\u30d5\u30ec\u76f8\u5834\u306b\u304a\u3044\u3066\u7c73\u56fd\u682a\u306f\u5927\u304d\u306a\u4e0a\u4e0b\u52d5\u3092\u7d4c\u3066\u3088\u3046\u3084\u304f\u540c\u3058\u3088\u3046\u306a\u4fa1\u683c\u306b\u623b\u3063\u305f\u308f\u3051\u3060\u304c\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u5e74\u738710%\u3092\u8d85\u3048\u305f\u3053\u306e\u6642\u4ee3\u3001\u7c73\u56fd\u682a\u304c\u66b4\u843d\u3092\u7d42\u3048\u3066\u5024\u3092\u623b\u3057\u305f\u6642\u306b\u306f\u300c\u540c\u3058\u91d1\u984d\u306e\u30c9\u30eb\u300d\u306f\u30a4\u30f3\u30d5\u30ec\u524d\u3068\u540c\u3058\u4fa1\u5024\u3092\u6709\u3057\u3066\u306f\u3044\u306a\u304b\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u4ee5\u4e0b\u306f\u540c\u3058\u671f\u9593\u306b\u304a\u3051\u308b\u30a4\u30f3\u30d5\u30ec\u8abf\u6574\u5f8c\u306e\u30c9\u30eb\u306e\u5b9f\u8cea\u4fa1\u5024\uff08\u6d88\u8cbb\u8005\u7269\u4fa1\u6307\u6570\u3067\u5272\u3063\u3066\u3044\u308b\uff09\u306e\u30c1\u30e3\u30fc\u30c8\u3067\u3042\u308b\u3002\u5e74\u738710%\u3067\u30c9\u30eb\u304c\u6e1b\u4fa1\u3059\u308b\u306810\u5e74\u4f59\u308a\u3067\u3069\u3046\u306a\u308b\u304b\u3092\u7269\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/09\/1966-1982-value-of-dollar-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"448\" height=\"466\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/09\/1966-1982-value-of-dollar-chart.png\" alt=\"\" class=\"wp-image-28454\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/09\/1966-1982-value-of-dollar-chart.png 448w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/09\/1966-1982-value-of-dollar-chart-288x300.png 288w\" sizes=\"auto, (max-width: 448px) 100vw, 448px\" \/><\/a><\/figure>\n\n\n\n<p>\u30c9\u30eb\u306e\u4fa1\u5024\u306f\u7d041\/3\u306b\u306a\u3063\u3066\u3044\u308b\u306e\u3067\u3001\u7c73\u56fd\u682a\u306e\u4fdd\u6709\u8005\u3082\u73fe\u91d1\u306e\u4fdd\u6709\u8005\u3082\u30a4\u30f3\u30d5\u30ec\u76f8\u5834\u3067\u5b9f\u8cea\u7684\u306b\u5927\u640d\u3057\u305f\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p>\n\n\n\n<p>\u30a4\u30f3\u30d5\u30ec\u5bfe\u7b56\u3067\u682a\u3092\u8cb7\u3046\u3088\u3046\u306b\u4e3b\u5f35\u3059\u308b\u4eba\u3005\u3082\u4e00\u90e8\u306b\u306f\u5c45\u308b\u3088\u3046\u3060\u304c\u3001\u3068\u3093\u3067\u3082\u306a\u3044\u30c7\u30de\u3060\u3068\u8a00\u308f\u3056\u308b\u3092\u5f97\u306a\u3044\u3002\u682a\u5f0f\u306f\u30c7\u30d5\u30ec\u671f\u306b\u304a\u3051\u308b\u91d1\u878d\u7de9\u548c\u3067\u6804\u3048\u3066\u304d\u305f\u306e\u3067\u3001\u682a\u306f\u30a4\u30f3\u30d5\u30ec\u306b\u5f31\u3044\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u56fd\u50b5\u4fdd\u6709\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9<\/strong><\/p>\n\n\n\n<p>\u3067\u306f\u50b5\u5238\u306f\u3069\u3046\u304b\uff1f\u3000\u666f\u6c17\u5f8c\u9000\u3068\u30a4\u30f3\u30d5\u30ec\u304c\u5171\u5b58\u3059\u308b\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u306b\u304a\u3044\u3066\u306f\u5012\u7523\u3059\u308b\u4f01\u696d\u3082\u591a\u3044\u3060\u308d\u3046\u304b\u3089\u30ea\u30b9\u30af\u306e\u9ad8\u3044\u793e\u50b5\u306f\u96e3\u3057\u3044\u3060\u308d\u3046\u304c\u3001\u3067\u306f\u56fd\u50b5\u306f\u3069\u3046\u3060\u308d\u3046\u304b\uff1f<\/p>\n\n\n\n<p>\u73fe\u5728\u30a2\u30e1\u30ea\u30ab\u306f\u5229\u4e0a\u3052\u3092\u884c\u306a\u3063\u3066\u304a\u308a\u3001\u91d1\u5229\u304c\u4e0a\u304c\u308b\u306e\u3067\u3042\u308c\u3070\u91d1\u5229\u304c\u4e0a\u304c\u3063\u305f\u56fd\u50b5\u3092\u8cb7\u3048\u3070\u826f\u3044\u306e\u3067\u306f\u306a\u3044\u304b\uff1f\u3000\u50b5\u5238\u4fa1\u683c\u306f\u4e0b\u304c\u3063\u3066\u3044\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u3001\u6e80\u671f\u307e\u3067\u6301\u3061\u7d9a\u3051\u308c\u3070\u305d\u306e\u9593\u306e\u4fa1\u683c\u306e\u4e0a\u4e0b\u52d5\u306f\u95a2\u4fc2\u304c\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u306f\u5c11\u306a\u304f\u3068\u3082\u682a\u5f0f\u6295\u8cc7\u3088\u308a\u306f\u8ce2\u660e\u306a\u6848\u3060\u304c\u3001\u305d\u308c\u3082\u305d\u3046\u4e0a\u624b\u304f\u306f\u884c\u304b\u306a\u3044\u3002\u30a2\u30e1\u30ea\u30ab\u306e10\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u306f\u6b21\u306e\u3088\u3046\u306b\u63a8\u79fb\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/10\/2022-10-2-us-10-year-treasury-bond-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"742\" height=\"548\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/10\/2022-10-2-us-10-year-treasury-bond-yield-chart.png\" alt=\"\" class=\"wp-image-28972\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/10\/2022-10-2-us-10-year-treasury-bond-yield-chart.png 742w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/10\/2022-10-2-us-10-year-treasury-bond-yield-chart-300x222.png 300w\" sizes=\"auto, (max-width: 742px) 100vw, 742px\" \/><\/a><\/figure>\n\n\n\n<p>\u73fe\u5728\u300110\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u306f3.8%\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u6a2a\u3070\u3044\u3067\u306f\u306a\u304f\u91d1\u5229\u304c\u4ed8\u304f\u5206\u3001\u78ba\u304b\u306b\u73fe\u91d1\u3084\u682a\u5f0f\u3088\u308a\u306f\u30de\u30b7\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u73fe\u5728\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306f8%\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/28239\" data-type=\"post\" data-id=\"28239\">\u30a2\u30e1\u30ea\u30ab\u306e8\u6708\u30a4\u30f3\u30d5\u30ec\u7387\u306f8.2%\u3001\u767a\u8868\u5f8c\u306b\u682a\u4fa1\u4e0b\u843d\u306e\u7406\u7531<\/a><\/li><\/ul>\n\n\n\n<p>\u3064\u307e\u308a10\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u3092\u5f97\u3066\u3044\u3066\u3082\u5e74\u9593\u3067\u5dee\u3057\u5f15\u304d4%\u5f37\u640d\u3092\u3059\u308b\u300210\u5e74\u7d9a\u3051\u3070\u304b\u306a\u308a\u306e\u640d\u3067\u3042\u308b\u3002\uff08\u305d\u308c\u3067\u3082\u73fe\u91d1\u3084\u682a\u3088\u308a\u306f\u5927\u5e45\u306b\u30de\u30b7\u306a\u306e\u3060\u304c\u3002\uff09<\/p>\n\n\n\n<p>\u3053\u306e\u6295\u8cc7\u65b9\u6cd5\u306e\u554f\u984c\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u4eca\u5f8c\u3069\u3046\u306a\u308b\u304b\u5206\u304b\u3089\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u300210\u5e74\u7269\u56fd\u50b5\u306b\u9577\u671f\u6295\u8cc7\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u91d1\u5229\u53ce\u5165\u3092\u73fe\u5728\u306e3.8%\u306710\u5e74\u9593\u56fa\u5b9a\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30a4\u30f3\u30d5\u30ec\u7387\u304c10%\u3092\u8d85\u3048\u3066\u4e0a\u304c\u3063\u3066\u3086\u304f\u306a\u3089\u3070\u3001\u305d\u308c\u306b\u5408\u308f\u305b\u3066\u4e2d\u592e\u9280\u884c\u306e\u5229\u4e0a\u3052\u3082\u9032\u3093\u3067\u3086\u304f\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u6642\u306b\u306f\u9577\u671f\u91d1\u5229\u3082\u66f4\u306b\u4e0a\u304c\u3063\u3066\u3044\u308b\u3060\u308d\u3046\u304c\u3001\u4eca10\u5e74\u7269\u56fd\u50b5\u3092\u8cb7\u3063\u3066\u3057\u307e\u3048\u3070\u3053\u3053\u304b\u308910\u5e74\u9593\u305a\u3063\u30683.8%\u306e\u91d1\u5229\u3092\u53d7\u3051\u53d6\u308a\u7d9a\u3051\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u3088\u3063\u3066\u9577\u671f\u91d1\u5229\u304c\u3053\u3053\u304b\u30895%\u30848%\u306b\u4e0a\u304c\u3063\u3066\u3082\u3001\u305d\u306e\u6069\u6075\u3092\u53d7\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u3067\u306f\u3069\u3046\u3059\u308c\u3070\u826f\u3044\u306e\u304b\uff1f\u3000\u91d1\u5229\u304c\u4e0a\u304c\u3063\u3066\u3082\u305d\u306e\u6069\u6075\u3092\u53d7\u3051\u308b\u3053\u3068\u306f\u51fa\u6765\u306a\u3044\u306e\u304b\uff1f\u3000\u52d8\u306e\u826f\u3044\u8aad\u8005\u306a\u3089\u7b46\u8005\u304c\u6b21\u306b\u7d39\u4ecb\u3059\u308b\u65ac\u65b0\u306a\u6295\u8cc7\u5546\u54c1\u304c\u4f55\u3067\u3042\u308b\u304b\u3001\u3082\u3046\u6c17\u4ed8\u3044\u3066\u3044\u308b\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p><strong>\u30a4\u30f3\u30d5\u30ec\u3068\u77ed\u671f\u91d1\u5229\u306e\u95a2\u4fc2<\/strong><\/p>\n\n\n\n<p>\u682a\u5f0f\u3082\u50b5\u5238\u3082\u99c4\u76ee\u3060\u3068\u3044\u3046\u3053\u3068\u304c\u660e\u3089\u304b\u306b\u306a\u3063\u305f\u5f8c\u3067\u3001\u3053\u3053\u3067\u306f\u30a4\u30f3\u30d5\u30ec\u3092\u56de\u907f\u3059\u308b\u305f\u3081\u306e\u7a7a\u58f2\u308a\u4ee5\u5916\u306e\u6700\u826f\u306e\u6295\u8cc7\u65b9\u6cd5\u3092\u7d39\u4ecb\u3059\u308b\u3002\u3053\u3053\u3067\u7d39\u4ecb\u3059\u308b\u306e\u306f\u3001\u65e5\u672c\u306e\u9996\u76f8\uff08\u540d\u524d\u306f\u5fd8\u308c\u305f\uff09\u306e\u8cc7\u7523\u66b4\u843d\u8a08\u753b\u306b\u305d\u305d\u306e\u304b\u3055\u308c\u305f\u4eba\u3005\u306b\u306f\u601d\u3044\u3082\u3088\u3089\u306a\u3044\u3001\u307e\u3063\u305f\u304f\u65b0\u3057\u3044\u6295\u8cc7\u65b9\u6cd5\u3067\u3042\u308b\u3002\u305d\u306e\u540d\u3092\u9810\u91d1\u3068\u3044\u3046\u3002<\/p>\n\n\n\n<p>\u50b5\u5238\u6295\u8cc7\u306f\u91d1\u5229\u304c\u5f97\u3089\u308c\u308b\u304c\u3001\u50b5\u5238\u306b\u306f\u671f\u9593\u304c\u3042\u308a\u305d\u306e\u9593\u306b\u5e02\u5834\u306e\u91d1\u5229\u3084\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u5909\u308f\u3063\u3066\u3057\u307e\u3046\u3053\u3068\u304c\u554f\u984c\u3060\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u554f\u984c\u3092\u89e3\u6c7a\u3067\u304d\u308b\u306e\u306f\u3001\u671f\u9593\u306e\u306a\u3044\uff08\u3082\u3063\u3068\u3082\u77ed\u3044\uff09\u91d1\u5229\u53ce\u5165\u3092\u5f97\u308b\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u307e\u305a\u306f1970\u5e74\u4ee3\u306b\u304a\u3051\u308b\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u3068\u653f\u7b56\u91d1\u5229\u3092\u4e26\u3079\u305f\u3082\u306e\u3092\u898b\u3066\u3082\u3089\u3044\u305f\u3044\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/02\/1970-1985-us-inflation-rate-and-federal-funds-rate-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"488\" height=\"468\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/02\/1970-1985-us-inflation-rate-and-federal-funds-rate-chart.png\" alt=\"\" class=\"wp-image-12634\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/02\/1970-1985-us-inflation-rate-and-federal-funds-rate-chart.png 488w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/02\/1970-1985-us-inflation-rate-and-federal-funds-rate-chart-300x288.png 300w\" sizes=\"auto, (max-width: 488px) 100vw, 488px\" \/><\/a><\/figure>\n\n\n\n<p>\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u63a8\u79fb\u3068\u653f\u7b56\u91d1\u5229\u306e\u63a8\u79fb\u306f\u307b\u307c\u9023\u52d5\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u5206\u304b\u308b\u3002\u4e2d\u592e\u9280\u884c\u304c\u30a4\u30f3\u30d5\u30ec\u3092\u6253\u5012\u3059\u308b\u306a\u3089\u3070\uff08\u3064\u307e\u308a\u30a2\u30e1\u30ea\u30ab\u304c\u30c8\u30eb\u30b3\u3084\u30b8\u30f3\u30d0\u30d6\u30a8\u306e\u3088\u3046\u306b\u306a\u3089\u306a\u3044\u306a\u3089\u3070\uff09\u3001\u4e2d\u592e\u9280\u884c\u306f\u30a4\u30f3\u30d5\u30ec\u7387\u306b\u5408\u308f\u305b\u3066\u5229\u4e0a\u3052\u3059\u308b\u3057\u304b\u306a\u3044\u306e\u3067\u3001\u77ed\u671f\u7684\u306a\u5dee\u306f\u3042\u308c\u9577\u671f\u7684\u306b\u306f\u3053\u306e\u3088\u3046\u306b\u306a\u3089\u3056\u308b\u3092\u5f97\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u653f\u7b56\u91d1\u5229\u306f\u653f\u5e9c\u306e\u63d0\u4f9b\u3059\u308b\u4e00\u756a\u77ed\u671f\u306e\u91d1\u5229\u3067\u3042\u308a\u3001\u3053\u308c\u306b\u9023\u52d5\u3057\u305f\u91d1\u5229\u53ce\u5165\u3092\u5f97\u308b\u305f\u3081\u306b\u306f\u3001\u6295\u8cc7\u5bb6\u306f\u540c\u3058\u3088\u3046\u306b\u4e00\u756a\u77ed\u671f\u306e\u878d\u8cc7\u3001\u3064\u307e\u308a\u3044\u3064\u3067\u3082\u9810\u3051\u3089\u308c\u3066\u3044\u3064\u3067\u3082\u5f15\u304d\u51fa\u305b\u308b\u878d\u8cc7\u3092\u884c\u3046\u5fc5\u8981\u304c\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u3088\u3046\u306a\u878d\u8cc7\u3092\u4f55\u3068\u547c\u3076\u304b\uff1f\u3000\u91d1\u878d\u5e81\u306e\u6559\u80b2\u3092\u53d7\u3051\u305f\u6d17\u7df4\u3055\u308c\u305f\u6295\u8cc7\u5bb6\u8af8\u541b\u306f\u4f55\u6545\u304b\u77e5\u3089\u306a\u3044\u3088\u3046\u3060\u304c\u3001\u305d\u306e\u3088\u3046\u306a\u878d\u8cc7\u3092\u9810\u91d1\u3068\u547c\u3076\u3002<\/p>\n\n\n\n<p><strong>\u30de\u30cd\u30fc\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30d5\u30a1\u30f3\u30c9<\/strong><\/p>\n\n\n\n<p>\u901a\u5e38\u3001\u9810\u91d1\u53e3\u5ea7\u306e\u91d1\u5229\u306f\u653f\u7b56\u91d1\u5229\u306b\u9023\u52d5\u3059\u308b\u304c\u3001\u307b\u3068\u3093\u3069\u306e\u9280\u884c\u3067\u306f\u653f\u7b56\u91d1\u5229\u3088\u308a\u3082\u304b\u306a\u308a\u4f4e\u3044\u91d1\u5229\u304c\u8a2d\u5b9a\u3055\u308c\u308b\u3002\uff08\u305d\u306e\u5dee\u304c\u9280\u884c\u306e\u53d6\u308a\u5206\u3067\u3042\u308b\u3002\uff09<\/p>\n\n\n\n<p>\u305d\u3053\u3067\u9810\u91d1\u306f\u9810\u91d1\u3067\u3082\u3001\u51fa\u6765\u308b\u9650\u308a\u653f\u7b56\u91d1\u5229\u306b\u8fd1\u3044\u91d1\u5229\u3092\u63d0\u4f9b\u3059\u308b\u9810\u91d1\u65b9\u6cd5\u304c\u5fc5\u8981\u3068\u306a\u308b\u3002\u305d\u308c\u3092\u5b9f\u73fe\u3057\u3066\u304f\u308c\u308b\u306e\u304cMMF\uff08\u30de\u30cd\u30fc\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30d5\u30a1\u30f3\u30c9\uff09\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u5c11\u3057\u3067\u3082\u52c9\u5f37\u3057\u3066\u3044\u308b\u6295\u8cc7\u5bb6\u306a\u3089\u3070\u77e5\u3063\u3066\u3044\u308b\u3060\u308d\u3046\u304c\u3001\u4f8b\u3048\u3070\u8a3c\u5238\u53e3\u5ea7\u306b\u4ed8\u304f\u91d1\u5229\u304c\u9280\u884c\u53e3\u5ea7\u306e\u91d1\u5229\u3088\u308a\u3082\u9ad8\u3044\u306e\u306f\u3001\u8a3c\u5238\u53e3\u5ea7\u3067\u306f\u4f59\u3063\u305f\u8cc7\u91d1\u304c\u81ea\u52d5\u7684\u306bMMF\u306b\u6295\u8cc7\u3055\u308c\u308b\u304b\u3089\u3067\u3042\u308b\u3002MMF\u306f\u6d41\u308c\u8fbc\u3093\u3060\u8cc7\u91d1\u3092\u77ed\u671f\u3067\u8cb8\u3057\u51fa\u3057\u3001\u653f\u7b56\u91d1\u5229\u306b\u8fd1\u3044\u91d1\u5229\u3092\u8fd4\u3057\u3066\u304f\u308c\u308b\u3002<\/p>\n\n\n\n<p>\u65e5\u672c\u306e\u8a3c\u5238\u4f1a\u793e\u306e\u5916\u8ca8\u53e3\u5ea7\u3067MMF\u3078\u306e\u81ea\u52d5\u6295\u8cc7\u3092\u884c\u306a\u3063\u3066\u304f\u308c\u308b\u306e\u304b\u3069\u3046\u304b\u306f\u7b46\u8005\u306b\u306f\u5206\u304b\u3089\u306a\u3044\u304c\u3001\u305d\u3046\u3057\u305f\u6a5f\u80fd\u304c\u306a\u3044\u5834\u5408\u3067\u3082\u4e16\u306e\u4e2d\u306b\u306fMMF\u306eETF\u3068\u3044\u3046\u3082\u306e\u304c\u5b58\u5728\u3059\u308b\u3002\u4f8b\u3048\u3070JPMorgan Ultra-Short Income ETF (JPST)\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u3046\u3057\u305fETF\u3092\u8cfc\u5165\u3057\u3066\u304a\u3051\u3070\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u9ad8\u304f\u306a\u308c\u3070\u9ad8\u3044\u91d1\u5229\u304c\u5f97\u3089\u308c\u3001\u305d\u3046\u3067\u306a\u3044\u6642\u306b\u306f\u76f8\u5fdc\u306e\u91d1\u5229\u6c34\u6e96\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u3068\u3044\u3046\u3053\u3068\u3067\u3001\u91d1\u878d\u306e\u975e\u5c02\u9580\u5bb6\u306b\u53ef\u80fd\u306a\u6700\u826f\u306e\u30a4\u30f3\u30d5\u30ec\u5bfe\u7b56\u304c\u9810\u91d1\u3067\u3042\u308b\u3053\u3068\u304c\u660e\u3089\u304b\u306b\u306a\u3063\u305f\u3002\u30a4\u30f3\u30d5\u30ec\u5bfe\u7b56\u3092\u8a00\u3044\u8a33\u306b\u81ea\u5206\u306e\u611a\u304b\u306a\u682a\u5f0f\u6295\u8cc7\u3092\u6b63\u5f53\u5316\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u305f\u4eba\u3005\u306f\u731b\u7701\u3059\u308b\u3068\u3044\u3044\u3002<\/p>\n\n\n\n<p>\u4f46\u3057\u3001\u3053\u308c\u306f\u3042\u304f\u307e\u3067\u76f8\u5bfe\u7684\u306a\u6bd4\u8f03\u3067\u3042\u3063\u3066\u3001\u30a4\u30f3\u30d5\u30ec\u76f8\u5834\u3067\u306f\u682a\u5f0f\u6295\u8cc7\u3084\u50b5\u5238\u6295\u8cc7\u3088\u308a\u3082\u9810\u91d1\u304c\u826f\u3044\u3068\u3044\u3046\u3053\u3068\u3092\u793a\u3057\u305f\u306b\u904e\u304e\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u9810\u91d1\u3067\u306f\u4f8b\u3048\u3070\u81ea\u56fd\u901a\u8ca8\u5b89\u306a\u3069\u306e\u72b6\u6cc1\u306b\u306f\u5bfe\u5fdc\u3067\u304d\u306a\u3044\u304c\u3001\u30c9\u30eb\u306b\u95a2\u3057\u3066\u306f\u7b46\u8005\u3092\u542b\u3080\u4f55\u4eba\u304b\u306e\u5c02\u9580\u5bb6\u304c\u4e0b\u843d\u30bf\u30a4\u30df\u30f3\u30b0\u3092\u63a2\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/25558\" data-type=\"post\" data-id=\"25558\">\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f: \u4eca\u5f8c6\u30f6\u6708\u3067\u30c9\u30eb\u7a7a\u58f2\u308a\u3078 (2022\/6\/20)<\/a><\/li><\/ul>\n\n\n\n<p>\u3060\u304c\u5c11\u306a\u304f\u3068\u3082\u7c73\u56fd\u682a\u6295\u8cc7\u3088\u308a\u306f\u30c9\u30eb\u9810\u91d1\u306e\u65b9\u304c\u826f\u3044\u3068\u3044\u3046\u3053\u3068\u306f\u4e8b\u5b9f\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/28426\" data-type=\"post\" data-id=\"28426\">\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f: 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data-id=\"28683\">\u30b8\u30e7\u30f3\u30fb\u30dd\u30fc\u30eb\u30bd\u30f3\u6c0f\u3001\u30a4\u30f3\u30d5\u30ec\u7b2c2\u6ce2\u3067\u91d1\u4fa1\u683c\u9ad8\u9a30\u3092\u4e88\u60f3<\/a><\/li><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/28744\" data-type=\"post\" data-id=\"28744\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u30a2\u30e1\u30ea\u30ab\u304c\u666f\u6c17\u5f8c\u9000\u3067\u7de9\u548c\u518d\u958b\u3059\u308c\u3070\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306f\u8cb7\u3044<\/a><\/li><\/ul>\n\n\n\n<p>\u3057\u304b\u3057\u305d\u306e\u6295\u8cc7\u624b\u6bb5\u306f\u8cb7\u3044\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3092\u8003\u3048\u306a\u3051\u308c\u3070\u306a\u3089\u305a\u3001\u7d20\u4eba\u306b\u306f\u4e0d\u5411\u304d\u3060\u308d\u3046\u3002\u307b\u307c\u30ce\u30fc\u30ea\u30b9\u30af\u3067\u305d\u3053\u305d\u3053\u306e\u30a4\u30f3\u30d5\u30ec\u5bfe\u7b56\u304c\u3067\u304d\u308b\u9810\u91d1\u3067\u6e80\u8db3\u3059\u3079\u304d\u3060\u3068\u7b46\u8005\u306f\u8003\u3048\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u52c9\u5f37\u305b\u305a\u306b\u8cb7\u3063\u3066\u5bdd\u3066\u3044\u308b\u3060\u3051\u3067\u51fa\u6765\u308b\u6295\u8cc7\u3068\u3057\u3066\u306f\u305d\u308c\u3067\u4e0a\u3005\u3060\u3068\u601d\u3046\u3079\u304d\u3067\u3042\u308b\u3002\u305d\u308c\u4ee5\u4e0a\u3092\u9ad8\u671b\u307f\u3057\u3066\u6b32\u3092\u304b\u3044\u305f\u99ac\u9e7f\u305f\u3061\u306b\u306f\u6df1\u3044\u5730\u7344\u304c\u5f85\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/28860\" data-type=\"post\" data-id=\"28860\">\u7c73\u56fd\u682a\u306e\u4e0b\u843d\u306f\u3044\u3064\u307e\u3067\u7d9a\u304f\u306e\u304b\uff1f\u3000\u5e95\u5024\u307e\u3067\u306e\u8ddd\u96e2\u3092\u4e88\u60f3\u3059\u308b<\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u7269\u4fa1\u9ad8\u9a30\u306b\u3088\u308b2022\u5e74\u306e\u682a\u4fa1\u66b4\u843d\u76f8\u5834\u306b\u3064\u3044\u3066\u306f\u3053\u3053\u3067\u306f\u5e74\u59cb\u304b\u3089\u4e88\u60f3\u3057\u3066\u304d\u305f\u3002\u6295\u8cc7\u3092\u3084\u3063\u3066\u3044\u308b\u3053\u3053\u306e\u8aad\u8005\u306f\u5927\u304d\u306a\u542b\u307f\u76ca\u306b\u306a\u3063\u3066\u3044\u308b\u4eba\u304c\u591a\u3044\u306f\u305a\u3060\u304c\u3001\u682a\u5f0f\u3082\u50b5\u5238\u3082\u4e0b\u843d\u3059\u308b\u76f8\u5834\u3067\u306f\u7a7a\u58f2\u308a\u3092\u305b\u305a\u306b\u5229\u76ca\u3092\u51fa\u3059\u306e\u306f\u307b\u307c\u4e0d\u53ef\u80fd\u3060\u3068\u3044 &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/28935\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30a4\u30f3\u30d5\u30ec\u76f8\u5834\u3067\u306e\u6700\u826f\u306e\u6295\u8cc7\u65b9\u6cd5\u306f\u682a\u306e\u7a7a\u58f2\u308a\u3092\u9664\u3051\u3070\u682a\u5f0f\u6295\u8cc7\u3067\u306f\u306a\u304f\u9810\u91d1<\/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":[118,108],"tags":[167],"class_list":["post-28935","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-bond-markets","tag-inflation"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/28935","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=28935"}],"version-history":[{"count":99,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/28935\/revisions"}],"predecessor-version":[{"id":29036,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/28935\/revisions\/29036"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=28935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=28935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=28935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}