{"id":34012,"date":"2023-02-27T20:02:00","date_gmt":"2023-02-27T11:02:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=34012"},"modified":"2023-02-27T17:26:06","modified_gmt":"2023-02-27T08:26:06","slug":"%e3%82%ac%e3%83%b3%e3%83%89%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f-%e9%81%8e%e5%8e%bb%e6%95%b0%e5%8d%81%e5%b9%b4%e3%81%ae%e4%b8%8a%e6%98%87%e7%9b%b8%e5%a0%b4%e3%82%92%e5%89%8d%e6%8f%90%e3%81%ab%e4%bb%8a","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/34012","title":{"rendered":"\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u904e\u53bb\u6570\u5341\u5e74\u306e\u4e0a\u6607\u76f8\u5834\u3092\u524d\u63d0\u306b\u4eca\u5f8c\u6570\u5341\u5e74\u306e\u6295\u8cc7\u3092\u3057\u3066\u306f\u3044\u3051\u306a\u3044"},"content":{"rendered":"\n<p>\u5f15\u304d\u7d9a\u304dDoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306eYahoo! Finance\u306b\u3088\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3042\u308b\u3002\u4eca\u56de\u306f\u3001\u904e\u53bb\u6570\u5341\u5e74\u306e\u76f8\u5834\u3092\u5e95\u4e0a\u3052\u3057\u3066\u304d\u305f\u91d1\u878d\u7de9\u548c\u304c\u30a4\u30f3\u30d5\u30ec\u306e\u767a\u751f\u306b\u3088\u3063\u3066\u7d42\u4e86\u3059\u308b\u3068\u304d\u3001\u8cc7\u7523\u4fa1\u683c\u304c\u3069\u3046\u306a\u308b\u304b\u3068\u3044\u3046\u8a71\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>40\u5e74\u7d9a\u3044\u305f\u4f4e\u91d1\u5229\u76f8\u5834<\/strong><\/p>\n\n\n\n<p>2022\u5e74\u306b\u4eba\u985e\u304c\u30a4\u30f3\u30d5\u30ec\u306b\u3064\u3044\u3066\u9a12\u304e\u59cb\u3081\u308b\u307e\u3067\u3001\u5148\u9032\u56fd\u306e\u91d1\u5229\u306f\u3072\u305f\u3059\u3089\u4e0b\u304c\u308a\u7d9a\u3051\u3066\u304d\u305f\u3002\u6b63\u78ba\u306b\u8a00\u3048\u3070\u3001\u91d1\u5229\u306e\u5929\u4e95\u306f1980\u5e74\u3060\u3063\u305f\u3002\u30a2\u30e1\u30ea\u30ab\u306f1970\u5e74\u4ee3\u306e\u7269\u4fa1\u9ad8\u9a30\u3092\u91d1\u5229\u3092\u4e0a\u6607\u3055\u305b\u308b\u3053\u3068\u3067\u4e57\u308a\u5207\u3063\u305f\u5f8c\u300120%\u307e\u3067\u4e0a\u6607\u3057\u305f\u653f\u7b56\u91d1\u5229\u309240\u5e74\u304b\u3051\u3066\u4f4e\u4e0b\u3055\u305b\u3066\u304d\u305f\u3002<\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u653f\u7b56\u91d1\u5229\u3092\u9577\u671f\u3067\u898b\u308b\u3068\u6b21\u306e\u3088\u3046\u306b\u306a\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\/2023\/02\/2023-2-27-federal-funds-rate-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"464\" height=\"466\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/02\/2023-2-27-federal-funds-rate-chart.png\" alt=\"\" class=\"wp-image-34018\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/02\/2023-2-27-federal-funds-rate-chart.png 464w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/02\/2023-2-27-federal-funds-rate-chart-300x300.png 300w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/02\/2023-2-27-federal-funds-rate-chart-150x150.png 150w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/02\/2023-2-27-federal-funds-rate-chart-120x120.png 120w\" sizes=\"auto, (max-width: 464px) 100vw, 464px\" \/><\/a><\/figure>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\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\">\n<p>2022\u5e74\u307e\u3067\u306e\u904e\u53bb40\u5e74\u9593\u3001\u9577\u671f\u7684\u306b\u898b\u308c\u3070\u91d1\u5229\u306f\u3072\u305f\u3059\u3089\u4e0b\u304c\u308a\u7d9a\u3051\u305f\u3002\u7d4c\u6e08\u30b5\u30a4\u30af\u30eb\u306b\u3088\u3063\u3066\u306f\u77ed\u671f\u7684\u306b\u4e0a\u304c\u3063\u305f\u6642\u3082\u3042\u3063\u305f\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u3001\u305d\u306e\u6642\u3082\u3059\u3050\u306b\u4e0b\u5024\u3092\u66f4\u65b0\u3057\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u305d\u3057\u3066\u305d\u308c\u304c\u91d1\u878d\u5e02\u5834\u306b\u3068\u3063\u3066\u4f55\u3092\u610f\u5473\u3057\u305f\u304b\uff1f\u3000\u8cc7\u7523\u4fa1\u683c\u4e0a\u6607\u3067\u3042\u308b\u3002\u91d1\u5229\u304c\u4e0b\u304c\u308c\u3070\u9810\u91d1\u3092\u3057\u3066\u3044\u3066\u3082\u5229\u606f\u304c\u5c11\u306a\u304f\u306a\u308b\u3002\u5c11\u3057\u3067\u3082\u591a\u3044\u30ea\u30bf\u30fc\u30f3\u3092\u6c42\u3081\u3066\u8cc7\u91d1\u304c\u9810\u91d1\u304b\u3089\u682a\u5f0f\u306a\u3069\u306e\u30ea\u30b9\u30af\u306e\u9ad8\u3044\u8cc7\u7523\u306b\u6d41\u308c\u8fbc\u3080\u3002<\/p>\n\n\n\n<p>\u91d1\u5229\u304c\u4e0b\u304c\u308b\u305f\u3073\u306b\u3053\u306e\u8cc7\u91d1\u306e\u79fb\u52d5\u304c\u8d77\u304d\u308b\u306e\u3067\u3001\u4e2d\u592e\u9280\u884c\u306f\u7d4c\u6e08\u306b\u30b7\u30e7\u30c3\u30af\u304c\u8d77\u3053\u3063\u3066\u682a\u4fa1\u304c\u4e0b\u843d\u3059\u308b\u305f\u3073\u306b\u91d1\u5229\u3092\u4e0b\u3052\u3066\u304d\u305f\u3002\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u3067\u91d1\u5229\u304c\u30bc\u30ed\u306b\u306a\u3063\u305f\u306e\u3067\u3001\u305d\u306e\u5f8c\u306f\u5229\u4e0b\u3052\u3092\u7d19\u5e63\u5370\u5237\u306b\u5207\u308a\u66ff\u3048\u3066\u91d1\u878d\u7de9\u548c\u3092\u7d9a\u3051\u3066\u304d\u305f\u3002\u305d\u3046\u3084\u3063\u3066\u7c73\u56fd\u682a\u306f40\u5e74\u9593\u3001\u591a\u5c11\u306e\u4e0b\u843d\u76f8\u5834\u304c\u3042\u3063\u3066\u3082\u9577\u671f\u7684\u306b\u306f\u4e0a\u304c\u308a\u7d9a\u3051\u3066\u304d\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u306f\u65e5\u672c\u682a\u306b\u3064\u3044\u3066\u3082\u540c\u3058\u3053\u3068\u304c\u8a00\u3048\u308b\u3002\u65e5\u672c\u682a\u306f1989\u5e74\u306e\u30d0\u30d6\u30eb\u5d29\u58ca\u3067\u91d1\u5229\u3092\u30bc\u30ed\u307e\u3067\u4e0b\u3052\u5207\u3063\u3066\u3057\u307e\u3063\u305f\u305f\u3081\u306b\u682a\u4fa1\u304c\u305d\u308c\u4ee5\u4e0a\u4e0a\u304c\u3089\u306a\u304f\u306a\u3063\u305f\u3002\u3060\u304c2013\u5e74\u306b\u30a2\u30d9\u30ce\u30df\u30af\u30b9\u3067\u7d19\u5e63\u5370\u5237\u304c\u59cb\u307e\u308b\u3068\u3001\u682a\u4fa1\u306f\u4e0a\u6607\u3092\u518d\u958b\u3057\u305f\u3002\u4ee5\u4e0b\u306f\u65e5\u7d4c\u5e73\u5747\u306e\u9577\u671f\u30c1\u30e3\u30fc\u30c8\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/02\/2023-2-27-nikkei-225-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"618\" height=\"406\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/02\/2023-2-27-nikkei-225-chart.png\" alt=\"\" class=\"wp-image-34029\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/02\/2023-2-27-nikkei-225-chart.png 618w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/02\/2023-2-27-nikkei-225-chart-300x197.png 300w\" sizes=\"auto, (max-width: 618px) 100vw, 618px\" \/><\/a><\/figure>\n\n\n\n<p>\u682a\u5f0f\u5e02\u5834\u306f\u307e\u3055\u306b\u91d1\u5229\u306b\u5f93\u3063\u3066\u52d5\u3044\u3066\u3044\u308b\u3002\u50b5\u5238\u3082\u540c\u3058\u3067\u3042\u308b\u3002\u91d1\u5229\u4f4e\u4e0b\u306f\u50b5\u5238\u306e\u4fa1\u683c\u4e0a\u6607\u3092\u610f\u5473\u3057\u3066\u3044\u308b\u306e\u3067\u3001\u91d1\u5229\u304c\u4e0b\u304c\u308b\u9650\u308a\u682a\u5f0f\u3082\u50b5\u5238\u3082\u4e0a\u304c\u308a\u7d9a\u3051\u308b\u3002<\/p>\n\n\n\n<p><strong>40\u5e74\u9593\u4e0a\u304c\u308a\u7d9a\u3051\u305f\u7c73\u56fd\u682a<\/strong><\/p>\n\n\n\n<p>\u65e5\u672c\u5e02\u5834\u306f\u4e0a\u8a18\u306e\u3088\u3046\u306b\u7d06\u4f59\u66f2\u6298\u3042\u3063\u305f\u304c\u3001\u554f\u984c\u306f\u91d1\u5229\u4f4e\u4e0b\u304c\u59cb\u307e\u3063\u3066\u304b\u308940\u5e74\u9593\u4e0a\u304c\u308a\u7d9a\u3051\u3066\u3044\u308b\u7c73\u56fd\u682a\u3067\u3042\u308b\u3002\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u91d1\u878d\u7de9\u548c\u306f2022\u5e74\u307e\u3067\u9014\u5207\u308c\u308b\u3053\u3068\u304c\u306a\u304b\u3063\u305f\u305f\u3081\u306b\u3001\u7c73\u56fd\u5e02\u5834\u306e\u4e0a\u6607\u308240\u5e74\u9593\u9577\u671f\u7684\u306b\u306f\u9014\u5207\u308c\u305f\u3053\u3068\u304c\u306a\u3044\u3002\u3060\u304b\u3089\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8a00\u3046\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u3060\u304b\u3089\u8ab0\u3082\u91d1\u5229\u4f4e\u4e0b\u4ee5\u5916\u306e\u76f8\u5834\u3092\u7d4c\u9a13\u3057\u305f\u3053\u3068\u304c\u306a\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3060\u304c\u5e78\u3044\u306b\u3082\u65e5\u672c\u4eba\u306f\u91d1\u5229\u4f4e\u4e0b\u306e\u306a\u3044\u76f8\u5834\u304c\u3069\u3046\u3044\u3046\u3082\u306e\u304b\u7d4c\u9a13\u3057\u3066\u3044\u308b\u3002\u4e0a\u8a18\u306e\u65e5\u7d4c\u5e73\u5747\u306e\u30c1\u30e3\u30fc\u30c8\u3092\u898b\u308c\u3070\u660e\u3089\u304b\u3067\u3042\u308b\u3002\u91d1\u878d\u7de9\u548c\u304c\u3042\u308c\u3070\u682a\u306f\u4e0a\u304c\u308a\u3001\u306a\u3051\u308c\u3070\u682a\u306f\u4e0a\u304c\u3089\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u91d1\u878d\u7de9\u548c\u304c\u306a\u3044\u3060\u3051\u306a\u3089\u3070\u307e\u3060\u826f\u3044\u3002\u3060\u304c\u30a4\u30f3\u30d5\u30ec\u3092\u6291\u5236\u3059\u308b\u305f\u3081\u306b\u30a2\u30e1\u30ea\u30ab\u306f\u91d1\u5229\u3092\u4e0a\u3052\u308b\u3053\u3068\u3092\u5f37\u3044\u3089\u308c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u7d4c\u9a13\u3042\u308b\u6295\u8cc7\u5bb6\u306f\u8ab0\u3082\u304c\u91d1\u878d\u7de9\u548c\u306e\u529b\u3092\u5b9f\u4f53\u9a13\u3068\u3057\u3066\u77e5\u3063\u3066\u3044\u308b\u3002\u7de9\u548c\u304c\u682a\u4fa1\u3084\u50b5\u5238\u4fa1\u683c\u3092\u62bc\u3057\u4e0a\u3052\u3066\u304d\u305f\u73fe\u5834\u3067\u4f55\u5341\u5e74\u3082\u50cd\u3044\u3066\u304d\u305f\u304b\u3089\u3067\u3042\u308b\u3002\u3060\u304b\u3089\u3053\u305d\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8a00\u3046\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u3053\u308c\u307e\u3067\u306e\u4f4e\u91d1\u5229\u3068\u3044\u3046\u80cc\u666f\u304c\u3001\u4eca\u306e\u3068\u3053\u308d\u305d\u3046\u306a\u3063\u3066\u3044\u308b\u3088\u3046\u306b\u9ad8\u91d1\u5229\u3068\u3044\u3046\u80cc\u666f\u306b\u7f6e\u304d\u63db\u3048\u3089\u308c\u308b\u3068\u304d\u3001\u4eca\u5f8c\u6570\u5341\u5e74\u304c\u904e\u53bb\u6570\u5341\u5e74\u3068\u540c\u3058\u3088\u3046\u306a\u76f8\u5834\u306b\u306a\u308b\u3060\u308d\u3046\u304b\uff1f<\/p>\n<\/blockquote>\n\n\n\n<p>\u904e\u53bb\u306e\u76f8\u5834\u3092\u5341\u5206\u306b\u7814\u7a76\u3057\u305f\u5c02\u9580\u5bb6\u3067\u3042\u308c\u3070\u3001\u305d\u306e\u7b54\u3048\u3092\u65e2\u306b\u77e5\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u300c\u3067\u3082\u7c73\u56fd\u682a\u306f\u91d1\u878d\u7de9\u548c\u304c\u306a\u304f\u3068\u3082\u5b9f\u529b\u3067\u4e0a\u304c\u3063\u3066\u3044\u304f\u306e\u3067\u306f\u306a\u3044\u304b\u300d\u3068\u8a00\u3046\u4eba\u304c\u5c45\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u3060\u304c\u305d\u308c\u306f\u3082\u3046\u65e2\u306b\u8a66\u3057\u305f\u30021970\u5e74\u4ee3\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u7269\u4fa1\u9ad8\u9a30\u6642\u4ee3\u306b\u91d1\u5229\u304c\u9ad8\u9a30\u3057\u3001\u7d50\u679c\u3068\u3057\u3066\u7c73\u56fd\u682a\u306e\u682a\u4fa1\u306f\u534a\u5206\u306b\u3001\u30a4\u30f3\u30d5\u30ec\u5206\u3092\u5dee\u3057\u5f15\u3044\u305f\u5b9f\u8cea\u306e\u6570\u5b57\u3067\u306f\u307b\u3068\u3093\u30691\/3\u306b\u4e0b\u304c\u308a\u3001\u305d\u306e\u5f8c\u5b9f\u8cea\u30d9\u30fc\u30b9\u3067\u305d\u306e\u4e0b\u3052\u5e45\u3092\u53d6\u308a\u623b\u3059\u306e\u306b\u306f\u6570\u5341\u5e74\u304b\u304b\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<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: \u682a\u5f0f\u5e02\u5834\u306f40\u5e74\u524d\u306e\u7269\u4fa1\u9ad8\u9a30\u6642\u4ee3\u3088\u308a\u9177\u3044\u60e8\u72b6\u306b<\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u7b46\u8005\u306f\u307e\u305a1970\u5e74\u4ee3\u3068\u540c\u3058\u3088\u3046\u306a\u4e0b\u843d\u304c\u682a\u5f0f\u5e02\u5834\u306b\u8d77\u304d\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/33649\" data-type=\"post\" data-id=\"33649\">2023\u5e74\u306e\u682a\u4fa1\u4e88\u60f3: \u7c73\u56fd\u682a\u3068\u65e5\u672c\u682a\u306e\u7a7a\u58f2\u308a\u3092\u958b\u59cb\u3001\u30bd\u30d5\u30c8\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u306f\u6709\u308a\u5f97\u306a\u3044<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304c\u554f\u984c\u306f\u3001\u682a\u5f0f\u5e02\u5834\u3084\u50b5\u5238\u5e02\u5834\u306b\u3068\u3063\u3066\u9177\u3044\u72b6\u6cc1\u304c1\u56de\u306e\u4e0b\u843d\u3067\u7d42\u308f\u308b\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u4eca\u5f8c\u6570\u5341\u5e74\u304c\u305d\u3046\u3044\u3046\u6642\u4ee3\u306b\u306a\u308b\u306e\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u4e0a\u8a18\u306e\u3088\u3046\u306b\u65e5\u672c\u682a\u3068\u7c73\u56fd\u682a\u306e\u91d1\u878d\u7de9\u548c\u306e\u306a\u3044\u6642\u4ee3\u306e\u52d5\u304d\u3092\u77e5\u3063\u3066\u3044\u308b\u4eba\u9593\u306b\u306f\u3001\u305d\u306e\u7b54\u3048\u306f\u3082\u3046\u5206\u304b\u3063\u3066\u3044\u308b\u3002\u3053\u306e\u4e0b\u843d\u76f8\u5834\u306f\u9577\u4e01\u5834\u306b\u306a\u308b\u3002\u3060\u304b\u3089\u7b46\u8005\u306f\u682a\u306e\u7a7a\u58f2\u308a\u30922022\u5e74\u306e\u59cb\u3081\u304b\u3089\u4e00\u8cab\u3057\u3066\u884c\u308f\u305a\u306b\u5229\u76ca\u78ba\u5b9a\u3057\u306a\u304c\u3089\u4f55\u5ea6\u3082\u7e70\u308a\u8fd4\u3057\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002\u9577\u4e01\u5834\u306e\u9593\u306b\u306f\u6bd4\u8f03\u7684\u5927\u304d\u306a\u53cd\u767a\u3082\u3042\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3046\u3057\u305f\u53cd\u767a\u304c\u300c\u682a\u5f0f\u306f\u3084\u3063\u3071\u308a\u5927\u4e08\u592b\u306a\u306e\u3067\u306f\u306a\u3044\u304b\u300d\u3068\u3044\u3046\u52d8\u9055\u3044\u3092\u6295\u8cc7\u5bb6\u306b\u3055\u305b\u308b\u3053\u3068\u3082\u3042\u308b\u3002\u3060\u304c\u4e00\u8cab\u3057\u3066\u8a00\u3048\u308b\u3053\u3068\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u304c\u8d77\u304d\u3066\u3057\u307e\u3063\u305f2022\u5e74\u4ee5\u964d\u3001\u3082\u3046\u904e\u53bb40\u5e74\u306e\u3088\u3046\u306a\u91d1\u878d\u7de9\u548c\u3092\u884c\u3046\u3053\u3068\u304c\u51fa\u6765\u305a\u3001\u305d\u3046\u3057\u305f\u76f8\u5834\u306b\u304a\u3051\u308b\u682a\u5f0f\u3068\u50b5\u5238\u306e\u9577\u671f\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306f\u9177\u3044\u3082\u306e\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<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: \u682a\u5f0f\u5e02\u5834\u306f40\u5e74\u524d\u306e\u7269\u4fa1\u9ad8\u9a30\u6642\u4ee3\u3088\u308a\u9177\u3044\u60e8\u72b6\u306b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304b\u3089\u3001\u4f8b\u3048\u3070\u9280\u884c\u3084\u8a3c\u5238\u4f1a\u793e\u3092\u5229\u3059\u308b\u3060\u3051\u3067\u6295\u8cc7\u5bb6\u306b\u306f\u4f55\u306e\u5f97\u306b\u3082\u306a\u3089\u306a\u3044\u3064\u307f\u305f\u3066NISA\u306a\u3069\u3092\u56fd\u6c11\u3069\u3053\u308d\u304b\u9ad8\u6821\u751f\u306b\u307e\u3067\u62bc\u3057\u4ed8\u3051\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u91d1\u878d\u5e81\u304c\u3001\u904e\u53bb\u6570\u5341\u5e74\u306e\u682a\u5f0f\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u4f8b\u306b\u300c\u682a\u4fa1\u6307\u6570\u306b\u6295\u8cc7\u3057\u3066\u5bdd\u3066\u3044\u308c\u3070\u5132\u304b\u308b\u300d\u3068\u3044\u3046\u8da3\u65e8\u306e\u5b8c\u5168\u306a\u51fa\u9c48\u76ee\u3092\u5e83\u3081\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u3068\u304d\u3001\u3042\u307e\u308a\u306b\u9177\u3044\u8a50\u6b3a\u3060\u3068\u601d\u308f\u305a\u306b\u306f\u3044\u3089\u308c\u306a\u3044\u306e\u3067\u3042\u308b\u3002\u305d\u308c\u304c\u51fa\u9c48\u76ee\u3067\u3042\u308b\u3053\u3068\u306f\u4e0a\u8a18\u306e\u8aac\u660e\u3067\u4e00\u767a\u3067\u5206\u304b\u308b\u306f\u305a\u3060\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u3088\u3046\u306a\u3053\u3068\u306f\u7b46\u8005\u3084\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3067\u306a\u304f\u3068\u3082\u3001\u5c11\u3057\u3067\u3082\u91d1\u878d\u306e\u77e5\u8b58\u306e\u3042\u308b\u4eba\u9593\u306a\u3089\u5206\u304b\u308b\u306f\u305a\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3064\u307e\u308a\u91d1\u878d\u5e81\u306e\u4eba\u9593\u306b\u306f\u91d1\u878d\u306e\u77e5\u8b58\u304c\u306a\u3044\u3002\u624b\u6570\u6599\u304c\u9ad8\u3044\u3060\u3051\u3067ETF\u306b\u6bd4\u3079\u3066\u6295\u8cc7\u5bb6\u306b\u306f\u4f55\u306e\u30e1\u30ea\u30c3\u30c8\u3082\u306a\u3044\u6295\u8cc7\u4fe1\u8a17\u3092\u3001\u4fa1\u5024\u3042\u308b\u30b5\u30fc\u30d3\u30b9\u3092\u63d0\u4f9b\u3067\u304d\u306a\u3044\u3001\u624b\u6570\u6599\u30d3\u30b8\u30cd\u30b9\u3057\u304b\u751f\u304d\u308b\u9053\u306e\u306a\u3044\u9280\u884c\u696d\u754c\u306e\u5229\u6a29\u306e\u305f\u3081\u306b\u500b\u4eba\u6295\u8cc7\u5bb6\u306b\u62bc\u3057\u4ed8\u3051\u308b\u305f\u3081\u306e\u7d44\u7e54\u306a\u306e\u3060\u304b\u3089\u3001\u91d1\u878d\u5e81\u3067\u306f\u306a\u304f\u65e5\u672c\u6295\u8cc7\u4fe1\u8a17\u5354\u4f1a\u306b\u3067\u3082\u540d\u524d\u3092\u5909\u3048\u308c\u3070\u826f\u3044\u306e\u3067\u306f\u306a\u3044\u304b\u3002<\/p>\n\n\n\n<p>\u5f7c\u3089\u306f\u9280\u884c\u696d\u754c\u3084\u8a3c\u5238\u696d\u754c\u3001\u305d\u308c\u3089\u306b\u652f\u3048\u3089\u308c\u3066\u3044\u308b\u653f\u6cbb\u5bb6\u306e\u3053\u3068\u3092\u8003\u3048\u3066\u3044\u308b\u306e\u3067\u3042\u3063\u3066\u3001\u56fd\u6c11\u306e\u3053\u3068\u3092\u8003\u3048\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/27644\" data-type=\"post\" data-id=\"27644\">\u300c\u682a\u5f0f\u6295\u8cc7\u306f\u9577\u671f\u7684\u306b\u306f\u307b\u307c\u5132\u304b\u308b\u300d\u3068\u3044\u3046\u4e3b\u5f35\u304c\u5b8c\u5168\u306b\u9593\u9055\u3063\u3066\u3044\u308b\u7406\u7531<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u5927\u4f53\u300140\u5e74\u306e\u7de9\u548c\u76f8\u5834\u304c\u3061\u3087\u3046\u3069\u7d42\u4e86\u3059\u308b\u898b\u4e8b\u306a\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u56fd\u6c11\u306b\u682a\u5f0f\u3092\u62bc\u3057\u4ed8\u3051\u305f\u81ea\u6c11\u515a\u3084\u91d1\u878d\u5e81\u306e\u624b\u8155\u306f\u5929\u624d\u7684\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u4f55\u5ea6\u3067\u3082\u6301\u3061\u51fa\u3059\u304c\u3001\u91d1\u878d\u5e81\u306e\u30b5\u30a4\u30c8\u306b\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u66f8\u3044\u3066\u3042\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u8a50\u6b3a\u7684\u306a\u6295\u8cc7\u52e7\u8a98\u7b49\u306b\u3054\u6ce8\u610f\u304f\u3060\u3055\u3044\uff01<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>\u5f15\u304d\u7d9a\u304dDoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306eYahoo! Finance\u306b\u3088\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3042\u308b\u3002\u4eca\u56de\u306f\u3001\u904e\u53bb\u6570\u5341\u5e74\u306e\u76f8\u5834\u3092\u5e95\u4e0a\u3052\u3057\u3066\u304d\u305f\u91d1\u878d\u7de9\u548c\u304c\u30a4\u30f3\u30d5\u30ec\u306e\u767a\u751f\u306b\u3088\u3063\u3066\u7d42\u4e86\u3059\u308b\u3068\u304d\u3001\u8cc7\u7523\u4fa1 &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/34012\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u904e\u53bb\u6570\u5341\u5e74\u306e\u4e0a\u6607\u76f8\u5834\u3092\u524d\u63d0\u306b\u4eca\u5f8c\u6570\u5341\u5e74\u306e\u6295\u8cc7\u3092\u3057\u3066\u306f\u3044\u3051\u306a\u3044<\/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":[118,59,111,108],"tags":[131],"class_list":["post-34012","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-us-stock-market","category-stock-markets","category-bond-markets","tag-jeffrey-gundlach"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/34012","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=34012"}],"version-history":[{"count":50,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/34012\/revisions"}],"predecessor-version":[{"id":34064,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/34012\/revisions\/34064"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=34012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=34012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=34012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}