{"id":3482,"date":"2016-06-06T07:00:22","date_gmt":"2016-06-05T22:00:22","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=3482"},"modified":"2016-06-26T19:09:30","modified_gmt":"2016-06-26T10:09:30","slug":"%e3%83%89%e3%83%ab%e5%86%86%e3%81%af%e6%9c%80%e7%b5%82%e7%9a%84%e3%81%ab80%e5%86%86%e5%8f%b0%e3%81%be%e3%81%a7%e6%9a%b4%e8%90%bd%e3%81%99%e3%82%8b-%e9%95%b7%e6%9c%9f%e7%9b%b8%e5%a0%b4%e8%a6%8b","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/3482","title":{"rendered":"\u30c9\u30eb\u5186\u306f\u6700\u7d42\u7684\u306b80\u5186\u53f0\u307e\u3067\u66b4\u843d\u3059\u308b: 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href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/06\/2016-6-5-usdjpy-long-term-chart.png\" rel=\"attachment wp-att-3488\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3488\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/06\/2016-6-5-usdjpy-long-term-chart.png\" alt=\"2016-6-5-usdjpy-long-term-chart\" width=\"599\" height=\"403\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/06\/2016-6-5-usdjpy-long-term-chart.png 599w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/06\/2016-6-5-usdjpy-long-term-chart-300x202.png 300w\" sizes=\"auto, (max-width: 599px) 100vw, 599px\" \/><\/a><\/p>\n<p>2015\u5e74\u5f8c\u534a\u4ee5\u964d\u306e\u4e0b\u843d\u30c8\u30ec\u30f3\u30c9\u306b\u306f\u5186\u9ad8\u3068\u30c9\u30eb\u5b89\u305d\u308c\u305e\u308c\u306e\u5074\u306b\u5225\u3005\u306e\u539f\u56e0\u304c\u3042\u308a\u3001\u305d\u308c\u305e\u308c\u3092\u6b63\u3057\u304f\u5206\u96e2\u3057\u3066\u8003\u3048\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3042\u308b\u3002\u305d\u3057\u3066\u65e5\u672c\u7d4c\u6e08\u306b\u3068\u3063\u3066\u306f\u4e0d\u5e78\u306a\u3053\u3068\u306b\u3001\u30c9\u30eb\u5074\u306e\u8981\u56e0\u3082\u5186\u5074\u306e\u8981\u56e0\u3082\u30c9\u30eb\u5186\u306b\u3068\u3063\u3066\u30cd\u30ac\u30c6\u30a3\u30d6\u306a\u74b0\u5883\u3068\u306a\u3063\u3066\u3044\u308b\u3002\u9806\u306b\u898b\u3066\u3086\u3053\u3046\u3002<\/p>\n<p><strong>\u5186\u9ad8\u306e\u7406\u7531<\/strong><\/p>\n<p>2016\u5e74\u306e\u76f8\u5834\u306f\u4f55\u6545\u5186\u9ad8\u306b\u306a\u3063\u305f\u306e\u304b\uff1f\u3000\u7b2c\u4e00\u306e\u539f\u56e0\u306f\u65e5\u9280\u3067\u3042\u308b\u3002\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u306f\u5931\u7b56\u3060\u3063\u305f\u3002\u305d\u308c\u306f\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u304c\u5b9f\u4f53\u7d4c\u6e08\u306b\u307b\u3068\u3093\u3069\u52b9\u304b\u306a\u3044\u304b\u3089\u5931\u7b56\u3060\u3063\u305f\u306e\u3067\u306f\u306a\u3044\u30021\u6708\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u7a0b\u5ea6\u306e\u4e0b\u3052\u3067\u6570\u5c11\u306a\u3044\u8ffd\u52a0\u7de9\u548c\u3092\u4f7f\u3063\u3066\u3057\u307e\u3063\u305f\u304b\u3089\u5931\u7b56\u3060\u3063\u305f\u306e\u3067\u3042\u308b\u3002\u3053\u308c\u306f\u5f53\u6642\u304b\u3089\u305a\u3063\u3068\u8a00\u3044\u7d9a\u3051\u3066\u3044\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/2412\">\u91d1\u878d\u5e02\u5834\u306b\u96b7\u5c5e\u3059\u308b\u4e2d\u9280: \u30de\u30a4\u30ca\u30b9\u91d1\u5229\u306b\u8e0f\u307f\u8fbc\u3093\u3060\u65e5\u9280\u306e\u8ffd\u52a0\u7de9\u548c\u304c\u793a\u3059\u682a\u5f0f\u5e02\u5834\u306e\u5148\u884c\u304d\uff082016\/1\/31\uff09<\/a><\/li>\n<\/ul>\n<blockquote><p>\u3053\u306e\u7a0b\u5ea6\u306e\u682a\u5b89\u3067\u8ffd\u52a0\u7de9\u548c\u3092\u4f7f\u3063\u3066\u3057\u307e\u3063\u305f\u3002\u3053\u308c\u304c1\u670829\u65e5\u306e\u65e5\u9280\u306e\u8ffd\u52a0\u7de9\u548c\u3092\u76ee\u306b\u3057\u305f\u6642\u306e\u308f\u305f\u3057\u306e\u7b2c\u4e00\u5370\u8c61\u3067\u3042\u308b\u3002<\/p><\/blockquote>\n<p>\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u306f\u78ba\u304b\u306b\u9577\u671f\u91d1\u5229\u3092\u4e0b\u62bc\u3057\u3057\u305f\u3002\u305d\u306e\u610f\u5473\u3067\u306f\u30c9\u30eb\u5186\u306b\u306f\u30d7\u30e9\u30b9\u306b\u50cd\u3044\u305f\u3002\u3057\u304b\u3057\u5143\u3005\u30bc\u30ed\u306b\u8fd1\u304b\u3063\u305f\u65e5\u672c\u306e\u9577\u671f\u91d1\u5229\u304c\u50c5\u304b\u306b\u30de\u30a4\u30ca\u30b9\u306b\u5dee\u3057\u639b\u304b\u3063\u305f\u3060\u3051\u3067\u306f\u3001\u30c9\u30eb\u5186\u3078\u306e\u5f71\u97ff\u306f\u5927\u304d\u304f\u306f\u306a\u3044\u3002\u4e00\u65b9\u3067\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\u306f\u57f7\u7b46\u73fe\u57281.7%\u3068\u3001\u9577\u671f\u91d1\u5229\u304c\u30bc\u30ed\u4ed8\u8fd1\u306e\u65e5\u672c\u3084\u30c9\u30a4\u30c4\u306b\u6bd4\u3079\u3066\u9ad8\u304f\u3001\u62bc\u3057\u4e0b\u3052\u4f59\u5730\u3092\u5927\u3044\u306b\u6b8b\u3057\u3066\u3044\u308b\u3002\u3053\u306e\u9055\u3044\u3060\u3051\u3067\u4eca\u5f8c\u306e\u4e88\u6e2c\u304c\u7acb\u3064\u3068\u3044\u3046\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/06\/2016-6-5-10-year-treasury-note-yield-chart.png\" rel=\"attachment wp-att-3491\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3491\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/06\/2016-6-5-10-year-treasury-note-yield-chart.png\" alt=\"2016-6-5-10-year-treasury-note-yield-chart\" width=\"599\" height=\"403\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/06\/2016-6-5-10-year-treasury-note-yield-chart.png 599w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/06\/2016-6-5-10-year-treasury-note-yield-chart-300x202.png 300w\" sizes=\"auto, (max-width: 599px) 100vw, 599px\" \/><\/a><\/p>\n<p>\u3057\u304b\u3057\u3001\u65e5\u9280\u306e\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u5c0e\u5165\u304c\u96c0\u306e\u6d99\u307b\u3069\u306e\u5a01\u529b\u3067\u3042\u3063\u3066\u3082\u3001\u305d\u308c\u306f\u30c9\u30eb\u5186\u306b\u4f5c\u7528\u3067\u304d\u308b\u307b\u3068\u3093\u3069\u552f\u4e00\u306e\u8ffd\u52a0\u7de9\u548c\u3060\u3063\u305f\u306e\u3067\u3042\u308b\u3002\u4ee5\u524d\u8aac\u660e\u3057\u305f\u901a\u308a\u3001\u65e5\u9280\u306b\u4eca\u5f8c\u6b8b\u3055\u308c\u305f\u624b\u6bb5\u306e\u306a\u304b\u3067\u3001\u30c9\u30eb\u5186\u306b\u5f71\u97ff\u529b\u306e\u3042\u308b\u3082\u306e\u306f\u307b\u3068\u3093\u3069\u306a\u3044\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/3063\">2016\u5e74\u3001\u65e5\u9280\u306b\u6b8b\u3055\u308c\u305f\u8ffd\u52a0\u7de9\u548c\u306e\u624b\u6bb5\u3068\u305d\u306e\u5f71\u97ff\u3092\u8b70\u8ad6\u3059\u308b<\/a><\/li>\n<\/ul>\n<p>\u30c9\u30eb\u5186\u306f\u3053\u308c\u307e\u3067\u3001\u65e5\u9280\u306e\u8ffd\u52a0\u7de9\u548c\u671f\u5f85\u3092\u983c\u308a\u306b76\u5186\u304b\u3089125\u5186\u307e\u3067\u4e0a\u6607\u3057\u3066\u304d\u305f\u3002\u305d\u306e\u3088\u3046\u306a\u72b6\u6cc1\u3067\u65e5\u9280\u304c\u5f3e\u5207\u308c\u3068\u306a\u3063\u3066\u3057\u307e\u3048\u3070\u3001\u305d\u308c\u307e\u3067\u8cb7\u3063\u3066\u304d\u305f\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306a\u3069\u306e\u6295\u6a5f\u7b4b\u306b\u3068\u3063\u3066\u306f\u3001\u30c9\u30eb\u5186\u3092\u58f2\u3063\u3066\u5229\u76ca\u78ba\u5b9a\u3059\u308b\u307b\u304b\u306b\u9078\u629e\u80a2\u304c\u306a\u304f\u306a\u308b\u3002\u5f3e\u5207\u308c\u3067\u306f\u306a\u304b\u3063\u305f\u3053\u3068\u306b\u5927\u3044\u306b\u610f\u5473\u304c\u3042\u3063\u305f\u306e\u3060\u304c\u3001\u65e5\u9280\u306f\u81ea\u3089\u305d\u308c\u3092\u6368\u3066\u3066\u3057\u307e\u3063\u305f\u3002<\/p>\n<p>\u5229\u76ca\u78ba\u5b9a\u306e\u3042\u3068\u3001\u3053\u308c\u307e\u3067\u76f8\u5834\u3092\u4e3b\u5c0e\u3057\u3066\u3044\u305f\u6295\u6a5f\u7b4b\u306b\u306f\u3082\u3046\u5186\u306e\u58f2\u308a\u65b9\u3068\u3057\u3066\u623b\u3063\u3066\u304f\u308b\u610f\u5fd7\u306f\u306a\u3044\u3060\u308d\u3046\u3002\u58f2\u308a\u6750\u6599\u304c\u3082\u3046\u51fa\u306a\u3044\u304b\u3089\u3067\u3042\u308b\u3002\u3080\u3057\u308d\u3001\u70ba\u66ff\u30ec\u30fc\u30c8\u306b\u3088\u3063\u3066\u306f\u5186\u306f\u8cb7\u3044\u3092\u8003\u3048\u3089\u308c\u308b\u901a\u8ca8\u3067\u3055\u3048\u3042\u308b\u3002\u4e16\u754c\u4e2d\u306e\u4e2d\u592e\u9280\u884c\u304c\u91d1\u878d\u7de9\u548c\u306b\u8d70\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308c\u3070\u3001\u305d\u306e\u306a\u304b\u3067\u4e00\u756a\u307e\u3057\u306a\u901a\u8ca8\u3068\u306f\u3001\u3053\u308c\u4ee5\u4e0a\u7de9\u548c\u4f59\u5730\u306e\u306a\u3044\u901a\u8ca8\u3001\u3064\u307e\u308a\u5186\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u30c9\u30eb\u5b89\u306e\u7406\u7531<\/strong><\/p>\n<p>\u5186\u5074\u306e\u72b6\u6cc1\u3082\u306a\u304b\u306a\u304b\u7d76\u671b\u7684\u3067\u306f\u3042\u308b\u304c\u3001\u30c9\u30eb\u306e\u5074\u306f\u66f4\u306b\u904e\u9177\u3067\u3042\u308b\u3002\u3057\u304b\u3057\u30a2\u30e1\u30ea\u30ab\u306f\u5229\u4e0a\u3052\u306b\u5411\u304b\u3063\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u3044\u304b\uff1f\u3000\u3068\u3053\u3053\u306e\u8a18\u4e8b\u3092\u8aad\u3093\u3067\u3044\u306a\u3044\u6295\u8cc7\u5bb6\u306e\u591a\u304f\u306f\u8a00\u3046\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u3057\u304b\u3057\u305d\u308c\u306f\u5927\u304d\u306a\u9593\u9055\u3044\u3067\u3042\u308b\u3002\u30a2\u30e1\u30ea\u30ab\u306f\u5229\u4e0a\u3052\u3069\u3053\u308d\u304b\u91cf\u7684\u7de9\u548c\u3092\u518d\u958b\u3059\u308b\u3002\u305d\u3046\u306a\u308c\u3070\u5186\u5074\u306e\u4e9b\u7d30\u306a\u8981\u56e0\u306a\u3069\u3059\u3079\u3066\u5439\u304d\u98db\u3073\u3001\u30c9\u30eb\u5186\u306f80\u5186\u53f0\u3078\u3068\u9006\u623b\u308a\u3057\u3066\u3086\u304f\u3060\u308d\u3046\u3002<\/p>\n<p>\u3053\u3053\u306e\u8aad\u8005\u3067\u3042\u308c\u3070\u805e\u304d\u6163\u308c\u305f\u3053\u306e\u30b7\u30ca\u30ea\u30aa\u306f\u3001\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u3089\u3092\u59cb\u3081\u3068\u3059\u308b\u8457\u540d\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u3089\u306b\u3068\u3063\u3066\u306f\u968f\u5206\u524d\u304b\u3089\u306e\u65e2\u5b9a\u8def\u7dda\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/2946\">\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f: \u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306f\u6e1b\u901f\u3059\u308b\u3001\u5229\u4e0a\u3052\u306f\u5931\u6557\u3059\u308b\u3001\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u306f\u52b9\u304b\u306a\u3044<\/a><\/li>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/2610\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u5e74\u5185\u5229\u4e0a\u3052\u306f\u6df1\u523b\u306a\u8aa4\u308a\u306b\u3001\u305d\u3057\u3066\u7c73\u56fd\u306f\u91cf\u7684\u7de9\u548c\u3092\u518d\u958b\u3059\u308b<\/a><\/li>\n<\/ul>\n<p>\u30bd\u30ed\u30b9\u6c0f\u306f2016\u5e74\u7b2c1\u56db\u534a\u671f\u306b\u91d1\u3068\u91d1\u9271\u682a\u3092\u8cb7\u3044\u96c6\u3081\u305f\u304c\u3001\u3053\u308c\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u878d\u7de9\u548c\u306b\u3088\u3063\u3066\u91d1\u76f8\u5834\u304c\u30d0\u30d6\u30eb\u306b\u306a\u308b\u30b7\u30ca\u30ea\u30aa\u306b\u8ced\u3051\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u3064\u307e\u308a\u3001\u5229\u4e0a\u3052\u306a\u3069\u8ab0\u3082\u4fe1\u3058\u3066\u3044\u306a\u3044\u306e\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/3289\">\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u304c\u91d1\u3068\u91d1\u9271\u682a\u8cb7\u3044\u3001\u7c73\u56fd\u682a\u306e\u7a7a\u58f2\u308a\u7d99\u7d9a<\/a><\/li>\n<\/ul>\n<p>GDP\u306a\u3069\u306e\u7d4c\u6e08\u6307\u6a19\u3092\u898b\u308c\u3070\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306f\u65e2\u306b\u6e1b\u901f\u3092\u59cb\u3081\u3066\u304a\u308a\u3001\u3082\u3057\u7c73\u56fd\u304c\u5229\u4e0a\u3052\u306a\u3069\u3057\u3066\u3057\u307e\u3048\u3070\u3001\u305d\u306e\u30c8\u30ec\u30f3\u30c9\u306b\u62cd\u8eca\u3092\u304b\u3051\u3001\u7c73\u56fd\u7d4c\u6e08\u306f\u6025\u6fc0\u306b\u6e1b\u901f\u3057\u3066\u3086\u304f\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002\u305d\u3046\u306a\u308c\u3070\u91cf\u7684\u7de9\u548c\u306e\u518d\u958b\u306f\u4e0d\u53ef\u907f\u306e\u3082\u306e\u3068\u306a\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/3143\">2016\u5e74\u7b2c1\u56db\u534a\u671f\u7c73\u56fdGDP\u5185\u8a33: \u7de9\u3084\u304b\u306a\u6e1b\u901f\u7d99\u7d9a\u3001\u30c9\u30eb\u5b89\u3092\u80af\u5b9a<\/a><\/li>\n<\/ul>\n<p><strong>\u5f31\u3044\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08<\/strong><\/p>\n<p>\u3057\u304b\u3057\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306f\u4f55\u6545\u305d\u308c\u307b\u3069\u5f31\u3044\u306e\u304b\uff1f\u3000\u3053\u308c\u306b\u3064\u3044\u3066\u306f<a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/2489\">\u30e9\u30ea\u30fc\u30fb\u30b5\u30de\u30fc\u30ba\u6c0f\u306e\u9577\u671f\u505c\u6ede\u8ad6<\/a>\u306a\u3069\u3001\u69d8\u3005\u306a\u512a\u308c\u305f\u30a8\u30b3\u30ce\u30df\u30b9\u30c8\u304c\u69d8\u3005\u306a\u8aac\u660e\u3092\u884c\u3063\u3066\u3044\u308b\u304c\u3001\u308f\u305f\u3057\u304c\u4e00\u756a\u63a8\u3057\u305f\u3044\u306e\u306fBridgewater\u5275\u696d\u8005\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306e\u50b5\u52d9\u306e\u9577\u671f\u30b5\u30a4\u30af\u30eb\u306e\u7406\u8ad6\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/3398\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u904b\u7528\u8005\u306b\u3088\u308b\u7d4c\u6e08\u5165\u9580: \u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306e\u300c30\u5206\u3067\u5224\u308b\u7d4c\u6e08\u306e\u4ed5\u7d44\u307f\u300d<\/a><\/li>\n<\/ul>\n<p>\u3053\u306e\u8a18\u4e8b\u3067\u53d6\u308a\u4e0a\u3052\u305f\u52d5\u753b\u3067\u306f2016\u5e74\u306e\u4e16\u754c\u7d4c\u6e08\u306e\u672c\u8cea\u304c\u9a5a\u304f\u3079\u304d\u307b\u3069\u5e73\u6613\u306a\u8a00\u8449\u3067\u8aac\u660e\u3055\u308c\u3066\u3044\u308b\u304c\u3001\u8981\u7d04\u3059\u308c\u3070\u3053\u308c\u307e\u3067\u50b5\u52d9\u3092\u5897\u52a0\u3055\u305b\u308b\u3053\u3068\u3067\u7d4c\u6e08\u6210\u9577\u3092\u4fdd\u3063\u3066\u304d\u305f\u306e\u304c\u3001\u50b5\u52d9\u306e\u5897\u52a0\u304c\u9650\u754c\u306b\u9054\u3057\u305f\u3053\u3068\u3067\u3053\u308c\u307e\u3067\u306e\u5f31\u3044\u6210\u9577\u3055\u3048\u6301\u7d9a\u3059\u308b\u3053\u3068\u304c\u51fa\u6765\u306a\u304f\u306a\u3063\u3066\u3086\u304f\u3068\u3044\u3046\u4eee\u8aac\u3067\u3042\u308b\u3002<\/p>\n<p>\u3053\u3046\u3057\u305f\u8aac\u660e\u304c\u6b63\u3057\u3051\u308c\u3070\u3001\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306e\u6210\u9577\u306f\u91cf\u7684\u7de9\u548c\u306a\u3057\u3067\u306f\u7dad\u6301\u4e0d\u53ef\u80fd\u306a\u3082\u306e\u3067\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3002\u305d\u3057\u3066\u305d\u308c\u306f2016\u5e74\u304b2017\u5e74\u306e\u3046\u3061\u306b\u8a3c\u660e\u3055\u308c\u308b\u3060\u308d\u3046\u3002<\/p>\n<p><strong>\u3044\u305a\u308c\u8a3c\u660e\u3055\u308c\u308b\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306e\u5f31\u3055<\/strong><\/p>\n<p>\u73fe\u5728\u306e\u76f8\u5834\u3067\u306f\u3001\u3084\u3084\u5f31\u3044\u7d4c\u6e08\u6307\u6a19\u304c\u51fa\u3066\u30c9\u30eb\u304c\u4e0b\u304c\u3063\u305f\u304b\u3068\u601d\u3048\u3070\u3001Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u304c\u5229\u4e0a\u3052\u306b\u610f\u6b32\u3092\u51fa\u3057\u3066\u30c9\u30eb\u304c\u4e0a\u304c\u308b\u3068\u3044\u3046\u3053\u3068\u304c\u4ea4\u4e92\u306b\u7e70\u308a\u8fd4\u3055\u308c\u3066\u3044\u308b\u304c\u3001\u3044\u305a\u308c\u3053\u306e\u30d0\u30e9\u30f3\u30b9\u304c\u5d29\u308c\u3001\u7d4c\u6e08\u306e\u5f31\u3055\u306e\u65b9\u304c\u4e2d\u592e\u9280\u884c\u306e\u5229\u4e0a\u3052\u306e\u610f\u5fd7\u3092\u5727\u5012\u3059\u308b\u77ac\u9593\u304c\u6765\u308b\u3002\u305d\u3046\u306a\u308c\u3070\u30c9\u30eb\u306f\u96ea\u5d29\u306e\u3088\u3046\u306b\u5d29\u308c\u843d\u3061\u3066\u3086\u304f\u3060\u308d\u3046\u3002<\/p>\n<p>\u4f55\u51e6\u307e\u3067\u843d\u3061\u3066\u3086\u304f\u304b\u3068\u8a00\u3048\u3070\u3001\u30a2\u30e1\u30ea\u30ab\u304c\u91cf\u7684\u7de9\u548c\u3092\u518d\u958b\u3059\u308b\u5834\u5408\u3001\u5c11\u306a\u304f\u3068\u3082\u65e5\u672c\u304c\u91cf\u7684\u7de9\u548c\u3067\u5186\u5b89\u3092\u8a98\u5c0e\u3057\u305f\u5206\u306f\u5e33\u6d88\u3057\u306b\u306a\u308b\u3068\u8003\u3048\u3066\u826f\u3044\u3060\u308d\u3046\u3002\u3057\u305f\u304c\u3063\u306680\u5186\u53f0\u307e\u3067\u306f\u5927\u8888\u88df\u306a\u4e88\u60f3\u3067\u306f\u306a\u304f\u96e3\u306a\u304f\u4e0b\u843d\u3057\u3066\u3086\u304f\u3068\u4e88\u6e2c\u3057\u3066\u3044\u308b\u3002\u554f\u984c\u306f\u305d\u3053\u3067\u6b62\u307e\u308b\u304b\u3069\u3046\u304b\u3067\u3042\u308b\u3002<\/p>\n<p>\u30c9\u30eb\u5186\u304c\u305d\u3053\u307e\u3067\u843d\u3061\u308c\u3070\u65e5\u7d4c\u5e73\u5747\u306f\u9014\u65b9\u3082\u7121\u3044\u66b4\u843d\u306b\u306a\u3063\u3066\u3044\u308b\u306f\u305a\u3067\u3042\u308b\u3002\u305d\u3046\u306a\u308c\u3070\u30c9\u30eb\u5b89\u306e\u307b\u304b\u306b\u30ea\u30b9\u30af\u30aa\u30d5\u306e\u5186\u9ad8\u307e\u3067\u52a0\u308f\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u305d\u3046\u3057\u3066\u65e5\u7d4c\u5e73\u5747\u3068\u30c9\u30eb\u5186\u306f\u3068\u3082\u306b\u60f3\u50cf\u3092\u8d85\u3048\u305f\u4e0b\u3052\u76f8\u5834\u3092\u7d4c\u9a13\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002\u4f55\u3088\u308a\u6050\u308d\u3057\u3044\u306e\u306f\u3001\u305d\u3046\u306a\u3063\u305f\u6642\u306b\u65e5\u9280\u306b\u5bfe\u5fdc\u3059\u308b\u3059\u3079\u304c\u307b\u3068\u3093\u3069\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/3063\">2016\u5e74\u3001\u65e5\u9280\u306b\u6b8b\u3055\u308c\u305f\u8ffd\u52a0\u7de9\u548c\u306e\u624b\u6bb5\u3068\u305d\u306e\u5f71\u97ff\u3092\u8b70\u8ad6\u3059\u308b<\/a><\/li>\n<\/ul>\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n<p>\u4e0a\u8a18\u306e\u3088\u3046\u306b\u3001\u65e5\u7d4c\u5e73\u5747\u3068\u30c9\u30eb\u5186\u306e\u5c06\u6765\u306f\u3042\u307e\u308a\u306b\u6697\u3044\u304c\u3001\u305d\u308c\u3067\u3055\u3048\u65e5\u672c\u7d4c\u6e08\u3060\u3051\u306e\u554f\u984c\u70b9\u3092\u8003\u3048\u305f\u7d50\u679c\u306b\u904e\u304e\u306a\u3044\u3002\u7d4c\u6e08\u306e\u9577\u671f\u505c\u6ede\u3082\u91cf\u7684\u7de9\u548c\u304c\u5f15\u304d\u8d77\u3053\u3057\u305f\u91d1\u878d\u30d0\u30d6\u30eb\u3082\u5148\u9032\u56fd\u5168\u4f53\u306e\u554f\u984c\u3067\u3042\u308a\u3001\u6700\u60aa\u306e\u30b7\u30ca\u30ea\u30aa\u306f\u4e0a\u8a18\u306e\u30c9\u30eb\u5186\u30fb\u65e5\u7d4c\u5e73\u5747\u66b4\u843d\u304c\u7c73\u56fd\u682a\u306e\u5d29\u58ca\u306b\u3088\u3063\u3066\u5f15\u304d\u8d77\u3053\u3055\u308c\u308b\u4e16\u754c\u540c\u6642\u682a\u5b89\u3068\u88ab\u3063\u305f\u5834\u5408\u3067\u3042\u308b\u3002<\/p>\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u91cf\u7684\u7de9\u548c\u518d\u958b\u306f\u7c73\u56fd\u682a\u306b\u3068\u3063\u3066\u3042\u308b\u7a0b\u5ea6\u306e\u652f\u3048\u306b\u306f\u306a\u308b\u3060\u308d\u3046\u304b\u3089\u3001\u305d\u306e\u4e8c\u3064\u306e\u30b7\u30ca\u30ea\u30aa\u306b\u306f\u30bf\u30a4\u30e0\u30e9\u30b0\u304c\u3042\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3002\u3057\u304b\u3057\u6295\u8cc7\u5bb6\u304c\u899a\u3048\u3066\u304a\u304b\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u306e\u306f\u3001\u4e16\u754c\u306e\u91d1\u878d\u5e02\u5834\u306f\u6642\u9650\u7206\u5f3e\u3060\u3089\u3051\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p>\u4ee5\u524d\u304b\u3089\u8a00\u3063\u3066\u3044\u308b\u3088\u3046\u306b\u3001\u672c\u5f53\u306f\u30d7\u30ed\u3067\u306f\u306a\u3044\u500b\u4eba\u6295\u8cc7\u5bb6\u306f\u3059\u3079\u3066\u30ad\u30e3\u30c3\u30b7\u30e5\u3067\u6301\u3063\u3066\u3044\u305f\u65b9\u304c\u826f\u3044\u5c40\u9762\u306a\u306e\u3060\u304c\u3001\u305d\u308c\u3067\u3082\u4f55\u304b\u306b\u6295\u8cc7\u3092\u3057\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u308b\u8aad\u8005\u306b\u306f\u3001\u3053\u3053\u306e\u8a18\u4e8b\u304c\u5c11\u3057\u3067\u3082\u52a9\u3051\u306b\u306a\u308c\u3070\u5e78\u3044\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a 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