{"id":36355,"date":"2023-05-02T20:16:00","date_gmt":"2023-05-02T11:16:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=36355"},"modified":"2023-05-02T20:16:01","modified_gmt":"2023-05-02T11:16:01","slug":"%e3%83%89%e3%83%a9%e3%83%83%e3%82%b1%e3%83%b3%e3%83%9f%e3%83%a9%e3%83%bc%e6%b0%8f%e3%80%81%e6%97%a5%e6%9c%ac%e3%81%ae%e3%82%a4%e3%83%b3%e3%83%95%e3%83%ac%e3%81%a7%e6%97%a5%e6%9c%ac%e5%9b%bd%e5%82%b5","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/36355","title":{"rendered":"\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u3001\u65e5\u672c\u306e\u30a4\u30f3\u30d5\u30ec\u3067\u65e5\u672c\u56fd\u50b5\u3092\u7a7a\u58f2\u308a"},"content":{"rendered":"\n<p>\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u306e\u30af\u30a9\u30f3\u30bf\u30e0\u30d5\u30a1\u30f3\u30c9\u3092\u904b\u7528\u3057\u3066\u3044\u305f\u3053\u3068\u3067\u6709\u540d\u306a\u30b9\u30bf\u30f3\u30ec\u30fc\u30fb\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u304c\u65e5\u672c\u306e\u50b5\u5238\u5e02\u5834\u3067\u7b46\u8005\u3068\u540c\u3058\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u53d6\u3063\u3066\u3044\u308b\u3002NBIM Annual Investment Conference\u306b\u304a\u3051\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306e\u65e5\u672c\u56fd\u50b5\u7a7a\u58f2\u308a<\/strong><\/p>\n\n\n\n<p>\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u304c\u65e5\u672c\u56fd\u50b5\u3092\u7a7a\u58f2\u308a\u3057\u3066\u3044\u308b\u3002\u5f7c\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u878d\u5f15\u304d\u7de0\u3081\u306e\u5f71\u97ff\u3092\u898b\u6975\u3081\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u30442023\u5e74\u306e\u76f8\u5834\u74b0\u5883\u306f\u96e3\u3057\u3044\u3068\u8a00\u3044\u3001\u30c9\u30eb\u306f\u58f2\u308a\u3060\u3068\u660e\u8a00\u3057\u305f\u304c\u3001\u682a\u5f0f\u5e02\u5834\u3067\u3082\u50b5\u5238\u5e02\u5834\u3067\u3082\u5927\u3057\u305f\u3053\u3068\u306f\u3084\u3063\u3066\u3044\u306a\u3044\u3068\u8a00\u3046\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/36281\" data-type=\"post\" data-id=\"36281\">\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u3001\u30c9\u30eb\u3092\u7a7a\u58f2\u308a\u3057\u3066\u30b4\u30fc\u30eb\u30c9\u3092\u8cb7\u3044<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304c\u5f7c\u306f\u50b5\u5238\u5e02\u5834\u306b\u3064\u3044\u3066\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>\u50b5\u5238\u5e02\u5834\u3067\u306f\u65e5\u672c\u56fd\u50b5\u306e\u30c8\u30ec\u30fc\u30c9\u3092\u9664\u3044\u3066\u5927\u3057\u305f\u3053\u3068\u306f\u3084\u3063\u3066\u3044\u306a\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u65e5\u672c\u56fd\u50b5\u306b\u3064\u3044\u3066\u306f\u5927\u3057\u305f\u3053\u3068\u3092\u3084\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306f\u65e5\u672c\u56fd\u50b5\u3092\u3069\u3046\u3057\u3066\u3044\u308b\u306e\u304b\u3002\u7a7a\u58f2\u308a\u3092\u3084\u3063\u3066\u3044\u308b\u8457\u540d\u6295\u8cc7\u5bb6\u306f\u7a7a\u58f2\u308a\u306e\u3053\u3068\u3092\u660e\u8a00\u3057\u305f\u304c\u3089\u306a\u3044\u304c\u3001\u5f7c\u306e\u4ee5\u4e0b\u306e\u30b3\u30e1\u30f3\u30c8\u3092\u805e\u3051\u3070\u3001\u5206\u304b\u308b\u4eba\u9593\u306b\u306f\u5f7c\u304c\u4f55\u3092\u3084\u3063\u3066\u3044\u308b\u304b\u304c\u660e\u3089\u304b\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u65e5\u672c\u56fd\u50b5\u306e\u30c8\u30ec\u30fc\u30c9\u304c\u5831\u308f\u308c\u308b\u3068\u306f\u9650\u3089\u306a\u3044\u304c\u3001\u5c11\u306a\u304f\u3068\u3082\u30ea\u30b9\u30af\u30fb\u30ea\u30ef\u30fc\u30c9\u6bd4\u306f\u99ac\u9e7f\u3052\u3066\u3044\u308b\u307b\u3069\u826f\u3044\u3002\u5c11\u3057\u3060\u304c\u30012\u5e74\u524d\u306e2\u5e74\u7269\u7c73\u56fd\u50b5\u306b\u4f3c\u3066\u3044\u308b\u3002\u65e5\u672c\u306f\u30a4\u30f3\u30d5\u30ec\u306e\u554f\u984c\u3092\u62b1\u3048\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>2\u5e74\u524d\u306e2\u5e74\u7269\u7c73\u56fd\u50b5\u3068\u306f\u4f55\u3060\u308d\u3046\u3002\u305a\u3063\u3068\u30a4\u30f3\u30d5\u30ec\u3092\u8ffd\u3044\u304b\u3051\u3066\u3044\u308b\u3053\u3053\u306e\u8aad\u8005\u306a\u3089\u3070\u5927\u534a\u304c\u5206\u304b\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3002<\/p>\n\n\n\n<p>2\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u306f\u4eca\u5f8c\u306e\u653f\u7b56\u91d1\u5229\u306e\u63a8\u79fb\u3092\u5148\u306b\u7e54\u308a\u8fbc\u307f\u306a\u304c\u3089\u52d5\u304f\u304c\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u76f4\u8fd12\u5e74\u9593\u306e2\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u3068\u653f\u7b56\u91d1\u5229\u3092\u4e26\u3079\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\/05\/2023-5-2-us-2-year-treasury-yield-and-federal-funds-rate-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"448\" height=\"466\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/05\/2023-5-2-us-2-year-treasury-yield-and-federal-funds-rate-chart.png\" alt=\"\" class=\"wp-image-36357\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/05\/2023-5-2-us-2-year-treasury-yield-and-federal-funds-rate-chart.png 448w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/05\/2023-5-2-us-2-year-treasury-yield-and-federal-funds-rate-chart-288x300.png 288w\" sizes=\"auto, (max-width: 448px) 100vw, 448px\" \/><\/a><\/figure>\n\n\n\n<p>\u653f\u7b56\u91d1\u5229\u306e\u4e0a\u6607\u306b\u5148\u3093\u3058\u3066\u30bc\u30ed\u91d1\u5229\u304b\u3089\u5927\u304d\u304f\u4e0a\u6607\u3057\u3066\u3044\u308b\u304c\u3001\u3053\u308c\u304c\u65e5\u672c\u56fd\u50b5\u306b\u3069\u3046\u3044\u3046\u610f\u5473\u3092\u6301\u3064\u3060\u308d\u3046\u304b\u3002<\/p>\n\n\n\n<p><strong>\u30a4\u30f3\u30d5\u30ec\u521d\u671f\u306e\u7c73\u56fd\u50b5<\/strong><\/p>\n\n\n\n<p>2\u5e74\u524d\u306e2\u5e74\u7269\u7c73\u56fd\u50b5\u306b\u3064\u3044\u3066\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8a9e\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>2\u5e74\u524d\u306f\u305d\u308c\u307b\u3069\u96e3\u3057\u304f\u306a\u304b\u3063\u305f\u30022\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u306f0.15%\u3067\u3001\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u306f30%\u306e\u4e0a\u6607\u7387\u3067\u5897\u3048\u3066\u3044\u305f\u3002\u30ea\u30b9\u30af\u30fb\u30ea\u30ef\u30fc\u30c9\u6bd4\u304c\u826f\u3044\u30c8\u30ec\u30fc\u30c9\u3060\u3068\u3044\u3046\u3053\u3068\u306f\u5929\u624d\u3067\u306a\u304f\u3066\u3082\u5206\u304b\u3063\u305f\u3060\u308d\u3046\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u304a\u5206\u304b\u308a\u3060\u308d\u3046\u304b\u3002\u307e\u305a\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u3068\u306f\u5e02\u4e2d\u306b\u5b58\u5728\u3059\u308b\u73fe\u91d1\u3068\u9810\u91d1\u306e\u7dcf\u91cf\u3067\u3042\u308b\u3002\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u30b3\u30ed\u30ca\u5f8c\u306b3\u56de\u884c\u308f\u308c\u305f\u83ab\u5927\u306a\u73fe\u91d1\u7d66\u4ed8\u3067\u5e02\u5834\u306f\u8cc7\u91d1\u306b\u3042\u3075\u308c\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<p>\u7c73\u56fd\u4eba\u306e\u53ef\u51e6\u5206\u6240\u5f97\u3068\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u4e26\u3079\u3066\u307f\u308c\u3070\u30013\u56de\u306e\u73fe\u91d1\u7d66\u4ed8\u306b\u3088\u308b\u6240\u5f97\u306e\u6025\u4e0a\u6607\u304c\u30a4\u30f3\u30d5\u30ec\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u3053\u3068\u304c\u5206\u304b\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-aug-us-disposable-personal-income-and-cpi-growth-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"545\" height=\"466\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/10\/2022-aug-us-disposable-personal-income-and-cpi-growth-chart.png\" alt=\"\" class=\"wp-image-29519\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/10\/2022-aug-us-disposable-personal-income-and-cpi-growth-chart.png 545w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/10\/2022-aug-us-disposable-personal-income-and-cpi-growth-chart-300x257.png 300w\" sizes=\"auto, (max-width: 545px) 100vw, 545px\" \/><\/a><\/figure>\n\n\n\n<p>40\u5e74\u3076\u308a\u306e\u7269\u4fa1\u9ad8\u9a30\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u5927\u91cf\u306e\u8cc7\u91d1\u306f2\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u306b\u3069\u3046\u3044\u3046\u5f71\u97ff\u3092\u4e0e\u3048\u305f\u304b\u3002<\/p>\n\n\n\n<p>2021\u5e74\u306e\u6642\u70b9\u3067\u3001\u5927\u91cf\u306e\u8cc7\u91d1\u304c\u30a4\u30f3\u30d5\u30ec\u3092\u3082\u305f\u3089\u3057\u3001\u4e2d\u592e\u9280\u884c\u306f\u3044\u305a\u308c\u91d1\u5229\u3092\u4e0a\u3052\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304f\u306a\u308b\u3068\u3044\u3046\u3053\u3068\u304c\u660e\u767d\u3060\u3063\u305f\u3068\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306f\u8a00\u3044\u305f\u3044\u306e\u3067\u3042\u308b\u3002\u305d\u308c\u30672\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u304c\u5148\u306b\u4e0a\u304c\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u5b9f\u969b\u3001\u305d\u308c\u304c\u7b46\u8005\u304c\u5229\u76ca\u3092\u5f97\u305f\u30c8\u30ec\u30fc\u30c9\u3060\u3063\u305f\u3002\u91d1\u5229\u306e\u4e0a\u6607\u306f\u50b5\u5238\u306e\u4fa1\u683c\u4f4e\u4e0b\u3092\u610f\u5473\u3059\u308b\u306e\u3067\u3001\u7b46\u8005\u306f2021\u5e74\u306b2\u5e74\u7269\u56fd\u50b5\u3092\u7a7a\u58f2\u308a\u3057\u3066\u3044\u308b\u3002\u3053\u306e\u30c8\u30ec\u30fc\u30c9\u306b\u3064\u3044\u3066\u306f\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u8aac\u660e\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\/22559\" data-type=\"post\" data-id=\"22559\">\u9577\u77ed\u91d1\u5229\u9006\u8ee2\u3092\u4e88\u6e2c\u3067\u304d\u305f\u7406\u7531\u3068\u4eca\u5f8c\u306e\u4e0d\u6cc1\u3068\u682a\u4fa1\u66b4\u843d\u306b\u3064\u3044\u3066<\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>\u56fd\u50b5\u7a7a\u58f2\u308a\u306e\u30ea\u30b9\u30af\u30fb\u30ea\u30ef\u30fc\u30c9\u6bd4<\/strong><\/p>\n\n\n\n<p>\u3055\u3066\u3001\u3053\u3053\u3067\u30dd\u30a4\u30f3\u30c8\u3068\u306a\u308b\u306e\u304c\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306e\u8a00\u3046\u30ea\u30b9\u30af\u30fb\u30ea\u30ef\u30fc\u30c9\u6bd4\u3068\u3044\u3046\u8a00\u8449\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u4f55\u6545\u56fd\u50b5\u306e\u7a7a\u58f2\u308a\u306f\u30ea\u30b9\u30af\u30fb\u30ea\u30ef\u30fc\u30c9\u6bd4\u304c\u826f\u3044\u306e\u304b\uff1f\u3000\u91d1\u5229\u304c\u4e0a\u304c\u308c\u3070\u50b5\u5238\u306e\u4fa1\u683c\u306f\u4e0b\u304c\u308a\u3001\u9006\u306b\u91d1\u5229\u304c\u4e0b\u304c\u308c\u3070\u50b5\u5238\u306e\u4fa1\u683c\u306f\u4e0a\u304c\u308b\u3002<\/p>\n\n\n\n<p>\u7a7a\u58f2\u308a\u306f\u4e0b\u843d\u306b\u8ced\u3051\u308b\u30c8\u30ec\u30fc\u30c9\u306a\u306e\u3067\u3001\u7a7a\u58f2\u308a\u304c\u640d\u3092\u51fa\u3059\u53ef\u80fd\u6027\u3068\u306f\u56fd\u50b5\u306e\u4fa1\u683c\u304c\u4e0a\u304c\u308b\uff08\u91d1\u5229\u304c\u4e0b\u304c\u308b\uff09\u5834\u5408\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u8003\u3048\u3066\u3082\u3089\u3044\u305f\u3044\u306e\u3060\u304c\u3001\u30b3\u30ed\u30ca\u76f4\u5f8c\u306e2\u5e74\u524d\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u5229\u306f\u30bc\u30ed\u3060\u3063\u305f\u3002\u3082\u3046\u4e00\u5ea6\u30c1\u30e3\u30fc\u30c8\u3092\u898b\u3066\u3082\u3089\u304a\u3046\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/05\/2023-5-2-us-2-year-treasury-yield-and-federal-funds-rate-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"448\" height=\"466\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/05\/2023-5-2-us-2-year-treasury-yield-and-federal-funds-rate-chart.png\" alt=\"\" class=\"wp-image-36357\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/05\/2023-5-2-us-2-year-treasury-yield-and-federal-funds-rate-chart.png 448w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/05\/2023-5-2-us-2-year-treasury-yield-and-federal-funds-rate-chart-288x300.png 288w\" sizes=\"auto, (max-width: 448px) 100vw, 448px\" \/><\/a><\/figure>\n\n\n\n<p>\u3053\u3053\u3067\u554f\u984c\u3067\u3042\u308b\u30022\u5e74\u7269\u7c73\u56fd\u50b5\u306e\u91d1\u5229\u304c\u30bc\u30ed\u3060\u3063\u305f2\u5e74\u524d\u3001\u91d1\u5229\u304c\u305d\u308c\u4ee5\u4e0a\u4e0b\u304c\u308b\u53ef\u80fd\u6027\u304c\u3042\u3063\u305f\u3060\u308d\u3046\u304b\uff1f<\/p>\n\n\n\n<p>\u307b\u3068\u3093\u3069\u3042\u308a\u5f97\u306a\u3044\u3002\u5f53\u6642\u3059\u3067\u306b\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u304b\u306a\u308a\u4e0a\u304c\u3063\u3066\u304a\u308a\u3001Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u304c\u30a4\u30f3\u30d5\u30ec\u306e\u8105\u5a01\u3092\u7121\u8996\u3057\u3066\u3044\u305f\u305f\u3081\u306b\u91d1\u5229\u306f\u30bc\u30ed\u306b\u4fdd\u305f\u308c\u3066\u3044\u305f\u304c\u3001\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u3084\u7b46\u8005\u306a\u3069\u306e\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u306b\u3068\u3063\u3066\u306f\u91d1\u5229\u4e0a\u6607\u306f\u4e0d\u53ef\u907f\u3067\u3042\u308a\u3001\u4e0b\u304c\u308b\u3053\u3068\u306a\u3069\u3042\u308a\u5f97\u306a\u304b\u3063\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/14522\" data-type=\"post\" data-id=\"14522\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u305f\u3060\u30a4\u30f3\u30d5\u30ec\u304c\u7d9a\u304b\u306a\u3044\u3088\u3046\u306b\u7948\u3063\u3066\u3044\u308b\u3060\u3051 (2021\/7\/18)<\/a><\/li>\n<\/ul>\n\n\n\n<p>2\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u306f\u30bc\u30ed\u304b\u30895%\u307e\u3067\u4e0a\u304c\u308b\u53ef\u80fd\u6027\u306f\u3042\u3063\u3066\u3082\u3001\u30bc\u30ed\u3088\u308a\u4e0b\u306b\u4e0b\u304c\u308b\u53ef\u80fd\u6027\u306f\u307b\u3068\u3093\u3069\u6709\u308a\u5f97\u306a\u304b\u3063\u305f\u3002\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u306b\u3082\u9650\u754c\u304c\u3042\u308a\u3001\u30a4\u30f3\u30d5\u30ec\u6642\u306b\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u306a\u3069\u81ea\u6bba\u884c\u70ba\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304b\u30892\u5e74\u7269\u56fd\u50b5\u306e\u7a7a\u58f2\u308a\u306f\u6210\u529f\u3059\u308c\u3070\u5229\u76ca\u304c\u5927\u304d\u3044\u4e00\u65b9\u3067\u3001\u307b\u3068\u3093\u3069\u640d\u3092\u3059\u308b\u3053\u3068\u304c\u6709\u308a\u5f97\u306a\u3044\u30c8\u30ec\u30fc\u30c9\u3060\u3063\u305f\u306e\u3067\u3042\u308b\u3002\u682a\u5f0f\u5e02\u5834\u3067\u306f\u307b\u3068\u3093\u3069\u6709\u308a\u5f97\u306a\u3044\u3088\u3046\u306a\u3001\u4fa1\u683c\u304c\u307b\u3068\u3093\u3069\u4e00\u65b9\u5411\u306b\u3057\u304b\u52d5\u304b\u306a\u3044\u3088\u3046\u306a\u72b6\u6cc1\u304c\u3001\u50b5\u5238\u5e02\u5834\u306b\u306f\u305f\u307e\u306b\u898b\u3089\u308c\u308b\u3002<\/p>\n\n\n\n<p><strong>\u65e5\u672c\u56fd\u50b5\u306f2\u5e74\u524d\u306e\u7c73\u56fd\u50b5\u304b<\/strong><\/p>\n\n\n\n<p>\u305d\u3057\u3066\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306f\u3001\u73fe\u5728\u306e\u65e5\u672c\u56fd\u50b5\u306f\u305d\u306e\u72b6\u6cc1\u306b\u4f3c\u3066\u3044\u308b\u3068\u8a00\u3063\u3066\u3044\u308b\u3002\u7b46\u8005\u3082\u540c\u610f\u3059\u308b\u30022\u5e74\u524d\u306e\u7c73\u56fd\u50b5\u7a7a\u58f2\u308a\u306b\u6210\u529f\u3057\u305f\u7b46\u8005\u306f\u3001\u73fe\u5728\u65e5\u672c\u56fd\u50b5\u3092\u7a7a\u58f2\u308a\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\/34200\" data-type=\"post\" data-id=\"34200\">\u65e5\u672c\u56fd\u50b5\u306e\u7a7a\u58f2\u308a\u3092\u958b\u59cb\u3001\u690d\u7530\u65b0\u7dcf\u88c1\u3067\u9577\u671f\u91d1\u5229\u4e0a\u6607\u3092\u4e88\u60f3<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30b0\u30ed\u30fc\u30d0\u30eb\u30de\u30af\u30ed\u306e\u6295\u8cc7\u5bb6\u306a\u3089\u3070\u5f53\u7136\u306e\u7740\u773c\u70b9\u3060\u308d\u3046\u3002\u65e5\u672c\u306e10\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u306f0.5%\u7a0b\u5ea6\u3067\u63a8\u79fb\u3057\u3066\u304a\u308a\u3001\u65e5\u9280\u306e\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u30670.5%\u306b\u982d\u3092\u6291\u3048\u3089\u308c\u3066\u3044\u308b\u304c\u3001\u4e00\u65b9\u3067\u65e5\u672c\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u65e5\u672c\u653f\u5e9c\u306b\u3088\u308b\u7c89\u98fe\u3092\u9664\u5916\u3057\u3066\u8003\u3048\u308c\u30704%\u7a0b\u5ea6\u3067\u63a8\u79fb\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u65e5\u672c\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u7c89\u98fe\u306b\u3064\u3044\u3066\u306f\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3092\u53c2\u8003\u306b\u3057\u3066\u3082\u3089\u3044\u305f\u3044\u304c\u3001\u3053\u3053\u3067\u306f\u89e6\u308c\u306a\u3044\u3067\u304a\u304f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/35433\" data-type=\"post\" data-id=\"35433\">\u65e5\u672c\u653f\u5e9c\u306e\u8a50\u6b3a\u7684\u306a\u7269\u4fa1\u6307\u6570\u306e\u8a08\u7b97\u65b9\u6cd5\u304c\u30a4\u30f3\u30d5\u30ec\u3092\u60aa\u5316\u3055\u305b\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304c\u30a4\u30f3\u30d5\u30ec\u7387\u3068\u91d1\u5229\u306e\u72b6\u6cc1\u306f\u30a4\u30f3\u30d5\u30ec\u521d\u671f\u306e\u30a2\u30e1\u30ea\u30ab\u3068\u307e\u3063\u305f\u304f\u540c\u3058\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305f\u30601\u3064\u9055\u3046\u306e\u306f\u3001\u30a2\u30e1\u30ea\u30ab\u304c\u5148\u306b\u30a4\u30f3\u30d5\u30ec\u6291\u5236\u306e\u305f\u3081\u306e\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u59cb\u3081\u3066\u3044\u308b\u3053\u3068\u304b\u3089\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u304c\u3053\u308c\u304b\u3089\u666f\u6c17\u5f8c\u9000\u306b\u5165\u308b\u3060\u308d\u3046\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\/36324\" data-type=\"post\" data-id=\"36324\">\u30b5\u30de\u30fc\u30ba\u6c0f: 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class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/35433\" data-type=\"post\" 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class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/30502\" data-type=\"post\" data-id=\"30502\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: \u65e5\u672c\u306f\u91d1\u5229\u9ad8\u9a30\u304b\u901a\u8ca8\u66b4\u843d\u304b\u3092\u9078\u3076\u3053\u3068\u306b\u306a\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u6295\u8cc7\u5bb6\u306f\u30a4\u30f3\u30d5\u30ec\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u30a4\u30f3\u30d5\u30ec\u653f\u7b56\u306b\u611f\u8b1d\u3059\u3079\u304d\u3060\u308d\u3046\u3002\u65e5\u672c\u653f\u5e9c\u306f\u610f\u56f3\u7684\u306b\u3053\u306e\u72b6\u6cc1\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u306e\u3067\u3042\u308b\u3002\u8a73\u3057\u304f\u306f\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3092\u53c2\u8003\u306b\u3057\u3066\u307b\u3057\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/29198\" data-type=\"post\" data-id=\"29198\">\u5229\u4e0a\u3052\u3067\u9810\u91d1\u8005\u306f\u30a4\u30f3\u30d5\u30ec\u304b\u3089\u8cc7\u7523\u9632\u885b\u3067\u304d\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u65e5\u9280\u304c\u5229\u4e0a\u3052\u3092\u884c\u308f\u306a\u3044\u7406\u7531<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u306e\u30af\u30a9\u30f3\u30bf\u30e0\u30d5\u30a1\u30f3\u30c9\u3092\u904b\u7528\u3057\u3066\u3044\u305f\u3053\u3068\u3067\u6709\u540d\u306a\u30b9\u30bf\u30f3\u30ec\u30fc\u30fb\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u304c\u65e5\u672c\u306e\u50b5\u5238\u5e02\u5834\u3067\u7b46\u8005\u3068\u540c\u3058\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u53d6\u3063\u3066\u3044\u308b\u3002NBIM Annual Investment Conference\u306b\u304a\u3051\u308b &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/36355\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u3001\u65e5\u672c\u306e\u30a4\u30f3\u30d5\u30ec\u3067\u65e5\u672c\u56fd\u50b5\u3092\u7a7a\u58f2\u308a<\/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":[104,108],"tags":[130],"class_list":["post-36355","post","type-post","status-publish","format-standard","hentry","category-japanese-bond-market","category-bond-markets","tag-stanley-druckenmiller"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/36355","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=36355"}],"version-history":[{"count":40,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/36355\/revisions"}],"predecessor-version":[{"id":36396,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/36355\/revisions\/36396"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=36355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=36355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=36355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}