{"id":3816,"date":"2016-07-13T07:04:39","date_gmt":"2016-07-12T22:04:39","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=3816"},"modified":"2016-07-13T07:04:39","modified_gmt":"2016-07-12T22:04:39","slug":"%e7%b1%b3%e5%9b%bd%e6%a0%aa%e3%81%8c%e5%8f%b2%e4%b8%8a%e6%9c%80%e9%ab%98%e5%80%a4%e3%82%92%e6%9b%b4%e6%96%b0%e3%80%81%e3%82%bd%e3%83%ad%e3%82%b9%e6%b0%8f%e3%81%ae%e7%a9%ba%e5%a3%b2%e3%82%8a%e3%81%af","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/3816","title":{"rendered":"\u7c73\u56fd\u682a\u304c\u53f2\u4e0a\u6700\u9ad8\u5024\u3092\u66f4\u65b0\u3001\u30bd\u30ed\u30b9\u6c0f\u306e\u7a7a\u58f2\u308a\u306f\u5931\u6557\u304b\uff1f"},"content":{"rendered":"<p>S&amp;P 500\u304c\u3064\u3044\u306b\u5e02\u5834\u6700\u9ad8\u5024\u3092\u66f4\u65b0\u3057\u305f\u30022015\u5e74\u5f8c\u534a\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u306e\u5f8c\u3001\u7c73\u56fd\u682a\u306f\u4f55\u5ea6\u3082\u6025\u843d\u3092\u7e70\u308a\u8fd4\u3057\u306a\u304c\u3089\u4e0a\u5024\u3092\u8a66\u3057\u3066\u3044\u305f\u304c\u3001Brexit\u5f8c\u306e\u30ea\u30b9\u30af\u30aa\u30d5\u3092\u514b\u670d\u3057\u305f\u3053\u3068\u3067\u3064\u3044\u306b\u4e0a\u5024\u3092\u629c\u3051\u305f\u5f62\u3068\u306a\u308b\u3002\u4ee5\u4e0b\u306fS&amp;P 500\u306e\u30c1\u30e3\u30fc\u30c8\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/07\/2016-7-12-s-and-p-500-middle-term-chart.png\" rel=\"attachment wp-att-3825\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3825\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/07\/2016-7-12-s-and-p-500-middle-term-chart.png\" alt=\"2016-7-12-s-and-p-500-middle-term-chart\" width=\"599\" height=\"403\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/07\/2016-7-12-s-and-p-500-middle-term-chart.png 599w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/07\/2016-7-12-s-and-p-500-middle-term-chart-300x202.png 300w\" sizes=\"auto, (max-width: 599px) 100vw, 599px\" \/><\/a><\/p>\n<p>\u6025\u843d\u3092\u4f55\u5ea6\u3082\u7e70\u308a\u8fd4\u3057\u306a\u304c\u3089\u306a\u304b\u306a\u304b\u4e0b\u5024\u3092\u5272\u3089\u305a\u3001\u4e00\u65b9\u3067\u3053\u308c\u307e\u3067\u4e0a\u5024\u3092\u7a4d\u6975\u7684\u306b\u66f4\u65b0\u3059\u308b\u3053\u3068\u3082\u306a\u304b\u3063\u305f\u7c73\u56fd\u682a\u306e\u5148\u884c\u304d\u306b\u3064\u3044\u3066\u306f\u3001\u5e02\u5834\u3067\u69d8\u3005\u306a\u610f\u898b\u304c\u4e3b\u5f35\u3055\u308c\u3066\u3044\u305f\u3002<\/p>\n<p><!--more-->\u5c11\u3057\u524d\u306e\u8a71\u306b\u306a\u308b\u304c\u3001\u5148\u305a\u306f2015\u5e74\u5f8c\u534a\u306b\u7acb\u3066\u305f\u308f\u305f\u3057\u306e\u682a\u4fa1\u4e88\u60f3\u3092\u601d\u3044\u51fa\u3057\u3066\u307b\u3057\u3044\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/1983\">\u7c73\u56fd\u5229\u4e0a\u3052\u5f8c\u306e\u682a\u5f0f\u6295\u8cc7\u6226\u7565: \u4e0a\u304c\u3089\u306a\u3044\u304c\u6025\u843d\u3059\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u76f8\u5834\u3092\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306f\u3069\u3046\u30c8\u30ec\u30fc\u30c9\u3059\u308b\u304b\uff1f<\/a><\/li>\n<\/ul>\n<p>\u3053\u306e\u8a18\u4e8b\u3067\u7acb\u3066\u305f\u308f\u305f\u3057\u306e\u7c73\u56fd\u682a\u63a8\u79fb\u4e88\u60f3\u306f\u300c20%\u524d\u5f8c\u306e\u6025\u843d\u306f\u3044\u3064\u3067\u3082\u7406\u7531\u306a\u3057\u306b\u8d77\u3053\u308b\u304c\u3001\u30d0\u30d6\u30eb\u304c\u5b8c\u5168\u306b\u5d29\u58ca\u3059\u308b\u3053\u3068\u3082\u306a\u304f\u3001\u3057\u304b\u3057\u306a\u304c\u3089\u4e0a\u5024\u3082\u9650\u3089\u308c\u308b\u300d\u3068\u3044\u3046\u3082\u306e\u3067\u3042\u3063\u305f\u3002\u307e\u308b\u3067\u3053\u308c\u307e\u3067\u306e\u7c73\u56fd\u682a\u306e\u52d5\u304d\u3092\u5f8c\u304b\u3089\u8a00\u3044\u8868\u3057\u305f\u3088\u3046\u306a\u8868\u73fe\u3060\u304c\u3001\u4e0a\u8a18\u306e\u8a18\u4e8b\u306e\u306a\u304b\u306b\u305d\u306e\u307e\u307e\u66f8\u3044\u3066\u3042\u308b\u901a\u308a\u3067\u3042\u308b\u3002<\/p>\n<p>\u305f\u3060\u3001\u3053\u3046\u3057\u305f\u4e88\u60f3\u3092\u884c\u3046\u5834\u5408\u306b\u306f\u3001\u901a\u5e38\u306e\u8cb7\u3044\u3084\u7a7a\u58f2\u308a\u3067\u306f\u5229\u5e45\u3092\u53d6\u308b\u306e\u304c\u96e3\u3057\u3044\u3002\u305d\u3053\u3067\u5229\u7528\u3057\u305f\u306e\u304c\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u3042\u308b\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u99c6\u4f7f\u3057\u3066\u3053\u3046\u3057\u305f\u4e88\u60f3\u304c\u5f53\u305f\u3063\u305f\u6642\u306b\u5229\u76ca\u3092\u5f97\u3089\u308c\u308b\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u4f5c\u308a\u3001\u308f\u305f\u3057\u304c\u5b9f\u969b\u306b\u5229\u76ca\u3092\u5f97\u3066\u304d\u305f\u3053\u3068\u306f\u3001\u5f53\u6642\u304b\u3089\u306e\u8aad\u8005\u306b\u306f\u968f\u6642\u5831\u544a\u3057\u3066\u3042\u308b\u901a\u308a\u3067\u3042\u308b\u3002\u3053\u308c\u306b\u3064\u3044\u3066\u3082\u4e0a\u8a18\u306e\u8a18\u4e8b\u3067\u4e8b\u524d\u306b\u89e3\u8aac\u3057\u3066\u3044\u308b\u3002<\/p>\n<p><strong>\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u6e1b\u901f\u3068\u7c73\u56fd\u682a<\/strong><\/p>\n<p>\u3057\u304b\u3057\u6628\u5e74\u304b\u3089\u7acb\u3066\u3066\u3044\u305f\u308f\u305f\u3057\u306e\u76f8\u5834\u4e88\u60f3\u306b\u306f\u3082\u3046\u4e00\u3064\u30b7\u30ca\u30ea\u30aa\u304c\u3042\u3063\u305f\u3002\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306e\u6e1b\u901f\u306b\u3088\u308bFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u5229\u4e0a\u3052\u64a4\u56de\u3001\u91d1\u878d\u7de9\u548c\u3078\u306e\u9006\u623b\u308a\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/2165\">2016\u5e74\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306f\u6e1b\u901f\u3059\u308b: \u5229\u4e0a\u3052\u3068\u30c9\u30eb\u9ad8\u306e\u5f71\u97ff\u3001\u30a8\u30cd\u30eb\u30ae\u30fc\u4fa1\u683c\u306e\u63a8\u79fb\u3001\u8cc3\u91d1\u306e\u4e0a\u6607<\/a><\/li>\n<\/ul>\n<p>\u3053\u306e\u30b7\u30ca\u30ea\u30aa\u306f\u308f\u305f\u3057\u306e\u4e88\u60f3\u3088\u308a\u3084\u3084\u65e9\u304f\u5b9f\u73fe\u3057\u305f\u3002\u4e0a\u8a18\u306e\u8a18\u4e8b\u306e\u57f7\u7b46\u5f53\u6642\u306b\u767a\u8868\u3055\u308c\u3066\u3044\u305fGDP\u30c7\u30fc\u30bf\u3067\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u7d4c\u6e08\u6210\u9577\u7387\u306f2%\u3092\u8d85\u3048\u3066\u3044\u305f\u304c\u3001\u305d\u306e\u5f8c\u7de9\u3084\u304b\u306b\u6e1b\u901f\u3057\u305f\u3053\u3068\u3067\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u3078\u306e\u4e0d\u5b89\u304c\u5e83\u304c\u308a\u3001\u5229\u4e0a\u3052\u89b3\u6e2c\u306e\u5f8c\u9000\u3001\u305d\u3057\u3066\u91d1\u878d\u7de9\u548c\u306e\u5fc5\u8981\u6027\u304c\u898b\u76f4\u3055\u308c\u3001\u91d1\u4fa1\u683c\u304c\u9ad8\u9a30\u3057\u305f\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<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/2471\">\u4e16\u754c\u540c\u6642\u682a\u5b89\u3067\u4e88\u60f3\u901a\u308a\u91d1\u4fa1\u683c\u304c\u6025\u4e0a\u6607: \u3044\u3064\u307e\u3067\u7d9a\u304f\u304b\uff1f\u3000\u3053\u308c\u304b\u3089\u3069\u3046\u306a\u308b\u304b\uff1f<\/a><\/li>\n<\/ul>\n<p>\u3053\u3053\u3067\u554f\u984c\u3068\u306a\u3063\u305f\u306e\u304c\u3001\u30a2\u30e1\u30ea\u30ab\u304c\u5229\u4e0a\u3052\u3092\u53d6\u308a\u6b62\u3081\u3001\u91d1\u878d\u7de9\u548c\u3078\u3068\u9006\u623b\u308a\u3057\u305f\u5834\u5408\u3001\u682a\u4fa1\u306f\u3069\u3046\u306a\u308b\u306e\u304b\uff1f\u3000\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u3063\u305f\u3002\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306e\u6e1b\u901f\u306f\u7c73\u56fd\u682a\u306b\u3068\u3063\u3066\u30de\u30a4\u30ca\u30b9\u8981\u56e0\u3060\u304c\u3001\u91d1\u878d\u7de9\u548c\u306f\u30d7\u30e9\u30b9\u8981\u56e0\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u5f31\u3044\u7d4c\u6e08\u3068\u91d1\u878d\u7de9\u548c<\/strong><\/p>\n<p>\u3053\u306e\u30c6\u30fc\u30de\u306b\u306f\u69d8\u3005\u306a\u8b70\u8ad6\u304c\u3042\u3063\u305f\u3002\u8457\u540d\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u306e\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u304c\u30c7\u30d5\u30ec\u306b\u3088\u308a\u7c73\u56fd\u682a\u3092\u7a7a\u58f2\u308a\u3057\u3066\u3044\u308b\u3068\u516c\u8a00\u3057\u3066\u3044\u305f\u4e00\u65b9\u3067\u3001\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9Bridgewater\u3092\u904b\u55b6\u3059\u308b\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306f\u3001\u50b5\u5238\u306a\u3069\u306e\u5229\u56de\u308a\u304c\u4f4e\u3044\u72b6\u6cc1\u3067\u306f\u300c\u6d88\u53bb\u6cd5\u3067\u682a\u304c\u9078\u3070\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u300d\u3068\u8ff0\u3079\u3066\u3044\u305f\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/2532\">Form 13F: \u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u304c\u7c73\u56fd\u682a\u3092\u30b7\u30e7\u30fc\u30c8\u3001\u539f\u6cb9\u95a2\u9023\u682a\u3092\u8cb7\u3044\u4e0b\u304c\u308a\u304b<\/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>\u4e00\u65b9\u3067\u3001\u308f\u305f\u3057\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u7528\u3044\u305f\u30dd\u30b8\u30b7\u30e7\u30f3\u306f\u9577\u3089\u304f\u4e88\u60f3\u304c\u5f53\u305f\u308a\u7d9a\u3051\u305f\u3053\u3068\u3067\u5341\u5206\u306a\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u305f\u304c\u3001\u540c\u6642\u306b\u3053\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u306f\u300c\u4e0a\u5024\u306f\u9650\u3089\u308c\u308b\u300d\u3053\u3068\u306b\u8ced\u3051\u3066\u3044\u308b\u3082\u306e\u3067\u3042\u3063\u305f\u304b\u3089\u3001\u3053\u306e\u30c6\u30fc\u30de\u306b\u95a2\u3057\u3066\u6c7a\u65ad\u3092\u4e0b\u3059\u5fc5\u8981\u304c\u3042\u3063\u305f\u3002<\/p>\n<p>\u8aad\u8005\u306b\u306f\u5468\u77e5\u306e\u901a\u308a\u3060\u304c\u3001\u308f\u305f\u3057\u306f\u6700\u7d42\u7684\u306b\u7c73\u56fd\u682a\u306f\u518d\u3073\u4e0a\u5024\u3092\u8d85\u3048\u3066\u304f\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u5224\u65ad\u3057\u30014\u6708\u4e0b\u65ec\u306b\u682a\u5f0f\u5e02\u5834\u306b\u95a2\u3059\u308b\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u3059\u3079\u3066\u5229\u76ca\u78ba\u5b9a\u3057\u305f\u3002\u30bd\u30ed\u30b9\u6c0f\u3067\u306f\u306a\u304f\u30c0\u30ea\u30aa\u6c0f\u306e\u65b9\u306b\u540c\u610f\u3057\u305f\u308f\u3051\u3067\u3042\u308b\u3002\u5f53\u6642\u306e\u8a18\u4e8b\u306b\u306f\u3053\u3046\u66f8\u3044\u3066\u3044\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/3034\">\u682a\u5f0f\u5e02\u5834\u306e\u5168\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u6c7a\u6e08\u3057\u5229\u76ca\u78ba\u5b9a\u3001\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u5e02\u5834\u306b\u6ce8\u529b<\/a><\/li>\n<\/ul>\n<blockquote><p>\u3053\u3053\u3067\u554f\u984c\u3068\u306a\u308b\u306e\u304c\u3001\u7c73\u56fd\u304c\u91d1\u878d\u7de9\u548c\u306b\u9006\u623b\u308a\u3059\u308c\u3070\u7c73\u56fd\u682a\u306f\u518d\u3073\u4e0a\u6607\u306b\u8ee2\u3058\u308b\u306e\u304b\uff1f\u3000\u3068\u3044\u3046\u70b9\u3067\u3042\u308b\u3002\u500b\u4eba\u7684\u306b\u306f\u591a\u5206\u4e0a\u304c\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u601d\u3063\u3066\u3044\u308b\u3002<\/p><\/blockquote>\n<p>\u3053\u308c\u306f\u7a4d\u6975\u7684\u306b\u682a\u4fa1\u4e0a\u6607\u3092\u4e88\u60f3\u3059\u308b\u5224\u65ad\u3067\u306f\u306a\u304b\u3063\u305f\u304c\u3001\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u9589\u3058\u308b\u305f\u3081\u306b\u306f\u5341\u5206\u306a\u5224\u65ad\u3067\u3042\u3063\u305f\u3002\u305d\u3057\u3066\u7d50\u5c40\u305d\u308c\u306f\u6b63\u3057\u304b\u3063\u305f\u3053\u3068\u306b\u306a\u308b\u3002\u3057\u304b\u3057\u3001\u3053\u3053\u3067\u554f\u984c\u3068\u306a\u3063\u3066\u304f\u308b\u306e\u306f\u3001\u7c73\u56fd\u682a\u306f\u3053\u308c\u304b\u3089\u3069\u3046\u306a\u3063\u3066\u3086\u304f\u306e\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u305d\u3057\u3066\u30bd\u30ed\u30b9\u6c0f\u306f\u9593\u9055\u3063\u3066\u3044\u305f\u306e\u3060\u308d\u3046\u304b\uff1f<\/p>\n<p><strong>\u7c73\u56fd\u682a\u306f\u4eca\u5f8c\u3069\u3046\u306a\u308b\u304b\uff1f<\/strong><\/p>\n<p>\u3053\u306e\u70b9\u306b\u3064\u3044\u3066\u3082\u3053\u308c\u307e\u3067\u66f8\u3044\u3066\u304d\u305f\u901a\u308a\u3067\u3042\u308b\u3002\u308f\u308c\u308f\u308c\u306f\u9577\u3089\u304f\u7d9a\u3044\u305f\u91cf\u7684\u7de9\u548c\u76f8\u5834\u306e\u6700\u7d42\u6bb5\u968e\u306b\u8fd1\u3065\u3044\u3066\u3044\u308b\u3002<\/p>\n<p>\u73fe\u5728\u3001\u5148\u9032\u56fd\u304c\u6301\u3064\u91d1\u878d\u7de9\u548c\u306e\u624b\u6bb5\u306e\u306a\u304b\u3067\u91d1\u878d\u5e02\u5834\u306b\u52b9\u679c\u7684\u3067\u3042\u308b\u53ef\u80fd\u6027\u306e\u3042\u308b\u3082\u306e\u306f\u3001\u7c73\u56fd\u306e\u91cf\u7684\u7de9\u548c\u518d\u958b\u306e\u307f\u3067\u3042\u308b\u3002\u30d8\u30ea\u30b3\u30d7\u30bf\u30fc\u30de\u30cd\u30fc\u306b\u3064\u3044\u3066\u306f\u5b9f\u8cea\u7684\u306b\u306f\u300c\u91cf\u7684\u7de9\u548c\u4ed8\u304d\u8ca1\u653f\u653f\u7b56\u300d\u3067\u3042\u308b\u305f\u3081\u3001\u8ca1\u653f\u653f\u7b56\u306b\u542b\u3081\u305f\u3044\u3002\u3044\u305a\u308c\u306b\u305b\u3088\u3001\u5148\u9032\u56fd\u306b\u306f\u6570\u3048\u308b\u307b\u3069\u306e\u624b\u6bb5\u3057\u304b\u6b8b\u3055\u308c\u3066\u3044\u306a\u3044\u3002<\/p>\n<p>\u4e16\u754c\u7d4c\u6e08\u306f\u4eca\u5f8c\u3001\u6b8b\u3055\u308c\u305f\u624b\u6bb5\u3092\u5f90\u3005\u306b\u6d88\u8cbb\u3057\u306a\u304c\u3089\u3001\u300c\u3053\u308c\u4ee5\u4e0a\u3082\u3046\u7de9\u548c\u3067\u304d\u306a\u3044\u300d\u72b6\u6cc1\u307e\u3067\u9032\u3093\u3067\u3086\u304f\u3002\u682a\u5f0f\u5e02\u5834\u306f\u305d\u306e\u6700\u5f8c\u306e\u58c1\u306b\u8fd1\u3065\u3044\u305f\u6bb5\u968e\u306e\u3044\u305a\u308c\u304b\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u5d29\u58ca\u3059\u308b\u3060\u308d\u3046\u304c\u3001\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u91cd\u8981\u306a\u306e\u306f\u3001\u305d\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u304c\u679c\u305f\u3057\u3066\u4e88\u6e2c\u53ef\u80fd\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p>\u30bf\u30a4\u30df\u30f3\u30b0\u306f\u6050\u3089\u304f\u4e88\u6e2c\u53ef\u80fd\u3067\u3042\u308b\u3002\u305d\u3057\u3066\u305d\u308c\u304c\u308f\u305f\u3057\u306b\u51fa\u6765\u308b\u304b\u3069\u3046\u304b\u3001\u305d\u3057\u3066\u8aad\u8005\u306b\u51fa\u6765\u308b\u304b\u3069\u3046\u304b\u306f\u3001\u305d\u308c\u305e\u308c\u306e\u529b\u91cf\u306b\u304b\u304b\u3063\u3066\u3044\u308b\u3002\u3057\u304b\u3057\u4e88\u6e2c\u3092\u884c\u3046\u305f\u3081\u306b\u601d\u3044\u8d77\u3053\u3057\u3066\u304a\u304b\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u306e\u306f\u3001\u305d\u3082\u305d\u3082\u30d0\u30d6\u30eb\u5d29\u58ca\u3068\u306f\u3069\u3046\u3044\u3046\u3082\u306e\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u305d\u306e\u30d2\u30f3\u30c8\u306f\u904e\u53bb\u306e\u8a18\u4e8b\u306e\u4e2d\u306b\u3042\u308b\u3002<\/p>\n<p><strong>\u30d0\u30d6\u30eb\u5d29\u58ca\u306e\u30bf\u30a4\u30df\u30f3\u30b0<\/strong><\/p>\n<p>1987\u5e74\u306b\u8d77\u304d\u305f\u682a\u4fa1\u66b4\u843d\u3067\u3042\u308b\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u306b\u3064\u3044\u3066\u66f8\u3044\u305f\u8a18\u4e8b\u3092\u899a\u3048\u3066\u3044\u308b\u3060\u308d\u3046\u304b\uff1f\u3000\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u306b\u304a\u3044\u3066\u682a\u4fa1\u306e\u5d29\u58ca\u306e\u30c8\u30ea\u30ac\u30fc\u3092\u5f15\u3044\u305f\u539f\u56e0\u306f\u4f55\u3060\u3063\u305f\u3060\u308d\u3046\u304b\uff1f\u3000\u305d\u308c\u306f\u682a\u5f0f\u6295\u8cc7\u5bb6\u304c\u7c73\u56fd\u682a\u3092\u58f2\u308b\u4ee5\u5916\u306e\u9078\u629e\u80a2\u3092\u596a\u308f\u308c\u305f\u3053\u3068\u306b\u3042\u3063\u305f\u3002\u305d\u306e\u77ac\u9593\u3001\u6295\u8cc7\u5bb6\u306f\u6295\u3052\u58f2\u308a\u4ee5\u5916\u306e\u9078\u629e\u3092\u53d6\u308c\u306a\u304f\u306a\u308a\u3001\u682a\u4fa1\u306f\u66b4\u843d\u306e\u307b\u304b\u306b\u884c\u304d\u5834\u3092\u5931\u3063\u305f\u3002<\/p>\n<p>\u30d0\u30d6\u30eb\u306e\u6700\u4e2d\u3001\u6295\u8cc7\u5bb6\u306f\u69d8\u3005\u306a\u7406\u7531\u3067\u8cb7\u3044\u3092\u6b63\u5f53\u5316\u3057\u3066\u3044\u308b\u3002\u91d1\u878d\u7de9\u548c\u3067\u3042\u3063\u305f\u308a\u3001\u5b9f\u4f53\u7d4c\u6e08\u306e\u6210\u9577\u3067\u3042\u3063\u305f\u308a\u3001\u305d\u306e\u8981\u56e0\u306f\u69d8\u3005\u3067\u3042\u308b\u304c\u3001\u305d\u308c\u304c\u30d0\u30d6\u30eb\u3067\u3042\u308b\u9650\u308a\u3001\u6295\u8cc7\u5bb6\u304c\u6295\u3052\u58f2\u308a\u4ee5\u5916\u306e\u9078\u629e\u3092\u596a\u308f\u308c\u308b\u30bf\u30a4\u30df\u30f3\u30b0\u304c\u751f\u3058\u308b\u3002\u305d\u308c\u304c\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u306b\u304a\u3044\u3066\u8d77\u3053\u3063\u305f\u3053\u3068\u3067\u3042\u308b\u3002\u72b6\u6cc1\u306b\u8ffd\u3044\u8fbc\u307e\u308c\u308b\u3053\u3068\u304c\u5fc5\u8981\u6761\u4ef6\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/933\">\u30d7\u30e9\u30b6\u5408\u610f\u304b\u3089\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u307e\u3067\u3092\u632f\u308a\u8fd4\u308b<\/a><\/li>\n<\/ul>\n<p>\u3067\u306f\u73fe\u72b6\u306e\u682a\u5f0f\u5e02\u5834\u306f\u3069\u3046\u3060\u308d\u3046\u304b\uff1f\u3000\u3053\u308c\u306f\u308f\u305f\u3057\u306e\u76f8\u5834\u89b3\u306b\u904e\u304e\u306a\u3044\u304c\u3001\u5c11\u306a\u304f\u3068\u3082\u6295\u8cc7\u5bb6\u306f\u8ffd\u3044\u8fbc\u307e\u308c\u3066\u3044\u306a\u3044\u3068\u611f\u3058\u308b\u3002\u4e16\u754c\u7684\u306a\u4f4e\u91d1\u5229\u306e\u305f\u3081\u306b\u50b5\u5238\u5e02\u5834\u304b\u3089\u8ffd\u3044\u51fa\u3055\u308c\u305f\u6295\u8cc7\u5bb6\u3082\u3001\u682a\u5f0f\u5e02\u5834\u304b\u3089\u6211\u5148\u306b\u629c\u3051\u51fa\u3055\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u72b6\u6cc1\u306b\u306f\u8ffd\u3044\u8fbc\u307e\u308c\u3066\u3044\u306a\u3044\u3002\u3060\u304b\u3089\u6025\u843d\u3059\u308b\u3053\u3068\u306f\u3042\u3063\u305f\u3068\u3057\u3066\u3082\u3001\u5b8c\u5168\u306a\u5e02\u5834\u5d29\u58ca\u306f\u307e\u3060\u6765\u306a\u3044\u306f\u305a\u3067\u3042\u308b\u3002\u3060\u304b\u3089\u308f\u305f\u3057\u306f\u73fe\u72b6\u3067\u7a7a\u58f2\u308a\u3092\u3059\u308b\u30bd\u30ed\u30b9\u6c0f\u306e\u5224\u65ad\u306b\u306f\u540c\u610f\u3057\u306a\u3044\u3002<\/p>\n<p>\u3067\u306f\u5e02\u5834\u5d29\u58ca\u307e\u3067\u306e\u30b7\u30ca\u30ea\u30aa\u306f\u3069\u3046\u3044\u3046\u3082\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u8003\u3048\u3089\u308c\u308b\u682a\u4fa1\u66b4\u843d\u306e\u30c8\u30ea\u30ac\u30fc\u306e\u3046\u3061\u3001\u4e00\u756a\u73fe\u5728\u304b\u3089\u8fd1\u3044\u3082\u306e\u306f\u4eca\u5f8c3\u56de\u524d\u5f8c\u306e\u5229\u4e0a\u3052\u3067\u3042\u308b\u3002\u653f\u7b56\u91d1\u5229\u304c1%\u306b\u8fd1\u3065\u3051\u3070\u3001\u6050\u3089\u304f\u5b9f\u4f53\u7d4c\u6e08\u3082\u682a\u5f0f\u5e02\u5834\u3082\u73fe\u72b6\u3092\u7dad\u6301\u51fa\u6765\u306a\u3044\u3060\u308d\u3046\u3002\u305d\u3053\u306f\u30c7\u30c3\u30c9\u30a8\u30f3\u30c9\u3067\u3042\u308b\u3002<\/p>\n<p>\u3057\u304b\u3057Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u304c\u305d\u306e\u9078\u629e\u80a2\u3092\u53d6\u3089\u306a\u3044\u306e\u3067\u3042\u308c\u3070\u3001\u6295\u8cc7\u5bb6\u306f\u6b21\u306e\u30c8\u30ea\u30ac\u30fc\u3092\u63a2\u3059\u5fc5\u8981\u304c\u3042\u308b\u3002\u305d\u308c\u306f\u6050\u3089\u304f\u30a2\u30e1\u30ea\u30ab\u306e\u91cf\u7684\u7de9\u548c\u518d\u958b\u4ee5\u5f8c\u306e\u3053\u3068\u3067\u3042\u308a\u3001\u4e88\u898b\u3059\u308b\u306b\u306f\u307e\u3060\u6642\u671f\u304c\u65e9\u3044\u3060\u308d\u3046\u3002<\/p>\n<p>\u76f8\u5834\u306e\u73fe\u72b6\u3092\u518d\u78ba\u8a8d\u3059\u308b\u305f\u3081\u306b\u3001\u6700\u5f8c\u306b\u30bd\u30ed\u30b9\u6c0f\u306e\u8457\u66f8\u300e<a href=\"http:\/\/www.amazon.co.jp\/gp\/product\/4862801307\/ref=as_li_ss_tl?ie=UTF8&amp;camp=247&amp;creative=7399&amp;creativeASIN=4862801307&amp;linkCode=as2&amp;tag=globalmacrore-22\">\u30bd\u30ed\u30b9\u306e\u932c\u91d1\u8853<\/a><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/ir-jp.amazon-adsystem.com\/e\/ir?t=globalmacrore-22&amp;l=as2&amp;o=9&amp;a=4862801307\" alt=\"\" width=\"1\" height=\"1\" border=\"0\" \/>\u300f\u304b\u3089\u3001\u30d0\u30d6\u30eb\u306e\u5d29\u58ca\u306b\u95a2\u3059\u308b\u5f7c\u306e\u8a00\u8449\u3092\u5f15\u7528\u3057\u3066\u7d42\u308f\u308a\u3068\u3057\u3088\u3046\u3002\u30bd\u30ed\u30b9\u6c0f\u306e\u8a00\u3046\u300c\u5927\u66b4\u843d\u306e\u6761\u4ef6\u300d\u306f\u3044\u3064\u6574\u3046\u3060\u308d\u3046\u304b\uff1f\u3000\u3053\u308c\u307e\u3067\u306e\u76f8\u5834\u3092\u6b63\u3057\u304f\u8a00\u3044\u5f53\u3066\u3066\u304d\u305f\u6642\u3068\u540c\u69d8\u306b\u300180\u5e74\u306e\u5e74\u6708\u3092\u304b\u3051\u3066\u6210\u9577\u3057\u3066\u304d\u305f\u3053\u306e\u8d85\u5de8\u5927\u30d0\u30d6\u30eb\u306e\u6700\u671f\u306b\u3064\u3044\u3066\u3082\u6b63\u3057\u304f\u4e88\u60f3\u3057\u305f\u3044\u3068\u9858\u3046\u3070\u304b\u308a\u3067\u3042\u308b\u3002<\/p>\n<blockquote><p>\u5f37\u6c17\u76f8\u5834\u306f\u5c0f\u7206\u767a\u306b\u3068\u304d\u304a\u308a\u898b\u821e\u308f\u308c\u306a\u304c\u3089\u7d9a\u3044\u3066\u3044\u304f\u3002\u305d\u3046\u3057\u3066\u3044\u308b\u3046\u3061\u306b\u3001\u3060\u308c\u3082\u5c0f\u7206\u767a\u3092\u6050\u308c\u306a\u304f\u306a\u308b\u3002\u3053\u306e\u3068\u304d\u3053\u305d\u3001\u5927\u66b4\u843d\u306e\u6761\u4ef6\u304c\u6574\u3063\u305f\u3068\u304d\u306a\u306e\u3067\u3042\u308b\u3002<\/p><\/blockquote>\n<p><a href=\"http:\/\/www.amazon.co.jp\/gp\/product\/4862801307\/ref=as_li_ss_il?ie=UTF8&amp;camp=247&amp;creative=7399&amp;creativeASIN=4862801307&amp;linkCode=as2&amp;tag=globalmacrore-22\"><img decoding=\"async\" src=\"http:\/\/ws-fe.amazon-adsystem.com\/widgets\/q?_encoding=UTF8&amp;ASIN=4862801307&amp;Format=_SL160_&amp;ID=AsinImage&amp;MarketPlace=JP&amp;ServiceVersion=20070822&amp;WS=1&amp;tag=globalmacrore-22\" alt=\"\" border=\"0\" \/><\/a><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/ir-jp.amazon-adsystem.com\/e\/ir?t=globalmacrore-22&amp;l=as2&amp;o=9&amp;a=4862801307\" alt=\"\" width=\"1\" height=\"1\" border=\"0\" \/><br \/>\n<a href=\"http:\/\/www.amazon.co.jp\/gp\/product\/4862801307\/ref=as_li_ss_tl?ie=UTF8&amp;camp=247&amp;creative=7399&amp;creativeASIN=4862801307&amp;linkCode=as2&amp;tag=globalmacrore-22\">\u65b0\u7248 \u30bd\u30ed\u30b9\u306e\u932c\u91d1\u8853<\/a><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/ir-jp.amazon-adsystem.com\/e\/ir?t=globalmacrore-22&amp;l=as2&amp;o=9&amp;a=4862801307\" alt=\"\" width=\"1\" height=\"1\" border=\"0\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>S&amp;P 500\u304c\u3064\u3044\u306b\u5e02\u5834\u6700\u9ad8\u5024\u3092\u66f4\u65b0\u3057\u305f\u30022015\u5e74\u5f8c\u534a\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u306e\u5f8c\u3001\u7c73\u56fd\u682a\u306f\u4f55\u5ea6\u3082\u6025\u843d\u3092\u7e70\u308a\u8fd4\u3057\u306a\u304c\u3089\u4e0a\u5024\u3092\u8a66\u3057\u3066\u3044\u305f\u304c\u3001Brexit\u5f8c\u306e\u30ea\u30b9\u30af\u30aa\u30d5\u3092\u514b\u670d\u3057\u305f\u3053\u3068\u3067\u3064\u3044\u306b\u4e0a\u5024\u3092\u629c\u3051\u305f\u5f62\u3068\u306a\u308b\u3002\u4ee5\u4e0b\u306fS&#038; &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/3816\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u7c73\u56fd\u682a\u304c\u53f2\u4e0a\u6700\u9ad8\u5024\u3092\u66f4\u65b0\u3001\u30bd\u30ed\u30b9\u6c0f\u306e\u7a7a\u58f2\u308a\u306f\u5931\u6557\u304b\uff1f<\/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":[59,111],"tags":[7,64],"class_list":["post-3816","post","type-post","status-publish","format-standard","hentry","category-us-stock-market","category-stock-markets","tag-quantitative-easing","tag-fed"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/3816","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=3816"}],"version-history":[{"count":20,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/3816\/revisions"}],"predecessor-version":[{"id":3837,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/3816\/revisions\/3837"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=3816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=3816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=3816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}