{"id":43749,"date":"2024-01-27T20:00:00","date_gmt":"2024-01-27T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=43749"},"modified":"2024-01-27T19:36:32","modified_gmt":"2024-01-27T10:36:32","slug":"%e3%82%ac%e3%83%b3%e3%83%89%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f-%e3%82%a4%e3%83%b3%e3%83%89%e6%a0%aa%e3%81%af30%e5%b9%b4%e5%89%8d%e3%81%ae%e4%b8%ad%e5%9b%bd%e6%a0%aa%e3%81%a8%e5%90%8c%e3%81%98","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/43749","title":{"rendered":"\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u30a4\u30f3\u30c9\u682a\u306f30\u5e74\u524d\u306e\u4e2d\u56fd\u682a\u3068\u540c\u3058\u72b6\u6cc1\u3001\u8cb7\u3063\u3066\u653e\u7f6e\u3057\u3066\u304a\u3051"},"content":{"rendered":"\n<p>DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u3001\u81ea\u793e\u4e3b\u50ac\u306e\u5ea7\u8ac7\u4f1a\u3067\u65b0\u8208\u56fd\u682a\u5f0f\u3001\u7279\u306b\u30a4\u30f3\u30c9\u682a\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u7c73\u56fd\u682a\u306e\u9577\u671f\u4e0a\u6607\u30c8\u30ec\u30f3\u30c9<\/strong><\/p>\n\n\n\n<p>\u7c73\u56fd\u682a\u306f\u904e\u53bb40\u5e74\u9593\u7d20\u6674\u3089\u3057\u3044\u30ea\u30bf\u30fc\u30f3\u3092\u4e0a\u3052\u3066\u304d\u305f\u3002\u305d\u308c\u306f\u9577\u671f\u306e\u4e0a\u3052\u76f8\u5834\u3060\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u4e0a\u3052\u76f8\u5834\u306f1980\u5e74\u306b\u59cb\u307e\u3063\u305f\u3002\u4f55\u6545\u306a\u3089\u3070\u30011970\u5e74\u4ee3\u306e\u30a4\u30f3\u30d5\u30ec\u76f8\u5834\u306e\u5f8c\u3001\u9577\u671f\u7684\u306b\u4e0a\u6607\u3057\u3066\u3044\u305f\u91d1\u5229\u304c1980\u5e74\u306b\u9042\u306b\u30d4\u30fc\u30af\u306b\u9054\u3057\u3001\u91d1\u5229\u306f\u305d\u3053\u304b\u3089\u4e0b\u843d\u3057\u305f\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u5f8c40\u5e74\u306b\u6e21\u3063\u3066\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u5229\u306f\u9577\u671f\u7684\u306b\u4e0b\u304c\u308a\u7d9a\u3051\u3001\u7c73\u56fd\u682a\u3092\u652f\u3048\u7d9a\u3051\u305f\u3002\u4e00\u65b9\u3067\u65e5\u672c\u3067\u306f\u30d0\u30d6\u30eb\u5d29\u58ca\u5f8c\u306b\u91d1\u5229\u304c\u30bc\u30ed\u306b\u9054\u3057\u3001\u305d\u308c\u4ee5\u4e0a\u91d1\u5229\u4f4e\u4e0b\u304c\u5f97\u3089\u308c\u306a\u304b\u3063\u305f\u305f\u3081\u306b\u682a\u5f0f\u5e02\u5834\u306f30\u5e74\u8fd1\u304f\u505c\u6ede\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u3088\u3046\u306b\u3001\u91d1\u5229\u306e\u4e0a\u4e0b\u306f\u682a\u5f0f\u5e02\u5834\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u6301\u3063\u3066\u3044\u308b\u3002\u305d\u3057\u3066\u554f\u984c\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u306b\u3088\u3063\u3066\u30a2\u30e1\u30ea\u30ab\u3067\u3082\u91d1\u5229\u306e\u4f4e\u4e0b\u304c\u7d42\u308f\u308a\u3001\u3080\u3057\u308d\u91d1\u5229\u3092\u4e0a\u3052\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304f\u306a\u3063\u305f\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u3088\u3046\u306a\u72b6\u6cc1\u306b\u3042\u308b\u7c73\u56fd\u682a\u306b\u3064\u3044\u3066\u3001\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8ff0\u3079\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>\u7c73\u56fd\u682a\u306f\u9577\u3089\u304f\u4ed6\u306e\u56fd\u306e\u682a\u5f0f\u3001\u7279\u306b\u65b0\u8208\u56fd\u682a\u5f0f\u3088\u308a\u3082\u826f\u3044\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u767a\u63ee\u3057\u3066\u304d\u305f\u3002\u305d\u308c\u306f\u9577\u3044\u30c8\u30ec\u30f3\u30c9\u3060\u3063\u305f\u3002\u3060\u304c\u305d\u306e\u30c8\u30ec\u30f3\u30c9\u306f\u58ca\u308c\u305f\u3088\u3046\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30b9\u30bf\u30f3\u30ec\u30fc\u30fb\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u3082\u91d1\u5229\u3092\u7406\u7531\u306b\u7c73\u56fd\u682a\u306e\u9577\u671f\u4e0a\u6607\u30c8\u30ec\u30f3\u30c9\u306f\u7d42\u308f\u3063\u305f\u3068\u5224\u65ad\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\/41359\" data-type=\"post\" data-id=\"41359\">\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f: \u7c73\u56fd\u682a\u304c\u9577\u671f\u7684\u306b\u306f\u5e38\u306b\u4e0a\u6607\u3059\u308b\u3068\u3044\u3046\u4fe1\u4ef0\u306f\u9593\u9055\u3044<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u9006\u306b\u8a00\u3048\u3070\u3001\u5e78\u3044\u306a\u306e\u306f\u30a4\u30f3\u30d5\u30ec\u304c\u305d\u308c\u307b\u3069\u9177\u304f\u306a\u304b\u3063\u305f\u305f\u3081\u306b\u30a2\u30e1\u30ea\u30ab\u307b\u3069\u306e\u5229\u4e0a\u3052\u304c\u5fc5\u8981\u3067\u306f\u306a\u304b\u3063\u305f\u56fd\u3005\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u83ab\u5927\u306a\u73fe\u91d1\u7d66\u4ed8\u306b\u3088\u3063\u3066\u30a4\u30f3\u30d5\u30ec\u7387\u306f2%\u7a0b\u5ea6\u304b\u30899%\u307e\u3067\u4e0a\u304c\u3063\u305f\u3002\u3060\u304c\u305d\u308c\u307b\u3069\u306e\u3070\u3089\u6492\u304d\u3092\u884c\u308f\u306a\u304b\u3063\u305f\u305f\u3081\u306b\u30a4\u30f3\u30d5\u30ec\u304c\u305d\u308c\u307b\u3069\u9177\u304f\u306a\u3044\u56fd\u3082\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u307e\u305f\u3001\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u91d1\u5229\u4e0a\u6607\u306f\u83ab\u5927\u306a\u653f\u5e9c\u50b5\u52d9\u3078\u306e\u5229\u6255\u3044\u304c\u5897\u52a0\u3059\u308b\u3053\u3068\u3092\u610f\u5473\u3059\u308b\u304c\u3001\u653f\u5e9c\u50b5\u52d9\u304c\u5c11\u306a\u3044\u56fd\u3067\u306f\u5229\u4e0a\u3052\u306e\u60aa\u5f71\u97ff\u3082\u5c0f\u3055\u3044\u3002<\/p>\n\n\n\n<p><strong>\u4f55\u51e6\u306e\u56fd\u306b\u6295\u8cc7\u3059\u308b\u3079\u304d\u304b<\/strong><\/p>\n\n\n\n<p>\u3060\u304b\u3089\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u30a2\u30e1\u30ea\u30ab\u4ee5\u5916\u306e\u56fd\u306e\u682a\u5f0f\u3092\u63a8\u3057\u3066\u3044\u308b\u3002\u3060\u304c\u5177\u4f53\u7684\u306b\u3069\u306e\u56fd\u304c\u826f\u3044\u306e\u304b\u3002\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u7d9a\u3051\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>\u3053\u308c\u306f\u6bce\u5e74\u8a00\u3063\u3066\u3044\u308b\u3053\u3068\u3060\u304c\u3001\u73fe\u5728\u306f\u3053\u308c\u307e\u3067\u4ee5\u4e0a\u306b\u78ba\u4fe1\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u5b6b\u306e\u5927\u5b66\u306e\u6559\u80b2\u8cbb\u306e\u3088\u3046\u306a\u9577\u671f\u7684\u306e\u8a71\u306a\u3089\u3070\u3001\u30a4\u30f3\u30c9\u682a\u5f0fETF\u3092\u8cb7\u3063\u3066\u305f\u3060\u653e\u7f6e\u3057\u3066\u304a\u3051\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u6700\u8fd1\u3001\u8457\u540d\u6295\u8cc7\u5bb6\u306e\u4e2d\u3067\u30a4\u30f3\u30c9\u682a\u304c\u8a71\u984c\u3067\u3042\u308b\u3002Bridgewater\u306e\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u3082\u30a4\u30f3\u30c9\u682a\u3092\u63a8\u5968\u3057\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/43555\" data-type=\"post\" data-id=\"43555\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u30a4\u30f3\u30c9\u306b\u3082\u3063\u3068\u6295\u8cc7\u3067\u304d\u308c\u3070\u826f\u3044\u306e\u3060\u304c<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u4f55\u6545\u304b\u3002\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8aac\u660e\u3057\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>\u30a4\u30f3\u30c9\u682a\u306f\u4e0a\u304c\u308b\u300210\u500d\u306b\u306a\u308b\u3002\u30a4\u30f3\u30c9\u306f30\u5e74\u300135\u5e74\u524d\u306e\u4e2d\u56fd\u3068\u307e\u3063\u305f\u304f\u540c\u3058\u72b6\u6cc1\u306b\u3042\u308b\u3002<\/p>\n\n\n\n<p>30\u5e74\u524d\u3001\u4e2d\u56fd\u306f\u5730\u65b9\u304b\u3089\u90fd\u5e02\u90e8\u3078\u306e\u4eba\u53e3\u6d41\u5165\u306b\u3088\u3063\u3066\u52b4\u50cd\u529b\u304c\u6025\u5897\u3057\u3001\u305d\u308c\u306b\u5bfe\u5fdc\u3059\u308b\u305f\u3081\u306b\u5909\u5316\u304c\u8d77\u3053\u3089\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304b\u3063\u305f\u3002\u305d\u308c\u304c\u4eca\u306e\u30a4\u30f3\u30c9\u306e\u72b6\u6cc1\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u591a\u304f\u306e\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\u3001\u305f\u3060\u8cb7\u3063\u3066\u653e\u7f6e\u3057\u3066\u304a\u3051\u3070\u5132\u304b\u308b\u3068\u601d\u3063\u3066\u7c73\u56fd\u682a\u3092\u3064\u307f\u305f\u3066NISA\u306b\u8a70\u3081\u8fbc\u3093\u3067\u3044\u308b\u3002\u3060\u304c\u30d7\u30ed\u306e\u8996\u70b9\u304b\u3089\u898b\u308c\u3070\u3001\u73fe\u5728\u306f\u7c73\u56fd\u682a\u3092\u8a3c\u5238\u53e3\u5ea7\u306b\u8a70\u3081\u8fbc\u3080\u30bf\u30a4\u30df\u30f3\u30b0\u3068\u3057\u3066\u306f\u6700\u60aa\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\u304c\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304b\u3089\u5f7c\u3089\u306b\u6717\u5831\u304c\u3042\u308b\u3002\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>\u30a4\u30f3\u30c9\u682a\u3060\u3051\u304c\u308f\u305f\u3057\u306e\u4eca\u306e\u304a\u6c17\u306b\u5165\u308a\u3060\u3002\u682a\u4fa1\u306e\u52d5\u304d\u3092\u898b\u308b\u3053\u3068\u3055\u3048\u306a\u3044\u3002\u4f55\u30f6\u6708\u3082\u6c17\u306b\u3057\u3066\u3044\u306a\u3044\u3002\u3053\u308c\u306f\u9577\u671f\u306e\u30b7\u30ca\u30ea\u30aa\u3060\u304b\u3089\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306b\u3088\u308c\u3070\u3001\u30a4\u30f3\u30c9\u682a\u306f\u305f\u3060\u8cb7\u3063\u3066\u4f55\u5341\u5e74\u3082\u653e\u7f6e\u3067\u304d\u308b\u9298\u67c4\u3060\u305d\u3046\u3060\u3002<\/p>\n\n\n\n<p>\u91d1\u5229\u3092\u7406\u7531\u306b\u7c73\u56fd\u682a\u306b\u898b\u5207\u308a\u3092\u3064\u3051\u3066\u3044\u308b\u8457\u540d\u6295\u8cc7\u5bb6\u306f\u591a\u304f\u3001\u5f7c\u3089\u306f\u7c73\u56fd\u682a\u306e\u4ee3\u308f\u308a\u3092\u63a2\u3057\u3066\u3044\u308b\u3002\u30b8\u30e7\u30f3\u30fb\u30dd\u30fc\u30eb\u30bd\u30f3\u6c0f\u306f\u30ae\u30ea\u30b7\u30e3\u682a\u3092\u63a8\u3057\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/42986\" data-type=\"post\" data-id=\"42986\">\u30dd\u30fc\u30eb\u30bd\u30f3\u6c0f: 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