{"id":43803,"date":"2024-01-29T20:00:00","date_gmt":"2024-01-29T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=43803"},"modified":"2024-08-08T14:47:30","modified_gmt":"2024-08-08T05:47:30","slug":"%e3%83%ad%e3%83%bc%e3%82%bc%e3%83%b3%e3%83%90%e3%83%bc%e3%82%b0%e6%b0%8f-%e4%bb%8a%e3%81%ae%e3%82%bd%e3%83%95%e3%83%88%e3%83%a9%e3%83%b3%e3%83%87%e3%82%a3%e3%83%b3%e3%82%b0%e6%9c%9f%e5%be%85%e3%81%af","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/43803","title":{"rendered":"\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f: \u4eca\u306e\u30bd\u30d5\u30c8\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u671f\u5f85\u306f\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u524d\u306e\u30bd\u30d5\u30c8\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u671f\u5f85\u3068\u540c\u3058"},"content":{"rendered":"\n<p>\u3055\u3066\u3001\u524d\u56de\u307e\u3067\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306eDoubleLine Capital\u4e3b\u50ac\u306e\u5ea7\u8ac7\u4f1a\u306e\u5185\u5bb9\u3092\u5831\u3058\u3066\u304d\u305f\u304c\u3001\u4eca\u56de\u306f\u305d\u306e\u5ea7\u8ac7\u4f1a\u306b\u51fa\u5e2d\u3057\u3066\u3044\u308bRosenberg Research\u306e\u30c7\u30a4\u30d3\u30c3\u30c9\u30fb\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f\u306e\u767a\u8a00\u304c\u8208\u5473\u6df1\u304b\u3063\u305f\u306e\u3067\u305d\u3061\u3089\u3092\u7d39\u4ecb\u3057\u3088\u3046\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u30a2\u30e1\u30ea\u30ab\u306e\u666f\u6c17\u5f8c\u9000<\/strong><\/p>\n\n\n\n<p>\u30b3\u30ed\u30ca\u5f8c\u306b\u30a2\u30e1\u30ea\u30ab\u3067\u884c\u308f\u308c\u305f\u83ab\u5927\u306a\u73fe\u91d1\u7d66\u4ed8\u304c\u7269\u4fa1\u9ad8\u9a30\u3092\u5f15\u304d\u8d77\u3053\u3057\u3001\u30a2\u30e1\u30ea\u30ab\u306f\u305d\u308c\u3092\u5927\u5e45\u306a\u5229\u4e0a\u3052\u3067\u6291\u3048\u8fbc\u3082\u3046\u3068\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u7d50\u679c\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u306f3%\u53f0\u307e\u3067\u4f55\u3068\u304b\u4e0b\u304c\u308a\u3001\u4e00\u65b9\u3067\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306f\u305d\u308c\u307b\u3069\u306e\u9ad8\u91d1\u5229\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u5927\u304d\u306a\u6e1b\u901f\u3068\u306f\u306a\u3063\u3066\u3044\u306a\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/43394\" data-type=\"post\" data-id=\"43394\">\u30a4\u30f3\u30d5\u30ec\u52a0\u901f\u3092\u793a\u5506\u3059\u308b12\u6708\u7c73\u30a4\u30f3\u30d5\u30ec\u7387<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304b\u3089\u591a\u304f\u306e\u30a8\u30b3\u30ce\u30df\u30b9\u30c8\u304c\u666f\u6c17\u5f8c\u9000\u306b\u3064\u3044\u3066\u558b\u3089\u306a\u304f\u306a\u3063\u305f\u3002\u666f\u6c17\u5f8c\u9000\u306e\u53ef\u80fd\u6027\u306f\u6d88\u3048\u305f\u306e\u304b\uff1f\u3000\u3060\u304c\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\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>\u666f\u6c17\u5f8c\u9000\u306f\u9045\u308c\u3066\u3044\u308b\u3002\u3060\u304c\u306a\u304f\u306a\u3063\u305f\u308f\u3051\u3067\u306f\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u30a6\u30a9\u30fc\u30eb\u8857\u306e\u30a8\u30b3\u30ce\u30df\u30b9\u30c8\u306f\u3044\u307e\u3084\u7686\u3001\u666f\u6c17\u5f8c\u9000\u306e\u53ef\u80fd\u6027\u3092\u9664\u5916\u3057\u3066\u3044\u308b\u3002\u666f\u6c17\u5f8c\u9000\u304c\u307e\u3060\u6765\u3066\u3044\u306a\u3044\u3053\u3068\u304c\u7406\u7531\u3060\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u666f\u6c17\u5f8c\u9000\u304c\u307e\u3060\u8d77\u3053\u3063\u3066\u3044\u306a\u3044\u304b\u3089\u3053\u308c\u304b\u3089\u3082\u8d77\u3053\u3089\u306a\u3044\u3068\u4e3b\u5f35\u3059\u308b\u306e\u306f\u3001\u30c8\u30ed\u30f3\u30c8\u5728\u4f4f\u306e\u308f\u305f\u3057\u304c\u300c12\u6708\u306b\u96ea\u304c\u964d\u3089\u306a\u304b\u3063\u305f\u304b\u3089\u51ac\u306f\u3082\u3046\u6765\u306a\u3044\u300d\u3068\u4e3b\u5f35\u3059\u308b\u3088\u3046\u306a\u3082\u306e\u3060\u3002<\/p>\n\n\n\n<p>\u8ab0\u304c\u305d\u3093\u306a\u3053\u3068\u3092\u8a00\u3046\u3060\u308d\u3046\u304b\uff1f\u3000\u3053\u3046\u3044\u3046\u4e3b\u5f35\u306f\u99ac\u9e7f\u3052\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u30bd\u30d5\u30c8\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u671f\u5f85\u306e\u6839\u62e0<\/strong><\/p>\n\n\n\n<p>\u8b70\u8ad6\u306b\u304a\u3044\u3066\u3044\u3064\u3082\u91cd\u8981\u306a\u306e\u306f\u4e3b\u5f35\u306e\u6839\u62e0\u3067\u3042\u308b\u3002\u305d\u3057\u3066\u666f\u6c17\u5f8c\u9000\u304c\u6765\u306a\u3044\u3068\u8a00\u3046\u4eba\u3005\u306e\u6839\u62e0\u306f\u3001\u4eca\u666f\u6c17\u5f8c\u9000\u304c\u6765\u3066\u3044\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3060\u3051\u3067\u3042\u308b\u3002\u3060\u304c\u554f\u984c\u306f\u3001\u666f\u6c17\u5f8c\u9000\u304c\u307e\u3060\u6765\u3066\u3044\u306a\u3051\u308c\u3070\u3001\u5b9a\u7fa9\u4e0a\u7d4c\u6e08\u72b6\u6cc1\u306f\u60aa\u304f\u306a\u3044\u3002\u305d\u308c\u306f\u540c\u8a9e\u53cd\u5fa9\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3082\u3046\u5c11\u3057\u7d30\u304b\u304f\u8003\u3048\u3066\u307f\u3088\u3046\u3002\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u304b\u306a\u308a\u4e0b\u304c\u3063\u3066\u3044\u308b\u3002\u3060\u304cGDP\u6210\u9577\u7387\u306f\u305d\u308c\u307b\u3069\u4e0b\u304c\u3063\u3066\u3044\u306a\u3044\u3002\u3057\u304b\u3057\u305d\u308c\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u7d71\u8a08\u304c\u5148\u884c\u6307\u6a19\u3067GDP\u304c\u9045\u884c\u6307\u6a19\u3060\u304b\u3089\u3060\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3082\u3088\u304f\u8a00\u3063\u3066\u3044\u308b\u304c\u3001\u5148\u884c\u6307\u6a19\u306f\u3059\u3079\u3066\u60aa\u5316\u3057\u3066\u3044\u308b\u3002\u4f8b\u3048\u3070\u30af\u30ec\u30b8\u30c3\u30c8\u30ab\u30fc\u30c9\u306a\u3069\u306e\u8fd4\u6e08\u9045\u5ef6\u7387\u306f\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u53d6\u308a\u4e0a\u3052\u305f\u304c\u60aa\u5316\u304c\u59cb\u307e\u3063\u3066\u3044\u308b\u3002\u6d88\u8cbb\u8005\u306f\u501f\u91d1\u3092\u8fd4\u305b\u306a\u304f\u306a\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\/43080\" data-type=\"post\" data-id=\"43080\">\u30b5\u30de\u30fc\u30ba\u6c0f\u3001\u7c73\u56fd\u7d4c\u6e08\u306b\u30cf\u30fc\u30c9\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u304c\u8d77\u3053\u3063\u3066\u3044\u306a\u3044\u7406\u7531\u306b\u3064\u3044\u3066\u8a9e\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304b\u3089\u666f\u6c17\u5f8c\u9000\u306f\u8fd1\u3065\u3044\u3066\u6765\u3066\u3044\u308b\u3002\u554f\u984c\u306f\u305d\u306e\u901f\u5ea6\u306a\u306e\u3067\u3042\u3063\u3066\u3001\u666f\u6c17\u5f8c\u9000\u304c\u9664\u5916\u3055\u308c\u305f\u5146\u5019\u306f\u5148\u884c\u6307\u6a19\u306b\u306f\u4e00\u5207\u73fe\u308c\u3066\u3044\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u666f\u6c17\u5f8c\u9000\u3092\u9664\u5916\u3059\u308b\u4eba\u3005\u306f\u3053\u306e\u73fe\u5b9f\u3092\u3059\u3079\u3066\u7121\u8996\u3059\u308b\u3002\u4f55\u6545\u304b\u3002\u5f7c\u3089\u306b\u3068\u3063\u3066\u3001\u904e\u53bb\u306b\u8d77\u3053\u3063\u305f\u3053\u3068\u3060\u3051\u304c\u3053\u308c\u304b\u3089\u8d77\u3053\u308b\u3053\u3068\u306e\u6839\u62e0\u3060\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u666f\u6c17\u5f8c\u9000\u306f\u6765\u306a\u3044\u3002\u4f55\u6545\u306a\u3089\u3070\u3001\u307e\u3060\u6765\u3066\u3044\u306a\u3044\u304b\u3089\u3060\u3002\u7c73\u56fd\u682a\u306f\u4eca\u5f8c40\u5e74\u4e0a\u304c\u308a\u7d9a\u3051\u308b\u3002\u4f55\u6545\u306a\u3089\u3070\u3001\u904e\u53bb40\u5e74\u4e0a\u304c\u308a\u7d9a\u3051\u305f\u304b\u3089\u3060\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u5f7c\u3089\u306f\u666f\u6c17\u5f8c\u9000\u304c\u307e\u3060\u6765\u3066\u3044\u306a\u3044\u7406\u7531\u3082\u3001\u7c73\u56fd\u682a\u304c1980\u5e74\u304b\u308940\u5e74\u4e0a\u304c\u308a\u7d9a\u3051\u305f\u7406\u7531\u3082\u7406\u89e3\u3057\u306a\u3044\u3057\u3001\u7406\u89e3\u3057\u3088\u3046\u3068\u3082\u3057\u306a\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/39962\" data-type=\"post\" data-id=\"39962\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u682a\u4fa1\u306e\u9577\u671f\u4e0a\u6607\u3092\u652f\u3048\u3066\u304d\u305f\u904e\u53bb40\u5e74\u306e\u4f4e\u91d1\u5229\u306f\u3082\u3046\u306a\u3044<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30c9\u30eb\u9810\u91d1\u306f\u826f\u3044\u3082\u306e\u3060\u3002\u4f55\u6545\u306a\u3089\u3070\u3001\u904e\u53bb3\u5e74\u30c9\u30eb\u9ad8\u306b\u306a\u3063\u3066\u3044\u308b\u304b\u3089\u3060\u3002\u4eba\u9593\u306e\u7406\u6027\u3068\u306f\u305d\u306e\u7a0b\u5ea6\u306e\u3082\u306e\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u666f\u6c17\u5f8c\u9000\u524d\u306e\u30bd\u30d5\u30c8\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u671f\u5f85<\/strong><\/p>\n\n\n\n<p>\u666f\u6c17\u5f8c\u9000\u524d\u306b\u306f\u3044\u3064\u3082\u540c\u3058\u3053\u3068\u304c\u8d77\u304d\u308b\u3002\u30bd\u30d5\u30c8\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u3078\u306e\u671f\u5f85\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u5148\u884c\u6307\u6a19\u304c\u60aa\u5316\u3057\u3001\u3060\u304c\u9045\u884c\u6307\u6a19\u304c\u60aa\u5316\u3057\u3066\u3044\u306a\u3044\u72b6\u6cc1\u306e\u3053\u3068\u3092\u4eba\u3005\u306f\u30bd\u30d5\u30c8\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u3068\u547c\u3076\u3002\u3060\u304c\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f\u306f\u666f\u6c17\u5f8c\u9000\u524d\u306b\u8d77\u3053\u308b\u3053\u306e\u73fe\u8c61\u306e\u3053\u3068\u3092\u6b21\u306e\u3088\u3046\u306b\u89e3\u8aac\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>\u30bd\u30d5\u30c8\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u3068\u306f\u666f\u6c17\u62e1\u5927\u671f\u304b\u3089\u666f\u6c17\u7e2e\u5c0f\u671f\u3078\u306e\u6a4b\u6e21\u3057\u3001\u79fb\u884c\u671f\u306e\u3053\u3068\u3060\u3002<\/p>\n\n\n\n<p>1979\u5e74\u306f\u30bd\u30d5\u30c8\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u3060\u3063\u305f\u30021980\u5e74\u306f\u666f\u6c17\u5f8c\u9000\u3060\u30021989\u5e74\u306f\u30bd\u30d5\u30c8\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u3060\u3063\u305f\u30021990\u5e74\u306f\u666f\u6c17\u5f8c\u9000\u3060\u30022000\u5e74\u306f\u30bd\u30d5\u30c8\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u3060\u3063\u305f\u30022001\u5e74\u306f\u666f\u6c17\u5f8c\u9000\u3060\u30022007\u5e74\u306f\u30bd\u30d5\u30c8\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u3060\u3063\u305f\u30022008\u5e74\u306f\u666f\u6c17\u5f8c\u9000\u3060\u3002<\/p>\n\n\n\n<p>\u7d4c\u6e08\u3068\u306f\u3053\u3046\u3044\u3046\u30b5\u30a4\u30af\u30eb\u306a\u306e\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u306e\u4e8b\u4f8b<\/strong><\/p>\n\n\n\n<p>\u3060\u304b\u3089\u666f\u6c17\u5f8c\u9000\u304c\u9045\u308c\u308b\u3068\u3044\u3046\u4e88\u60f3\u3068\u3001\u666f\u6c17\u5f8c\u9000\u304c\u6765\u306a\u3044\u3068\u3044\u3046\u4e88\u60f3\u306f\u307e\u3063\u305f\u304f\u9055\u3046\u3002\u30b9\u30bf\u30f3\u30ec\u30fc\u30fb\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u3082\u6b21\u306e\u3088\u3046\u306b\u8a00\u3063\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/37318\" data-type=\"post\" data-id=\"37318\">\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f: \u305d\u308c\u3067\u3082\u7c73\u56fd\u7d4c\u6e08\u306f\u30cf\u30fc\u30c9\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u666f\u6c17\u5f8c\u9000\u304c\u307e\u3060\u59cb\u307e\u3063\u3066\u3044\u306a\u3044\u3068\u3044\u3046\u4e8b\u5b9f\u304c\u3001\u30cf\u30fc\u30c9\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u304b\u30bd\u30d5\u30c8\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u304b\u3068\u3044\u3046\u78ba\u7387\u3092\u5909\u3048\u308b\u3053\u3068\u306f\u306a\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3060\u304c\u305d\u306e\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u3082\u5e74\u5185\u306e\u666f\u6c17\u5f8c\u9000\u306f\u30e1\u30a4\u30f3\u30b7\u30ca\u30ea\u30aa\u3068\u306f\u3057\u3066\u3044\u306a\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/41313\" data-type=\"post\" data-id=\"41313\">\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u304c\u4e88\u60f3\u3059\u308b\u30a2\u30e1\u30ea\u30ab\u666f\u6c17\u5f8c\u9000\u306e\u30bf\u30a4\u30df\u30f3\u30b0<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\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>\u666f\u6c17\u5f8c\u9000\u306e\u9045\u308c\u306f\u9577\u304f\u306a\u3063\u3066\u3044\u308b\u3002\u30e1\u30ea\u30eb\u30fb\u30ea\u30f3\u30c1\u306b\u5c45\u305f\u9803\u306b\u30012006\u5e74\u304b\u30892007\u5e74\u307e\u3067\u308f\u305f\u3057\u304c\u611a\u304b\u306a\u9053\u5316\u3068\u601d\u308f\u308c\u3066\u305f\u306e\u3068\u540c\u3058\u3060\u3002\u300c\u666f\u6c17\u5f8c\u9000\u306f\u307e\u3060\u306a\u306e\u304b\uff1f\u300d\u3060\u304c2008\u5e74\u306b\u306f\u7686\u304c\u60b2\u9cf4\u3092\u4e0a\u3052\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u306e\u6642\u3082\u4e00\u90e8\u306e\u8457\u540d\u6295\u8cc7\u5bb6\u304c\u91d1\u878d\u5371\u6a5f\u3092\u8b66\u544a\u3059\u308b\u4e2d\u3067\u3001\u5927\u591a\u6570\u306e\u4eba\u3005\u304c\u305d\u308c\u3092\u7121\u8996\u3059\u308b\u671f\u9593\u304c2\u5e74\u307b\u3069\u7d9a\u3044\u305f\u3002<\/p>\n\n\n\n<p>\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u304c\u8457\u66f8\u300e<a href=\"https:\/\/amzn.to\/3ZFTosE\" target=\"_blank\" rel=\"noreferrer noopener\">\u30bd\u30ed\u30b9\u306f\u8b66\u544a\u3059\u308b<\/a>\u300f\u306b\u66f8\u3044\u3066\u3044\u308b\u3001\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u306e1\u5e74\u534a\u524d\u306e\u4ee5\u4e0b\u306e\u8b66\u544a\u304c\u601d\u3044\u51fa\u3055\u308c\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>2007\u5e74\u6625\u3001\u3064\u3044\u306b\u7d42\u308f\u308a\u306e\u306f\u3058\u307e\u308a\u304c\u3084\u3063\u3066\u6765\u308b\u3002\u4f4f\u5b85\u30ed\u30fc\u30f3\u5927\u624b\u306e\u30cb\u30e5\u30fc\u30fb\u30bb\u30f3\u30c1\u30e5\u30ea\u30fc\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u793e\u304c\u3001\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u554f\u984c\u304c\u539f\u56e0\u3067\u5012\u7523\u3057\u305f\u306e\u3060\u3002<\/p>\n\n\n\n<p>\u305d\u3053\u304b\u3089\u5148\u306f\u3001\u79c1\u306e\u30d0\u30d6\u30eb\u306e\u30e2\u30c7\u30eb\u3067\u3044\u3046\u300c\u9ec4\u660f\u306e\u671f\u9593\u300d\u3067\u3042\u308b\u3002\u4f4f\u5b85\u4fa1\u683c\u304c\u4e0b\u304c\u308a\u306f\u3058\u3081\u3066\u3044\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u30b2\u30fc\u30e0\u306e\u7d42\u4e86\u304c\u8aad\u307f\u53d6\u308c\u306a\u3044\u53c2\u52a0\u8005\u304c\u3001\u307e\u3060\u5927\u52e2\u6b8b\u3063\u3066\u3044\u308b\u6bb5\u968e\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u305d\u3057\u3066\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u306f2008\u5e749\u6708\u3060\u3063\u305f\u3002<\/p>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u30bd\u30ed\u30b9\u6c0f\u3084\u7b46\u8005\u306e\u3088\u3046\u306b\u3001\u30de\u30af\u30ed\u306e\u6295\u8cc7\u5bb6\u306f\u5e38\u306b\u5f31\u6c17\u4e88\u60f3\u3092\u3057\u3066\u3044\u308b\u3068\u8a00\u308f\u308c\u308b\u304c\u3001\u305d\u308c\u306f\u7d4c\u6e08\u306e\u6a2a\u306b\u5d16\u304c\u5b58\u5728\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u8a8d\u8b58\u3057\u3066\u3044\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u7d4c\u6e08\u306e\u6a2a\u306b\u5d16\u304c\u3042\u308b\u3053\u3068\u3068\u3001\u7d4c\u6e08\u304c\u3059\u3050\u5d16\u306b\u843d\u3061\u308b\u3053\u3068\u306f\u30a4\u30b3\u30fc\u30eb\u3067\u306f\u306a\u3044\u3002\u666f\u6c17\u5f8c\u9000\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3068\u682a\u4fa1\u306e\u4e0b\u843d\u958b\u59cb\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3082\u5225\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u5b58\u5728\u3059\u308b\u5d16\u3092\u8a8d\u8b58\u3057\u3066\u3044\u306a\u3044\u3053\u3068\u3092\u826f\u3057\u3068\u3059\u308b\u306e\u304b\u3001\u5d16\u3092\u8a8d\u8b58\u3057\u305f\u4e0a\u3067\u7d4c\u6e08\u304c\u5d16\u304b\u3089\u843d\u3061\u308b\u30bf\u30a4\u30df\u30f3\u30b0\u3092\u6e2c\u308a\u7d9a\u3051\u308b\u306e\u304b\u3001\u8aad\u8005\u306f\u597d\u304d\u306a\u65b9\u3092\u9078\u3079\u3070\u826f\u3044\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u4f55\u6545\u306a\u3089\u3070\u3001\u7d4c\u6e08\u304c\u5d16\u304b\u3089\u843d\u3061\u308c\u3070\u682a\u5f0f\u5e02\u5834\u306b\u306f\u90fd\u5408\u306e\u60aa\u3044\u3053\u3068\u304c\u8d77\u304d\u308b\u304b\u3089\u3067\u3042\u308b\u3002\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\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>\u666f\u6c17\u5f8c\u9000\u6642\u306b\u306f1\u682a\u5f53\u305f\u308a\u5229\u76ca\u306f20%\u304b30%\u4e0b\u843d\u3059\u308b\u3002\u4eca\u306e\u30a2\u30ca\u30ea\u30b9\u30c8\u4e88\u60f3\u306f11%\u306e\u5897\u76ca\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3053\u308c\u306f\u666f\u6c17\u5f8c\u9000\u306b\u306a\u308c\u3070\u3001\u4f01\u696d\u5229\u76ca\u306e\u4fee\u6b63\u3060\u3051\u3092\u8003\u3048\u3066\u3082\u682a\u4fa1\u304c31%\u304b\u308941%\u4e0b\u843d\u3059\u308b\u3053\u3068\u3092\u610f\u5473\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u304c\u9060\u304b\u3089\u305a\u8d77\u304d\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u4eca\u7c73\u56fd\u682a\u3092\u8cb7\u3046\u3053\u3068\u306f\u3001\u666f\u6c17\u5f8c\u9000\u307e\u3067\u306b\u682a\u4fa1\u304c\u305d\u308c\u4ee5\u4e0a\u4e0a\u304c\u3089\u306a\u3051\u308c\u3070\u5272\u306b\u5408\u308f\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u3055\u3066\u6295\u8cc7\u5bb6\u306f\u3069\u3046\u3059\u308b\u3079\u304d\u3060\u308d\u3046\u304b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/43492\" data-type=\"post\" data-id=\"43492\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: 2024\u5e74\u306e\u91d1\u878d\u5e02\u5834\u3067\u6295\u8cc7\u5bb6\u306f\u3069\u3046\u3059\u3079\u304d\u304b<\/a><\/li>\n<\/ul>\n\n\n\n<a href=\"https:\/\/amzn.to\/4a9rWZL\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/m.media-amazon.com\/images\/I\/41Ze1iBOWvL._SL160_.jpg\"><\/a><br><a href=\"https:\/\/amzn.to\/4a9rWZL\" target=\"_blank\" rel=\"noreferrer noopener\">\u30bd\u30ed\u30b9\u306f\u8b66\u544a\u3059\u308b<\/a>\n","protected":false},"excerpt":{"rendered":"<p>\u3055\u3066\u3001\u524d\u56de\u307e\u3067\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306eDoubleLine Capital\u4e3b\u50ac\u306e\u5ea7\u8ac7\u4f1a\u306e\u5185\u5bb9\u3092\u5831\u3058\u3066\u304d\u305f\u304c\u3001\u4eca\u56de\u306f\u305d\u306e\u5ea7\u8ac7\u4f1a\u306b\u51fa\u5e2d\u3057\u3066\u3044\u308bRosenberg Research\u306e\u30c7\u30a4\u30d3\u30c3\u30c9\u30fb\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f\u306e\u767a\u8a00\u304c\u8208\u5473 &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/43803\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f: \u4eca\u306e\u30bd\u30d5\u30c8\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u671f\u5f85\u306f\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u524d\u306e\u30bd\u30d5\u30c8\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u671f\u5f85\u3068\u540c\u3058<\/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":[118,108],"tags":[190],"class_list":["post-43803","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-bond-markets","tag-david-rosenberg"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/43803","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=43803"}],"version-history":[{"count":58,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/43803\/revisions"}],"predecessor-version":[{"id":52218,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/43803\/revisions\/52218"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=43803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=43803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=43803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}