{"id":49306,"date":"2024-05-29T20:00:00","date_gmt":"2024-05-29T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=49306"},"modified":"2024-05-31T12:15:03","modified_gmt":"2024-05-31T03:15:03","slug":"%e3%82%ac%e3%83%b3%e3%83%89%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f-%e6%94%bf%e5%ba%9c%e3%81%ae%e5%8b%9d%e6%89%8b%e3%81%aa%e6%8c%af%e3%82%8b%e8%88%9e%e3%81%84%e3%81%8c%e5%8e%9f%e5%9b%a0%e3%81%a7%e3%82%b4","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/49306","title":{"rendered":"\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u653f\u5e9c\u306e\u52dd\u624b\u306a\u632f\u308b\u821e\u3044\u304c\u539f\u56e0\u3067\u30b4\u30fc\u30eb\u30c9\u3068\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b"},"content":{"rendered":"\n<p>\u5f15\u304d\u7d9a\u304d\u3001DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306e\u81ea\u793e\u914d\u4fe1\u52d5\u753b\u3067\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u4eca\u56de\u306f\u30b4\u30fc\u30eb\u30c9\u306a\u3069\u306e\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u5e02\u5834\u3084\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306a\u3069\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u90e8\u5206\u3092\u7d39\u4ecb\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306e\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u63a8\u3057<\/strong><\/p>\n\n\n\n<p>\u524d\u56de\u306e\u8a18\u4e8b\u3067\u306f\u3001\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u682a\u5f0f\u3088\u308a\u50b5\u5238\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\/49280\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u4eca\u306f\u682a\u5f0f\u3088\u308a\u50b5\u5238\u306e\u65b9\u304c\u826f\u3044<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304c\u50b5\u5238\u306e\u5024\u4e0a\u304c\u308a\u3092\u4e88\u60f3\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u3088\u308a\u306f\u3001\u77ed\u671f\u50b5\u306a\u3069\u30ea\u30b9\u30af\u3092\u53d6\u3089\u305a\u306b\u9ad8\u91d1\u5229\u3092\u5f97\u3089\u308c\u308b\u3082\u306e\u3092\u63a8\u5968\u3057\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u30b4\u30fc\u30eb\u30c9\u306a\u3069\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u9298\u67c4\u306b\u3064\u3044\u3066\u306f\u3082\u3046\u5c11\u3057\u7a4d\u6975\u7684\u306b\u63a8\u3057\u3066\u3044\u308b\u3088\u3046\u3060\u3002\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>\u3053\u3053\u6570\u9031\u9593\u304b1\u30f6\u6708\u307b\u3069\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u306b\u8208\u5473\u3092\u6301\u3061\u59cb\u3081\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u5e02\u5834\u3067\u306f\u76f8\u5834\u306e\u52e2\u3044\u304c\u5927\u4e8b\u3067\u3001200\u65e5\u79fb\u52d5\u5e73\u5747\u7dda\u3092\u4e0b\u56de\u308b\u4e0b\u843d\u304c\u7d9a\u3044\u3066\u3044\u308b\u6642\u306b\u306f\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u306b\u306f\u624b\u3092\u51fa\u3055\u306a\u3044\u65b9\u304c\u826f\u3044\u3002\u305d\u306e\u72b6\u6cc1\u304c2\u5e74\u7d9a\u3044\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u305d\u308c\u3082\u5909\u308f\u308a\u3064\u3064\u3042\u308b\u3002\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u5e02\u5834\u306f\u5f37\u304f\u306a\u3063\u3066\u304d\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u91d1\u76f8\u5834\u306f\u6b21\u306e\u3088\u3046\u306b\u63a8\u79fb\u3057\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\/2024\/05\/2024-5-29-gold-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"706\" height=\"576\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/05\/2024-5-29-gold-chart.png\" alt=\"\" class=\"wp-image-49395\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/05\/2024-5-29-gold-chart.png 706w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/05\/2024-5-29-gold-chart-300x245.png 300w\" sizes=\"auto, (max-width: 706px) 100vw, 706px\" \/><\/a><\/figure>\n\n\n\n<p>\u7b46\u8005\u3082\u30d7\u30e9\u30c1\u30ca\u306a\u3069\u306e\u8cb4\u91d1\u5c5e\u3092\u63a8\u3057\u3066\u3044\u308b\u304c\u3001\u8cb4\u91d1\u5c5e\u306f\u3053\u3053\u6700\u8fd1\u597d\u8abf\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/47058\" data-type=\"post\" data-id=\"47058\">EV\u306e\u9700\u8981\u6e1b\u901f\u306f\u30d7\u30e9\u30c1\u30ca\u4fa1\u683c\u3092\u5fa9\u6d3b\u3055\u305b\u3089\u308c\u308b\u304b<\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>\u8cb4\u91d1\u5c5e\u304c\u597d\u8abf\u306a\u7406\u7531<\/strong><\/p>\n\n\n\n<p>\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u3001\u7279\u306b\u8cb4\u91d1\u5c5e\u306f\u91d1\u5229\u306b\u53cd\u5fdc\u3057\u304c\u3061\u3067\u3042\u308b\u3002\u3057\u304b\u3057\u3053\u3053\u6570\u30f6\u6708\u3067\u91d1\u5229\u304c\u4e0b\u304c\u3063\u305f\u308f\u3051\u3067\u3082\u306a\u3044\u306e\u306b\u8cb4\u91d1\u5c5e\u306f\u306a\u305c\u4e0a\u304c\u3063\u3066\u3044\u308b\u306e\u304b\uff1f<\/p>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u7406\u7531\u306b\u6319\u3052\u308b\u306e\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u50b5\u52d9\u554f\u984c\u306a\u3069\u5148\u9032\u56fd\u306e\u8ca1\u653f\u554f\u984c\u3067\u3042\u308b\u3002\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u91d1\u5229\u9ad8\u9a30\u306e\u305f\u3081\u306b\u653f\u5e9c\u306e\u56fd\u50b5\u5229\u6255\u3044\u304c\u6025\u5897\u3057\u3066\u304a\u308a\u3001\u7c73\u56fd\u653f\u5e9c\u306f\u501f\u91d1\u306e\u5229\u6255\u3044\u306e\u305f\u3081\u306b\u501f\u91d1\u3092\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u72b6\u6cc1\u306b\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/49203\" data-type=\"post\" data-id=\"49203\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u7c73\u56fd\u306e\u5e74\u91d1\u306f\u30a4\u30f3\u30d5\u30ec\u9ad8\u91d1\u5229\u3067\u3042\u30684\u5e74\u3067\u7834\u7dbb\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u8cb4\u91d1\u5c5e\u306e\u4e0a\u6607\u306b\u3064\u3044\u3066\u3053\u3046\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>\u5148\u9032\u56fd\u306e\u653f\u5e9c\u304c\u7121\u8336\u82e6\u8336\u3092\u3084\u3063\u3066\u3044\u308b\u3053\u3068\u306b\u4eba\u3005\u304c\u6c17\u4ed8\u304d\u3064\u3064\u3042\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3002<\/p>\n\n\n\n<p>\u7d42\u308f\u308a\u304c\u898b\u3048\u306a\u3044\u50b5\u52d9\u306e\u554f\u984c\u306e\u91cd\u5927\u3055\u306b\u666e\u901a\u306e\u4eba\u304c\u6c17\u4ed8\u304d\u59cb\u3081\u3066\u3044\u308b\u3088\u3046\u306b\u601d\u3046\u3002\u4f55\u304b\u73fe\u7269\u306e\u8cc7\u7523\u306b\u306a\u308b\u3082\u306e\u3092\u6301\u3063\u3066\u304a\u3044\u305f\u65b9\u304c\u826f\u3044\u3068\u601d\u3063\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3002<\/p>\n\n\n\n<p>\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u304c\u5e74\u59cb\u304b\u3089\u5927\u304d\u304f\u4e0a\u304c\u3063\u3066\u3044\u308b\u3053\u3068\u3082\u5076\u7136\u3067\u306f\u306a\u3044\u3068\u601d\u3046\u3002\u30b4\u30fc\u30eb\u30c9\u3082\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u3082\u540c\u3058\u73fe\u8c61\u3060\u308d\u3046\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u653f\u5e9c\u306e\u767a\u884c\u3059\u308b\u7d19\u5e63\u3078\u306e\u4e0d\u4fe1\u304b\u3089\u751f\u307e\u308c\u305f\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u304c\u305d\u306e\u5f79\u5272\u3092\u679c\u305f\u305d\u3046\u3068\u3057\u3066\u3044\u308b\u306e\u3060\u308d\u3046\u304b\u3002\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u76f8\u5834\u306f\u6b21\u306e\u3088\u3046\u306b\u63a8\u79fb\u3057\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\/2024\/05\/2024-5-29-btcusd-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"706\" height=\"576\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/05\/2024-5-29-btcusd-chart.png\" alt=\"\" class=\"wp-image-49394\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/05\/2024-5-29-btcusd-chart.png 706w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/05\/2024-5-29-btcusd-chart-300x245.png 300w\" sizes=\"auto, (max-width: 706px) 100vw, 706px\" \/><\/a><\/figure>\n\n\n\n<p>\u591a\u304f\u306e\u4eba\u304c\u4f55\u306e\u554f\u984c\u3082\u306a\u3044\u3068\u601d\u3044\u8fbc\u3093\u3067\u3044\u305f\u653f\u5e9c\u306b\u3088\u308b\u7d19\u5e63\u5370\u5237\u306f\u3001\u6b74\u53f2\u3092\u632f\u308a\u8fd4\u308c\u3070\u3044\u3064\u3082\u306e\u3053\u3068\u306a\u306e\u3060\u304c\u3001\u7d50\u5c40\u30a4\u30f3\u30d5\u30ec\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/33890\" data-type=\"post\" data-id=\"33890\">\u30dd\u30fc\u30eb\u30bd\u30f3\u6c0f: \u91cf\u7684\u7de9\u548c\u304c\u30a4\u30f3\u30d5\u30ec\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u5927\u82f1\u5e1d\u56fd\u306a\u3069\u6b74\u53f2\u4e0a\u306e\u5927\u56fd\u304c\u3044\u305a\u308c\u306f\u7d19\u5e63\u5370\u5237\u306b\u624b\u3092\u67d3\u3081\u3001\u30a4\u30f3\u30d5\u30ec\u3092\u5f15\u304d\u8d77\u3053\u3057\u3066\u8870\u9000\u3057\u3066\u3086\u304f\u69d8\u5b50\u306f\u3001\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\u300e<a href=\"https:\/\/amzn.to\/3IWcV1T\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e16\u754c\u79e9\u5e8f\u306e\u5909\u5316\u306b\u5bfe\u51e6\u3059\u308b\u305f\u3081\u306e\u539f\u5247<\/a>\u300f\u3067\u8a73\u3057\u304f\u8aac\u660e\u3057\u3066\u3044\u308b\u3002\u3044\u3064\u3082\u306e\u3053\u3068\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u653f\u5e9c\u306e\u4fe1\u7528<\/strong><\/p>\n\n\n\n<p>\u4eba\u3005\u306f\u653f\u5e9c\u304c\u597d\u304d\u306a\u3088\u3046\u306b\u5237\u308a\u7d9a\u3051\u308b\u7d19\u5e63\u304c\u5b9f\u306f\u305f\u3060\u306e\u7d19\u5207\u308c\u3067\u3042\u308b\u3068\u3044\u3046\u885d\u6483\u306e\u4e8b\u5b9f\u306b\u5f90\u3005\u306b\u6c17\u4ed8\u304d\u59cb\u3081\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u7d19\u5e63\u3068\u306f\u5143\u3005\u306f\u9280\u884c\u306b\u9810\u3051\u305f\u30b4\u30fc\u30eb\u30c9\u306e\u9810\u304b\u308a\u8a3c\u3060\u3063\u305f\u3002\u3060\u304c1971\u5e74\u306e\u30cb\u30af\u30bd\u30f3\u30b7\u30e7\u30c3\u30af\u306b\u304a\u3044\u3066\u3001\u4eba\u3005\u304c\u9810\u3051\u305f\u30b4\u30fc\u30eb\u30c9\u306f\u8fd4\u3055\u306a\u3044\u3068\u653f\u5e9c\u304c\u5ba3\u8a00\u3057\u3066\u4ee5\u6765\u3001\u305d\u306e\u9810\u304b\u308a\u8a3c\u306f\u6b63\u771f\u6b63\u9298\u305f\u3060\u306e\u7d19\u5207\u308c\u306b\u306a\u3063\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/9645\" data-type=\"post\" data-id=\"9645\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u3001\u300c\u73fe\u91d1\u304c\u30b4\u30df\u300d\u306b\u306a\u3063\u305f\u30cb\u30af\u30bd\u30f3\u30b7\u30e7\u30c3\u30af\u306e\u7d4c\u9a13\u3092\u8a9e\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304c\u30a4\u30f3\u30d5\u30ec\u653f\u7b56\u304c\u5b9f\u306f\u30a4\u30f3\u30d5\u30ec\u3092\u76ee\u6307\u3059\u3082\u306e\u3060\u3063\u305f\u3068\u3044\u3046\u885d\u6483\u306e\u4e8b\u5b9f\u306b\u30a2\u30d9\u30ce\u30df\u30af\u30b9\u4ee5\u964d\u305f\u3063\u305f10\u5e74\u3067\u6c17\u4ed8\u3044\u305f\u7d20\u6674\u3089\u3057\u3044\u982d\u306e\u56de\u8ee2\u3092\u8a87\u308b\u4e00\u822c\u306e\u4eba\u3005\u306f\u3001\u8ca1\u5e03\u306b\u5927\u4e8b\u306b\u4ed5\u821e\u3063\u3066\u3044\u308b\u7d19\u5e63\u304c\u5b9f\u306f\u305f\u3060\u306e\u7d19\u5207\u308c\u3067\u3042\u308b\u3068\u3044\u3046\u3088\u308a\u96e3\u3057\u3044\u4e8b\u5b9f\u306b\u3082\u3059\u3050\u306b\u6c17\u4ed8\u3044\u3066\u3057\u307e\u3046\u3060\u308d\u3046\u3002\u30cb\u30af\u30bd\u30f3\u30b7\u30e7\u30c3\u30af\u304b\u308950\u5e74\u3050\u3089\u3044\u3060\u308d\u3046\u304b\u3002<\/p>\n\n\n\n<p>\u672c\u6765\u306f\u30b4\u30fc\u30eb\u30c9\u304c\u8fd4\u3063\u3066\u3053\u306a\u304f\u306a\u3063\u305f\u6642\u70b9\u3067\u6c17\u4ed8\u3044\u3066\u3082\u826f\u304b\u3063\u305f\u306e\u3060\u304c\u3001\u305d\u3046\u3057\u305f\u653f\u5e9c\u306e\u81ea\u5df1\u4e2d\u5fc3\u7684\u306a\u632f\u308b\u821e\u3044\u306f\u4eca\u306b\u59cb\u307e\u3063\u305f\u3082\u306e\u3067\u306f\u306a\u304b\u3063\u305f\u3002<\/p>\n\n\n\n<p>\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>1968\u5e74\u306b\u4eba\u3005\u306f\u6012\u3063\u3066\u3044\u305f\u3002\u8ecd\u670d\u3092\u7740\u3066\u30d9\u30c8\u30ca\u30e0\u306b\u884c\u3063\u3066\u4eba\u3092\u6bba\u3059\u304b\u6bba\u3055\u308c\u308b\u304b\u3057\u3066\u304f\u308b\u3053\u3068\u3092\u5f37\u8981\u3055\u308c\u305f\u304b\u3089\u3060\u3002\u5f7c\u3089\u306f\u5f37\u8981\u3055\u308c\u305f\u3002<\/p>\n\n\n\n<p>\u5f7c\u3089\u306f\u9078\u6319\u6a29\u3059\u3089\u306a\u304b\u3063\u305f\u300218\u6b73\u3067\u6295\u7968\u3067\u304d\u306a\u304b\u3063\u305f\u3002\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u30d9\u30c8\u30ca\u30e0\u306b\u9001\u3089\u308c\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u653f\u5e9c\u306f\u4f55\u306e\u6a29\u9650\u304c\u3042\u3063\u3066\u81ea\u5206\u306e\u653f\u6cbb\u7684\u52d5\u6a5f\u306e\u305f\u3081\u306b\u4eba\u306b\u6b7b\u306d\u3068\u8a00\u3048\u308b\u306e\u3060\u308d\u3046\u304b\u3002<\/p>\n\n\n\n<p><strong>\u72a0\u7272\u306b\u306a\u308b\u82e5\u8005<\/strong><\/p>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u7279\u306b\u82e5\u8005\u304c\u653f\u5e9c\u306e\u632f\u308b\u821e\u3044\u306e\u72a0\u7272\u306b\u306a\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u3002\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u30b3\u30ed\u30ca\u798d\u306b\u304a\u3044\u3066\u3082\u82e5\u8005\u304c\u72a0\u7272\u306b\u306a\u3063\u305f\u3068\u4e3b\u5f35\u3059\u308b\u3002<\/p>\n\n\n\n<p>\u82e5\u8005\u306e\u91cd\u75c7\u5316\u7387\u306f\u9ad8\u304f\u306a\u304b\u3063\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u8001\u4eba\u305f\u3061\u306e\u305f\u3081\u306b\u672c\u676510\u5e74\u307b\u3069\u5fc5\u8981\u306a\u958b\u767a\u671f\u9593\u30921\u5e74\u3067\u7d42\u308f\u3089\u305b\u305f\u30ef\u30af\u30c1\u30f3\u3092\u5f37\u8981\u3055\u308c\u3066\u9ad8\u71b1\u3092\u51fa\u3055\u305b\u3089\u308c\u305f\u4e0a\u306b\u3001\u4e8c\u5ea6\u3068\u8fd4\u3063\u3066\u3053\u306a\u3044\u5b66\u751f\u751f\u6d3b\u3092\u7121\u8336\u82e6\u8336\u306b\u3055\u308c\u305f\u3002\u305d\u308c\u3092\u6c17\u306b\u3057\u306a\u3044\u306e\u306f\u4ed6\u4eba\u306e\u72a0\u7272\u306a\u3089\u4f55\u3068\u3082\u601d\u308f\u306a\u3044\u5927\u4eba\u305f\u3061\u3060\u3051\u3067\u3042\u308b\u3002\u5f7c\u3089\u306f\u5b50\u4f9b\u305f\u3061\u306b\u3042\u308a\u304c\u3068\u3046\u3068\u3082\u8a00\u308f\u306a\u304b\u3063\u305f\u3067\u306f\u306a\u3044\u304b\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u3067\u3082\u653f\u5e9c\u306f\u82e5\u8005\u3092\u72a0\u7272\u306b\u3057\u7d9a\u3051\u308b\u3002\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>\u653f\u5e9c\u304c65\u6b73\u4ee5\u4e0a\u306e\u4eba\u306b\u300c\u6295\u8cc7\u300d\u3059\u308b\u4e88\u7b97\u306f\u300125\u6b73\u4ee5\u4e0b\u306e\u4eba\u306b\u672c\u5f53\u306e\u610f\u5473\u3067\u6295\u8cc7\u3059\u308b\u4e88\u7b97\u306b\u5bfe\u3057\u3066\u3069\u308c\u304f\u3089\u3044\u304b\u300215\u5e74\u524d\u306f7:1\u3060\u3063\u305f\u3002\u4eca\u3067\u306f\u66f4\u306b\u60aa\u304f\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u3093\u306a\u65b9\u6cd5\u3067\u56fd\u5bb6\u3092\u904b\u7528\u3057\u3066\u306f\u306a\u3089\u306a\u3044\u3002\u672a\u6765\u304c\u3042\u308a\u3001\u672a\u6765\u306b\u5bfe\u3057\u3066\u6a29\u5229\u3092\u6301\u3063\u3066\u3044\u308b\u4eba\u3005\u306b\u6295\u8cc7\u3059\u3079\u304d\u3060\u3002\u653f\u5e9c\u3092\u52d5\u304b\u3057\u3066\u3044\u308b\u30d2\u30c3\u30d4\u30fc\u306e\u672b\u88d4\u305f\u3061\u306b\u6295\u8cc7\u3057\u3066\u3044\u308b\u5834\u5408\u3067\u306f\u306a\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u82e5\u8005\u3078\u306e\u9177\u3044\u6271\u3044\u306b\u3064\u3044\u3066\u306f\u540c\u3058\u304f\u4e16\u754c\u7684\u306a\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u3067\u3042\u308b\u30b9\u30bf\u30f3\u30ec\u30fc\u30fb\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u3082\u540c\u3058\u3053\u3068\u3092\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\/31231\" data-type=\"post\" 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class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/48905\" data-type=\"post\" data-id=\"48905\">\u30df\u30ec\u30a4\u5927\u7d71\u9818: \u653f\u5e9c\u306f\u56fd\u6c11\u3078\u306e\u7d0d\u7a0e\u306e\u5f37\u8981\u306b\u3088\u3063\u3066\u6210\u308a\u7acb\u3063\u3066\u3044\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<a href=\"https:\/\/amzn.to\/3xlpTUc\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/m.media-amazon.com\/images\/I\/81CZHKszf9L._SL160_.jpg\"><\/a><br><a href=\"https:\/\/amzn.to\/3xlpTUc\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e16\u754c\u79e9\u5e8f\u306e\u5909\u5316\u306b\u5bfe\u51e6\u3059\u308b\u305f\u3081\u306e\u539f\u5247<\/a>\n","protected":false},"excerpt":{"rendered":"<p>\u5f15\u304d\u7d9a\u304d\u3001DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306e\u81ea\u793e\u914d\u4fe1\u52d5\u753b\u3067\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3042\u308b\u3002 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