{"id":4984,"date":"2016-12-11T16:16:46","date_gmt":"2016-12-11T07:16:46","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=4984"},"modified":"2016-12-11T16:16:46","modified_gmt":"2016-12-11T07:16:46","slug":"%e3%83%88%e3%83%a9%e3%83%b3%e3%83%97%e7%9b%b8%e5%a0%b4%e3%81%a7%e6%a0%aa%e4%be%a1%e9%ab%98%e9%a8%b0%e3%80%81%e9%87%8f%e7%9a%84%e7%b7%a9%e5%92%8c%e3%83%90%e3%83%96%e3%83%ab%e3%81%af%e3%81%84%e3%81%a4","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/4984","title":{"rendered":"\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u3067\u682a\u4fa1\u9ad8\u9a30\u3001\u91cf\u7684\u7de9\u548c\u30d0\u30d6\u30eb\u306f\u3044\u3064\u5d29\u58ca\u3059\u308b\u306e\u304b\uff1f"},"content":{"rendered":"<p>\u30a2\u30e1\u30ea\u30ab\u5927\u7d71\u9818\u9078\u6319\u3067\u30c9\u30ca\u30eb\u30c9\u30fb\u30c8\u30e9\u30f3\u30d7\u6c0f\u304c\u52dd\u5229\u3057\u3066\u4ee5\u6765\u3001\u682a\u5f0f\u5e02\u5834\u306f\u5927\u3044\u306b\u597d\u6cc1\u3067\u3042\u308b\u3002\u30c9\u30eb\u5186\u304c\u4e0a\u6607\u3057\u3066\u3044\u308b\u305f\u3081\u65e5\u672c\u682a\u304c\u4e0a\u304c\u308b\u306e\u306f\u5f53\u7136\u3060\u304c\u3001\u91d1\u5229\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b\u30a2\u30e1\u30ea\u30ab\u3067\u3055\u3048\u3082\u682a\u4fa1\u306f\u53f2\u4e0a\u6700\u9ad8\u5024\u3092\u66f4\u65b0\u3057\u3066\u3044\u308b\u3002<\/p>\n<p>\u3057\u304b\u30572008\u5e74\u306e\u91d1\u878d\u5371\u6a5f\u4ee5\u6765\u3001\u682a\u5f0f\u5e02\u5834\u306f\u4e2d\u592e\u9280\u884c\u304c\u304a\u91d1\u3092\u5237\u308b\u3053\u3068\u3001\u3064\u307e\u308a\u91cf\u7684\u7de9\u548c\u306b\u3088\u3063\u3066\u652f\u3048\u3089\u308c\u3066\u304d\u305f\u306e\u3067\u3042\u308a\u3001\u4f4e\u91d1\u5229\u304c\u682a\u4fa1\u3092\u652f\u3048\u3066\u304d\u305f\u306e\u3067\u3042\u308b\u3002\u3057\u305f\u304c\u3063\u3066\u91d1\u5229\u304c\u4e0a\u304c\u308c\u3070\u682a\u4fa1\u3092\u652f\u3048\u3066\u304d\u305f\u8981\u56e0\u304c\u306a\u304f\u306a\u308a\u3001\u682a\u4fa1\u30d0\u30d6\u30eb\u306f\u5d29\u58ca\u305b\u3056\u308b\u3092\u5f97\u306a\u3044\u3001\u3068\u3044\u3046\u306e\u304c\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u696d\u754c\u3067\u306e\u5927\u65b9\u306e\u898b\u65b9\u3067\u3042\u3063\u305f\u3002<\/p>\n<p><!--more-->\u305d\u3057\u3066\u4eca\u3001\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u304c\u6e1b\u7a0e\u3068\u516c\u5171\u4e8b\u696d\u306b\u3088\u3063\u3066\u30a4\u30f3\u30d5\u30ec\u3068\u7d4c\u6e08\u6210\u9577\u3092\u53d6\u308a\u623b\u3059\u3068\u306e\u4e88\u60f3\u304b\u3089\u3001\u5b9f\u969b\u306b\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\u306f\u9ad8\u9a30\u3057\u3066\u3044\u308b\u3002\u3053\u3053\u3067\u554f\u984c\u3068\u306a\u308b\u306e\u306f\u3001\u3067\u306f\u91d1\u5229\u306f\u4f55\u51e6\u307e\u3067\u4e0a\u304c\u308c\u3070\u682a\u5f0f\u5e02\u5834\u306e\u30d0\u30d6\u30eb\u3092\u5d29\u58ca\u3055\u305b\u308b\u306e\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u73fe\u72b6\u306e\u30ec\u30d9\u30eb\u306e\u91d1\u5229\u4e0a\u6607\u306a\u3089\u3070\u307e\u3060\u554f\u984c\u3068\u306f\u306a\u3089\u306a\u3044\u306e\u3060\u308d\u3046\u304b\uff1f<\/p>\n<p><strong>\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229<\/strong><\/p>\n<p>\u3053\u306e\u554f\u984c\u3092\u8003\u3048\u308b\u305f\u3081\u306b\u306f\u3001\u5148\u305a\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\u304c\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u4ee5\u5f8c\u3069\u306e\u3088\u3046\u306b\u63a8\u79fb\u3057\u3066\u304d\u305f\u304b\u3092\u898b\u3066\u307f\u3088\u3046\u3002<\/p>\n<p>2008\u5e74\u306e\u91d1\u878d\u5371\u6a5f\u3092\u53d7\u3051\u3066\u30a2\u30e1\u30ea\u30ab\u306e\u4e2d\u592e\u9280\u884c\u3067\u3042\u308bFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306f\u91cf\u7684\u7de9\u548c\u306e\u958b\u59cb\u3092\u5ba3\u8a00\u3057\u305f\u3002\u3053\u306e\u91d1\u878d\u7de9\u548c\u3092\u53d7\u3051\u3066\u9577\u671f\u91d1\u5229\u306f\u9577\u671f\u7684\u306a\u4e0b\u843d\u30c8\u30ec\u30f3\u30c9\u3092\u958b\u59cb\u3059\u308b\u3002\u4ee5\u4e0b\u306f\u9577\u671f\u91d1\u5229\u3068\u30a2\u30e1\u30ea\u30ab\u306e\u682a\u4fa1\u6307\u6570S&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\/12\/2016-12-11-long-term-interest-rates-and-s-and-p-500-long-term-chart.png\" rel=\"attachment wp-att-4987\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4987\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/2016-12-11-long-term-interest-rates-and-s-and-p-500-long-term-chart.png\" alt=\"2016-12-11-long-term-interest-rates-and-s-and-p-500-long-term-chart\" width=\"545\" height=\"411\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/2016-12-11-long-term-interest-rates-and-s-and-p-500-long-term-chart.png 545w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/2016-12-11-long-term-interest-rates-and-s-and-p-500-long-term-chart-300x226.png 300w\" sizes=\"auto, (max-width: 545px) 100vw, 545px\" \/><\/a><\/p>\n<p>\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u3067\u91d1\u5229\u304c\u4f55\u51e6\u307e\u3067\u4e0a\u6607\u51fa\u6765\u308b\u304b\u3092\u8003\u3048\u308b\u305f\u3081\u306e\u4e00\u3064\u306e\u65b9\u6cd5\u306f\u3001\u904e\u53bb\u306e\u91d1\u5229\u4e0a\u6607\u5c40\u9762\u3092\u8003\u3048\u308b\u3053\u3068\u3067\u3042\u308b\u3002\u8fd1\u5e74\u3067\u306f2014\u5e74\u306e\u524d\u5f8c\u306b3%\u7a0b\u5ea6\u307e\u3067\u4e0a\u304c\u3063\u3066\u3044\u308b\u304c\u3001\u3067\u306f\u3053\u306e\u6642\u306f\u682a\u5f0f\u5e02\u5834\u306f\u5d29\u58ca\u3057\u306a\u304b\u3063\u305f\u306e\u304b\uff1f\u3000\u305d\u3046\u3067\u3042\u308c\u3070\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\u304c3%\u307e\u3067\u4e0a\u304c\u3063\u305f\u5834\u5408\u306b\u3082\u682a\u5f0f\u5e02\u5834\u306f\u5d29\u58ca\u3057\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3060\u308d\u3046\u304b\uff1f\u3000\u5f53\u6642\u306e\u3053\u3068\u3092\u3088\u308a\u8a73\u7d30\u306b\u601d\u3044\u51fa\u3057\u3066\u307f\u305f\u3044\u3002<\/p>\n<p><strong>2013\u5e74\u306e\u30d0\u30fc\u30ca\u30f3\u30ad\u30b7\u30e7\u30c3\u30af<\/strong><\/p>\n<p>\u3069\u308c\u304f\u3089\u3044\u306e\u8aad\u8005\u304c\u30d0\u30fc\u30ca\u30f3\u30ad\u30b7\u30e7\u30c3\u30af\u3068\u3044\u3046\u8a00\u8449\u3092\u899a\u3048\u3066\u3044\u308b\u3060\u308d\u3046\u304b\uff1f\u3000\u30d0\u30fc\u30ca\u30f3\u30ad\u30b7\u30e7\u30c3\u30af\u3068\u306f\u30012013\u5e745\u6708\u306b\u5f53\u6642\u306eFed\u306e\u8b70\u9577\u30d0\u30fc\u30ca\u30f3\u30ad\u6c0f\u304c\u91cf\u7684\u7de9\u548c\u306e\u7e2e\u5c0f\uff08\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\uff09\u306b\u8a00\u53ca\u3057\u305f\u6642\u306e\u91d1\u878d\u5e02\u5834\u306e\u6025\u843d\u306e\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p>\u5f53\u6642\u306f\u30d0\u30fc\u30ca\u30f3\u30ad\u6c0f\u306e\u767a\u8a00\u3082\u53ef\u80fd\u6027\u3092\u793a\u5506\u3057\u305f\u3060\u3051\u306e\u3082\u306e\u3060\u3063\u305f\u304c\u30012014\u5e741\u6708\u306b\u306fFed\u304c\u5b9f\u969b\u306b\u50b5\u5238\u8cb7\u3044\u5165\u308c\u984d\u306e\u7e2e\u5c0f\u3092\u5b9f\u65bd\u3001\u305d\u306e\u307e\u307e\u91cf\u7684\u7de9\u548c\u3092\u9806\u6b21\u7e2e\u5c0f\u3057\u3066\u3044\u304d\u3001\u540c\u5e7410\u6708\u306b\u306f\u91cf\u7684\u7de9\u548c\u306e\u7d42\u4e86\u3092\u5ba3\u8a00\u3057\u305f\u3002\u682a\u5f0f\u5e02\u5834\u306e\u53cd\u5fdc\u304c\u4e00\u756a\u5927\u304d\u304b\u3063\u305f\u306e\u306f\u3001\u7d42\u4e86\u6642\u306e2014\u5e7410\u6708\u306e\u4e0b\u3052\u76f8\u5834\u3060\u308d\u3046\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/late-2014-s-and-p-500-chart.png\" rel=\"attachment wp-att-4988\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4988\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/late-2014-s-and-p-500-chart.png\" alt=\"late-2014-s-and-p-500-chart\" width=\"600\" height=\"402\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/late-2014-s-and-p-500-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/late-2014-s-and-p-500-chart-300x201.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>\u3057\u304b\u3057\u77ed\u671f\u7684\u306b\u306f\u3053\u306e\u3088\u3046\u306b\u5927\u304d\u304f\u53cd\u5fdc\u3057\u3066\u3044\u308b\u682a\u5f0f\u5e02\u5834\u3082\u3001\u9577\u671f\u7684\u306b\u898b\u308c\u3070\u4e00\u8cab\u3057\u3066\u4e0a\u6607\u3057\u3066\u304d\u305f\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/2013-2014-long-term-interest-rates-and-s-and-p-500-chart.png\" rel=\"attachment wp-att-4989\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4989\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/2013-2014-long-term-interest-rates-and-s-and-p-500-chart.png\" alt=\"2013-2014-long-term-interest-rates-and-s-and-p-500-chart\" width=\"545\" height=\"411\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/2013-2014-long-term-interest-rates-and-s-and-p-500-chart.png 545w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/2013-2014-long-term-interest-rates-and-s-and-p-500-chart-300x226.png 300w\" sizes=\"auto, (max-width: 545px) 100vw, 545px\" \/><\/a><\/p>\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u91cf\u7684\u7de9\u548c\u7d42\u4e86\u306b\u3088\u308b\u682a\u5b89\u306f\u4f55\u6545\u77ed\u671f\u7684\u306a\u3082\u306e\u3067\u7d42\u308f\u3063\u305f\u306e\u304b\uff1f\u3000\u305d\u308c\u306f2014\u5e74\u306bFed\u304c\u7c9b\u3005\u3068\u91cf\u7684\u7de9\u548c\u3092\u7e2e\u5c0f\u3057\u7d9a\u3051\u305f\u9593\u3001\u4e00\u66423%\u307e\u3067\u306b\u9054\u3057\u305f\u9577\u671f\u91d1\u5229\u304c\u4e0b\u843d\u3057\u3066\u3044\u308b\u7406\u7531\u3068\u540c\u3058\u3067\u3042\u308b\u3002\u305d\u308c\u306f\u30a2\u30e1\u30ea\u30ab\u56fd\u5185\u306e\u8981\u56e0\u3067\u306f\u306a\u304b\u3063\u305f\u3002ECB\uff08\u30e8\u30fc\u30ed\u30c3\u30d1\u4e2d\u592e\u9280\u884c\uff09\u306e\u91cf\u7684\u7de9\u548c\u958b\u59cb\u3067\u3042\u308b\u3002<\/p>\n<p><strong>ECB\u306e\u91cf\u7684\u7de9\u548c<\/strong><\/p>\n<p>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306b\u3068\u3063\u3066\u30012014\u5e74\u306f\u30e6\u30fc\u30ed\u570f\u306e\u91cf\u7684\u7de9\u548c\u958b\u59cb\u306b\u8ced\u3051\u308b\u5e74\u3060\u3063\u305f\u3002\u3053\u3053\u3067\u3082\u30e8\u30fc\u30ed\u30c3\u30d1\u306e\u4e0d\u52d5\u7523\u682a\u306b\u6295\u8cc7\u3059\u308b\u65b9\u91dd\u3092\u7d39\u4ecb\u3057\u305f\u30022014\u5e745\u6708\u306e\u8a18\u4e8b\u306b\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u66f8\u3044\u3066\u3044\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/53\">[\u500b\u5225\u9298\u67c4] Gecina (EURONEXT:GFC): \u30d1\u30ea\u306eREIT\u3001\u91cf\u7684\u7de9\u548c<\/a><\/li>\n<\/ul>\n<blockquote><p>\u53e3\u5148\u4ecb\u5165\u306e\u307f\u3067\u30e6\u30fc\u30ed\u50b5\u52d9\u5371\u6a5f\u3092\u6551\u3063\u305f\u30c9\u30e9\u30ae\u7dcf\u88c1\u304c\u5b9f\u969b\u306b\u91d1\u878d\u7de9\u548c\u306b\u8e0f\u307f\u5207\u308b\u307e\u3067\u306b\u306f\u6642\u9593\u304c\u304b\u304b\u308b\u3068\u601d\u308f\u308c\u308b\u304c\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u7d99\u7d9a\u7684\u306a\u4f4e\u4e0b\u3092\u53d7\u3051\u3001\u4eca\u5e74\u306e\u5f8c\u534a\u304b\u3089\u6765\u5e74\u306e\u524d\u534a\u307e\u3067\u306b\u3001ECB\u306f\u91d1\u878d\u7de9\u548c\u306b\u8e0f\u307f\u5207\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3002<\/p><\/blockquote>\n<p>\u305d\u3057\u30662015\u5e741\u6708\u3001ECB\u306f\u91cf\u7684\u7de9\u548c\u3092\u958b\u59cb\u3057\u305f\u3002\u958b\u59cb\u81ea\u4f53\u306f2015\u5e74\u3068\u306a\u3063\u305f\u304c\u3001\u308f\u305f\u3057\u3092\u542b\u3081\u6295\u8cc7\u5bb6\u306f2014\u5e74\u4e2dECB\u306e\u91cf\u7684\u7de9\u548c\u3092\u7e54\u308a\u8fbc\u3080\u52d5\u304d\u3092\u898b\u305b\u305f\u305f\u3081\u3001\u30c9\u30a4\u30c4\u56fd\u50b5\u306e\u5229\u56de\u308a\u306f2014\u5e74\u306e\u9593\u306b\u5927\u5e45\u306b\u4e0b\u843d\u3057\u305f\u3002\u3053\u306e\u52d5\u304d\u304c\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\u3092\u4f4e\u4f4d\u306b\u6291\u3048\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u9577\u671f\u91d1\u52293%<\/strong><\/p>\n<p>\u554f\u984c\u306f\u3001\u3082\u3057ECB\u306e\u91cf\u7684\u7de9\u548c\u304c\u306a\u304b\u3063\u305f\u5834\u5408\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u682a\u5f0f\u5e02\u5834\u306f\u5d29\u58ca\u3057\u305f\u306e\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u500b\u4eba\u7684\u306b\u306f\u305d\u3046\u306a\u3063\u305f\u3060\u308d\u3046\u3068\u8003\u3048\u3066\u3044\u308b\u3002\u9577\u671f\u91d1\u5229\u304c3%\u7a0b\u5ea6\u3060\u3063\u305f\u6642\u306e\u8a71\u3067\u3042\u308b\u3002<\/p>\n<p>\u30de\u30af\u30ed\u7d4c\u6e08\u5b66\u7684\u306b\u8003\u3048\u305f\u5834\u5408\u306b\u3082\u3001\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306b\u304a\u3051\u308b\u9577\u671f\u91d1\u5229\u306e\u9069\u6b63\u5024\u306f2.7%\u7a0b\u5ea6\u3068\u898b\u7a4d\u3082\u3063\u3066\u304a\u308a\u3001\u305d\u308c\u3092\u8003\u616e\u3057\u3066\u3082\u3084\u306f\u308a2.7-3.0%\u7a0b\u5ea6\u304c\u81e8\u754c\u70b9\u3068\u306a\u308b\u3068\u500b\u4eba\u7684\u306b\u306f\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/4848\">\u30c8\u30e9\u30f3\u30d7\u76f8\u5834: \u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\u306f\u9ad8\u3044\u306e\u304b\u4f4e\u3044\u306e\u304b\uff1f<\/a><\/li>\n<\/ul>\n<p>\u4ee5\u4e0a\u306e\u7406\u7531\u306b\u3088\u308a\u3001\u73fe\u72b6\u306e2.4%\u306f\u91d1\u5229\u4f4e\u4e0b\u306b\u8ced\u3051\u3066\u30a2\u30e1\u30ea\u30ab\u56fd\u50b5\u3084\u30b4\u30fc\u30eb\u30c9\u3092\u8cb7\u3046\u306b\u306f\u3084\u3084\u65e9\u3044\u3068\u500b\u4eba\u7684\u306b\u306f\u8003\u3048\u3066\u3044\u308b\u3002\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\u306f\u3082\u3046\u5c11\u3057\u4e0a\u6607\u306e\u4f59\u5730\u304c\u3042\u308a\u3001\u305d\u3046\u8003\u3048\u308c\u3070\u30b8\u30e0\u30fb\u30ed\u30b8\u30e3\u30fc\u30ba\u6c0f\u306e\u30c9\u30eb\u5186120\u5186\u3068\u3044\u3046\u306e\u3082\u3042\u306a\u304c\u3061\u6839\u62e0\u306e\u306a\u3044\u8a71\u3067\u306f\u306a\u304f\u306a\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/4882\">\u30c8\u30e9\u30f3\u30d7\u76f8\u5834: \u30b8\u30e0\u30fb\u30ed\u30b8\u30e3\u30fc\u30ba\u6c0f\u304c\u65e5\u672c\u682a\u8cb7\u3044\u8ee2\u63db\u3001\u30c9\u30eb\u5186120\u5186\u306f\u300c\u6709\u308a\u5f97\u308b\u300d<\/a><\/li>\n<\/ul>\n<p>\u6ce8\u91c8\u3068\u3057\u3066\u306f\u3001\u9577\u671f\u91d1\u52292.4%\u3067\u30c8\u30e9\u30f3\u30d7\u30d0\u30d6\u30eb\u304c\u5d29\u58ca\u3057\u306a\u3044\u3068\u8a00\u3063\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u3044\u3002\u3057\u304b\u3057\u9006\u5f35\u308a\u3092\u884c\u3046\u306b\u306f\u3084\u3084\u65e9\u3044\u3068\u8a00\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002\u91d1\u5229\u4e0a\u6607\u306e\u30ea\u30b9\u30af\u304c\u3088\u308a\u5c0f\u3055\u304f\u306a\u3063\u305f\u6642\u3001\u6295\u8cc7\u5bb6\u306f\u91d1\u5229\u4f4e\u4e0b\u3084\u682a\u5b89\u306b\u8ced\u3051\u308b\u6226\u7565\u3092\u8003\u3048\u59cb\u3081\u308b\u3053\u3068\u304c\u51fa\u6765\u308b\u3060\u308d\u3046\u3002\u4eee\u306b\u305d\u308c\u307e\u3067\u306b\u682a\u5f0f\u5e02\u5834\u304c\u5d29\u58ca\u3057\u3066\u3057\u307e\u3046\u3068\u3057\u3066\u3082\u3001\u305d\u308c\u307e\u3067\u306f\u624b\u3092\u51fa\u3055\u306a\u3044\u65b9\u91dd\u3068\u3059\u308b\u3002\u4e00\u756a\u7f8e\u5473\u3057\u3044\u90e8\u5206\u3060\u3051\u3092\u76f8\u5834\u304b\u3089\u53d7\u3051\u53d6\u308c\u3070\u826f\u3044\u306e\u3067\u3042\u308a\u3001\u305d\u3046\u3067\u306a\u3044\u90e8\u5206\u306f\u3059\u3079\u3066\u898b\u9003\u305d\u3046\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/4897\">\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f: \u30c9\u30eb\u306f\u4e0b\u843d\u3059\u308b\u3001\u91d1\u5229\u4e0a\u6607\u306f\u9650\u754c\u3001\u91d1\u4fa1\u683c\u306f\u77ed\u671f\u7684\u306b\u4e0a\u6607\u3059\u308b<\/a><\/li>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/4918\">\u30d3\u30eb\u30fb\u30b0\u30ed\u30b9\u6c0f: \u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306f\u4f4e\u91d1\u5229\u653f\u7b56\u3092\u7d99\u7d9a\u3059\u308b<\/a><\/li>\n<\/ul>\n<p>\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u306b\u3064\u3044\u3066\u306f\u5f15\u304d\u7d9a\u304d\u5831\u3058\u3066\u3086\u304f\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u30a2\u30e1\u30ea\u30ab\u5927\u7d71\u9818\u9078\u6319\u3067\u30c9\u30ca\u30eb\u30c9\u30fb\u30c8\u30e9\u30f3\u30d7\u6c0f\u304c\u52dd\u5229\u3057\u3066\u4ee5\u6765\u3001\u682a\u5f0f\u5e02\u5834\u306f\u5927\u3044\u306b\u597d\u6cc1\u3067\u3042\u308b\u3002\u30c9\u30eb\u5186\u304c\u4e0a\u6607\u3057\u3066\u3044\u308b\u305f\u3081\u65e5\u672c\u682a\u304c\u4e0a\u304c\u308b\u306e\u306f\u5f53\u7136\u3060\u304c\u3001\u91d1\u5229\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b\u30a2\u30e1\u30ea\u30ab\u3067\u3055\u3048\u3082\u682a\u4fa1\u306f\u53f2\u4e0a\u6700\u9ad8\u5024\u3092\u66f4\u65b0\u3057\u3066\u3044\u308b\u3002 \u3057\u304b\u30572008\u5e74 &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/4984\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u3067\u682a\u4fa1\u9ad8\u9a30\u3001\u91cf\u7684\u7de9\u548c\u30d0\u30d6\u30eb\u306f\u3044\u3064\u5d29\u58ca\u3059\u308b\u306e\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":[118,59,111,108],"tags":[7,96],"class_list":["post-4984","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-us-stock-market","category-stock-markets","category-bond-markets","tag-quantitative-easing","tag-donald-trump"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/4984","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=4984"}],"version-history":[{"count":13,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/4984\/revisions"}],"predecessor-version":[{"id":5000,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/4984\/revisions\/5000"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=4984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=4984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=4984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}