{"id":5069,"date":"2016-12-18T19:57:15","date_gmt":"2016-12-18T10:57:15","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=5069"},"modified":"2016-12-18T19:57:15","modified_gmt":"2016-12-18T10:57:15","slug":"%e3%83%88%e3%83%a9%e3%83%b3%e3%83%97%e6%94%bf%e6%a8%a9%e3%81%8c%e8%b6%85%e9%95%b7%e6%9c%9f%e5%82%b5%e7%99%ba%e8%a1%8c%e3%81%a7%e3%82%b8%e3%83%a3%e3%83%b3%e3%82%af%e5%82%b5%e3%81%af%e6%9a%b4%e8%90%bd","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/5069","title":{"rendered":"\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u304c\u8d85\u9577\u671f\u50b5\u767a\u884c\u3067\u30b8\u30e3\u30f3\u30af\u50b5\u306f\u66b4\u843d\u3059\u308b"},"content":{"rendered":"<p>DoubleLine Capital\u306e\u50b5\u5238\u6295\u8cc7\u5bb6\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u304c\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\u9ad8\u9a30\u3092\u61f8\u5ff5\u3057\u3066\u30013%\u3092\u8d85\u3048\u308b\u4e8b\u614b\u3068\u306a\u308c\u3070\u9ad8\u5229\u56de\u308a\u306e\u30b8\u30e3\u30f3\u30af\u50b5\u304c\u66b4\u843d\u3059\u308b\u3068\u4e88\u60f3\u3057\u305f\u3053\u3068\u306f\u4f1d\u3048\u305f\u304c\u30012017\u5e74\u30b8\u30e3\u30f3\u30af\u50b5\u66b4\u843d\u306b\u306f\u3082\u3046\u4e00\u3064\u306e\u30b7\u30ca\u30ea\u30aa\u304c\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/5038\">\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f: 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unfriendly\u3068\u547c\u3093\u3060\u3002\u50b5\u5238\u306b\u512a\u3057\u304f\u306a\u3044\u3068\u3044\u3046\u610f\u5473\u3067\u3042\u308b\u3002\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u3092\u4e00\u8a00\u3067\u8868\u73fe\u3059\u308b\u306a\u3089\u3070\u3001\u3053\u306e\u8a00\u8449\u304c\u76f8\u5fdc\u3057\u3044\u3060\u308d\u3046\u3002<\/p>\n<p>\u305d\u308c\u306f\u4f55\u6545\u304b\uff1f\u3000\u56fd\u50b5\u3092\u5927\u91cf\u767a\u884c\u3057\u3066\u6e1b\u7a0e\u3068\u30a4\u30f3\u30d5\u30e9\u6295\u8cc7\u3092\u884c\u3046\u30c8\u30e9\u30f3\u30d7\u6c0f\u306e\u653f\u7b56\u306f\u3001\u5148\u305a\u50b5\u5238\u5e02\u5834\u306b\u4f9b\u7d66\uff08\u3064\u307e\u308a\u30a2\u30e1\u30ea\u30ab\u653f\u5e9c\u306b\u3088\u308b\u50b5\u5238\u306e\u58f2\u308a\uff09\u3092\u3082\u305f\u3089\u3057\u3001\u50b5\u5238\u306e\u4fa1\u683c\u3092\u4e0b\u843d\u3055\u305b\u308b\u3002\u305d\u3057\u3066\u666f\u6c17\u523a\u6fc0\u304c\u7d4c\u6e08\u6210\u9577\u3068\u30a4\u30f3\u30d5\u30ec\u3092\u4fc3\u305b\u3070\u3001\u305d\u308c\u306f\u50b5\u5238\u306e\u91d1\u5229\u3092\u62bc\u3057\u4e0a\u3052\u308b\uff08\u4fa1\u683c\u306f\u4e0b\u843d\u3059\u308b\uff09\u3053\u3068\u306b\u306a\u308b\u3002\u30c8\u30e9\u30f3\u30d7\u6c0f\u306e\u653f\u7b56\u306f\u4e8c\u91cd\u306e\u610f\u5473\u3067bond unfriendly\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n<p>\u305d\u3057\u3066\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3067\u3042\u308b\u3068\u3053\u308d\u306e\u91d1\u5229\u4e0a\u6607\u306f\u5b9f\u4f53\u7d4c\u6e08\u3092\u8755\u307f\u3001\u91d1\u878d\u5e02\u5834\u304b\u3089\u6d41\u52d5\u6027\u3092\u5f15\u304d\u4e0a\u3052\u3055\u305b\u308b\u3002\u3053\u308c\u304c\u4e00\u90e8\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u3089\u306b\u682a\u5f0f\u30d0\u30d6\u30eb\u306e\u5d29\u58ca\u61f8\u5ff5\u3092\u62b1\u304b\u305b\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n<p>\u3060\u304b\u3089\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u306e\u884c\u304f\u672b\u3092\u5360\u3046\u305f\u3081\u306b\u306f\u3001\u5148\u305a\u91d1\u5229\u3092\u4e88\u60f3\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002\u305d\u3053\u3067\u672c\u7a3f\u3067\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u50b5\u5238\u5e02\u5834\u304c\u3069\u3046\u306a\u3063\u3066\u3044\u308b\u306e\u304b\u3001\u5148\u305a\u3056\u3063\u3068\u4fef\u77b0\u3057\u3066\u307f\u305f\u3044\u3002<\/p>\n<p><strong>\u30a2\u30e1\u30ea\u30ab\u306e\u50b5\u5238\u5e02\u5834<\/strong><\/p>\n<p>\u5148\u305a\u306f\u50b5\u5238\u306e\u4ee3\u8868\u683c\u3067\u3042\u308b\u56fd\u50b5\u304b\u3089\u773a\u3081\u3066\u3086\u3053\u3046\u3002\u50b5\u5238\u306f\u57fa\u672c\u7684\u306b\u6e80\u671f\u307e\u3067\u306e\u671f\u9593\u304c\u9577\u3044\u307b\u3069\u30ea\u30b9\u30af\u304c\u9ad8\u304f\u306a\u308a\u3001\u305d\u306e\u5206\u652f\u6255\u308f\u308c\u308b\u91d1\u5229\u304c\u9ad8\u304f\u306a\u3063\u3066\u3086\u304f\u3002\u7c73\u56fd\u50b5\u306e\u5834\u5408\u30011\u5e74\u7269\u304b\u308930\u5e74\u7269\u307e\u3067\u306e\u91d1\u5229\u3092\u4e26\u3079\u308b\u3068\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u308b\u3002<\/p>\n<ul>\n<li><strong>1\u5e74\u7269\u7c73\u56fd\u50b5:<\/strong> 0.9%<\/li>\n<li><strong>5\u5e74\u7269\u7c73\u56fd\u50b5:<\/strong> 2.1%<\/li>\n<li><strong>10\u5e74\u7269\u7c73\u56fd\u50b5:<\/strong> 2.6%<\/li>\n<li><strong>20\u5e74\u7269\u7c73\u56fd\u50b5:<\/strong> 2.9%<\/li>\n<li><strong>30\u5e74\u7269\u7c73\u56fd\u50b5:<\/strong> 3.2%<\/li>\n<\/ul>\n<p>\u7c73\u56fd\u50b5\u306b\u306f\u4ed6\u306b\u3082\u7a2e\u985e\u306f\u3042\u308b\u306e\u3060\u304c\u3001\u6700\u9577\u306e\u3082\u306e\u306f\u4e00\u756a\u4e0b\u306e30\u5e74\u3067\u3042\u308b\u3002\u307e\u305f\u3001\u4e00\u822c\u7684\u306b\u9577\u671f\u91d1\u5229\u3068\u547c\u3070\u308c\u308b\u306e\u306f10\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u306e\u3053\u3068\u3067\u3042\u308a\u3001\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u3067\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u6025\u4e0a\u6607\u3057\u3066\u6295\u8cc7\u5bb6\u306e\u6ce8\u76ee\u3092\u6d74\u3073\u3066\u3044\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/2016-12-18-10-year-treasury-note-yield-chart.png\" rel=\"attachment wp-att-5070\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5070\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/2016-12-18-10-year-treasury-note-yield-chart.png\" alt=\"2016-12-18-10-year-treasury-note-yield-chart\" width=\"600\" height=\"402\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/2016-12-18-10-year-treasury-note-yield-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/2016-12-18-10-year-treasury-note-yield-chart-300x201.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>\u3057\u304b\u3057\u3001\u50b5\u5238\u3068\u306f\u56fd\u50b5\u3060\u3051\u3092\u6307\u3059\u306e\u3067\u306f\u306a\u3044\u3002\u56fd\u304c\u767a\u884c\u3057\u305f\u3082\u306e\u306e\u4ed6\u306b\u4f01\u696d\u304c\u767a\u884c\u3057\u305f\u3082\u306e\u304c\u3042\u308a\u3001\u3053\u308c\u306f\u793e\u50b5\u3068\u547c\u3070\u308c\u308b\u3002<\/p>\n<p>\u3067\u306f\u3053\u306e\u793e\u50b5\u306e\u5229\u56de\u308a\u306f\u3069\u3046\u306a\u3063\u3066\u3044\u308b\u306e\u304b\uff1f\u3000\u4e00\u3064\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u3057\u3066\u793e\u50b5\u3092\u7e8f\u3081\u305fETF\u306e\u5229\u56de\u308a\u3092\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u4e26\u3079\u3066\u307f\u305f\u3044\u3002\u6bd4\u8f03\u306e\u305f\u3081\u306b\u56fd\u50b5\u306e\u5229\u56de\u308a\u3082\u518d\u63b2\u8f09\u3059\u308b\u3002<\/p>\n<ul>\n<li><strong>1\u5e74\u7269\u7c73\u56fd\u50b5:<\/strong> 0.9%<\/li>\n<li><strong>5\u5e74\u7269\u7c73\u56fd\u50b5:<\/strong> 2.1%<\/li>\n<li><strong>10\u5e74\u7269\u7c73\u56fd\u50b5:<\/strong> 2.6%<\/li>\n<li><strong>20\u5e74\u7269\u7c73\u56fd\u50b5:<\/strong> 2.9%<\/li>\n<li><strong>30\u5e74\u7269\u7c73\u56fd\u50b5:<\/strong> 3.2%<\/li>\n<li><strong>3\u5e74\u7269\u793e\u50b5ETF\u5229\u56de\u308a:<\/strong> 2%<\/li>\n<li><strong>7\u5e74\u7269\u793e\u50b5ETF\u5229\u56de\u308a:<\/strong> 2.7%<\/li>\n<li><strong>15-25\u5e74\u7269\u793e\u50b5ETF\u5229\u56de\u308a:<\/strong> 4-5%<\/li>\n<li><strong>5-6\u5e74\u7269\u30b8\u30e3\u30f3\u30af\u50b5ETF\u5229\u56de\u308a:<\/strong> 5-6%<\/li>\n<\/ul>\n<p>\u5927\u96d1\u628a\u3060\u304c\u3053\u3093\u306a\u611f\u3058\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u8d85\u9577\u671f\u50b5\u767a\u884c<\/strong><\/p>\n<p>\u3055\u3066\u3001\u3053\u3053\u3067\u601d\u3044\u51fa\u3057\u3066\u307f\u3066\u3082\u3089\u3044\u305f\u3044\u306e\u304c\u3001\u8ca1\u52d9\u9577\u5b98\u306b\u6307\u540d\u3055\u308c\u3066\u3044\u308b\u30e0\u30cb\u30e5\u30fc\u30c1\u30f3\u6c0f\u306e\u8d85\u9577\u671f\u50b5\u767a\u884c\u306b\u95a2\u3059\u308b\u767a\u8a00\u3067\u3042\u308b\u3002CNBC\u306b\u3088\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\uff08<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2016-11-30\/mnuchin-says-he-ll-consider-longer-maturities-as-treasury-chief\" target=\"_blank\">\u539f\u6587\u82f1\u8a9e<\/a>\uff09\u306b\u3088\u308c\u3070\u3001\u30e0\u30cb\u30e5\u30fc\u30c1\u30f3\u6c0f\u306f\u300c\u50b5\u52d9\u306e\u671f\u9650\u3092\u5ef6\u9577\u3057\u3066\u3086\u304f\u3053\u3068\u3092\u691c\u8a0e\u3059\u308b\u3002\u91d1\u5229\u306f\u3044\u305a\u308c\u9ad8\u304f\u306a\u308a\u3001\u3053\u306e\u56fd\u306f\u305d\u308c\u306b\u5bfe\u51e6\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u304b\u3089\u3060\u300d\u3068\u8ff0\u3079\u3001\u66f4\u306b50\u5e74\u7269\u3084100\u5e74\u7269\u306a\u3069\u306e\u8d85\u9577\u671f\u50b5\u767a\u884c\u306e\u53ef\u80fd\u6027\u306b\u3064\u3044\u3066\u805e\u304b\u308c\u308b\u3068\u3001\u300c\u308f\u308c\u308f\u308c\u306f\u3059\u3079\u3066\u3092\u691c\u8a0e\u3059\u308b\u300d\u3068\u53ef\u80fd\u6027\u3092\u5426\u5b9a\u3057\u306a\u304b\u3063\u305f\u3002<\/p>\n<p>\u3053\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u306b\u3088\u308b\u3068\u8d85\u9577\u671f\u50b5\u767a\u884c\u306f\u4e00\u3064\u306e\u53ef\u80fd\u6027\u3067\u3057\u304b\u306a\u3044\u304c\u3001\u3057\u304b\u3057\u305d\u308c\u3068\u540c\u3058\u304f\u3089\u3044\u306e\u30a4\u30f3\u30d1\u30af\u30c8\u306e\u3042\u308b\u56fd\u50b5\u767a\u884c\u3092\u5f7c\u304c\u8003\u3048\u3066\u3044\u308b\u3053\u3068\u306f\u8aad\u307f\u53d6\u3063\u3066\u826f\u3044\u306e\u3067\u306f\u306a\u3044\u304b\u3002\u3064\u307e\u308a\u3001\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u306e\u8a00\u3046\u9577\u671f\u91d1\u52293%\u304b\u8d85\u9577\u671f\u50b5\u767a\u884c\u3001\u5c11\u306a\u304f\u3068\u3082\u3069\u3061\u3089\u304b\u306f\u5b9f\u73fe\u3057\u305d\u3046\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p>\u3053\u3053\u3067\u3082\u3046\u4e00\u5ea6\u3001\u9577\u671f\u306e\u56fd\u50b5\u304a\u3088\u3073\u793e\u50b5\u306e\u5229\u56de\u308a\u3092\u898b\u3066\u3082\u3089\u3044\u305f\u3044\u3002\u4f8b\u3048\u3070\u3053\u306e\u306a\u304b\u306b50\u5e74\u7269\u7c73\u56fd\u50b5\u304c\u98db\u3073\u8fbc\u3093\u3060\u6642\u3001\u50b5\u5238\u5e02\u5834\u306f\u3069\u3046\u306a\u308b\u3060\u308d\u3046\u304b\uff1f<\/p>\n<ul>\n<li><strong>10\u5e74\u7269\u7c73\u56fd\u50b5:<\/strong> 2.6%<\/li>\n<li><strong>20\u5e74\u7269\u7c73\u56fd\u50b5:<\/strong> 2.9%<\/li>\n<li><strong>30\u5e74\u7269\u7c73\u56fd\u50b5:<\/strong> 3.2%<\/li>\n<li><strong>15-25\u5e74\u7269\u793e\u50b5ETF\u5229\u56de\u308a:<\/strong> 4-5%<\/li>\n<li><strong>5-6\u5e74\u7269\u30b8\u30e3\u30f3\u30af\u50b5ETF\u5229\u56de\u308a:<\/strong> 5-6%<\/li>\n<\/ul>\n<p>\u5148\u305a\u300150\u5e74\u7269\u7c73\u56fd\u50b5\u306e\u5229\u56de\u308a\u306f\u6050\u3089\u304f4%\u7a0b\u5ea6\u306b\u306a\u308b\u3060\u308d\u3046\u3002\u305d\u3046\u3059\u308c\u307015-25\u5e74\u7269\u306e\u793e\u50b5ETF\u306e\u5229\u56de\u308a\u306b\u8feb\u308b\u3053\u3068\u306b\u306a\u308a\u3001\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u5229\u56de\u308a\u3082\u305d\u3046\u9060\u304f\u306a\u3044\u3082\u306e\u3068\u306a\u308b\u3002\u307e\u305f\u3001\u8d85\u9577\u671f\u50b5\u306e\u767a\u884c\u305d\u306e\u3082\u306e\u304c\u56fd\u50b5\u5e02\u5834\u5168\u4f53\u306e\u91d1\u5229\u3092\u62bc\u3057\u4e0a\u3052\u308b\u3053\u3068\u3082\u8003\u3048\u308c\u3070\u300150\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u306f4-5%\u306b\u306a\u308b\u3053\u3068\u306b\u306a\u308a\u3001\u793e\u50b5\u3084\u30b8\u30e3\u30f3\u30af\u50b5\u3068\u4e26\u3076\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002<\/p>\n<p>\u3055\u3066\u3001\u3053\u3053\u3067\u8003\u3048\u3066\u307f\u3066\u3082\u3089\u3044\u305f\u3044\u306e\u306f\u3001\u3042\u308b\u30a2\u30e1\u30ea\u30ab\u306e\u5927\u4f01\u696d\u304c20\u5e74\u4ee5\u5185\u306b\u5012\u7523\u3059\u308b\u78ba\u7387\u3068\u3001\u30b8\u30e3\u30f3\u30af\u50b5\u3092\u767a\u884c\u3059\u308b\u3088\u3046\u306a\u30b7\u30a7\u30fc\u30eb\u95a2\u9023\u4f01\u696d\u304c5\u5e74\u4ee5\u5185\u306b\u5012\u7523\u3059\u308b\u78ba\u7387\u3001\u305d\u3057\u3066\u30a2\u30e1\u30ea\u30ab\u653f\u5e9c\u304c50\u5e74\u4ee5\u5185\u306b\u50b5\u52d9\u4e0d\u5c65\u884c\u306b\u9665\u308b\u78ba\u7387\u3001\u3069\u308c\u304c\u4e00\u756a\u9ad8\u3044\u3060\u308d\u3046\u304b\uff1f<\/p>\n<p>\u52ff\u8ad6\u3001\u6e80\u671f\u307e\u3067\u306e\u671f\u9593\u306e\u9055\u3046\u50b5\u5238\u3092\u5358\u306b\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3060\u3051\u3067\u8003\u3048\u308b\u3053\u3068\u306f\u51fa\u6765\u306a\u3044\u306e\u3060\u304c\u3001\u3057\u304b\u3057\u3053\u3046\u3057\u305f\u4e8b\u60c5\u3092\u8003\u3048\u308c\u3070\u300150\u5e74\u7269\u7c73\u56fd\u50b5\u304c\u767a\u884c\u3055\u308c\u305f\u5834\u5408\u3001\u793e\u50b5\u3084\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u6295\u8cc7\u5bb6\u306f\u304b\u306a\u308a\u306e\u7a0b\u5ea6\u305d\u3061\u3089\u306b\u6d41\u308c\u308b\u3068\u60f3\u5b9a\u3057\u3066\u3082\u554f\u984c\u306a\u3044\u3060\u308d\u3046\u3002\u305d\u306e\u5834\u5408\u3001\u9577\u671f\u306e\u793e\u50b5\u3084\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u5229\u56de\u308a\u306f\u305d\u308c\u305e\u308c1-2%\u306f\u62bc\u3057\u4e0a\u3052\u3089\u308c\u3066\u3082\u304a\u304b\u3057\u304f\u306f\u306a\u3044\u3002\u305d\u3057\u3066\u7e70\u308a\u8fd4\u3057\u306b\u306a\u308b\u304c\u3001\u91d1\u5229\u4e0a\u6607\u306f\u50b5\u5238\u4fa1\u683c\u306e\u4e0b\u843d\u3092\u610f\u5473\u3059\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n<p>\u6295\u8cc7\u5bb6\u306f\u300c\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306fbond 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href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/4698\">\u30de\u30af\u30ed\u7d4c\u6e08\u5b66\u306e\u6700\u5148\u7aef\u3092\u884c\u304f\u30c9\u30ca\u30eb\u30c9\u30fb\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306e\u7d4c\u6e08\u653f\u7b56<\/a><\/li>\n<\/ul>\n<p>\u3067\u306f\u3001\u305d\u308c\u306b\u8ced\u3051\u308b\u65b9\u6cd5\u306f\u4f55\u304b\uff1f\u3000\u50b5\u5238\u306e\u30d7\u30c3\u30c8\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u91d1\u306e\u30b3\u30fc\u30eb\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u540c\u6642\u306b\u8cb7\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u305d\u3046\u3059\u308c\u3070\u5c11\u306a\u304f\u3068\u3082\u3069\u3061\u3089\u304b\u306f\u5229\u76ca\u304c\u51fa\u3001\u5916\u308c\u305f\u65b9\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u640d\u5931\u306f\u9650\u5b9a\u3055\u308c\u308b\u3002\u53e4\u5178\u7684\u306a\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4f7f\u3044\u65b9\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/1694\">\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u5165\u95801: \u30d7\u30c3\u30c8\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3001\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u306f\u4f55\u304b\uff1f<\/a><\/li>\n<\/ul>\n<p>\u3042\u3068\u306f\u3044\u3064\u3001\u3044\u304f\u3089\u3067\u3001\u305d\u3057\u3066\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u3042\u308c\u3070\u3069\u306e\u671f\u9593\u8cb7\u3046\u306e\u304b\u3068\u3044\u3046\u3053\u3068\u304c\u554f\u984c\u3068\u306a\u308b\u3002\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u306a\u308b\u9577\u671f\u91d1\u5229\u3067\u8a00\u3048\u3070\u3001\u91d1\u5229\u4e0a\u6607\u306e\u81e8\u754c\u70b9\u306f\u304b\u306a\u308a\u8fd1\u304f\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/4984\">\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<\/a><\/li>\n<\/ul>\n<p>\u3053\u3046\u3057\u305f\u30a2\u30a4\u30c7\u30a2\u306f\u4eca\u5f8c\u8003\u3048\u3089\u308c\u308b\u6295\u8cc7\u6226\u7565\u306e\u4e00\u3064\u3067\u3057\u304b\u306a\u3044\u304c\u3001\u3053\u3046\u3057\u305f\u72b6\u6cc1\u3067\u306f\u3042\u3089\u3086\u308b\u5e02\u5834\u3067\u306e\u3042\u3089\u3086\u308b\u6226\u7565\u3092\u691c\u8a0e\u3057\u3066\u3086\u304f\u3053\u3068\u304c\u91cd\u8981\u3067\u3042\u308b\u3002\u5c11\u306a\u304f\u3068\u3082\u3001\u4e00\u3064\u306e\u30b7\u30ca\u30ea\u30aa\u3060\u3051\u306b\u8ced\u3051\u3089\u308c\u306a\u3044\u4ee5\u4e0a\u3001\u8907\u6570\u306e\u30b7\u30ca\u30ea\u30aa\u306b\u8ced\u3051\u308b\u8907\u6570\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u4f5c\u308a\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5185\u3067\u30ea\u30b9\u30af\u3092\u8abf\u6574\u3057\u3066\u3086\u304f\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002\u6295\u8cc7\u3068\u306f\u7279\u5b9a\u306e\u9298\u67c4\u306e\u4e0a\u3052\u4e0b\u3052\u3092\u5f53\u3066\u308b\u3053\u3068\u3067\u306f\u306a\u3044\u306e\u3067\u3042\u308b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DoubleLine Capital\u306e\u50b5\u5238\u6295\u8cc7\u5bb6\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u304c\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\u9ad8\u9a30\u3092\u61f8\u5ff5\u3057\u3066\u30013%\u3092\u8d85\u3048\u308b\u4e8b\u614b\u3068\u306a\u308c\u3070\u9ad8\u5229\u56de\u308a\u306e\u30b8\u30e3\u30f3\u30af\u50b5\u304c\u66b4\u843d\u3059\u308b\u3068\u4e88\u60f3\u3057\u305f\u3053\u3068\u306f\u4f1d\u3048\u305f\u304c\u30012017\u5e74\u30b8\u30e3\u30f3\u30af\u50b5\u66b4\u843d\u306b\u306f\u3082 &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/5069\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u304c\u8d85\u9577\u671f\u50b5\u767a\u884c\u3067\u30b8\u30e3\u30f3\u30af\u50b5\u306f\u66b4\u843d\u3059\u308b<\/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":[118,57,108,110],"tags":[91],"class_list":["post-5069","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-commodity-markets","category-bond-markets","category-gold","tag-options"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/5069","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=5069"}],"version-history":[{"count":11,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/5069\/revisions"}],"predecessor-version":[{"id":5081,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/5069\/revisions\/5081"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=5069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=5069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=5069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}