{"id":5691,"date":"2017-02-27T19:56:07","date_gmt":"2017-02-27T10:56:07","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=5691"},"modified":"2017-02-26T00:17:05","modified_gmt":"2017-02-25T15:17:05","slug":"%e3%83%a0%e3%83%8b%e3%83%a5%e3%83%bc%e3%83%81%e3%83%b3%e8%b2%a1%e5%8b%99%e9%95%b7%e5%ae%98%e3%81%8c100%e5%b9%b4%e7%89%a9%e5%9b%bd%e5%82%b5%e7%99%ba%e8%a1%8c%e3%81%ab%e8%a8%80%e5%8f%8a%e3%80%81","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/5691","title":{"rendered":"\u30e0\u30cb\u30e5\u30fc\u30c1\u30f3\u8ca1\u52d9\u9577\u5b98\u304c100\u5e74\u7269\u56fd\u50b5\u767a\u884c\u306b\u8a00\u53ca\u3001\u7c73\u56fd\u682a\u3078\u306e\u5f71\u97ff\u306f"},"content":{"rendered":"<p>\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u3067\u7c73\u56fd\u682a\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b\u3002\u30a4\u30f3\u30d5\u30ec\u3068\u7d4c\u6e08\u6210\u9577\u3092\u53cd\u6620\u3059\u308b\u9577\u671f\u91d1\u5229\u306e\u4e0a\u6607\u306f\u9014\u4e2d\u3067\u6b62\u307e\u3063\u3066\u3044\u308b\u304c\u3001\u682a\u4fa1\u306e\u4e0a\u6607\u306f\u7d9a\u3044\u3066\u3044\u308b\u3002\u3053\u308c\u306f\u5e02\u5834\u304c\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u7d4c\u6e08\u653f\u7b56\u306b\u3064\u3044\u3066\u3001\u7d4c\u6e08\u5168\u4f53\u306b\u5e83\u304c\u308b\u3053\u3068\u3092\u7591\u554f\u8996\u3057\u306a\u304c\u3089\u3082\u4f01\u696d\u306b\u306f\u30d7\u30e9\u30b9\u3068\u8003\u3048\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p>\u305d\u3057\u3066\u305d\u308c\u306f\u6b63\u3057\u3044\u3002\u7c73\u56fd\u682a\u306e\u6c34\u6e96\u306f\u3084\u3084\u9ad8\u3044\u304c\u3001\u307e\u3060\u9ad8\u904e\u304e\u308b\u6c34\u6e96\u3067\u306f\u306a\u3044\u3002\u3057\u304b\u3057\u3001\u305d\u306e\u8a55\u4fa1\u3092\u5e33\u6d88\u3057\u306b\u3057\u3066\u66b4\u843d\u3092\u547c\u3073\u8fbc\u3093\u3067\u3057\u307e\u3046\u53ef\u80fd\u6027\u306e\u3042\u308b\u5c06\u6765\u306e\u8981\u56e0\u304c\u4e00\u3064\u5b58\u5728\u3059\u308b\u3002\u30e0\u30cb\u30e5\u30fc\u30c1\u30f3\u8ca1\u52d9\u9577\u5b98\u304c\u8a00\u53ca\u3057\u305f\u8d85\u9577\u671f\u56fd\u50b5\u306e\u767a\u884c\u3067\u3042\u308b\u3002<\/p>\n<p><!--more--><strong>\u8d85\u9577\u671f\u56fd\u50b5<\/strong><\/p>\n<p>\u8d85\u9577\u671f\u56fd\u50b5\u306b\u3064\u3044\u3066\u306f\u524d\u56de\u306e\u8a18\u4e8b\u3067\u50b5\u5238\u6295\u8cc7\u5bb6\u306e\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u304c\u3001\u7c73\u56fd\u653f\u5e9c\u304c\u4eca\u884c\u3046\u3079\u304d\u3053\u3068\u3068\u3057\u3066\u63a8\u5968\u3057\u3066\u3044\u305f\u901a\u308a\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/5702\">\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f: 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href=\"http:\/\/www.cnbc.com\/2017\/02\/23\/mnuchin-says-treasury-studying-50-and-100-year-bonds.html\" target=\"_blank\">\u539f\u6587\u82f1\u8a9e<\/a>\uff09\u306b\u3088\u308b\u6700\u65b0\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u306b\u3088\u308c\u3070\u3001\u30e0\u30cb\u30e5\u30fc\u30c1\u30f3\u8ca1\u52d9\u9577\u5b98\u304c50\u5e74\u7269\u3042\u308b\u3044\u306f100\u5e74\u7269\u306e\u8d85\u9577\u671f\u56fd\u50b5\u306e\u767a\u884c\u306b\u3064\u3044\u3066\u65e2\u306b\u8ca1\u52d9\u7701\u5185\u3067\u8b70\u8ad6\u3092\u3057\u3066\u3044\u308b\u305d\u3046\u3067\u3042\u308b\u3002\u5f7c\u306f\u6b21\u306e\u3088\u3046\u306b\u8ff0\u3079\u3066\u3044\u308b\u3002<\/p>\n<blockquote><p>\u8d85\u9577\u671f\u50b5\u306e\u767a\u884c\u306f\u771f\u5263\u306b\u691c\u8a0e\u3059\u3079\u304d\u9078\u629e\u80a2\u3060\u3002\u65e2\u306b\u8ca1\u52d9\u7701\u306e\u30b9\u30bf\u30c3\u30d5\u3068\u3068\u3082\u306b\u8b70\u8ad6\u3057\u3066\u3044\u308b\u3002\u6295\u8cc7\u5bb6\u306a\u3069\u69d8\u3005\u306a\u4eba\u3005\u306e\u610f\u898b\u3082\u805e\u304f\u304c\u300150\u5e74\u7269\u3084100\u5e74\u7269\u306e\u56fd\u50b5\u3092\u50c5\u304b\u306a\u91d1\u5229\u3067\u767a\u884c\u51fa\u6765\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u306f\u975e\u5e38\u306b\u771f\u5263\u306a\u30c6\u30fc\u30de\u3060\u3068\u601d\u3046\u3002\u8ca1\u52d9\u7701\u3068\u3057\u3066\u306f\u691c\u8a0e\u3059\u308b\u3053\u3068\u304c\u7406\u306b\u9069\u3063\u3066\u3044\u308b\u3068\u5224\u65ad\u3059\u308b\u3002<\/p><\/blockquote>\n<p>\u78ba\u304b\u306b\u300150\u5e74\u7269\u56fd\u50b5\u3084100\u5e74\u7269\u56fd\u50b5\u3092\u307b\u3068\u3093\u3069\u30bc\u30ed\u306b\u8fd1\u3044\u4eca\u306e\u91d1\u5229\u3067\u767a\u884c\u51fa\u6765\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u4f4e\u91d1\u5229\u306e\u30e1\u30ea\u30c3\u30c8\u3092\u3042\u3068\u4e00\u4e16\u7d00\u53d7\u3051\u7d9a\u3051\u308b\u3053\u3068\u304c\u51fa\u6765\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308a\u3001\u4eca\u5f8c\u91d1\u5229\u304c\u4e0a\u304c\u308b\u306e\u3067\u3042\u308c\u3070\u3001\u7c73\u56fd\u653f\u5e9c\u306e\u8ca1\u653f\u3092\u6539\u5584\u3059\u308b\u52a9\u3051\u306b\u306a\u308b\u3060\u308d\u3046\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u8d85\u9577\u671f\u50b5\u306e\u767a\u884c\u306f\u30e1\u30ea\u30c3\u30c8\u3060\u3051\u3067\u306f\u306a\u3044\u3002\u50b5\u5238\u5e02\u5834\u3068\u682a\u5f0f\u5e02\u5834\u306e\u4e21\u65b9\u3092\u77e5\u308b\u6295\u8cc7\u5bb6\u3067\u3042\u308c\u3070\u3001\u8d85\u9577\u671f\u50b5\u767a\u884c\u304c\u91d1\u878d\u5e02\u5834\u306b\u4e0e\u3048\u308b\u60aa\u5f71\u97ff\u304c\u5c0f\u3055\u304f\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u306f\u3059\u3050\u306b\u5206\u304b\u308b\u3060\u308d\u3046\u3002<\/p>\n<p>\u4f55\u6545\u304b\uff1f\u3000\u305d\u308c\u306f\u6295\u8cc7\u5bb6\u3068\u306f\u8907\u6570\u3042\u308b\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u4e2d\u304b\u3089\u6295\u8cc7\u3059\u308b\u8cc7\u7523\u3092\u9078\u629e\u3057\u3066\u6c7a\u3081\u308b\u3082\u306e\u3060\u304b\u3089\u3067\u3042\u308b\u3002\u56fd\u50b5\u304c\u9b45\u529b\u7684\u3067\u306a\u304f\u306a\u308c\u3070\u682a\u5f0f\u3092\u8cb7\u3044\u3001\u682a\u5f0f\u304c\u9b45\u529b\u7684\u3067\u306a\u304f\u306a\u308c\u3070\u56fd\u50b5\u3092\u8cb7\u3046\u3002\u305d\u308c\u305e\u308c\u306e\u5e02\u5834\u304c\u4e92\u3044\u306b\u5f71\u97ff\u3092\u53ca\u307c\u3057\u5408\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308a\u3001\u500b\u4eba\u6295\u8cc7\u5bb6\u3067\u50b5\u5238\u5e02\u5834\u306b\u8a73\u3057\u3044\u4eba\u7269\u306f\u306a\u304b\u306a\u304b\u5c45\u306a\u3044\u3060\u308d\u3046\u304c\u3001\u3057\u304b\u3057\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u773c\u304b\u3089\u898b\u308c\u3070\u3001\u50b5\u5238\u5e02\u5834\u3092\u77e5\u3089\u305a\u306b\u682a\u5f0f\u5e02\u5834\u306b\u3064\u3044\u3066\u8a9e\u308b\u3053\u3068\u306f\u51fa\u6765\u306a\u3044\u306e\u3067\u3042\u308b\u3002\u300e<a href=\"http:\/\/amzn.to\/2lMnZ8s\" target=\"_blank\">\u30de\u30fc\u30b1\u30c3\u30c8\u306e\u9b54\u8853\u5e2b<\/a>\u300f\u306b\u304a\u3051\u308b\u30b8\u30e0\u30fb\u30ed\u30b8\u30e3\u30fc\u30ba\u6c0f\u306e\u767a\u8a00\u3092\u601d\u3044\u51fa\u3057\u305f\u3044\u3002<\/p>\n<blockquote><p><span class=\"item-title\">\u30a4\u30f3\u30c9\u30cd\u30b7\u30a2\u306e\u30d1\u30fc\u30e0\u6cb9\u304c\u3069\u3046\u306a\u3063\u3066\u3044\u308b\u304b\u3092\u77e5\u3089\u305a\u306b\u30a2\u30e1\u30ea\u30ab\u306e\u88fd\u9244\u682a\u306b\u3069\u3046\u3084\u3063\u3066\u6295\u8cc7\u3067\u304d\u308b\u3060\u308d\u3046\u304b\uff1f<\/span><\/p><\/blockquote>\n<p>\u3059\u3079\u3066\u306e\u5e02\u5834\u306f\u7e4b\u304c\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u8d85\u9577\u671f\u56fd\u50b5\u3068\u682a\u4fa1\u6c34\u6e96<\/strong><\/p>\n<p>\u3055\u3066\u3001\u3067\u306f\u73fe\u5728\u306e\u682a\u4fa1\u3068\u56fd\u50b5\u306e\u6c34\u6e96\u306b\u3064\u3044\u3066\u518d\u78ba\u8a8d\u3057\u3066\u307f\u3088\u3046\u3002\u305d\u308c\u305e\u308c\u306e\u6307\u6a19\u306e\u5229\u56de\u308a\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><strong>10\u5e74\u7269:<\/strong> 2.38%<\/li>\n<li><strong>20\u5e74\u7269:<\/strong> 2.75%<\/li>\n<li><strong>30\u5e74\u7269:<\/strong> 3.02%<\/li>\n<li><strong>S&amp;P 500:<\/strong> 3.77%\uff082016\u5e743Q\u5b9f\u7e3e\uff09<\/li>\n<li><strong>S&amp;P 500:<\/strong> 5.09%\uff082017\u5e74\u672b\u4e88\u60f3\uff09<\/li>\n<\/ul>\n<p>S&amp;P 500\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u682a\u4fa1\u6307\u6570\u3060\u304c\u3001\u682a\u4fa1\u6307\u6570\u306e\u5229\u56de\u308a\u3068\u306f\u4f55\u304b\u3068\u8a00\u3048\u3070\u3001\u682a\u4fa1\u6307\u6570\u3092\u4e00\u3064\u306e\u682a\u3068\u898b\u7acb\u3066\u3066\u4e00\u682a\u5f53\u305f\u308a\u5229\u76ca\u3092\u682a\u4fa1\u3067\u5272\u3063\u305f\u3082\u306e\uff08\u682a\u4fa1\u53ce\u76ca\u7387\u306e\u9006\u6570\uff09\u3067\u3042\u308b\u3002\u3064\u307e\u308a\u3001P\/E\u304c25\u3067\u3042\u308c\u3070\u5229\u56de\u308a\u306f1\/25\u3001\u3064\u307e\u308a4%\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3002\u5229\u56de\u308a\u304c\u4e88\u60f3\u5024\u30675%\u3068\u3044\u3046\u306e\u306f\u3001100\u30c9\u30eb\u3067\u682a\u3092\u8cb7\u3048\u3070\u3001\u305d\u306e\u682a\u306f\u6bce\u5e745%\u306e\u5229\u76ca\u3092\u682a\u4e3b\u306b\u3082\u305f\u3089\u3057\u3066\u304f\u308c\u308b\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\uff08\u305d\u306e\u5229\u76ca\u306e\u5185\u3069\u308c\u3060\u3051\u304c\u914d\u5f53\u306b\u306a\u308a\u3001\u3069\u308c\u3060\u3051\u304c\u5185\u90e8\u7559\u4fdd\u306b\u306a\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u7121\u95a2\u4fc2\u3067\u3042\u308b\uff09\u3002<\/p>\n<p>\u308f\u305f\u3057\u304c\u300c\u7c73\u56fd\u682a\u306f\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u3067\u4e0a\u6607\u5f8c\u3067\u3082\u305d\u308c\u307b\u3069\u5272\u9ad8\u3067\u306f\u306a\u3044\u300d\u3068\u8a00\u3046\u6642\u306b\u306f\u3001\u3053\u306e\u6570\u5b57\u3092\u56fd\u50b5\u3084\u793e\u50b5\u306e\u5229\u56de\u308a\u3068\u6bd4\u3079\u305f\u4e0a\u3067\u5224\u65ad\u3057\u3066\u3044\u308b\u3002\u52ff\u8ad6\u3001\u5c06\u6765\u306e\u5229\u76ca\u4e88\u60f3\u306b\u57fa\u3065\u3044\u305f\u682a\u5f0f\u306e\u5229\u56de\u308a\u8a08\u7b97\u306f\u5229\u76ca\u304c\u4e0a\u4e0b\u3059\u308c\u3070\u5909\u308f\u308b\u3053\u3068\u306b\u306a\u308a\u3001\u307e\u305f\u50b5\u5238\u306f\u671f\u9650\u304c\u3042\u308a\u3001\u682a\u5f0f\u306b\u306f\u671f\u9650\u304c\u306a\u3044\u3068\u3044\u3046\u9055\u3044\u306f\u3042\u308b\u304c\u3001\u300c\u3053\u306e\u8cc7\u7523\u306f\u3069\u308c\u3060\u3051\u306e\u5229\u76ca\u3092\u3082\u305f\u3089\u3057\u3066\u304f\u308c\u308b\u306e\u304b\u300d\u3092\u8003\u3048\u3066\u3086\u304f\u3068\u3044\u3046\u306e\u306f\u3001\u6295\u8cc7\u5bb6\u3068\u3057\u3066\u306e\u57fa\u672c\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u8d85\u9577\u671f\u56fd\u50b5\u306e\u5229\u56de\u308a\u3068\u682a\u4fa1\u6c34\u6e96<\/strong><\/p>\n<p>\u3055\u3066\u300130\u5e74\u7269\u56fd\u50b5\u306e\u5229\u56de\u308a\u304c3.02%\u3067\u3042\u308a\u3001\u682a\u5f0f\u306e\u5229\u56de\u308a\u306e\u4e88\u60f3\u5024\u304c5.02%\u3067\u3042\u308b\u682a\u4fa1\u6c34\u6e96\u306f\u3001\u3084\u3084\u9ad8\u3044\u304c\u3001\u9ad8\u904e\u304e\u308b\u3068\u3044\u3046\u6c34\u6e96\u3067\u3082\u306a\u3044\u3002\u56fd\u50b5\u306e\u5229\u56de\u308a\u304c\u5c11\u306a\u3044\u72b6\u6cc1\u3067\u306f\u3001\u3088\u308a\u5229\u56de\u308a\u306e\u5927\u304d\u3044\u682a\u5f0f\u3092\u8cb7\u304a\u3046\u3068\u3059\u308b\u6295\u8cc7\u5bb6\u3082\u5c45\u308b\u3053\u3068\u3060\u308d\u3046\u3002\u3053\u308c\u304c\u300c\u6295\u8cc7\u5bb6\u306f\u591a\u304f\u306e\u8cc7\u7523\u30af\u30e9\u30b9\u304b\u3089\u8cc7\u7523\u3092\u9078\u629e\u3057\u3066\u8cb7\u3046\u300d\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u682a\u4fa1\u6c34\u6e96\u3092\u8003\u3048\u308b\u6642\u306b\u306f\u3053\u3053\u3092\u8003\u3048\u308b\u5fc5\u8981\u304c\u3042\u308a\u3001\u300cP\/E\uff08\u682a\u4fa1\u53ce\u76ca\u7387\uff09\u304c\u6b74\u53f2\u7684\u6c34\u6e96\u3088\u308a\u9ad8\u3044\u304b\u4f4e\u3044\u304b\u300d\u3092\u8003\u3048\u308b\u30a4\u30a7\u30fc\u30eb\u5927\u5b66\u306e\u30ed\u30d0\u30fc\u30c8\u30fb\u30b7\u30e9\u30fc\u6559\u6388\u306e\u3088\u3046\u306a\u4eba\u3082\u5c45\u308b\u304c\u3001\u5f7c\u306f\u91d1\u878d\u5e02\u5834\u3068\u3044\u3046\u3082\u306e\u3092\u4f55\u3082\u7406\u89e3\u3057\u3066\u3044\u306a\u3044\u3002<\/p>\n<p>\u8a71\u3092\u623b\u3059\u3068\u3001\u8d85\u9577\u671f\u56fd\u50b5\u306e\u767a\u884c\u304c\u3053\u306e\u72b6\u6cc1\u3092\u3069\u3046\u5909\u3048\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u4e0a\u8a18\u306e\u30ea\u30b9\u30c8\u306b50\u5e74\u7269\u3068100\u5e74\u7269\u306e\u5229\u56de\u308a\u3092\u304a\u304a\u3088\u305d\u3067\u4e88\u60f3\u3057\u3066\u52a0\u3048\u3066\u307f\u3088\u3046\u3002\u6bd4\u8f03\u306e\u305f\u3081\u306b\u30b8\u30e3\u30f3\u30af\u50b5\u3082\u8ffd\u52a0\u3057\u3066\u304a\u304f\u3002<\/p>\n<ul>\n<li><strong>10\u5e74\u7269:<\/strong> 2.38%<\/li>\n<li><strong>20\u5e74\u7269:<\/strong> 2.75%<\/li>\n<li><strong>30\u5e74\u7269:<\/strong> 3.02%<\/li>\n<li><strong>50\u5e74\u7269:<\/strong> 3.50-3.80%\uff08\u6982\u7b97\uff09<\/li>\n<li><strong>100\u5e74\u7269:<\/strong> 5-7%\uff08\u6982\u7b97\uff09<\/li>\n<li><strong>\u30b8\u30e3\u30f3\u30af\u50b5:<\/strong> 5-6%<\/li>\n<li><strong>S&amp;P 500:<\/strong> 3.77%\uff082016\u5e743Q\u5b9f\u7e3e\uff09<\/li>\n<li><strong>S&amp;P 500:<\/strong> 5.09%\uff082017\u5e74\u672b\u4e88\u60f3\uff09<\/li>\n<\/ul>\n<p>\u3053\u3046\u306a\u308b\u3002\u6050\u3089\u304f\u3060\u304c\u3001100\u5e74\u7269\u56fd\u50b5\u306e\u5229\u56de\u308a\u306f\u7c73\u56fd\u682a\u306e\u4e88\u60f3\u5229\u56de\u308a\u3092\u8d85\u3048\u3001\u30b8\u30e3\u30f3\u30af\u50b5\u3068\u540c\u3058\u6c34\u6e96\u306b\u306a\u308b\u3060\u308d\u3046\u3002<\/p>\n<p>\u305d\u3046\u306a\u308c\u3070\u3069\u3046\u306a\u308b\u304b\uff1f\u3000\u4ee5\u524d\u306b\u3082\u8a00\u53ca\u3057\u305f\u304c\u3001\u5148\u305a\u8d77\u3053\u308b\u3053\u3068\u306f\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u66b4\u843d\u3060\u308d\u3046\u3002\u30b8\u30e3\u30f3\u30af\u50b5\u3092\u767a\u884c\u3057\u3066\u3044\u308b\u30b7\u30a7\u30fc\u30eb\u4f01\u696d\u306e\u3088\u3046\u306a\u81ea\u8ee2\u8eca\u64cd\u696d\u306e\u4f01\u696d\u306b5\u5e74\u308410\u5e74\u304a\u91d1\u3092\u8cb8\u3059\u3088\u308a\u306f\u3001\u7c73\u56fd\u653f\u5e9c\u306b100\u5e74\u8cb8\u3059\u65b9\u304c\u5b89\u5168\u3060\u3068\u306f\u8a00\u3048\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3002\uff08100\u5e74\u7269\u56fd\u50b5\u306f\u5b9a\u7fa9\u4e0a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u304b\u306a\u308a\u9ad8\u3044\u50b5\u5238\u306b\u306a\u308b\u3068\u3044\u3046\u554f\u984c\u306f\u3042\u308b\u304c\u3001\u6280\u8853\u7684\u306a\u8a71\u306a\u306e\u3067\u3053\u3053\u3067\u306f\u7701\u7565\u3059\u308b\u3002\uff09<\/p>\n<p>\u305d\u3057\u3066\u30b8\u30e3\u30f3\u30af\u50b5\u304c\u66b4\u843d\u3059\u308c\u3070\u3001\u30b8\u30e3\u30f3\u30af\u3067\u306f\u306a\u3044\u793e\u50b5\u306b\u3082\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3060\u308d\u3046\u3002\u50b5\u5238\u306e\u4fa1\u683c\u4e0b\u843d\u306f\u5229\u56de\u308a\u306e\u4e0a\u6607\u3092\u610f\u5473\u3059\u308b\u306e\u3067\u3001\u305d\u3046\u3057\u3066\u4e0a\u8a18\u306e\u5229\u56de\u308a\u306e\u30ea\u30b9\u30c8\u306f\u5f90\u3005\u306b\u6570\u5b57\u304c\u4e0a\u304c\u3063\u3066\u3086\u304f\u3002<\/p>\n<p>\u3053\u3053\u3067\u4f55\u304c\u8a00\u3044\u305f\u3044\u304b\u3068\u8a00\u3048\u3070\u3001\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u3068\u306f\u57fa\u672c\u7684\u306b\u3001\u50b5\u5238\u306e\u5229\u56de\u308a\u3092\u4e0a\u3052\uff08\u4fa1\u683c\u4e0b\u843d\uff09\u3001\u682a\u4fa1\u306e\u5229\u56de\u308a\u3092\u4e0b\u3052\u308b\uff08\u4fa1\u683c\u4e0a\u6607\uff09\u3053\u3068\u3067\u3001\u50b5\u5238\u3068\u682a\u4fa1\u306e\u5229\u56de\u308a\u306e\u5dee\u3092\u7e2e\u3081\u3066\u3086\u304f\u653f\u7b56\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p>\u4f8b\u3048\u30702015\u5e74\u306e\u672b\u306b\u306f30\u5e74\u7269\u56fd\u50b5\u306e\u5229\u56de\u308a\u304c3.01%\u3001\u682a\u5f0f\u304c4.23%\uff08\u5b9f\u7e3e\uff09\u3060\u3063\u305f\u304c\u3001\u305d\u308c\u304c3.02%\u30683.77%\uff08\u5b9f\u7e3e\uff09\u307e\u3067\u72ed\u307e\u3063\u3066\u304d\u3066\u3044\u308b\u8a33\u3067\u3042\u308b\u3002\u4eca\u5f8c\u3001\u682a\u4fa1\u304c\u4e0a\u304c\u308c\u3070\u4e0a\u304c\u308b\u7a0b\u3001\u3053\u306e\u5dee\u304c\u7e2e\u307e\u308b\u3053\u3068\u306b\u306a\u308b\u304c\u3001\u6d41\u77f3\u306b\u4f8b\u3048\u307030\u5e74\u7269\u56fd\u50b5\u3068\u682a\u5f0f\u304c\u540c\u3058\u5229\u56de\u308a\u3067\u306f\u3001\u682a\u5f0f\u3092\u4fdd\u6709\u3059\u308b\u306e\u306f\u5272\u306b\u5408\u308f\u306a\u3044\u3002\u305d\u308c\u306f\u682a\u4fa1\u4e0a\u6607\u306e\u4e0a\u9650\u3067\u3042\u308a\u3001\u6295\u8cc7\u5bb6\u306f\u3053\u306e\u5929\u4e95\u3092\u610f\u8b58\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002<\/p>\n<p>\u305d\u3057\u3066\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u304c\u8d85\u9577\u671f\u56fd\u50b5\u3092\u767a\u884c\u3059\u308c\u3070\u3001\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u682a\u5f0f\u3092\u4fdd\u6709\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u7406\u7531\u306f\u307e\u3059\u307e\u3059\u8584\u304f\u306a\u3063\u3066\u3086\u304f\u3053\u3068\u3060\u308d\u3046\u3002<\/p>\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n<p>\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u6cd5\u4eba\u6e1b\u7a0e\u306f\u4f01\u696d\u5229\u76ca\u3092\u5897\u52a0\u3055\u305b\u3001\u5229\u56de\u308a\u3092\u5411\u4e0a\u3055\u305b\u308b\u3002\u305d\u308c\u304c\u50b5\u5238\u5e02\u5834\u306f\u7d4c\u6e08\u6210\u9577\u3068\u30a4\u30f3\u30d5\u30ec\u3092\u7591\u554f\u8996\u3057\u3066\u3044\u308b\u4e00\u65b9\u3067\u3001\u7c73\u56fd\u682a\u304c\u4e0a\u304c\u308a\u7d9a\u3051\u308b\u7406\u7531\u3067\u3042\u308b\u3002Bridgewater\u3092\u904b\u7528\u3059\u308b\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\u30c0\u30dc\u30b9\u3067\u4ee5\u4e0b\u306e\u8a18\u4e8b\u306e\u3088\u3046\u306b\u8ff0\u3079\u305f\u306e\u3082\u3001\u3053\u3046\u3044\u3046\u8003\u3048\u65b9\u3092\u3059\u308c\u3070\u3088\u308a\u7d0d\u5f97\u304c\u51fa\u6765\u308b\u3060\u308d\u3046\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/5261\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: \u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u3067\u682a\u4fa1\u4e0a\u6607\u306f\u5b8c\u5168\u306b\u8ad6\u7406\u7684<\/a><\/li>\n<\/ul>\n<p>\u305d\u3057\u3066\u305d\u306e\u6c34\u6e96\u304b\u3089\u8a00\u3048\u3070\u3001\u78ba\u304b\u306b\u7c73\u56fd\u682a\u306f\u305d\u308c\u307b\u3069\u5272\u9ad8\u3068\u3044\u3046\u8a33\u3067\u306f\u306a\u3044\u3002\u9577\u671f\u91d1\u5229\u3082\u4e00\u6642\u671f\u3088\u308a\u306f\u843d\u3061\u7740\u3044\u305f\u3068\u3044\u3046\u3053\u3068\u3082\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/02\/2017-2-25-10-year-treasury-note-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5704\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/02\/2017-2-25-10-year-treasury-note-yield-chart.png\" alt=\"\" width=\"600\" height=\"402\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/02\/2017-2-25-10-year-treasury-note-yield-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/02\/2017-2-25-10-year-treasury-note-yield-chart-300x201.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" 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href=\"https:\/\/www.amazon.co.jp\/%E3%83%9E%E3%83%BC%E3%82%B1%E3%83%83%E3%83%88%E3%81%AE%E9%AD%94%E8%A1%93%E5%B8%AB-%EF%BC%8D-%E7%B1%B3%E3%83%88%E3%83%83%E3%83%97%E3%83%88%E3%83%AC%E3%83%BC%E3%83%80%E3%83%BC%E3%81%8C%E8%AA%9E%E3%82%8B%E6%88%90%E5%8A%9F%E3%81%AE%E7%A7%98%E8%A8%A3-%E3%82%B8%E3%83%A3%E3%83%83%E3%82%AF%E3%83%BBD-%E3%82%B7%E3%83%A5%E3%83%AF%E3%83%83%E3%82%AC%E3%83%BC\/dp\/4939103404\/ref=as_li_ss_il?ie=UTF8&amp;qid=1487925926&amp;sr=8-1&amp;keywords=%E3%83%9E%E3%83%BC%E3%82%B1%E3%83%83%E3%83%88%E3%81%AE%E9%AD%94%E8%A1%93%E5%B8%AB&amp;linkCode=li2&amp;tag=globalmacrore-22&amp;linkId=bcb0fc79da74c89e06c9de27860b21c2\" target=\"_blank\"><img decoding=\"async\" src=\"\/\/ws-fe.amazon-adsystem.com\/widgets\/q?_encoding=UTF8&amp;ASIN=4939103404&amp;Format=_SL160_&amp;ID=AsinImage&amp;MarketPlace=JP&amp;ServiceVersion=20070822&amp;WS=1&amp;tag=globalmacrore-22\" border=\"0\" \/><\/a><img loading=\"lazy\" decoding=\"async\" style=\"border: none !important; margin: 0px 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target=\"_blank\">\u30de\u30fc\u30b1\u30c3\u30c8\u306e\u9b54\u8853\u5e2b<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u3067\u7c73\u56fd\u682a\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b\u3002\u30a4\u30f3\u30d5\u30ec\u3068\u7d4c\u6e08\u6210\u9577\u3092\u53cd\u6620\u3059\u308b\u9577\u671f\u91d1\u5229\u306e\u4e0a\u6607\u306f\u9014\u4e2d\u3067\u6b62\u307e\u3063\u3066\u3044\u308b\u304c\u3001\u682a\u4fa1\u306e\u4e0a\u6607\u306f\u7d9a\u3044\u3066\u3044\u308b\u3002\u3053\u308c\u306f\u5e02\u5834\u304c\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u7d4c\u6e08\u653f\u7b56\u306b\u3064\u3044\u3066\u3001\u7d4c\u6e08\u5168\u4f53\u306b\u5e83\u304c\u308b\u3053\u3068\u3092\u7591\u554f\u8996\u3057\u306a\u304c\u3089\u3082\u4f01\u696d\u306b\u306f\u30d7\u30e9 &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/5691\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30e0\u30cb\u30e5\u30fc\u30c1\u30f3\u8ca1\u52d9\u9577\u5b98\u304c100\u5e74\u7269\u56fd\u50b5\u767a\u884c\u306b\u8a00\u53ca\u3001\u7c73\u56fd\u682a\u3078\u306e\u5f71\u97ff\u306f<\/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":[59,118,111,108],"tags":[],"class_list":["post-5691","post","type-post","status-publish","format-standard","hentry","category-us-stock-market","category-us-bond-market","category-stock-markets","category-bond-markets"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/5691","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=5691"}],"version-history":[{"count":19,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/5691\/revisions"}],"predecessor-version":[{"id":5719,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/5691\/revisions\/5719"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=5691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=5691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=5691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}