{"id":5964,"date":"2017-04-03T07:40:26","date_gmt":"2017-04-02T22:40:26","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=5964"},"modified":"2019-12-24T14:52:46","modified_gmt":"2019-12-24T05:52:46","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%e3%81%af%e4%b8%8a%e6%98%87%e3%80%81%e3%81%a7%e3%81%af%e7%b1%b3%e5%9b%bd%e3%81%ae%e4%bd%8f%e5%ae%85%e4%be%a1%e6%a0%bc","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/5964","title":{"rendered":"\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u3067\u682a\u4fa1\u306f\u4e0a\u6607\u3001\u3067\u306f\u7c73\u56fd\u306e\u4f4f\u5b85\u4fa1\u683c\u306f\uff1f"},"content":{"rendered":"<p>2016\u5e7411\u6708\u306e\u30a2\u30e1\u30ea\u30ab\u5927\u7d71\u9818\u9078\u6319\u3067\u30c8\u30e9\u30f3\u30d7\u6c0f\u304c\u52dd\u5229\u3057\u3066\u4ee5\u6765\u3001\u91d1\u878d\u5e02\u5834\u306f\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u7d4c\u6e08\u653f\u7b56\u3092\u671f\u5f85\u3057\u3066\u597d\u8abf\u306b\u63a8\u79fb\u3057\u3066\u3044\u308b\u3002\u3057\u304b\u3057\u305d\u306e\u653f\u7b56\u306f\u307e\u3060\u8b70\u4f1a\u3092\u901a\u3063\u3066\u3082\u3044\u306a\u3044\u305f\u3081\u3001\u6295\u8cc7\u5bb6\u306f\u73fe\u5728\u300c\u91d1\u878d\u5e02\u5834\u304c\u5148\u306b\u53cd\u5fdc\u3057\u3066\u304b\u3089\u5f8c\u3067\u653f\u7b56\u304c\u5b9f\u969b\u306b\u884c\u308f\u308c\u308b\u307e\u3067\u300d\u306e\u7a7a\u767d\u306e\u671f\u9593\u306b\u7f6e\u304b\u308c\u3066\u3044\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u3053\u306e\u7a7a\u767d\u306e\u671f\u9593\u306e\u91d1\u878d\u5e02\u5834\u3068\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u304c\u3069\u3046\u306a\u308b\u304b\u306b\u3064\u3044\u3066\u3001\u5177\u4f53\u7684\u306b\u691c\u8a0e\u3059\u3079\u304d\u6642\u671f\u3060\u308d\u3046\u3002<\/p>\n<p><!--more--><strong>\u5148\u884c\u3059\u308b\u91d1\u878d\u5e02\u5834\u3001\u5f8c\u3092\u8ffd\u3046\u7d4c\u6e08\u653f\u7b56<\/strong><\/p>\n<p>\u5468\u77e5\u306e\u901a\u308a\u3001\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306b\u5bfe\u3059\u308b\u91d1\u878d\u5e02\u5834\u306e\u53cd\u5fdc\u306f\u3001\u5148\u305a\u306f\u682a\u9ad8\u3067\u3042\u308b\u3002\u4ee5\u4e0b\u306f\u7c73\u56fd\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\/2017\/04\/2017-4-2-s-and-p-500-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5967\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/04\/2017-4-2-s-and-p-500-chart.png\" alt=\"\" width=\"600\" height=\"402\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/04\/2017-4-2-s-and-p-500-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/04\/2017-4-2-s-and-p-500-chart-300x201.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>\u305d\u3057\u3066\u3088\u308a\u91cd\u8981\u306a\u306e\u306f\u3001\u4f4f\u5b85\u30ed\u30fc\u30f3\u3084\u81ea\u52d5\u8eca\u30ed\u30fc\u30f3\u306e\u91d1\u5229\u306b\u5f71\u97ff\u3059\u308b\u9577\u671f\u91d1\u5229\u304c\u4e0a\u6607\u3057\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/04\/2017-4-2-us-10-year-treasury-note-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5968\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/04\/2017-4-2-us-10-year-treasury-note-yield-chart.png\" alt=\"\" width=\"600\" height=\"402\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/04\/2017-4-2-us-10-year-treasury-note-yield-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/04\/2017-4-2-us-10-year-treasury-note-yield-chart-300x201.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>\u3053\u306e\u52d5\u304d\u306f\u4e21\u65b9\u3068\u3082\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u6e1b\u7a0e\u3001\u30a4\u30f3\u30d5\u30e9\u6295\u8cc7\u3001\u898f\u5236\u7de9\u548c\u306a\u3069\u306e\u7d4c\u6e08\u653f\u7b56\u3092\u8a55\u4fa1\u3057\u3066\u306e\u3053\u3068\u3067\u3042\u308b\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>\u3057\u304b\u3057\u306a\u304c\u3089\u3001\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306f\u73fe\u5728\u3001\u5171\u548c\u515a\u306e\u4fdd\u5b88\u6d3e\u3068\u306e\u5bfe\u7acb\u304b\u3089\u3001\u8b70\u4f1a\u3092\u8aac\u5f97\u3057\u3066\u653f\u7b56\u3092\u901a\u3059\u3053\u3068\u306b\u6210\u529f\u3057\u3066\u304a\u3089\u305a\u3001\u5e02\u5834\u306f\u30c8\u30e9\u30f3\u30d7\u6c0f\u306e\u653f\u6a29\u904b\u55b6\u80fd\u529b\u3092\u3084\u3084\u5fc3\u914d\u3057\u3066\u3044\u308b\u3002\u4e8b\u5b9f\u3001\u50b5\u5238\u6295\u8cc7\u5bb6\u306e\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u306a\u3069\u306f\u3001\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u304c\u8b70\u4f1a\u3092\u8aac\u5f97\u3059\u308b\u80fd\u529b\u306b\u6b20\u3051\u3066\u3044\u308b\u5834\u5408\u3001\u3053\u308c\u307e\u3067\u306e\u5f37\u6c17\u76f8\u5834\u304c\u632f\u308a\u51fa\u3057\u306b\u623b\u308b\u53ef\u80fd\u6027\u3092\u6307\u6458\u3057\u3066\u3044\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/5903\">\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f: \u30aa\u30d0\u30de\u30b1\u30a2\u4ee3\u66ff\u6cd5\u6848\u304c\u5426\u6c7a\u306a\u3089\u7c73\u56fd\u682a\u6025\u843d\u3078<\/a><\/li>\n<\/ul>\n<p>\u3057\u304b\u3057\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306e\u624b\u8155\u306b\u304b\u304b\u308f\u3089\u305a\u3001\u91d1\u878d\u5e02\u5834\u304c\u5148\u306b\u53cd\u5fdc\u3057\u3001\u653f\u7b56\u304c\u5f8c\u306b\u4ed8\u3044\u3066\u304f\u308b\u3068\u3044\u3046\u9806\u5e8f\u306f\u3069\u306e\u653f\u6a29\u3067\u3082\u5f53\u7136\u306e\u3053\u3068\u3067\u3042\u308a\u3001\u6295\u8cc7\u5bb6\u306f\u305d\u306e\u9806\u5e8f\u306b\u6cbf\u3063\u3066\u6295\u8cc7\u3092\u9032\u3081\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002<\/p>\n<p>\u305d\u3053\u3067\u3001\u653f\u7b56\u304c\u5f90\u3005\u306b\u898b\u3048\u3066\u304f\u308b\u3068\u4e88\u60f3\u3055\u308c\u308b2017\u5e74\u5f8c\u534a\u307e\u3067\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u304c\u3069\u3046\u63a8\u79fb\u3059\u308b\u304b\u3092\u8003\u3048\u308b\u5fc5\u8981\u304c\u3042\u308b\u306e\u3060\u304c\u3001\u305d\u306e\u305f\u3081\u306b\u306f\u69d8\u3005\u306a\u7d4c\u6e08\u6307\u6a19\u3092\u8003\u3048\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002\u5927\u7d71\u9818\u9078\u6319\u5f8c\u306e\u6570\u30f6\u6708\u306e\u30c7\u30fc\u30bf\u304c\u51fa\u63c3\u3063\u305f\u4eca\u306f\u3001\u305d\u308c\u306b\u76f8\u5fdc\u3057\u3044\u6642\u671f\u3068\u8a00\u3048\u308b\u3060\u308d\u3046\u3002<\/p>\n<p><strong>\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u306b\u304a\u3051\u308b\u4e0d\u52d5\u7523\u5e02\u5834<\/strong><\/p>\n<p>\u305d\u3053\u3067\u3001\u5148\u305a\u773a\u3081\u3066\u304a\u304d\u305f\u3044\u306e\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u4e0d\u52d5\u7523\u5e02\u5834\u3067\u3042\u308b\u3002<\/p>\n<p>\u5148\u306b\u8ff0\u3079\u305f\u901a\u308a\u3001\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u3067\u7c73\u56fd\u682a\u306f\u4e0a\u6607\u3057\u305f\u3002\u4e00\u65b9\u3067\u3001\u7d4c\u6e08\u6210\u9577\u3068\u30a4\u30f3\u30d5\u30ec\u3092\u4e88\u60f3\u3057\u305f\u50b5\u5238\u5e02\u5834\u3067\u306f\u9577\u671f\u91d1\u5229\u304c\u4e0a\u6607\u3057\u3066\u304a\u308a\u3001\u9577\u671f\u91d1\u5229\u306e\u4e0a\u6607\u306f\u4f4f\u5b85\u30ed\u30fc\u30f3\u91d1\u5229\u306e\u4e0a\u6607\u306b\u7e4b\u304c\u308b\u305f\u3081\u3001\u6d88\u8cbb\u8005\u304c\u30ed\u30fc\u30f3\u3092\u7d44\u3093\u3067\u4f4f\u5b85\u3092\u8cb7\u3046\u30b3\u30b9\u30c8\u304c\u4e0a\u6607\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u3064\u307e\u308a\u3001\u4f4f\u5b85\u304c\u8cb7\u308f\u308c\u306b\u304f\u304f\u306a\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p>\u3067\u306f\u3001\u4e0d\u52d5\u7523\u4fa1\u683c\u306f\u3069\u3046\u306a\u3063\u305f\u3060\u308d\u3046\u304b\uff1f\u3000\u9577\u671f\u91d1\u5229\u4e0a\u6607\u306e\u60aa\u5f71\u97ff\u3092\u53d7\u3051\u3066\u3044\u308b\u3060\u308d\u3046\u304b\uff1f\u3000\u7b54\u3048\u306f\u4ee5\u4e0b\u306e\u30b1\u30fc\u30b9\u30fb\u30b7\u30e9\u30fc\u4f4f\u5b85\u4fa1\u683c\u6307\u6570\u306e\u4e0a\u6607\u7387\uff08\u524d\u5e74\u540c\u6708\u6bd4\uff09\u306e\u30b0\u30e9\u30d5\u3092\u773a\u3081\u308c\u3070\u5206\u304b\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/04\/2017-jan-case-shiller-home-price-index.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5965\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/04\/2017-jan-case-shiller-home-price-index.png\" alt=\"\" width=\"566\" height=\"392\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/04\/2017-jan-case-shiller-home-price-index.png 566w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/04\/2017-jan-case-shiller-home-price-index-300x208.png 300w\" sizes=\"auto, (max-width: 566px) 100vw, 566px\" \/><\/a><\/p>\n<p>\u30c8\u30e9\u30f3\u30d7\u6c0f\u304c\u52dd\u5229\u3057\u305f11\u6708\u304b\u3089\u6025\u4e0a\u6607\u3092\u958b\u59cb\u3057\u3066\u3044\u308b\u3002\u9577\u671f\u91d1\u5229\u4e0a\u6607\u306e\u60aa\u5f71\u97ff\u306f\u898b\u308b\u5f71\u3082\u306a\u3044\u3002\u3088\u308a\u9577\u671f\u3067\u30c1\u30e3\u30fc\u30c8\u3092\u898b\u308c\u3070\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/04\/2017-jan-case-shiller-home-price-index-middle-term-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5970\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/04\/2017-jan-case-shiller-home-price-index-middle-term-chart.png\" alt=\"\" width=\"566\" height=\"392\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/04\/2017-jan-case-shiller-home-price-index-middle-term-chart.png 566w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/04\/2017-jan-case-shiller-home-price-index-middle-term-chart-300x208.png 300w\" sizes=\"auto, (max-width: 566px) 100vw, 566px\" \/><\/a><\/p>\n<p>\u9577\u3089\u304f\u6a2a\u3070\u3044\u3060\u3063\u305f\u4e0a\u6607\u7387\u304c\u52a0\u901f\u3092\u958b\u59cb\u3057\u3066\u3044\u308b\u3002<\/p>\n<p>\u3053\u308c\u306f\u3069\u3046\u3044\u3046\u3053\u3068\u304b\uff1f\u3000\u7d50\u8ad6\u304b\u3089\u8a00\u3048\u3070\u3001\u9577\u671f\u91d1\u5229\u306e\u52d5\u5411\u3088\u308a\u3082\u7c73\u56fd\u682a\u4e0a\u6607\u306e\u30ea\u30b9\u30af\u30aa\u30f3\u306e\u5f71\u97ff\u3092\u53d7\u3051\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u91d1\u878d\u5e02\u5834\u306f\u9023\u52d5\u3059\u308b<\/strong><\/p>\n<p>\u4f55\u5ea6\u3082\u8a00\u3046\u3088\u3046\u306b\u3001\u6295\u8cc7\u5bb6\u306f\u50b5\u5238\u3084\u4e0d\u52d5\u7523\u3001\u682a\u5f0f\u306a\u3069\u306e\u69d8\u3005\u306a\u8cc7\u7523\u3092\u6bd4\u8f03\u3057\u305f\u4e0a\u3067\u6295\u8cc7\u3092\u3059\u308b\u3002<\/p>\n<p>\u8cc7\u7523\u4fa1\u683c\u304c\u4e0a\u6607\u3059\u308b\u3068\u4f55\u304c\u8d77\u3053\u308b\u304b\u3068\u8a00\u3048\u3070\u3001\u8cc7\u7523\u4fa1\u683c\u3042\u305f\u308a\u306e\u6295\u8cc7\u30ea\u30bf\u30fc\u30f3\u304c\u76f8\u5bfe\u7684\u306b\u6e1b\u5c11\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u4e00\u682a\u5f53\u305f\u308a\u5229\u76ca\u304c10\u30c9\u30eb\u306e\u682a\u304c\u3042\u308c\u3070\u3001100\u30c9\u30eb\u3067\u8cb7\u3048\u3070\u5229\u56de\u308a\u306f10%\u3001200\u30c9\u30eb\u3067\u8cb7\u3048\u3070\u5229\u56de\u308a\u306f5%\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/5758\">\u50b5\u5238\u3068\u306f\u4f55\u304b\uff1f\u3000\u4fa1\u683c\u4e0b\u843d\u3067\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308b\u306e\u306f\u3069\u3046\u3044\u3046\u8a08\u7b97\u304b\uff1f<\/a><\/li>\n<\/ul>\n<p>\u3053\u306e\u8fba\u308a\u306e\u7406\u5c48\u306f\u4e0a\u8a18\u306e\u8a18\u4e8b\u3092\u53c2\u8003\u306b\u3057\u3066\u3082\u3089\u3044\u305f\u3044\u3002\u3053\u308c\u306f\u50b5\u5238\u306e\u8a18\u4e8b\u3060\u304c\u3001\u4e0d\u52d5\u7523\u3082\u682a\u5f0f\u3082\u672c\u8cea\u7684\u306b\u306f\u540c\u3058\u3053\u3068\u3067\u3042\u308a\u3001\u7c73\u56fd\u682a\u304c\u4e0a\u6607\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u7c73\u56fd\u682a\u306e\u6295\u8cc7\u30ea\u30bf\u30fc\u30f3\u304c\u4f4e\u304f\u306a\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p>\u7d50\u679c\u3001\u4f8b\u3048\u3070\u682a\u9ad8\u3067\u7c73\u56fd\u682a\u306e\u6295\u8cc7\u5229\u56de\u308a\u304c5%\u304b\u30894%\u306b\u4f4e\u4e0b\u3057\u305f\u3068\u3059\u308c\u3070\u3001\u305d\u306e\u5206\u3060\u3051\u6295\u8cc7\u5229\u56de\u308a\u306e\u5909\u308f\u3063\u3066\u3044\u306a\u3044\u4ed6\u306e\u8cc7\u7523\u3001\u4f8b\u3048\u3070\u4e0d\u52d5\u7523\u306e\u76f8\u5bfe\u7684\u9b45\u529b\u304c\u5897\u3059\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<p>\u305d\u3046\u3044\u3046\u8a33\u3067\u3001\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u3067\u306f\u682a\u5f0f\u3060\u3051\u3067\u306f\u306a\u304f\u4e0d\u52d5\u7523\u3082\u8cb7\u308f\u308c\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u9577\u671f\u91d1\u5229\u4e0a\u6607\u306e\u60aa\u5f71\u97ff\u306f\u307e\u3060\u51fa\u3066\u3044\u306a\u3044\u3002\u3042\u308b\u3044\u306f\u3001\u6295\u8cc7\u5bb6\u306e\u30ea\u30b9\u30af\u30aa\u30f3\u306e\u96f0\u56f2\u6c17\u304c\u305d\u308c\u306b\u6253\u3061\u52dd\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n<p>\u4e0d\u52d5\u7523\u5e02\u5834\u304c\u682a\u9ad8\u3068\u91d1\u5229\u4e0a\u6607\u306e\u3069\u3061\u3089\u306b\u4ed8\u304f\u3079\u304d\u304b\u3068\u3044\u3046\u554f\u984c\u3067\u6295\u8cc7\u5bb6\u304c\u8ff7\u3063\u305f\u3068\u3044\u3046\u4e8b\u5b9f\u306f\u3001\u4f8b\u3048\u3070\u30a2\u30e1\u30ea\u30ab\u306eREIT\uff08\u4e0d\u52d5\u7523\u6295\u8cc7\u4fe1\u8a17\uff09\u306e\u5024\u52d5\u304d\u3092\u898b\u308c\u3070\u5206\u304b\u308b\u3002\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u8a3c\u5238\u53d6\u5f15\u6240\u306b\u4e0a\u5834\u3059\u308bAnnaly Capital Management (NYSE:NLY)\u306e\u682a\u4fa1\u306f11\u6708\u4ee5\u5f8c\u6a2a\u3070\u3044\u3067\u63a8\u79fb\u3057\u3066\u3044\u305f\u304c\u30012017\u5e74\u306b\u5165\u3063\u3066\u304b\u3089\u4e0a\u6607\u3092\u59cb\u3081\u3066\u3044\u308b\u3002\u682a\u4fa1\u306e\u4e0a\u6607\u3088\u308a\u30822\u30f6\u6708\u9045\u308c\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/04\/2017-4-2-annaly-capital-management-nyse-nly-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5971\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/04\/2017-4-2-annaly-capital-management-nyse-nly-chart.png\" alt=\"\" width=\"600\" height=\"402\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/04\/2017-4-2-annaly-capital-management-nyse-nly-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/04\/2017-4-2-annaly-capital-management-nyse-nly-chart-300x201.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>\u3053\u306e\u9298\u67c4\u306f\u4e0d\u52d5\u7523\u305d\u306e\u3082\u306e\u3067\u306f\u306a\u304f\u3001\u4e3b\u306b\u30e2\u30fc\u30b2\u30fc\u30b8\uff08\u4f4f\u5b85\u30ed\u30fc\u30f3\uff09\u306b\u6295\u8cc7\u3092\u3059\u308b\u6295\u8cc7\u4fe1\u8a17\u3067\u3042\u308b\u306e\u3067\u3001\u9577\u671f\u91d1\u5229\u4e0a\u6607\u306e\u76f4\u63a5\u306e\u5f71\u97ff\u3092\u53d7\u3051\u308b\u306f\u305a\u306a\u306e\u3060\u304c\u3001\u5e02\u5834\u306e\u30e0\u30fc\u30c9\u306f\u30ea\u30b9\u30af\u30aa\u30f3\u3067\u3042\u308b\u3002\u3068\u308a\u3042\u3048\u305a\u306f\u3053\u308c\u304c\u30a2\u30e1\u30ea\u30ab\u306e\u4e0d\u52d5\u7523\u5e02\u5834\u306e\u73fe\u72b6\u3067\u3042\u308b\u3002\u6b21\u306f\u500b\u4eba\u6d88\u8cbb\u306a\u3069\u3001GDP\u306b\u8fd1\u3057\u3044\u90e8\u5206\u3092\u898b\u3066\u3086\u304d\u305f\u3044\u3068\u601d\u3063\u3066\u3044\u308b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2016\u5e7411\u6708\u306e\u30a2\u30e1\u30ea\u30ab\u5927\u7d71\u9818\u9078\u6319\u3067\u30c8\u30e9\u30f3\u30d7\u6c0f\u304c\u52dd\u5229\u3057\u3066\u4ee5\u6765\u3001\u91d1\u878d\u5e02\u5834\u306f\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u7d4c\u6e08\u653f\u7b56\u3092\u671f\u5f85\u3057\u3066\u597d\u8abf\u306b\u63a8\u79fb\u3057\u3066\u3044\u308b\u3002\u3057\u304b\u3057\u305d\u306e\u653f\u7b56\u306f\u307e\u3060\u8b70\u4f1a\u3092\u901a\u3063\u3066\u3082\u3044\u306a\u3044\u305f\u3081\u3001\u6295\u8cc7\u5bb6\u306f\u73fe\u5728\u300c\u91d1\u878d\u5e02\u5834\u304c\u5148\u306b\u53cd\u5fdc\u3057\u3066\u304b\u3089\u5f8c\u3067\u653f\u7b56 &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/5964\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u3067\u682a\u4fa1\u306f\u4e0a\u6607\u3001\u3067\u306f\u7c73\u56fd\u306e\u4f4f\u5b85\u4fa1\u683c\u306f\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":[59,140,139,111,154],"tags":[],"class_list":["post-5964","post","type-post","status-publish","format-standard","hentry","category-us-stock-market","category-us-statistics","category-economic-statistics","category-stock-markets","category-s-and-p-case-shiller-home-price-index"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/5964","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=5964"}],"version-history":[{"count":17,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/5964\/revisions"}],"predecessor-version":[{"id":5986,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/5964\/revisions\/5986"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=5964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=5964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=5964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}