{"id":61668,"date":"2025-03-21T20:00:00","date_gmt":"2025-03-21T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=61668"},"modified":"2025-03-21T00:35:29","modified_gmt":"2025-03-20T15:35:29","slug":"%e3%82%ac%e3%83%b3%e3%83%89%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f%e3%80%81%e7%b1%b3%e5%9b%bd%e6%a0%aa%e6%9c%80%e5%bc%b7%e3%81%ae%e6%99%82%e4%bb%a3%e3%81%8c%e7%b5%82%e3%82%8f%e3%82%8b%e7%90%86%e7%94%b1","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/61668","title":{"rendered":"\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3001\u7c73\u56fd\u682a\u6700\u5f37\u306e\u6642\u4ee3\u304c\u7d42\u308f\u308b\u7406\u7531\u3092\u8aac\u660e\u3059\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\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u4eca\u56de\u306f\u7c73\u56fd\u306e\u682a\u5f0f\u5e02\u5834\u306e\u9577\u671f\u7684\u306a\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u8ff0\u3079\u305f\u90e8\u5206\u3092\u7d39\u4ecb\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u7c73\u56fd\u682a\u306e\u4e0a\u6607\u3068\u91d1\u5229\u306e\u4f4e\u4e0b<\/strong><\/p>\n\n\n\n<p>\u3044\u307e\u3060\u306b\u591a\u304f\u306e\u4eba\u3005\u304c\u3001\u7c73\u56fd\u682a\u306f\u6c38\u9060\u306b\u4e0a\u304c\u308b\u3068\u601d\u3063\u3066\u3044\u308b\u3002\u3057\u304b\u30571989\u5e74\u306b\u65e5\u672c\u3067\u30d0\u30d6\u30eb\u304c\u5d29\u58ca\u3059\u308b\u307e\u3067\u3001\u65e5\u672c\u4eba\u306f\u65e5\u672c\u682a\u304c\u6c38\u9060\u306b\u4e0a\u304c\u308b\u3068\u601d\u3063\u3066\u3044\u305f\u3057\u3001\u4e2d\u56fd\u4eba\u306f\u6570\u5e74\u524d\u307e\u3067\u4e0d\u52d5\u7523\u306f\u6c38\u9060\u306b\u4e0a\u304c\u308b\u3082\u306e\u3060\u3068\u601d\u3063\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u5b9f\u969b\u306b\u306f\u6c38\u9060\u306b\u4e0a\u304c\u308b\u8cc7\u7523\u30af\u30e9\u30b9\u306a\u3069\u5b58\u5728\u3057\u306a\u3044\u3002\u4e8b\u5b9f\u306f\u3068\u8a00\u3048\u3070\u3001\u5358\u306b\u4eba\u3005\u306f\u9577\u671f\u4e0a\u6607\u76f8\u5834\u304c\u7d42\u7109\u3092\u8fce\u3048\u308b\u307e\u3067\u3001\u305d\u308c\u304c\u6c38\u9060\u306b\u7d9a\u304f\u3068\u4fe1\u3058\u7d9a\u3051\u308b\u3068\u3044\u3046\u3060\u3051\u306e\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u7c73\u56fd\u682a\u306b\u3064\u3044\u3066\u306f\u4f55\u304c\u8a00\u3048\u308b\u304b\u3002\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u4ee5\u524d\u6307\u6458\u3057\u3066\u3044\u305f\u306e\u306f\u3001\u7c73\u56fd\u682a\u304c\u9577\u671f\u7684\u306b\u4e0a\u6607\u3057\u7d9a\u3051\u308b\u306e\u306f\u91d1\u5229\u4f4e\u4e0b\u5c40\u9762\u306b\u9650\u308b\u3068\u3044\u3046\u4e8b\u5b9f\u3067\u3042\u308b\u3002\u5f7c\u306f\u6b21\u306e\u3088\u3046\u306b\u8ff0\u3079\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/58640\" data-type=\"post\" data-id=\"58640\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u7c73\u56fd\u682a\u304c\u4e0a\u304c\u308a\u7d9a\u3051\u305f\u904e\u53bb\u6570\u5341\u5e74\u306e\u76f8\u5834\u306f\u3082\u3046\u5e30\u3063\u3066\u3053\u306a\u3044<\/a><\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>1980\u5e74\u524d\u534a\u304b\u30892020\u5e74\u307e\u3067\u306e\u9577\u671f\u91d1\u5229\u306e13%\u306e\u4f4e\u4e0b\u3092\u3082\u3046\u4e00\u5ea6\u7e70\u308a\u8fd4\u305b\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u8ab0\u3067\u3082\u540c\u610f\u3059\u308b\u3060\u308d\u3046\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3060\u304c\u305d\u308c\u3053\u305d\u304c\u904e\u53bb40\u5e74\u7c73\u56fd\u682a\u304c\u4e0a\u304c\u308a\u7d9a\u3051\u305f\u7406\u7531\u3067\u3042\u308b\u3002\u91d1\u5229\u304c\u9577\u671f\u7684\u306b\u4f4e\u4e0b\u3059\u308b\u9650\u308a\u3001\u7c73\u56fd\u682a\u306f\u4e0a\u304c\u308a\u7d9a\u3051\u308b\u3002\u3057\u304b\u3057\u3082\u3046\u91d1\u5229\u306f\u4e0b\u304c\u3063\u3066\u3044\u306a\u3044\u3002\u30a4\u30f3\u30d5\u30ec\u304c\u6765\u305f\u306e\u3067\u4e0b\u3052\u3089\u308c\u306a\u3044\u3002<\/p>\n\n\n\n<p><strong>\u7c73\u56fd\u306e\u5bfe\u5916\u7d14\u8cc7\u7523<\/strong><\/p>\n\n\n\n<p>\u91d1\u5229\u304c\u4f4e\u4e0b\u3067\u304d\u306a\u3044\u3053\u3068\u306f\u7c73\u56fd\u682a\u306e\u9577\u671f\u7684\u306a\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u652f\u914d\u3059\u308b\u8981\u56e0\u306e1\u3064\u3067\u3042\u308b\u3002\u3057\u304b\u3057\u4eca\u56de\u3001\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u306f\u3042\u308b\u30b0\u30e9\u30d5\u3092\u6319\u3052\u3066\u3082\u30461\u3064\u306e\u91cd\u8981\u306a\u8981\u7d20\u3092\u6307\u6458\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u5bfe\u5916\u7d14\u8cc7\u7523\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/03\/2024-3q-us-net-international-investment-position-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"513\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/03\/2024-3q-us-net-international-investment-position-chart.png\" alt=\"\" class=\"wp-image-61693\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/03\/2024-3q-us-net-international-investment-position-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/03\/2024-3q-us-net-international-investment-position-chart-300x257.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/figure>\n\n\n\n<p>\u3053\u308c\u306f\u30a2\u30e1\u30ea\u30ab\u4eba\u304c\u6301\u3064\u6d77\u5916\u8cc7\u7523\u304b\u3089\u3001\u5916\u56fd\u4eba\u304c\u6301\u3064\u7c73\u56fd\u8cc7\u7523\u3092\u5dee\u3057\u5f15\u3044\u305f\u6570\u5b57\u3067\u3042\u308b\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>\u3053\u308c\u304c\u7c73\u56fd\u306e\u5bfe\u5916\u7d14\u8cc7\u7523\u3060\u3002\u3053\u308c\u306f\u8981\u3059\u308b\u306b\u30a2\u30e1\u30ea\u30ab\u306b\u6d41\u308c\u8fbc\u3093\u3060\u6295\u8cc7\u306e\u91d1\u984d\u3092\u793a\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u3053\u306b\u306f\u5916\u56fd\u4eba\u306e\u30a2\u30e1\u30ea\u30ab\u3078\u306e\u6295\u8cc7\u304c\u300115\u5e74\u307b\u3069\u524d\u306e3\u5146\u30c9\u30eb\u304b\u308923.6\u5146\u30c9\u30eb\u306b\u5897\u52a0\u3057\u305f\u3068\u3044\u3046\u4e8b\u5b9f\u304c\u793a\u3055\u308c\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u5bfe\u5916\u7d14\u8cc7\u7523\u304c\u5927\u304d\u306a\u30de\u30a4\u30ca\u30b9\u3060\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u30c9\u30eb\u5efa\u3066\u306e\u8cc7\u7523\u304c\u5916\u56fd\u4eba\u306b\u3088\u3063\u3066\u6240\u6709\u3055\u308c\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u305d\u308c\u306f\u540c\u6642\u306b\u3001\u5916\u56fd\u4eba\u304c\u7c73\u56fd\u306b\u304a\u91d1\u3092\u6ce8\u3044\u3060\u3068\u3044\u3046\u610f\u5473\u3067\u3082\u3042\u308b\u3002\u3060\u304b\u3089\u5bfe\u5916\u7d14\u8cc7\u7523\u306e\u30de\u30a4\u30ca\u30b9\u306f\u3001\u30a2\u30e1\u30ea\u30ab\u3078\u306e\u8cc7\u91d1\u306e\u6d41\u5165\u91cf\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u3001\u3053\u308c\u3053\u305d\u304c\u7c73\u56fd\u682a\u3092\u3053\u308c\u307e\u3067\u652f\u3048\u3066\u304d\u305f\u3082\u30461\u3064\u306e\u8981\u7d20\u3060\u3068\u4e3b\u5f35\u3057\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8a00\u3063\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>20\u5146\u30c9\u30eb\u3082\u30a2\u30e1\u30ea\u30ab\u306b\u8cc7\u91d1\u304c\u6d41\u308c\u8fbc\u3093\u3060\u3053\u3068\u306f\u3001\u660e\u3089\u304b\u306b\u7c73\u56fd\u682a\u304c\u4ed6\u306e\u56fd\u306e\u682a\u5f0f\u5e02\u5834\u3092\u4e0a\u56de\u308b\u539f\u56e0\u3068\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u7c73\u56fd\u3078\u306e\u8cc7\u91d1\u6d41\u5165<\/strong><\/p>\n\n\n\n<p>\u3060\u304c\u3001\u3053\u3053\u3067\u554f\u984c\u304c\u3042\u308b\u3002\u53bb\u5e74\u304b\u3089\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u305f\u3061\u304c\u8a71\u984c\u306b\u3057\u3066\u3044\u308b\u306e\u304c\u3001\u30c9\u30eb\u8cc7\u7523\u304b\u3089\u306e\u8cc7\u91d1\u9003\u907f\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/55210\" data-type=\"post\" data-id=\"55210\">\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f: \u7c73\u56fd\u306f\u50b5\u52d9\u5371\u6a5f\u3092\u4e57\u308a\u5207\u308b\u305f\u3081\u306b\u30c9\u30eb\u3092\u72a0\u7272\u306b\u3057\u4e0b\u843d\u3055\u305b\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u4e00\u756a\u6700\u8fd1\u306e\u4f8b\u3067\u306f\u3001\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u4eca\u5e74\u306b\u5165\u308a\u7c73\u56fd\u682a\u304c\u4e0b\u304c\u308b\u4e2d\u3067\u6b27\u5dde\u682a\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b\u3053\u3068\u3092\u6307\u6458\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\/61544\" data-type=\"post\" data-id=\"61544\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: 2025\u5e74\u3001\u30c9\u30eb\u8cc7\u7523\u304b\u3089\u306e\u9003\u907f\u304c\u59cb\u307e\u3063\u305f<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u6319\u3052\u3066\u3044\u308b\u306e\u306f\u30a6\u30af\u30e9\u30a4\u30ca\u306a\u3069\u3092\u3081\u3050\u308b\u56fd\u969b\u60c5\u52e2\u3067\u3042\u308b\u3002\u305d\u3082\u305d\u3082\u4eca\u6b27\u5dde\u682a\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b\u306e\u306f\u3001\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u304c\u30a6\u30af\u30e9\u30a4\u30ca\u304b\u3089\u624b\u3092\u5f15\u304f\u3053\u3068\u3067\u3001\u30e8\u30fc\u30ed\u30c3\u30d1\u304c\u81ea\u56fd\u306b\u6295\u8cc7\u3057\u3001\u81ea\u5206\u3067\u9632\u885b\u529b\u3092\u5f37\u5316\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304f\u306a\u3063\u305f\u304b\u3089\u3067\u3042\u308b\u3002\u9632\u885b\u8cbb\u306e\u5897\u52a0\u304c\u682a\u9ad8\u3092\u6f14\u51fa\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306f\u3001\u30a2\u30e1\u30ea\u30ab\u304c\u3053\u308c\u307e\u3067\u30d9\u30c8\u30ca\u30e0\u3084\u671d\u9bae\u534a\u5cf6\u3084\u30ea\u30d3\u30a2\u3084\u30b7\u30ea\u30a2\u306b\u4ecb\u5165\u3057\u3066\u304d\u305f\u3088\u3046\u306a\u3001\u305d\u3046\u3044\u3046\u653f\u6cbb\u3092\u6b62\u3081\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u3002\u305d\u308c\u306f\u60aa\u3044\u3053\u3068\u3067\u306f\u306a\u3044\u306e\u3060\u304c\u3001\u305d\u308c\u306f\u5404\u56fd\u304c\u81ea\u7acb\u3057\u3001\u81ea\u56fd\u306b\u6295\u8cc7\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u3092\u610f\u5473\u3059\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304b\u3089\u73fe\u5728\u3001\u7c73\u56fd\u682a\u304c\u4e0b\u304c\u3063\u3066\u3044\u3066\u6b27\u5dde\u682a\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b\u72b6\u6cc1\u306f\u3001\u307e\u3055\u306b\u4e16\u754c\u304b\u3089\u7c73\u56fd\u306b\u96c6\u307e\u3063\u3066\u3044\u305f\u8cc7\u91d1\u304c\u3001\u305d\u308c\u305e\u308c\u306e\u56fd\u3067\u4f7f\u308f\u308c\u3066\u3044\u308b\u72b6\u6cc1\u3092\u610f\u5473\u3057\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002\u30a2\u30e1\u30ea\u30ab\u3082\u4f59\u88d5\u304c\u306a\u304f\u306a\u3063\u305f\u306e\u3067\u4ed6\u56fd\u304b\u3089\u624b\u3092\u5f15\u304f\u304c\u3001\u4ed6\u56fd\u3082\u4ed6\u56fd\u3067\u3088\u305d\u306b\u6295\u8cc7\u3092\u3057\u3066\u3044\u308b\u4f59\u88d5\u304c\u306a\u3044\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u306b\u52a0\u3048\u3066\u3001\u30a6\u30af\u30e9\u30a4\u30ca\u60c5\u52e2\u3067\u30a2\u30e1\u30ea\u30ab\u304c\u4ed6\u56fd\u306e\u30c9\u30eb\u8cc7\u7523\u3092\u7c21\u5358\u306b\u51cd\u7d50\u3067\u304d\u308b\u3068\u3044\u3046\u3053\u3068\u304c\u306f\u3063\u304d\u308a\u3057\u305f\u4eca\u3001BRICS\u8af8\u56fd\u3084\u4e2d\u6771\u8af8\u56fd\u306f\u30c9\u30eb\u8cc7\u7523\u306e\u4fdd\u6709\u3092\u907f\u3051\u3066\u3044\u308b\u3002\u30b8\u30e7\u30cb\u30fc\u30fb\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u304c\u6b21\u306e\u3088\u3046\u306b\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\/55152\" data-type=\"post\" data-id=\"55152\">\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f: \u30a2\u30e1\u30ea\u30ab\u306e\u8ca1\u653f\u554f\u984c\u306f\u3082\u3046\u9577\u304f\u306f\u3082\u305f\u306a\u3044<\/a><\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u30a2\u30e1\u30ea\u30ab\u306f\u305d\u306e\u6c17\u306b\u306a\u308c\u3070\u8ab0\u306e\u91d1\u3067\u3082\u76d7\u3081\u308b\u3068\u3044\u3046\u3053\u3068\u3060\u3002\u3060\u304b\u3089\u5f53\u7136\u6771\u5074\u8af8\u56fd\u306e\u4e2d\u592e\u9280\u884c\u306f\u30c9\u30eb\u5efa\u3066\u306e\u8cc7\u7523\u3092\u30b4\u30fc\u30eb\u30c9\u306b\u7f6e\u304d\u63db\u3048\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u3078\u306e\u8cc7\u91d1\u6d41\u5165\u306f\u3001\u4e00\u65b9\u901a\u884c\u306e\u30c8\u30ec\u30f3\u30c9\u3067\u306f\u306a\u3044\u3002\u3044\u305a\u308c\u9650\u754c\u306b\u9054\u3057\u3001\u5bfe\u5916\u7d14\u8cc7\u7523\u306f\u4e0a\u6607\u3092\u958b\u59cb\u3059\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u306f\u3084\u306f\u308a\u7d50\u5c40\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\u8aac\u660e\u3057\u3066\u3044\u308b\u8987\u6a29\u56fd\u5bb6\u306e\u5bff\u547d\u3068\u95a2\u4fc2\u3057\u3066\u3044\u308b\u3002\u8987\u6a29\u56fd\u5bb6\u306e\u5bff\u547d\u304c\u8fd1\u3065\u3044\u305f\u3068\u304d\u3001\u5bfe\u5916\u7d14\u8cc7\u7523\u306f\u30de\u30a4\u30ca\u30b9\u5e45\u3092\u7e2e\u5c0f\u3057\u59cb\u3081\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u3084BRICS\u8af8\u56fd\u306a\u3069\u306e\u52d5\u304d\u306f\u3001\u5f90\u3005\u306b\u4e8b\u614b\u304c\u9042\u306b\u305d\u306e\u65b9\u5411\u306b\u52d5\u304d\u59cb\u3081\u3066\u3044\u308b\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u305d\u306e\u8cc7\u91d1\u6d41\u5165\u306f\u3001\u91d1\u5229\u4f4e\u4e0b\u3068\u4e26\u3076\u7c73\u56fd\u682a\u306e\u9577\u671f\u4e0a\u6607\u76f8\u5834\u306e\u7406\u7531\u3060\u3063\u305f\u306e\u3067\u3042\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>\u305d\u3046\u3057\u305f\u72b6\u6cc1\u306f\u3001\u307b\u3068\u3093\u3069\u78ba\u5b9f\u306b\u3053\u306e\u8cc7\u91d1\u306e\u6d41\u308c\u304c\u9006\u6d41\u3059\u308b\u3053\u3068\u3092\u610f\u5473\u3057\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u91d1\u5229\u4f4e\u4e0b\u3082\u5bfe\u5916\u7d14\u8cc7\u7523\u306e\u30de\u30a4\u30ca\u30b9\u3082\u6c38\u9060\u3067\u306f\u306a\u3044\u3002\u305d\u308c\u3067\u3082\u7c73\u56fd\u682a\u304c\u6c38\u9060\u306b\u4e0a\u304c\u308a\u7d9a\u3051\u308b\u3068\u8a00\u3046\u4eba\u306f\u3001\u7c73\u56fd\u682a\u304c\u4e21\u8db3\u3092\u5931\u3063\u3066\u3082\u5b99\u306b\u6d6e\u304f\u3068\u3067\u3082\u8a00\u3046\u306e\u3060\u308d\u3046\u304b\u3002<\/p>\n\n\n\n<p>\u8ee2\u63db\u70b9\u304c\u8fd1\u3044\u3002\u6295\u8cc7\u5bb6\u306f\u81ea\u5206\u306e\u9577\u671f\u6295\u8cc7\u306e\u6839\u62e0\u3092\u518d\u78ba\u8a8d\u3059\u3079\u304d\u3067\u3042\u308b\u3002\u7279\u306b20\u5e74\u308430\u5e74\u3067\u7c73\u56fd\u682a\u3092\u8003\u3048\u3066\u3044\u308b\u4eba\u306f\u3001\u78ba\u5b9f\u306b\u3053\u308c\u306b\u5dfb\u304d\u8fbc\u307e\u308c\u308b\u3060\u308d\u3046\u3002<\/p>\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\u3042\u308b\u3002 \u4eca\u56de\u306f\u7c73\u56fd\u306e\u682a\u5f0f\u5e02\u5834\u306e\u9577\u671f\u7684\u306a\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u8ff0\u3079\u305f\u90e8\u5206\u3092\u7d39\u4ecb\u3057\u305f\u3044\u3002<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[59,111],"tags":[131],"class_list":["post-61668","post","type-post","status-publish","format-standard","hentry","category-us-stock-market","category-stock-markets","tag-jeffrey-gundlach"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/61668","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=61668"}],"version-history":[{"count":74,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/61668\/revisions"}],"predecessor-version":[{"id":61743,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/61668\/revisions\/61743"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=61668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=61668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=61668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}