{"id":62545,"date":"2025-04-01T20:00:00","date_gmt":"2025-04-01T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=62545"},"modified":"2025-04-01T17:17:53","modified_gmt":"2025-04-01T08:17:53","slug":"%e3%82%ac%e3%83%b3%e3%83%89%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f-%e9%87%91%e5%88%a9%e4%b8%8a%e6%98%87%e3%81%ab%e3%82%88%e3%82%8b%e5%90%84%e5%9b%bd%e3%81%ae%e5%82%b5%e5%8b%99%e5%8d%b1%e6%a9%9f%e3%81%8c","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/62545","title":{"rendered":"\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u91d1\u5229\u4e0a\u6607\u306b\u3088\u308b\u5404\u56fd\u306e\u50b5\u52d9\u5371\u6a5f\u304c\u6226\u4e89\u306b\u7e4b\u304c\u308b"},"content":{"rendered":"\n<p>DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304cThe insightful Investor\u306e\u914d\u4fe1\u52d5\u753b\u3067\u3001\u9577\u671f\u7684\u306a\u91d1\u5229\u52d5\u5411\u3068\u6226\u4e89\u306e\u95a2\u4fc2\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u4f4e\u91d1\u5229\u306e\u6642\u4ee3\u306e\u7d42\u308f\u308a<\/strong><\/p>\n\n\n\n<p>\u50b5\u5238\u306e\u5c02\u9580\u5bb6\u3067\u3042\u308b\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u4eca\u56de\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u8a9e\u3063\u3066\u3044\u308b\u306e\u306f\u91d1\u5229\u306e\u9577\u671f\u7684\u306a\u52d5\u304d\u306b\u3064\u3044\u3066\u3067\u3042\u308b\u3002\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8a9e\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>\u6570\u5e74\u524d\u307e\u3067\u653f\u7b56\u91d1\u5229\u306f\u30bc\u30ed\u3067\u300110\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u306f1.5%\u3001\u6295\u8cc7\u5bb6\u306f\u5229\u56de\u308a\u3092\u6c42\u3081\u3066\u30ea\u30b9\u30af\u8cc7\u7523\u306b\u7fa4\u304c\u3063\u3066\u3044\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3060\u304c\u30b3\u30ed\u30ca\u5f8c\u306b\u884c\u308f\u308c\u305f\u73fe\u91d1\u7d66\u4ed8\u306b\u3088\u3063\u3066\u7269\u4fa1\u304c\u9ad8\u9a30\u3057\u3001\u305d\u308c\u3092\u6291\u3048\u308b\u305f\u3081\u306b\u91d1\u5229\u306f\u4e0a\u6607\u3057\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/50460\" data-type=\"post\" data-id=\"50460\">\u30c8\u30e9\u30f3\u30d7\u6c0f: \u73fe\u91d1\u7d66\u4ed8\u3067\u30a4\u30f3\u30d5\u30ec\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u306e\u306f\u30d0\u30a4\u30c7\u30f3\u6c0f\u3060<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\u306f\u6b21\u306e\u3088\u3046\u306b\u63a8\u79fb\u3057\u3066\u3044\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\/04\/2025-4-1-us-10-year-treasury-bond-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"551\" height=\"494\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-1-us-10-year-treasury-bond-yield-chart.png\" alt=\"\" class=\"wp-image-62556\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-1-us-10-year-treasury-bond-yield-chart.png 551w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-1-us-10-year-treasury-bond-yield-chart-300x269.png 300w\" sizes=\"auto, (max-width: 551px) 100vw, 551px\" \/><\/a><\/figure>\n\n\n\n<p>\u305d\u3057\u3066\u91d1\u5229\u306f\u3001\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306e\u4e88\u60f3\u3067\u306f\u3001\u4f4e\u4e0b\u3057\u7d9a\u3051\u305f\u3053\u308c\u307e\u306740\u5e74\u306e\u72b6\u6cc1\u306b\u306f\u3082\u3046\u623b\u3089\u306a\u3044\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u91d1\u5229\u306f\u5e95\u3092\u6253\u3063\u3066\u304a\u308a\u3001\u9577\u671f\u306e\u91d1\u5229\u4e0a\u6607\u30b5\u30a4\u30af\u30eb\u306b\u5165\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u306e\u304c\u308f\u305f\u3057\u306e\u8003\u3048\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u5229\u6255\u3044\u304c\u9632\u885b\u8cbb\u3092\u5727\u8feb\u3059\u308b<\/strong><\/p>\n\n\n\n<p>\u3053\u3053\u306e\u8aad\u8005\u306b\u306f\u5468\u77e5\u306e\u8a71\u984c\u3060\u304c\u3001\u554f\u984c\u306f\u3001\u3053\u308c\u307e\u3067\u7a4d\u307f\u4e0a\u304c\u3063\u3066\u304d\u305f\u83ab\u5927\u306a\u653f\u5e9c\u50b5\u52d9\u306b\u5229\u6255\u3044\u304c\u767a\u751f\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u307e\u3067\u306f\u3069\u308c\u3060\u3051\u50b5\u52d9\u3092\u7a4d\u307f\u4e0a\u3052\u3066\u3082\u91d1\u5229\u306f\u307b\u3068\u3093\u3069\u30bc\u30ed\u3060\u3063\u305f\u306e\u3060\u304c\u3001\u91d1\u5229\u304c\u4e0a\u304c\u3063\u305f\u4eca\u3067\u306f\u653f\u5e9c\u50b5\u52d9\u306f\u5927\u304d\u306a\u554f\u984c\u3068\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u4f55\u6545\u306a\u3089\u3070\u3001\u56fd\u50b5\u306e\u5229\u6255\u3044\u8cbb\u7528\u304c\u653f\u5e9c\u306e\u4ed6\u306e\u652f\u51fa\u3092\u5727\u8feb\u3057\u59cb\u3081\u3066\u3044\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/57641\" data-type=\"post\" data-id=\"57641\">\u30df\u30ec\u30a4\u5927\u7d71\u9818\u3001\u30a4\u30f3\u30d5\u30ec\u653f\u7b56\u3092\u6c38\u9060\u306b\u7d9a\u3051\u308b\u3068\u3069\u3046\u306a\u308b\u304b\u3092\u8a9e\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8a9e\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>\u3053\u306e\u56fd\u50b5\u306e\u5229\u6255\u3044\u306e\u554f\u984c\u304c\u3069\u3046\u306a\u308b\u304b\u3092\u8003\u3048\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002\u4eca\u3084\u56fd\u50b5\u306e\u5229\u6255\u3044\u306f\u9632\u885b\u8cbb\u3088\u308a\u3082\u9ad8\u304f\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>NATO\u3084\u5730\u653f\u5b66\u7684\u306a\u72b6\u6cc1\u5168\u822c\u306b\u3064\u3044\u3066\u898b\u3066\u307f\u308b\u3068\u826f\u3044\u3002\u4eca\u65e5\u306e\u30cb\u30e5\u30fc\u30b9\u3067\u898b\u305f\u306e\u306f\u3001\u30d5\u30e9\u30f3\u30b9\u3068\u30a4\u30ae\u30ea\u30b9\u304c\u30a6\u30af\u30e9\u30a4\u30ca\u3092\u9632\u885b\u3059\u308b\u3068\u3057\u3066\u3082\u3001\u30a4\u30bf\u30ea\u30a2\u306f\u53c2\u52a0\u3057\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3060\u3002\u8208\u5473\u6df1\u3044\u3053\u3068\u3067\u306f\u306a\u3044\u304b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u56fd\u304c\u8c4a\u304b\u3067\u3042\u308b\u9593\u306f\u3001\u5148\u9032\u56fd\u540c\u58eb\u304c\u55a7\u5629\u3092\u3057\u306a\u3044\u72b6\u6cc1\u304c\u7d9a\u3044\u3066\u3044\u305f\u3002\u30a2\u30e1\u30ea\u30ab\u3092\u4e2d\u5fc3\u3068\u3057\u305f\u5148\u9032\u56fd\u304c\u4e2d\u6771\u3084\u30d9\u30c8\u30ca\u30e0\u3084\u671d\u9bae\u534a\u5cf6\u3067\u7121\u8336\u82e6\u8336\u306a\u3053\u3068\u3092\u3084\u308d\u3046\u3068\u3001\u5148\u9032\u56fd\u306b\u5927\u304d\u306a\u53cd\u5bfe\u306f\u306a\u304b\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u5148\u9032\u56fd\u306e\u8ca1\u653f\u304c\u903c\u8feb\u3057\u3066\u304f\u308b\u3068\u3001\u6226\u4e89\u3092\u3084\u308a\u305f\u3044\u30b0\u30eb\u30fc\u30d7\u3068\u6226\u4e89\u3092\u3084\u308a\u305f\u304f\u306a\u3044\u30b0\u30eb\u30fc\u30d7\u306b\u5206\u88c2\u3057\u59cb\u3081\u308b\u3002\u4eca\u3067\u306f\u30a2\u30e1\u30ea\u30ab\u3084\u30a4\u30bf\u30ea\u30a2\u304c\u30a6\u30af\u30e9\u30a4\u30ca\u3068\u8ddd\u96e2\u3092\u7f6e\u304d\u59cb\u3081\u3001\u30a4\u30ae\u30ea\u30b9\u3068\u30d5\u30e9\u30f3\u30b9\u306f\u524d\u306e\u3081\u308a\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u5206\u88c2\u3057\u305f\u6b27\u7c73\u8af8\u56fd\u3092\u898b\u3066\u3001\u3053\u308c\u307e\u3067\u597d\u304d\u52dd\u624b\u306b\u3055\u308c\u3066\u3044\u305f\u56fd\u3005\u304c\u53cd\u6483\u3057\u59cb\u3081\u308b\u3002\u305d\u308c\u304c\u30bf\u30ea\u30d0\u30f3\u306e\u30a2\u30d5\u30ac\u30cb\u30b9\u30bf\u30f3\u596a\u9084\u3067\u3042\u308a\u3001\u30ed\u30b7\u30a2\u306e\u30a6\u30af\u30e9\u30a4\u30ca\u4fb5\u653b\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/14983\" data-type=\"post\" data-id=\"14983\">\u30bf\u30ea\u30d0\u30f3\u306e\u30a2\u30d5\u30ac\u30cb\u30b9\u30bf\u30f3\u65e9\u671f\u5236\u5727\u306b\u898b\u308b\u30a2\u30e1\u30ea\u30ab\u306e\u5e1d\u56fd\u4e3b\u7fa9<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/50513\" data-type=\"post\" data-id=\"50513\">\u30c8\u30e9\u30f3\u30d7\u6c0f: \u30ed\u30b7\u30a2\u304c\u30a6\u30af\u30e9\u30a4\u30ca\u306b\u4fb5\u653b\u3057\u305f\u7406\u7531<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u826f\u3044\u304b\u60aa\u3044\u304b\u3067\u306f\u306a\u3044\u3002\u8ca1\u653f\u304c\u305d\u306e\u3088\u3046\u306b\u50be\u304f\u3068\u3001\u5730\u653f\u5b66\u7684\u72b6\u6cc1\u3082\u305d\u306e\u3088\u3046\u306b\u306a\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u4e88\u60f3\u3057\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\u3046\u3057\u305f\u72b6\u6cc1\u306f\u591a\u304f\u306e\u5834\u5408\u3001\u5185\u6226\u3084\u4e16\u754c\u5927\u6226\u306e\u3088\u3046\u306a\u5927\u304d\u306a\u4e89\u3044\u306b\u7e4b\u304c\u308b\u3002\u4eba\u985e\u306f80\u5e74\u307b\u3069\u306e\u5468\u671f\u3067\u305d\u308c\u3092\u7e70\u308a\u8fd4\u3059\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u3055\u3066\u3001\u3053\u3053\u306e\u8aad\u8005\u306a\u3089\u3070\u3053\u308c\u306f\u4f55\u51e6\u304b\u3067\u805e\u3044\u305f\u8a71\u3060\u3068\u601d\u3063\u305f\u306e\u3067\u306f\u306a\u3044\u304b\u3002\u91d1\u5229\u306e\u30b5\u30a4\u30af\u30eb\u304c\u8987\u6a29\u56fd\u5bb6\u306e\u8987\u6a29\u306b\u5f71\u97ff\u3057\u3001\u305d\u308c\u304c\u6226\u4e89\u3068\u5e73\u548c\u306e\u30b5\u30a4\u30af\u30eb\u3092\u4f5c\u308a\u51fa\u3059\u3002\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306e\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\u8a73\u3057\u304f\u8aac\u660e\u3055\u308c\u3066\u3044\u308b\u56fd\u5bb6\u306e\u7e41\u6804\u3068\u8870\u9000\u306e\u30b5\u30a4\u30af\u30eb\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u512a\u308c\u305f\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u305f\u3061\u306e\u610f\u898b\u306f\u3001\u9577\u671f\u7684\u306b\u306f\u4e00\u81f4\u3057\u3066\u3044\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>\u591a\u304f\u306e\u4eba\u304c\u7570\u306a\u308b\u8868\u73fe\u306e\u4ed5\u65b9\u3067\u540c\u3058\u3053\u3068\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\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>DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304cThe insightful Investor\u306e\u914d\u4fe1\u52d5\u753b\u3067\u3001\u9577\u671f\u7684\u306a\u91d1\u5229\u52d5\u5411\u3068\u6226\u4e89\u306e\u95a2\u4fc2\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[182,118,108,88],"tags":[131],"class_list":["post-62545","post","type-post","status-publish","format-standard","hentry","category-european-politics-and-cultures","category-us-bond-market","category-bond-markets","category-politics-and-cultures","tag-jeffrey-gundlach"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/62545","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=62545"}],"version-history":[{"count":41,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/62545\/revisions"}],"predecessor-version":[{"id":62587,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/62545\/revisions\/62587"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=62545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=62545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=62545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}