{"id":63566,"date":"2025-04-13T21:08:04","date_gmt":"2025-04-13T12:08:04","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=63566"},"modified":"2025-04-13T21:08:05","modified_gmt":"2025-04-13T12:08:05","slug":"%e3%83%ac%e3%82%a4%e3%83%bb%e3%83%80%e3%83%aa%e3%82%aa%e6%b0%8f-%e6%a0%aa%e4%be%a1%e6%9a%b4%e8%90%bd%e3%81%ae%e5%8e%9f%e5%9b%a0%e3%81%af%e3%83%88%e3%83%a9%e3%83%b3%e3%83%97%e9%96%a2%e7%a8%8e%e3%81%a7","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/63566","title":{"rendered":"\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u682a\u4fa1\u66b4\u843d\u306e\u539f\u56e0\u306f\u30c8\u30e9\u30f3\u30d7\u95a2\u7a0e\u3067\u306f\u306a\u304f\u7c73\u56fd\u50b5\u3092\u4e2d\u5fc3\u3068\u3059\u308b\u91d1\u878d\u79e9\u5e8f\u306e\u5d29\u58ca"},"content":{"rendered":"\n<p>\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9Bridgewater\u5275\u696d\u8005\u306e\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304cBloomberg\u306b\u3088\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3068\u81ea\u8eab\u306e\u30d6\u30ed\u30b0\u3067\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306b\u3088\u308b\u95a2\u7a0e\u3068\u6700\u8fd1\u306e\u91d1\u878d\u5e02\u5834\u306e\u6df7\u4e71\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u95a2\u7a0e\u3068\u666f\u6c17\u5f8c\u9000<\/strong><\/p>\n\n\n\n<p>\u682a\u5f0f\u5e02\u5834\u304c\u4e0b\u843d\u3057\u3066\u3044\u308b\u3002\u4e16\u9593\u3067\u306f\u682a\u5b89\u306e\u539f\u56e0\u306f\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u95a2\u7a0e\u3060\u3068\u8a00\u308f\u308c\u3066\u304a\u308a\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u95a2\u7a0e\u304c\u666f\u6c17\u5f8c\u9000\u3092\u5f15\u304d\u8d77\u3053\u3059\u3053\u3068\u304c\u61f8\u5ff5\u3055\u308c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u682a\u4fa1\u6307\u6570\u3067\u3042\u308bS&amp;P 500\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\/2025-4-13-s-and-p-500-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"551\" height=\"494\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-13-s-and-p-500-chart.png\" alt=\"\" class=\"wp-image-63578\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-13-s-and-p-500-chart.png 551w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-13-s-and-p-500-chart-300x269.png 300w\" sizes=\"auto, (max-width: 551px) 100vw, 551px\" \/><\/a><\/figure>\n\n\n\n<p>\u30c0\u30ea\u30aa\u6c0f\u306f\u3001\u95a2\u7a0e\u306e\u5b9f\u4f53\u7d4c\u6e08\u306e\u5f71\u97ff\u306b\u3064\u3044\u3066\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>\u666f\u6c17\u5f8c\u9000\u306b\u306a\u308b\u53ef\u80fd\u6027\u306f\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u666f\u6c17\u5f8c\u9000\u3068\u306f\u30012\u56db\u534a\u671f\u9023\u7d9a\u3067\u7d4c\u6e08\u6210\u9577\u304c\u30bc\u30ed\u3092\u4e0b\u56de\u308b\u3053\u3068\u3067\u3001\u73fe\u72b6\u3067\u306f\u305d\u3046\u306a\u308b\u53ef\u80fd\u6027\u306f\u5341\u5206\u3042\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3057\u304b\u3057\u30c0\u30ea\u30aa\u6c0f\u306f\u540c\u6642\u306b\u6b21\u306e\u3088\u3046\u306b\u7d9a\u3051\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u3060\u304c2\u56db\u534a\u671f\u307b\u3069\u7d4c\u6e08\u6210\u9577\u304c\u30bc\u30ed\u304b\u3084\u3084\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308b\u3053\u3068\u306a\u3069\u8ab0\u304c\u6c17\u306b\u3059\u308b\u3060\u308d\u3046\u304b\uff1f<\/p>\n\n\n\n<p>\u308f\u305f\u3057\u306f\u305d\u308c\u3088\u308a\u3082\u3082\u3063\u3068\u5927\u304d\u306a\u8981\u56e0\u306b\u3064\u3044\u3066\u5fc3\u914d\u3057\u3066\u3044\u308b\u3002\u305d\u3061\u3089\u306e\u65b9\u304c\u3088\u307b\u3069\u6df1\u523b\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u91d1\u878d\u79e9\u5e8f\u306e\u5d29\u58ca<\/strong><\/p>\n\n\n\n<p>\u30c0\u30ea\u30aa\u6c0f\u306f\u95a2\u7a0e\u304c\u666f\u6c17\u5f8c\u9000\u3092\u5f15\u304d\u8d77\u3053\u3059\u53ef\u80fd\u6027\u306f\u3042\u308b\u3082\u306e\u306e\u3001\u305d\u3093\u306a\u3053\u3068\u3088\u308a\u3082\u3082\u3063\u3068\u91cd\u8981\u306a\u3053\u3068\u304c\u3042\u308b\u3068\u8a00\u3046\u3002<\/p>\n\n\n\n<p>\u30c0\u30ea\u30aa\u6c0f\u306f\u30d6\u30ed\u30b0\u306e\u65b9\u3067\u6b21\u306e\u3088\u3046\u306b\u66f8\u3044\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>\u73fe\u5728\u3001\u4eba\u3005\u306f\u767a\u8868\u3055\u308c\u305f\u95a2\u7a0e\u3068\u3001\u305d\u306e\u91d1\u878d\u5e02\u5834\u3068\u5b9f\u4f53\u7d4c\u6e08\u3078\u306e\u591a\u5927\u306a\u5f71\u97ff\u306b\u5927\u304d\u306a\u6ce8\u610f\u3092\u6255\u3063\u3066\u304a\u308a\u3001\u305d\u308c\u306f\u7406\u89e3\u3067\u304d\u308b\u304c\u3001\u4e00\u65b9\u3067\u305d\u306e\u72b6\u6cc1\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u80cc\u666f\u3068\u3001\u3053\u308c\u304b\u3089\u8d77\u304d\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3082\u3063\u3068\u5927\u304d\u306a\u5d29\u58ca\u306b\u5bfe\u3057\u3066\u306f\u307b\u3068\u3093\u3069\u6ce8\u610f\u304c\u6255\u308f\u308c\u3066\u3044\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u95a2\u7a0e\u3088\u308a\u3082\u6ce8\u610f\u3092\u6255\u3046\u3079\u304d\u3088\u307b\u3069\u91cd\u8981\u306a\u3053\u3068\u306f\u3001\u91d1\u878d\u30fb\u653f\u6cbb\u30fb\u5730\u653f\u5b66\u306e\u5927\u304d\u306a\u79e9\u5e8f\u304c\u5d29\u58ca\u3057\u304b\u304b\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30c0\u30ea\u30aa\u6c0f\u306e\u8a00\u3046\u5927\u304d\u306a\u79e9\u5e8f\u3068\u306f\u3001\u30a2\u30e1\u30ea\u30ab\u3068\u30c9\u30eb\u3092\u4e2d\u5fc3\u3068\u3057\u305f\u4e16\u754c\u79e9\u5e8f\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u30c9\u30eb\u3092\u4e2d\u5fc3\u3068\u3057\u305f\u4e16\u754c\u79e9\u5e8f<\/strong><\/p>\n\n\n\n<p>\u6226\u5f8c\u3001\u4e16\u754c\u7d4c\u6e08\u306f\u30c9\u30eb\u3092\u4e2d\u5fc3\u306b\u56de\u3063\u3066\u304d\u305f\u3002\u30e8\u30fc\u30ed\u30c3\u30d1\u8af8\u56fd\u3084\u65e5\u672c\u3001\u4e2d\u56fd\u306a\u3069\u306e\u56fd\u3005\u306f\u653f\u5e9c\u3067\u3082\u6c11\u9593\u3067\u3082\u30c9\u30eb\u5efa\u3066\u8cc7\u7523\u3092\u5927\u91cf\u306b\u8cfc\u5165\u3057\u3001\u30c9\u30eb\u306e\u4fa1\u5024\u304c\u4e0b\u304c\u3089\u306a\u3044\u3053\u3068\u3092\u524d\u63d0\u306b\u7d4c\u6e08\u306f\u52d5\u3044\u3066\u304d\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u30a2\u30e1\u30ea\u30ab\u4eba\u306e\u5074\u3082\u5916\u56fd\u4eba\u304c\u7c73\u56fd\u50b5\u3092\u8cb7\u3063\u3066\u304f\u308c\u308b\u3068\u3044\u3046\u3053\u3068\u3092\u524d\u63d0\u306b\u3001\u653f\u5e9c\u50b5\u52d9\u3092\u5897\u3084\u305b\u308b\u3060\u3051\u5897\u3084\u3057\u3066\u304d\u305f\u3002\u30b3\u30ed\u30ca\u5f8c\u306b\u4e16\u754c\u7684\u306a\u30a4\u30f3\u30d5\u30ec\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u83ab\u5927\u306a\u73fe\u91d1\u7d66\u4ed8\u306e\u305f\u3081\u306b\u5927\u91cf\u306e\u7c73\u56fd\u50b5\u304c\u767a\u884c\u3055\u308c\u3066\u3082\u3001\u7c73\u56fd\u50b5\u304c\u7121\u79e9\u5e8f\u306a\u66b4\u843d\u3068\u306f\u306a\u3089\u306a\u304b\u3063\u305f\u306e\u306f\u7c73\u56fd\u50b5\u306e\u8cb7\u3044\u624b\u304c\u4e16\u754c\u4e2d\u306b\u3044\u305f\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u30c0\u30ea\u30aa\u6c0f\u306b\u3088\u308c\u3070\u3001\u305d\u308c\u306f\u5909\u308f\u308a\u3064\u3064\u3042\u308b\u3002\u30c0\u30ea\u30aa\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>\u91d1\u878d\u3068\u7d4c\u6e08\u306e\u79e9\u5e8f\u306f\u5d29\u58ca\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u3002\u5de8\u984d\u306e\u8ca0\u50b5\u304c\u3042\u308a\u3001\u5897\u52a0\u306e\u901f\u5ea6\u304c\u901f\u3059\u304e\u3001\u73fe\u5728\u306e\u91d1\u878d\u5e02\u5834\u3068\u5b9f\u4f53\u7d4c\u6e08\u306f\u3053\u306e\u6301\u7d9a\u4e0d\u53ef\u80fd\u306a\u5de8\u984d\u306e\u50b5\u52d9\u306b\u3088\u3063\u3066\u652f\u3048\u3089\u308c\u3066\u3044\u308b\u304b\u3089\u3060\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u8ca0\u50b5\u304c\u6301\u7d9a\u4e0d\u53ef\u80fd\u306a\u306e\u306f\u3001\u8ca1\u653f\u304c\u8ca0\u50b5\u306b\u4f9d\u5b58\u3057\u3066\u3044\u308b\u305f\u3081\u306b\u5de8\u984d\u306e\u8ca0\u50b5\u3092\u5897\u3084\u3057\u7d9a\u3051\u3056\u308b\u3092\u5f97\u306a\u3044\u50b5\u52d9\u8005\uff08\u4f8b\u3048\u3070\u30a2\u30e1\u30ea\u30ab\uff09\u3068\u3001\u65e2\u306b\u5de8\u984d\u306e\u50b5\u5238\u3092\u4fdd\u6709\u3057\u3066\u304a\u308a\u3001\u7d4c\u6e08\u3092\u652f\u3048\u308b\u305f\u3081\u306b\u30a2\u30e1\u30ea\u30ab\u306e\u3088\u3046\u306a\u50b5\u52d9\u8005\u306b\u5546\u54c1\u3092\u58f2\u308a\u3064\u3051\u308b\u3053\u3068\u306b\u4f9d\u5b58\u3057\u3066\u3044\u308b\u50b5\u6a29\u8005\uff08\u4f8b\u3048\u3070\u4e2d\u56fd\uff09\u306e\u9593\u306b\u4e0d\u5747\u8861\u304c\u767a\u751f\u3057\u3066\u3044\u308b\u304b\u3089\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u30a2\u30e1\u30ea\u30ab\u3068\u4e2d\u56fd\u306e\u76f8\u4e92\u4f9d\u5b58<\/strong><\/p>\n\n\n\n<p>\u307e\u305a\u91cd\u8981\u306a\u306e\u306f\u3001\u30b3\u30ed\u30ca\u5f8c\u306e\u91d1\u5229\u4e0a\u6607\u3067\u7c73\u56fd\u50b5\u306e\u5229\u6255\u3044\u8cbb\u7528\u304c\u6025\u5897\u3057\u3001\u7c73\u56fd\u653f\u5e9c\u306f\u56fd\u50b5\u306e\u5229\u6255\u3044\u3092\u65b0\u305f\u306a\u56fd\u50b5\u306e\u767a\u884c\u3067\u8cc4\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u65b0\u305f\u306a\u56fd\u50b5\u306b\u306f\u5f53\u7136\u65b0\u305f\u306a\u5229\u6255\u3044\u304c\u751f\u3058\u308b\u305f\u3081\u3001\u3053\u306e\u307e\u307e\u3067\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u653f\u5e9c\u50b5\u52d9\u306f\u6307\u6570\u95a2\u6570\u7684\u306b\u5897\u3048\u3066\u3086\u304f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/61404\" data-type=\"post\" data-id=\"61404\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u8ca1\u653f\u8d64\u5b57\u7d99\u7d9a\u306a\u3089\u7c73\u56fd\u50b5\u306f\u30b7\u30e7\u30c3\u30ad\u30f3\u30b0\u306a\u72b6\u6cc1\u306b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u307e\u305f\u3001\u6b21\u306b\u91cd\u8981\u306a\u306e\u306f\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u50b5\u52d9\u81a8\u5f35\u306e\u88cf\u306b\u306f\u4e2d\u56fd\u306e\u58f2\u4e0a\u304c\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u4e2d\u56fd\u4eba\u304c\u7c73\u56fd\u50b5\u3092\u8cb7\u3044\u3001\u30a2\u30e1\u30ea\u30ab\u4eba\u306b\u91d1\u3092\u8cb8\u3057\u3066\u304d\u305f\u4e00\u65b9\u3067\u3001\u30a2\u30e1\u30ea\u30ab\u306f\u4e2d\u56fd\u76f8\u624b\u306e\u8cbf\u6613\u8d64\u5b57\u3092\u62b1\u3048\u3066\u3044\u308b\u308f\u3051\u3060\u304b\u3089\u3001\u4e2d\u56fd\u4eba\u306f\u81ea\u5206\u304c\u91d1\u3092\u8cb8\u3057\u3066\u3044\u308b\u30a2\u30e1\u30ea\u30ab\u4eba\u306b\u3001\u8f38\u51fa\u54c1\u3092\u58f2\u308a\u3064\u3051\u3066\u304d\u305f\u308f\u3051\u3067\u3042\u308b\u3002\u3044\u308f\u3070\u3001\u4e2d\u56fd\u4eba\u306f\u30a2\u30e1\u30ea\u30ab\u3092\u901a\u3057\u3066\u81ea\u5206\u306e\u304a\u91d1\u3067\u81ea\u5206\u306e\u88fd\u54c1\u3092\u8cb7\u3063\u3066\u304d\u305f\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3002\u88fd\u54c1\u305d\u306e\u3082\u306e\u306f\u30a2\u30e1\u30ea\u30ab\u4eba\u306e\u3082\u306e\u306b\u306a\u308b\u306e\u3060\u304c\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u4e2d\u56fd\u3067\u3082\u4e0d\u52d5\u7523\u30d0\u30d6\u30eb\u306e\u5d29\u58ca\u306b\u3088\u3063\u3066\u7d4c\u6e08\u304c\u7acb\u3061\u884c\u304b\u306a\u304f\u306a\u3063\u3066\u3044\u308b\u3002\u305d\u3053\u306b\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u304c\u3001\u4e2d\u56fd\u304b\u3089\u306e\u8f38\u5165\u306b\u95a2\u7a0e\u3092\u304b\u3051\u308b\u3068\u3044\u3046\u8105\u3057\u3092\u304b\u3051\u305f\u3002\u30a2\u30e1\u30ea\u30ab\u306f\u4e2d\u56fd\u304c\u4fe1\u7528\u3067\u304d\u306a\u3044\u305f\u3081\u3001\u4e2d\u56fd\u304b\u3089\u8f38\u5165\u3057\u3066\u3044\u305f\u5546\u54c1\u3092\u81ea\u56fd\u3067\u4f5c\u308d\u3046\u3068\u3057\u3066\u3044\u308b\u304c\u3001\u4eca\u66f4\u30a2\u30e1\u30ea\u30ab\u4eba\u304c\u5de5\u5834\u3067\u50cd\u304f\u3088\u3046\u306a\u88fd\u9020\u696d\u3092\u3084\u308b\u3053\u3068\u306f\u5bb9\u6613\u3067\u306f\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u307e\u305f\u3001\u4e2d\u56fd\u306e\u65b9\u3067\u3082\u7c73\u56fd\u50b5\u306e\u4fdd\u6709\u3092\u5897\u3084\u3057\u904e\u304e\u305f\u3068\u611f\u3058\u3066\u3044\u308b\u3002\u81ea\u5206\u306e\u304a\u91d1\u3067\u4ed6\u4eba\u306b\u81ea\u5206\u306e\u5546\u54c1\u3092\u8cb7\u308f\u305b\u308b\u3088\u3046\u306a\u3053\u3068\u306f\u6c38\u9060\u306b\u306f\u7d9a\u3051\u3089\u308c\u306a\u3044\u3002\u3053\u306e\u307e\u307e\u7c73\u56fd\u50b5\u306e\u5927\u91cf\u767a\u884c\u304c\u7d9a\u3051\u3070\u7c73\u56fd\u50b5\u306e\u4fa1\u5024\u304c\u6bc0\u640d\u3055\u308c\u3001\u640d\u3092\u3059\u308b\u306e\u306f\u7c73\u56fd\u50b5\u3092\u65e2\u306b\u6301\u3063\u3066\u3044\u308b\u4e2d\u56fd\u3084\u65e5\u672c\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304b\u3089\u4e2d\u56fd\u306e\u65b9\u3082\u7c73\u56fd\u50b5\u306e\u4fdd\u6709\u3092\u6e1b\u3089\u3057\u305f\u3044\u306e\u3060\u304c\u3001\u30a2\u30e1\u30ea\u30ab\u306b\u304a\u91d1\u3092\u8cb8\u3055\u306a\u3044\u3053\u3068\u306f\u30a2\u30e1\u30ea\u30ab\u304c\u4e2d\u56fd\u306e\u88fd\u54c1\u3092\u8cb7\u3048\u306a\u3044\u3053\u3068\u3092\u610f\u5473\u3059\u308b\u3002<\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u3082\u4e2d\u56fd\u3082\u3001\u3053\u306e\u76f8\u4e92\u4f9d\u5b58\u95a2\u4fc2\u306f\u4f55\u3068\u304b\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3068\u601d\u3063\u3066\u3044\u308b\u306e\u3060\u304c\u3001\u305d\u3053\u304b\u3089\u96e2\u8131\u3059\u308b\u3053\u3068\u306f\u75db\u307f\u3092\u4f34\u3046\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30c0\u30ea\u30aa\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>\u81ea\u7d66\u81ea\u8db3\u306e\u91cd\u8981\u6027\u3092\u3081\u3050\u308b\u5927\u56fd\u540c\u58eb\u306e\u4e00\u7a2e\u306e\u6226\u4e89\u306e\u7d50\u679c\u3001\u3053\u3046\u3044\u3046\u72b6\u6cc1\u304c\u751f\u3058\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u30c9\u30eb\u3068\u7c73\u56fd\u50b5\u304b\u3089\u306e\u9003\u907f<\/strong><\/p>\n\n\n\n<p>\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306f\u3001\u3053\u306e\u76f8\u4e92\u4f9d\u5b58\u95a2\u4fc2\u306e\u89e3\u6d88\u3092\u5f37\u884c\u3057\u305f\u3068\u8a00\u3048\u308b\u3002\u3060\u304c\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u304c\u4e2d\u56fd\u3092\u7a81\u304d\u653e\u3059\u3053\u3068\u306f\u3001\u30a2\u30e1\u30ea\u30ab\u3068\u30c9\u30eb\u3092\u4e2d\u5fc3\u3068\u3057\u305f\u91d1\u878d\u79e9\u5e8f\u306e\u5d29\u58ca\u3092\u610f\u5473\u3059\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304b\u3089\u91d1\u878d\u5e02\u5834\u3067\u306f\u3001\u682a\u5b89\u306e\u88cf\u3067\u30c9\u30eb\u5b89\u304c\u9032\u3093\u3060\u3002\u4ee5\u4e0b\u306f\u30c9\u30eb\u5143\u306e\u30c1\u30e3\u30fc\u30c8\u3060\u304c\u3001\u521d\u3081\u306f\u682a\u5b89\u306b\u3044\u3064\u3082\u306e\u3088\u3046\u306b\u30c9\u30eb\u306e\u4e0a\u6607\u3067\u53cd\u5fdc\u3057\u3066\u3044\u305f\u3082\u306e\u304c\u3001\u9014\u4e2d\u3067\u6025\u306b\u30c9\u30eb\u5b89\u306b\u8ee2\u63db\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\/2025-4-12-usdcnh-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"551\" height=\"494\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-12-usdcnh-chart.png\" alt=\"\" class=\"wp-image-63575\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-12-usdcnh-chart.png 551w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-12-usdcnh-chart-300x269.png 300w\" sizes=\"auto, (max-width: 551px) 100vw, 551px\" \/><\/a><\/figure>\n\n\n\n<p>\u305d\u3057\u3066\u3053\u306e\u30c9\u30eb\u5b89\u304c\u4e2d\u56fd\u3068\u65e5\u672c\u306e\u7c73\u56fd\u50b5\u4fdd\u6709\u8005\u306b\u30c0\u30e1\u30fc\u30b8\u3092\u4e0e\u3048\u305f\u3002\u30c9\u30eb\u5b89\u306b\u3088\u308a\u7c73\u56fd\u50b5\u306b\u542b\u307f\u640d\u3092\u62b1\u3048\u305f\u65e5\u672c\u3084\u4e2d\u56fd\u306e\u91d1\u878d\u6a5f\u95a2\u304c\u7c73\u56fd\u50b5\u3092\u6295\u3052\u58f2\u308a\u3057\u305f\u305f\u3081\u3001\u682a\u5b89\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u7c73\u56fd\u50b5\u304c\u4e0b\u843d\u3057\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u9577\u671f\u91d1\u5229\u304c\u4e0a\u6607\u3057\u3066\u3044\u308b\u306e\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\/04\/2025-4-12-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\/2025-4-12-us-10-year-treasury-bond-yield-chart.png\" alt=\"\" class=\"wp-image-63505\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-12-us-10-year-treasury-bond-yield-chart.png 551w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-12-us-10-year-treasury-bond-yield-chart-300x269.png 300w\" sizes=\"auto, (max-width: 551px) 100vw, 551px\" \/><\/a><\/figure>\n\n\n\n<p>\u3053\u3093\u306a\u3053\u3068\u306f\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u3067\u3082\u8d77\u3053\u3089\u306a\u304b\u3063\u305f\u3002\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u3067\u3082\u56fd\u50b5\u3060\u3051\u306f\u4e0a\u304c\u308a\u3001\u91d1\u5229\u306f\u4f4e\u4e0b\u3057\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u30c9\u30eb\u304b\u3089\u306e\u8cc7\u91d1\u9003\u907f<\/strong><\/p>\n\n\n\n<p>\u3068\u3044\u3046\u3053\u3068\u3067\u3001\u76f8\u4e92\u4f9d\u5b58\u306e\u89e3\u6d88\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u8cbf\u6613\u8d64\u5b57\u306e\u7e2e\u5c0f\u3068\u3068\u3082\u306b\u3001\u30c9\u30eb\u5b89\u3092\u3082\u305f\u3089\u3059\u3002\u305d\u308c\u306f\u6226\u5f8c80\u5e74\u306e\u91d1\u878d\u79e9\u5e8f\u306e\u5d29\u58ca\u3067\u3042\u308a\u3001\u57fa\u8ef8\u901a\u8ca8\u30c9\u30eb\u306e\u5d29\u58ca\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3064\u307e\u308a\u3001\u3053\u306e\u682a\u5b89\u306e\u88cf\u306b\u306f\u30c9\u30eb\u3068\u7c73\u56fd\u50b5\u306e80\u5e74\u306e\u5de8\u5927\u30d0\u30d6\u30eb\u306e\u5d29\u58ca\u304c\u304b\u304b\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308a\u3001\u30c0\u30ea\u30aa\u6c0f\u306f\u305d\u308c\u306f\u95a2\u7a0e\u306a\u3069\u306e\u679d\u8449\u672b\u7bc0\u306e\u554f\u984c\u3088\u308a\u3082\u3088\u307b\u3069\u6df1\u523b\u3060\u3068\u8a00\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30c0\u30ea\u30aa\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>\u901a\u8ca8\u306f\u3001\u305d\u308c\u306f\u8981\u3059\u308b\u306b\u56fd\u50b5\u3060\u304c\u3001\u305d\u308c\u306f\u3082\u306e\u3092\u4ea4\u63db\u3059\u308b\u305f\u3081\u306e\u624b\u6bb5\u3067\u3042\u308a\u3001\u4fa1\u5024\u306e\u8caf\u8535\u624b\u6bb5\u3060\u3068\u8003\u3048\u3089\u308c\u3066\u304d\u305f\u3002\u3060\u304c\u56fd\u50b5\u306e\u9700\u8981\u3068\u4f9b\u7d66\u306a\u3069\u306e\u554f\u984c\u306b\u3088\u308a\u3001\u56fd\u50b5\u304c\u679c\u305f\u3057\u3066\u4fa1\u5024\u306e\u8caf\u8535\u624b\u6bb5\u3068\u3057\u3066\u6709\u52b9\u306a\u306e\u304b\u3069\u3046\u304b\u3068\u3044\u3046\u3053\u3068\u304c\u7591\u554f\u8996\u3055\u308c\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>80\u5e74\u5206\u306e\u8cc7\u91d1\u304c\u30c9\u30eb\u3068\u7c73\u56fd\u50b5\u3001\u305d\u3057\u3066\u6050\u3089\u304f\u306f\u7c73\u56fd\u682a\u304b\u3089\u629c\u3051\u51fa\u305d\u3046\u3068\u3057\u3066\u3044\u308b\u3068\u3059\u308c\u3070\u3001\u305d\u306e\u8cc7\u91d1\u306f\u4f55\u51e6\u306b\u884c\u304f\u306e\u304b\u3002<\/p>\n\n\n\n<p>\u4e01\u5ea6\u3001\u30c9\u30eb\u304c\u4eba\u6c11\u5143\u306b\u5bfe\u3057\u3066\u4e0b\u843d\u3057\u59cb\u3081\u305f\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u9ad8\u5024\u3092\u66f4\u65b0\u3057\u305f\u8cc7\u7523\u304c\u3042\u308b\u3002\u30b4\u30fc\u30eb\u30c9\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\/04\/2025-4-13-gold-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"551\" height=\"494\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-13-gold-chart.png\" alt=\"\" class=\"wp-image-63580\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-13-gold-chart.png 551w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-13-gold-chart-300x269.png 300w\" sizes=\"auto, (max-width: 551px) 100vw, 551px\" \/><\/a><\/figure>\n\n\n\n<p>\u3053\u3053\u306e\u8aad\u8005\u306a\u3089\u77e5\u3063\u3066\u306e\u901a\u308a\u3001\u7b46\u8005\u304c\u53bb\u5e74\u306e\u5f8c\u534a\u304b\u3089\u4f55\u5ea6\u3082\u8a18\u4e8b\u306b\u3057\u3066\u304d\u305f\u9298\u67c4\u3053\u305d\u304c\u30b4\u30fc\u30eb\u30c9\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/57960\" data-type=\"post\" data-id=\"57960\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u4eba\u3005\u304c\u81ea\u56fd\u901a\u8ca8\u306e\u7121\u4fa1\u5024\u3055\u306b\u6c17\u4ed8\u304f\u306b\u3064\u308c\u3066\u30b4\u30fc\u30eb\u30c9\u3084\u30b7\u30eb\u30d0\u30fc\u3078\u306e\u9003\u907f\u304c\u52a0\u901f\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30b8\u30e7\u30cb\u30fc\u30fb\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u306a\u3069\u306f\u30d4\u30f3\u30dd\u30a4\u30f3\u30c8\u306b\u7c73\u56fd\u682a\u304b\u3089\u30b4\u30fc\u30eb\u30c9\u3078\u306e\u4e57\u308a\u63db\u3048\u3092\u4e3b\u5f35\u3057\u3066\u3044\u305f\u3002\u5927\u5f53\u305f\u308a\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/60550\" data-type=\"post\" data-id=\"60550\">\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f: \u682a\u5f0f\u306f\u58f2\u308a\u6642\u3001\u682a\u5f0f\u304b\u3089\u30b4\u30fc\u30eb\u30c9\u3078\u306e\u8cc7\u7523\u9003\u907f\u304c\u59cb\u307e\u308b<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/60835\" data-type=\"post\" data-id=\"60835\">\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f: \u30b4\u30fc\u30eb\u30c9\u306f\u307e\u3060\u307e\u3060\u904e\u5c0f\u8a55\u4fa1\u3055\u308c\u3066\u3044\u308b\u3001\u672c\u683c\u7684\u306a\u91d1\u4fa1\u683c\u4e0a\u6607\u306f\u3053\u3053\u304b\u3089<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u6295\u8cc7\u5bb6\u306f\u95a2\u7a0e\u306a\u3069\u306e\u76ee\u5148\u306e\u3053\u3068\u306f\u5fd8\u308c\u3066\u3001\u3053\u3046\u3057\u305f\u5927\u304d\u306a\u8cc7\u91d1\u306e\u6d41\u308c\u306b\u76ee\u3092\u5411\u3051\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u305d\u306e\u4e2d\u5fc3\u306b\u306f\u3001\u8987\u6a29\u56fd\u5bb6\u30a2\u30e1\u30ea\u30ab\u304c\u3001\u6b74\u53f2\u4e0a\u306e\u307b\u304b\u306e\u8987\u6a29\u56fd\u5bb6\u3068\u540c\u3058\u3088\u3046\u306b\u3001\u50b5\u52d9\u81a8\u5f35\u3068\u30a4\u30f3\u30d5\u30ec\u3067\u8870\u9000\u3057\u3066\u3086\u304f\u3068\u3044\u3046\u30c0\u30ea\u30aa\u6c0f\u306e\u56fd\u5bb6\u306e\u76db\u8870\u306e\u7406\u8ad6\u304c\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30c0\u30ea\u30aa\u6c0f\u306e\u56fd\u5bb6\u306e\u30b5\u30a4\u30af\u30eb\u306e\u8a71\u306f\u8457\u66f8\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\u89e3\u8aac\u3055\u308c\u3066\u3044\u308b\u3002\u3053\u3053\u307e\u3067\u306e\u8a71\u3082\u305d\u3053\u306b\u66f8\u304b\u308c\u3066\u3044\u308b\u4e88\u60f3\u901a\u308a\u3068\u8a00\u3048\u308b\u3002\u672a\u8aad\u306e\u4eba\u306f\u8aad\u3093\u3067\u304a\u304f\u3079\u304d\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u30c0\u30ea\u30aa\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\u306f\u666e\u901a\u306e\u666f\u6c17\u5f8c\u9000\u306e\u72b6\u6cc1\u3067\u306f\u306a\u3044\u3002\u91d1\u878d\u5e02\u5834\u306e\u79e9\u5e8f\u305d\u306e\u3082\u306e\u304c\u5909\u308f\u308d\u3046\u3068\u3057\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\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9Bridgewater\u5275\u696d\u8005\u306e\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304cBloomberg\u306b\u3088\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3068\u81ea\u8eab\u306e\u30d6\u30ed\u30b0\u3067\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306b\u3088\u308b\u95a2\u7a0e\u3068\u6700\u8fd1\u306e\u91d1\u878d\u5e02\u5834\u306e\u6df7\u4e71\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":[118,108],"tags":[102],"class_list":["post-63566","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-bond-markets","tag-ray-dalio"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/63566","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=63566"}],"version-history":[{"count":21,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/63566\/revisions"}],"predecessor-version":[{"id":63590,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/63566\/revisions\/63590"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=63566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=63566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=63566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}