{"id":66708,"date":"2025-06-19T20:00:00","date_gmt":"2025-06-19T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=66708"},"modified":"2025-06-19T00:39:40","modified_gmt":"2025-06-18T15:39:40","slug":"%e3%82%ac%e3%83%b3%e3%83%89%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f-%e4%b8%ad%e5%a4%ae%e9%8a%80%e8%a1%8c%e3%81%ab%e8%b2%b7%e3%82%8f%e3%82%8c%e3%82%8b%e3%82%b4%e3%83%bc%e3%83%ab%e3%83%89%e3%80%81%e6%8d%a8","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/66708","title":{"rendered":"\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u4e2d\u592e\u9280\u884c\u306b\u8cb7\u308f\u308c\u308b\u30b4\u30fc\u30eb\u30c9\u3001\u6368\u3066\u3089\u308c\u308b\u30c9\u30eb\u3068\u7c73\u56fd\u50b5"},"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\u3001Bloomberg\u306b\u3088\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u4eca\u56de\u306f\u91d1\u76f8\u5834\u306b\u3064\u3044\u3066\u8ff0\u3079\u3066\u3044\u308b\u90e8\u5206\u3092\u7d39\u4ecb\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u7c73\u56fd\u50b5\u3068\u30b4\u30fc\u30eb\u30c9<\/strong><\/p>\n\n\n\n<p>\u3053\u308c\u307e\u3067\u306e\u8a18\u4e8b\u3067\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u30014\u6708\u306e\u682a\u5b89\u3067\u4e00\u7dd2\u306b\u4e0b\u843d\u3057\u305f\u7c73\u56fd\u50b5\u306f\u3082\u306f\u3084\u5b89\u5168\u8cc7\u7523\u3068\u3057\u3066\u6a5f\u80fd\u3057\u3066\u3044\u306a\u3044\u3068\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\/66655\" data-type=\"post\" data-id=\"66655\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u7c73\u56fd\u50b5\u306f\u3082\u306f\u3084\u5b89\u5168\u8cc7\u7523\u3067\u306f\u306a\u3044<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30ea\u30b9\u30af\u8cc7\u7523\u3068\u4e00\u7dd2\u306b\u4e0b\u843d\u3059\u308b\u306a\u3089\u3070\u305d\u308c\u306f\u30ea\u30b9\u30af\u8cc7\u7523\u306a\u306e\u3067\u3042\u308b\u3002\u30ea\u30b9\u30af\u8cc7\u7523\u304c\u4e0b\u843d\u3057\u305f\u6642\u306b\u4e0a\u6607\u3059\u308b\u306e\u304c\u5b89\u5168\u8cc7\u7523\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u306e\u6642\u306b\u306f\u3001\u7c73\u56fd\u50b5\u306f\u4e0a\u6607\u3057\u30b4\u30fc\u30eb\u30c9\u306f\u4e0b\u843d\u3057\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/4454\" data-type=\"post\" data-id=\"4454\">\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u3067\u6025\u843d\u3057\u305f\u91d1\u4fa1\u683c\u3001\u4e0a\u6607\u3057\u305f\u7c73\u56fd\u50b5<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304b\u3089\u3053\u306e\u610f\u5473\u3067\u306f\u30b4\u30fc\u30eb\u30c9\u306f\u3053\u308c\u307e\u3067\u5b89\u5168\u8cc7\u7523\u3067\u306f\u306a\u304b\u3063\u305f\u3002\u3060\u304c\u305d\u308c\u304c\u5909\u308f\u308a\u3064\u3064\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u7c73\u56fd\u50b5\u304b\u3089\u30b4\u30fc\u30eb\u30c9\u3078\u306e\u30d1\u30e9\u30c0\u30a4\u30e0\u30b7\u30d5\u30c8<\/strong><\/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>\u308f\u308c\u308f\u308c\u306f\u975e\u5e38\u306b\u5927\u304d\u306a\u30d1\u30e9\u30c0\u30a4\u30e0\u30b7\u30d5\u30c8\u306b\u76f4\u9762\u3057\u3066\u3044\u308b\u3002\u8cc7\u91d1\u306f\u30a2\u30e1\u30ea\u30ab\u306b\u6d41\u5165\u3057\u306a\u304f\u306a\u308a\u3001\u9577\u671f\u7c73\u56fd\u50b5\u306f\u3082\u306f\u3084\u5b89\u5168\u8cc7\u7523\u3067\u306f\u306a\u304f\u3001\u7a81\u5982\u30b4\u30fc\u30eb\u30c9\u304c\u305d\u306e\u4ee3\u308f\u308a\u3068\u306a\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u7c73\u56fd\u50b5\u304c\u5371\u3046\u3044\u3068\u3044\u3046\u3053\u3068\u306f\u53bb\u5e74\u304b\u3089\u8a00\u308f\u308c\u3066\u3044\u305f\u3002\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u3001\u53bb\u5e749\u6708\u304b\u3089\u306e\u5229\u4e0b\u3052\u3067\u9577\u671f\u56fd\u50b5\u306e\u91d1\u5229\u304c\u3080\u3057\u308d\u4e0a\u6607\u3057\u305f\u3053\u3068\u304b\u3089\u3001\u7c73\u56fd\u50b5\u304b\u3089\u8cc7\u91d1\u304c\u6d41\u51fa\u3057\u3066\u3044\u308b\u3068\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\/58610\" data-type=\"post\" data-id=\"58610\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u5229\u4e0b\u3052\u3067\u9577\u671f\u91d1\u5229\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b\u306e\u306f\u7c73\u56fd\u50b5\u66b4\u843d\u306e\u4e88\u5146<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u3057\u3066\u7c73\u56fd\u50b5\u306e\u75c5\u72b6\u306f4\u6708\u306e\u682a\u5b89\u3067\u682a\u4fa1\u3068\u4e00\u7dd2\u306b\u4e0b\u843d\u3057\u305f\u3053\u3068\u306b\u3088\u3063\u3066\u3082\u3046\u4e00\u6b69\u60aa\u5316\u3057\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/64264\" data-type=\"post\" data-id=\"64264\">\u30b5\u30de\u30fc\u30ba\u6c0f: \u30c9\u30eb\u3068\u7c73\u56fd\u682a\u3068\u7c73\u56fd\u50b5\u306e\u30c8\u30ea\u30d7\u30eb\u5b89\u3001\u30a2\u30e1\u30ea\u30ab\u304b\u3089\u8cc7\u91d1\u304c\u6d41\u51fa\u3057\u3066\u3044\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304c\u3053\u306e\u6642\u306b\u4e0b\u843d\u3057\u305f\u7c73\u56fd\u50b5\u306e\u4ee3\u308f\u308a\u306b\u4e0a\u304c\u3063\u305f\u3082\u306e\u304c\u3042\u308b\u3002\u30b4\u30fc\u30eb\u30c9\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u66b4\u9a30\u3059\u308b\u30b4\u30fc\u30eb\u30c9<\/strong><\/p>\n\n\n\n<p>\u3053\u3053\u306e\u8aad\u8005\u306f\u77e5\u3063\u3066\u306e\u901a\u308a\u3001\u7b46\u8005\u306f\u53bb\u5e74\u306e\u5f8c\u534a\u304b\u3089\u6012\u6d9b\u306e\u52e2\u3044\u3067\u30b4\u30fc\u30eb\u30c9\u306e\u8a18\u4e8b\u3092\u91cf\u7523\u3057\u3066\u304d\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/49783\" data-type=\"post\" data-id=\"49783\">\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f: \u30b4\u30fc\u30eb\u30c9\u3068\u30b7\u30eb\u30d0\u30fc\u306e\u672c\u5f53\u306e\u4e0a\u3052\u76f8\u5834\u306f\u3053\u308c\u304b\u3089 (2024\/6\/10)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/55940\" data-type=\"post\" data-id=\"55940\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u30a4\u30f3\u30d5\u30ec\u3067\u3082\u30c7\u30d5\u30ec\u3067\u3082\u91d1\u4fa1\u683c\u306f\u4e0a\u6607\u3059\u308b (2024\/11\/4)<\/a><\/li>\n\n\n\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 (2025\/1\/3)<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u308c\u304c\u4f55\u306e\u305f\u3081\u3060\u3063\u305f\u304b\u3001\u4eca\u306a\u3089\u3070\u660e\u767d\u3060\u308d\u3046\u3002\u91d1\u4fa1\u683c\u306f\u53bb\u5e74\u304b\u3089\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\/06\/2025-6-19-gold-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"537\" height=\"460\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/06\/2025-6-19-gold-chart.png\" alt=\"\" class=\"wp-image-66747\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/06\/2025-6-19-gold-chart.png 537w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/06\/2025-6-19-gold-chart-300x257.png 300w\" sizes=\"auto, (max-width: 537px) 100vw, 537px\" \/><\/a><\/figure>\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>Costco\u306f\u30b4\u30fc\u30eb\u30c9\u3092\u6d88\u8cbb\u8005\u5411\u3051\u306b\u8ca9\u58f2\u3057\u3001\u5728\u5eab\u306f\u3059\u3050\u306b\u306a\u304f\u306a\u3063\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u6295\u8cc7\u5bb6\u306e\u307f\u306a\u3089\u305a\u4e00\u822c\u306e\u6d88\u8cbb\u8005\u306b\u3082\u30b4\u30fc\u30eb\u30c9\u304c\u58f2\u308c\u3066\u3044\u308b\u3068\u3059\u308c\u3070\u3001\u305d\u308c\u306f\u8208\u5473\u6df1\u3044\u3053\u3068\u3067\u3042\u308b\u3002\u65e5\u672c\u306e\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\u3088\u3046\u3084\u304f\u7c73\u56fd\u682a\u306e\u5b58\u5728\u306b\u6c17\u4ed8\u304d\u59cb\u3081\u305f\u9803\u306b\u306f\u3001\u4e16\u754c\u3067\u306f\u65b0\u305f\u306a\u5225\u306e\u30c8\u30ec\u30f3\u30c9\u304c\u751f\u307e\u308c\u3066\u3044\u308b\u3002\u7c73\u56fd\u682a\u306f\u3082\u3046\u6570\u5341\u5e74\u524d\u306b\u898b\u3066\u304a\u304f\u3079\u304d\u3060\u3063\u305f\u3060\u308d\u3046\u3002\u796d\u308a\u306f\u3082\u3046\u7d42\u308f\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\/61668\" data-type=\"post\" data-id=\"61668\">\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<\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>\u30b4\u30fc\u30eb\u30c9\u4e0a\u6607\u306e\u7406\u7531<\/strong><\/p>\n\n\n\n<p>\u91d1\u4fa1\u683c\u306e\u6025\u4e0a\u6607\u306b\u3064\u3044\u3066\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>\u91d1\u4fa1\u683c\u304c1,800\u30c9\u30eb\u3060\u3063\u305f\u306e\u306f\u305d\u308c\u307b\u3069\u524d\u306e\u3053\u3068\u3067\u306f\u306a\u3044\u3002\u3060\u304c2,000\u30c9\u30eb\u3092\u8d85\u3048\u305f\u5f8c\u3001\u4e00\u76f4\u7dda\u306b\u4e0a\u6607\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u30b4\u30fc\u30eb\u30c9\u306f\u4eca\u3084\u672c\u7269\u306e\u8cc7\u7523\u30af\u30e9\u30b9\u3068\u306a\u3063\u305f\u3002\u3082\u306f\u3084\u7d42\u672b\u8ad6\u8005\u3084\u904e\u6fc0\u306a\u6295\u6a5f\u5bb6\u3060\u3051\u306e\u3082\u306e\u3067\u306f\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u4eca\u3084\u307e\u3068\u3082\u306a\u8cc7\u7523\u30af\u30e9\u30b9\u3068\u3057\u3066\u898b\u3089\u308c\u3066\u304a\u308a\u3001\u4e2d\u592e\u9280\u884c\u304c\u30b4\u30fc\u30eb\u30c9\u3092\u7a4d\u307f\u4e0a\u3052\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u91d1\u4fa1\u683c\u4e0a\u6607\u306e\u91cd\u8981\u306a\u8981\u56e0\u306e1\u3064\u306f\u3001\u5404\u56fd\u306e\u4e2d\u592e\u9280\u884c\u304c\u30c9\u30eb\u306e\u4fdd\u6709\u3092\u6e1b\u3089\u3057\u3066\u4ee3\u308f\u308a\u306b\u30b4\u30fc\u30eb\u30c9\u3092\u7a4d\u307f\u4e0a\u3052\u3066\u3044\u308b\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u4e2d\u592e\u9280\u884c\u306e\u8cb7\u3044\u306b\u3088\u308b\u91d1\u4fa1\u683c\u306e\u4e0a\u6607\u306b\u3064\u3044\u3066\u306f\u53bb\u5e74\u306e10\u6708\u306b\u30b8\u30e7\u30cb\u30fc\u30fb\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u304c\u65e2\u306b\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\/55076\" data-type=\"post\" data-id=\"55076\">\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f: \u91d1\u4fa1\u683c\u304c\u3068\u3093\u3067\u3082\u306a\u304f\u4e0a\u6607\u3057\u3066\u3044\u308b\u7406\u7531<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304c\u305d\u308c\u306f\u307e\u3060\u9577\u671f\u30c8\u30ec\u30f3\u30c9\u306e\u59cb\u307e\u308a\u306b\u904e\u304e\u306a\u3044\u3002<\/p>\n\n\n\n<p><strong>\u4e2d\u592e\u9280\u884c\u306e\u30b4\u30fc\u30eb\u30c9\u8cb7\u3044<\/strong><\/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>\u30b4\u30fc\u30eb\u30c9\u306f\u305a\u3063\u3068\u57cb\u3082\u308c\u3066\u3044\u305f\u3002\u4e2d\u592e\u9280\u884c\u304c\u4fdd\u6709\u3092\u6e1b\u3089\u3057\u3066\u3044\u305f\u304b\u3089\u3060\u3002\u4e2d\u592e\u9280\u884c\u306f\u305d\u308c\u3092\u8cb7\u3044\u623b\u3057\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30b4\u30fc\u30eb\u30c9\u306f\u304b\u3064\u3066\u4e2d\u592e\u9280\u884c\u306b\u3068\u3063\u3066\u5fc5\u9808\u306e\u8cc7\u7523\u3060\u3063\u305f\u3002\u30b4\u30fc\u30eb\u30c9\u306f\u4e16\u754c\u5171\u901a\u306e\u901a\u8ca8\u3060\u3063\u305f\u304b\u3089\u3060\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u305d\u3053\u304b\u3089\u30c9\u30eb\u304c\u305d\u306e\u5ea7\u3092\u596a\u3063\u305f\u3002\u3060\u304b\u3089\u4e2d\u592e\u9280\u884c\u306f\u5f90\u3005\u306b\u30b4\u30fc\u30eb\u30c9\u3092\u58f2\u308a\u3001\u30c9\u30eb\u3092\u5897\u3084\u3057\u3066\u3044\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u304c\u6b21\u306e\u3088\u3046\u306b\u8a00\u3063\u3066\u3044\u305f\u3053\u3068\u3092\u601d\u3044\u51fa\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/55076\" data-type=\"post\" data-id=\"55076\">\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f: \u91d1\u4fa1\u683c\u304c\u3068\u3093\u3067\u3082\u306a\u304f\u4e0a\u6607\u3057\u3066\u3044\u308b\u7406\u7531<\/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\u306b\u306f\u3001\u4e16\u754c\u306e\u4e2d\u592e\u9280\u884c\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e74%\u306f\u30b4\u30fc\u30eb\u30c9\u3060\u3063\u305f\u300274%\u3060\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u4eca\u3067\u306f20%\u3060\u3002\u3053\u308c\u306f\u5927\u5e45\u306a\u4e0b\u843d\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u305d\u308c\u3053\u305d\u304c\u30c9\u30eb\u306e\u8987\u6a29\u3060\u3063\u305f\u3002\u3060\u304c\u4eca\u3084\u7c73\u56fd\u50b5\u306e\u4fe1\u983c\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u8ca1\u653f\u8d64\u5b57\u3084\u30a6\u30af\u30e9\u30a4\u30ca\u6226\u4e89\u4ee5\u5f8c\u306e\u30c9\u30eb\u3092\u4f7f\u3063\u305f\u7d4c\u6e08\u5236\u88c1\u3067\u63fa\u3089\u3044\u3067\u304a\u308a\u3001\u30a2\u30e1\u30ea\u30ab\u3078\u306e\u4f9d\u5b58\u3092\u6e1b\u3089\u3057\u305f\u3044\u56fd\u306e\u4e2d\u592e\u9280\u884c\u306f\u30c9\u30eb\u3084\u7c73\u56fd\u50b5\u3092\u6025\u3044\u3067\u30b4\u30fc\u30eb\u30c9\u306b\u66ff\u3048\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/66496\" data-type=\"post\" data-id=\"66496\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u57fa\u8ef8\u901a\u8ca8\u30c9\u30eb\u306b\u3088\u308b\u30a2\u30e1\u30ea\u30ab\u4f8b\u5916\u4e3b\u7fa9\u306e\u6642\u4ee3\u306f\u7d42\u308f\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u4e2d\u592e\u9280\u884c\u306e\u30b4\u30fc\u30eb\u30c9\u58f2\u308a\u304c\u30b4\u30fc\u30eb\u30c9\u8cb7\u3044\u306b\u5909\u308f\u308b\u3068\u304d\u3001\u305d\u306e\u9577\u671f\u30c8\u30ec\u30f3\u30c9\u306e\u8ee2\u63db\u304c\u8d77\u304d\u308b\u3068\u304d\u3001\u91d1\u76f8\u5834\u306f\u3053\u308c\u304b\u3089\u3069\u3046\u306a\u308b\u306e\u304b\u3002\u305d\u308c\u304c\u7b46\u8005\u304c\u53bb\u5e74\u304b\u3089\u305a\u3063\u3068\u66f8\u3044\u3066\u3044\u308b\u30c6\u30fc\u30de\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/63905\" data-type=\"post\" data-id=\"63905\">\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f: \u30c9\u30eb\u304b\u3089\u306e\u8cc7\u91d1\u9003\u907f\u3067\u4e0a\u6607\u3057\u305f\u30b4\u30fc\u30eb\u30c9\u306f\u3082\u3046\u4e8c\u5ea6\u3068\u4e0b\u843d\u3057\u306a\u3044\u3001\u30b7\u30eb\u30d0\u30fc\u306f\u3053\u308c\u304b\u3089\u66b4\u9a30\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u91d1\u4fa1\u683c\u306f\u9ad8\u3044\u3002\u305d\u308c\u306f\u78ba\u304b\u3067\u3042\u308b\u3002\u305d\u308c\u3067\u3082\u91d1\u4fa1\u683c\u304c\u4e0a\u6607\u3092\u7d9a\u3051\u3066\u3044\u308b\u7406\u7531\u306f\u3001\u4e2d\u592e\u9280\u884c\u306b\u3068\u3063\u3066\u30c9\u30eb\u3084\u4ed6\u306e\u56fd\u306e\u901a\u8ca8\u304b\u3089\u9003\u308c\u305f\u3051\u308c\u3070\u3001\u30b4\u30fc\u30eb\u30c9\u3092\u8cb7\u3046\u4ee5\u5916\u306b\u9078\u629e\u80a2\u304c\u306a\u3044\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304b\u3089\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u4e2d\u592e\u9280\u884c\u3092\u6b21\u306e\u3088\u3046\u306b\u76ae\u8089\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>\u30b4\u30fc\u30eb\u30c9\u306f300\u30c9\u30eb\u3060\u3063\u305f\u9803\u304b\u3089\u305a\u3063\u3068\u6301\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u4e2d\u592e\u9280\u884c\u306f\u30b4\u30fc\u30eb\u30c9\u304c300\u30c9\u30eb\u3084400\u30c9\u30eb\u3060\u3063\u305f\u9803\u306b\u30b4\u30fc\u30eb\u30c9\u3092\u58f2\u3063\u305f\u3002\u305d\u308c\u30923,000\u30c9\u30eb\u3067\u8cb7\u3044\u623b\u3057\u3066\u3044\u308b\u3002\u5f7c\u3089\u306f\u9577\u671f\u6295\u8cc7\u304c\u4e0a\u624b\u304f\u306a\u3044\u3088\u3046\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3060\u304c\u305d\u308c\u3067\u3082\u4e2d\u592e\u9280\u884c\u306e\u30b4\u30fc\u30eb\u30c9\u8cb7\u3044\u306f\u59cb\u307e\u3063\u305f\u3070\u304b\u308a\u3067\u3042\u308b\u3002\u4e2d\u592e\u9280\u884c\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e20%\u306e\u30b4\u30fc\u30eb\u30c9\u304c\u4ee5\u524d\u306e74%\u306b\u623b\u308b\u3068\u3059\u308c\u3070\u3001\u305d\u308c\u3060\u3051\u306e\u8cc7\u91d1\u306e\u8cb7\u3044\u304c\u5165\u308c\u3070\u3001\u91d1\u4fa1\u683c\u306f\u3069\u3046\u306a\u308b\u304b\u3002<\/p>\n\n\n\n<p>\u30b4\u30fc\u30eb\u30c9\u306e\u4e0a\u6607\u306f\u30c9\u30eb\u306e\u8987\u6a29\u306e\u7d42\u308f\u308a\u3068\u5bc6\u63a5\u306b\u95a2\u9023\u3057\u3066\u3044\u308b\u3002\u57fa\u8ef8\u901a\u8ca8\u30c9\u30eb\u306e\u8870\u9000\u306b\u3064\u3044\u3066\u306f\u3001\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\u3092\u53c2\u8003\u306b\u3057\u3066\u3082\u3089\u3044\u305f\u3044\u3002\u30c0\u30ea\u30aa\u6c0f\u3082\u30b4\u30fc\u30eb\u30c9\u306e\u4e0a\u6607\u3092\u4e88\u60f3\u3057\u3066\u3044\u308b\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\u3001Bloomberg\u306b\u3088\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3042\u308b\u3002 \u4eca\u56de\u306f\u91d1\u76f8\u5834\u306b\u3064\u3044\u3066\u8ff0\u3079\u3066\u3044\u308b\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":[57,110],"tags":[131],"class_list":["post-66708","post","type-post","status-publish","format-standard","hentry","category-commodity-markets","category-gold","tag-jeffrey-gundlach"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/66708","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=66708"}],"version-history":[{"count":30,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/66708\/revisions"}],"predecessor-version":[{"id":66768,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/66708\/revisions\/66768"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=66708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=66708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=66708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}