{"id":669,"date":"2015-01-26T20:11:04","date_gmt":"2015-01-26T11:11:04","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=669"},"modified":"2015-01-27T02:15:19","modified_gmt":"2015-01-26T17:15:19","slug":"2015%e5%b9%b4%e3%80%81%e9%87%91%e8%9e%8d%e5%b8%82%e5%a0%b4%e3%81%af%e7%b1%b3%e5%9b%bd%e3%81%ae%e9%87%8f%e7%9a%84%e7%b7%a9%e5%92%8c%e7%b5%82%e4%ba%86%e3%82%92%e7%b9%94%e3%82%8a%e8%be%bc%e3%82%93","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/669","title":{"rendered":"2015\u5e74\u3001\u91d1\u878d\u5e02\u5834\u306f\u7c73\u56fd\u306e\u91cf\u7684\u7de9\u548c\u7d42\u4e86\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u306a\u3044"},"content":{"rendered":"<p>\u3053\u308c\u306b\u3064\u3044\u3066\u306f\u4e00\u5ea6\u3057\u3063\u304b\u308a\u3068\u66f8\u3044\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308b\u3002<\/p>\n<p>2008\u5e74\u306e\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u30fb\u30ed\u30fc\u30f3\u5371\u6a5f\u306e\u5f8c\u3001Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306f3\u5ea6\u306b\u308f\u305f\u308a\u50b5\u5238\u306e\u8cb7\u3044\u5165\u308c\u3092\u884c\u3044\u3001\u91cf\u7684\u7de9\u548c\u3092\u884c\u3063\u3066\u304d\u305f\u304c\u3001\u3053\u306e\u653f\u7b56\u306f2014\u5e7410\u6708\u3092\u3082\u3063\u3066\u7d42\u4e86\u3057\u3001\u73fe\u5728\u306e\u7c73\u56fd\u306f2015\u5e74\u4e2d\u306b\u884c\u308f\u308c\u308b\u3068\u3055\u308c\u308b\u5229\u4e0a\u3052\u3092\u5f85\u3063\u3066\u3044\u308b\u72b6\u6cc1\u306b\u3042\u308b\u3002<\/p>\n<p>2013\u5e745\u6708\u306b\u30d0\u30fc\u30ca\u30f3\u30ad\u524d\u8b70\u9577\u304c\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\uff08\u7de9\u548c\u7e2e\u5c0f\uff09\u306b\u521d\u3081\u3066\u8a00\u53ca\u3057\u305f\u3068\u304d\u3001\u7c73\u56fd\u50b5\u306f\u58f2\u3089\u308c\u3001\u7c73\u56fd\u682a\u3082\u6025\u843d\u3057\u305f\u3082\u306e\u3060\u3063\u305f\u304c\u3001\u305d\u306e\u5f8c\u3082\u682a\u5f0f\u5e02\u5834\u306f\u4e0a\u6607\u3057\u3001ECB\uff08\u6b27\u5dde\u4e2d\u592e\u9280\u884c\uff09\u304c\u91cf\u7684\u7de9\u548c\u3092\u958b\u59cb\u3057\u305f\u4eca\u3067\u306f\u3001\u7c73\u56fd\u306e\u91d1\u5229\u307e\u3067\u3082\u304c\u4f4e\u4f4d\u3067\u5b89\u5b9a\u3057\u305f\u52d5\u304d\u3092\u898b\u305b\u3066\u3044\u308b\u3002<\/p>\n<p>\u5e02\u5834\u306f\u91cf\u7684\u7de9\u548c\u306e\u7d42\u4e86\u3068\u5229\u4e0a\u3052\u3092\u666f\u6c17\u56de\u5fa9\u306e\u30b5\u30a4\u30f3\u3068\u898b\u306a\u3057\u3001\u91cf\u7684\u7de9\u548c\u306e\u7d42\u4e86\u3069\u3053\u308d\u304b\u5229\u4e0a\u3052\u307e\u3067\u3082\u554f\u984c\u306a\u304f\u7e54\u308a\u8fbc\u3093\u3060\u304b\u306e\u3088\u3046\u306a\u898b\u65b9\u304c\u901a\u8aac\u3068\u306a\u308a\u3064\u3064\u3042\u308b\u304c\u3001\u305d\u308c\u306f\u8aa4\u308a\u3067\u3042\u308b\u3002\u672c\u6765\u3053\u308c\u306f\u3001\u4e2d\u9280\u306e\u652f\u3048\u304c\u3042\u308b\u304b\u3089\u3068\u7a4d\u6975\u7684\u306b\u62bc\u3057\u76ee\u3092\u8cb7\u3063\u3066\u304d\u305f\u5e02\u5834\u53c2\u52a0\u8005\u81ea\u8eab\u304c\u4e00\u756a\u3088\u304f\u77e5\u3063\u3066\u3044\u308b\u306f\u305a\u3067\u3042\u308b\u306e\u3060\u304c\u3001\u4eca\u5f8c\u306e\u91d1\u878d\u5e02\u5834\u306e\u52d5\u304d\u3082\u542b\u3081\u3001\u4ee5\u4e0b\u306b\u8aac\u660e\u3057\u305f\u3044\u3002<!--more--><\/p>\n<p><strong>\u91cf\u7684\u7de9\u548c\u3068\u682a\u9ad8<\/strong><\/p>\n<p>\u5148\u305a\u3001\u305d\u3082\u305d\u3082\u4f55\u6545\u91cf\u7684\u7de9\u548c\u3067\u7c73\u56fd\u682a\u304c\u4e0a\u304c\u3063\u305f\u306e\u304b\u3092\u601d\u3044\u51fa\u3057\u3066\u3082\u3089\u3044\u305f\u3044\u3002\u91cf\u7684\u7de9\u548c\u306b\u306f\u4e00\u822c\u7684\u306b\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u52b9\u7528\u304c\u3042\u308b\u3002<\/p>\n<ul>\n<li>\u56fd\u50b5\u8cb7\u3044\u5165\u308c\u306b\u3088\u308b\u91d1\u5229\u306e\u4f4e\u4e0b<\/li>\n<li>\u4f4f\u5b85\u30ed\u30fc\u30f3\u91d1\u5229\u306e\u4f4e\u4e0b\u306b\u3088\u308b\u4e0d\u52d5\u7523\u5e02\u5834\u306e\u6d3b\u6027\u5316<\/li>\n<li>\u50b5\u5238\u304b\u3089\u682a\u5f0f\u3078\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30ea\u30d0\u30e9\u30f3\u30b9\u306b\u3088\u308b\u91d1\u878d\u8cc7\u7523\u4fa1\u683c\u306e\u4e0a\u6607<\/li>\n<\/ul>\n<p>\u3053\u3053\u3067\u4e00\u756a\u91cd\u8981\u306a\u306e\u306f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30ea\u30d0\u30e9\u30f3\u30b9\u3067\u3042\u308b\u3002\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30ea\u30d0\u30e9\u30f3\u30b9\u3068\u306f\u3001\u4e2d\u9280\u306e\u8cb7\u3044\u5165\u308c\u306b\u3088\u308a\u56fd\u50b5\u306e\u4fa1\u683c\u304c\u4e0a\u6607\u3059\u308b\u306b\u3064\u308c\u3001\u5229\u56de\u308a\u306e\u4f4e\u304f\u306a\u3063\u305f\u9577\u671f\u56fd\u50b5\u306e\u76f8\u5bfe\u7684\u9b45\u529b\u304c\u4f4e\u4e0b\u3057\u3001\u9280\u884c\u3084\u4fdd\u967a\u4f1a\u793e\u3001\u5bb6\u8a08\u306a\u3069\u306e\u6295\u8cc7\u5bb6\u304c\u3088\u308a\u30ea\u30b9\u30af\u306e\u9ad8\u3044\u8a3c\u5238\uff08\u793e\u50b5\u3084\u682a\u5f0f\u306a\u3069\uff09\u3092\u8cfc\u5165\u3059\u308b\u3088\u3046\u306b\u306a\u308b\u73fe\u8c61\u306e\u3053\u3068\u3092\u6307\u3059\u3002<\/p>\n<p>Fed\u306e\u516c\u958b\u3057\u3066\u3044\u308b\u8ad6\u6587\uff08<a href=\"http:\/\/www.federalreserve.gov\/pubs\/feds\/2013\/201332\/201332pap.pdf\" target=\"_blank\">\u539f\u6587\u82f1\u8a9e<\/a>\uff09\u306b\u3088\u308c\u3070\u3001Fed\u304c\u91cf\u7684\u7de9\u548c\u3092\u884c\u3046\u306b\u3064\u308c\u3001\u7c73\u56fd\u306e\u5bb6\u8a08\u306f\u56fd\u50b5\u3092\u58f2\u308a\u3001\u793e\u50b5\u3084\u516c\u50b5\u306a\u3069\u3088\u308a\u30ea\u30b9\u30af\u306e\u9ad8\u3044\u8a3c\u5238\u3092\u4fdd\u6709\u3059\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u3002\u3053\u306e\u3088\u3046\u306b\u56fd\u50b5\u304b\u3089\u793e\u50b5\u3001\u793e\u50b5\u304b\u3089\u6700\u7d42\u7684\u306b\u306f\u682a\u5f0f\u5e02\u5834\u3078\u3068\u8cc7\u91d1\u304c\u6ea2\u308c\u3066\u304f\u308b\u3053\u3068\u3067\u3001\u7c73\u56fd\u682a\u306f\u53f2\u4e0a\u6700\u9ad8\u5024\u3092\u66f4\u65b0\u3057\u3066\u304d\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30ea\u30d0\u30e9\u30f3\u30b9\u306e\u9006\u6d41<\/strong><\/p>\n<p>\u3057\u304b\u3057\u306a\u304c\u3089\u3001\u305d\u306e\u3088\u3046\u306a\u8cc7\u91d1\u306f\u6c38\u9060\u306b\u682a\u5f0f\u5e02\u5834\u306b\u4fdd\u305f\u308c\u308b\u3053\u3068\u306f\u306a\u3044\u3002\u3082\u3068\u3082\u3068\u6295\u6a5f\u5bb6\u3067\u306f\u306a\u3044\u5f7c\u3089\u306f\u3001\u56fd\u50b5\u306e\u5229\u56de\u308a\u304c\u4f4e\u3044\u304b\u3089\u793e\u50b5\u3092\u8cb7\u3063\u305f\u306e\u3067\u3042\u308a\u3001\u793e\u50b5\u306e\u5229\u56de\u308a\u304c\u4f4e\u3044\u304b\u3089\u682a\u5f0f\u3092\u8cb7\u3063\u305f\u306e\u3067\u3042\u308b\u3002\u3067\u306f\u56fd\u50b5\u306e\u5229\u56de\u308a\u304c\u5143\u306e\u6c34\u6e96\u306b\u623b\u308b\u3068\u304d\u3001\u5f7c\u3089\u306f\u3069\u3046\u3059\u308b\u3060\u308d\u3046\u304b\uff1f\u3000\u5f7c\u3089\u306b\u682a\u5f0f\u3092\u305d\u308c\u4ee5\u4e0a\u4fdd\u6709\u3057\u3066\u304a\u304f\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u306f\u306a\u304f\u3001\u8cc7\u91d1\u306f\u9006\u6d41\u3057\u3066\u3086\u304f\u3057\u304b\u306a\u3044\u3060\u308d\u3046\u3002<\/p>\n<p><strong>\u9006\u6d41\u306f\u3044\u3064\u8d77\u3053\u308b\u306e\u304b<\/strong><\/p>\n<p>2013\u5e74\u3001\u30d0\u30fc\u30ca\u30f3\u30ad\u524d\u8b70\u9577\u304c\u7de9\u548c\u7e2e\u5c0f\u306b\u8a00\u53ca\u3057\u305f\u3068\u304d\u3001\u682a\u5f0f\u5e02\u5834\u306f\u305d\u306e\u53ef\u80fd\u6027\u3092\u60f3\u5b9a\u3057\u3066\u4e00\u5ea6\u6025\u843d\u3057\u305f\u3002\u3057\u304b\u3057\u305d\u306e\u6642\u8cc7\u91d1\u306e\u9006\u6d41\u306f\u8d77\u304d\u306a\u304b\u3063\u305f\u3002\u682a\u5f0f\u5e02\u5834\u306f\u3001\u7de9\u548c\u304c\u7e2e\u5c0f\u306e\u30d7\u30ed\u30bb\u30b9\u3092\u7d4c\u308b\u306b\u3064\u308c\u3001\u8cc7\u91d1\u306e\u9006\u6d41\u3092\u6050\u308c\u3066\u305d\u306e\u5f8c\u3082\u4f55\u5ea6\u304b\u6025\u843d\u3057\u305f\u304c\u3001\u9006\u6d41\u306f\u7d50\u5c40\u8d77\u304d\u306a\u304b\u3063\u305f\u3002\u305d\u3057\u3066\u682a\u5f0f\u5e02\u5834\u306f\u7de9\u548c\u7d42\u4e86\u304c\u7e54\u308a\u8fbc\u307e\u308c\u305f\u3068\u8003\u3048\u3001\u5f53\u521d\u306e\u61f8\u5ff5\u3092\u5fd8\u308c\u3066\u3057\u307e\u3063\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u6295\u8cc7\u5bb6\u306f\u8cc7\u91d1\u6d41\u5165\u306e\u8d77\u3053\u3063\u305f\u30d7\u30ed\u30bb\u30b9\u3092\u3082\u3046\u4e00\u5ea6\u3088\u304f\u8003\u3048\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002\u5bb6\u8a08\u3084\u4fdd\u967a\u4f1a\u793e\u306f\u5229\u56de\u308a\u304c\u4f4e\u3044\u305f\u3081\u306b\u56fd\u50b5\u3092\u58f2\u3063\u305f\u306e\u3067\u3042\u308a\u3001\u5f93\u3063\u3066\u5f7c\u3089\u304c\u518d\u3073\u56fd\u50b5\u3092\u8cb7\u3046\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u304c\u751f\u307e\u308c\u308b\u306e\u306f\u3001\u4e2d\u9280\u304c\u7de9\u548c\u3092\u6b62\u3081\u308b\u3068\u304d\u3067\u306f\u306a\u304f\u3001\u5b9f\u969b\u306b\u5229\u56de\u308a\u304c\u4e0a\u6607\u3059\u308b\u3068\u304d\u3067\u3042\u308b\u3002\u3064\u307e\u308a\u3001\u65e5\u6b27\u306e\u91cf\u7684\u7de9\u548c\u3082\u3042\u308a\u3001\u7c73\u56fd\u306e\u9577\u671f\u91d1\u5229\u304c\u3044\u307e\u3060\u4f4e\u4f4d\u5b89\u5b9a\u3057\u3066\u3044\u308b\u72b6\u614b\u3067\u3001\u8cc7\u91d1\u306e\u9006\u6d41\u304c\u8d77\u304d\u3066\u3044\u306a\u3044\u306e\u306f\u9806\u5f53\u3060\u3068\u8003\u3048\u3089\u308c\u308b\u3002<\/p>\n<p><strong>\u9006\u6d41\u958b\u59cb\u306e\u6761\u4ef6<\/strong><\/p>\n<p>\u3067\u306f\u3001\u9006\u6d41\u304c\u59cb\u307e\u308b\u305f\u3081\u306e\u6761\u4ef6\u306f\u4f55\u3060\u308d\u3046\u304b\uff1f\u3000\u304a\u3088\u305d\u8003\u3048\u3089\u308c\u308b\u3082\u306e\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li>Fed\u306e\u91cf\u7684\u7de9\u548c\u306e\u7d42\u4e86\uff082014\u5e7410\u6708\u306b\u901a\u904e\u6e08\u307f\uff09<\/li>\n<li>\u7c73\u56fd\u306e\u5229\u4e0a\u3052\uff082015\u5e74\u4e2d\u65ec\u306e\u4e88\u5b9a\uff09<\/li>\n<li>\u7c73\u56fd\u306e\u9577\u671f\u91d1\u5229\u306e\u4e0a\u6607\uff082015\u5e74\u4e2d\u65ec\u304b\u30892016\u5e74\u8fba\u308a\u304b\uff09<\/li>\n<li>\u7c73\u56fd\u682a\u304c20-30%\u306e\u4e0b\u843d\u3092\u6b63\u5f53\u5316\u3067\u304d\u308b\u7a0b\u5ea6\u306b\u5272\u9ad8\u3067\u3042\u308b\u3053\u3068<\/li>\n<li>\u7c73\u56fd\u682a\u304c\u5148\u9032\u56fd\u552f\u4e00\u306e\u9b45\u529b\u3042\u308b\u682a\u5f0f\u5e02\u5834\u3067\u306f\u306a\u3044\u3053\u3068<\/li>\n<\/ul>\n<p>\u91cf\u7684\u7de9\u548c\u306f\u3059\u3067\u306b\u7d42\u4e86\u3057\u3001Fed\u306f\u7de9\u548c\u518d\u958b\u306e\u59ff\u52e2\u3092\u898b\u305b\u3066\u3044\u306a\u3044\u3002\u5229\u4e0a\u3052\u306b\u3064\u3044\u3066\u3082\u30c9\u30eb\u9ad8\u306b\u62d8\u308f\u3089\u305a\u884c\u3046\u3068\u4e3b\u5f35\u3057\u3066\u3044\u308b\u3002\u305f\u3060\u3001\u9577\u671f\u91d1\u5229\u306e\u4e0a\u6607\u306f\u3001\u3068\u308a\u308f\u3051\u6b27\u5dde\u306e\u91d1\u5229\u304c\u4f4e\u3044\u3053\u3068\u306b\u3088\u308a\u6291\u3048\u3089\u308c\u3066\u3044\u308b\u3002\u30b9\u30da\u30a4\u30f3\u306e\u56fd\u50b5\u304c\u7c73\u56fd\u50b5\u3088\u308a\u3082\u4fe1\u983c\u3055\u308c\u3066\u3044\u308b\u72b6\u6cc1\u306f\u4e0d\u81ea\u7136\u3060\u304b\u3089\u3067\u3042\u308b\u3002\u3053\u306e\u72b6\u6cc1\u306f\u6700\u9577\u3067ECB\u306e\u7de9\u548c\u304c\u7d42\u308f\u308b\u307e\u3067\u7d9a\u304f\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002<\/p>\n<p>\u307e\u305f\u3001\u7c73\u56fd\u306e\u682a\u5f0f\u5e02\u5834\u304b\u3089\u8cc7\u91d1\u304c\u6d41\u51fa\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u7c73\u56fd\u682a\u304c\u5272\u9ad8\u3067\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002\u3057\u304b\u3057\u8cc7\u7523\u30d0\u30d6\u30eb\u304c\u751f\u3058\u3066\u3044\u308b\u5fc5\u8981\u306f\u306a\u304f\u3001\u9069\u6b63\u5024\u3088\u308a\u6570\u5341\u30d1\u30fc\u30bb\u30f3\u30c8\u7a0b\u5ea6\uff08\u3059\u306a\u308f\u3061\u4e0b\u843d\u5206\uff09\u5272\u9ad8\u3067\u3042\u308c\u3070\u3088\u3044\u3002\u3053\u306e\u6761\u4ef6\u306f\u73fe\u5728\u30af\u30ea\u30a2\u3055\u308c\u3066\u3044\u308b\u3002\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u304c\u8d77\u304d\u305f\u5e74\u306e\u7c73\u56fd\u682a\u306eP\/E\u304c\u73fe\u5728\u3068\u307b\u307c\u540c\u7a0b\u5ea6\u3067\u3042\u3063\u305f\u3053\u3068\u3092\u601d\u3044\u51fa\u3055\u308c\u305f\u3044\u3002<\/p>\n<p>\u66f4\u306b\u3001\u73fe\u5728\u306e\u682a\u5f0f\u5e02\u5834\u3067\u306f\u3001\u65e5\u672c\u3084\u6b27\u5dde\u306e\u7d4c\u6e08\u56de\u5fa9\u304c\u5f31\u3044\u4e2d\u3001\u7d4c\u6e08\u306e\u5f37\u3044\u7c73\u56fd\u306e\u901a\u8ca8\u3068\u682a\u5f0f\u306b\u8cc7\u91d1\u304c\u96c6\u4e2d\u3057\u3066\u304d\u305f\u7d4c\u7def\u304c\u3042\u308a\u3001\u7c73\u56fd\u3067\u8cc7\u91d1\u306e\u9006\u6d41\u304c\u8d77\u3053\u308b\u305f\u3081\u306b\u306f\u3053\u306e\u50be\u5411\u304c\u53d6\u308a\u9664\u304b\u308c\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002<\/p>\n<p>ECB\u304c\u91cf\u7684\u7de9\u548c\u3092\u59cb\u3081\u3001\u3053\u306e\u72b6\u6cc1\u306f\u5909\u308f\u3063\u305f\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u601d\u3046\u3002\u7d4c\u6e08\u306f\u5f37\u3044\u304c\u91cf\u7684\u7de9\u548c\u304c\u7d42\u4e86\u3057\u3001\u5229\u4e0a\u3052\u3092\u5f85\u3064\u7c73\u56fd\u682a\u3068\u3001\u7d4c\u6e08\u306f\u5f31\u3044\u304c\u91cf\u7684\u7de9\u548c\u304c\u59cb\u307e\u3063\u305f\u3070\u304b\u308a\u306e\u6b27\u5dde\u682a\u3001\u3069\u3061\u3089\u304c\u6295\u8cc7\u5bb6\u306e\u8cb7\u3044\u3092\u96c6\u3081\u308b\u304b\u306f\u9762\u767d\u3044\u5b9f\u9a13\u3067\u3042\u308b\u30022015\u5e74\u524d\u534a\u306e\u7c73\u6b27\u306e\u682a\u5f0f\u306e\u52d5\u304d\u306f\u3001\u91d1\u878d\u5e02\u5834\u306b\u304a\u3044\u3066\u3001\u6d41\u52d5\u6027\u3068\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306e\u3069\u3061\u3089\u304c\u52dd\u5229\u3059\u308b\u306e\u304b\u3092\u63a8\u3057\u91cf\u308b\u8a66\u91d1\u77f3\u3068\u306a\u308b\u3060\u308d\u3046\u3002<\/p>\n<p><strong>\u6295\u8cc7\u5bb6\u306f\u3042\u3068\u6570\u5e74\u306f\u30ea\u30b9\u30af\u3092\u5236\u9650\u3057\u305f\u6295\u8cc7\u3092<\/strong><\/p>\n<p>\u6295\u8cc7\u5bb6\u306e\u4e0d\u5408\u7406\u306a\u884c\u52d5\u3068\u3044\u3046\u4e0d\u78ba\u5b9f\u6027\u306b\u3088\u308a\u3001\u50b5\u5238\u304b\u3089\u682a\u5f0f\u3078\u3068\u6d41\u5165\u3057\u305f\u8cc7\u91d1\u306e\u9006\u6d41\u306f\u3001\u4e0a\u8a18\u306e\u4e88\u6e2c\u3088\u308a\u3082\u524d\u5f8c\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002\u500b\u4eba\u7684\u306b\u306f\u5f8c\u306b\u9045\u308c\u308b\u53ef\u80fd\u6027\u306e\u307b\u3046\u304c\u9ad8\u3044\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u601d\u3063\u3066\u3044\u308b\u3002\u3053\u3046\u3044\u3046\u76f8\u5834\u306e\u5929\u4e95\u306f\u3001\u6295\u8cc7\u5bb6\u304c\u7686\u3001\u904e\u53bb\u306b\u6d41\u52d5\u6027\u304c\u76f8\u5834\u3092\u652f\u3048\u3066\u3044\u305f\u3053\u3068\u3092\u5fd8\u308c\u53bb\u3063\u305f\u6642\u3067\u3042\u308b\u3053\u3068\u304c\u591a\u3044\u304b\u3089\u3067\u3042\u308b\u3002\u7c73\u56fd\u682a\u306f\u66f4\u306a\u308b\u4e0a\u6607\u3092\u898b\u305b\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u3057\u304b\u3057\u3001\u3053\u306e\u3088\u3046\u306a\u5927\u304d\u306a\u30ea\u30b9\u30af\u3092\u5b55\u3093\u3060\u76f8\u5834\u306b\u5168\u529b\u3067\u8cc7\u91d1\u3092\u50be\u3051\u306a\u3044\u3053\u3068\u306f\u3001\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u3084\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u5371\u6a5f\u306a\u3069\u306e\u66b4\u843d\u3067\u640d\u3092\u51fa\u3055\u306a\u3044\u8ce2\u660e\u306a\u6295\u8cc7\u5bb6\u306e\u6761\u4ef6\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n<p>\u76f8\u5834\u306b\u306f\u69d8\u3005\u306a\u6a5f\u4f1a\u304c\u5b58\u5728\u3059\u308b\u3002\u5e02\u5834\u306f\u4e0d\u5408\u7406\u3067\u3042\u308a\u3001\u30ea\u30b9\u30af\u304c\u4f4e\u304f\u30ea\u30bf\u30fc\u30f3\u306e\u5927\u304d\u3044\u6295\u8cc7\u3082\u3042\u308c\u3070\u3001\u30ea\u30b9\u30af\u304c\u9ad8\u304f\u30ea\u30bf\u30fc\u30f3\u306e\u5c11\u306a\u3044\u6295\u8cc7\u3082\u3042\u308b\u3002\u4e21\u8005\u3092\u3057\u3063\u304b\u308a\u3068\u898b\u6975\u3081\u3066\u3001\u3069\u308c\u3060\u3051\u4e0a\u3052\u76f8\u5834\u304c\u773c\u306e\u524d\u3092\u901a\u904e\u3057\u3088\u3046\u3068\u3082\u3001\u5f8c\u8005\u3092\u7121\u8996\u3057\u524d\u8005\u3060\u3051\u3092\u898b\u308b\u52c7\u6c17\u3092\u6301\u3061\u7d9a\u3051\u305f\u3044\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u3053\u308c\u306b\u3064\u3044\u3066\u306f\u4e00\u5ea6\u3057\u3063\u304b\u308a\u3068\u66f8\u3044\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308b\u3002 2008\u5e74\u306e\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u30fb\u30ed\u30fc\u30f3\u5371\u6a5f\u306e\u5f8c\u3001Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306f3\u5ea6\u306b\u308f\u305f\u308a\u50b5\u5238\u306e\u8cb7\u3044\u5165\u308c\u3092\u884c\u3044\u3001\u91cf\u7684\u7de9\u548c\u3092\u884c\u3063\u3066\u304d\u305f\u304c\u3001\u3053\u306e\u653f\u7b56\u306f2014\u5e7410\u6708\u3092\u3082\u3063\u3066\u7d42\u4e86\u3057\u3001\u73fe &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/669\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">2015\u5e74\u3001\u91d1\u878d\u5e02\u5834\u306f\u7c73\u56fd\u306e\u91cf\u7684\u7de9\u548c\u7d42\u4e86\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u306a\u3044<\/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],"tags":[7,64,65],"class_list":["post-669","post","type-post","status-publish","format-standard","hentry","category-us-stock-market","tag-quantitative-easing","tag-fed","tag-portfolio-rebalancing"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/669","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=669"}],"version-history":[{"count":35,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/669\/revisions"}],"predecessor-version":[{"id":704,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/669\/revisions\/704"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}