{"id":6705,"date":"2017-08-07T22:51:35","date_gmt":"2017-08-07T13:51:35","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=6705"},"modified":"2017-08-07T22:51:35","modified_gmt":"2017-08-07T13:51:35","slug":"%e7%b1%b3%e5%9b%bd%e6%a0%aa%e3%81%af%e3%83%95%e3%82%a1%e3%83%b3%e3%83%80%e3%83%a1%e3%83%b3%e3%82%bf%e3%83%ab%e3%82%ba%e3%81%a7%e8%a6%8b%e3%81%a6%e5%89%b2%e9%ab%98%e3%81%a7%e3%81%af%e3%81%aa%e3%81%84","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/6705","title":{"rendered":"\u7c73\u56fd\u682a\u306f\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u3067\u898b\u3066\u5272\u9ad8\u3067\u306f\u306a\u3044"},"content":{"rendered":"<p>\u7c73\u56fd\u682a\u304c\u5e02\u5834\u6700\u9ad8\u5024\u3092\u66f4\u65b0\u3057\u7d9a\u3051\u3066\u3044\u308b\u3002\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306f\u7d4c\u6e08\u653f\u7b56\u306b\u95a2\u3057\u3066\u307e\u3060\u307b\u3068\u3093\u3069\u4f55\u3082\u3084\u3063\u3066\u304a\u3089\u305a\u3001\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306e\u653f\u7b56\u5b9f\u884c\u529b\u304c\u5371\u3076\u307e\u308c\u308b\u4e2d\u3001\u7c73\u56fd\u682a\u3060\u3051\u306f\u4e0a\u6607\u30c8\u30ec\u30f3\u30c9\u3092\u7d9a\u3051\u3066\u3044\u308b\u3002<\/p>\n<p><!--more-->\u5e02\u5834\u3067\u306f\u4e0a\u3052\u76f8\u5834\u306e\u7d99\u7d9a\u3092\u7591\u3046\u58f0\u3082\u51fa\u3066\u304d\u3066\u3044\u308b\u304c\u3001\u3067\u306f\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u3067\u898b\u305f\u7c73\u56fd\u682a\u306f\u5272\u9ad8\u306a\u306e\u3060\u308d\u3046\u304b\u3001\u5272\u5b89\u306a\u306e\u3060\u308d\u3046\u304b\uff1f<\/p>\n<p>\u305d\u3082\u305d\u3082\u682a\u4fa1\u306e\u5272\u9ad8\u5272\u5b89\u306f\u3069\u3046\u6c7a\u307e\u308b\u306e\u304b\u3002\u3088\u304f\u805e\u304b\u308c\u308b\u306e\u306f\u3001P\/E\uff08\u682a\u4fa1\u53ce\u76ca\u7387\uff09\u304c\u904e\u53bb\u306e\u6c34\u6e96\u3088\u308a\u9ad8\u3044\u304b\u4f4e\u3044\u304b\u3092\u8abf\u3079\u308b\u65b9\u6cd5\u3060\u304c\u3001\u3053\u306e\u65b9\u6cd5\u306f\u76f8\u5834\u3068\u306f\u4f55\u304b\u3092\u77e5\u308b\u4eba\u9593\u304b\u3089\u898b\u308c\u3070\u5b8c\u5168\u306b\u9593\u9055\u3063\u3066\u3044\u308b\u3002\u30ce\u30fc\u30d9\u30eb\u7d4c\u6e08\u5b66\u8cde\u3092\u53d7\u8cde\u3057\u305f\u30ed\u30d0\u30fc\u30c8\u30fb\u30b7\u30e9\u30fc\u6c0f\u306a\u3069\u304c\u3053\u3046\u3057\u305f\u9593\u9055\u3044\u3092\u4f55\u5ea6\u3082\u4e3b\u5f35\u3057\u7d9a\u3051\u3066\u3044\u308b\u304c\u3001\u7d4c\u6e08\u5b66\u304c\u6570\u5b66\u3084\u7269\u7406\u5b66\u307b\u3069\u53b3\u5bc6\u3067\u306f\u306a\u3044\u3053\u3068\u3092\u793a\u3059\u826f\u3044\u8a3c\u62e0\u3060\u308d\u3046\u3002<\/p>\n<p><strong>\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u3067\u898b\u305f\u682a\u4fa1\u6c34\u6e96<\/strong><\/p>\n<p>\u3067\u306f\u3001\u682a\u4fa1\u306e\u9069\u6b63\u5024\u306f\u3069\u3046\u6c7a\u307e\u308b\u306e\u304b\uff1f\u3000\u5148\u305a\u8003\u3048\u308b\u3079\u304d\u306f\u3001\u6295\u8cc7\u306b\u3042\u305f\u3063\u3066\u6295\u8cc7\u5bb6\u306b\u306f\u69d8\u3005\u306a\u9078\u629e\u80a2\u304c\u4e0e\u3048\u3089\u308c\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u6295\u8cc7\u5bb6\u306f\u3001\u56fd\u50b5\u3001\u793e\u50b5\u3001\u4e0d\u52d5\u7523\u3001\u682a\u5f0f\u3001\u305d\u3057\u3066\u73fe\u91d1\u306a\u3069\u3001\u69d8\u3005\u306a\u65b9\u6cd5\u3067\u81ea\u5206\u306e\u8cc7\u7523\u3092\u904b\u7528\u3059\u308b\u3053\u3068\u304c\u51fa\u6765\u308b\u3002\u305d\u308c\u305e\u308c\u306e\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u3092\u8003\u3048\u305f\u4e0a\u3067\u3001\u6295\u8cc7\u5bb6\u306f\u3069\u306e\u8cc7\u7523\u306b\u6295\u8cc7\u3092\u3059\u308b\u304b\u6c7a\u3081\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<p>\u69d8\u3005\u3042\u308b\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u4e2d\u3067\u3082\u6307\u6a19\u3068\u306a\u308b\u306e\u306f\u56fd\u50b5\u3067\u3042\u308b\u3002\u3067\u306f\u3001\u7c73\u56fd\u50b5\u306e\u5229\u56de\u308a\u306f\u73fe\u5728\u3069\u3046\u306a\u3063\u3066\u3044\u308b\u306e\u304b\uff1f\u3000\u4ee5\u4e0b\u306b\u4e26\u3079\u3066\u307f\u3088\u3046\u3002<\/p>\n<ul>\n<li><strong>1\u5e74\u7269\u7c73\u56fd\u50b5:<\/strong> 1.00%<\/li>\n<li><strong>5\u5e74\u7269\u7c73\u56fd\u50b5:<\/strong> 1.82%<\/li>\n<li><strong>10\u5e74\u7269\u7c73\u56fd\u50b5:<\/strong> 2.27%<\/li>\n<li><strong>30\u5e74\u7269\u7c73\u56fd\u50b5:<\/strong> 2.84%<\/li>\n<\/ul>\n<p>\u66f4\u306b\u300120\u5e74\u7269\u793e\u50b5\u30685\u5e74\u7269\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u5e73\u5747\u7684\u306a\u5229\u56de\u308a\u3092\u53c2\u8003\u306e\u305f\u3081\u4e26\u3079\u3066\u304a\u304f\u3002<\/p>\n<ul>\n<li><strong>20\u5e74\u7269\u793e\u50b5:<\/strong> 4%<\/li>\n<li><strong>5\u5e74\u7269\u30b8\u30e3\u30f3\u30af\u50b5:<\/strong> 5.5%<\/li>\n<\/ul>\n<p>\u3053\u308c\u3089\u304c\u8cc7\u7523\u3068\u3057\u3066\u306e\u682a\u5f0f\u306e\u7af6\u4e89\u76f8\u624b\u3067\u3042\u308b\u3002\u3067\u306f\u3001\u7c73\u56fd\u682a\u306e\u5229\u56de\u308a\u306f\u3069\u3046\u304b\uff1f\u3000\u682a\u5f0f\u306e\u5229\u56de\u308a\u306f\u3001\u4e00\u682a\u5f53\u305f\u308a\u5229\u76ca\u3092\u682a\u4fa1\u3067\u5272\u308b\u3053\u3068\u3067\u7b97\u51fa\u3067\u304d\u308b\u3002\u6295\u8cc7\u3057\u305f\u91d1\u984d\u306b\u5bfe\u3057\u3066\u3001\u305d\u306e\u682a\u5f0f\u306f\u65b0\u305f\u306a\u4fa1\u5024\u3092\u6bce\u5e74\u3044\u304f\u3089\u751f\u307f\u51fa\u3059\u306e\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p>\u73fe\u5728\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u682a\u4fa1\u6307\u6570S&amp;P 500\u306f2500\u5f31\u3067\u63a8\u79fb\u3057\u3066\u3044\u308b\u304c\u3001\u3053\u306e\u6307\u6570\u306e\u4e00\u682a\u5f53\u305f\u308a\u5229\u76ca\uff08\u6307\u6570\u3092\u4e00\u682a\u3057\u3066\u8003\u3048\u308b\uff09\u306f\u5b9f\u7e3e\u5024\u3067105\u3001\u4e88\u60f3\u5024\u3067137\u3068\u306a\u3063\u3066\u3044\u308b\u3002\u3053\u308c\u3092\u4e0a\u8a18\u306e\u8a08\u7b97\u5f0f\u306b\u5f53\u3066\u306f\u3081\u308b\u3068\u3001\u6b21\u306e\u3088\u3046\u306b\u306a\u308b\u3002<\/p>\n<ul>\n<li><strong>S&amp;P 500 (\u5b9f\u7e3e\u5024):<\/strong> 4.2%<\/li>\n<li><strong>S&amp;P 500 (\u4e88\u60f3\u5024):<\/strong> 5.5%<\/li>\n<\/ul>\n<p>\u3053\u308c\u3092\u56fd\u50b5\u3084\u793e\u50b5\u3068\u6bd4\u8f03\u3059\u308b\u3068\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><strong>1\u5e74\u7269\u7c73\u56fd\u50b5:<\/strong> 1.00%<\/li>\n<li><strong>5\u5e74\u7269\u7c73\u56fd\u50b5:<\/strong> 1.82%<\/li>\n<li><strong>10\u5e74\u7269\u7c73\u56fd\u50b5:<\/strong> 2.27%<\/li>\n<li><strong>30\u5e74\u7269\u7c73\u56fd\u50b5:<\/strong> 2.84%<\/li>\n<li><strong>20\u5e74\u7269\u793e\u50b5:<\/strong> 4%<\/li>\n<li><strong>S&amp;P 500 (\u5b9f\u7e3e\u5024):<\/strong> 4.2%<\/li>\n<li><strong>S&amp;P 500 (\u4e88\u60f3\u5024):<\/strong> 5.5%<\/li>\n<li><strong>5\u5e74\u7269\u30b8\u30e3\u30f3\u30af\u50b5:<\/strong> 5.5%<\/li>\n<\/ul>\n<p>\u305d\u308c\u305e\u308c\u30ea\u30b9\u30af\u306e\u9055\u3046\u8cc7\u7523\u306e\u5229\u56de\u308a\u304c\u51fa\u63c3\u3063\u305f\u308f\u3051\u3060\u304c\u3001\u4e88\u60f3\u5024\u3092\u9d5c\u5451\u307f\u3059\u308c\u3070\u3001\u7c73\u56fd\u682a\u306e\u7acb\u3061\u4f4d\u7f6e\u306f\u3053\u306e\u3088\u3046\u306a\u3068\u3053\u308d\u3067\u306f\u306a\u3044\u304b\u3002\u9b45\u529b\u7684\u306a\u307b\u3069\u5b89\u3044\u308f\u3051\u3067\u306f\u306a\u3044\u304c\u3001\u904e\u5927\u8a55\u4fa1\u3068\u8a00\u3046\u307b\u3069\u9ad8\u3044\u308f\u3051\u3067\u3082\u306a\u3044\u3002\u3053\u308c\u304c\u7c73\u56fd\u682a\u306f\u5272\u9ad8\u3067\u306f\u306a\u3044\u3068\u3059\u308b\u7406\u7531\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n<p>\u4e88\u60f3\u5024\u3092\u9d5c\u5451\u307f\u3059\u308c\u3070\u3001\u3068\u66f8\u3044\u305f\u304c\u3001\u3082\u3057\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u3068\u5171\u548c\u515a\u306e\u6cd5\u4eba\u6e1b\u7a0e\u304c\u5927\u5e45\u306a\u6e1b\u7a0e\u7387\u3067\u5b9f\u73fe\u3059\u308c\u3070\u3001\u5229\u76ca\u7387\u6539\u5584\u306b\u3088\u308b\u5229\u56de\u308a\u4e0a\u6607\u52b9\u679c\u3067\u3001\u7c73\u56fd\u682a\u306f\u66f4\u306a\u308b\u4e0a\u6607\u3092\u898b\u308b\u53ef\u80fd\u6027\u3082\u3042\u308b\u3002\u3057\u304b\u3057\u3001\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u5831\u3058\u305f\u3088\u3046\u306b\u3001\u4e0e\u515a\u5171\u548c\u515a\u306f\u5927\u5e45\u306a\u6e1b\u7a0e\u306f\u96e3\u3057\u3044\u3068\u8003\u3048\u3066\u3044\u308b\u3088\u3046\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a 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