{"id":68740,"date":"2025-08-03T20:00:00","date_gmt":"2025-08-03T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=68740"},"modified":"2025-08-03T18:22:49","modified_gmt":"2025-08-03T09:22:49","slug":"%e3%83%99%e3%83%83%e3%82%bb%e3%83%b3%e3%83%88%e8%b2%a1%e5%8b%99%e9%95%b7%e5%ae%98-%e3%83%91%e3%82%a6%e3%82%a8%e3%83%ab%e8%ad%b0%e9%95%b7%e3%81%ae%e5%be%8c%e4%bb%bb%e3%81%af%e5%b9%b4%e5%86%85%e3%81%ab","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/68740","title":{"rendered":"\u30d9\u30c3\u30bb\u30f3\u30c8\u8ca1\u52d9\u9577\u5b98: \u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306e\u5f8c\u4efb\u306f\u5e74\u5185\u306b\u767a\u8868\u3055\u308c\u3001\u91d1\u878d\u7de9\u548c\u3092\u78ba\u5b9f\u306b\u3059\u308b"},"content":{"rendered":"\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u8ca1\u52d9\u9577\u5b98\u3067\u304b\u3064\u3066\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u306eSoros Fund Management\u3092\u904b\u7528\u3057\u3066\u3044\u305f\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u3067\u3082\u3042\u308b\u30b9\u30b3\u30c3\u30c8\u30fb\u30d9\u30c3\u30bb\u30f3\u30c8\u6c0f\u304c\u3001CNBC\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3001Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u30b8\u30a7\u30ed\u30fc\u30e0\u30fb\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306e\u5f8c\u4efb\u306b\u3064\u3044\u3066\u8a71\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306e\u4efb\u671f\u7d42\u4e86<\/strong><\/p>\n\n\n\n<p>\u30b3\u30ed\u30ca\u798d\u3068\u305d\u306e\u5f8c\u306e\u30a4\u30f3\u30d5\u30ec\u671f\u3092\u901a\u3057\u3066Fed\u306e\u8b70\u9577\u3092\u52d9\u3081\u3066\u304d\u305f\u30d1\u30a6\u30a8\u30eb\u6c0f\u306f\u3001\u6765\u5e745\u6708\u306b\u4efb\u671f\u7d42\u4e86\u3092\u8fce\u3048\u308b\u3002<\/p>\n\n\n\n<p>\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306f\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u304c2%\u307e\u3067\u4e0b\u304c\u3063\u3066\u3044\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u5229\u4e0b\u3052\u3092\u305b\u305a\u306b\u653f\u7b56\u91d1\u5229\u30924.25%\u3067\u7dad\u6301\u3057\u7d9a\u3051\u3066\u3044\u308b\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u3092\u6279\u5224\u3057\u7d9a\u3051\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u4e00\u6642\u306f\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u3092\u4efb\u671f\u7d42\u4e86\u524d\u306b\u30af\u30d3\u306b\u3059\u308b\u3068\u3044\u3046\u8a71\u3082\u3042\u3063\u305f\u304c\u3001\u3044\u305a\u308c\u306b\u305b\u3088\u30d1\u30a6\u30a8\u30eb\u6c0f\u306f\u3082\u3046\u3059\u3050\u8b70\u9577\u3067\u306f\u306a\u304f\u306a\u308b\u3002\u305d\u3057\u3066\u65b0\u8b70\u9577\u3092\u6307\u540d\u3059\u308b\u306e\u306f\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306f\u3001\u6025\u901f\u306a\u5229\u4e0b\u3052\u3092\u597d\u3080\u4eba\u7269\u3092\u65b0\u8b70\u9577\u306b\u6307\u540d\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/68361\" data-type=\"post\" data-id=\"68361\">\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u3001\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306b3%\u306e\u5229\u4e0b\u3052\u3092\u8981\u6c42\u3001\u30c9\u30eb\u4e0b\u843d\u3092\u5f8c\u62bc\u3057<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u6050\u3089\u304f\u306f\u653f\u6a29\u5185\u3067\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u3068\u4e00\u756a\u826f\u597d\u306a\u95a2\u4fc2\u3092\u4fdd\u3063\u3066\u3044\u308b\u30d9\u30c3\u30bb\u30f3\u30c8\u6c0f\u306f\u3001\u6b21\u306e\u8b70\u9577\u306e\u5019\u88dc\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>\u308f\u308c\u308f\u308c\u306e\u5019\u88dc\u8005\u306e\u30ea\u30b9\u30c8\u306f\u3068\u3066\u3082\u5145\u5b9f\u3057\u3066\u3044\u308b\u3002\u305d\u3057\u3066\u5e2d\u306f2\u3064\u7a7a\u304f\u3068\u3044\u3046\u3053\u3068\u3092\u899a\u3048\u3066\u304a\u3044\u3066\u307b\u3057\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>Fed\u306e\u652f\u914d\u3092\u5f37\u3081\u308b\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818<\/strong><\/p>\n\n\n\n<p>\u5e2d\u304c2\u3064\u7a7a\u304f\u3068\u3044\u3046\u306e\u306f\u3001\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u304c\u9000\u4efb\u3059\u308b\u307b\u304b\u306b\u3001\u30a8\u30a4\u30c9\u30ea\u30a2\u30fc\u30ca\u30fb\u30af\u30fc\u30b0\u30e9\u30fc\u7406\u4e8b\u304c\u7406\u4e8b\u3092\u8f9e\u3081\u308b\u3002\u5f7c\u5973\u306e\u4efb\u671f\u306f\u6765\u5e741\u6708\u306b\u7d42\u4e86\u3059\u308b\u306f\u305a\u3060\u3063\u305f\u306e\u3060\u304c\u3001\u500b\u4eba\u7684\u7406\u7531\u3067\u4eca\u6708\u4e2d\u306b\u8f9e\u3081\u308b\u3068\u306e\u767a\u8868\u304c\u3042\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u3067\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306fFed\u306e\u91d1\u878d\u653f\u7b56\u3092\u6c7a\u3081\u308b\u6295\u7968\u6a29\u30922\u3064\u78ba\u4fdd\u3067\u304d\u308b\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3002\u3060\u304b\u3089\u91d1\u66dc\u65e5\u306b\u30af\u30fc\u30b0\u30e9\u30fc\u7406\u4e8b\u306e\u8f9e\u4efb\u304c\u767a\u8868\u3055\u308c\u305f\u76f4\u5f8c\u3001\u30c9\u30eb\u5186\u304c\u5927\u304d\u304f\u4e0b\u843d\u3057\u305f\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\/08\/2025-8-3-usdjpy-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"536\" height=\"465\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/08\/2025-8-3-usdjpy-chart.png\" alt=\"\" class=\"wp-image-68751\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/08\/2025-8-3-usdjpy-chart.png 536w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/08\/2025-8-3-usdjpy-chart-300x260.png 300w\" sizes=\"auto, (max-width: 536px) 100vw, 536px\" \/><\/a><\/figure>\n\n\n\n<p>\u30af\u30fc\u30b0\u30e9\u30fc\u7406\u4e8b\u306e\u65e9\u671f\u9000\u8077\u304c\u7a81\u7136\u767a\u8868\u3055\u308c\u308b\u3053\u3068\u81ea\u4f53\u306f\u3001\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u4e88\u60f3\u306e\u96e3\u3057\u3044\u3053\u3068\u3060\u3063\u305f\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u3060\u304c\u3001\u9045\u304b\u308c\u65e9\u304b\u308cFed\u306e\u91d1\u878d\u653f\u7b56\u306b\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306e\u610f\u5411\u304c\u53cd\u6620\u3055\u308c\u3001\u30c9\u30eb\u76f8\u5834\u306f\u3053\u308c\u304b\u3089\u306e\u91d1\u878d\u7de9\u548c\u3092\u7e54\u308a\u8fbc\u3093\u3067\u4e0b\u843d\u3057\u3066\u3086\u304f\u3068\u3044\u3046\u306e\u306f\u3001\u7b46\u8005\u304c\u3053\u3053\u6570\u30f6\u6708\u4f55\u5ea6\u3082\u8a18\u4e8b\u306b\u3057\u3066\u304d\u305f\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/67560\" data-type=\"post\" data-id=\"67560\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u3001\u30a2\u30e1\u30ea\u30ab\u7248\u30a2\u30d9\u30ce\u30df\u30af\u30b9\u306b\u3088\u308b\u30c9\u30eb\u66b4\u843d\u3092\u4e88\u60f3<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/67238\" data-type=\"post\" data-id=\"67238\">\u30cd\u30a4\u30d4\u30a2\u6c0f: \u8cbf\u6613\u8d64\u5b57\u3092\u5acc\u3046\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306f\u30c9\u30eb\u3092\u66b4\u843d\u3055\u305b\u3056\u308b\u3092\u5f97\u306a\u3044<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/66569\" data-type=\"post\" data-id=\"66569\">\u30c1\u30e5\u30fc\u30c0\u30fc\u30fb\u30b8\u30e7\u30fc\u30f3\u30ba\u6c0f\u3001\u7c73\u56fd\u306e\u5927\u5e45\u5229\u4e0b\u3052\u3067\u30c9\u30eb\u306f\u5927\u5e45\u4e0b\u843d\u3059\u308b\u3068\u4e88\u60f3<\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>\u91d1\u878d\u7de9\u548c\u307e\u3067\u306e\u30bf\u30a4\u30e0\u30d5\u30ec\u30fc\u30e0<\/strong><\/p>\n\n\n\n<p>\u5e02\u5834\u306f\u3057\u3070\u3057\u3070\u4e8b\u524d\u306b\u660e\u3089\u304b\u306a\u3053\u3068\u3092\u5c11\u3057\u305a\u3064\u7e54\u308a\u8fbc\u3093\u3067\u3086\u304f\u3002\u5229\u4e0b\u3052\u306b\u7a4d\u6975\u7684\u306a\u65b0\u8b70\u9577\u304c\u767a\u8868\u3055\u308c\u308c\u3070\u3001\u30c9\u30eb\u306f\u307e\u305f\u4e0b\u304c\u308b\u3053\u3068\u306b\u306a\u308b\u306e\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u305d\u3046\u306a\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u4eca\u5e74\u306e\u524d\u534a\u304b\u3089\u660e\u3089\u304b\u3067\u3042\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304b\u3089\u6295\u8cc7\u5bb6\u306f\u3001\u305d\u308c\u304c\u3044\u3064\u767a\u8868\u3055\u308c\u308b\u306e\u304b\u3001\u5b9f\u969b\u306b\u5229\u4e0b\u3052\u304c\u884c\u308f\u308c\u308b\u306e\u306f\u3044\u3064\u304b\u306a\u3069\u3001\u3053\u308c\u304b\u3089\u306e\u6642\u9593\u8ef8\u3092\u8003\u3048\u3066\u884c\u304b\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u65b0\u8b70\u9577\u306e\u767a\u8868\u306b\u3064\u3044\u3066\u3001\u30d9\u30c3\u30bb\u30f3\u30c8\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8a00\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>\u5019\u88dc\u8005\u306e\u30ea\u30b9\u30c8\u306f\u5927\u7d71\u9818\u304c\u3053\u308c\u304b\u3089\u78ba\u8a8d\u3057\u3001\u9762\u63a5\u3092\u884c\u306a\u3046\u3053\u3068\u306b\u306a\u308b\u3002\u5e74\u672b\u307e\u3067\u306b\u306f\u7d50\u679c\u3092\u767a\u8868\u3067\u304d\u308b\u3060\u308d\u3046\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u3068\u7c73\u56fd\u50b5\u3092\u652f\u3048\u308b\u305f\u3081\u306b\u91d1\u878d\u7de9\u548c\u306b\u3088\u3063\u3066\u30c9\u30eb\u304c\u72a0\u7272\u306b\u306a\u308d\u3046\u3068\u3057\u3066\u3044\u308b\u3002\u305d\u308c\u3053\u305d\u304c\u3001Bridgewater\u306e\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\u65b0\u8457\u300e<a href=\"https:\/\/amzn.to\/4kWfty4\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">How Countries Go Broke<\/a>\u300f\uff08\u4eee\u8a33\uff1a\u306a\u305c\u56fd\u5bb6\u306f\u7834\u7dbb\u3059\u308b\u306e\u304b\uff09\u3067\u4e88\u60f3\u3057\u3066\u3044\u308b\u30a2\u30e1\u30ea\u30ab\u306e\u672a\u6765\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/68443\" data-type=\"post\" data-id=\"68443\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u30c9\u30eb\u4e0b\u843d\u306b\u8ced\u3051\u308b\u3079\u304d\u3001\u91d1\u878d\u7de9\u548c\u3067\u30c9\u30eb\u5b89\u3068\u30a4\u30f3\u30d5\u30ec\u306f\u6fc0\u5316\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30c0\u30ea\u30aa\u6c0f\u306e\u65b0\u8457\u306f\u82f1\u8a9e\u7248\u3057\u304b\u51fa\u3066\u3044\u306a\u3044\u304c\u3001\u82f1\u8a9e\u304c\u8aad\u3081\u308b\u4eba\u306f\u539f\u8457\u3067\u8aad\u3080\u3053\u3068\u3092\u304a\u85a6\u3081\u3057\u305f\u3044\u3002\u30c9\u30eb\u306e\u672a\u6765\u304c\u305d\u3053\u306b\u66f8\u304b\u308c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p><a href=\"https:\/\/amzn.to\/4kWfty4\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/m.media-amazon.com\/images\/I\/61uYp1qd3WL._SL160_.jpg\"><\/a><br><a href=\"https:\/\/amzn.to\/4kWfty4\" target=\"_blank\" rel=\"noreferrer noopener\">How Countries Go Broke<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u30a2\u30e1\u30ea\u30ab\u306e\u8ca1\u52d9\u9577\u5b98\u3067\u304b\u3064\u3066\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u306eSoros Fund Management\u3092\u904b\u7528\u3057\u3066\u3044\u305f\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u3067\u3082\u3042\u308b\u30b9\u30b3\u30c3\u30c8\u30fb\u30d9\u30c3\u30bb\u30f3\u30c8\u6c0f\u304c\u3001CNBC\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3001Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u30b8\u30a7\u30ed\u30fc &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/68740\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30d9\u30c3\u30bb\u30f3\u30c8\u8ca1\u52d9\u9577\u5b98: \u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306e\u5f8c\u4efb\u306f\u5e74\u5185\u306b\u767a\u8868\u3055\u308c\u3001\u91d1\u878d\u7de9\u548c\u3092\u78ba\u5b9f\u306b\u3059\u308b<\/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":[118,120,19,108],"tags":[203],"class_list":["post-68740","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-usdjpy","category-foreign-exchange-market","category-bond-markets","tag-scott-bessent"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/68740","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=68740"}],"version-history":[{"count":23,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/68740\/revisions"}],"predecessor-version":[{"id":68764,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/68740\/revisions\/68764"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=68740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=68740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=68740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}