{"id":7019,"date":"2017-11-20T16:24:52","date_gmt":"2017-11-20T07:24:52","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=7019"},"modified":"2019-12-22T15:21:34","modified_gmt":"2019-12-22T06:21:34","slug":"%e3%82%b8%e3%83%a3%e3%83%b3%e3%82%af%e5%82%b5%e7%a9%ba%e5%a3%b2%e3%82%8a%e3%82%92%e9%96%8b%e5%a7%8b%e3%80%81%e3%83%ad%e3%82%b7%e3%82%a2%e5%9b%bd%e5%82%b5%e6%8a%95%e8%b3%87%e3%81%af%e3%83%ad%e3%82%b7","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7019","title":{"rendered":"\u30b8\u30e3\u30f3\u30af\u50b5\u7a7a\u58f2\u308a\u3092\u958b\u59cb\u3001\u30ed\u30b7\u30a2\u56fd\u50b5\u6295\u8cc7\u306f\u30ed\u30b7\u30a2\u682a\u3078\u79fb\u884c"},"content":{"rendered":"<p>\u30b8\u30e3\u30f3\u30af\u50b5\u7a7a\u58f2\u308a\u306f\u5f8c\u8ff0\u3059\u308b\u7406\u7531\u3067\u30bf\u30a4\u30df\u30f3\u30b0\u304c\u96e3\u3057\u3044\u306e\u3060\u304c\u3001\u4eca\u5f8c6\u30f6\u6708\u307b\u3069\u306f\u7a7a\u58f2\u308a\u3092\u884c\u3046\u826f\u3044\u671f\u9593\u306b\u306a\u308b\u3060\u308d\u3046\u3068\u7d50\u8ad6\u3057\u305f\u3002\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3092\u904b\u7528\u3059\u308b\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306f\u30b8\u30e3\u30f3\u30af\u50b5ETF\u3092\u8cb7\u3063\u3066\u3044\u308b\u306e\u3067\u3001\u5f7c\u306e\u52d5\u304d\u306b\u9006\u884c\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/7007\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3001\u65b0\u8208\u56fd\u682a\u3084\u30b4\u30fc\u30eb\u30c9\u306a\u3069\u30c9\u30eb\u5b89\u9298\u67c4\u3092\u8cb7\u3044\u5897\u3057<\/a><\/li>\n<\/ul>\n<p>\u3057\u304b\u3057\u7c73\u56fd\u306e\u91d1\u878d\u5f15\u304d\u7de0\u3081\u304c\u7d99\u7d9a\u3059\u308b\u4eca\u5f8c6\u30f6\u6708\u306b\u95a2\u3057\u3066\u306f\u3053\u306e\u8aad\u307f\u3067\u6b63\u3057\u3044\u306f\u305a\u3067\u3042\u308b\u3002\u9806\u3092\u8ffd\u3063\u3066\u8aac\u660e\u3057\u3088\u3046\u3002<\/p>\n<p><!--more--><strong>\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3068\u30b8\u30e3\u30f3\u30af\u50b5<\/strong><\/p>\n<p>\u5148\u305a\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u878d\u653f\u7b56\u3092\u62c5\u3046Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306f\u5229\u4e0a\u3052\u3068\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7e2e\u5c0f\u3068\u3044\u30462\u3064\u306e\u91d1\u878d\u5f15\u304d\u7de0\u3081\u653f\u7b56\u3092\u540c\u6642\u306b\u9032\u3081\u3066\u3044\u308b\u3002\u3053\u306e\u653f\u7b56\u306f\u30a4\u30a8\u30ec\u30f3\u73fe\u8b70\u9577\u306e\u3082\u3068\u3067\u6c7a\u5b9a\u3055\u308c\u30012018\u5e742\u6708\u306b\u30d1\u30a6\u30a8\u30eb\u6b21\u671f\u8b70\u9577\u306b\u4ea4\u4ee3\u3057\u305f\u5f8c\u3082\u7d99\u7d9a\u3055\u308c\u308b\u898b\u901a\u3057\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/6906\">\u30e0\u30cb\u30e5\u30fc\u30b7\u30f3\u8ca1\u52d9\u9577\u5b98\u304c\u6b21\u671f\u8b70\u9577\u306b\u63a8\u85a6\u3059\u308b\u30b8\u30a7\u30ed\u30fc\u30e0\u30fb\u30d1\u30a6\u30a8\u30eb\u7406\u4e8b<\/a><\/li>\n<\/ul>\n<p>\u3055\u3066\u3001\u5148\u305a\u306f\u5229\u4e0a\u3052\u3068\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7e2e\u5c0f\u306e\u9055\u3044\u304b\u3089\u8003\u3048\u305f\u3044\u3002\u5229\u4e0a\u3052\u306f\u77ed\u671f\u91d1\u5229\u3092\u76f4\u63a5\u64cd\u4f5c\u3059\u308b\u91d1\u878d\u653f\u7b56\u3067\u3042\u308a\u3001\u4eca\u5f8c\u306e\u77ed\u671f\u91d1\u5229\u306e\u898b\u901a\u3057\u304c\u4e2d\u9577\u671f\u306e\u56fd\u50b5\u306e\u91d1\u5229\u306b\u5f71\u97ff\u3059\u308b\u3053\u3068\u3067\u3001\u30c9\u30eb\u76f8\u5834\u5168\u4f53\u306e\u91d1\u5229\u304c\u4e0a\u6607\u3057\u3066\u3086\u304f\u3053\u3068\u306b\u3088\u3063\u3066\u91d1\u878d\u5f15\u304d\u7de0\u3081\u52b9\u679c\u304c\u73fe\u308c\u308b\u653f\u7b56\u3067\u3042\u308b\u3002\u3064\u307e\u308a\u3001\u5f71\u97ff\u306e\u7d4c\u8def\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u308b\u3002<\/p>\n<ul>\n<li>\u77ed\u671f\u91d1\u5229 -&gt; \u4e2d\u671f\u91d1\u5229 -&gt; \u9577\u671f\u91d1\u5229 -&gt; \u8d85\u9577\u671f\u91d1\u5229\u3084\u30b8\u30e3\u30f3\u30af\u50b5\u5229\u56de\u308a<\/li>\n<\/ul>\n<p>\u3057\u304b\u3057\u3001\u5229\u4e0a\u3052\u306e\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u306f\u91d1\u5229\u5148\u7269\u5e02\u5834\u306b\u304a\u3044\u3066\u660e\u78ba\u306b\u7e54\u308a\u8fbc\u307f\u306e\u5ea6\u5408\u3044\u304c\u8868\u308c\u3066\u3044\u308b\u3002\u73fe\u6642\u70b9\u3067\u306f\u30012017\u5e7412\u6708\u306e\u5229\u4e0a\u3052\u78ba\u7387\u304c100%\u3001\u305d\u3057\u30662018\u5e748\u6708\u307e\u3067\u306b71.7%\u306e\u78ba\u7387\u3067\u3082\u3046\u4e00\u5ea6\u4ee5\u4e0a\u306e\u5229\u4e0a\u3052\u304c\u3042\u308b\u3053\u3068\u3092\u5e02\u5834\u306f\u7e54\u308a\u8fbc\u3093\u3067\u304a\u308a\u3001\u305d\u308c\u4ee5\u4e0a\u3067\u3082\u4ee5\u4e0b\u3067\u3082\u306a\u3044\u3002\u6570\u5b57\u3067\u660e\u78ba\u306b\u7e54\u308a\u8fbc\u307f\u304c\u8868\u308c\u308b\u304b\u3089\u3067\u3042\u308b\u3002\u305d\u306e\u6570\u5b57\u3092\u8e0f\u307e\u3048\u305f\u4e0a\u3067\u3001\u9577\u671f\u91d1\u5229\u3084\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u91d1\u5229\u306a\u3069\u304c\u6c7a\u3081\u3089\u308c\u3066\u3044\u308b\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7e2e\u5c0f\u306e\u65b9\u306f\u77ed\u671f\u91d1\u5229\u307b\u3069\u7406\u8ad6\u7684\u3067\u306f\u306a\u3044\u3002\u6295\u8cc7\u5bb6\u306f\u3053\u306e\u653f\u7b56\u304c\u3069\u306e\u3088\u3046\u306a\u7d4c\u8def\u3067\u682a\u4fa1\u3084\u91d1\u5229\u306b\u5f71\u97ff\u3092\u53ca\u307c\u3059\u306e\u304b\u3092\u826f\u304f\u8003\u3048\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002<\/p>\n<p><strong>\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7e2e\u5c0f<\/strong><\/p>\n<p>Fed\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7e2e\u5c0f\u3068\u306f\u3001Fed\u304c\u91cf\u7684\u7de9\u548c\u306b\u3088\u3063\u3066\u8cb7\u3044\u5165\u308c\u305f\u50b5\u5238\u306e\u4fdd\u6709\u91cf\u3092\u6e1b\u5c11\u3055\u305b\u308b\u653f\u7b56\u3067\u3042\u308b\u3002Fed\u306b\u3088\u308b\u50b5\u5238\u306e\u8cb7\u3044\u652f\u3048\u304c\u7121\u304f\u306a\u308b\u5206\u306b\u3064\u3044\u3066\u306f\u3001\u5e02\u5834\u306b\u53c2\u52a0\u3057\u3066\u3044\u308b\u4ed6\u306e\u6295\u8cc7\u5bb6\u306b\u3088\u3063\u3066\u6298\u308a\u5408\u3044\u304c\u4ed8\u3051\u3089\u308c\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u3053\u3053\u307e\u3067\u306f\u660e\u78ba\u3067\u3042\u308b\u3002<\/p>\n<p>\u554f\u984c\u306f\u3001\u3053\u306e\u6298\u308a\u5408\u3044\u304c\u3069\u306e\u3088\u3046\u306b\u4ed8\u3051\u3089\u308c\u308b\u304b\u3067\u3042\u308b\u3002Fed\u306f\u56fd\u50b5\u3084\u4e0d\u52d5\u7523\u62c5\u4fdd\u8a3c\u5238\u306a\u3069\u3092\uff08\u5b9f\u8cea\u7684\u306b\uff09\u5e02\u5834\u306b\u653e\u51fa\u3059\u308b\u304c\u3001\u5fc5\u305a\u3057\u3082\u653e\u51fa\u3055\u308c\u305f\u8cc7\u7523\u304c\u5f71\u97ff\u3092\u53d7\u3051\u308b\u3068\u306f\u9650\u3089\u306a\u3044\u3002\u4f8b\u3048\u3070\u3001\u4eee\u306b10\u5e74\u7269\u56fd\u50b5\uff08\u9577\u671f\u56fd\u50b5\uff09\u306b\u5927\u304d\u306a\u58f2\u308a\u7269\u304c\u51fa\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u76f8\u5bfe\u3059\u308b\u5927\u304d\u306a\u8cb7\u3044\u652f\u3048\u304c\u3042\u308a\u3001\u50b5\u5238\u4fa1\u683c\u304c\u5909\u308f\u3089\u306a\u304b\u3063\u305f\uff08\u3064\u307e\u308a\u91d1\u5229\u304c\u52d5\u304b\u306a\u304b\u3063\u305f\uff09\u5834\u5408\u3001\u305d\u306e\u8cb7\u3044\u652f\u3048\u3092\u884c\u306a\u3063\u305f\u8cc7\u91d1\u304c\u5143\u3005\u6295\u8cc7\u3055\u308c\u3066\u3044\u305f\u8cc7\u7523\u30af\u30e9\u30b9\u306b\u5f71\u97ff\u304c\u51fa\u308b\u306e\u3067\u3042\u308a\u300110\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\uff08\u3064\u307e\u308a\u9577\u671f\u91d1\u5229\uff09\u306b\u5f71\u97ff\u304c\u51fa\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u3002\u304a\u5206\u304b\u308a\u3060\u308d\u3046\u304b\u3002<\/p>\n<p>\u901a\u5e38\u3001\u7c73\u56fd\u304c\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u884c\u3046\u5834\u5408\u3001\u300c\u30a2\u30e1\u30ea\u30ab\u304c\u304f\u3057\u3083\u307f\u3092\u3059\u308c\u3070\u5225\u306e\u56fd\u304c\u98a8\u90aa\u3092\u5f15\u304f\u300d\u3068\u8a00\u308f\u308c\u308b\u3088\u3046\u306b\u3001\u305d\u306e\u5f71\u97ff\u306f\u7c73\u56fd\u50b5\u3088\u308a\u3082\u4ed6\u306e\u8cc7\u7523\u30af\u30e9\u30b9\u3001\u5178\u578b\u7684\u306b\u306f\u65b0\u8208\u56fd\u306e\u8cc7\u7523\u306a\u3069\u3001\u3088\u308a\u30ea\u30b9\u30af\u306e\u9ad8\u3044\u3068\u3055\u308c\u3066\u3044\u308b\u8cc7\u7523\u304b\u3089\u8cc7\u91d1\u306e\u5f15\u304d\u4e0a\u3052\u304c\u3042\u308b\u3082\u306e\u3067\u3042\u308b\u3002\u4e0a\u8a18\u306e\u3088\u3046\u306b\u8003\u3048\u308c\u3070\u3001\u8cc7\u91d1\u304c\u5f15\u304d\u4e0a\u3052\u3089\u308c\u308b\u5206\u306e\u3072\u305a\u307f\u306f\u5c11\u306a\u304f\u3068\u3082\u4f55\u51e6\u304b\u306b\u306f\u51fa\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3053\u3068\u306b\u306a\u308b\u3002\u305d\u3057\u3066\u30a2\u30e1\u30ea\u30ab\u56fd\u5185\u3067\u306f\u7c73\u56fd\u50b5\u3088\u308a\u3082\u3001\u5012\u7523\u306e\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u4f01\u696d\u306e\u793e\u50b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href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/11\/2017-11-20-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7021\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/11\/2017-11-20-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart.png\" alt=\"\" width=\"600\" height=\"402\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/11\/2017-11-20-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/11\/2017-11-20-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart-300x201.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p><strong>\u30b8\u30e3\u30f3\u30af\u50b5\u7a7a\u58f2\u308a\u306e\u30ea\u30b9\u30af\u30d8\u30c3\u30b8<\/strong><\/p>\n<p>\u307e\u305f\u3001\u30b8\u30e3\u30f3\u30af\u50b5\u3092\u7a7a\u58f2\u308a\u3059\u308b\u4e00\u65b9\u3067\u8a00\u53ca\u3057\u3066\u304a\u304d\u305f\u3044\u306e\u304c\u3001\u73fe\u5728\u884c\u306a\u3063\u3066\u3044\u308b\u30ed\u30b7\u30a2\u56fd\u50b5\u306e\u8cb7\u3044\u306b\u3064\u3044\u3066\u3067\u3042\u308b\u3002\u30ed\u30b7\u30a2\u56fd\u50b5\u306f8%\u524d\u5f8c\u306e\u9ad8\u91d1\u5229\u8cc7\u7523\u3067\u3042\u308a\u3001\u3057\u304b\u3082\u7523\u6cb9\u56fd\u30ed\u30b7\u30a2\u306e\u7d4c\u6e08\u306b\u3064\u3044\u3066\u306f\u539f\u6cb9\u66b4\u843d\u306e\u5f8c\u907a\u75c7\u304b\u3089\u7acb\u3061\u76f4\u308a\u3064\u3064\u3042\u308b\u3053\u3068\u3092\u6307\u6458\u3057\u3066\u304d\u305f\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/5249\">2017\u5e74\u306f\u30ed\u30b7\u30a2\u5e02\u5834\u3053\u305d\u304c\u30ec\u30fc\u30ac\u30ce\u30df\u30af\u30b9\u4e0a\u3052\u76f8\u5834\u306e\u518d\u6765\u3068\u306a\u308b<\/a><\/li>\n<\/ul>\n<p>\u305f\u3060\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u878d\u5f15\u304d\u7de0\u3081\u304c\u9032\u3081\u3070\u3001\u65b0\u8208\u56fd\u901a\u8ca8\u306f\u3084\u306f\u308a\u4e0b\u3052\u3092\u514d\u308c\u306a\u3044\u3060\u308d\u3046\u3002\u9ad8\u91d1\u5229\u901a\u8ca8\u306f\u70ba\u66ff\u30d8\u30c3\u30b8\u304c\u51fa\u6765\u306a\u3044\u306e\u3067\u3001\u30eb\u30fc\u30d6\u30eb\u5efa\u3066\u3067\u6295\u8cc7\u3059\u308b\u307b\u304b\u306a\u304f\u3001\u64a4\u9000\u3082\u8003\u3048\u305f\u306e\u3060\u304c\u3001\u56fd\u50b5\u3067\u306f\u306a\u304f\u30ed\u30b7\u30a2\u682a\u306b\u79fb\u884c\u3059\u308b\u5f62\u3067\u30ed\u30b7\u30a2\u3078\u306e\u6295\u8cc7\u3092\u7d99\u7d9a\u3057\u305f\u3044\u3002\u77ed\u671f\u7684\u306a\u30eb\u30fc\u30d6\u30eb\u306e\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u306f\u5f31\u6c17\u306a\u306e\u3060\u304c\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u30b8\u30e3\u30f3\u30af\u50b5\u306f\u4e3b\u306b\u30b7\u30a7\u30fc\u30eb\u95a2\u9023\u4f01\u696d\u304c\u767a\u884c\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u539f\u6cb9\u9ad8\u30b7\u30ca\u30ea\u30aa\u304c\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u4e0b\u843d\u3092\u963b\u3080\u53ef\u80fd\u6027\u306f\u3042\u308b\u3002\u3053\u308c\u3092\u30ed\u30b7\u30a2\u682a\u3078\u306e\u6295\u8cc7\u3067\u30d8\u30c3\u30b8\u3057\u3066\u304a\u304d\u305f\u3044\u306e\u3067\u3042\u308b\u3002<\/p>\n<p>\u30eb\u30fc\u30d6\u30eb\u4e0b\u843d\u30ea\u30b9\u30af\u306b\u3064\u3044\u3066\u306f\u3001\u901a\u8ca8\u5b89\u304c\u30d7\u30e9\u30b9\u306b\u50cd\u304f\u8f38\u51fa\u682a\u3084\u4e0d\u52d5\u7523\u682a\u306b\u6295\u8cc7\u3092\u3059\u308b\u3053\u3068\u3067\u7de9\u548c\u3055\u308c\u308b\u3060\u308d\u3046\u3002<\/p>\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n<p>\u524d\u56de\u306e\u8a18\u4e8b\u3067\u3082\u8ff0\u3079\u305f\u901a\u308a\u3001Bridgewater\u306e\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u878d\u5f15\u304d\u7de0\u3081\u304c\u5931\u6557\u3059\u308b\u30b7\u30ca\u30ea\u30aa\u306b\u8ced\u3051\u3066\u3044\u308b\u3088\u3046\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/7007\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3001\u65b0\u8208\u56fd\u682a\u3084\u30b4\u30fc\u30eb\u30c9\u306a\u3069\u30c9\u30eb\u5b89\u9298\u67c4\u3092\u8cb7\u3044\u5897\u3057<\/a><\/li>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/6877\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: \u7c73\u56fd\u5229\u4e0a\u3052\u3068\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7e2e\u5c0f\u306f\u5931\u6557\u3059\u308b<\/a><\/li>\n<\/ul>\n<p>\u3057\u304b\u3057\u3001\u7b46\u8005\u306f\u5c11\u306a\u304f\u3068\u3082\u534a\u5e74\u7a0b\u5ea6\u306f\u91d1\u878d\u653f\u7b56\u306e\u9006\u8ee2\u306f\u884c\u308f\u308c\u306a\u3044\u3068\u8aad\u3093\u3067\u3044\u308b\u3002\u6839\u62e0\u306f\u7c73\u56fdGDP\u7d71\u8a08\u306e\u5206\u6790\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/6971\">2017\u5e743Q\u7c73\u56fdGDP\u3001\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306b\u5fcd\u3073\u5bc4\u308b\u91d1\u878d\u5f15\u304d\u7de0\u3081\u306e\u5f71\u97ff<\/a><\/li>\n<\/ul>\n<p>\u3057\u305f\u304c\u3063\u3066\u3001\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u7a7a\u58f2\u308a\u3092\u4ed5\u639b\u3051\u308b\u306a\u3089\u3070\u3001\u305d\u306e\u7a7a\u767d\u306e\u671f\u9593\u3068\u306a\u308b\u534a\u5e74\u4ee5\u5916\u306b\u306a\u3044\u3060\u308d\u3046\u3002\u9ad8\u91d1\u5229\u306e\u901a\u8ca8\u3084\u50b5\u5238\u306f\u7a7a\u58f2\u308a\u304c\u96e3\u3057\u3044\u3002\u58f2\u308a\u65b9\u306f\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u7dad\u6301\u3059\u308b\u9650\u308a\u305d\u306e\u9ad8\u91d1\u5229\u3092\u8cb7\u3044\u65b9\u306b\u6255\u3044\u7d9a\u3051\u308b\u3053\u3068\u306b\u306a\u308b\u306e\u3067\u3001\u30bf\u30a4\u30df\u30f3\u30b0\u3088\u304f\u7a7a\u58f2\u308a\u3092\u3057\u306a\u3051\u308c\u3070\u5927\u60e8\u4e8b\u3068\u306a\u308b\u3002<\/p>\n<p>\u8457\u540d\u6295\u8cc7\u5bb6\u306e\u30b8\u30e0\u30fb\u30ed\u30b8\u30e3\u30fc\u30ba\u6c0f\u306f2015\u5e74\u304b\u3089\u30b8\u30e3\u30f3\u30af\u50b5\u7a7a\u58f2\u308a\u3092\u3057\u3066\u3044\u308b\u305d\u3046\u3067\u3042\u308a\u3001\u3064\u307e\u308a\u306f\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u91d1\u52295%\u30922\u5e74\u3082\u652f\u6255\u3044\u7d9a\u3051\u3066\u3044\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u30bf\u30a4\u30df\u30f3\u30b0\u306f\u91cd\u8981\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/6470\">\u30b8\u30e0\u30fb\u30ed\u30b8\u30e3\u30fc\u30ba\u6c0f\u3001\u30b8\u30e3\u30f3\u30af\u50b5\u304c\u307e\u3060\u66b4\u843d\u3057\u3066\u3044\u306a\u3044\u304c\u3068\u8cac\u3081\u3089\u308c\u308b<\/a><\/li>\n<\/ul>\n<p>\u4e00\u65b9\u3067\u3001\u91d1\u878d\u5f15\u304d\u7de0\u3081\u306f\u3044\u305a\u308c\u306f\u9813\u632b\u3059\u308b\u3068\u3044\u3046\u70b9\u3067\u3001\u7b46\u8005\u3068\u30c0\u30ea\u30aa\u6c0f\u306f\u4e00\u81f4\u3057\u3066\u3044\u308b\u3002\u305d\u306e\u6642\u306b\u306f\u9006\u306b\u3001\u30ed\u30b7\u30a2\u56fd\u50b5\u3084\u30b8\u30e3\u30f3\u30af\u50b5\u3078\u306e\u683c\u597d\u306e\u6295\u8cc7\u6a5f\u4f1a\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002\u305d\u3046\u3044\u3046\u76ee\u3067\u5404\u8cc7\u7523\u30af\u30e9\u30b9\u3092\u898b\u3066\u304a\u304f\u3053\u3068\u306f\u91cd\u8981\u3067\u3042\u308b\u3002\u76f8\u5834\u304c\u5909\u308f\u3063\u305f\u6642\u306b\u3001\u3069\u306e\u8cc7\u7523\u30af\u30e9\u30b9\u306b\u76ee\u3092\u5411\u3051\u308b\u3079\u304d\u304b\u304c\u3059\u3050\u306b\u5206\u304b\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u30b8\u30e3\u30f3\u30af\u50b5\u7a7a\u58f2\u308a\u306f\u5f8c\u8ff0\u3059\u308b\u7406\u7531\u3067\u30bf\u30a4\u30df\u30f3\u30b0\u304c\u96e3\u3057\u3044\u306e\u3060\u304c\u3001\u4eca\u5f8c6\u30f6\u6708\u307b\u3069\u306f\u7a7a\u58f2\u308a\u3092\u884c\u3046\u826f\u3044\u671f\u9593\u306b\u306a\u308b\u3060\u308d\u3046\u3068\u7d50\u8ad6\u3057\u305f\u3002\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3092\u904b\u7528\u3059\u308b\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306f\u30b8\u30e3\u30f3\u30af\u50b5ETF\u3092\u8cb7\u3063\u3066\u3044\u308b\u306e\u3067\u3001\u5f7c\u306e\u52d5\u304d\u306b\u9006\u884c\u3059\u308b &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7019\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30b8\u30e3\u30f3\u30af\u50b5\u7a7a\u58f2\u308a\u3092\u958b\u59cb\u3001\u30ed\u30b7\u30a2\u56fd\u50b5\u6295\u8cc7\u306f\u30ed\u30b7\u30a2\u682a\u3078\u79fb\u884c<\/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":[118,153,108],"tags":[],"class_list":["post-7019","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-russian-bond-market","category-bond-markets"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/7019","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=7019"}],"version-history":[{"count":9,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/7019\/revisions"}],"predecessor-version":[{"id":7029,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/7019\/revisions\/7029"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=7019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=7019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=7019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}