{"id":7138,"date":"2017-12-25T20:01:30","date_gmt":"2017-12-25T11:01:30","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=7138"},"modified":"2017-12-25T18:29:07","modified_gmt":"2017-12-25T09:29:07","slug":"%e7%b1%b3%e5%9b%bd%e9%87%91%e8%9e%8d%e5%bc%95%e3%81%8d%e7%b7%a0%e3%82%81%e3%83%88%e3%83%ac%e3%83%bc%e3%83%89%e6%af%94%e8%bc%83-%e3%83%89%e3%83%ab%e5%86%86%e3%80%81%e3%82%b4%e3%83%bc%e3%83%ab%e3%83%89","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7138","title":{"rendered":"\u7c73\u56fd\u91d1\u878d\u5f15\u304d\u7de0\u3081\u30c8\u30ec\u30fc\u30c9\u6bd4\u8f03: \u30c9\u30eb\u5186\u3001\u30b4\u30fc\u30eb\u30c9\u3001\u9577\u671f\u91d1\u5229\u3001\u30b8\u30e3\u30f3\u30af\u50b5"},"content":{"rendered":"<p>\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u3068\u5171\u548c\u515a\u306e\u7a0e\u5236\u6539\u9769\u304c\u3088\u3046\u3084\u304f\u8b70\u4f1a\u3092\u901a\u308a\u3001Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306b\u3088\u308b\u5229\u4e0a\u3052\u3068\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7e2e\u5c0f\u3068\u3044\u3046\u91d1\u878d\u5f15\u304d\u7de0\u3081\u653f\u7b56\u304c\u7d9a\u304f\u4e2d\u3001\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u5217\u6319\u3057\u305f\u91d1\u878d\u5f15\u304d\u7de0\u3081\u30c8\u30ec\u30fc\u30c9\u306e\u9032\u6357\u306f\u69d8\u3005\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/7030\">2018\u5e74\u306e\u4e16\u754c\u91d1\u878d\u5e02\u5834\u306e\u76f8\u5834\u4e88\u60f3\u3068\u884c\u3046\u3079\u304d3\u3064\u306e\u30c8\u30ec\u30fc\u30c9<\/a><\/li>\n<\/ul>\n<p>\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u4e0a\u8a18\u306e\u8a18\u4e8b\u3067\u30ea\u30b9\u30c8\u30a2\u30c3\u30d7\u3057\u305f\u30c8\u30ec\u30fc\u30c9\u6226\u7565\u306e\u3046\u5185\u3001\u30c9\u30eb\u5186\u306e\u8cb7\u3044\u3001\u30b4\u30fc\u30eb\u30c9\u306e\u7a7a\u58f2\u308a\u3001\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u7a7a\u58f2\u308a\u306e\u9032\u6357\u3092\u30c1\u30e3\u30fc\u30c8\u3068\u3068\u3082\u306b\u773a\u3081\u3066\u3086\u304d\u305f\u3044\u3002<\/p>\n<p><!--more--><strong>\u5b9f\u8cea\u91d1\u5229 + \u30a4\u30f3\u30d5\u30ec\u7387 = \u9577\u671f\u91d1\u5229<\/strong><\/p>\n<p>\u500b\u3005\u306e\u30c8\u30ec\u30fc\u30c9\u306b\u8a00\u53ca\u3059\u308b\u524d\u306b\u3001\u5fa9\u7fd2\u306b\u306a\u308b\u304c\u3001\u5148\u305a\u306f\u3059\u3079\u3066\u306e\u57fa\u672c\u3068\u306a\u308b\u7c73\u56fd\u9577\u671f\u91d1\u5229\u306e\u30c1\u30e3\u30fc\u30c8\u304b\u3089\u3067\u3042\u308b\u3002\u9577\u671f\u91d1\u5229\u306f\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u3068\u5171\u548c\u515a\u306e\u7a0e\u5236\u6539\u9769\u306b\u5f8c\u62bc\u3057\u3055\u308c\u3066\u3088\u3046\u3084\u304f\u4e0a\u6607\u3057\u305f\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/12\/2017-12-23-us-10-year-treasury-note-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7120\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/12\/2017-12-23-us-10-year-treasury-note-yield-chart.png\" alt=\"\" width=\"600\" height=\"402\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/12\/2017-12-23-us-10-year-treasury-note-yield-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/12\/2017-12-23-us-10-year-treasury-note-yield-chart-300x201.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>\u305d\u3057\u3066\u3053\u308c\u307e\u3067\u8aac\u660e\u3057\u3066\u304d\u305f\u901a\u308a\u3001\u9577\u671f\u91d1\u5229\u3068\u306f\u30a4\u30f3\u30d5\u30ec\u7387\u3068\u5b9f\u8cea\u91d1\u5229\u306e\u548c\u3067\u3042\u308b\u3002\u5e02\u5834\u306e\u4e88\u60f3\u3059\u308b\u30a4\u30f3\u30d5\u30ec\u7387\u3068\u5b9f\u8cea\u91d1\u5229\u306e\u30c1\u30e3\u30fc\u30c8\u3082\u518d\u63b2\u3057\u3088\u3046\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/12\/2017-12-23-us-real-and-nominal-long-term-interest-rates-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7121\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/12\/2017-12-23-us-real-and-nominal-long-term-interest-rates-chart.png\" alt=\"\" width=\"512\" height=\"434\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/12\/2017-12-23-us-real-and-nominal-long-term-interest-rates-chart.png 512w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/12\/2017-12-23-us-real-and-nominal-long-term-interest-rates-chart-300x254.png 300w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/a><\/p>\n<p>\u3053\u306e\u3088\u3046\u306b\u3001\u3053\u3053\u6700\u8fd1\u306e\u9577\u671f\u91d1\u5229\u306e\u6025\u9a30\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u3068\u5b9f\u8cea\u91d1\u5229\u306e\u4e21\u65b9\u304c\u4e0a\u6607\u3057\u305f\u7d50\u679c\u3067\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u304c\u5206\u304b\u308b\u3002<\/p>\n<p><strong>\u540d\u76ee\u91d1\u5229\u3068\u5b9f\u8cea\u91d1\u5229<br \/>\n<\/strong><\/p>\n<p>\u3055\u3066\u3001\u9577\u671f\u91d1\u5229\u306f\u69d8\u3005\u306a\u5e02\u5834\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u304c\u3001\u540d\u76ee\u306e\uff08\u305d\u306e\u307e\u307e\u306e\uff09\u91d1\u5229\u306b\u5f71\u97ff\u3055\u308c\u308b\u3082\u306e\u3082\u3042\u308c\u3070\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u5dee\u3057\u5f15\u3044\u305f\u5b9f\u8cea\u91d1\u5229\u306e\u30c1\u30e3\u30fc\u30c8\u306b\u5f71\u97ff\u3055\u308c\u308b\u3082\u306e\u3082\u3042\u308b\u3002<\/p>\n<p>\u30c9\u30eb\u76f8\u5834\u3084\u91d1\u76f8\u5834\u306b\u5f71\u97ff\u3059\u308b\u306e\u306f\u5b9f\u8cea\u91d1\u5229\u306e\u65b9\u3067\u3042\u308b\u3002\u6295\u8cc7\u5bb6\u306f\u30c9\u30eb\u306e\u91d1\u5229\u304c\u4e0a\u304c\u308c\u3070\u30c9\u30eb\u3092\u4fdd\u6709\u3057\u305f\u304f\u306a\u308a\u3001\u9006\u306b\u30c9\u30eb\u306e\u91d1\u5229\u304c\u4e0b\u304c\u308c\u3070\u30c9\u30eb\u306f\u8cc7\u7523\u3068\u3057\u3066\u306e\u9b45\u529b\u304c\u6e1b\u5c11\u3057\u3001\u30c9\u30eb\u4ee5\u5916\u306e\u3082\u306e\u3001\u3064\u307e\u308a\u5186\u3084\u30b4\u30fc\u30eb\u30c9\u3092\u4fdd\u6709\u3057\u305f\u304f\u306a\u308b\u3002<\/p>\n<p>\u3057\u305f\u304c\u3063\u3066\u3001\u30c9\u30eb\u5186\u306f\u5b9f\u8cea\u91d1\u5229\u3068\u76f8\u95a2\u95a2\u4fc2\u306b\u3042\u308a\u3001\u91d1\u4fa1\u683c\uff08\u6b63\u78ba\u306b\u306f\u30a4\u30f3\u30d5\u30ec\u3092\u5dee\u3057\u5f15\u3044\u305f\u5b9f\u8cea\u91d1\u4fa1\u683c\uff09\u306f\u5b9f\u8cea\u91d1\u5229\u3068\u53cd\u76f8\u95a2\u306e\u95a2\u4fc2\u306b\u3042\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u30c9\u30eb\u5186\u3084\u91d1\u4fa1\u683c\u306e\u30c9\u30eb\u4ee5\u5916\u306e\u8981\u7d20\u3001\u3064\u307e\u308a\u65e5\u9280\u306e\u52d5\u5411\u3084\u30b4\u30fc\u30eb\u30c9\u81ea\u4f53\u306e\u751f\u7523\u91cf\u306a\u3069\u306e\u8981\u7d20\u3092\u8003\u616e\u3057\u306a\u3051\u308c\u3070\u3001\u57fa\u672c\u7684\u306b\u30c9\u30eb\u5186\u3068\uff08\u30c9\u30eb\u5efa\u3066\uff09\u91d1\u4fa1\u683c\u306f\u6b63\u53cd\u5bfe\u306e\u52d5\u304d\u3092\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u6700\u8fd1\u306e\u30c1\u30e3\u30fc\u30c8\u306f\u305d\u3046\u306f\u306a\u3063\u3066\u3044\u306a\u3044\u3002\u5148\u305a\u306f\u30c9\u30eb\u5186\u306e\u30c1\u30e3\u30fc\u30c8\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/12\/2017-12-25-usdjpy-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7141\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/12\/2017-12-25-usdjpy-chart.png\" alt=\"\" width=\"600\" height=\"402\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/12\/2017-12-25-usdjpy-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/12\/2017-12-25-usdjpy-chart-300x201.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>\u6b21\u306f\u91d1\u4fa1\u683c\u306e\u30c1\u30e3\u30fc\u30c8\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/12\/2017-12-25-gold-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7142\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/12\/2017-12-25-gold-chart.png\" alt=\"\" width=\"600\" height=\"402\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/12\/2017-12-25-gold-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/12\/2017-12-25-gold-chart-300x201.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>9\u6708\u306b\u30c9\u30eb\u5186\u304c\u5927\u5e95\u3092\u8fce\u3048\u3001\u91d1\u4fa1\u683c\u304c\u5929\u4e95\u3092\u8fce\u3048\u305f\u3068\u3053\u308d\u307e\u3067\u306f\u53cd\u76f8\u95a2\u304c\u8868\u308c\u3066\u3044\u308b\u304c\u3001\u305d\u306e\u5f8c\u306e\u52d5\u304d\u306f\u5fae\u5999\u3067\u3042\u308b\u3002\u30c9\u30eb\u5186\u3068\u30b4\u30fc\u30eb\u30c9\u306e\u3069\u3061\u3089\u304b\u304c\u5b9f\u8cea\u91d1\u5229\u3068\u306e\u9023\u52d5\u3092\u96e2\u308c\u3066\u3044\u308b\u3053\u3068\u3092\u610f\u5473\u3059\u308b\u3002<\/p>\n<p>\u4e0a\u306b\u63b2\u8f09\u3057\u305f\u5b9f\u8cea\u91d1\u5229\u306e\u30c1\u30e3\u30fc\u30c8\u3068\u6bd4\u8f03\u3059\u308c\u3070\u3001\u5b9f\u8cea\u91d1\u5229\u306e\u4e0a\u4e0b\u306b\u76f8\u95a2\u3092\u7dad\u6301\u3057\u3066\u3044\u308b\u306e\u306f\u30c9\u30eb\u5186\u306e\u65b9\u3067\u3042\u308b\u3053\u3068\u304c\u5206\u304b\u308b\u3002\u91d1\u4fa1\u683c\u306e\u30c1\u30e3\u30fc\u30c8\u306f\u5b9f\u8cea\u91d1\u5229\u306e\u30c1\u30e3\u30fc\u30c8\u3068\u4e0a\u4e0b\u9006\u306b\u306a\u308b\u306f\u305a\u3060\u304c\u3001\u305d\u3046\u306f\u306a\u3063\u3066\u3044\u306a\u3044\u3002<\/p>\n<p><strong>\u540d\u76ee\u91d1\u5229\u3068\u30b8\u30e3\u30f3\u30af\u50b5<\/strong><\/p>\n<p>\u3068\u308a\u3042\u3048\u305a\u306f\u30c9\u30eb\u5186\u3068\u91d1\u76f8\u5834\u306e\u73fe\u72b6\u3092\u78ba\u8a8d\u3057\u3066\u3001\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u30c1\u30e3\u30fc\u30c8\u3082\u898b\u3066\u307f\u305f\u3044\u3002\u4ee5\u4e0b\u306f\u30b8\u30e3\u30f3\u30af\u50b5ETF\u306e\u30c1\u30e3\u30fc\u30c8\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/12\/2017-12-25-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7144\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/12\/2017-12-25-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\/12\/2017-12-25-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/12\/2017-12-25-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart-300x201.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>\u30b8\u30e3\u30f3\u30af\u50b5\u306f\u7b46\u8005\u304c\u5b9f\u969b\u306b\u7a7a\u58f2\u308a\u3092\u3057\u3066\u3044\u308b\u8cc7\u7523\u30af\u30e9\u30b9\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/7019\">\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<\/a><\/li>\n<\/ul>\n<p>\u4e0a\u8a18\u306f11\u670820\u65e5\u306e\u8a18\u4e8b\u3067\u3042\u308a\u3001\u3053\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u306e\u30c8\u30ec\u30fc\u30c9\u958b\u59cb\u306a\u3089\u3070\u30c9\u30eb\u5186\u306e\u8cb7\u3044\u3067\u3082\u30b4\u30fc\u30eb\u30c9\u306e\u7a7a\u58f2\u308a\u3067\u3082\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u7a7a\u58f2\u308a\u3067\u3082\u542b\u307f\u76ca\u3068\u306a\u3063\u3066\u3044\u308b\u304c\u3001\u30b8\u30e3\u30f3\u30af\u50b5\u304c\u4e00\u756a\u9577\u671f\u7684\u306b\u3082\u91d1\u878d\u5f15\u304d\u7de0\u3081\u306e\u65b9\u5411\uff08\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u5834\u5408\u4e0b\u843d\u65b9\u5411\uff09\u306b\u7d99\u7d9a\u3057\u3066\u5411\u304b\u3063\u3066\u3044\u308b\u3088\u3046\u3067\u3042\u308b\u3002\u305d\u306e\u7406\u7531\u306f\u3001\u30b8\u30e3\u30f3\u30af\u50b5\u7a7a\u58f2\u308a\u306e\u8a18\u4e8b\u3067\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u66f8\u3044\u305f\u901a\u308a\u3067\u3042\u308b\u3002<\/p>\n<blockquote><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\uff08\u4e2d\u7565\uff09\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\u50b5\u3001\u3064\u307e\u308a\u30b8\u30e3\u30f3\u30af\u50b5\u306a\u3069\u304b\u3089\u5148\u306b\u58f2\u3089\u308c\u3066\u3086\u304f\u306e\u304c\u738b\u9053\u3067\u3042\u308b\u3002<\/p><\/blockquote>\n<p>\u4e00\u65b9\u3067\u3001\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u4fa1\u683c\u306f\u5b9f\u8cea\u91d1\u5229\u3067\u306f\u306a\u304f\u3001\u540d\u76ee\u91d1\u5229\uff08\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u5dee\u3057\u5f15\u304b\u306a\u3044\u9577\u671f\u91d1\u5229\uff09\u306b\u5f71\u97ff\u3055\u308c\u308b\u3002\u3057\u304b\u3057\u3001\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3067\u4e0a\u6607\u3059\u308b\u306e\u306f\u540d\u76ee\u91d1\u5229\u3088\u308a\u3082\u5b9f\u8cea\u91d1\u5229\u306e\u65b9\u3067\u3042\u308a\u3001\u7a0e\u5236\u6539\u9769\u306b\u53cd\u5fdc\u3057\u3066\u5e02\u5834\u306e\u4e88\u60f3\u3059\u308b\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u4e0a\u304c\u3063\u305f\uff08\u540d\u76ee\u91d1\u5229\u304c\u4e0a\u304c\u308a\u30b8\u30e3\u30f3\u30af\u50b5\u4e0b\u843d\u306b\u5bc4\u4e0e\u3057\u305f\uff09\u3068\u306f\u3044\u3048\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u306b\u3088\u308b\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u4e0b\u843d\u5206\u306f\u5143\u306b\u623b\u308b\u53ef\u80fd\u6027\u3082\u9ad8\u304f\u3001\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u7a7a\u58f2\u308a\u3092\u3057\u3066\u3044\u308b\u6295\u8cc7\u5bb6\u306f\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u5206\u3092\u5225\u306e\u5f62\u3067\u30d8\u30c3\u30b8\u3059\u308b\u3053\u3068\u3092\u8003\u3048\u305f\u65b9\u304c\u826f\u3044\u3060\u308d\u3046\u3002<\/p>\n<p>\u4e00\u65b9\u3067\u5b9f\u8cea\u91d1\u5229\u306b\u5f71\u97ff\u3055\u308c\u308b\u30c9\u30eb\u5186\u3068\u30b4\u30fc\u30eb\u30c9\u3060\u304c\u3001\u91d1\u4fa1\u683c\u3068\u5b9f\u8cea\u91d1\u5229\u306e\u53cd\u76f8\u95a2\u306f\u3001\u4e00\u6642\u7684\u306b\u5916\u308c\u308b\u3053\u3068\u306f\u3042\u3063\u3066\u3082\u3001\u9577\u671f\u7684\u306b\u5916\u308c\u308b\u3053\u3068\u306f\u8003\u3048\u3065\u3089\u3044\u3002\u5b9f\u8cea\u91d1\u5229\u304b\u3089\u8003\u3048\u308c\u3070\u30b4\u30fc\u30eb\u30c9\u306f\u3082\u3046\u5c11\u3057\u4e0b\u843d\u3059\u308b\u3079\u304d\u3060\u304c\u3001\u305d\u3046\u306a\u3063\u3066\u3044\u306a\u3044\u306e\u306f\u3001\u6050\u3089\u304f\u6295\u8cc7\u5bb6\u306e\u6839\u5f37\u3044\u4f4e\u91d1\u5229\u3078\u306e\u50be\u5012\u304c\u53cd\u6620\u3055\u308c\u3066\u3044\u308b\u306e\u3060\u308d\u3046\u3002\u300c\u91d1\u5229\u304c\u9577\u671f\u7684\u306b\u4e0a\u304c\u308b\u306f\u305a\u304c\u306a\u3044\u300d\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n<p>\u7406\u8ad6\u304b\u3089\u8a00\u3048\u3070\u672c\u6765\u306f\u5b9f\u8cea\u91d1\u5229\u306b\u8ced\u3051\u308b\u3079\u304d\u3068\u3053\u308d\u3092\u3001\u30c9\u30eb\u5186\u3067\u3082\u30b4\u30fc\u30eb\u30c9\u3067\u3082\u306a\u304f\u540d\u76ee\u91d1\u5229\u3068\u9023\u52d5\u3059\u308b\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u7a7a\u58f2\u308a\u3092\u9078\u3093\u3060\u7406\u7531\u306f\u3001\u3053\u306e\u91d1\u4fa1\u683c\u306e\u52d5\u5411\u306b\u53cd\u6620\u3055\u308c\u3066\u3044\u308b\u6295\u8cc7\u5bb6\u306e\u4f4e\u91d1\u5229\u3078\u306e\u50be\u5012\u3067\u3042\u308b\u3002\u306a\u304b\u306a\u304b\u91d1\u5229\u306f\u4e0a\u304c\u3089\u306a\u3044\u3060\u308d\u3046\u304c\u3001\u4e2d\u592e\u9280\u884c\u304c\u5b9f\u969b\u306b\u8cc7\u91d1\u3092\u5f15\u304d\u4e0a\u3052\u308b\u4ee5\u4e0a\u3001\u58f2\u3089\u308c\u308b\u8cc7\u7523\u306f\u5fc5\u305a\u51fa\u3066\u304f\u308b\u3001\u3068\u3044\u3046\u308f\u3051\u3067\u3042\u308b\u3002<\/p>\n<p>\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u4e0b\u843d\u306e\u4e00\u90e8\u304c\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u4e0a\u6607\u306b\u3088\u308b\u3082\u306e\u3067\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3078\u306e\u61f8\u5ff5\u306f\u3042\u308b\u304c\u3001\u7b46\u8005\u306f\u30c9\u30eb\u76f8\u5834\u3084\u91d1\u76f8\u5834\u306b\u6d6e\u6c17\u3092\u305b\u305a\u306b\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u7a7a\u58f2\u308a\u3092\u7d99\u7d9a\u3059\u308b\u3002\u30a4\u30f3\u30d5\u30ec\u7387\u3078\u306e\u30d8\u30c3\u30b8\u306b\u306f\u30a4\u30f3\u30d5\u30ec\u9023\u52d5\u50b5\u306a\u3069\u3092\u5f53\u7136\u4f7f\u3046\u306e\u3060\u304c\u3001\u65e5\u672c\u306e\u500b\u4eba\u6295\u8cc7\u5bb6\u306b\u306f\u624b\u304c\u5c4a\u304d\u306b\u304f\u3044\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u65e5\u672c\u306e\u8a3c\u5238\u696d\u754c\u306b\u306f\u3082\u3046\u5c11\u3057\u9811\u5f35\u3063\u3066\u307b\u3057\u3044\u3082\u306e\u3067\u3042\u308b\u3002\u307e\u305f\u3001\u3053\u308c\u3089\u306e\u91d1\u878d\u5f15\u304d\u7de0\u3081\u30c8\u30ec\u30fc\u30c9\u306e\u624b\u4ed5\u821e\u3044\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u306b\u3064\u3044\u3066\u306f\u3001\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3092\u53c2\u8003\u306b\u3057\u3066\u3082\u3089\u3044\u305f\u3044\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/7128\">\u7c73\u56fd\u77ed\u671f\u91d1\u5229\u304c\u5229\u4e0a\u3052\u306e\u9650\u754c\u70b9\u306b\u5230\u9054<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u3068\u5171\u548c\u515a\u306e\u7a0e\u5236\u6539\u9769\u304c\u3088\u3046\u3084\u304f\u8b70\u4f1a\u3092\u901a\u308a\u3001Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306b\u3088\u308b\u5229\u4e0a\u3052\u3068\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7e2e\u5c0f\u3068\u3044\u3046\u91d1\u878d\u5f15\u304d\u7de0\u3081\u653f\u7b56\u304c\u7d9a\u304f\u4e2d\u3001\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u5217\u6319\u3057\u305f\u91d1\u878d\u5f15\u304d\u7de0\u3081\u30c8\u30ec\u30fc\u30c9\u306e\u9032\u6357\u306f\u69d8\u3005\u3067\u3042\u308b\u3002 2018\u5e74\u306e\u4e16\u754c\u91d1 &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7138\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u7c73\u56fd\u91d1\u878d\u5f15\u304d\u7de0\u3081\u30c8\u30ec\u30fc\u30c9\u6bd4\u8f03: \u30c9\u30eb\u5186\u3001\u30b4\u30fc\u30eb\u30c9\u3001\u9577\u671f\u91d1\u5229\u3001\u30b8\u30e3\u30f3\u30af\u50b5<\/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":[118,120,19,57,108,110],"tags":[],"class_list":["post-7138","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-usdjpy","category-foreign-exchange-market","category-commodity-markets","category-bond-markets","category-gold"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/7138","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=7138"}],"version-history":[{"count":9,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/7138\/revisions"}],"predecessor-version":[{"id":7150,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/7138\/revisions\/7150"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=7138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=7138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=7138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}