{"id":72106,"date":"2025-11-13T20:00:00","date_gmt":"2025-11-13T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=72106"},"modified":"2025-11-13T13:55:27","modified_gmt":"2025-11-13T04:55:27","slug":"%e3%82%ac%e3%83%b3%e3%83%89%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f-%e3%83%89%e3%83%ab%e7%a9%ba%e5%a3%b2%e3%82%8a%e3%81%af%e4%bb%8a%e4%b8%80%e7%95%aa%e7%b0%a1%e5%8d%98%e3%81%ab%e5%84%b2%e3%81%8b%e3%82%8b","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/72106","title":{"rendered":"\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u30c9\u30eb\u7a7a\u58f2\u308a\u306f\u4eca\u4e00\u756a\u7c21\u5358\u306b\u5132\u304b\u308b\u30c8\u30ec\u30fc\u30c9"},"content":{"rendered":"\n<p>\u5f15\u304d\u7d9a\u304d\u3001DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306e\u30c7\u30a4\u30f4\u30a3\u30c3\u30c9\u30fb\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f\u3068\u306e\u5bfe\u8ac7\u3092\u7d39\u4ecb\u3057\u305f\u3044\u3002\u4eca\u56de\u306f\u30c9\u30eb\u76f8\u5834\u306e\u52d5\u5411\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u90e8\u5206\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306e\u30c9\u30eb\u4e0b\u843d\u4e88\u60f3<\/strong><\/p>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u3082\u30461\u5e74\u307b\u3069\u30c9\u30eb\u306b\u5f31\u6c17\u3067\u3042\u308b\u3002\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u304c\u671b\u3080\u91d1\u878d\u7de9\u548c\u3068\u30c9\u30eb\u8cc7\u7523\u304b\u3089\u306e\u8cc7\u91d1\u6d41\u51fa\u306b\u3088\u308a\u30c9\u30eb\u304c\u4e0b\u304c\u308b\u3068\u4e88\u60f3\u3057\u7d9a\u3051\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/66898\" data-type=\"post\" data-id=\"66898\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u9000\u4efb\u306e\u306f\u308b\u304b\u524d\u304b\u3089\u5e02\u5834\u306f\u5229\u4e0b\u3052\u3092\u7e54\u308a\u8fbc\u307f\u59cb\u3081\u308b<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/70567\" data-type=\"post\" data-id=\"70567\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u7c73\u56fd\u682a\u304c\u4ed6\u306e\u56fd\u306b\u8ca0\u3051\u3066\u3044\u308b\u7406\u7531\u306f\u30a2\u30e1\u30ea\u30ab\u304b\u3089\u8cc7\u91d1\u304c\u6d41\u51fa\u3057\u3066\u3044\u308b\u304b\u3089<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u3057\u3066\u4eca\u56de\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\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>\u30c9\u30eb\u6307\u6570\u306f115\u304b\u308997\u7a0b\u5ea6\u307e\u3067\u4e0b\u843d\u3057\u305f\u3002\u3053\u306e\u30c9\u30eb\u4e0b\u843d\u306f\u308f\u305f\u3057\u306e\u3088\u3046\u306a\u30c9\u30eb\u5f31\u6c17\u6d3e\u306b\u3068\u3063\u3066\u304b\u306a\u308a\u7c21\u5358\u306a\u30c8\u30ec\u30fc\u30c9\u3060\u3063\u305f\u3002\u8abf\u6574\u3059\u3089\u306a\u304f\u4e0b\u304c\u3063\u305f\u304b\u3089\u3060\u3002\u30c9\u30eb\u306f\u6bce\u65e5\u306e\u3088\u3046\u306b\u4e0b\u304c\u308a\u7d9a\u3051\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u65e5\u672c\u306e\u6295\u8cc7\u5bb6\u306b\u306f\u4fe1\u3058\u304c\u305f\u3044\u3053\u3068\u3060\u304c\u3001\u4eca\u5e74\u30c9\u30eb\u306f\u5927\u304d\u304f\u4e0b\u304c\u3063\u3066\u3044\u308b\u3002\u30c9\u30eb\u306e\u5f37\u3055\u3092\u793a\u3059\u30c9\u30eb\u6307\u6570\u306e\u30c1\u30e3\u30fc\u30c8\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u3063\u3066\u3044\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\/11\/2025-11-13-dollar-index-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"559\" height=\"491\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/11\/2025-11-13-dollar-index-chart.png\" alt=\"\" class=\"wp-image-72109\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/11\/2025-11-13-dollar-index-chart.png 559w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/11\/2025-11-13-dollar-index-chart-300x264.png 300w\" sizes=\"auto, (max-width: 559px) 100vw, 559px\" \/><\/a><\/figure>\n\n\n\n<p><strong>2025\u5e74\u306e\u30c9\u30eb\u4e0b\u843d<\/strong><\/p>\n\n\n\n<p>2025\u5e74\u3001\u30c9\u30eb\u306f\u5927\u5e45\u306b\u4e0b\u843d\u3057\u3066\u3044\u308b\u3002\u3053\u306e\u3053\u3068\u306f\u3001\u30e6\u30fc\u30ed\u30c9\u30eb\u306a\u3069\u4ed6\u306e\u30c9\u30eb\u76f8\u5834\u3092\u4e3b\u306b\u898b\u308b\u6d77\u5916\u306e\u6295\u8cc7\u5bb6\u304b\u3089\u898b\u308c\u3070\u660e\u3089\u304b\u306a\u52d5\u304d\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u3001\u30c9\u30eb\u5186\u3067\u30c9\u30eb\u3092\u8003\u3048\u308b\u65e5\u672c\u4eba\u306b\u306f\u610f\u5916\u306b\u898b\u3048\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u30c9\u30eb\u5186\u306f\u3080\u3057\u308d\u4e0a\u304c\u3063\u3066\u3044\u3066\u3001\u30c9\u30eb\u9ad8\u306b\u306a\u3063\u3066\u3044\u308b\u3067\u306f\u306a\u3044\u304b\uff1f<\/p>\n\n\n\n<p>\u305d\u306e\u7406\u7531\u306f\u660e\u3089\u304b\u3067\u3042\u308b\u3002\u4e0b\u304c\u3063\u3066\u3044\u308b\u30c9\u30eb\u3088\u308a\u3082\u5186\u306e\u65b9\u304c\u66f4\u306b\u4e0b\u304c\u3063\u3066\u3044\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30c9\u30eb\u306b\u8a71\u3092\u623b\u305d\u3046\u3002\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6700\u8fd1\u306e\u30c9\u30eb\u6307\u6570\u306e\u52d5\u304d\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>\u30c9\u30eb\u6307\u6570\u306f\u305d\u306e\u5f8c97\u8fba\u308a\u3067\u5e95\u6253\u3061\u3057\u305f\u304c\u3001\u4eca\u3067\u306f99\u8fba\u308a\u3060\u3002\u4e0b\u843d\u304c\u6b62\u307e\u308b\u6642\u3082\u3001\u305f\u3060\u6a2a\u3070\u3044\u3067\u63a8\u79fb\u3059\u308b\u3060\u3051\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u8a00\u3063\u3066\u3044\u308b\u306e\u306f\u3001\u73fe\u5728\u306e\u30c9\u30eb\u306e\u4e0b\u843d\u76f8\u5834\u306f\u8abf\u6574\u3059\u3089\u306a\u304f\u3001\u4e0b\u843d\u3059\u308b\u304b\u4e0b\u843d\u304c\u4e00\u6642\u505c\u6b62\u3059\u308b\u304b\u3060\u3051\u3067\u3001\u30c9\u30eb\u3092\u7a7a\u58f2\u308a\u3059\u308b\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306f\u975e\u5e38\u306b\u6709\u96e3\u3044\u72b6\u6cc1\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\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>\u30c9\u30eb\u306f\u3001\u3053\u308c\u307b\u3069\u306e\u5927\u304d\u306a\u4e0b\u843d\u306e\u5f8c\u3082\u3001\u77ed\u671f\u9593\u3067\u3055\u3048\u5bfe\u3057\u3066\u4e0a\u65b9\u5411\u306b\u53cd\u767a\u3059\u308b\u3053\u3068\u304c\u306a\u3044\u3002\u3053\u306e\u52d5\u304d\u3092\u898b\u3066\u3044\u308b\u3068\u3001\u30c9\u30eb\u76f8\u5834\u306f\u4eca\u5f8c\u3082\u4e0b\u843d\u3092\u7d99\u7d9a\u3059\u308b\u3068\u601d\u3048\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u30c9\u30eb\u306e\u4e0b\u843d\u304c\u4eca\u5f8c\u3082\u7d99\u7d9a\u3059\u308b\u3068\u8003\u3048\u3066\u3044\u308b\u3002\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u304c\u91d1\u878d\u7de9\u548c\u306b\u7a4d\u6975\u7684\u3067\u3042\u308a\u3001\u5229\u4e0b\u3052\u3092\u6e0b\u3063\u3066\u3044\u305fFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u3082\u6765\u5e745\u6708\u306b\u306f\u9000\u4efb\u3059\u308b\u3053\u3068\u3092\u8003\u3048\u308c\u3070\u3001\u305d\u306e\u4e88\u60f3\u306f\u59a5\u5f53\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/68740\" data-type=\"post\" data-id=\"68740\">\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<\/a><\/li>\n\n\n\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<\/ul>\n\n\n\n<p>\u3060\u304c\u3001\u65e5\u672c\u5186\u306e\u4e0b\u843d\u3092\u5fc3\u914d\u3057\u3066\u30c9\u30eb\u3092\u8cb7\u3063\u3066\u3044\u305f\u4eba\u306b\u306f\u8a00\u3063\u3066\u304a\u304d\u305f\u3044\u3053\u3068\u304c\u3042\u308b\u3002\u3042\u306a\u305f\u306f\u3001\u7d19\u5207\u308c\u3092\u3082\u3046\u5c11\u3057\u307e\u3057\u306a\u7d19\u5207\u308c\u306b\u6301\u3061\u66ff\u3048\u305f\u3060\u3051\u3067\u3001\u3042\u306a\u305f\u304c\u7d19\u5207\u308c\u3092\u6301\u3063\u3066\u3044\u308b\u72b6\u6cc1\u306b\u306f\u4f55\u306e\u5909\u308f\u308a\u3082\u306a\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/70865\" data-type=\"post\" data-id=\"70865\">\u30b4\u30fc\u30eb\u30c9\u3092\u63a8\u5968\u3059\u308b\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u3001\u3059\u3079\u3066\u306e\u901a\u8ca8\u3092\u9177\u8a55<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/71740\" data-type=\"post\" data-id=\"71740\">\u30cd\u30a4\u30d4\u30a2\u6c0f: \u7d19\u5e63\u3068\u3044\u3046\u7d19\u5207\u308c\u306e\u4fa1\u5024\u3092\u4eba\u3005\u304c\u3069\u3046\u4fe1\u3058\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u304b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u3057\u3066\u305d\u306e\u4e21\u65b9\u306e\u7d19\u5207\u308c\u306e\u4fa1\u5024\u306f\u3044\u305a\u308c\u306b\u305b\u3088\u4e0b\u843d\u3057\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3082\u305d\u3082\u306e\u8aa4\u308a\u306f\u3001\u30c9\u30eb\u5186\u76f8\u5834\u3057\u304b\u898b\u3066\u3044\u306a\u3044\u3053\u3068\u304b\u3089\u751f\u3058\u308b\u3002\u4ed6\u306e\u901a\u8ca8\u3092\u57fa\u6e96\u306b\u901a\u8ca8\u306e\u4fa1\u5024\u3092\u8a08\u3063\u3066\u306f\u306a\u3089\u306a\u3044\u3068\u3044\u3046\u306e\u306f\u3001\u304b\u306e\u6709\u540d\u306a\u30a2\u30c0\u30e0\u30fb\u30b9\u30df\u30b9\u6c0f\u304c\u4f55\u767e\u5e74\u3082\u524d\u306b\u300e<a href=\"https:\/\/amzn.to\/3V0tgK2\" target=\"_blank\" rel=\"noreferrer 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