{"id":7220,"date":"2018-01-15T07:55:35","date_gmt":"2018-01-14T22:55:35","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=7220"},"modified":"2018-01-14T22:39:03","modified_gmt":"2018-01-14T13:39:03","slug":"%e3%83%93%e3%83%ab%e3%83%bb%e3%82%b0%e3%83%ad%e3%82%b9%e6%b0%8f-25%e5%b9%b4%e6%9d%a5%e3%81%ae%e4%bd%8e%e9%87%91%e5%88%a9%e3%83%88%e3%83%ac%e3%83%b3%e3%83%89%e3%81%8c%e9%81%82%e3%81%ab%e7%b5%82","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7220","title":{"rendered":"\u30d3\u30eb\u30fb\u30b0\u30ed\u30b9\u6c0f: 25\u5e74\u6765\u306e\u4f4e\u91d1\u5229\u30c8\u30ec\u30f3\u30c9\u304c\u9042\u306b\u7d42\u308f\u3063\u305f"},"content":{"rendered":"<p>\u8457\u540d\u50b5\u5238\u6295\u8cc7\u5bb6\u306e\u30d3\u30eb\u30fb\u30b0\u30ed\u30b9\u6c0f\u304c\u9577\u3089\u304f\u7d9a\u3044\u305f\u4f4e\u91d1\u5229\u30c8\u30ec\u30f3\u30c9\u306e\u7d42\u308f\u308a\u3092\u5ba3\u8a00\u3057\u305f\u3002\u30b0\u30ed\u30b9\u6c0f\u306e\u52d9\u3081\u308bJanus Henderson\u306eTwitter\u30a2\u30ab\u30a6\u30f3\u30c8\u3068\u6708\u520a\u6295\u8cc7\u898b\u901a\u3057\u3067\u76f8\u5834\u89b3\u3092\u767a\u8868\u3057\u3066\u3044\u308b\u3002<\/p>\n<p><!--more--><strong>\u50b5\u5238\u5e02\u5834\u306e\u5f31\u6c17\u76f8\u5834\u306e\u59cb\u307e\u308a<\/strong><\/p>\n<p>\u30b0\u30ed\u30b9\u6c0f\u306f1\u67089\u65e5\u306e\u30c4\u30a4\u30fc\u30c8\u3067\u6b21\u306e\u3088\u3046\u306b\u8ff0\u3079\u305f\u3002<\/p>\n<blockquote><p>\u672c\u65e5\u3001\u50b5\u5238\u5e02\u5834\u306e\u5f31\u6c17\u76f8\u5834\u304c\u78ba\u5b9a\u3057\u305f\u30025\u5e74\u7269\u306810\u5e74\u7269\u306e\u7c73\u56fd\u50b5\u306e\u30c1\u30e3\u30fc\u30c8\u306b\u304a\u3044\u3066\u300125\u5e74\u306e\u9577\u671f\u30c8\u30ec\u30f3\u30c9\u30e9\u30a4\u30f3\u304c\u7834\u3089\u308c\u305f\u3002<\/p><\/blockquote>\n<p>\u6570\u5341\u5e74\u306e\u9593\u3001\u5148\u9032\u56fd\u306e\u4e2d\u592e\u9280\u884c\u306f\u5e02\u5834\u306b\u8cc7\u91d1\u3092\u4f9b\u7d66\u3057\u7d9a\u3051\u308b\u3053\u3068\u3067\u50b5\u5238\u4fa1\u683c\u3092\u4e0a\u6607\u3055\u305b\u3001\u91d1\u5229\u3092\u4f4e\u4e0b\u3055\u305b\u3066\u304d\u305f\u3002\u3057\u304b\u3057\u305d\u308c\u306b\u3082\u3088\u3046\u3084\u304f\u7d42\u308f\u308a\u304c\u6765\u305f\u3088\u3046\u3060\u3002\u8c61\u5fb4\u7684\u306a\u306e\u306f\u9577\u671f\u91d1\u5229\u3068\u547c\u3070\u308c\u308b10\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u3067\u3042\u308b\u300240\u5e74\u6765\u306e\u30c1\u30e3\u30fc\u30c8\u3092\u898b\u3066\u307f\u3088\u3046\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/01\/2018-1-14-us-long-term-interest-rates-long-term-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7221\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/01\/2018-1-14-us-long-term-interest-rates-long-term-chart.png\" alt=\"\" width=\"472\" height=\"363\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/01\/2018-1-14-us-long-term-interest-rates-long-term-chart.png 472w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/01\/2018-1-14-us-long-term-interest-rates-long-term-chart-300x231.png 300w\" sizes=\"auto, (max-width: 472px) 100vw, 472px\" 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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><strong>\u91d1\u5229\u306f\u5e95\u3092\u6253\u3063\u305f\u306e\u304b\uff1f<\/strong><\/p>\n<p>\u3055\u3066\u3001\u3082\u3046\u5c11\u3057\u76f4\u8fd1\u306e\u72b6\u6cc1\u306b\u8996\u70b9\u3092\u623b\u3059\u3068\u3001\u591a\u304f\u306e\u6295\u8cc7\u5bb6\u304c\u5e74\u59cb\u304b\u3089\u306e\u9577\u671f\u91d1\u5229\u4e0a\u6607\u306b\u6ce8\u76ee\u3057\u3066\u3044\u308b\u3002\u9577\u671f\u91d1\u5229\u306f\u682a\u5f0f\u5e02\u5834\u3068\u70ba\u66ff\u5e02\u5834\u306e\u4e21\u65b9\u306b\u5f71\u97ff\u3092\u53ca\u307c\u3059\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/01\/2018-1-14-us-10-year-treasury-note-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7223\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/01\/2018-1-14-us-10-year-treasury-note-yield-chart.png\" alt=\"\" width=\"600\" height=\"402\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/01\/2018-1-14-us-10-year-treasury-note-yield-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/01\/2018-1-14-us-10-year-treasury-note-yield-chart-300x201.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" 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rel=\"noopener\">\u539f\u6587\u82f1\u8a9e<\/a>\uff09\u3067\u30b3\u30fc\u30d2\u30fc\u306e\u4f8b\u3048\u3092\u4f7f\u3044\u306a\u304c\u3089\u6b21\u306e\u3088\u3046\u306b\u8ff0\u3079\u3066\u3044\u308b\u3002<\/p>\n<blockquote><p>\u50b5\u5238\u306e\u5f31\u6c17\u76f8\u5834\u3068\u8a00\u3063\u3066\u3082\u3001\u30b3\u30ed\u30f3\u30d3\u30a2\u8c46\u306e\u3088\u3046\u306b\u5f37\u3044\u4e0b\u3052\u76f8\u5834\u3067\u306f\u306a\u3044\u3002\u30ab\u30d5\u30a7\u30a4\u30f3\u629c\u304d\u306e\u4e0b\u3052\u76f8\u5834\u3060\u3002\u50b5\u5238\u4fa1\u683c\u306e\u4e0b\u843d\u306b\u3088\u308a\u3001\u9577\u671f\u91d1\u5229\u306f\u6050\u3089\u304f\u5e74\u672b\u307e\u3067\u306b0.1%\u304b0.2%\u304b0.3%\u307b\u3069\u4e0a\u304c\u3063\u3066\u3044\u308b\u3060\u308d\u3046\u3002<\/p>\n<p>\u305d\u3046\u306f\u8a00\u3063\u3066\u3082\u3001\u91d1\u5229\u306f\u3084\u306f\u308a\u4e0b\u3052\u308b\u3068\u3044\u3046\u3088\u308a\u306f\u4e0a\u6607\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p><\/blockquote>\n<p>\u3053\u306e\u4e88\u60f3\u306b\u3088\u308c\u3070\u3001\u5e74\u672b\u307e\u3067\u306b\u9577\u671f\u91d1\u5229\u306f3%\u306b\u8fd1\u3065\u304f\u304c\u30012%\u53f0\u306b\u7559\u307e\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u305d\u306e\u5834\u5408\u3001\u308f\u305f\u3057\u306e\u4e88\u60f3\u3067\u306f\u7c73\u56fd\u682a\u306f\u8abf\u6574\u4ee5\u4e0a\u306e\u66b4\u843d\u306f\u3057\u306a\u3044\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002\u56e0\u307f\u306b\u7c73\u56fd\u682a\u306b\u3064\u3044\u3066\u306f\u540c\u3058\u8457\u540d\u306a\u50b5\u5238\u6295\u8cc7\u5bb6\u306e\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u304c\u6b21\u306e\u3088\u3046\u306b\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/7193\">\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f: 2018\u5e74\u3001\u7c73\u56fd\u682a\u306f\u4e00\u5ea6\u4e0a\u6607\u3057\u3066\u304b\u3089\u5927\u5e45\u306b\u4e0b\u843d\u3059\u308b<\/a><\/li>\n<\/ul>\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n<p>\u8981\u3059\u308b\u306b\u3001\u30b0\u30ed\u30b9\u6c0f\u306f\u50b5\u5238\u304c\u4e0b\u843d\u3057\u91d1\u5229\u306f\u4e0a\u6607\u3059\u308b\u304c\u3001\u305d\u306e\u6d41\u308c\u306f\u7de9\u3084\u304b\u306a\u3082\u306e\u306b\u306a\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002\u6708\u520a\u6295\u8cc7\u898b\u901a\u3057\u3067\u306f\u3001\u307b\u3068\u3093\u3069\u306e\u50b5\u5238\u306b\u3068\u3063\u3066\u4fa1\u683c\u306e\u4e0b\u843d\u5206\u306f\u652f\u6255\u308f\u308c\u308b\u91d1\u5229\u306b\u3088\u3063\u3066\u76f8\u6bba\u3055\u308c\u3001\u50b5\u5238\u306e\u6295\u8cc7\u5bb6\u306f\u30c8\u30fc\u30bf\u30eb\u3067\u30d7\u30e9\u30b9\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u5f97\u308b\u3060\u308d\u3046\u3068\u4e3b\u5f35\u3057\u3066\u3044\u308b\u3002<\/p>\n<p>\u91d1\u5229\u4e0a\u6607\u306e\u6d41\u308c\u304c\u7de9\u3084\u304b\u3067\u3042\u308b\u3053\u3068\u306f\u3001\u5b9f\u8cea\u91d1\u5229\u306b\u53cd\u5fdc\u3059\u308b\u30c9\u30eb\u306e\u8cb7\u3044\u3084\u30b4\u30fc\u30eb\u30c9\u306e\u7a7a\u58f2\u308a\u306b\u3068\u3063\u3066\u9006\u98a8\u306b\u306a\u308b\u3060\u308d\u3046\u3002\u5b9f\u8cea\u91d1\u5229\u306f\u540d\u76ee\u306e\u9577\u671f\u91d1\u5229\u304b\u3089\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u5f15\u3044\u305f\u3082\u306e\u3060\u304c\u3001\u540d\u76ee\u91d1\u5229\u304c\u4e0a\u6607\u3057\u306a\u3044\u4e00\u65b9\u3067\u3001\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u8ff0\u3079\u305f\u6295\u8cc7\u5bb6\u306e\u4e16\u754c\u7d4c\u6e08\u306b\u5bfe\u3059\u308b\u5f37\u6c17\u30c8\u30ec\u30f3\u30c9\u304c\u4e88\u60f3\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u5f15\u304d\u4e0a\u3052\u3001\u5b9f\u8cea\u91d1\u5229\u3092\u5727\u8feb\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/7200\">\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u8a95\u751f\u4ee5\u6765\u6700\u5927\u306e\u5f37\u6c17\u76f8\u5834\u306f\u3053\u306e\u5e02\u5834<\/a><\/li>\n<\/ul>\n<p>\u307e\u305f\u3001\u30c9\u30eb\u5186\u306b\u306f\u65e5\u9280\u306e\u7de9\u548c\u9650\u754c\u3068\u3044\u3046\u5186\u5074\u306e\u30ea\u30b9\u30af\u304c\u3042\u308a\u3001\u91d1\u4fa1\u683c\u306f\u6b27\u7c73\u306e\u6295\u8cc7\u5bb6\u306e\u6295\u6a5f\u30ea\u30b9\u30af\u304c\u3042\u308b\u3002\u3084\u306f\u308a\u3001\u91d1\u878d\u5f15\u304d\u7de0\u3081\u30c8\u30ec\u30fc\u30c9\u306e\u4e2d\u3067\u306f\u30b8\u30e3\u30f3\u30af\u50b5\u7a7a\u58f2\u308a\u3092\u304a\u52e7\u3081\u3057\u305f\u3044\u3002\u30c9\u30eb\u5186\u3084\u30b4\u30fc\u30eb\u30c9\u3092\u3084\u308b\u306a\u3089\u3070\u3001\u73fe\u7269\u3088\u308a\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u58f2\u308a\u3060\u308d\u3046\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>\u5f15\u304d\u7de0\u3081\u30c8\u30ec\u30fc\u30c9\u306e\u4e2d\u3067\u306f\u9280\u884c\u682a\u306e\u8cb7\u3044\u3082\u975e\u5e38\u306b\u597d\u8abf\u3060\u304c\u3001\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u306b\u3088\u308c\u3070\u4eca\u5e74\u306f\u682a\u5f0f\u306e\u898b\u901a\u3057\u306f\u826f\u304f\u306a\u3044\u3089\u3057\u3044\u3002\u7b46\u8005\u306f\u30ed\u30b7\u30a2\u306e\u9280\u884c\u682a\u306b\u306f\u6295\u8cc7\u3057\u3066\u3044\u308b\u304c\u3001\u7c73\u56fd\u682a\u306e\u898b\u901a\u3057\u306b\u306f\u4e3b\u5f35\u3092\u6301\u3063\u3066\u3044\u306a\u3044\u3002\u305f\u3060\u3001\u9577\u671f\u91d1\u5229\u306f\u30b0\u30ed\u30b9\u6c0f\u306e\u8a00\u3046\u3088\u308a\u306f\u4e0a\u304c\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3002\u305d\u3046\u306a\u308c\u3070\u7c73\u56fd\u682a\u306b\u306f\u5f53\u7136\u30de\u30a4\u30ca\u30b9\u3068\u306a\u308b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u8457\u540d\u50b5\u5238\u6295\u8cc7\u5bb6\u306e\u30d3\u30eb\u30fb\u30b0\u30ed\u30b9\u6c0f\u304c\u9577\u3089\u304f\u7d9a\u3044\u305f\u4f4e\u91d1\u5229\u30c8\u30ec\u30f3\u30c9\u306e\u7d42\u308f\u308a\u3092\u5ba3\u8a00\u3057\u305f\u3002\u30b0\u30ed\u30b9\u6c0f\u306e\u52d9\u3081\u308bJanus 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