{"id":7383,"date":"2018-02-13T19:55:11","date_gmt":"2018-02-13T10:55:11","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=7383"},"modified":"2018-02-13T19:35:04","modified_gmt":"2018-02-13T10:35:04","slug":"%e4%b8%96%e7%95%8c%e6%9c%80%e5%a4%a7%e3%81%ae%e3%83%98%e3%83%83%e3%82%b8%e3%83%95%e3%82%a1%e3%83%b3%e3%83%89%e3%80%81%e6%a0%aa%e9%ab%98%e4%ba%88%e6%83%b3%e3%82%92%e6%92%a4%e5%9b%9e%e3%80%81%e4%b8%96","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7383","title":{"rendered":"\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3001\u682a\u9ad8\u4e88\u60f3\u3092\u64a4\u56de\u3001\u4e16\u754c\u540c\u6642\u682a\u5b89\u306f\u6570\u65e5\u3067\u306f\u7d42\u308f\u3089\u306a\u3044"},"content":{"rendered":"<p>\u30a2\u30e1\u30ea\u30ab\u767a\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u304c\u9032\u884c\u3059\u308b\u4e2d\u3001\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9Bridgewater\u3092\u904b\u7528\u3059\u308b\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306f\u5e02\u5834\u6025\u843d\u306f\u4e00\u6642\u7684\u306a\u8abf\u6574\u3067\u3042\u308b\u3068\u3057\u3001\u682a\u9ad8\u4e88\u60f3\u3092\u5d29\u3057\u3066\u3044\u306a\u304b\u3063\u305f\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/7332\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: \u4e16\u754c\u540c\u6642\u682a\u5b89\u306f\u53d6\u308b\u306b\u8db3\u3089\u306a\u3044\u4e00\u6642\u7684\u8abf\u6574<\/a><\/li>\n<\/ul>\n<p>\u3057\u304b\u305712\u65e5\u3001LinkedIn\uff08<a href=\"https:\/\/www.linkedin.com\/pulse\/its-all-classic-main-questions-timing-what-next-downturn-ray-dalio\/?articleId=6368812744665284608#comments-6368812744665284608&amp;trk=prof-post\" target=\"_blank\" rel=\"noopener\">\u539f\u6587\u82f1\u8a9e<\/a>\uff09\u306b\u304a\u3044\u3066\u682a\u9ad8\u4e88\u60f3\u3092\u64a4\u56de\u3059\u308b\u767a\u8a00\u3092\u3057\u3066\u3044\u308b\u306e\u3067\u3001\u3053\u3053\u306b\u7d39\u4ecb\u3057\u305f\u3044\u3002<\/p>\n<p><!--more--><strong>\u30c0\u30ea\u30aa\u6c0f\u306e\u682a\u9ad8\u4e88\u60f3<\/strong><\/p>\n<p>\u5148\u305a\u3001\u682a\u5f0f\u5e02\u5834\u306e\u6025\u843d\u304c\u59cb\u307e\u3063\u305f\u6bb5\u968e\u3067\u306f\u30c0\u30ea\u30aa\u6c0f\u306f\u3053\u3046\u8ff0\u3079\u3066\u3044\u305f\u3002<\/p>\n<blockquote><p>\u305d\u308c\u3067\u3082\u3053\u3046\u3057\u305f\u5927\u304d\u306a\u6025\u843d\u306f\u3001\u3088\u308a\u9577\u671f\u7684\u306a\u89b3\u70b9\u3067\u898b\u308c\u3070\u53d6\u308b\u306b\u8db3\u3089\u306a\u3044\u8abf\u6574\u306b\u904e\u304e\u306a\u3044\u3002\u682a\u4fa1\u4e0a\u6607\u304c\u4e00\u65e6\u505c\u6b62\u3059\u308c\u3070\u8cb7\u3044\u3092\u5165\u308c\u3088\u3046\u3068\u3059\u308b\u8cc7\u91d1\u304c\u5927\u91cf\u306b\u5b58\u5728\u3057\u3066\u3044\u308b\u3002\u6b21\u306b\u4f55\u304c\u8d77\u3053\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u304c\u4e00\u756a\u91cd\u8981\u306a\u306e\u3060\u3002<\/p><\/blockquote>\n<p>\u305d\u308c\u304c12\u65e5\u306b\u306f\u3069\u3046\u5909\u308f\u3063\u305f\u3060\u308d\u3046\u304b\uff1f\u3000\u9806\u756a\u306b\u898b\u3066\u3086\u304f\u304c\u3001\u5148\u305a\u306f\u72b6\u6cc1\u3092\u6574\u7406\u3057\u3088\u3046\u3002<\/p>\n<p>\u73fe\u5728\u306e\u5e02\u5834\u306b\u304a\u3051\u308b\u554f\u984c\u306f\u3001Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u5229\u4e0a\u3052\u3068\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7e2e\u5c0f\u3068\u3044\u3046\u5f37\u529b\u306a\u91d1\u878d\u5f15\u304d\u7de0\u3081\u306b\u3088\u3063\u3066\u9577\u671f\u91d1\u5229\u304c\u3088\u3046\u3084\u304f\u4e0a\u6607\u3092\u59cb\u3081\u3001\u305d\u308c\u304c\u682a\u5f0f\u5e02\u5834\u306b\u5f71\u97ff\u3092\u53ca\u307c\u3057\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u7e70\u308a\u8fd4\u3057\u306b\u306a\u308b\u304c\u3001\u56fd\u50b5\u306e\u91d1\u5229\u304c\u4e0a\u304c\u308c\u3070\u6295\u8cc7\u5bb6\u306f\u682a\u5f0f\u3067\u306f\u306a\u304f\u56fd\u50b5\u306b\u6295\u8cc7\u3059\u308c\u3070\u5341\u5206\u3068\u8003\u3048\u308b\u3088\u3046\u306b\u306a\u308b\u304b\u3089\u3067\u3042\u308b\u3002\u9577\u671f\u91d1\u5229\u306f\u6b21\u306e\u3088\u3046\u306b\u63a8\u79fb\u3057\u3066\u3044\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-13-us-10-year-treasury-note-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7388\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-13-us-10-year-treasury-note-yield-chart.png\" alt=\"\" width=\"598\" height=\"397\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-13-us-10-year-treasury-note-yield-chart.png 598w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-13-us-10-year-treasury-note-yield-chart-300x199.png 300w\" sizes=\"auto, (max-width: 598px) 100vw, 598px\" \/><\/a><\/p>\n<p>\u3053\u308c\u304c\u682a\u4fa1\u6025\u843d\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u30c1\u30e3\u30fc\u30c8\u3067\u3042\u308b\u3002<\/p>\n<p>\u91d1\u5229\u4e0a\u6607\u304c\u682a\u5f0f\u5e02\u5834\u306b\u30de\u30a4\u30ca\u30b9\u3067\u3042\u308b\u3053\u3068\u306f\u4e16\u754c\u6700\u9ad8\u306e\u30b0\u30ed\u30fc\u30d0\u30eb\u30de\u30af\u30ed\u6295\u8cc7\u5bb6\u3067\u3042\u308b\u30c0\u30ea\u30aa\u6c0f\u306f\u5f53\u7136\u7406\u89e3\u3057\u3066\u3044\u305f\u304c\u3001\u5f7c\u306f\u305d\u308c\u3067\u3082\u682a\u9ad8\u306b\u306a\u308b\u3068\u60f3\u5b9a\u3057\u3066\u3044\u305f\u306e\u3067\u3042\u308b\u3002\u65b0\u305f\u306a\u8a18\u4e8b\u3067\u30c0\u30ea\u30aa\u6c0f\u306f\u3001\u682a\u9ad8\u3092\u4e88\u60f3\u3057\u305f\u6642\u306e\u81ea\u5206\u306e\u8003\u3048\u306b\u3064\u3044\u3066\u3053\u3046\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n<blockquote><p>\u308f\u308c\u308f\u308c\u306e\u8a08\u7b97\u306b\u3088\u308c\u3070\u3001\u4e00\u822c\u7684\u306b\u306f\u4f01\u696d\u5229\u76ca\u306e\u5897\u52a0\uff08\u682a\u5f0f\u306b\u3068\u3063\u3066\u30d7\u30e9\u30b9\uff09\u304c\u91d1\u5229\u4e0a\u6607\uff08\u8cc7\u7523\u4fa1\u683c\u5168\u4f53\u306b\u3068\u3063\u3066\u30de\u30a4\u30ca\u30b9\uff09\u3088\u308a\u3082\u901f\u3044\u5834\u5408\u306f\u5dee\u3057\u5f15\u304d\u3067\u4e0a\u3052\u76f8\u5834\u306b\u306a\u308b\u306f\u305a\u3067\u3042\u308b\u3002<\/p>\n<p>\u307e\u305f\u6295\u8cc7\u5bb6\u3084\u4f01\u696d\u306a\u3069\u306e\u9810\u91d1\u306b\u5927\u91cf\u306e\u73fe\u91d1\u304c\u4f59\u3063\u3066\u3044\u308b\u5834\u5408\uff08\u305d\u308c\u306f\u4e8b\u5b9f\u4f59\u3063\u3066\u3044\u308b\uff09\u3001\u682a\u5f0f\u5e02\u5834\u306f\u6700\u5f8c\u306e\u4e00\u5674\u304d\u3092\u3059\u308b\u306f\u305a\u3067\u3042\u308a\u3001\u305d\u308c\u306f\u50b5\u5238\u5e02\u5834\u306b\u3068\u3063\u3066\u30de\u30a4\u30ca\u30b9\uff08\u91d1\u5229\u4e0a\u6607\uff09\u3068\u306a\u308b\u306f\u305a\u3067\u3042\u308b\u3002\u305d\u308c\u306f\u4e2d\u592e\u9280\u884c\u306b\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u4fc3\u3057\u3001\u305d\u308c\u304c\u53e4\u5178\u7684\u306a\u682a\u5f0f\u5e02\u5834\u306e\u5929\u4e95\u3068\u306a\u308b\u3002<\/p><\/blockquote>\n<p>\u3064\u307e\u308a\u306f\u682a\u5f0f\u5e02\u5834\u306b\u3068\u3063\u3066\u30d7\u30e9\u30b9\u306e\u5f71\u97ff\u3068\u30de\u30a4\u30ca\u30b9\u306e\u5f71\u97ff\u3092\u5dee\u3057\u5f15\u304d\u3067\u8003\u3048\u3001\u4e0a\u3052\u76f8\u5834\u306b\u306a\u308b\u3068\u7d50\u8ad6\u3057\u305f\u3088\u3046\u3067\u3042\u308b\u3002\u307e\u305f\u3001\u81ea\u5206\u306e\u8aa4\u308a\u3092\u8a02\u6b63\u3059\u308b\u8a18\u4e8b\u3068\u306a\u3063\u3066\u3044\u308b\u305f\u3081\u3001\u8003\u3048\u306a\u304c\u3089\u66f8\u3044\u3066\u3044\u308b\u3068\u3044\u3046\u5370\u8c61\u3067\u3042\u308a\u3001\u7dfb\u5bc6\u3067\u771f\u9762\u76ee\u306a\u8003\u5bdf\u3067\u3042\u308b\u308f\u308a\u306b\u8a00\u8449\u8db3\u3089\u305a\u306a\u5370\u8c61\u3092\u53d7\u3051\u308b\u306e\u3060\u304c\u3001\u300c\u6700\u5f8c\u306e\u4e00\u5674\u304d\u300d\u3068\u3044\u3046\u8868\u73fe\u7b49\u304b\u3089\u60f3\u50cf\u3059\u308b\u3068\u30c0\u30ea\u30aa\u6c0f\u306f\u30ea\u30fc\u30de\u30f3\u30fb\u30b7\u30e7\u30c3\u30af\u5f8c\u306e\u4e0a\u3052\u76f8\u5834\u306e\u6700\u7d42\u7684\u306a\u5929\u4e95\u3092\u63a2\u3063\u3066\u3044\u305f\u3088\u3046\u3067\u3042\u308b\u3002\u305d\u3057\u3066\u5929\u4e95\u306f\u307e\u3060\u6765\u3066\u3044\u306a\u3044\u3068\u7d50\u8ad6\u3057\u3001\u682a\u3092\u8cb7\u3063\u3066\u3044\u305f\u306e\u3060\u308d\u3046\u3002\u7c73\u56fd\u682a\u306e\u9577\u671f\u30c1\u30e3\u30fc\u30c8\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-13-s-and-p-500-long-term-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7389\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-13-s-and-p-500-long-term-chart.png\" alt=\"\" width=\"598\" height=\"397\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-13-s-and-p-500-long-term-chart.png 598w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-13-s-and-p-500-long-term-chart-300x199.png 300w\" sizes=\"auto, (max-width: 598px) 100vw, 598px\" \/><\/a><\/p>\n<p>\u3053\u306e\u9577\u671f\u30c8\u30ec\u30f3\u30c9\u306e\u7d42\u308f\u308a\u3092\u30c0\u30ea\u30aa\u6c0f\u306f\u63a2\u3063\u3066\u3044\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u30c0\u30ea\u30aa\u6c0f\u306e\u4e88\u60f3\u4fee\u6b63<\/strong><\/p>\n<p>\u3057\u304b\u3057\u30c0\u30ea\u30aa\u6c0f\u306f\u4e0a\u8a18\u306e\u30b7\u30ca\u30ea\u30aa\u3092\u64a4\u56de\u3059\u308b\u3002<\/p>\n<blockquote><p>\u3053\u308c\u304c10\u65e5\u524d\u307e\u3067\u308f\u305f\u3057\u304c\u60f3\u5b9a\u3057\u3066\u3044\u305f\u30b7\u30ca\u30ea\u30aa\u3067\u3042\u308b\u3002\u3057\u304b\u3057\u3001\u6700\u8fd1\u306e\u666f\u6c17\u523a\u6fc0\u3001\u7d4c\u6e08\u6210\u9577\u3001\u8cc3\u91d1\u4e0a\u6607\u306a\u3069\u3092\u898b\u308b\u3068\u3001\u72b6\u6cc1\u306f\u308f\u305f\u3057\u304c\u60f3\u5b9a\u3059\u308b\u3088\u308a\u3082\u5c11\u3057\u9032\u3093\u3067\u3044\u305f\u3089\u3057\u3044\u3002\u3053\u3046\u3057\u305f\u30cb\u30e5\u30fc\u30b9\u306f\u5f53\u7136\u306a\u304c\u3089\u50b5\u5238\u5e02\u5834\u306b\u304a\u3044\u3066\u91d1\u5229\u3092\u62bc\u3057\u4e0a\u3052\u3001\u682a\u4fa1\u306b\u5f71\u97ff\u3059\u308b\u3053\u3068\u306b\u306a\u3063\u305f\u3002<\/p><\/blockquote>\n<p>\u304b\u306a\u308a\u5f37\u6c17\u306a\u4e88\u60f3\u304c\u5916\u308c\u305f\u5f8c\u3060\u304b\u3089\u614e\u91cd\u306a\u8a00\u3044\u65b9\u3060\u304c\u3001\u300c\u5c11\u3057\u9032\u3093\u3067\u3044\u305f\u300d\u3068\u3044\u3046\u306e\u306f\u682a\u5f0f\u5e02\u5834\u304c\u9577\u671f\u7684\u306a\u5929\u4e95\u3092\u904e\u304e\u3066\u3044\u305f\u53ef\u80fd\u6027\u3092\u793a\u5506\u3057\u3066\u3044\u308b\u306e\u3060\u308d\u3046\u3002\u5225\u306e\u90e8\u5206\u3067\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u66f8\u3044\u3066\u3044\u308b\u3002<\/p>\n<blockquote><p>\u682a\u5f0f\u5e02\u5834\u306e\u5929\u4e95\u307e\u3067\u3042\u3068\u3069\u308c\u304f\u3089\u3044\u3042\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u53b3\u5bc6\u306b\u306f\u5206\u304b\u3089\u306a\u3044\u3002\u3057\u304b\u3057\u50b5\u5238\u5e02\u5834\u306e\u5929\u4e95\u3092\u904e\u304e\u305f\u3053\u3068\u306f\u78ba\u304b\u3067\u3042\u308b\u3002<\/p><\/blockquote>\n<p>\u50b5\u5238\u5e02\u5834\u306e\u5929\u4e95\u3092\u904e\u304e\u305f\u3068\u306f\u3001\u4f4e\u91d1\u5229\u306e\u6642\u4ee3\u304c\u7d42\u308f\u3063\u305f\u3068\u3044\u3046\u610f\u5473\u3067\u3042\u308b\u3002<\/p>\n<p>\u3067\u306f\u3001\u4eca\u5f8c\u306e\u3053\u3068\u306f\u3069\u3046\u306a\u308b\u306e\u304b\uff1f\u3000\u30c0\u30ea\u30aa\u6c0f\u306f\u614e\u91cd\u306a\u304c\u3089\u6b21\u306e\u3088\u3046\u306b\u66f8\u3044\u3066\u3044\u308b\u3002<\/p>\n<blockquote><p>\u5148\u9031\u306e\u91d1\u66dc\u65e5\u306b\u306f\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u304b\u3089\u5927\u91cf\u306e\u8ca1\u653f\u51fa\u52d5\u3068\u56fd\u50b5\u767a\u884c\u306b\u95a2\u3059\u308b\u767a\u8868\u304c\u3042\u308a\u3001\u305d\u308c\u304c\u66f4\u306b\u91d1\u5229\u3092\u62bc\u3057\u4e0a\u3052\u308b\u5f62\u3068\u306a\u3063\u305f\u3002\u305d\u3057\u3066\u3082\u3046\u3059\u3050\u83ab\u5927\u306a\uff08\u305d\u3057\u3066\u5fc5\u8981\u306a\uff09\u30a4\u30f3\u30d5\u30e9\u6295\u8cc7\u306b\u3064\u3044\u3066\u306e\u767a\u8868\u3082\u3042\u308b\u3060\u308d\u3046\u3002\u305d\u308c\u306f\u5927\u91cf\u306e\u8ca1\u653f\u8d64\u5b57\u3068\u56fd\u50b5\u306e\u58f2\u308a\u3092\u5fc5\u8981\u3068\u3059\u308b\u3002<\/p>\n<p>\u3053\u3046\u3057\u305f\u72b6\u6cc1\u306b\u5bfe\u3059\u308b\u4e2d\u592e\u9280\u884c\u306e\u5bfe\u5fdc\u3068\u3001\u305d\u308c\u304c\u6c7a\u5b9a\u3059\u308b\u5b9f\u8cea\uff08\u3064\u307e\u308a\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u5dee\u3057\u5f15\u3044\u305f\uff09\u91d1\u5229\u306f\u975e\u5e38\u306b\u91cd\u8981\u306a\u30d5\u30a1\u30af\u30bf\u30fc\u3068\u306a\u308b\u3060\u308d\u3046\u3002\u3060\u304b\u3089\u308f\u308c\u308f\u308c\u306f\u91d1\u878d\u653f\u7b56\u3092\u6ce8\u8996\u3057\u3066\u3044\u308b\u3002<\/p><\/blockquote>\n<p>\u4e0a\u304b\u4e0b\u304b\u3092\u306f\u3063\u304d\u308a\u3055\u305b\u308b\u3053\u3068\u3092\u907f\u3051\u3066\u3044\u308b\u304c\u3001\u4ee3\u308f\u308a\u306bBridgewater\u306e\u5171\u540c\u6700\u9ad8\u6295\u8cc7\u8cac\u4efb\u8005\u306e\u30dc\u30d6\u30fb\u30d7\u30ea\u30f3\u30b9\u6c0f\uff08\u30c0\u30ea\u30aa\u6c0f\u306e\u90e8\u4e0b\u306b\u3042\u305f\u308b\uff09\u304cFinancial Times\u306b\u3088\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\uff08<a href=\"https:\/\/www.ft.com\/content\/58ba6e12-0e74-11e8-8cb6-b9ccc4c4dbbb\" target=\"_blank\" rel=\"noopener\">\u539f\u6587\u82f1\u8a9e<\/a>\uff09\u306b\u304a\u3044\u3066\u6b21\u306e\u3088\u3046\u306b\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002<\/p>\n<blockquote><p>\u91d1\u878d\u5e02\u5834\u306b\u306f\u4f55\u5e74\u306b\u3082\u308f\u305f\u3063\u3066\u697d\u89b3\u304c\u7a4d\u307f\u4e0a\u304c\u3063\u3066\u3044\u308b\u305f\u3081\u3001\u308f\u308c\u308f\u308c\u306f\u3053\u306e\u6df7\u4e71\u304c\u4f55\u65e5\u304b\u3067\u7d42\u308f\u308b\u3082\u306e\uff08\u539f\u6587\uff1aa matter of days\uff09\u3060\u3068\u306f\u601d\u3063\u3066\u3044\u306a\u3044\u3002\u6050\u3089\u304f\u3001\u3088\u308a\u5927\u304d\u306a\u6025\u843d\u304c\u6765\u308b\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002<\/p><\/blockquote>\n<p>\u3053\u308c\u3067\u3088\u3046\u3084\u304f\u3001\u4e8b\u524d\u306e\u30c0\u30ea\u30aa\u6c0f\u306e\u5f37\u6c17\u4e88\u60f3\u3068\u3001Bridgewater\u306e\u7a7a\u58f2\u308a\u30dd\u30b8\u30b7\u30e7\u30f3\u3068\u306e\u6574\u5408\u6027\u304c\u53d6\u308c\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3002\u30c0\u30ea\u30aa\u6c0f\u306f\u81ea\u5206\u306e\u898b\u89e3\u3092\u4fee\u6b63\u3057\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u7a7a\u58f2\u308a\u3082\u4e0b\u843d\u958b\u59cb\u304b\u30898\u65e5\u307e\u3067\u306e\u9593\u306b\u6025\u6fc0\u306b\u5897\u3084\u3057\u305f\u3082\u306e\u3067\u3042\u308b\u3053\u3068\u306f\u8aac\u660e\u3057\u305f\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/7364\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3001\u682a\u9ad8\u4e88\u60f3\u767a\u8a00\u306e\u88cf\u3067\u6b27\u5dde\u682a\u7a7a\u58f2\u308a<\/a><\/li>\n<\/ul>\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n<p>\u3053\u308c\u3067\u4e16\u754c\u540c\u6642\u682a\u5b89\u306b\u5bfe\u3057\u3066\u5f37\u6c17\u4e88\u60f3\u3092\u3059\u308b\u8457\u540d\u6295\u8cc7\u5bb6\u304c\u307b\u307c\u5c45\u306a\u304f\u306a\u3063\u3066\u3057\u307e\u3063\u305f\u3002\u682a\u5f0f\u5e02\u5834\u304c\u4e0a\u6607\u3057\u3066\u304b\u3089\u4e0b\u843d\u3059\u308b\u3053\u3068\u3092\u6700\u521d\u304b\u3089\u4e88\u60f3\u3057\u3066\u3044\u305f\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u306a\u3069\u306f\u3001\u4e00\u8cab\u3057\u3066\u5f31\u6c17\u306e\u4e88\u60f3\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/7349\">\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f: \u4e16\u754c\u540c\u6642\u682a\u5b89\u306f\u6570\u65e5\u3067\u306f\u7d42\u308f\u3089\u306a\u3044<\/a><\/li>\n<\/ul>\n<p>\u3055\u3066\u3001\u30c0\u30ea\u30aa\u6c0f\u307b\u3069\u306e\u6295\u8cc7\u5bb6\u3067\u3082\u8aa4\u308b\u3053\u3068\u306f\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u30b0\u30ed\u30fc\u30d0\u30eb\u30de\u30af\u30ed\u306e\u6295\u8cc7\u5bb6\u306f\u57fa\u672c\u7684\u306b\u30de\u30af\u30ed\u304b\u3064\u9577\u671f\u306e\u30b7\u30ca\u30ea\u30aa\u306b\u3064\u3044\u3066\u8aa4\u308b\u3053\u3068\u306f\u307b\u3068\u3093\u3069\u306a\u3044\u304c\u3001\u4eca\u56de\u306f\u73cd\u3057\u3044\u30b1\u30fc\u30b9\u3067\u3042\u308b\u3002<\/p>\n<p>\u500b\u4eba\u7684\u306b\u306f\u3001\u30c0\u30ea\u30aa\u6c0f\u306e\u4e00\u756a\u306e\u9593\u9055\u3044\u306f\u3001\u5929\u4e95\u304c\u8fd1\u3044\u3068\u77e5\u3063\u3066\u3044\u306a\u304c\u3089\u3001\u6b32\u3092\u51fa\u3057\u3066\u300c\u5929\u4e95\u307e\u3067\u306e\u6700\u5f8c\u306e\u4e00\u5674\u304d\u300d\u3092\u53d6\u308a\u306b\u884c\u3053\u3046\u3068\u3057\u305f\u3053\u3068\u3067\u3042\u308b\u3002\u4e00\u65b9\u3067\u3001\u308f\u305f\u3057\u306f\u91d1\u878d\u5f15\u304d\u7de0\u3081\u76f8\u5834\u306b\u884c\u3046\u3079\u304d\u30c8\u30ec\u30fc\u30c9\u3092\u3044\u304f\u3064\u3082\u6319\u3052\u305f\u4e0a\u3067\u3001\u4e00\u756a\u6709\u671b\u306a\u306e\u304c\u3069\u308c\u304b\u3092\u53bb\u5e74\u306e\u5185\u306b\u8b70\u8ad6\u3057\u3066\u304a\u3044\u305f\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 (2017\/12\/2)<\/a><\/li>\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 (2017\/11\/20)<\/a><\/li>\n<\/ul>\n<p>\u305d\u3057\u3066\u6210\u529f\u3057\u305f\u3088\u3046\u3067\u3042\u308b\u3002\u30b8\u30e3\u30f3\u30af\u50b5ETF\u306e\u30c1\u30e3\u30fc\u30c8\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u682a\u5f0f\u306f\u4e0a\u304c\u3063\u3066\u4e0b\u304c\u3063\u305f\u304c\u3001\u30b8\u30e3\u30f3\u30af\u50b5\u306f\u4e00\u8cab\u3057\u3066\u4e0b\u843d\u3067\u3042\u308b\u3002\u3060\u304b\u3089\u6628\u5e74\u306e\u72b6\u6cc1\u3067\u306f\u3001\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u7a7a\u58f2\u308a\u4ee5\u5916\u306b\u9078\u629e\u80a2\u306f\u306a\u304b\u3063\u305f\u306e\u3067\u3042\u308b\u3002\u3059\u3079\u3066\u4e8b\u524d\u306b\u8aac\u660e\u3057\u3066\u3044\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-13-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7390\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-13-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart.png\" alt=\"\" width=\"598\" height=\"397\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-13-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart.png 598w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-13-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart-300x199.png 300w\" sizes=\"auto, (max-width: 598px) 100vw, 598px\" \/><\/a><\/p>\n<p>\u30c0\u30ea\u30aa\u6c0f\u307b\u3069\u306e\u76f8\u624b\u3068\u306a\u308b\u3068\u76f8\u5834\u89b3\u3067\u52dd\u3064\u306e\u306f\u5bb9\u6613\u3067\u306f\u306a\u3044\u304c\u3001\u4eca\u56de\u306f\u308f\u305f\u3057\u306e\u5727\u52dd\u3068\u8a00\u3048\u308b\u3060\u308d\u3046\u3002\u3057\u304b\u3057\u6c17\u3092\u7de9\u3081\u305a\u306b\u30ea\u30b5\u30fc\u30c1\u3092\u7d9a\u3051\u3066\u3086\u304f\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/7372\">\u4e16\u754c\u540c\u6642\u682a\u5b89\u306f\u307e\u3060\u4e0b\u843d\u306e\u4f59\u5730\u304c\u3042\u308b<\/a><\/li>\n<\/ul>\n<p>\u307e\u305f\u3001\u6295\u8cc7\u5bb6\u304c\u3053\u306e\u4ef6\u304b\u3089\u4e00\u756a\u5b66\u3076\u3079\u304d\u3053\u3068\u306f\u3001\u81ea\u5206\u306e\u9593\u9055\u3044\u3092\u77ac\u6642\u306b\u4fee\u6b63\u3059\u308b\u3053\u3068\u306e\u91cd\u8981\u3055\u3067\u3042\u308b\u3002\u30c0\u30ea\u30aa\u6c0f\u306f\u3042\u308c\u307b\u3069\u682a\u5f0f\u5e02\u5834\u306b\u5f37\u6c17\u3060\u3063\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u81ea\u5206\u306e\u76f8\u5834\u89b3\u3092\u6570\u65e5\u3067\u4fee\u6b63\u3057\u305f\u3002\u76f8\u5834\u306b\u304a\u3044\u3066\u306f\u4fee\u6b63\u304c\u6570\u65e5\u9045\u308c\u308b\u3060\u3051\u3067\u83ab\u5927\u306a\u640d\u5931\u3092\u8ca0\u3046\u3053\u3068\u3082\u3042\u308b\u3002\u30c0\u30ea\u30aa\u6c0f\u306f\u6050\u3089\u304f\u3001\u88ab\u5bb3\u3092\u6700\u5c0f\u9650\u306b\u7559\u3081\u3089\u308c\u305f\u3053\u3068\u3060\u308d\u3046\u3002<\/p>\n<p>\u307e\u305f\u3001\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u4e0b\u843d\u304c\u59cb\u307e\u3089\u306a\u3044\u9593\u306e\u30ea\u30b9\u30af\u30d8\u30c3\u30b8\u3068\u3057\u3066\u8a00\u53ca\u3057\u305f\u30ed\u30b7\u30a2\u682a\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u306f\u4e00\u65e6\u624b\u4ed5\u821e\u3044\u3068\u3059\u308b\u3002\u30ed\u30b7\u30a2\u5e02\u5834\u306f\u30a2\u30e1\u30ea\u30ab\u306b\u3088\u308b\u7d4c\u6e08\u5236\u88c1\u306b\u3088\u3063\u3066\u7c73\u56fd\u7d4c\u6e08\u304b\u3089\u9694\u96e2\u3055\u308c\u3066\u3044\u308b\u305f\u3081\u5e74\u59cb\u304b\u3089\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306f\u672a\u3060\u30d7\u30e9\u30b9\u3067\u3042\u308a\u3001\u3053\u3061\u3089\u306e\u9078\u629e\u3082\u6b63\u3057\u304b\u3063\u305f\u3068\u8a00\u3048\u308b\u304c\u3001\u3084\u306f\u308a\u4e16\u754c\u5e02\u5834\u306e\u5f71\u97ff\u3092\u5168\u304f\u53d7\u3051\u306a\u3044\u308f\u3051\u306b\u306f\u884c\u304b\u306a\u3044\u3060\u308d\u3046\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n<p>\u682a\u5b89\u304c\u5e95\u3092\u6253\u3066\u3070\u30ed\u30b7\u30a2\u5e02\u5834\u306e\u8cc7\u7523\u306f\u7d76\u597d\u306e\u8cb7\u3044\u5834\u3068\u306a\u308b\u304c\u3001\u307e\u3060\u5e95\u3067\u306f\u306a\u3044\u3068\u306e\u5224\u65ad\u3067\u3042\u308b\u3002\u305d\u306e\u8fba\u308a\u306e\u3053\u3068\u306b\u3064\u3044\u3066\u3082\u6628\u5e74\u306e\u8a18\u4e8b\u3067\u4e8b\u524d\u306b\u8aac\u660e\u3057\u3066\u3044\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 (2017\/12\/2)<\/a><\/li>\n<\/ul>\n<blockquote><p>\u6700\u5f8c\u306b\u7b2c\u4e09\u30b9\u30c6\u30fc\u30b8\u3060\u304c\u3001\u3067\u306f\u91d1\u878d\u5f15\u304d\u7de0\u3081\u306b\u9650\u754c\u304c\u6765\u3001Fed\u304c\u7de9\u548c\u7684\u30b9\u30bf\u30f3\u30b9\u306b\u8ee2\u63db\u3059\u308b\u6642\u671f\u304c\u6765\u305f\u3068\u3059\u308c\u3070\u3001\u6295\u8cc7\u5bb6\u306f\u3069\u3046\u3059\u308c\u3070\u826f\u3044\u304b\uff1f\u3000\u7b2c\u4e09\u30b9\u30c6\u30fc\u30b8\u306f\u4f4e\u91d1\u5229\u9298\u67c4\u306e\u8cb7\u3044\u6642\u3067\u3042\u308a\u3001\u91d1\u878d\u7de9\u548c\u3092\u597d\u611f\u3059\u308b\u9298\u67c4\u3092\u8cb7\u3063\u3066\u3086\u3051\u3070\u826f\u3044\u3002<\/p>\n<p>\u56e0\u307f\u306b\u7b46\u8005\u306a\u3089\u3070\u3001\u3084\u306f\u308a\u91d1\u5229\u304c7-8%\u3042\u308b\u30ed\u30b7\u30a2\u56fd\u50b5\u3092\u8cb7\u3046\u3060\u308d\u3046\u3002<\/p><\/blockquote>\n<p>\u3059\u3079\u3066\u4e8b\u524d\u306b\u66f8\u3044\u3066\u3042\u308b\u304c\u3001\u307e\u3060\u305d\u306e\u6642\u306f\u6765\u3066\u3044\u306a\u3044\u3002\u4eca\u5f8c\u3082\u4e16\u754c\u6700\u9ad8\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u7d1a\u306e\u60c5\u5831\u3092\u3053\u3053\u3067\u6de1\u3005\u3068\u63d0\u4f9b\u3057\u3066\u3086\u304f\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u30a2\u30e1\u30ea\u30ab\u767a\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u304c\u9032\u884c\u3059\u308b\u4e2d\u3001\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9Bridgewater\u3092\u904b\u7528\u3059\u308b\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306f\u5e02\u5834\u6025\u843d\u306f\u4e00\u6642\u7684\u306a\u8abf\u6574\u3067\u3042\u308b\u3068\u3057\u3001\u682a\u9ad8\u4e88\u60f3\u3092\u5d29\u3057\u3066\u3044\u306a\u304b\u3063\u305f\u3002 \u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: \u4e16\u754c\u540c\u6642\u682a\u5b89\u306f\u53d6\u308b &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7383\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3001\u682a\u9ad8\u4e88\u60f3\u3092\u64a4\u56de\u3001\u4e16\u754c\u540c\u6642\u682a\u5b89\u306f\u6570\u65e5\u3067\u306f\u7d42\u308f\u3089\u306a\u3044<\/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":[59,111],"tags":[102],"class_list":["post-7383","post","type-post","status-publish","format-standard","hentry","category-us-stock-market","category-stock-markets","tag-ray-dalio"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/7383","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=7383"}],"version-history":[{"count":9,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/7383\/revisions"}],"predecessor-version":[{"id":7397,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/7383\/revisions\/7397"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=7383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=7383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=7383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}