{"id":7683,"date":"2018-07-15T20:02:16","date_gmt":"2018-07-15T11:02:16","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=7683"},"modified":"2018-07-15T20:02:16","modified_gmt":"2018-07-15T11:02:16","slug":"2019%e5%b9%b4%e3%81%b8%e3%81%ae%e3%83%89%e3%83%ab%e5%86%86%e3%81%ae%e3%83%ac%e3%83%bc%e3%83%88%e6%8e%a8%e7%a7%bb%e4%ba%88%e6%83%b3%e3%81%a8%e7%a9%ba%e5%a3%b2%e3%82%8a%e9%96%8b%e5%a7%8b","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7683","title":{"rendered":"2019\u5e74\u3078\u306e\u30c9\u30eb\u5186\u306e\u30ec\u30fc\u30c8\u63a8\u79fb\u4e88\u60f3\u3068\u7a7a\u58f2\u308a\u958b\u59cb"},"content":{"rendered":"<p>\u3055\u3066\u3001\u305d\u308d\u305d\u308d\u65b0\u3057\u3044\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u59cb\u3081\u3066\u307f\u3088\u3046\u3068\u601d\u3046\u3002\u30c9\u30eb\u5186\u306e\u7a7a\u58f2\u308a\u3067\u3042\u308b\u3002<\/p>\n<p>2018\u5e74\u3001\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u91d1\u878d\u5f15\u304d\u7de0\u3081\u304c\u7d9a\u3044\u3066\u3044\u308b\u3002\u5229\u4e0a\u3052\u306b\u3088\u3063\u3066\u653f\u7b56\u91d1\u5229\u306f2%\u307e\u3067\u4e0a\u6607\u3057\u3001\u305d\u308c\u306b\u52a0\u3048\u3066\u91cf\u7684\u7de9\u548c\u3092\u9006\u56de\u8ee2\u3055\u305b\u308b\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9\u7e2e\u5c0f\u306f\u3001\u91cf\u7684\u7de9\u548c\u3068\u540c\u3058\u901f\u5ea6\u3067\u4e16\u754c\u306e\u91d1\u878d\u5e02\u5834\u304b\u3089\u6bce\u6708\u8cc7\u91d1\u3092\u5f15\u304d\u63da\u3052\u7d9a\u3051\u3066\u3044\u308b\u3002<\/p>\n<p><!--more--><strong>\u65e2\u306b\u30ea\u30b9\u30af\u30aa\u30d5\u306b\u5411\u304b\u3063\u3066\u3044\u308b\u4e16\u754c\u5e02\u5834<\/strong><\/p>\n<p>\u65e5\u672c\u5e02\u5834\u3057\u304b\u898b\u3066\u3044\u306a\u3044\u65e5\u672c\u306e\u6295\u8cc7\u5bb6\u3067\u3042\u308c\u3070\u305d\u306e\u5f71\u97ff\u3082\u611f\u3058\u3089\u308c\u306a\u3044\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u3001\u4e16\u754c\u5e02\u5834\u3092\u773a\u3081\u3066\u3044\u308b\u3053\u3053\u306e\u8aad\u8005\u3067\u3042\u308c\u3070\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3067\u91d1\u878d\u5e02\u5834\u304c\u304b\u306a\u308a\u5f15\u304d\u7de0\u307e\u3063\u3066\u3044\u308b\u3053\u3068\u3092\u65e2\u306b\u808c\u3067\u611f\u3058\u3066\u3044\u308b\u3060\u308d\u3046\u3002<\/p>\n<p>\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9\u7e2e\u5c0f\u3068\u306fFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u304c\u7c73\u56fd\u50b5\u306a\u3069\u306e\u4fdd\u6709\u984d\u3092\u6e1b\u3089\u3057\u3001\u305d\u306e\u5206\u306f\u5e02\u5834\u306e\u8ca0\u62c5\u3068\u306a\u308b\u3068\u3044\u3046\u3082\u306e\u3060\u304c\u3001\u305d\u308c\u3067\u5f71\u97ff\u3092\u53d7\u3051\u308b\u306e\u306f\u7c73\u56fd\u50b5\u3060\u3051\u3067\u306f\u306a\u304f\u3001\u4e16\u754c\u5e02\u5834\u306e\u69d8\u3005\u306a\u91d1\u878d\u8cc7\u7523\u304b\u3089\u8cc7\u91d1\u304c\u6d41\u51fa\u3057\u3001\u305d\u306e\u6d41\u51fa\u901f\u5ea6\u3082\u3001\u5404\u9298\u67c4\u306b\u3088\u3063\u3066\u7570\u306a\u308b\u3068\u3044\u3046\u3053\u3068\u6628\u5e7412\u6708\u306b\u6307\u6458\u3057\u3066\u304a\u3044\u305f\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/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\u306e12\u6708\u306e\u8a18\u4e8b\u3067\u7f85\u5217\u3057\u305f\u4e2d\u3067\u3001\u4e00\u756a\u597d\u8abf\u3060\u3063\u305f\u306e\u306f\u65b0\u8208\u56fd\u8cc7\u7523\u306e\u7a7a\u58f2\u308a\u3060\u3063\u305f\u3088\u3046\u3067\u3042\u308b\u3002\u5178\u578b\u7684\u306a\u306e\u306f\u30c8\u30eb\u30b3\u30ea\u30e9\u3067\u3001\u30c8\u30eb\u30b3\u306e\u653f\u6cbb\u72b6\u6cc1\u306a\u3069\u3082\u3042\u308a\u5e74\u59cb\u304b\u308920%\u4ee5\u4e0a\u3082\u58f2\u3089\u308c\u305f\u3002\u4ee5\u4e0b\u306fUSDTRY\u306e\u30c1\u30e3\u30fc\u30c8\u3067\u3001\u4e0a\u65b9\u5411\u304c\u30c9\u30eb\u9ad8\u30ea\u30e9\u5b89\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-usdtry-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7685\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-usdtry-chart.png\" alt=\"\" width=\"604\" height=\"371\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-usdtry-chart.png 604w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-usdtry-chart-300x184.png 300w\" sizes=\"auto, (max-width: 604px) 100vw, 604px\" \/><\/a><\/p>\n<p>\u4e2d\u56fd\u5143\u3082\u30c9\u30eb\u306b\u5bfe\u3057\u3066\u540c\u3058\u3088\u3046\u306a\u30c8\u30ec\u30f3\u30c9\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-usdcnh-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7686\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-usdcnh-chart.png\" alt=\"\" width=\"604\" height=\"371\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-usdcnh-chart.png 604w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-usdcnh-chart-300x184.png 300w\" sizes=\"auto, (max-width: 604px) 100vw, 604px\" \/><\/a><\/p>\n<p>\u3064\u307e\u308a\u3001\u65b0\u8208\u56fd\u304b\u3089\u8cc7\u91d1\u304c\u6d41\u51fa\u3057\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002\u3053\u308c\u306f\u901a\u8ca8\u3060\u3051\u3067\u306f\u306a\u304f\u682a\u5f0f\u306b\u304a\u3044\u3066\u3082\u540c\u69d8\u3067\u3001\u4ee5\u4e0b\u306f\u4e2d\u56fd\u306e\u682a\u4fa1\u6307\u6570\u3067\u3042\u308b\u4e0a\u6d77\u7dcf\u5408\u6307\u6570\u306e\u30c1\u30e3\u30fc\u30c8\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-shanghai-composite-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7687\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-shanghai-composite-chart.png\" alt=\"\" width=\"604\" height=\"371\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-shanghai-composite-chart.png 604w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-shanghai-composite-chart-300x184.png 300w\" sizes=\"auto, (max-width: 604px) 100vw, 604px\" \/><\/a><\/p>\n<p>\u9ad8\u5024\u304b\u308920%\u7a0b\u5ea6\u4e0b\u843d\u3057\u3066\u3044\u308b\u3002\u901a\u8ca8\u3082\u4e0b\u843d\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u8003\u3048\u308c\u3070\u3001\u73fe\u5730\u901a\u8ca8\u5efa\u3066\u3067\u306e\u6295\u8cc7\u306f\u5927\u640d\u306b\u306a\u3063\u3066\u3044\u308b\u30022\u6708\u306b\u65b0\u8208\u56fd\u682a\u3078\u306e\u5f37\u6c17\u59ff\u52e2\u3092\u64a4\u56de\u3057\u305f\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306e\u5224\u65ad\u306f\u6b63\u3057\u304b\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7630\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3001\u682a\u5f0f\u8cb7\u3044\u6301\u3061\u3092\u5927\u5e45\u6e1b\u984d\u3001\u7a7a\u58f2\u308a\u5897\u5f37\u304b<\/a><\/li>\n<\/ul>\n<p>12\u6708\u306e\u8a18\u4e8b\u3067\u3082\u66f8\u3044\u305f\u304c\u3001\u57fa\u672c\u7684\u306b\u91d1\u878d\u5f15\u304d\u7de0\u3081\u76f8\u5834\u3067\u306f\u30ea\u30b9\u30af\u306e\u9ad8\u3044\u8cc7\u7523\u304b\u3089\u9806\u756a\u306b\u58f2\u3089\u308c\u3066\u3086\u304f\u3002\u305d\u306e\u4e00\u3064\u304c\u65b0\u8208\u56fd\u306e\u8cc7\u7523\u3067\u3042\u308b\u3002\u3060\u304b\u3089\u3001\u5148\u9032\u56fd\u306e\u5e02\u5834\u3057\u304b\u898b\u3066\u3044\u306a\u3044\u6295\u8cc7\u5bb6\u306b\u306f\u3001\u4e16\u754c\u5e02\u5834\u3067\u4f55\u304c\u8d77\u3053\u3063\u3066\u3044\u308b\u306e\u304b\u5168\u304f\u5206\u304b\u3089\u306a\u3044\u3060\u308d\u3046\u3002<\/p>\n<p>\u65b0\u8208\u56fd\u4ee5\u5916\u306b\u76ee\u3092\u5411\u3051\u308b\u3068\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u30b8\u30e3\u30f3\u30af\u50b5\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u63a8\u79fb\u3057\u3066\u3044\u308b\u3002\u8457\u8005\u304c\u4e8b\u524d\u306b\u60f3\u5b9a\u3057\u305f\u307b\u3069\u306f\u4e0b\u843d\u3057\u3066\u304a\u3089\u305a\u3001\u3053\u308c\u306f\u4e00\u3064\u306b\u306f\u3001OPEC\u306e\u4fa1\u683c\u91e3\u308a\u4e0a\u3052\u306b\u3088\u3063\u3066\u539f\u6cb9\u4fa1\u683c\u304c\u4e0a\u6607\u3057\u3001\u30b8\u30e3\u30f3\u30af\u50b5\u3092\u767a\u884c\u3057\u3066\u3044\u308b\u7c73\u56fd\u30b7\u30a7\u30fc\u30eb\u4f01\u696d\u306b\u8cc7\u91d1\u304c\u6d41\u5165\u3057\u305f\u305f\u3081\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7689\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart.png\" alt=\"\" width=\"604\" height=\"371\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart.png 604w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart-300x184.png 300w\" sizes=\"auto, (max-width: 604px) 100vw, 604px\" \/><\/a><\/p>\n<p>\u4e00\u65b9\u3067\u3001\u5229\u4e0a\u3052\u3067\u5b9f\u8cea\u91d1\u5229\u304c\u4e0a\u6607\u3057\u305f\u305f\u3081\u3001\u91d1\u4fa1\u683c\u306f\u4e0b\u843d\u30c8\u30ec\u30f3\u30c9\u306b\u3042\u308b\u3002\u3064\u307e\u308a\u3001\u91d1\u76f8\u5834\u304b\u3089\u3082\u8cc7\u91d1\u304c\u6d41\u51fa\u3057\u3066\u3044\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<p><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-gold-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7690\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-gold-chart.png\" alt=\"\" width=\"604\" height=\"371\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-gold-chart.png 604w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-gold-chart-300x184.png 300w\" sizes=\"auto, (max-width: 604px) 100vw, 604px\" \/><\/a><\/p>\n<p>\u4e00\u65b9\u3067\u3001\u5148\u9032\u56fd\u306e\u5e02\u5834\u306f\u307e\u3060\u307e\u3060\u4e0b\u843d\u304c\u8db3\u308a\u306a\u3044\u3068\u3044\u3046\u3079\u304d\u3060\u308d\u3046\u3002\u7279\u306b\u3001\u7c73\u56fd\u682a\u306f\u3044\u307e\u3060\u5f37\u3044\u3002\u4e0b\u3052\u76f8\u5834\u3067\u4e00\u756a\u6700\u5f8c\u307e\u3067\u4e0b\u3052\u306a\u3044\u306e\u306f\u3001\u3044\u3064\u3082\u7c73\u56fd\u682a\u3060\u304b\u3089\u3067\u3042\u308b\u3002\u3057\u304b\u3057\u3001\u7c73\u56fd\u682a\u3082\u4e0b\u3052\u306a\u3044\u308f\u3051\u3067\u306f\u306a\u3044\u3002\u6700\u5f8c\u307e\u3067\u4e0b\u3052\u306a\u3044\u3068\u3044\u3046\u3060\u3051\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-s-and-p-500-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7691\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-s-and-p-500-chart.png\" alt=\"\" width=\"604\" height=\"371\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-s-and-p-500-chart.png 604w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-s-and-p-500-chart-300x184.png 300w\" sizes=\"auto, (max-width: 604px) 100vw, 604px\" \/><\/a><\/p>\n<p><strong>\u4e16\u754c\u306e\u91d1\u878d\u5e02\u5834\u30c1\u30e3\u30fc\u30c8\u304c\u610f\u5473\u3059\u308b\u3082\u306e<\/strong><\/p>\n<p>\u3055\u3066\u3001\u6ca2\u5c71\u306e\u30c1\u30e3\u30fc\u30c8\u3092\u898b\u305f\u304c\u3001\u3053\u308c\u3089\u304c\u610f\u5473\u3059\u308b\u3082\u306e\u306f\u4e00\u4f53\u4f55\u3060\u308d\u3046\u304b\uff1f\u3000\u4e16\u754c\u5e02\u5834\u304b\u3089\u7740\u5b9f\u306b\u8cc7\u91d1\u304c\u5f15\u304d\u63da\u3052\u3089\u308c\u3066\u304a\u308a\u3001\u4e0b\u3052\u76f8\u5834\u306f\u78ba\u304b\u306b\u9806\u756a\u306b\u3084\u3063\u3066\u304d\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p>\u3067\u306f\u3069\u3046\u3059\u3079\u304d\u304b\uff1f\u3000\u682a\u3092\u7a7a\u58f2\u308a\u3059\u308c\u3070\u826f\u3044\u306e\u304b\uff1f\u3000\u4e00\u65b9\u3067\u3001\u6295\u8cc7\u5bb6\u304c\u6ce8\u610f\u3059\u3079\u304d\u306f\u3001\u7c73\u56fd\u5229\u4e0a\u3052\u306e\u505c\u6b62\u304c\u8fd1\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u4e0a\u304c\u3063\u3066\u304a\u308a\u3001Fed\u304c\u4e88\u5b9a\u3057\u3066\u3044\u305f\u6570\u5b57\u307e\u3067\u653f\u7b56\u91d1\u5229\u3092\u4e0a\u3052\u308b\u3053\u3068\u306b\u969c\u5bb3\u306f\u306a\u3044\u3068\u8a00\u3048\u308b\u304c\u3001\u6050\u3089\u304f\u306f\u5229\u4e0a\u3052\u306f\u3042\u30682\u56de\u7a0b\u5ea6\u3067\u3042\u308a\u3001\u6642\u671f\u3067\u8a00\u3048\u30702019\u5e74\u524d\u534a\u306b\u5229\u4e0a\u3052\u505c\u6b62\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002\u3053\u308c\u306b\u3064\u3044\u3066\u306f\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u8a73\u3057\u304f\u8aac\u660e\u3057\u3066\u3044\u308b\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7673\">\u4e0a\u304c\u308a\u7d9a\u3051\u308b\u7c73CPI\u304c\u5229\u4e0a\u3052\u505c\u6b62\u3092\u96e3\u3057\u304f\u3059\u308b<\/a><\/li>\n<\/ul>\n<p>\u3064\u307e\u308a\u3001\u6642\u9593\u5236\u9650\u304c\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308a\u3001\u305d\u308c\u307e\u3067\u306b\u7c73\u56fd\u682a\u307e\u3067\u58f2\u308a\u304c\u6ce2\u53ca\u3059\u308b\u304b\u3069\u3046\u304b\u3068\u3044\u3046\u306e\u306f\u3042\u308b\u610f\u5473\u8ced\u3051\u306b\u306a\u3063\u3066\u3057\u307e\u3046\u3002\u3057\u304b\u3057\u3001\u3053\u306e\u72b6\u6cc1\u3067\u5229\u4e0a\u3052\u505c\u6b62\u3067\u3082\u5229\u4e0a\u3052\u7d9a\u884c\u3067\u3082\u4e0b\u304c\u308b\u9298\u67c4\u304c\u3042\u308b\u3002\u30c9\u30eb\u5186\u3067\u3042\u308b\u3002<\/p>\n<p><strong>2019\u5e74\u306b\u5411\u3051\u3066\u306e\u30c9\u30eb\u5186\u306e\u63a8\u79fb\u4e88\u60f3<\/strong><\/p>\n<p>\u5148\u305a\u3001\u4ee5\u524d\u306b\u3082\u66f8\u3044\u305f\u3088\u3046\u306b\u3001\u30c9\u30eb\u5186\u306f\u57fa\u672c\u7684\u306b\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u5b9f\u8cea\u91d1\u5229\u306b\u5f71\u97ff\u3055\u308c\u308b\u304c\u3001\u5229\u4e0a\u3052\u306b\u3088\u3063\u3066\u5b9f\u8cea\u91d1\u5229\u304c\u4e0a\u304c\u3063\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u30c9\u30eb\u5186\u306e\u4e0a\u6607\u306f\u304b\u306a\u308a\u9650\u3089\u308c\u305f\u3082\u306e\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u5b9f\u8cea\u91d1\u5229\u3092\u8003\u3048\u308c\u3070\u3001\u672c\u6765\u30c9\u30eb\u5186\u306f120\u5186\u306b\u8fd1\u3065\u3044\u3066\u3044\u3066\u3082\u826f\u3044\u306e\u3060\u304c\u3001\u305d\u3046\u306a\u3063\u3066\u3044\u306a\u3044\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7640\">2018\u5e74\u3001\u5186\u9ad8\u30c9\u30eb\u5b89\u306e\u7406\u7531<\/a><\/li>\n<\/ul>\n<p>\u3053\u306e\u8a18\u4e8b\u3067\u8a73\u3057\u304f\u8aac\u660e\u3057\u305f\u901a\u308a\u3001\u305d\u308c\u306f\u4f55\u6545\u304b\u3068\u8a00\u3048\u3070\u3001\u91d1\u5229\u304c\u4e0a\u304c\u308c\u3070\u4e16\u754c\u5e02\u5834\u3067\u30ea\u30b9\u30af\u30aa\u30d5\u3068\u306a\u308a\u3001\u30ea\u30b9\u30af\u30aa\u30d5\u3068\u306a\u308c\u3070\u3001\u4fe1\u7528\u53d6\u5f15\u306e\u8cc7\u91d1\u8abf\u9054\u901a\u8ca8\u3068\u306a\u3063\u3066\u3044\u305f\u5186\u306a\u3069\u306e\u4f4e\u91d1\u5229\u901a\u8ca8\uff08\u5186\u3092\u58f2\u3063\u3066\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\uff09\u304c\u3001\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u89e3\u6d88\u306b\u3088\u308a\u8cb7\u3044\u623b\u3055\u308c\u3001\u5186\u9ad8\u3068\u306a\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n<p>\u4eca\u5f8c\u3001\u4e16\u754c\u306e\u91d1\u878d\u5e02\u5834\u306b\u306f2\u3064\u306e\u65b9\u5411\u6027\u304c\u5b58\u5728\u3059\u308b\u3002\u91d1\u878d\u5f15\u304d\u7de0\u3081\u306e\u5f31\u6c17\u76f8\u5834\u304c\u3064\u3044\u306b\u7c73\u56fd\u5e02\u5834\u306b\u307e\u3067\u5230\u9054\u3057\u3001\u4e16\u754c\u7684\u306a\u30ea\u30b9\u30af\u30aa\u30d5\u306b\u306a\u308b\u304b\u3001\u305d\u3046\u306a\u308b\u524d\u306bFed\u304c\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u6b62\u3081\u308b\u304b\u3067\u3042\u308b\u3002<\/p>\n<p>\u3053\u3053\u3067\u8003\u3048\u3066\u3082\u3089\u3044\u305f\u3044\u306e\u306f\u3001\u3069\u3061\u3089\u306b\u306a\u3063\u3066\u3082\u30c9\u30eb\u5186\u306b\u306f\u60aa\u6750\u6599\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u4e16\u754c\u7684\u306a\u5f31\u6c17\u76f8\u5834\u3068\u306a\u308c\u3070\u30ea\u30b9\u30af\u30aa\u30d5\u3067\u5186\u9ad8\u3068\u306a\u308a\u3001\u91d1\u878d\u5f15\u304d\u7de0\u3081\u64a4\u56de\u306b\u306a\u308c\u3070\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u5229\u4f4e\u4e0b\u3067\u30c9\u30eb\u5b89\u3068\u306a\u308b\u3002\u3069\u3061\u3089\u306b\u3057\u3066\u3082\u30c9\u30eb\u5186\u306f\u4e0b\u843d\u3059\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n<p>\u3057\u305f\u304c\u3063\u3066\u3001\u30c9\u30eb\u5186\u306e\u7a7a\u58f2\u308a\u3092\u958b\u59cb\u3059\u308b\u3053\u3068\u306b\u3059\u308b\u3002\u3053\u306e\u30c8\u30ec\u30fc\u30c9\u306e\u30ea\u30b9\u30af\u3068\u3057\u3066\u306f\u3001\u30ea\u30b9\u30af\u30aa\u30f3\u3068\u91d1\u878d\u5f15\u304d\u7de0\u3081\u306e\u7d99\u7d9a\u304c\u540c\u6642\u306b\u8d77\u3053\u308b\u3053\u3068\u3060\u304c\u3001\u305d\u308c\u306f\u77ed\u671f\u7684\u306b\u8d77\u3053\u308b\u53ef\u80fd\u6027\u306f\u3042\u3063\u3066\u3082\u3001\u9577\u671f\u7684\u306b\u7d99\u7d9a\u3059\u308b\u53ef\u80fd\u6027\u306f\u4f4e\u3044\u3068\u898b\u3066\u3044\u308b\u3002\u77ed\u671f\u7684\u306b\u305d\u3046\u306a\u3063\u305f\u5834\u5408\u306b\u8ffd\u52a0\u3067\u58f2\u308a\u3092\u884c\u3046\u53ef\u80fd\u6027\u3092\u898b\u636e\u3048\u306a\u304c\u3089\u3001120\u5186\u7a0b\u5ea6\u307e\u3067\u306e\u4e0a\u6607\u306b\u306f\u8010\u3048\u3089\u308c\u308b\u3088\u3046\u306b\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u7d44\u307f\u3001100\u5186\u306b\u5411\u3051\u3066\u4e0b\u843d\u3057\u3066\u3086\u304f\u3053\u3068\u3092\u60f3\u5b9a\u3057\u305f\u3044\u3002<\/p>\n<p><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-usdjpy-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7692\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-usdjpy-chart.png\" alt=\"\" width=\"604\" height=\"371\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-usdjpy-chart.png 604w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/07\/2018-7-15-usdjpy-chart-300x184.png 300w\" sizes=\"auto, (max-width: 604px) 100vw, 604px\" \/><\/a><\/p>\n<p>\u3082\u3046\u4e00\u3064\u306e\u30ea\u30b9\u30af\u306f\u5b9f\u8cea\u91d1\u5229\u304c\u4e0a\u304c\u308b\u3053\u3068\u3067\u3042\u308a\u3001\u3053\u308c\u306f\u5229\u4e0a\u3052\u3060\u3051\u304c\u539f\u56e0\u3067\u306f\u306a\u304f\u3001\u30ea\u30b9\u30af\u30aa\u30d5\u306b\u3088\u3063\u3066\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u4e0b\u843d\u3059\u308b\u3053\u3068\u3067\u3001\u540d\u76ee\u91d1\u5229\u304b\u3089\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u5f15\u3044\u305f\u3082\u306e\u3067\u3042\u308b\u5b9f\u8cea\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308b\u30b7\u30ca\u30ea\u30aa\u304c\u8003\u3048\u3089\u308c\u308b\u30022008\u5e74\u306b\u8d77\u3053\u3063\u305f\u30b7\u30ca\u30ea\u30aa\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/4454\">\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u3067\u6025\u843d\u3057\u305f\u91d1\u4fa1\u683c\u3001\u4e0a\u6607\u3057\u305f\u7c73\u56fd\u50b5<\/a><\/li>\n<\/ul>\n<p>\u3053\u308c\u3092\u30d8\u30c3\u30b8\u3059\u308b\u305f\u3081\u306b\u306fTIPS\uff08\u30a4\u30f3\u30d5\u30ec\u9023\u52d5\u7c73\u56fd\u50b5\uff09\u3092\u53d6\u5f15\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002\u65e5\u672c\u306e\u500b\u4eba\u6295\u8cc7\u5bb6\u306b\u306f\u305d\u306eETF\uff08NYSEARCA:TIP\uff09\u3092\u5229\u7528\u3059\u308b\u65b9\u304c\u30a2\u30af\u30bb\u30b9\u3057\u3084\u3059\u3044\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u3001\u3069\u3061\u3089\u306b\u3057\u3066\u3082\u30a4\u30f3\u30d5\u30ec\u9023\u52d5\u50b5\u3092\u7a7a\u58f2\u308a\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u306e\u3067\u3001\u96e3\u3057\u3044\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u30b4\u30fc\u30eb\u30c9\u3092\u7a7a\u58f2\u308a\u3059\u308b\u65b9\u6cd5\u3082\u3042\u308b\u304c\u3001TIPS\u3068\u30b4\u30fc\u30eb\u30c9\u306f\uff08\u7279\u306b\u77ed\u671f\u7684\u306b\u306f\uff09\u5fc5\u305a\u3057\u3082\u540c\u3058\u52d5\u304d\u3092\u3057\u306a\u3044\u306e\u3067\u3001\u6ce8\u610f\u3057\u305f\u3044\u3002<\/p>\n<p>\u307e\u305f\u3001\u65e5\u7d4c\u5e73\u5747\u3082\u30c9\u30eb\u5186\u306b\u5f71\u97ff\u3055\u308c\u308b\u305f\u3081\u3001\u65e5\u672c\u682a\u3082\u4eca\u5f8c\u306e\u4e0a\u6607\u304c\u96e3\u3057\u3044\u3068\u8a00\u3048\u308b\u3002\u305f\u3060\u3001\u91d1\u878d\u5f15\u304d\u7de0\u3081\u64a4\u56de\u3068\u306a\u308c\u3070\u3001\u30c9\u30eb\u5186\u304c\u4e0b\u304c\u308b\u3053\u3068\u306e\u5f71\u97ff\u3092\u9664\u3051\u3070\u65e5\u7d4c\u5e73\u5747\u5358\u4f53\u306b\u3068\u3063\u3066\u306f\u30d7\u30e9\u30b9\u306b\u306a\u308b\u3002\u91d1\u878d\u5f15\u304d\u7de0\u3081\u304c\u64a4\u56de\u3055\u308c\u308b\u6765\u5e74\u524d\u534a\u307e\u3067\u306a\u3089\u3070\u3001\u30c9\u30eb\u5186\u3088\u308a\u65e5\u7d4c\u5e73\u5747\u304c\u597d\u8abf\u306e\u6642\u306b\u306f\u3001\u30c9\u30eb\u5186\u306e\u4ee3\u308f\u308a\u306b\u65e5\u7d4c\u5e73\u5747\u306e\u982d\u3092\u53e9\u304f\u306e\u3082\u826f\u3044\u3060\u308d\u3046\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u3055\u3066\u3001\u305d\u308d\u305d\u308d\u65b0\u3057\u3044\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u59cb\u3081\u3066\u307f\u3088\u3046\u3068\u601d\u3046\u3002\u30c9\u30eb\u5186\u306e\u7a7a\u58f2\u308a\u3067\u3042\u308b\u3002 2018\u5e74\u3001\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u91d1\u878d\u5f15\u304d\u7de0\u3081\u304c\u7d9a\u3044\u3066\u3044\u308b\u3002\u5229\u4e0a\u3052\u306b\u3088\u3063\u3066\u653f\u7b56\u91d1\u5229\u306f2%\u307e\u3067\u4e0a\u6607\u3057\u3001\u305d\u308c\u306b\u52a0\u3048\u3066\u91cf\u7684\u7de9\u548c\u3092\u9006\u56de\u8ee2\u3055\u305b\u308b\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9\u7e2e\u5c0f &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7683\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">2019\u5e74\u3078\u306e\u30c9\u30eb\u5186\u306e\u30ec\u30fc\u30c8\u63a8\u79fb\u4e88\u60f3\u3068\u7a7a\u58f2\u308a\u958b\u59cb<\/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":[118,120,14,111,19,108],"tags":[],"class_list":["post-7683","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-usdjpy","category-japanese-stock-market","category-stock-markets","category-foreign-exchange-market","category-bond-markets"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/7683","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=7683"}],"version-history":[{"count":9,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/7683\/revisions"}],"predecessor-version":[{"id":7699,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/7683\/revisions\/7699"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=7683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=7683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=7683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}