{"id":8032,"date":"2018-12-02T19:55:55","date_gmt":"2018-12-02T10:55:55","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=8032"},"modified":"2018-12-05T23:08:23","modified_gmt":"2018-12-05T14:08:23","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%81%8c%e4%b8%96%e7%95%8c%e5%90%8c%e6%99%82%e6%a0%aa%e5%ae%89%e3%81%ae%e5%8e%9f%e5%9b%a0","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8032","title":{"rendered":"\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u304c\u4e16\u754c\u540c\u6642\u682a\u5b89\u306e\u539f\u56e0\u3092\u8a9e\u308b"},"content":{"rendered":"<p>\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3067\u3042\u308bBridgewater\u3092\u904b\u7528\u3059\u308b\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\u518d\u3073\u4e16\u754c\u540c\u6642\u682a\u5b89\u3068\u305d\u306e\u80cc\u666f\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u306e\u3067\u7d39\u4ecb\u3057\u305f\u3044\u3002\u91d1\u878d\u5e02\u5834\u3067\u306fFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306e\u767a\u8a00\u306b\u53cd\u5fdc\u3057\u3066\u91d1\u5229\u304c\u4f4e\u4e0b\u3057\u3066\u304a\u308a\u3001\u30c0\u30ea\u30aa\u6c0f\u306f\u305d\u308c\u306b\u3064\u3044\u3066\u3082\u30b3\u30e1\u30f3\u30c8\u3057\u3066\u3044\u308b\u3002<\/p>\n<p><!--more--><strong>\u50b5\u52d9\u5371\u6a5f\u3068\u4e16\u754c\u540c\u6642\u682a\u5b89<\/strong><\/p>\n<p>\u30c0\u30ea\u30aa\u6c0f\u3092\u826f\u304f\u77e5\u308b\u8aad\u8005\u306f\u77e5\u3063\u3066\u306e\u901a\u308a\u3001\u5f7c\u304c\u7d4c\u6e08\u3092\u8003\u3048\u308b\u6642\u306b\u91cd\u8981\u306a\u8981\u7d20\u306f\u50b5\u52d9\u3001\u3064\u307e\u308a\u501f\u91d1\u3067\u3042\u308b\u3002<\/p>\n<p>\u4e16\u754c\u4e2d\u306e\u3042\u3089\u3086\u308b\u56fd\u3067\u653f\u5e9c\u50b5\u52d9\u3084\u6c11\u9593\u50b5\u52d9\u304c\u7a4d\u307f\u4e0a\u304c\u3063\u3066\u304a\u308a\u3001\u305d\u308c\u306b\u3064\u3044\u3066\u8ab0\u3082\u6c17\u306b\u3057\u3066\u3044\u306a\u3044\u3053\u3068\u306b\u3064\u3044\u3066\u3001\u6b21\u306e\u3088\u3046\u306b\u8ff0\u3079\u3066\u3044\u308b\u3002<\/p>\n<blockquote><p>\u591a\u304f\u306e\u4eba\u306f\u3001\u30d0\u30d6\u30eb\u304c\u30d0\u30d6\u30eb\u5d29\u58ca\u306e\u76f4\u524d\u306b\u91b8\u6210\u3055\u308c\u308b\u3068\u601d\u3044\u8fbc\u3093\u3067\u3044\u308b\u304c\u3001\u305d\u3093\u306a\u3053\u3068\u306f\u306a\u3044\u3002\u6b74\u53f2\u4e0a\u3001\u540c\u3058\u3053\u3068\u304c\u4f55\u5ea6\u3082\u4f55\u5ea6\u3082\u7e70\u308a\u8fd4\u3055\u308c\u3066\u3044\u308b\u306e\u3060\u3002<\/p><\/blockquote>\n<p>\u30c0\u30ea\u30aa\u6c0f\u306e\u6700\u8fd1\u306e\u8457\u66f8\u300cBig Debt Crises\uff08\u4eee\u8a33\uff1a\u5de8\u5927\u50b5\u52d9\u5371\u6a5f\uff09\u300d\u306e\u30bf\u30a4\u30c8\u30eb\u304b\u3089\u5206\u304b\u308b\u3088\u3046\u306b\u3001\u30d0\u30d6\u30eb\u306e\u672c\u8cea\u3068\u3001\u4f55\u6545\u91d1\u5229\u304c\u91d1\u878d\u5e02\u5834\u306b\u3068\u3063\u3066\u91cd\u8981\u304b\u306f\u50b5\u52d9\u3068\u3044\u3046\u3082\u306e\u3092\u8003\u3048\u308c\u3070\u5206\u304b\u308b\u3002<\/p>\n<p>\u73fe\u5728\u3001\u591a\u304f\u306e\u56fd\u306b\u304a\u3044\u3066\u50b5\u52d9\u304c\u7a4d\u307f\u4e0a\u304c\u3063\u3066\u304a\u308a\u3001\u653f\u5e9c\u3068\u6c11\u9593\u306e\u50b5\u52d9\u3092\u5408\u308f\u305b\u308c\u3070GDP\u306e100%\u304b\u3089300%\u306e\u50b5\u52d9\u304c\u7a4d\u307f\u4e0a\u304c\u3063\u3066\u3044\u308b\u3002\u4eee\u306b\u50b5\u52d9\u304cGDP\u306e200%\u3042\u308b\u56fd\u3067\u91d1\u5229\u304c1%\u4e0a\u304c\u308c\u3070\u3001\u50b5\u52d9\u306e\u652f\u6255\u984d\u306f\u6bce\u5e74GDP\u306e2%\u5206\u5897\u3048\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u3060\u304b\u3089\u91d1\u5229\u4e0a\u6607\u304c\u554f\u984c\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u50b5\u52d9\u3068\u91d1\u5229\u3068\u91d1\u878d\u5e02\u5834<\/strong><\/p>\n<p>\u3088\u3063\u30662018\u5e74\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u306e\u672c\u8cea\u306f\u50b5\u52d9\u3068\u91d1\u5229\u306b\u3042\u308b\u306e\u3060\u304c\u3001\u6700\u8fd1\u306e\u5e02\u5834\u306e\u6df7\u4e71\u306b\u3064\u3044\u3066\u30c0\u30ea\u30aa\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u7e8f\u3081\u3066\u3044\u308b\u3002<\/p>\n<blockquote><p>\u69d8\u3005\u306a\u7d4c\u6e08\u7684\u30b5\u30a4\u30af\u30eb\u306e\u5185\u3001\u308f\u308c\u308f\u308c\u304c\u4f55\u51e6\u306b\u5c45\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u304c\u91cd\u8981\u3060\u3002\u5229\u4e0a\u3052\u306f\u3069\u3046\u306a\u3063\u3066\u3044\u308b\u304b\u3001\u5f15\u304d\u7de0\u3081\u653f\u7b56\u306f\u3069\u3046\u304b\u3001\u8cc7\u7523\u4fa1\u683c\u306f\u4f55\u51e6\u306b\u3042\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p>\n<p>\u8a71\u3092\u623b\u3059\u3068\u30012008\u5e74\u306e\u91d1\u878d\u5371\u6a5f\u3067\u91d1\u5229\u306f\u30bc\u30ed\u306b\u306a\u3063\u305f\u3002\u50b5\u52d9\u5371\u6a5f\u3060\u3002\u305d\u3057\u3066\u91d1\u5229\u304c\u305d\u308c\u4ee5\u4e0a\u4e0b\u3052\u3089\u308c\u306a\u304f\u306a\u3063\u305f\u306e\u3067\u3001\u4e2d\u592e\u9280\u884c\u306f\u7d19\u5e63\u3092\u5370\u5237\u3057\u3066\u91d1\u878d\u8cc7\u7523\u3092\u8cb7\u3044\u5165\u308c\u59cb\u3081\u305f\u3002\u7d50\u679c\u3001\u8cc7\u7523\u4fa1\u683c\u306f\u4e0a\u304c\u308a\u3001\u884c\u304d\u5834\u3092\u306a\u304f\u3057\u305f\u8cc7\u91d1\u304c\u7d4c\u6e08\u3092\u62bc\u3057\u4e0a\u3052\u305f\u3002<\/p>\n<p>\u305d\u3057\u3066\u4eca\u3001\u7d4c\u6e08\u306f\u30b5\u30a4\u30af\u30eb\u306e\u5f8c\u671f\u306b\u4f4d\u7f6e\u3057\u3066\u3044\u308b\u3002\u7de9\u548c\u306b\u30d6\u30ec\u30fc\u30ad\u3092\u8e0f\u3080\u5c40\u9762\u3067\u3042\u308a\u3001\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u884c\u3046\u3053\u3068\u306b\u306a\u308b\u3002<\/p><\/blockquote>\n<p>2018\u5e74\u306e\u91d1\u878d\u5371\u6a5f\u306e\u72b6\u6cc1\u304c\u7c21\u6f54\u306b\u7e8f\u3081\u3089\u308c\u3066\u3044\u308b\u3002<\/p>\n<p>\u3067\u306f\u3001\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u884c\u3046\u3068\u7d4c\u6e08\u3084\u5e02\u5834\u306f\u3069\u3046\u306a\u308b\u306e\u304b\uff1f\u3000\u30c0\u30ea\u30aa\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u7d9a\u3051\u3066\u3044\u308b\u3002<\/p>\n<blockquote><p>\u5229\u4e0a\u3052\u306e\u305f\u3081\u306b\u77ed\u671f\u91d1\u5229\u306f\u9577\u671f\u91d1\u5229\u3068\u307b\u3068\u3093\u3069\u540c\u3058\u6c34\u6e96\u307e\u3067\u4e0a\u304c\u3063\u305f\u3002\u3069\u306e\u671f\u9593\u306e\u56fd\u50b5\u306b\u6295\u8cc7\u3057\u3066\u3082\u3001\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u306b\u6295\u8cc7\u3057\u306a\u304c\u3089\u57fa\u672c\u7684\u306b3%\u7a0b\u5ea6\u306e\u91d1\u5229\u3092\u5f97\u308b\u3053\u3068\u304c\u51fa\u6765\u308b\u3002\u4e00\u65b9\u3067\u3001\u682a\u5f0f\u306b\u73fe\u5728\u306e\u682a\u4fa1\u6c34\u6e96\u3067\u6295\u8cc7\u3057\u305f\u5834\u5408\u306e\u30ea\u30bf\u30fc\u30f3\u306f\u3069\u3046\u3060\u308d\u3046\u304b\uff1f\u3000\u56fd\u50b5\u306e\u5e74\u73873%\u3088\u308a\u5927\u304d\u3044\u3068\u306f\u601d\u3048\u306a\u3044\u4e00\u65b9\u3067\u3001\u30ea\u30b9\u30af\u306f\u3042\u307e\u308a\u306b\u5927\u304d\u3044\u3002<\/p><\/blockquote>\n<p>\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3092\u904b\u7528\u3059\u308b\u30c0\u30ea\u30aa\u6c0f\u304c\u3001\u682a\u5f0f\u306f\u9b45\u529b\u7684\u3067\u306f\u306a\u3044\u3068\u306f\u3063\u304d\u308a\u8a00\u3063\u3066\u3044\u308b\u3002\u540c\u3058\u7406\u7531\u3067\u6295\u8cc7\u5bb6\u306f\u682a\u5f0f\u304b\u3089\u50b5\u5238\u306b\u8cc7\u91d1\u3092\u79fb\u3057\u3066\u304a\u308a\u3001\u305d\u308c\u304c\u4e16\u754c\u540c\u6642\u682a\u5b89\u306e\u539f\u56e0\u3068\u306a\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n<p>\u3055\u3066\u3001\u554f\u984c\u3068\u306a\u308b\u306e\u306f\u3001\u305d\u308c\u3067\u3082Fed\u304c\u5229\u4e0a\u3052\u3092\u7d9a\u3051\u3089\u308c\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u30c0\u30ea\u30aa\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u4e88\u60f3\u3059\u308b\u3002<\/p>\n<blockquote><p>Fed\u304c\u6765\u5e74\u3082\u5b9a\u671f\u7684\u306b\u5229\u4e0a\u3052\u3092\u7d9a\u3051\u308b\u3068\u306f\u601d\u308f\u306a\u3044\u3002\u5e02\u5834\u3067\u7e54\u308a\u8fbc\u307e\u308c\u3066\u3044\u308b\u4ee5\u4e0a\u306e\u901f\u3055\u3067\u5229\u4e0a\u3052\u3092\u3057\u305f\u5834\u5408\u3001\u3059\u3079\u3066\u306e\u8cc7\u7523\u4fa1\u683c\u306b\u5f71\u97ff\u3059\u308b\u3002\u3059\u3079\u3066\u306e\u8cc7\u7523\u4fa1\u683c\u306f\u56fd\u50b5\u306e\u91d1\u5229\u3092\u524d\u63d0\u3068\u3057\u3066\u3044\u308b\u304b\u3089\u3060\u3002<\/p><\/blockquote>\n<p>Fed\u306e\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u305d\u308c\u3092\u8a8d\u3081\u3064\u3064\u3042\u308b\u3088\u3046\u3060\u3002\u6570\u65e5\u524d\u306b\u91d1\u5229\u306f\u73fe\u5728\u3001\u4e2d\u7acb\u91d1\u5229\uff08\u5f15\u304d\u7de0\u3081\u7684\u3067\u3082\u7de9\u548c\u7684\u3067\u3082\u306a\u3044\u4e2d\u5eb8\u306e\u91d1\u5229\u6c34\u6e96\uff09\u306e\u50c5\u304b\u4e0b\u306b\u3042\u308b\u3068\u3044\u3046\u30b3\u30e1\u30f3\u30c8\u3092\u767a\u8868\u3057\u3001\u6765\u5e74\u30822\u56de\u304b3\u56de\u306e\u5229\u4e0a\u3052\u3092\u60f3\u5b9a\u3057\u3066\u3044\u305f\u91d1\u5229\u5148\u7269\u5e02\u5834\u306f\u4e88\u60f3\u3092\u5f15\u304d\u4e0b\u3052\u305f\u3002\u5229\u4e0a\u3052\u304c\u65e9\u6025\u904e\u304e\u308b\u3068\u4e3b\u5f35\u3057\u3066\u3044\u305f\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306b\u5c48\u3057\u305f\u5f62\u3068\u306a\u308b\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7940\">\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306f\u6a5f\u95a2\u6295\u8cc7\u5bb6\u304b\u3089\u30d0\u30d6\u30eb\u5d29\u58ca\u306e\u4e88\u5831\u3092\u53d7\u3051\u3066\u3044\u308b<\/a><\/li>\n<\/ul>\n<p>\u91d1\u5229\u304c\u4e0b\u304c\u3063\u305f\u3053\u3068\u3092\u682a\u5f0f\u5e02\u5834\u3082\u597d\u611f\u3057\u3001\u682a\u9ad8\u306b\u7e4b\u304c\u3063\u3066\u3044\u308b\u3002\u30c0\u30ea\u30aa\u6c0f\u306f\u3053\u306e\u30cb\u30e5\u30fc\u30b9\u306b\u3064\u3044\u3066\u3082\u30b3\u30e1\u30f3\u30c8\u3057\u3066\u3044\u308b\u3002<\/p>\n<blockquote><p>\u6700\u8fd1\u306e\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306e\u30b3\u30e1\u30f3\u30c8\u3092\u898b\u308b\u3068\u3001\u5f7c\u306f\u5f90\u3005\u306b\u6c17\u4ed8\u304d\u3064\u3064\u3042\u308b\u3088\u3046\u3060\u3002\u5468\u77e5\u306e\u901a\u308a\u3001\u5e02\u5834\u3082\u305d\u308c\u306b\u53cd\u5fdc\u3057\u305f\u3002\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306e\u30c8\u30fc\u30f3\u304c\u5909\u308f\u3063\u305f\u3002\u305d\u308c\u306f\u4ee5\u524d\u3068\u306f\u9055\u3046\u3082\u306e\u3060\u3002<\/p><\/blockquote>\n<p><strong>\u5e02\u5834\u306e\u53cd\u5fdc\u3068\u4eca\u5f8c\u306e\u898b\u901a\u3057<\/strong><\/p>\n<p>\u3067\u306f\u3001\u5e02\u5834\u304c\u3069\u3046\u53cd\u5fdc\u3057\u305f\u306e\u304b\u3092\u4e00\u5ea6\u7e8f\u3081\u3066\u307f\u3088\u3046\u3002\u4ee5\u4e0b\u306f\u7c73\u56fd\u682a\u306e\u30c1\u30e3\u30fc\u30c8\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/12\/2018-12-2-s-and-p-500-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-8034\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/12\/2018-12-2-s-and-p-500-chart.png\" alt=\"\" width=\"604\" height=\"371\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/12\/2018-12-2-s-and-p-500-chart.png 604w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/12\/2018-12-2-s-and-p-500-chart-300x184.png 300w\" sizes=\"auto, (max-width: 604px) 100vw, 604px\" \/><\/a><\/p>\n<p>\u6570\u65e5\u524d\u306e\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306e\u30b3\u30e1\u30f3\u30c8\u304b\u3089\u4e0a\u6607\u3057\u3066\u3044\u308b\u3002\u3053\u308c\u306f\u91d1\u5229\u304c\u4e0b\u304c\u3063\u305f\u304b\u3089\u3067\u3042\u308b\u3002\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\u306e\u30c1\u30e3\u30fc\u30c8\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n<p><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/12\/2018-12-2-us-10-year-treasury-rate-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-8035\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/12\/2018-12-2-us-10-year-treasury-rate-yield-chart.png\" alt=\"\" width=\"604\" height=\"371\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/12\/2018-12-2-us-10-year-treasury-rate-yield-chart.png 604w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/12\/2018-12-2-us-10-year-treasury-rate-yield-chart-300x184.png 300w\" sizes=\"auto, (max-width: 604px) 100vw, 604px\" \/><\/a><\/p>\n<p>11\u6708\u306e\u521d\u3081\u306b\u306f3.2%\u3092\u8d85\u3048\u3066\u3044\u305f\u9577\u671f\u91d1\u5229\u306f\u30013.01%\u307e\u3067\u4e0b\u843d\u3057\u3066\u3044\u308b\u3002<\/p>\n<p>\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306e\u554f\u984c\u306f\u3001\u4eee\u306b\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u304c\u6765\u5e74\u306e\u5229\u4e0a\u3052\u3092\u4e2d\u6b62\u3057\u305f\u5834\u5408\u3001\u4e16\u754c\u540c\u6642\u682a\u5b89\u3092\u6b62\u3081\u3089\u308c\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p>\u500b\u4eba\u7684\u306a\u898b\u89e3\u306f\u3001\u77ed\u671f\u7684\u306b\u306f\u682a\u5f0f\u5e02\u5834\u306b\u3068\u3063\u3066\u30d7\u30e9\u30b9\u306b\u306a\u308b\u304c\u3001\u4e16\u754c\u540c\u6642\u682a\u5b89\u3092\u6839\u672c\u7684\u306b\u6b62\u3081\u308b\u3053\u3068\u306f\u51fa\u6765\u306a\u3044\u3068\u3044\u3046\u3082\u306e\u3067\u3042\u308b\u3002\u91d1\u5229\u306f\u65e2\u306b\u5341\u5206\u9ad8\u3044\u6c34\u6e96\u307e\u3067\u4e0a\u304c\u3063\u3066\u304a\u308a\u3001\u305d\u3057\u3066\u79c1\u898b\u3067\u306f\u3001\u5e02\u5834\u306b\u3088\u308a\u91cd\u8981\u306a\u306e\u306f\u5229\u4e0a\u3052\u3088\u308a\u3082\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7e2e\u5c0f\uff08\u91cf\u7684\u7de9\u548c\u306e\u9006\u56de\u3057\uff09\u306e\u65b9\u3067\u3042\u308b\u3002\u5229\u4e0b\u3052\u3068\u306a\u308c\u3070\u8a71\u306f\u5225\u3060\u304c\u3001\u5229\u4e0b\u3052\u3092\u884c\u3046\u306b\u306f\u682a\u4fa1\u306e\u66f4\u306a\u308b\u4e0b\u843d\u304c\u5fc5\u8981\u3067\u3042\u308b\u3002<\/p>\n<p>\u3057\u304b\u3057\u305d\u308c\u3067\u3082\u5229\u4e0a\u3052\uff0812\/5\u8a02\u6b63\uff09\u4e2d\u6b62\u306f\u682a\u5f0f\u306e\u58f2\u308a\u65b9\u306b\u3068\u3063\u3066\u306f\u77ed\u671f\u7684\u306a\u8105\u5a01\u3068\u306a\u308b\u3060\u308d\u3046\u3002\u305d\u308c\u306b\u5bfe\u3057\u3066\u3069\u3046\u5bfe\u5fdc\u3059\u308b\u304b\u306f\u3001\u65e2\u306b\u4ee5\u4e0b\u306e\u8a18\u4e8b\u306b\u66f8\u3044\u3066\u3044\u308b\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7683\">2019\u5e74\u3078\u306e\u30c9\u30eb\u5186\u306e\u30ec\u30fc\u30c8\u63a8\u79fb\u4e88\u60f3\u3068\u7a7a\u58f2\u308a\u958b\u59cb (2018\/7\/15)<\/a><\/li>\n<\/ul>\n<blockquote><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><\/blockquote>\n<p>\u73fe\u5728\u3001\u7b46\u8005\u306f\u65e5\u7d4c\u5e73\u5747\u3068\u30c9\u30eb\u5186\u306e\u7a7a\u58f2\u308a\u3068\u3044\u30462\u3064\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u62b1\u3048\u3066\u3044\u308b\u3002\u65e5\u7d4c\u5e73\u5747\u306e\u7a7a\u58f2\u308a\u304c\u6210\u529f\u3057\u3066\u3044\u308b\u4e00\u65b9\u3067\u3001\u30c9\u30eb\u5186\u306e\u65b9\u306f\u307e\u3060\u4e0b\u843d\u3057\u3066\u3044\u306a\u3044\u3068\u8a00\u3046\u3079\u304d\u3060\u308d\u3046\u3002<\/p>\n<p><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/12\/2018-12-2-usdjpy-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-8036\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/12\/2018-12-2-usdjpy-chart.png\" alt=\"\" width=\"604\" height=\"371\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/12\/2018-12-2-usdjpy-chart.png 604w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/12\/2018-12-2-usdjpy-chart-300x184.png 300w\" sizes=\"auto, (max-width: 604px) 100vw, 604px\" \/><\/a><\/p>\n<p>\u7b46\u8005\u306f\u305d\u308c\u3067\u3082\u30c9\u30eb\u5186\u306e\u7a7a\u58f2\u308a\u3092\u7dad\u6301\u3059\u308b\u3064\u3082\u308a\u3067\u3042\u308b\u3002\u305d\u306e\u7406\u7531\u306f\u3001Fed\u304c\u5e02\u5834\u306e\u5727\u529b\u306b\u5c48\u3057\u3066\u30cf\u30c8\u6d3e\u5074\u306b\u5bc4\u3063\u305f\u5834\u5408\u3001\u682a\u5f0f\u5e02\u5834\u306b\u306f\u30d7\u30e9\u30b9\u306b\u306a\u3063\u305f\u3068\u3057\u3066\u3082\u3001\u30c9\u30eb\u5186\u306b\u306f\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308b\u304b\u3089\u3067\u3042\u308b\u3002\u305d\u3057\u3066\u30c9\u30eb\u5186\u304c\u4e0b\u304c\u308b\u5834\u5408\u3001\u65e5\u672c\u306e\u8f38\u51fa\u682a\u306b\u306f\u30de\u30a4\u30ca\u30b9\u3068\u306a\u308b\u306e\u3067\u3001\u65e5\u672c\u682a\u306f\u7c73\u56fd\u682a\u307b\u3069\u306f\u4e0a\u6607\u51fa\u6765\u306a\u3044\u3060\u308d\u3046\u3002\u3060\u304b\u3089\u7c73\u56fd\u682a\u3067\u306f\u306a\u304f\u65e5\u672c\u682a\u306e\u7a7a\u58f2\u308a\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n<p>\u5b9f\u969b\u306b\u306f\u3001\u65e5\u7d4c\u5e73\u5747\u3068\u30c9\u30eb\u5186\u306e\u6c34\u6e96\u306b\u5408\u308f\u305b\u3066\u3001\u4e0b\u304c\u308a\u3059\u304e\u305f\u65b9\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u6e1b\u3089\u3057\u3001\u305d\u306e\u5206\u4e0a\u304c\u3063\u3066\u3044\u306a\u3044\u65b9\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u5897\u3084\u3059\u306a\u3069\u3001\u9069\u5b9c\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u91cf\u3092\u76f8\u4e92\u306b\u5165\u308c\u66ff\u3048\u308b\u3079\u304d\u3067\u3042\u308b\u3002\u5b9f\u969b\u306b\u7b46\u8005\u306f\u305d\u3046\u3057\u3066\u3044\u308b\u3002\u3057\u304b\u3057\u65e5\u3005\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u8abf\u6574\u307e\u3067\u3082\u3053\u3053\u3067\u4e2d\u7d99\u3059\u308b\u3053\u3068\u306f\u51fa\u6765\u306a\u3044\u306e\u3067\u3001\u5404\u81ea\u81e8\u6a5f\u5fdc\u5909\u306b\u5bfe\u5fdc\u3059\u3079\u304d\u3060\u308d\u3046\u3002\u73fe\u72b6\u306b\u3064\u3044\u3066\u8a00\u3048\u3070\u3001\u3084\u3084\u30c9\u30eb\u5186\u306e\u58f2\u308a\u306e\u65b9\u306b\u60f9\u304b\u308c\u3066\u3044\u308b\u3002\u3057\u304b\u3057\u50c5\u304b\u306a\u5dee\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7959\">\u4e16\u754c\u540c\u6642\u682a\u5b89\u3092\u4e88\u60f3\u3067\u304d\u305f\u7406\u7531\u3068\u682a\u4fa1\u4e0b\u843d\u306e\u539f\u56e0<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3067\u3042\u308bBridgewater\u3092\u904b\u7528\u3059\u308b\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\u518d\u3073\u4e16\u754c\u540c\u6642\u682a\u5b89\u3068\u305d\u306e\u80cc\u666f\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u306e\u3067\u7d39\u4ecb\u3057\u305f\u3044\u3002\u91d1\u878d\u5e02\u5834\u3067\u306fFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306e\u767a\u8a00\u306b\u53cd\u5fdc\u3057\u3066\u91d1\u5229\u304c\u4f4e\u4e0b\u3057\u3066\u304a\u308a &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8032\" 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\u304c\u4e16\u754c\u540c\u6642\u682a\u5b89\u306e\u539f\u56e0\u3092\u8a9e\u308b<\/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":[59,118,111,108],"tags":[],"class_list":["post-8032","post","type-post","status-publish","format-standard","hentry","category-us-stock-market","category-us-bond-market","category-stock-markets","category-bond-markets"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/8032","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=8032"}],"version-history":[{"count":11,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/8032\/revisions"}],"predecessor-version":[{"id":8046,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/8032\/revisions\/8046"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=8032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=8032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=8032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}