{"id":8357,"date":"2019-08-31T19:47:54","date_gmt":"2019-08-31T10:47:54","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=8357"},"modified":"2019-08-31T15:48:22","modified_gmt":"2019-08-31T06:48:22","slug":"%e7%b1%b3%e5%9b%bd%e9%95%b7%e6%9c%9f%e9%87%91%e5%88%a9%e3%81%af%e3%81%be%e3%81%a0%e4%b8%8b%e3%81%8c%e3%82%8b%e3%81%ae%e3%81%8b%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8357","title":{"rendered":"\u7c73\u56fd\u9577\u671f\u91d1\u5229\u306f\u307e\u3060\u4e0b\u304c\u308b\u306e\u304b\uff1f"},"content":{"rendered":"\n<p>\u6628\u5e74\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u3092\u53d7\u3051\u3066\u30a2\u30e1\u30ea\u30ab\u306e\u4e2d\u592e\u9280\u884c\u304c\u5229\u4e0b\u3052\u306b\u52d5\u3044\u305f\u3053\u3068\u304c\u539f\u56e0\u3067\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\u306f\u4e0b\u304c\u308a\u7d9a\u3051\u3066\u3044\u308b\u3002\u91d1\u5229\u4f4e\u4e0b\u306f\u30c9\u30eb\u5186\u76f8\u5834\u3084\u91d1\u76f8\u5834\u306b\u5f71\u97ff\u3092\u53ca\u307c\u3059\u305f\u3081\u3001\u4e00\u5ea6\u9577\u671f\u91d1\u5229\u306e\u73fe\u72b6\u306b\u3064\u3044\u3066\u5c11\u3057\u6574\u7406\u3092\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>\u9577\u671f\u91d1\u5229\u304c\u77ed\u671f\u91d1\u5229\u3088\u308a\u6025\u6fc0\u306b\u4e0b\u304c\u3063\u305f\u305f\u3081\u3001\u9577\u671f\u91d1\u5229\u304c\u77ed\u671f\u91d1\u5229\u3088\u308a\u4f4e\u304f\u306a\u308b\u72b6\u6cc1\u3092\u9577\u77ed\u91d1\u5229\u9006\u8ee2\u3068\u547c\u3073\u3001\u666f\u6c17\u5f8c\u9000\u306e\u524d\u89e6\u308c\u3068\u3057\u3066\u91d1\u878d\u696d\u754c\u3067\u8a71\u984c\u306b\u306a\u3063\u3066\u3044\u308b\u3053\u3068\u306b\u3064\u3044\u3066\u306f\u524d\u56de\u8a18\u4e8b\u306b\u3057\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8345\">\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u9006\u8ee2\u306f\u4f55\u304c\u554f\u984c\u306a\u306e\u304b\u3068\u3001\u9280\u884c\u682a\u304c\u66b4\u843d\u3057\u3066\u3044\u308b\u7406\u7531<\/a><\/li><\/ul>\n\n\n\n<p>\u9577\u77ed\u91d1\u5229\u9006\u8ee2\u306b\u3064\u3044\u3066\u306f\u9006\u8ee2\u3057\u305f\u308a\u5143\u306b\u623b\u3063\u305f\u308a\u3059\u308b\u72b6\u6cc1\u304c\u4f9d\u7136\u3068\u3057\u3066\u7d9a\u3044\u3066\u3044\u308b\u304c\u3001\u73fe\u5728\u306e\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u5229\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>1\u5e74\u7269\u56fd\u50b5:<\/strong> 1.76%<\/li><li><strong>2\u5e74\u7269\u56fd\u50b5:<\/strong> 1.50%<\/li><li><strong>5\u5e74\u7269\u56fd\u50b5:<\/strong> 1.39%<\/li><li><strong>7\u5e74\u7269\u56fd\u50b5:<\/strong> 1.45%<\/li><li><strong>10\u5e74\u7269\u56fd\u50b5:<\/strong> 1.50%<\/li><li><strong>30\u5e74\u7269\u56fd\u50b5:<\/strong> 1.96%<\/li><\/ul>\n\n\n\n<p>\u901a\u5e38\u3001\u9577\u77ed\u91d1\u5229\u9006\u8ee2\u3068\u547c\u3070\u308c\u308b\u306e\u306f10\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u304c2\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u3088\u308a\u4f4e\u304f\u306a\u308b\u3053\u3068\u3067\u3042\u308a\u3001\u73fe\u72b6\u3067\u306f\u305d\u308c\u3089\u306e\u91d1\u5229\u306f\u540c\u3058\u6c34\u6e96\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u3053\u3053\u6570\u65e5\u306f\u518d\u3073\u9006\u8ee2\u3057\u305f\u72b6\u6cc1\u304c\u7d9a\u3044\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<p><strong>\u9577\u671f\u91d1\u5229\u306e\u898b\u901a\u3057<\/strong><\/p>\n\n\n\n<p>\u3055\u3066\u3001\u4eca\u56de\u306e\u8a18\u4e8b\u3067\u306f10\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u3001\u3064\u307e\u308a\u9577\u671f\u91d1\u5229\u306b\u3064\u3044\u3066\u8003\u3048\u308b\u3002\u5fa9\u7fd2\u3060\u304c\u3001\u9577\u671f\u91d1\u5229\u3068\u306f\u5b9f\u8cea\u91d1\u5229\u3068\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u548c\u3067\u3042\u308b<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>\u540d\u76ee\u91d1\u5229 = \u5b9f\u8cea\u91d1\u5229 + \u30a4\u30f3\u30d5\u30ec\u7387<\/li><\/ul>\n\n\n\n<p>\u5e02\u5834\u306e\u91d1\u5229\u304b\u3089\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u5f15\u3044\u305f\u3082\u306e\u3092\u5b9f\u8cea\u91d1\u5229\u3068\u547c\u3076\u3068\u8a00\u3063\u3066\u3082\u826f\u3044\u3002\u3044\u305a\u308c\u306b\u3057\u3066\u3082\u9577\u671f\u91d1\u5229\u3092\u8003\u3048\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u3068\u5b9f\u8cea\u91d1\u5229\u304c\u3069\u3046\u306a\u3063\u3066\u3086\u304f\u306e\u304b\u3092\u8003\u3048\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3067\u306f\u3001\u5148\u305a\u30a4\u30f3\u30d5\u30ec\u7387\u304b\u3089\u8003\u3048\u3088\u3046\u3002\u73fe\u5728\u306e\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306f1.8%\u3067\u3042\u308a\u30013%\u306b\u8fd1\u3065\u3044\u3066\u3044\u305f2018\u5e74\u306e\u6570\u5b57\u304b\u3089\u898b\u308c\u3070\u4f4e\u3044\u3068\u8a00\u3048\u308b\u304c\u3001\u5148\u9032\u56fd\u306e\u4e2d\u3067\u306f\u9ad8\u3044\u6570\u5b57\u3092\u7dad\u6301\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u9577\u671f\u91d1\u5229\u306b\u304b\u304b\u308f\u308b\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u73fe\u5728\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u3067\u306f\u306a\u304f\u4eca\u5f8c10\u5e74\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u3067\u3042\u308a\u3001\u9577\u671f\u91d1\u5229\u306e\u30a4\u30f3\u30d5\u30ec\u5206\u3092\u77e5\u308b\u305f\u3081\u306b\u306f\u5e02\u5834\u306e\u671f\u5f85\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u8003\u3048\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002\u305d\u3057\u3066\u5e02\u5834\u306e\u671f\u5f85\u30a4\u30f3\u30d5\u30ec\u7387\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\"><img loading=\"lazy\" decoding=\"async\" width=\"639\" height=\"468\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/08\/2019-8-31-us-10-year-breakeven-inflation-rate-chart.png\" alt=\"\" class=\"wp-image-8358\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/08\/2019-8-31-us-10-year-breakeven-inflation-rate-chart.png 639w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/08\/2019-8-31-us-10-year-breakeven-inflation-rate-chart-300x220.png 300w\" sizes=\"auto, (max-width: 639px) 100vw, 639px\" \/><\/figure>\n\n\n\n<p>1.5%\u5f37\u3068\u3044\u3046\u3068\u3053\u308d\u3067\u3042\u308b\u3002\u3053\u308c\u306f\u5e02\u5834\u304c\u4eca\u5f8c10\u5e74\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u5e74\u73871.5%\u3068\u898b\u7a4d\u3082\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u73fe\u5728\u306e\u6570\u5b57\u3088\u308a\u5c11\u3057\u4f4e\u3044\u7a0b\u5ea6\u306e\u6c34\u6e96\u3067\u3042\u308b\u3002\u671f\u5f85\u30a4\u30f3\u30d5\u30ec\u7387\u306f2018\u5e74\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u4ee5\u6765\u3001\u4e0b\u843d\u50be\u5411\u306b\u3042\u308b\u3053\u3068\u304c\u8aad\u307f\u53d6\u308c\u308b\u3002<\/p>\n\n\n\n<p>2018\u5e74\u306e\u6c34\u6e96\u304b\u3089\u4e0b\u304c\u3063\u3066\u306f\u3044\u308b\u3082\u306e\u306e\u30012016\u5e74\u306e\u6c34\u6e96\u306b\u306f\u9054\u3057\u3066\u3044\u306a\u3044\u30022016\u5e74\u306b\u671f\u5f85\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u4e0b\u304c\u3063\u3066\u3044\u305f\u306e\u306f\u30a2\u30e1\u30ea\u30ab\u304c\u5229\u4e0a\u3052\u3092\u5f37\u884c\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u305f\u304b\u3089\u3067\u3042\u308a\u3001\u4eca\u56de\u3068\u72b6\u6cc1\u304c\u4f3c\u3066\u3044\u308b\u3002\u9055\u3046\u306e\u306f\u3001\u5229\u4e0a\u3052\u3092\u64a4\u56de\u3057\u3066\u3082\u5927\u3057\u3066\u7d4c\u6e08\u306b\u5bfe\u3059\u308b\u5e95\u4e0a\u3052\u306b\u306a\u3089\u306a\u3044\u3053\u3068\u3092\u5e02\u5834\u304c\u7406\u89e3\u3057\u59cb\u3081\u305f\u3053\u3068\u3060\u308d\u3046\u3002\u3053\u306e\u3053\u3068\u306f\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\u8aac\u660e\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8278\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3001\u91cf\u7684\u7de9\u548c\u30d0\u30d6\u30eb\u306e\u9650\u754c\u3068\u91d1\u4fa1\u683c\u4e0a\u6607\u3092\u4e88\u60f3<\/a><\/li><\/ul>\n\n\n\n<p>\u3053\u308c\u3089\u306e\u3053\u3068\u3092\u8003\u3048\u308b\u3068\u3001\u671f\u5f85\u30a4\u30f3\u30d5\u30ec\u7387\u306f1.5%\u304c\u4e0b\u9650\u3060\u3068\u306f\u8003\u3048\u306b\u304f\u3044\u3002\u4e2d\u592e\u9280\u884c\u304c\u5bfe\u5fdc\u3092\u8aa4\u308c\u3070\u524d\u56de\u3068\u540c\u3058\u6c34\u6e96\u307e\u3067\u4e0b\u304c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u8003\u3048\u308c\u3070\u3001\u671f\u5f85\u30a4\u30f3\u30d5\u30ec\u7387\u306f0.3%\u307b\u3069\u4e0b\u843d\u4f59\u5730\u304c\u3042\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<p>\u3055\u3066\u3001\u6b21\u306f\u3082\u30461\u3064\u306e\u8981\u56e0\u3067\u3042\u308b\u5b9f\u8cea\u9577\u671f\u91d1\u5229\u306e\u30c1\u30e3\u30fc\u30c8\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"639\" height=\"468\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/08\/2019-8-31-us-10-year-treasury-inflation-indexed-security-yield-chart.png\" alt=\"\" class=\"wp-image-8359\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/08\/2019-8-31-us-10-year-treasury-inflation-indexed-security-yield-chart.png 639w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/08\/2019-8-31-us-10-year-treasury-inflation-indexed-security-yield-chart-300x220.png 300w\" sizes=\"auto, (max-width: 639px) 100vw, 639px\" \/><\/figure>\n\n\n\n<p>\u671f\u5f85\u30a4\u30f3\u30d5\u30ec\u7387\u3088\u308a\u6fc0\u3057\u304f\u4e0b\u843d\u3057\u3066\u304a\u308a\u3001\u5b9f\u8cea\u91d1\u5229\u306f\u30de\u30a4\u30ca\u30b9\u3068\u306a\u3063\u3066\u3044\u308b\u3002\u56e0\u307f\u306b\u5b9f\u8cea\u91d1\u5229\u304c0%\u3092\u5927\u304d\u304f\u4e0b\u56de\u3063\u305f\u306e\u306f\u30a2\u30e1\u30ea\u30ab\u304c\u91cf\u7684\u7de9\u548c\u3092\u3057\u3066\u3044\u305f\u6642\u3067\u3042\u308a\u3001-1%\u8fd1\u304f\u307e\u3067\u4e0b\u304c\u3063\u305f\u304c\u3001\u305d\u306e\u5f8c\u306f0%\u304c\u4e0b\u9650\u3068\u306a\u3063\u3066\u3044\u308b\u3002\u5b9f\u8cea\u91d1\u5229\u304c\u3053\u308c\u4ee5\u4e0a\u4e0b\u304c\u308b\u304b\u3069\u3046\u304b\u306f\u3001\u30a2\u30e1\u30ea\u30ab\u304c\u518d\u3073\u958b\u59cb\u3057\u305f\u7de9\u548c\u304c\u4f55\u51e6\u307e\u3067\u884c\u304f\u304b\u3068\u3044\u3046\u3053\u3068\u306b\u304b\u304b\u3063\u3066\u3044\u308b\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u4eca\u56de\u306f\u5e02\u5834\u306e\u8cc7\u91d1\u306e\u6d41\u308c\u306e\u89b3\u70b9\u3067\u306f\u306a\u304f\u3001\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u3067\u9577\u671f\u91d1\u5229\u3092\u773a\u3081\u3066\u307f\u305f\u3002\u73fe\u5728\u9577\u671f\u91d1\u5229\u306f1.5%\u3060\u304c\u3001\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u3067\u898b\u305f\u5834\u5408\u306e\u91d1\u5229\u4f4e\u4e0b\u4f59\u5730\u306f\u307e\u3060\u3082\u3046\u5c11\u3057\u3042\u308b\u3068\u8003\u3048\u3066\u826f\u3044\u3060\u308d\u3046\u3002\u7406\u8ad6\u7684\u306b\u306f1.0%-1.2%\u307e\u3067\u4e0b\u304c\u3063\u3066\u3082\u4e0b\u3052\u904e\u304e\u3068\u306f\u8a00\u3048\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u3001\u7406\u8ad6\u7684\u306b\u4e0b\u304c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3053\u3068\u3068\u5b9f\u969b\u306b\u4e0b\u304c\u308b\u3053\u3068\u306f\u5225\u3067\u3042\u308a\u3001\u5b9f\u969b\u306b\u4e0b\u304c\u308b\u304b\u3069\u3046\u304b\u306f\u4e2d\u592e\u9280\u884c\u306e\u632f\u308b\u821e\u3044\u3068\u305d\u308c\u306b\u5bfe\u3059\u308b\u5e02\u5834\u306e\u53cd\u5fdc\u306b\u304b\u304b\u3063\u3066\u3044\u308b\u3002\u305d\u3061\u3089\u306b\u3064\u3044\u3066\u306f\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3092\u53c2\u8003\u306b\u3057\u3066\u3082\u3089\u3044\u305f\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8321\">\u30c9\u30eb\u5186\u4e0b\u843d\u306e\u539f\u56e0\u3068\u4e16\u754c\u540c\u6642\u682a\u5b89\u306e\u4eca\u5f8c\u306e\u898b\u901a\u3057<\/a><\/li><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8331\">\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f: 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