{"id":8435,"date":"2019-10-09T19:54:52","date_gmt":"2019-10-09T10:54:52","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=8435"},"modified":"2019-10-09T17:00:17","modified_gmt":"2019-10-09T08:00:17","slug":"%e3%83%91%e3%82%a6%e3%82%a8%e3%83%ab%e8%ad%b0%e9%95%b7%e3%80%81%e3%83%90%e3%83%a9%e3%83%b3%e3%82%b9%e3%82%b7%e3%83%bc%e3%83%88%e3%81%ae%e6%8b%a1%e5%a4%a7%e5%86%8d%e9%96%8b%e3%82%92%e7%a4%ba%e5%94%86","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8435","title":{"rendered":"\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u3001\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e\u62e1\u5927\u518d\u958b\u3092\u793a\u5506\u3001\u30ec\u30dd\u5e02\u5834\u306e\u6df7\u4e71\u3067"},"content":{"rendered":"\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u4e2d\u592e\u9280\u884cFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u304c\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e\u62e1\u5927\u3092\u518d\u958b\u3059\u308b\u3053\u3068\u3092\u793a\u5506\u3057\u305f\u3002\u6628\u5e74\u306b\u306f\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e\u7e2e\u5c0f\u3092\u9032\u3081\u3001\u5229\u4e0a\u3052\u3082\u9650\u754c\u307e\u3067\u884c\u3046\u59ff\u52e2\u3067\u3042\u3063\u305f\u8b70\u9577\u306e\u767a\u8a00\u3068\u306f\u601d\u3048\u306a\u3044\u304c\u3001\u5e02\u5834\u53c2\u52a0\u8005\u306e\u591a\u304f\u306f\u53bb\u5e74\u306e\u3053\u3068\u306a\u3069\u5fd8\u308c\u3066\u3044\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>\u3044\u305a\u308c\u306b\u305b\u30889\u6708\u306b\u306fECB\uff08\u6b27\u5dde\u4e2d\u592e\u9280\u884c\uff09\u304c\u91cf\u7684\u7de9\u548c\u3092\u518d\u958b\u3057\u305f\u3070\u304b\u308a\u3067\u3042\u308b\u3002\u305d\u306e1\u30f6\u6708\u5f8c\u306b\u306f\u30a2\u30e1\u30ea\u30ab\u3082\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e\u62e1\u5927\u3092\u8feb\u3089\u308c\u305f\u5f62\u3068\u306a\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8393\">ECB\u3001\u91cf\u7684\u7de9\u548c\u518d\u958b\u3092\u6c7a\u5b9a\u3001\u4eca\u5f8c\u306e\u76f8\u5834\u306e\u8a66\u91d1\u77f3\u306b (2019\/9\/12)<\/a><\/li><\/ul>\n\n\n\n<p>\u305f\u3060\u3001Fed\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u62e1\u5927\u793a\u5506\u306fECB\u306e\u91cf\u7684\u7de9\u548c\u518d\u958b\u3068\u306f\u5c11\u3057\u6bdb\u8272\u304c\u7570\u306a\u308b\u3002\u30ec\u30dd\u5e02\u5834\u306e\u6df7\u4e71\u304c\u539f\u56e0\u3060\u304b\u3089\u3067\u3042\u308b\u3002\u4eca\u56de\u306e\u8a18\u4e8b\u3067\u306f\u305d\u306e\u70b9\u306b\u3064\u3044\u3066\u8aac\u660e\u3057\u3066\u3086\u304d\u305f\u3044\u3002<\/p>\n\n\n\n<p><strong>\u5b9f\u4f53\u7d4c\u6e08\u306e\u505c\u6ede\u3001\u91d1\u878d\u5e02\u5834\u306e\u6df7\u4e71<\/strong><\/p>\n\n\n\n<p>\u5148\u305a\u3001ECB\u304c\u91cf\u7684\u7de9\u548c\u3092\u518d\u958b\u3057\u305f\u306e\u306f\u30e6\u30fc\u30ed\u570f\u7d4c\u6e08\u304c\u505c\u6ede\u3057\u59cb\u3081\u305f\u304b\u3089\u3067\u3042\u308b\u3002\u53c2\u8003\u307e\u3067\u306b\u30c9\u30a4\u30c4\u306e\u5b9f\u8cea\u7d4c\u6e08\u6210\u9577\u7387\u306e\u30c1\u30e3\u30fc\u30c8\u3092\u4ee5\u4e0b\u306b\u63b2\u8f09\u3057\u3088\u3046\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"511\" height=\"468\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/10\/2019-2q-germany-real-gdp-growth-chart.png\" alt=\"\" class=\"wp-image-8436\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/10\/2019-2q-germany-real-gdp-growth-chart.png 511w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/10\/2019-2q-germany-real-gdp-growth-chart-300x275.png 300w\" sizes=\"auto, (max-width: 511px) 100vw, 511px\" \/><\/figure>\n\n\n\n<p>2018\u5e74\u7b2c1\u56db\u534a\u671f\u304b\u3089\u6e1b\u901f\u304c\u59cb\u307e\u3063\u3066\u3044\u308b\u3002\u3053\u308c\u306f2018\u5e74\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u3068\u7121\u95a2\u4fc2\u3067\u306f\u306a\u3044\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u3044\u3046\u8a18\u4e8b\u3092\u4ee5\u4e0b\u306b\u66f8\u3044\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8423\">\u4e16\u754c\u7d4c\u6e08\u306e\u6210\u9577\u306f\u682a\u4fa1\u306b\u4f9d\u5b58\u3057\u3066\u3044\u308b (2019\/9\/24)<\/a><\/li><\/ul>\n\n\n\n<p>\u3064\u307e\u308a\u3001\u682a\u4fa1\u304c\u4e0a\u304c\u308a\u7d9a\u3051\u306a\u3051\u308c\u3070\u4e16\u754c\u7d4c\u6e08\u306e\u6210\u9577\u306f\u7dad\u6301\u3067\u304d\u306a\u3044\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u3044\u3046\u8a71\u3067\u3042\u308b\u3002\u305d\u308c\u3067ECB\u306f\u91cf\u7684\u7de9\u548c\u306b\u3088\u3063\u3066\u91d1\u878d\u5e02\u5834\u306b\u8cc7\u91d1\u3092\u6ce8\u5165\u3059\u308b\u3053\u3068\u306b\u306a\u3063\u305f\u308f\u3051\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u4e00\u65b9\u3067\u3001\u4eca\u56de\u306eFed\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u62e1\u5927\u518d\u958b\u306f\u5c11\u3005\u6bdb\u8272\u304c\u7570\u306a\u308b\u3002Fed\u306f\u5b9f\u4f53\u7d4c\u6e08\u3068\u3044\u3046\u3088\u308a\u306f\u30ec\u30dd\u5e02\u5834\u306e\u6df7\u4e71\u306b\u3088\u3063\u3066\u56fd\u50b5\u8cb7\u3044\u5165\u308c\u3092\u4f59\u5100\u306a\u304f\u3055\u308c\u305f\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u30ec\u30dd\u5e02\u5834\u3068\u306f\u4f55\u304b<\/strong><\/p>\n\n\n\n<p>\u91d1\u878d\u696d\u754c\u3067\u306f\u6700\u8fd1\u5927\u304d\u306a\u30cb\u30e5\u30fc\u30b9\u3068\u306a\u3063\u305f\u306e\u3067\u8033\u306b\u3057\u305f\u8aad\u8005\u3082\u5c11\u306a\u304f\u306a\u3044\u304b\u3068\u601d\u3046\u304c\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u30ec\u30dd\u5e02\u5834\u3067\u91d1\u5229\u304c\u6025\u9a30\u3057\u305f\u3002\u30ec\u30dd\u5e02\u5834\u3068\u306f\u4f55\u304b\u3068\u3044\u3046\u3053\u3068\u3060\u304c\u3001\u3053\u308c\u306f\u91d1\u878d\u6a5f\u95a2\u306a\u3069\u304c\u56fd\u50b5\u3092\u62c5\u4fdd\u3068\u3057\u3066\u30aa\u30fc\u30d0\u30fc\u30ca\u30a4\u30c8\uff08\u4e00\u6cca\uff09\u306a\u3069\u77ed\u671f\u3067\u8cc7\u91d1\u3092\u501f\u308a\u308b\u305f\u3081\u306e\u5e02\u5834\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30ec\u30dd\u5e02\u5834\u306e\u91d1\u5229\u304c\u6025\u9a30\u3057\u305f\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u8cc7\u91d1\u306e\u8cb8\u3057\u624b\u304c\u4e0d\u8db3\u3057\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u501f\u308a\u624b\u304c\u305d\u308c\u307e\u3067\u306e\u91d1\u5229\u3067\u8cc7\u91d1\u3092\u501f\u308a\u3089\u308c\u306a\u304f\u306a\u3063\u305f\u306e\u3067\u3001\u91d1\u5229\u304c\u6025\u9a30\u3057\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3088\u308a\u53b3\u5bc6\u306b\u8a00\u3046\u3068\u3053\u308c\u306b\u306f2\u3064\u306e\u539f\u56e0\u304c\u3042\u308b\u30021\u3064\u306b\u306f\u8cc7\u91d1\u304c\u4e0d\u8db3\u3057\u305f\u3053\u3068\u3001\u3082\u30461\u3064\u306f\u56fd\u50b5\u304c\u591a\u3059\u304e\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u56fd\u50b5\u304c\u591a\u3059\u304e\u308b\u3068\u305d\u308c\u3092\u62c5\u4fdd\u306b\u3057\u3066\u77ed\u671f\u3067\u8cc7\u91d1\u3092\u501f\u308a\u3088\u3046\u3068\u3059\u308b\u501f\u308a\u624b\u304c\u591a\u304f\u306a\u308a\u3001\u8cb8\u3057\u624b\u304c\u8db3\u308a\u306a\u304f\u306a\u308b\u308f\u3051\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30ec\u30dd\u5e02\u5834\u306a\u3069\u77ed\u671f\u306e\u5e02\u5834\u3067\u8cc7\u91d1\u304c\u67af\u6e07\u3059\u308b\u3068\u91d1\u878d\u6a5f\u95a2\u306e\u65e5\u3005\u306e\u904b\u55b6\u306b\u652f\u969c\u3092\u304d\u305f\u3059\u3053\u3068\u306b\u306a\u308b\u3002\u305d\u308c\u3067\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u98fd\u548c\u3068\u306a\u3063\u3066\u3044\u308b\u56fd\u50b5\u3092\u8cb7\u3044\u5165\u308c\u3066\u4ee3\u308f\u308a\u306b\u67af\u6e07\u3057\u3066\u3044\u308b\u73fe\u91d1\u3092\u6ce8\u5165\u3059\u308b\u3053\u3068\u3092\u4f59\u5100\u306a\u304f\u3055\u308c\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u91cf\u7684\u7de9\u548c\u3068\u306e\u9055\u3044\u306f\u4f55\u304b<\/strong><\/p>\n\n\n\n<p>\u8981\u3059\u308b\u306b\u4e2d\u592e\u9280\u884c\u304c\u50b5\u5238\u3092\u8cb7\u3044\u5165\u308c\u308b\u308f\u3051\u3067\u3001\u3053\u308c\u306f\u91cf\u7684\u7de9\u548c\u3067\u306f\u306a\u3044\u304b\u3068\u3044\u3046\u8a71\u306b\u306a\u308b\u304c\u3001\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u300c\u91cf\u7684\u7de9\u548c\u3068\u6df7\u540c\u3055\u308c\u308b\u3079\u304d\u3067\u306f\u306a\u3044\u300d\u3068\u4e3b\u5f35\u3057\u3066\u3044\u308b\u3002\u82e6\u3057\u3044\u8a00\u3044\u8a33\u3068\u3082\u53d6\u308c\u308b\u306e\u3060\u304c\u3001\u5c11\u306a\u304f\u3068\u3082\u76ee\u7684\u306f\u5225\u306b\u3042\u308b\u3053\u3068\u306f\u78ba\u304b\u3067\u3042\u308b\u3002\u3057\u304b\u3057\u3001\u3069\u3061\u3089\u304b\u3068\u8a00\u3048\u3070\u4e3b\u4f53\u7684\u306b\u91cf\u7684\u7de9\u548c\u3092\u518d\u958b\u3057\u305fECB\u3068\u3001\u77ed\u671f\u91d1\u878d\u5e02\u5834\u306e\u6551\u6e08\u306e\u305f\u3081\u306b\u4eca\u56de\u306e\u6c7a\u65ad\u3092\u5f37\u3044\u3089\u308c\u305fFed\u3001\u3069\u3061\u3089\u304c\u82e6\u6e0b\u306e\u6c7a\u65ad\u304b\u3068\u3044\u3046\u3053\u3068\u306f\u5fae\u5999\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u76ee\u7684\u304c\u4f55\u306b\u3042\u308b\u306b\u305b\u3088\u3001ECB\u306b\u7d9a\u3044\u3066Fed\u307e\u3067\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e\u62e1\u5927\u3092\u518d\u958b\u3057\u3066\u3057\u307e\u3046\u306e\u306f\u78ba\u304b\u306a\u3088\u3046\u3060\u3002\u305d\u3057\u3066\u305d\u308c\u306f\u91cf\u7684\u7de9\u548c\u304c\u672c\u5f53\u306b\u5fc5\u8981\u306b\u306a\u3063\u305f\u5834\u5408\u306e\u7de9\u548c\u4f59\u5730\u3092\u5c11\u306a\u304f\u3059\u308b\u3060\u308d\u3046\u3002\u4e16\u754c\u4e2d\u306e\u4e2d\u592e\u9280\u884c\u306b\u7de9\u548c\u4f59\u5730\u304c\u306a\u304f\u306a\u308b\u72b6\u6cc1\u304c\u672c\u5f53\u306b\u8fd1\u3065\u3044\u3066\u3044\u308b\u3068\u8a00\u3048\u308b\u3002Bridgewater\u306e\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306e\u4e88\u60f3\u901a\u308a\u3067\u3042\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>\u4e16\u754c\u4e2d\u306e\u4e2d\u592e\u9280\u884c\u304c\u91cf\u7684\u7de9\u548c\u3092\u51fa\u3057\u5c3d\u304f\u3057\u3066\u3057\u307e\u3046\u3068\u3069\u3046\u306a\u308b\u306e\u304b\uff1f\u3000\u975e\u5e38\u306b\u9762\u767d\u3044\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002\u305d\u306e\u4e88\u60f3\u306b\u3064\u3044\u3066\u306f\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u8aac\u660e\u3057\u3066\u3042\u308b\u306e\u3067\u3001\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\/8409\">2019\u5e74\u5f8c\u534a\u4ee5\u964d\u306e\u682a\u5f0f\u5e02\u5834\u30fb\u30c9\u30eb\u5186\u306e\u63a8\u79fb\u52d5\u5411\u4e88\u60f3<\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u30a2\u30e1\u30ea\u30ab\u306e\u4e2d\u592e\u9280\u884cFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u304c\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e\u62e1\u5927\u3092\u518d\u958b\u3059\u308b\u3053\u3068\u3092\u793a\u5506\u3057\u305f\u3002\u6628\u5e74\u306b\u306f\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e\u7e2e\u5c0f\u3092\u9032\u3081\u3001\u5229\u4e0a\u3052\u3082\u9650\u754c\u307e\u3067\u884c\u3046\u59ff\u52e2\u3067\u3042\u3063\u305f\u8b70\u9577\u306e\u767a\u8a00\u3068\u306f\u601d\u3048\u306a\u3044\u304c\u3001\u5e02\u5834\u53c2\u52a0\u8005\u306e\u591a\u304f\u306f\u53bb\u5e74\u306e &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8435\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u3001\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e\u62e1\u5927\u518d\u958b\u3092\u793a\u5506\u3001\u30ec\u30dd\u5e02\u5834\u306e\u6df7\u4e71\u3067<\/span> <span 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