{"id":8447,"date":"2019-10-18T19:54:03","date_gmt":"2019-10-18T10:54:03","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=8447"},"modified":"2019-10-18T15:31:32","modified_gmt":"2019-10-18T06:31:32","slug":"%e3%82%a2%e3%83%a1%e3%83%aa%e3%82%ab%e3%80%8c%e9%87%8f%e7%9a%84%e7%b7%a9%e5%92%8c%e3%80%8d%e5%86%8d%e9%96%8b%e3%81%ae%e7%9b%b8%e5%a0%b4%e3%81%b8%e3%81%ae%e5%bd%b1%e9%9f%bf%e3%81%af%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8447","title":{"rendered":"\u30a2\u30e1\u30ea\u30ab\u300c\u91cf\u7684\u7de9\u548c\u300d\u518d\u958b\u306e\u76f8\u5834\u3078\u306e\u5f71\u97ff\u306f\uff1f"},"content":{"rendered":"\n<p>9\u670812\u65e5\u306bECB\uff08\u6b27\u5dde\u4e2d\u592e\u9280\u884c\uff09\u304c\u91cf\u7684\u7de9\u548c\u3092\u518d\u958b\u3057\u305f\u3053\u3068\u306b\u5f15\u304d\u7d9a\u3044\u3066\u300110\u670811\u65e5\u306b\u30a2\u30e1\u30ea\u30ab\u306e\u4e2d\u592e\u9280\u884c\u3067\u3042\u308bFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u3082\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e\u62e1\u5927\u518d\u958b\u3092\u6c7a\u5b9a\u3057\u305f\u3002<\/p>\n\n\n\n<ul 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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><\/ul>\n\n\n\n<p>\u3055\u3066\u3001\u3067\u306f\u4eca\u56de\u306e\u63aa\u7f6e\u306f\u3069\u3046\u306a\u308b\u3060\u308d\u3046\u304b\uff1f\u3000\u4e2d\u592e\u9280\u884c\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u62e1\u5927\u3068\u306f\u5e02\u5834\u304b\u3089\u83ab\u5927\u306a\u91cf\u306e\u50b5\u5238\u3092\u8cb7\u3044\u5165\u308c\u7d9a\u3051\u308b\u884c\u70ba\u306a\u306e\u3067\u3001\u5e02\u5834\u304c\u305d\u308c\u3092\u77ac\u6642\u306b\u7e54\u308a\u8fbc\u307e\u306a\u3044\u5834\u5408\u3001\u305d\u308c\u306f\u6bce\u6708\u81a8\u5927\u306a\u91cf\u306e\u8cc7\u91d1\u3068\u3057\u3066\u88cf\u3067\u5e02\u5834\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u7d9a\u3051\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<p>\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u8aac\u660e\u3057\u305f\u304c\u3001\u4eca\u56de\u306e\u50b5\u5238\u8cb7\u3044\u5165\u308c\u306e\u76ee\u7684\u306f\u4e3b\u306b\u77ed\u671f\u91d1\u878d\u5e02\u5834\u306e\u6df7\u4e71\u3092\u6291\u3048\u308b\u305f\u3081\u306b\u77ed\u671f\u56fd\u50b5\u3092\u8cb7\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul 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href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8435\">\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<\/a><\/li><\/ul>\n\n\n\n<p>Fed\u304c\u77ed\u671f\u56fd\u50b5\u3092\u8cb7\u3046\u5834\u5408\u3068\u9577\u671f\u56fd\u50b5\u3092\u8cb7\u3046\u5834\u5408\u3067\u9055\u3044\u306f\u3042\u308b\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u77ed\u671f\u56fd\u50b5\u3092\u8cb7\u3046\u5834\u5408\u3001\u77ed\u671f\u91d1\u5229\u3060\u3051\u304c\u4e0b\u304c\u308b\u3053\u3068\u306b\u306a\u308a\u3001\u682a\u4fa1\u3084\u70ba\u66ff\u76f8\u5834\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u9577\u671f\u91d1\u5229\u306b\u306f\u5f71\u97ff\u3092\u53ca\u307c\u3055\u306a\u3044\u306e\u3060\u308d\u3046\u304b\uff1f<\/p>\n\n\n\n<p>\u4eca\u56de\u306e\u63aa\u7f6e\u306f\u9577\u671f\u91d1\u5229\u306b\u306f\u5f71\u97ff\u3092\u53ca\u307c\u3055\u306a\u3044\u3068\u3044\u3046\u306e\u304cFed\u81ea\u8eab\u306e\u81ea\u5df1\u7533\u544a\u3067\u3042\u308b\u3002\u3057\u304b\u3057\u308f\u305f\u3057\u306f\u305d\u3046\u306f\u306a\u3089\u306a\u3044\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002\u305d\u308c\u306f\u77ed\u671f\u91d1\u5229\u306e\u6027\u8cea\u304b\u3089\u5c0e\u304b\u308c\u308b\u7d50\u8ad6\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u77ed\u671f\u56fd\u50b5\u3092\u8cb7\u3046\u3068\u3069\u3046\u306a\u308b\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u77ed\u671f\u91d1\u5229\u304c\u4e0b\u304c\u308b\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u3057\u304b\u3057\u77ed\u671f\u91d1\u5229\u306f\u4e3b\u306b\u653f\u7b56\u91d1\u5229\u306e\u898b\u901a\u3057\u306b\u3088\u3063\u3066\u6c7a\u307e\u308b\u306e\u3067\u307b\u3068\u3093\u3069\u4e0a\u4e0b\u52d5\u306e\u4f59\u5730\u304c\u306a\u3044\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u77ed\u671f\u91d1\u5229\u306e\u52d5\u5411<\/strong><\/p>\n\n\n\n<p>\u4f8b\u3048\u30701\u5e74\u7269\u56fd\u50b5\u304c\u3042\u308a\u3001\u305d\u306e\u91d1\u5229\u304c2%\u3067\u3001\u4eca\u5f8c1\u5e74\u306e\u653f\u7b56\u91d1\u5229\uff08\u4e2d\u9280\u304c\u64cd\u4f5c\u3059\u308b\u3082\u3063\u3068\u3082\u77ed\u671f\u306e\u91d1\u5229\uff09\u304c2%\u3067\u63a8\u79fb\u3057\u7d9a\u3051\u308b\u3068\u4e88\u60f3\u3055\u308c\u3066\u3044\u308b\u3068\u3059\u308b\u3002\u3053\u306e\u72b6\u614b\u3067\u4e2d\u9280\u306e\u77ed\u671f\u56fd\u50b5\u8cb7\u3044\u5165\u308c\u306b\u3088\u308a1\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u304c1.5%\u306b\u4e0b\u304c\u3063\u305f\u3068\u3059\u308c\u3070\u3001\u6295\u8cc7\u5bb6\u306f\u76f4\u3061\u306b1\u5e74\u7269\u56fd\u50b5\u3092\u8cb7\u3046\u3053\u3068\u3092\u6b62\u3081\u30011\u5e74\u95932%\u306e\u653f\u7b56\u91d1\u5229\u306b\u6295\u8cc7\u3092\u3057\u7d9a\u3051\u308b\u3060\u308d\u3046\u3002\u305d\u306e\u65b9\u304c0.5%\u5f97\u3060\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3088\u3063\u3066\u5b9f\u969b\u306b\u306f\u3001\u77ed\u671f\u91d1\u5229\u304c\u4e0b\u304c\u3063\u305f\u3068\u3057\u3066\u3082\u3059\u3050\u306b\u653f\u7b56\u91d1\u5229\u306e\u898b\u901a\u3057\u306e\u65b9\u306b\u5f15\u3063\u5f35\u3089\u308c\u3066\u5143\u306b\u623b\u308b\u3060\u308d\u3046\u3002\u3057\u305f\u304c\u3063\u3066Fed\u306e\u50b5\u5238\u8cb7\u3044\u5165\u308c\u3067\u306f\u77ed\u671f\u56fd\u50b5\u306e\u91d1\u5229\u306f\u307b\u3068\u3093\u3069\u5909\u308f\u3089\u306a\u3044\u306f\u305a\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3067\u306f\u3001\u50b5\u5238\u8cb7\u3044\u5165\u308c\u306f\u5e02\u5834\u306b\u5f71\u97ff\u3092\u53ca\u307c\u3055\u306a\u3044\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u305d\u3046\u3067\u306f\u306a\u3044\u3002Fed\u306f\u5b9f\u969b\u306b\u6bce\u6708600\u5104\u30c9\u30eb\u306e\u50b5\u5238\u3092\u8cb7\u3044\u5165\u308c\u308b\u306e\u3067\u3042\u308a\u3001\u77ed\u671f\u91d1\u5229\u304c\u5909\u308f\u3089\u306a\u3044\u3068\u3057\u3066\u3082\u6295\u8cc7\u5bb6\u306e\u6301\u3063\u3066\u3044\u305f600\u5104\u30c9\u30eb\u306e\u77ed\u671f\u56fd\u50b5\u304c\u73fe\u91d1\u306b\u7f6e\u304d\u63db\u3048\u3089\u308c\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<p>\u554f\u984c\u306f\u3001\u3053\u306e\u77ed\u671f\u5e02\u5834\u304b\u3089\u3044\u308f\u3070\u5f37\u5236\u7684\u306b\u9589\u3081\u51fa\u3055\u308c\u305f600\u5104\u30c9\u30eb\u306e\u73fe\u91d1\u304c\u3069\u3046\u306a\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u308f\u305f\u3057\u306e\u4e88\u60f3\u3067\u306f\u3001\u3053\u306e600\u5104\u30c9\u30eb\u306e\u591a\u304f\u306f\u4e2d\u671f\u3084\u9577\u671f\u306e\u56fd\u50b5\u306b\u6295\u8cc7\u3055\u308c\u308b\u3060\u308d\u3046\u3002\u3064\u307e\u308a\u3001\u3084\u306f\u308a\u9577\u671f\u91d1\u5229\u304c\u4e0b\u304c\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u73fe\u5728\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\u306f1.75%\u8fd1\u8fba\u3067\u63a8\u79fb\u3057\u3066\u3044\u308b\u3002\u30c1\u30e3\u30fc\u30c8\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"612\" height=\"379\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/10\/2019-10-18-us-real-long-term-interest-rate-chart.png\" alt=\"\" class=\"wp-image-8448\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/10\/2019-10-18-us-real-long-term-interest-rate-chart.png 612w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/10\/2019-10-18-us-real-long-term-interest-rate-chart-300x186.png 300w\" sizes=\"auto, (max-width: 612px) 100vw, 612px\" \/><\/figure>\n\n\n\n<p>\u4e0b\u304c\u308a\u7d9a\u3051\u3066\u3044\u308b\u304c\u3001\u3053\u308c\u304c\u4eca\u5f8c\u3069\u3046\u306a\u308b\u304b\u3067\u3042\u308b\u3002\u653f\u7b56\u91d1\u5229\u306e\u65b9\u306f2020\u5e74\u672b\u307e\u3067\u306b1.5%\u307e\u3067\u4e0b\u3052\u3089\u308c\u308b\u3053\u3068\u304c\u4e88\u60f3\u3055\u308c\u3066\u3044\u308b\u306e\u3067\u3001\u9577\u671f\u91d1\u5229\u306b\u306f0.25%\u307b\u3069\u306e\u4e0b\u3052\u4f59\u5730\u304c\u3042\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<p><strong>\u682a\u4fa1\u4e0a\u6607\u306b\u7e4b\u304c\u308b\u304b\uff1f<\/strong><\/p>\n\n\n\n<p>\u9577\u671f\u91d1\u5229\u304c\u66f4\u306b\u4e0b\u304c\u308b\u3068\u3053\u308d\u307e\u3067\u306f\u826f\u3044\u3068\u3057\u3088\u3046\u3002\u591a\u304f\u306e\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306e\u554f\u984c\u306f\u3001\u300c\u91cf\u7684\u7de9\u548c\u300d\u306b\u3088\u308b\u9577\u671f\u91d1\u5229\u306e\u4f4e\u4e0b\u304c\u682a\u4fa1\u4e0a\u6607\u306b\u7e4b\u304c\u308b\u304b\u3069\u3046\u304b\u3067\u3042\u308b\u3002\u8a18\u4e8b\u304c\u9577\u304f\u306a\u3063\u3066\u3057\u307e\u3063\u305f\u306e\u3067\u3053\u3053\u3067\u4e00\u65e6\u7b46\u3092\u7f6e\u304f\u304c\u3001\u305d\u306e\u7b54\u3048\u3092\u77e5\u308b\u305f\u3081\u306b\u306f\u5148\u306b\u91cf\u7684\u7de9\u548c\u3092\u59cb\u3081\u305f\u30e6\u30fc\u30ed\u570f\u306e\u682a\u5f0f\u5e02\u5834\u304c\u3069\u3046\u306a\u3063\u3066\u3044\u308b\u304b\u3092\u898b\u308c\u3070\u826f\u3044\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u682a\u5f0f\u5e02\u5834\u306f\u4e16\u754c\u7684\u306b\u77ed\u671f\u7684\u306b\u306f\u4e0a\u6607\u3057\u3066\u3044\u308b\u3002\u30a4\u30ae\u30ea\u30b9\u3068EU\u3068\u306e\u9593\u3067Brexit\u5408\u610f\u304c\u306a\u3055\u308c\u305f\u3053\u3068\u304c\u6750\u6599\u3068\u306a\u3063\u3066\u3044\u308b\u3088\u3046\u3060\u304c\u3001\u4e16\u754c\u5e02\u5834\u304b\u3089\u898b\u308c\u3070\u30ed\u30fc\u30ab\u30eb\u306a\u5e02\u5834\u306b\u904e\u304e\u306a\u3044\u30a4\u30ae\u30ea\u30b9\u7d4c\u6e08\u306e\u3001\u3057\u304b\u3082\u8cbf\u6613\u3060\u3051\u306b\u95a2\u308f\u308b\u3088\u3046\u306a\u8a71\u304c\u4e16\u754c\u7d4c\u6e08\u5168\u4f53\u306b\u3068\u3063\u3066\u91cd\u8981\u3067\u3042\u308b\u306f\u305a\u304c\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u3088\u3063\u3066\u73fe\u5728\u306e\u682a\u4fa1\u4e0a\u6607\u306f\u30d5\u30a7\u30a4\u30af\u3067\u3042\u308b\u3002\u3053\u3053\u304b\u3089\u3042\u307e\u308a\u306b\u4e0a\u304c\u308b\u3088\u3046\u3067\u3042\u308c\u3070\u3001\u77ed\u671f\u7684\u306a\u58f2\u308a\u306b\u5165\u3063\u3066\u3082\u826f\u3044\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u3042\u308b\u3044\u306fVIX\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u6307\u6570\uff09\u306e\u8cb7\u3044\u3082\u826f\u3044\u9078\u629e\u80a2\u304b\u3082\u3057\u308c\u306a\u3044\u3002VIX\u306f\u3042\u307e\u308a\u306b\u4e0b\u304c\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"612\" height=\"379\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/10\/2019-10-18-vix-chart.png\" alt=\"\" class=\"wp-image-8449\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/10\/2019-10-18-vix-chart.png 612w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/10\/2019-10-18-vix-chart-300x186.png 300w\" sizes=\"auto, (max-width: 612px) 100vw, 612px\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>9\u670812\u65e5\u306bECB\uff08\u6b27\u5dde\u4e2d\u592e\u9280\u884c\uff09\u304c\u91cf\u7684\u7de9\u548c\u3092\u518d\u958b\u3057\u305f\u3053\u3068\u306b\u5f15\u304d\u7d9a\u3044\u3066\u300110\u670811\u65e5\u306b\u30a2\u30e1\u30ea\u30ab\u306e\u4e2d\u592e\u9280\u884c\u3067\u3042\u308bFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u3082\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e\u62e1\u5927\u518d\u958b\u3092\u6c7a\u5b9a\u3057\u305f\u3002 \u7c73\u56fd\u3001\u5b9f\u8cea\u7684\u306b\u91cf\u7684\u7de9\u548c\u306e\u518d\u958b\u3092\u5ba3\u8a00 \u30bf\u30a4\u30c8\u30eb\u306b\u300c &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8447\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30a2\u30e1\u30ea\u30ab\u300c\u91cf\u7684\u7de9\u548c\u300d\u518d\u958b\u306e\u76f8\u5834\u3078\u306e\u5f71\u97ff\u306f\uff1f<\/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":[118,108],"tags":[7],"class_list":["post-8447","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-bond-markets","tag-quantitative-easing"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/8447","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=8447"}],"version-history":[{"count":5,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/8447\/revisions"}],"predecessor-version":[{"id":8454,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/8447\/revisions\/8454"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=8447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=8447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=8447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}