{"id":8638,"date":"2019-12-29T19:51:00","date_gmt":"2019-12-29T10:51:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=8638"},"modified":"2019-12-29T13:48:15","modified_gmt":"2019-12-29T04:48:15","slug":"2020%e5%b9%b4%e3%81%ae%e6%a0%aa%e5%bc%8f%e5%b8%82%e5%a0%b4%e3%81%ae%e5%8b%95%e5%90%91%e4%ba%88%e6%83%b3%e3%80%81%e6%a0%aa%e4%be%a1%e6%9a%b4%e8%90%bd%e3%81%ae%e5%85%86%e5%80%99%e3%81%aa%e3%81%97","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8638","title":{"rendered":"2020\u5e74\u306e\u682a\u5f0f\u5e02\u5834\u306e\u52d5\u5411\u4e88\u60f3\u3001\u682a\u4fa1\u66b4\u843d\u306e\u5146\u5019\u306a\u3057"},"content":{"rendered":"\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u682a\u5f0f\u5e02\u5834\u306f2018\u5e74\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u4ee5\u6765\u4e0a\u304c\u308a\u7d9a\u3051\u3066\u3044\u308b\u3002\u4e16\u9593\u3067\u306f\u7c73\u4e2d\u901a\u5546\u5408\u610f\u306e\u304a\u304b\u3052\u3060\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u3063\u3066\u306f\u3044\u308b\u304c\u3001\u69d8\u3005\u306a\u89b3\u70b9\u304b\u3089\u306e\u8a3c\u62e0\u304c\u305d\u306e\u63a8\u6e2c\u3092\u5426\u5b9a\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>\u3053\u308c\u307e\u3067\u8ff0\u3079\u3066\u304d\u305f\u901a\u308a\u30a2\u30e1\u30ea\u30ab\u304c\u4e2d\u56fd\u306b\u8ab2\u3057\u3066\u3044\u308b\u95a2\u7a0e\u306f\u30a2\u30e1\u30ea\u30abGDP\u306e0.4%\u3067\u3057\u304b\u306a\u304f\u3001\u3057\u304b\u3082\u7b2c\u4e00\u6bb5\u968e\u5408\u610f\u3067\u306f\u305d\u306e\u307b\u3068\u3093\u3069\u304c\u6b8b\u3063\u305f\u307e\u307e\u3068\u3055\u308c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8591\">\u7c73\u4e2d\u8cbf\u6613\u6226\u4e89\u3001\u7b2c\u4e00\u6bb5\u968e\u5408\u610f\u306e\u682a\u5f0f\u5e02\u5834\u3078\u306e\u5f71\u97ff<\/a><\/li><\/ul>\n\n\n\n<p>\u5927\u624b\u30e1\u30c7\u30a3\u30a2\u306f\u7c73\u4e2d\u8cbf\u6613\u6226\u4e89\u3070\u304b\u308a\u5831\u3058\u3066\u3044\u308b\u304c\u3001\u91d1\u878d\u5e02\u5834\u306f\u3088\u308a\u51b7\u9759\u306a\u898b\u65b9\u3092\u3057\u3066\u304a\u308a\u3001\u4f8b\u3048\u3070\u4e2d\u56fd\u682a\u304c\u305d\u308c\u307b\u3069\u4e0a\u304c\u3063\u3066\u3044\u306a\u3044\u3053\u3068\u306f\u7c73\u56fd\u682a\u306e\u4e0a\u6607\u304c\u7c73\u4e2d\u5408\u610f\u3068\u306f\u95a2\u4fc2\u306e\u306a\u3044\u3053\u3068\u306e1\u3064\u306e\u8a3c\u660e\u3067\u3042\u308b\u3002\u7c73\u4e2d\u5408\u610f\u306b\u53cd\u5fdc\u3057\u3066\u3044\u308b\u306a\u3089\u3070\u4e2d\u56fd\u682a\u304c\u771f\u3063\u5148\u306b\u4e0a\u304c\u308b\u306f\u305a\u3060\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"612\" height=\"379\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/12\/2019-12-29-shanghai-composite-chart.png\" alt=\"\" class=\"wp-image-8639\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/12\/2019-12-29-shanghai-composite-chart.png 612w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/12\/2019-12-29-shanghai-composite-chart-300x186.png 300w\" sizes=\"auto, (max-width: 612px) 100vw, 612px\" \/><\/figure>\n\n\n\n<p><strong>\u4e0a\u6607\u3059\u308b\u7c73\u56fd\u682a<\/strong><\/p>\n\n\n\n<p>\u3053\u3046\u3057\u305f\u4e8b\u67c4\u3092\u8003\u3048\u308b\u3068\u3001\u7c73\u56fd\u682a\u306e\u4e0a\u6607\u306f\u884c\u304d\u904e\u304e\u3066\u3044\u308b\u3088\u3046\u306b\u601d\u3048\u308b\u3002\u3057\u304b\u3082\u884c\u304d\u904e\u304e\u3066\u3044\u308b\u306e\u306f\u4e3b\u8981\u6307\u6570\u306b\u63a1\u7528\u3055\u308c\u3066\u3044\u308b\u9298\u67c4\u3060\u3051\u3060\u3068\u3044\u3046\u3053\u3068\u306f2018\u5e74\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u306e\u9803\u304b\u3089\u5909\u308f\u3063\u3066\u3044\u306a\u3044\u3002\u4ee5\u4e0b\u306f\u4e3b\u8981\u682a\u4fa1\u6307\u6570\u3067\u3042\u308bS&amp;P 500\u306e\u30c1\u30e3\u30fc\u30c8\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"612\" height=\"379\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/12\/2019-12-29-s-and-p-500-chart.png\" alt=\"\" class=\"wp-image-8640\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/12\/2019-12-29-s-and-p-500-chart.png 612w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/12\/2019-12-29-s-and-p-500-chart-300x186.png 300w\" sizes=\"auto, (max-width: 612px) 100vw, 612px\" \/><\/figure>\n\n\n\n<p>\u4e00\u65b9\u3067\u3001\u4ee5\u4e0b\u306f\u5c0f\u578b\u682a\u6307\u6570\u306eRussell 2000\u306e\u30c1\u30e3\u30fc\u30c8\u3067\u3042\u308b\u30022019\u5e74\u7d42\u76e4\u306e\u4e0a\u6607\u3060\u3051\u3092\u6bd4\u8f03\u3057\u3066\u3082S&amp;P 500\u307b\u3069\u306f\u4e0a\u6607\u3057\u3066\u3044\u306a\u3044\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"612\" height=\"379\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/12\/2019-12-29-russell-2000-chart.png\" alt=\"\" class=\"wp-image-8641\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/12\/2019-12-29-russell-2000-chart.png 612w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2019\/12\/2019-12-29-russell-2000-chart-300x186.png 300w\" sizes=\"auto, (max-width: 612px) 100vw, 612px\" \/><\/figure>\n\n\n\n<p>\u3053\u306e\u5c0f\u578b\u682a\u6307\u6570\u306e\u4e0b\u843d\u306f\u7b46\u8005\u306b2018\u5e74\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u306e\u5929\u4e95\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3092\u307b\u307c\u53b3\u5bc6\u306b\u6559\u3048\u3066\u304f\u308c\u305f\u5148\u884c\u6307\u6a19\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7931\">\u9042\u306b\u7c73\u56fd\u682a\u306b\u3082\u6e1b\u901f\u306e\u5146\u3057 (2018\/10\/8)<\/a><\/li><\/ul>\n\n\n\n<p>\u305d\u306e\u5148\u884c\u6307\u6a19\u306f\u73fe\u72b6\u3067\u306f\u4e0b\u843d\u306f\u3057\u3066\u3044\u306a\u3044\u3082\u306e\u306e\u30012018\u5e74\u4ee5\u524d\u306e\u4e0a\u6607\u30da\u30fc\u30b9\u3092\u53d6\u308a\u623b\u3057\u305f\u308f\u3051\u3067\u3082\u306a\u3044\u3002<\/p>\n\n\n\n<p><strong>\u7c73\u56fd\u682a\u4e0a\u6607\u306f\u30d0\u30d6\u30eb\u304b<\/strong><\/p>\n\n\n\n<p>\u3053\u306e\u72b6\u6cc1\u3092\u6295\u8cc7\u5bb6\u306f\u3069\u3046\u89e3\u91c8\u3059\u3079\u304d\u3060\u308d\u3046\u304b\uff1f\u3000\u7c73\u56fd\u682a\u306e\u4e0a\u6607\u306f\u4e3b\u8981\u6307\u6570\u306e\u307f\u304c\u62bc\u3057\u4e0a\u3052\u3089\u308c\u305f\u30d0\u30d6\u30eb\u3060\u3068\u8003\u3048\u3001\u4e0b\u843d\u3092\u4e88\u60f3\u3059\u3079\u304d\u3060\u308d\u3046\u304b\uff1f<\/p>\n\n\n\n<p>\u3053\u305310\u5e74\u307b\u3069\u91d1\u878d\u5e02\u5834\u306f\u30d0\u30d6\u30eb\u306e\u5d29\u58ca\u3092\u7d4c\u9a13\u3057\u3066\u304a\u3089\u305a\u3001\u591a\u304f\u306e\u8aad\u8005\u306b\u3068\u3063\u3066\u30d0\u30d6\u30eb\u5d29\u58ca\u306f\u3042\u307e\u308a\u73fe\u5b9f\u5473\u306e\u306a\u3044\u3082\u306e\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u3001\u5e02\u5834\u3067\u30d0\u30d6\u30eb\u304c\u5d29\u58ca\u3059\u308b\u6642\u306b\u306f\u4e8b\u524d\u306b\u5146\u5019\u304c\u3042\u308b\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u4f8b\u3048\u30702008\u5e74\u306e\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u3067\u306f\u682a\u4fa1\u306e\u4e0b\u843d\u306b\u5148\u884c\u3057\u3066\u4f4f\u5b85\u4fa1\u683c\u304c\u4e0b\u843d\u3092\u958b\u59cb\u3057\u3066\u304a\u308a\u3001\u4f4f\u5b85\u30d0\u30d6\u30eb\u306e\u5d29\u58ca\u304c\u5927\u304d\u306a\u5f71\u97ff\u3092\u53ca\u307c\u3059\u3053\u3068\u304c\u4e8b\u524d\u306b\u8b66\u544a\u3055\u308c\u3066\u3044\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u8ab0\u3082\u8033\u3092\u8cb8\u3055\u306a\u304b\u3063\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/4442\">\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u6642\u306b\u304a\u3051\u308b\u7c73\u56fd\u682a\u3001\u653f\u7b56\u91d1\u5229\u3001\u4f4f\u5b85\u4fa1\u683c\u306e\u63a8\u79fb<\/a><\/li><\/ul>\n\n\n\n<p>2018\u5e74\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u306f\u4e2d\u592e\u9280\u884c\u306e\u5fc3\u5909\u308f\u308a\u3067\u4e00\u6642\u4e2d\u65ad\u3055\u308c\u305f\u304c\u3001\u5f53\u6642\u7b46\u8005\u306f\u660e\u78ba\u306a\u7406\u7531\u3092\u6319\u3052\u30662018\u5e74\u5f8c\u534a\u306e\u682a\u4fa1\u66b4\u843d\u3092\u8b66\u544a\u3057\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><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><\/ul>\n\n\n\n<p>\u3053\u306e2\u3064\u306e\u4f8b\u306b\u9650\u3089\u305a\u30d0\u30d6\u30eb\u5d29\u58ca\u306b\u306f\u4e8b\u524d\u306b\u660e\u78ba\u306a\u5146\u5019\u304c\u3042\u308b\u3002\u3080\u3057\u308d\u660e\u78ba\u306a\u5146\u5019\u304c\u3042\u308a\u306a\u304c\u3089\u8ab0\u3082\u8033\u3092\u8cb8\u3055\u306a\u3044\u72b6\u614b\u3053\u305d\u304c\u30d0\u30d6\u30eb\u3060\u3068\u8a00\u3048\u308b\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p><strong>2020\u5e74\u306e\u682a\u5f0f\u5e02\u5834<\/strong><\/p>\n\n\n\n<p>\u3067\u306f2020\u5e74\u306e\u682a\u5f0f\u5e02\u5834\u306f\u30d0\u30d6\u30eb\u306a\u306e\u304b\uff1f\u3000\u7d50\u8ad6\u304b\u3089\u8a00\u3048\u3070\u30012018\u5e74\u30842008\u5e74\u306e\u3088\u3046\u306a\u30d0\u30d6\u30eb\u5d29\u58ca\u306e\u5146\u5019\u3092\u63a2\u3057\u3066\u307f\u305f\u3068\u3053\u308d\u3001\u305d\u306e\u3088\u3046\u306a\u5146\u5019\u306f\u898b\u3064\u304b\u3089\u306a\u304b\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u307e\u305a\u5b9f\u4f53\u7d4c\u6e08\u306b\u95a2\u3057\u3066\u8a00\u3048\u3070\u3001\u6307\u6a19\u306f\u3069\u308c\u3082\u4e2d\u9014\u534a\u7aef\u3067\u3042\u308b\u3002\u682a\u4fa1\u4e0a\u6607\u3092\u6b63\u5f53\u5316\u3059\u308b\u307b\u3069\u826f\u3044\u3082\u306e\u3067\u306f\u306a\u3044\u3053\u3068\u306f\u9593\u9055\u3044\u306a\u3044\u3002\u4e00\u65b9\u3067\u682a\u4fa1\u66b4\u843d\u3092\u6697\u793a\u3059\u308b\u307b\u3069\u60aa\u3044\u3082\u306e\u3067\u3082\u306a\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8603\">\u7c73\u56fd\u7d4c\u6e08\u3001\u4f4e\u91d1\u5229\u304c\u30a4\u30f3\u30d5\u30ec\u306b\u52b9\u3044\u3066\u3044\u306a\u3044<\/a><\/li><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8595\">\u7c73\u56fd\u7d4c\u6e08\u3001\u500b\u4eba\u6d88\u8cbb\u306f\u5f15\u304d\u7d9a\u304d\u6e1b\u901f\u4e2d<\/a><\/li><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8627\">\u920d\u5316\u3057\u3066\u3044\u305f\u7c73\u4f4f\u5b85\u4fa1\u683c\u306e\u4f38\u3073\u306f\u56de\u5fa9\u3059\u308b\u306e\u304b<\/a><\/li><\/ul>\n\n\n\n<p>\u91d1\u878d\u5e02\u5834\u3082\u540c\u69d8\u3067\u3042\u308b\u3002\u5c0f\u578b\u682a\u6307\u6570Russell 2000\u306f\u78ba\u304b\u306bS&amp;P 500\u307b\u3069\u4e0a\u304c\u3063\u3066\u306f\u3044\u306a\u3044\u304c\u30012018\u5e74\u306e\u3088\u3046\u306b\u4e0b\u843d\u3092\u59cb\u3081\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3082\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u65e5\u7d4c\u5e73\u5747\u3084\u6b27\u5dde\u682a\u3082\u540c\u69d8\u306bS&amp;P 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href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7260\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e2018\u5e74\u682a\u5f0f\u5e02\u5834\u4e0a\u6607\u4e88\u60f3\u300c\u73fe\u91d1\u4fdd\u6709\u306f\u99ac\u9e7f\u3092\u898b\u308b\u300d<\/a><\/li><\/ul>\n\n\n\n<p>\u500b\u4eba\u7684\u306a\u611f\u899a\u3067\u8a00\u3048\u3070\u73fe\u5728\u306e\u72b6\u614b\u306f2018\u5e74\u306e\u3053\u306e\u9803\u306b\u4f3c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u4e0b\u843d\u304c\u59cb\u307e\u3063\u305f\u5834\u5408\u3001\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306f\u7c73\u4e2d\u901a\u5546\u5408\u610f\u3092\u672c\u5f53\u306e\u610f\u5473\u3067\u524d\u306b\u9032\u3081\u3066\u4e0a\u3052\u6750\u6599\u3092\u63d0\u4f9b\u3059\u308b\u3053\u3068\u304c\u51fa\u6765\u3001\u307e\u305f\u4e2d\u592e\u9280\u884c\u30821.5%\u306e\u5229\u4e0b\u3052\u4f59\u5730\u3092\u6b8b\u3057\u3066\u3044\u308b\u3002\u682a\u4fa1\u3092\u652f\u3048\u308b\u4f59\u5730\u306f\u5c11\u306a\u304f\u306a\u3044\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u307e\u3067\u682a\u5f0f\u5e02\u5834\u306f\u300c\u307e\u3060\u682a\u4fa1\u3092\u652f\u3048\u308b\u4f59\u5730\u304c\u3042\u308b\u300d\u3068\u3044\u3046\u3053\u3068\u3092\u652f\u3048\u306b\u4e0a\u6607\u3092\u7d9a\u3051\u3066\u304d\u305f\u3002\u3057\u304b\u3057\u305d\u306e\u4f59\u5730\u306f\u672c\u5f53\u306b\u9650\u3089\u308c\u3064\u3064\u3042\u308b\u3002\u65e5\u9280\u306f\u3082\u3046\u305a\u3063\u3068\u9650\u754c\u307e\u3067\u7de9\u548c\u3092\u3057\u3066\u304a\u308a\u3001\u30e6\u30fc\u30ed\u570f\u3082\u91cf\u7684\u7de9\u548c\u3092\u518d\u958b\u3057\u305f\u3002<\/p>\n\n\n\n<ul 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