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\n\u26052022\u5e74\u4e2d\u6771\u306e\u7523\u6cb9\u56fd\u304c\u30ed\u30b7\u30a2\u5074\u306b\u3064\u304d\u30011973\u5e74\u304b\u3089\u306e\u30da\u30c8\u30ed\u30fb\u30c0\u30e9\u30fc\u5236\u306f\u7d42\u7109\u3002\u30c9\u30eb\u306f\u539f\u6cb9\u306e\u88cf\u4ed8\u3092\u5931\u3063\u305f\u3002
\n\u2605\u7c73\u306f\u3001\u30ed\u30b7\u30a2\u30fb\u30d7\u30fc\u30c1\u30f3\u3092\u6f70\u3059\u305f\u3081\u306b\u3001\u30ed\u30b7\u30a2\u306e\u5589\u5143\u306e\u30a6\u30af\u30e9\u30a4\u30ca\u306b\u8ecd\u4e8b\u652f\u63f4\u3002\u3057\u304b\u3057\u3001\u30ed\u30b7\u30a2\u306e\u4f53\u5236\u8ee2\u8986\u306f\u4e0d\u53ef\u80fd\u3002<\/p>\n
\n\u30fb\u4e2d\u9732\u5074\u306f\u3001\u8cbf\u6613\u9ed2\u5b57\u56fd\u304c\u591a\u304f\u7d4c\u6e08\u6210\u9577\u7387\u304c\u9ad8\u3044\u3001\u91d1\/\u8cc7\u6e90\u56fd\u901a\u8ca8\u304c\u4e0a\u6607\u3001<\/span>
\n\u30fb\u6b27\u7c73\u5074\u306f\u3001\u8d64\u5b57\u56fd\u304c\u591a\u304f\u3001\u30c9\u30eb\u57fa\u8ef8\u901a\u8ca8\u570f\u306e\u901a\u8ca8\u306f\u4e0b\u843d\u3057\u3066\u3044\u304f\u3002<\/span>
\n\u30fb\u30a4\u30f3\u30d5\u30ec\u3068\u901a\u8ca8\u306e\u5f31\u3055\u3092\u88dc\u3046\u5229\u4e0a\u3052\u2192\u682a\u4fa1\u3068\u56fd\u50b5\u4fa1\u683c\u4e0b\u843d<\/span>
\n\u2192\u30d0\u30d6\u30eb\u5d29\u58ca\u2192\u91d1\u878d\u5371\u6a5f\u304b\u3089\u8ca1\u653f\u5371\u6a5f\u306b\u5411\u304b\u3046\u3002<\/span><\/p>\n
\n\u30fb\u4eca\u5f8c\u30c9\u30eb\u57fa\u8ef8\u5d29\u58ca\uff089\u6708\uff5e\u5e74\u672b\uff1f\uff09\u3001\u4e16\u754c\u4e2d\u3067\u4f7f\u308f\u308c\u3066\u3044\u305f\u30c9\u30eb\u304c\u9084\u6d41\u3057\u3001\u30c9\u30eb\u306f\u66b4\u843d\u3057\u3066\u3044\u304f\u3002\u305d\u3046\u3059\u308b\u30681000\u5146\u5186\u3068\u3044\u3046\u30c9\u30eb\u8cc7\u7523\u3092\u62b1\u3048\u308b\u65e5\u672c\uff08\u9280\u884c\u30fb\u653f\u5e9c\u30fb\u4f01\u696d\u30fb\u500b\u4eba\uff09\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306b\u7a74\u304c\u958b\u304f\u3002\u30ea\u30f3\u30af\u3000\u2192\u65e5\u672c\u306e\u91d1\u878d\u5371\u6a5f\u30fb\u8ca1\u653f\u5371\u6a5f\u3078\u76f4\u7d50\u3002\u3053\u306e\u898b\u901a\u3057\u306f\u3069\u3046\u306a\u308b\uff1f<\/span>
\n\u30fb\u30a2\u30e1\u30ea\u30ab\u306f\u3069\u3046\u306a\u308b\uff1f<\/span>
\nNY\u306a\u3069\u6cbb\u5b89\u304c\u3055\u3089\u306b\u60aa\u5316\u3057\u3066\u3044\u308b\u69d8\u5b50\u3002\u6cbb\u5b89\u3068\u7d71\u4e00\u304c\u4fdd\u305f\u308c\u308c\u3070\u3001\u77f3\u6cb9\u30fb\u8fb2\u696d\u3068\u8cc7\u6e90\u306f\u3042\u308b\u306e\u3067\u518d\u5efa\u53ef\u80fd\u3060\u304c\u3001\u5206\u88c2\u4e0d\u53ef\u907f\u304b\u3002<\/span><\/p>\n
\n\u4ee5\u4e0b\u53c2\u8003\u8a18\u4e8b\u3000\u5409\u7530\u7e6b\u6674\u3055\u3093\u306e\u3000\u30e1\u30eb\u30de\u30ac\u3088\u308a\u3001\u4eca\u5f8c\u306e\u30c9\u30eb\u306e\u672b\u8def\u3068\u6b21\u306e\u57fa\u8ef8\u901a\u8ca8\u3092\u898b\u308b\u3046\u3048\u3067\u91cd\u8981\u306a\u306e\u3067\u5f15\u7528\u3055\u305b\u3066\u3044\u305f\u3060\u304d\u307e\u3059\u3002
\n\u25a03.\u7c73\u30c9\u30eb\u57fa\u8ef8\u901a\u8ca8\u4f53\u5236\u306e\u6b74\u53f2\uff081944\u5e74\u304b\u30892000\u5e74\uff09<\/p>\n
\n\u5e74\uff09\u3002\u91d11\u30aa\u30f3\u30b9\u309235\u30c9\u30eb\u306b\u56fa\u5b9a\uff08\u73fe\u5728\u306e\u91d1\u4fa1\u683c\u306f1800\u30c9\u30eb\u4ed8\u8fd1\uff1d1\u30c9
\n\u30eb\u306e\u4fa1\u5024\u306f50\u5e74\u3067\u30011\/51\uff082\uff05\uff09\u306b\u4e0b\u843d\uff09\u3002<\/p>\n
\n\u3053\u306e\u6642\u671f\u3001\u5186\u306f\u30011\u30c9\u30eb\uff1d360\u5186\u3002\u305d\u306e\u5f8c1995\u5e74\u306b\u306f\u30011\u30c9\u30eb79
\n\u5186\u3068\u8a00\u30464.6\u500d\u306e\u5186\u9ad8\u3078\u3002<\/p>\n
\n\u30c9\u30eb\u76f8\u5f53\uff09\u306b\u3088\u308a\u3001\u6d77\u5916\u306b\u3044\u3063\u305f\u30c9\u30eb\u306e\u91d1\u3078\u306e\u4ea4\u63db\u8981\u6c42\u304c\u5897\u52a0\u3057\u30012
\n\u4e076000\u30c8\u30f3\u3042\u3063\u305fFRB\u306e\u91d1\u306f\u30018133\u30c8\u30f3\u3078\u3002<\/p>\n
\n\u843d\u3059\u308b\u300d\u3068\u7b54\u7533\u3057\u3001FRB\u304c8133\u30c8\u30f3\u306e\u91d1\u3092\u3001\u305d\u308c\u4ee5\u4e0a\u6e1b\u3089\u3055\u306a\u3044\u3053\u3068
\n\u3092\u76ee\u7684\u306b\u3001\u30cb\u30af\u30bd\u30f3\u304c\u91d1\u30fb\u30c9\u30eb\u4ea4\u63db\u5236\u3092\u7a81\u7136\u3001\u505c\u6b62\uff081971\u5e74\u30cb\u30af\u30bd\u30f3\u30b7\u30e7\u30c3\u30af\uff09\u3002<\/p>\n
\n\u305f\u304c\u3001\uff08\u30b9\u30df\u30bd\u30cb\u30a2\u30f3\u5bfe\u4f53\u5236\uff09\u3001\u306a\u304a\u3082FRB\u304b\u3089\u306e\u91d1\u6d41\u51fa\u304c\u7d9a\u304d\u3001
\n1973\u5e74\u306b\u30b9\u30df\u30bd\u30cb\u30a2\u30f3\u4f53\u5236\u304c\u3001\u5d29\u58ca\u3002<\/p>\n
\n\u30ab\u30fc\uff08\u9328\uff1a\u3044\u304b\u308a\uff09\u304c\u306a\u304f\u306a\u3063\u305f\u30c9\u30eb\u304c\u30d5\u30ed\u30fc\u30c8\u3057\u305f\u304b\u3089\u3002<\/p>\n
\n\u3067\u7a3c\u3050\u5916\u8ca8\u6e96\u5099\u304c\u8981\u3089\u305a\u3001\u300c\u30c9\u30eb\u3092\u5897\u5237\u3059\u308b\u3060\u3051\u3067\u3001\u6d77\u5916\u306e\u5546\u54c1\u3084\u682a
\n\u3092\u8cb7\u3046\u3053\u3068\u304c\u3067\u304d\u308b\u30c9\u30eb\u57fa\u8ef8\u901a\u8ca8\u4f53\u5236\u300d\u306f\u3001\u7c73\u56fd\u7d4c\u6e08\u306e\u56fd\u76ca\u306b\u3068\u3063\u3066\u3001
\n\u57fa\u5e79\u7684\u306b\u91cd\u8981\u3068\u3002<\/p>\n
\n\u304b\u58f2\u3089\u306a\u3044\u4f53\u5236\uff08\u30da\u30c8\u30ed\u30c0\u30e9\u30fc\u5236\uff09\u3092\u4f5c\u3063\u305f\u3002<\/p>\n
\n\u30fb\u4e2d\u6771\u306e\u738b\u65cf\u304c\u3082\u3063\u3068\u3082\u6050\u308c\u3066\u3044\u308b\u3001\u6c11\u4e3b\u9769\u547d\u304b\u3089\u738b\u5236\u3092\u5b88\u308b\u3053\u3068\u3001
\n\u30fb1\u30c9\u30eb\u304b\u30892\u30c9\u30eb\u3060\u3063\u305f\u539f\u6cb9\u306e\u4fa1\u683c\u3092\u30015\u500d\u304b\u308910\u500d\u306b\u4e0a\u3052\u308b\u3053\u3068\u3092
\n\u7d04\u675f\u3057\u3066\u3044\u307e\u3059\u3002\uff08\u3053\u308c\u304c\u3001\u4e16\u754c\u306b\u72c2\u4e71\u7269\u4fa1\u3092\u751f\u3093\u3060\u7b2c\u4e00\u6b21\u77f3\u6cb9\u5371\u6a5f\uff09<\/p>\n
\n\u5165\u305f\u3081\u306b\u8cb7\u308f\u308c\u308b\u4f53\u5236\u3001\u3064\u307e\u308a\u3001\u4e16\u754c\u306b\u300c\u30c9\u30eb\u5916\u8ca8\u6e96\u5099\u5236\u300d\u3092\u4f5c\u308b\u3002<\/p>\n
\n\u304c\u5897\u3048\u308c\u3070\u3001\u8cb7\u3044\u304c\u5897\u3048\u3066\u3001\u30ec\u30fc\u30c8\u306f\u7dad\u6301\u3055\u308c\u308b\u3002<\/p>\n
\n\u30e3\u30fc\u304c\u4f5c\u3063\u305f\u30da\u30c8\u30ed\u30fb\u30c0\u30e9\u30fc\u5236\u3002<\/p>\n
\n\u30fb1980\u5e74\u306e\u7b2c\u4e8c\u6b21\u77f3\u6cb9\u5371\u6a5f\uff08\u539f\u6cb9\u4fa1\u683c\u306e30\uff5e40\u30c9\u30eb\u3078\u306e\u9ad8\u9a30\uff09
\n\u30fb\u9ad8\u9a30\u3057\u305f\u539f\u6cb9\u8f38\u5165\u305f\u3081\u306e\u3001\u4e16\u754c\u306e\u30c9\u30eb\u6e96\u5099\u5897\u52a0\u306e\u5fc5\u8981\u304c\u751f\u3058\u3066\u30c9\u30eb
\n\u8cb7\u3044\u304c\u5897\u3048\u30c9\u30eb\u306f\u9ad8\u9a30\uff081\u30c9\u30eb\uff1d250\u5186\uff09<\/p>\n
\n\u30fb1985\u5e74\u306eG5\u306e\u300c\u30d7\u30e9\u30b6\u5408\u610f\u300d\u306b\u3088\u308b\u3001\u30c9\u30eb\u5207\u308a\u4e0b\u3052
\n\uff081\u30c9\u30eb\uff1d220\u5186\u53f0\u21921\u30c9\u30eb120\u5186\uff1a55\uff05\u3078\u306e\u30c9\u30eb\u5207\u308a\u4e0b\u3052\uff09
\n\u30c9\u30eb\u3092\u4e0b\u3052\u308b\u305f\u3081\u3001\u30c9\u30eb\u5916\u8ca8\u6e96\u5099\u3092\u58f2\u3063\u3066\u640d\u3092\u3057\u305f\u306e\u306f\u3001\u30c9\u30a4\u30c4\u3068\u65e5\u672c\u3002<\/p>\n
\nGDP\u306e\u6210\u9577\u671f\u3092\u6b8b\u3057\u3066\u3044\u305f\u65e5\u672c\u3067\u306f\u8cc7\u7523\u30d0\u30d6\u30eb\u304c\u767a\u751f\uff085\u5e74\u3067\u5730\u4fa15\u500d
\n\uff1a\u65e5\u7d4c\u5e73\u57473\u4e079850\u5186\uff09\u3002<\/p>\n
\n\u56e3\u584a\u306e\u4e16\u4ee3\uff081000\u4e07\u4eba\uff09\u304c\u4f4f\u5b85\u3092\u8cb7\u3046\u6642\u671f\u3060\u3063\u305f\u304b\u3089\u3002<\/p>\n
\n\uff0844\uff05\uff09\u306b\u6e1b\u3002\u3057\u304b\u3082\u5730\u65b9\u306e\u7a7a\u304d\u5bb6\u304c800\u4e07\u6238\u3002<\/p>\n
\n\uff081990\u5e74\uff5e1998\u5e74\uff09
\n\u30fb1988\u5e74\u306f\u3001\u65e5\u672c\u306e\u91d1\u878d\u5371\u6a5f\u3001\u5c71\u4e00\u8a3c\u5238\u3001\u5317\u6d77\u9053\u62d3\u6b96\u9280\u884c\u306e\u5012\u7523
\n2000\u5e74\u4ee3\u306b\u306f\u90fd\u928020\u9280\u884c\u21923\u3064\u306e\u30e1\u30ac\u30d0\u30f3\u30af\u306b\u7d71\u5408\u3002<\/p>\n
\n\u30f3\u30c8\uff1a2002\u5e74\uff1d2\u5e74\u9593\u3067-60\uff05\uff09
\n\u73fe\u5728\u306f\u3001\u305d\u306e6\u500d\u306e1\u4e072144\u30dd\u30a4\u30f3\u30c8\u21922022\u5e74\u306f\u5e74\u521d\u676520\uff05\u4e0b\u843d\u3002<\/p>\n
\n\u30ed\u30fc\u30f3\u8a3c\u5238\u306e\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u5316\uff08MBS\uff09\u3092\u65b0\u3057\u3044\u91d1\u878d\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u3068\u3057
\n\u3066\u3001\u7c73\u56fd\u4f4f\u5b85\u4fa1\u683c\u304c\u30012\u500d\u306b\u9ad8\u9a30\uff082000\u5e74\u304b\u30892006\u5e74\uff09\u3002<\/p>\n
\n\u30a4\u30e9\u30af\u30d5\u30bb\u30a4\u30f3\u5927\u7d71\u9818\u3092\u6bba\u5bb3\u3002\u30a4\u30e9\u30af\u306b\u5927\u91cf\u7834\u58ca\u5175\u5668\u304c\u3042\u308b\u3068\u3044\u3046
\nCIA\u306e\u3067\u3063\u3061\u4e0a\u3052\u60c5\u5831\u3002\u5c0f\u6cc9\u5185\u95a3\u306f\u3001\u30a4\u30e9\u30af\u6226\u4e89\u3078\u306e\u5354\u529b\u3092\u8981\u8acb\u3055\u308c\u3001
\n3\u304b\u6708\u306715\u5146\u5186\u306e\u30c9\u30eb\u56fd\u50b5\u8cb7\u3044\uff08\uff1d\u30a4\u30e9\u30af\u6226\u8cbb\u306e\u63d0\u4f9b\uff09<\/p>\n
\n40\uff05\u4e0b\u843d\u3002\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u50b5\u52d9\u4fdd\u8a3c\u4fdd\u967a\u306eCDS\u304c\u9ad8\u9a30\u2192AIG\u3068\u30ea\u30fc\u30de\u30f3
\n\u30d6\u30e9\u30b6\u30fc\u30b9\u306e\u7834\u7523<\/p>\n
\n\u30ed\uff064\u5146\u30c9\u30eb\uff09\u30fb\u30fb\u30fb\u30ea\u30fc\u30de\u30f3\u5371\u6a5f\u304b\u3089\u306e\u682a\u4fa1\u56de\u5fa9\u306b\u306f3\u5e74\u304b\u304b\u3063\u3066\u3044
\n\u307e\u3059\u3002<\/p>\n
\n\u65e5\u672c\u306f\u7570\u6b21\u5143\u7de9\u548c\uff08500\u5146\u5186\uff09\u3002
\n\u7c73\u56fd\u306b\u5bfe\u3057\u3066\u306f\u3001\u6bce\u5e74\u5e73\u574720\u5146\u5186\u306e\u30c9\u30eb\u8cb7\u3044\uff0f\u5186\u58f2\u308a\u3067\u3001\u5186\u5b89\u653f\u7b56\u3002<\/p>\n
\n\u2192\u4f01\u696d\u7d14\u76ca\u6e1b\u5c11\u2192\u4e16\u754c\u306e\u682a\u4fa1\u306f\u300130\uff05\u4e0b\u843d\u3002
\n\u5bfe\u7b56\u3068\u3057\u3066\u65e5\u7c73\u6b27\u306e\u3001\u30bc\u30ed\u91d1\u5229\uff0b\u91cf\u7684\u7de9\u548c\uff081200\u5146\u5186\uff09
\n\u2192\u4e16\u754c\u306e\u682a\u4fa1\u306e\u9ad8\u9a30
\n\u30fbS&P500\uff1a2200\u21924800\uff082.2\u500d\uff09\uff1a2022\u5e741\u6708
\n\u30fb\u65e5\u7d4c\u5e73\u57471\u4e076000\u5186\u21923\u4e07\u5186\uff081.9\u500d\uff09\uff1a21\u5e749\u6708
\n2\u5e74\u9593\u306e\u682a\u4fa1\u306f\u3001\u518d\u3073\u30d0\u30d6\u30eb\u5316\u3057\u305f\u3002
\nhttps:\/\/www.nikkei.com\/markets\/worldidx\/chart\/nk225\/?type=5year<\/p>\n
\n\u30a8\u30cd\u30eb\u30ae\u30fc\u4fa1\u683c\u30fb\u8cc7\u6e90\u4fa1\u683c\u30fb\u7a40\u7269\u4fa1\u683c\u9ad8\u9a30<\/p>\n
\n\u30a8\u30cd\u30eb\u30ae\u30fc\u4fa1\u683c\u30fb\u8cc7\u6e90\u4fa1\u683c\u30fb\u7a40\u7269\u4fa1\u683c\u306e40\uff05\u4e0a\u6607
\n\u30ed\u30b7\u30a2\u306e\u539f\u6cb9\u30fb\u5929\u7136\u30ac\u30b9\u4f9d\u5b58\u306e\u6b27\u5dde\u30827\uff05\u53f0\u306e\u30a4\u30f3\u30d5\u30ec\u3002
\n\u65e5\u672c\u306f\u3001\u8cc3\u91d1\u306e\u4e0a\u6607\u304c\u306a\u304f\u3001
\n\u8cc7\u6e90\u306e\u56fd\u969b\u4fa1\u683c\u304c40\uff05\u4e0a\u304c\u3063\u3066\u3082\u7269\u4fa1\u306f2\uff05\u53f0\u306e\u4e0a\u6607\u3068\u4f4e\u3044\u3002<\/p>\n
\n\u7c73\u56fd\u9577\u671f\u91d1\u52293\uff05\u53f0\uff08\uff1d10\u5e74\u56fd\u50b5\u306e\u91d1\u5229\uff09
\n2022\u5e745\u6708\uff1dFRB\u77ed\u671f\u91d1\u52290.5\uff05\u4e0a\u3052\u30026\u6708\u30820.5\uff05\u3092\u4e88\u5b9a\u3002
\n1\u5e74\u306b1\u5146\u30c9\u30eb\u306e\u3001\u30de\u30cd\u30fc\u7e2e\u5c0f\u4e88\u5b9a\uff08\u56fd\u50b5\u3068MBS\u306e\u58f2\u308a\uff09
\n\u7c73\u56fd\u4f4f\u5b85\u91d1\u5229\u306f5.1\uff05\u306b\u4e0a\u6607\u2192\u9ad8\u984d\u7269\u4ef6\u306e\u30d0\u30d6\u30eb\u4fa1\u683c\u5d29\u58ca\u3078<\/p>\n
\n\u9ed2\u7530\u7dcf\u88c1\u306f\u3001\u91d1\u878d\u7de9\u548c\u306e\u3001\u9650\u754c\u306e\u306a\u3044\u6301\u7d9a\u3092\u8868\u660e\u3002
\n\u30fb\u91d1\u5229\u5dee\u304b\u3089\u30c9\u30eb\/\u5186\u306f\u3001130\u5186\u53f0\u306e\u5186\u5b89\uff08\u5186\u306b\u5bfe\u3057\u3066\u30c9\u30eb\u9ad8\uff09<\/p>\n
\n\u30a3\u30fb\u30ea\u30f3\u30af\u5236\u300d\u3092\u767a\u8868\u3002\u56fd\u969b\u9001\u4fe1\u56de\u7dda\u306f\u3001\u4e2d\u56fd\u4e3b\u5bb0\u306eCIPS\u3092\u4f7f\u3046\u3002<\/p>\n
\n\u2192\u30e6\u30fc\u30e9\u30b7\u30a2\uff0b\u5357\u7c73\uff0b\u30a2\u30d5\u30ea\u30ab\u306e\u3001\u65b0\u8208\u7d4c\u6e08\u570f\u306e\u8a95\u751f\u306b\u5411\u304b\u3046\u3002
\n\u2192\u4e16\u754cGDP\u306e50\uff05\u306e\u56fd\uff08\u4eba\u53e3\u306f80\uff05\uff09\u304c\u3001SWIFT\u304b\u3089CIPS\u570f\u306b\u5411\u304b\u3063
\n\u3066\u3044\u308b\u3002<\/p>\n
\n\u5236\u306f\u7d42\u7109\u3002<\/p><\/blockquote>\n