{"id":20813,"date":"2026-04-01T14:32:11","date_gmt":"2026-04-01T05:32:11","guid":{"rendered":"https:\/\/official.gfs.tokyo\/blog\/?p=20813"},"modified":"2026-04-01T14:32:11","modified_gmt":"2026-04-01T05:32:11","slug":"ue-with-or-without-currency-hedging","status":"publish","type":"post","link":"https:\/\/official.gfs.tokyo\/blog\/ue-with-or-without-currency-hedging","title":{"rendered":"\u3010\u6c7a\u5b9a\u7248\u3011\u70ba\u66ff\u30d8\u30c3\u30b8\u300c\u3042\u308a\u30fb\u306a\u3057\u300d\u306e\u6700\u9069\u89e3\uff5c\u65e5\u672c\u3067\u751f\u304d\u308b\u6295\u8cc7\u5bb6\u306e\u305f\u3081\u306e\u7a76\u6975\u306e\u8cc7\u7523\u9632\u885b\u8853\u3068\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u6226\u7565"},"content":{"rendered":"<h2 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https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa-300x300.jpg 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa-150x150.jpg 150w\" sizes=\"(max-width: 110px) 100vw, 110px\" \/>\u3000<strong>\u76e3\u4fee\u8005\uff1a\u5e02\u5ddd\u96c4\u4e00\u90ce\u3000<\/strong><br \/>\n<span style=\"font-size: 10pt;\"><a href=\"https:\/\/official.gfs.tokyo\/\">GFS<\/a>\u6821\u9577\u3002CFP\u00ae\u30021\u7d1a\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30d7\u30e9\u30f3\u30cb\u30f3\u30b0\u6280\u80fd\u58eb(\u8cc7\u7523\u8a2d\u8a08\u63d0\u6848\u696d\u52d9)\u3002<a href=\"https:\/\/www.jafp.or.jp\/\">\u65e5\u672cFP\u5354\u4f1a<\/a>\u4f1a\u54e1\u3002\u65e5\u672cFP\u5b66\u4f1a\u4f1a\u54e1\u3002\u00a0<a href=\"https:\/\/mba.globis.ac.jp\/\">\u30b0\u30ed\u30fc\u30d3\u30b9\u7d4c\u55b6\u5927\u5b66\u9662<\/a>\u4fee\u4e86(MBA\/\u7d4c\u55b6\u5b66\u4fee\u58eb)\u3002<\/span><br \/>\n<span style=\"font-size: 10pt;\">\u65e5\u672c\u306eFP\u306e\u5148\u99c6\u8005\u3068\u3057\u3066\u8cc7\u7523\u904b\u7528\u306e\u5553\u8499\u306b\u5f93\u4e8b\u3002\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u304c\u5275\u8a2d\u3057\u305f\u79c1\u7acb<a href=\"https:\/\/www.cyber-u.ac.jp\/teacher\/ichikawa_yuichiro.html\">\u30b5\u30a4\u30d0\u30fc\u5927\u5b66<\/a>\u3067\u6559\u97ad\u3092\u57f7\u308b\u307b\u304b\u3001\u8b1b\u6f14\u4f9d\u983c\u3001\u30e1\u30c7\u30a3\u30a2\u51fa\u6f14\u3082\u591a\u6570\u3002\u8457\u66f8\u306b<a href=\"https:\/\/www.amazon.co.jp\/%E6%8A%95%E8%B3%87%E3%81%A7%E5%88%A9%E7%9B%8A%E3%82%92%E5%87%BA%E3%81%97%E3%81%A6%E3%81%84%E3%82%8B%E4%BA%BA%E3%81%9F%E3%81%A1%E3%81%8C%E5%A4%A7%E4%BA%8B%E3%81%AB%E3%81%97%E3%81%A6%E3%81%84%E3%82%8B-45%E3%81%AE%E6%95%99%E3%81%88-%E5%B8%82%E5%B7%9D-%E9%9B%84%E4%B8%80%E9%83%8E\/dp\/4532358825\">\u300c\u6295\u8cc7\u3067\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u308b\u4eba\u305f\u3061\u304c\u5927\u4e8b\u306b\u3057\u3066\u3044\u308b 45\u306e\u6559\u3048\u300d\uff08\u65e5\u672c\u7d4c\u6e08\u65b0\u805e\u51fa\u7248\uff09<\/a><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 10pt;\">\u516c\u5f0fX \u30a2\u30ab\u30a6\u30f3\u30c8\u3000<a href=\"https:\/\/twitter.com\/ichikawa_toushi\">\u5e02\u5ddd\u96c4\u4e00\u90ce@\u304a\u91d1\u306e\u5b66\u6821 \u6821\u9577<\/a><\/span><\/p>\n<\/div>\n<div class=\"xcd-attention-1 xcd-col2 xcd-ripple\">\n<div class=\"xcd-title\">GFS\u3067\u306f\u6295\u8cc7\u306e\u52c9\u5f37\u3092\u9811\u5f35\u308b\u4ef2\u9593\u304c\u305f\u304f\u3055\u3093\u3044\u307e\u3059<\/div>\n<div class=\"xcd-content\"><strong>\u79c1\u305f\u3061GFS\u3067\u306f\u3001\u6709\u540d\u6295\u8cc7\u5bb6\u306e\u30e9\u30a4\u30d6\u8b1b\u7fa9\u3084\u63b2\u793a\u677f\u3001LINE\u306a\u3069\u3092\u901a\u3058\u3066\u3055\u307e\u3056\u307e\u306a\u60c5\u5831\u4ea4\u63db\u3084\u4ea4\u6d41\u304c\u3067\u304d\u307e\u3059\u3002<\/strong><br \/>\n<span style=\"color: #0066c0;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=om&amp;utm_medium=om&amp;utm_content=14519\" style=\"color: #0066c0;\">\u226b \u521d\u5fc3\u8005\u5411\u3051\u7121\u6599\u8b1b\u5ea7\uff1a\u8cc7\u7523\u5f62\u6210\u3092\u5b66\u7fd2\u3067\u304d\u308b\u30aa\u30f3\u30e9\u30a4\u30f3\u30bb\u30df\u30ca\u30fc<\/a><\/span><\/div>\n<\/div>\n<\/div>\n<hr data-path-to-node=\"7\" \/>\n<h2 data-path-to-node=\"8\">\u7b2c1\u90e8\uff1a\u70ba\u66ff\u30d8\u30c3\u30b8\u306e\u57fa\u790e\u77e5\u8b58\u3068\u30e1\u30ab\u30cb\u30ba\u30e0<\/h2>\n<p data-path-to-node=\"0\">\u70ba\u66ff\u30d8\u30c3\u30b8\u3092\u5358\u306a\u308b\u300c\u4fdd\u967a\u300d\u3068\u6349\u3048\u308b\u3060\u3051\u3067\u306f\u3001\u904b\u7528\u306e\u672c\u8cea\u3092\u898b\u8aa4\u308a\u307e\u3059\u3002\u306a\u305c\u30b3\u30b9\u30c8\u304c\u767a\u751f\u3059\u308b\u306e\u304b\u3001\u305d\u306e\u88cf\u5074\u3067\u3069\u306e\u3088\u3046\u306a\u91d1\u878d\u53d6\u5f15\u304c\u884c\u308f\u308c\u3066\u3044\u308b\u306e\u304b\u3092\u7406\u89e3\u3059\u308b\u3053\u3068\u3067\u3001\u6295\u8cc7\u5224\u65ad\u306e\u89e3\u50cf\u5ea6\u306f\u5287\u7684\u306b\u9ad8\u307e\u308a\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"4\">1.1 \u70ba\u66ff\u30d8\u30c3\u30b8\u306e\u6570\u5b66\u7684\u69cb\u9020<\/h3>\n<p data-path-to-node=\"5\">\u70ba\u66ff\u30d8\u30c3\u30b8\u4ed8\u304d\u306e\u6295\u8cc7\u4fe1\u8a17\u304c\u5185\u90e8\u3067\u884c\u3063\u3066\u3044\u308b\u306e\u306f\u3001\u4e3b\u306b\u300c\u70ba\u66ff\u4e88\u7d04\uff08\u30d5\u30a9\u30ef\u30fc\u30c9\u53d6\u5f15\uff09\u300d\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"6\">\u4f8b\u3048\u3070\u3001100\u4e07\u30c9\u30eb\u306e\u7c73\u56fd\u682a\u3092\u8cfc\u5165\u3059\u308b\u3068\u540c\u6642\u306b\u3001\u300c1\u30f6\u6708\u5f8c\u306b100\u4e07\u30c9\u30eb\u3092\u58f2\u3063\u3066\u5186\u3092\u8cb7\u3046\u300d\u3068\u3044\u3046\u5951\u7d04\u3092\u9280\u884c\u3068\u7d50\u3073\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u30011\u30f6\u6708\u5f8c\u306e\u682a\u4fa1\u304c\u3069\u3046\u306a\u308d\u3046\u3068\u3001\u30c9\u30eb\u3092\u5186\u306b\u623b\u3059\u969b\u306e\u30ec\u30fc\u30c8\u304c\u56fa\u5b9a\u3055\u308c\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"7\">\u3053\u306e\u6642\u3001\u9069\u7528\u3055\u308c\u308b\u300c\u4e88\u7d04\u30ec\u30fc\u30c8\u300d\u306f\u73fe\u5728\u306e\u76f4\u7269\uff08\u30b9\u30dd\u30c3\u30c8\uff09\u30ec\u30fc\u30c8\u3068\u540c\u3058\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u4ee5\u4e0b\u306e\u5f0f\u3067\u6c7a\u5b9a\u3055\u308c\u307e\u3059\u3002<\/p>\n<div data-path-to-node=\"8\">\n<div class=\"math-block\" data-math=\"\\text{\u4e88\u7d04\u30ec\u30fc\u30c8} = \\text{\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8} \\times \\frac{1 + (\\text{\u5186\u306e\u77ed\u671f\u91d1\u5229} \\times \\text{\u671f\u9593})}{1 + (\\text{\u7c73\u30c9\u30eb\u306e\u77ed\u671f\u91d1\u5229} \\times \\text{\u671f\u9593})}\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/04\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-04-01-14.13.03-300x34.png\" alt=\"\" width=\"432\" height=\"49\" class=\"alignnone wp-image-20815\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/04\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-04-01-14.13.03-300x34.png 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/04\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-04-01-14.13.03-1024x115.png 1024w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/04\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-04-01-14.13.03-768x86.png 768w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/04\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-04-01-14.13.03.png 1126w\" sizes=\"(max-width: 432px) 100vw, 432px\" \/><\/div>\n<\/div>\n<p data-path-to-node=\"9\">\u3053\u306e\u6570\u5f0f\u304c\u793a\u3057\u3066\u3044\u308b\u306e\u306f\u3001\u300c\u70ba\u66ff\u4e88\u7d04\u30ec\u30fc\u30c8\u306f\u3001\u4e8c\u56fd\u9593\u306e\u91d1\u5229\u5dee\u306b\u3088\u3063\u3066\u81ea\u52d5\u7684\u306b\u6c7a\u307e\u308b\u300d\u3068\u3044\u3046\u5e02\u5834\u306e\u539f\u7406\uff08\u91d1\u5229\u5e73\u4fa1\u8aac\uff09\u3067\u3059\u3002<\/p>\n<h3 data-path-to-node=\"10\">1.2 \u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u306e\u6b63\u4f53\uff1a\u306a\u305c\u300c\u91d1\u5229\u5dee\u300d\u304c\u30b3\u30b9\u30c8\u306b\u306a\u308b\u306e\u304b<\/h3>\n<p data-path-to-node=\"11\">\u591a\u304f\u306e\u6295\u8cc7\u5bb6\u304c\u300c\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\uff1d\u624b\u6570\u6599\u300d\u3068\u52d8\u9055\u3044\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u91d1\u878d\u6a5f\u95a2\u3078\u306e\u5831\u916c\u3067\u306f\u306a\u304f\u3001\u300c\u901a\u8ca8\u9593\u306e\u4ea4\u63db\u6761\u4ef6\u300d\u305d\u306e\u3082\u306e\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"12\">\n<li>\n<p data-path-to-node=\"12,0,0\"><b data-path-to-node=\"12,0,0\" data-index-in-node=\"0\">\u4f4e\u91d1\u5229\u901a\u8ca8\uff08\u5186\uff09\u3092\u58f2\u3063\u3066\u3001\u9ad8\u91d1\u5229\u901a\u8ca8\uff08\u30c9\u30eb\uff09\u3092\u8cb7\u3046\u5834\u5408\uff1a<\/b><\/p>\n<p 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data-path-to-node=\"14\">\u9006\u306b\u3001\u6295\u8cc7\u5bfe\u8c61\u56fd\u306e\u91d1\u5229\u304c\u65e5\u672c\u3088\u308a\u4f4e\u3044\u5834\u5408\u3001\u30d8\u30c3\u30b8\u3092\u3059\u308b\u3053\u3068\u3067\u9006\u306b\u5229\u76ca\uff08\u53ce\u76ca\uff09\u304c\u51fa\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u3092\u300c\u30d8\u30c3\u30b8\u30d7\u30ec\u30df\u30a2\u30e0\u300d\u3068\u547c\u3073\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"14\">\u304b\u3064\u3066\u6b27\u5dde\uff08\u30e6\u30fc\u30ed\uff09\u3084\u30b9\u30a4\u30b9\u306e\u91d1\u5229\u304c\u65e5\u672c\u3088\u308a\u4f4e\u304b\u3063\u305f\u6642\u671f\u306b\u306f\u3001\u30d8\u30c3\u30b8\u3092\u3059\u308b\u3053\u3068\u3067\u91d1\u5229\u5dee\u5206\u304c\u30ea\u30bf\u30fc\u30f3\u306b\u4e0a\u4e57\u305b\u3055\u308c\u308b\u300c\u30d8\u30c3\u30b8\u3042\u308a\u300d\u304c\u975e\u5e38\u306b\u6709\u5229\u306a\u6642\u671f\u304c\u3042\u308a\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u73fe\u5728\u306e\u4e16\u754c\u7684\u306a\u30a4\u30f3\u30d5\u30ec\u3068\u65e5\u672c\u306e\u4f4e\u91d1\u5229\u7d99\u7d9a\u306b\u3088\u308a\u3001\u4e3b\u8981\u901a\u8ca8\u3067\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u767a\u751f\u3059\u308b\u30b1\u30fc\u30b9\u306f\u7a00\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"15\">1.4 \u77ed\u671f\u91d1\u5229\u3068\u9577\u671f\u91d1\u5229\u306e\u300c\u30df\u30b9\u30de\u30c3\u30c1\u300d<\/h3>\n<p data-path-to-node=\"16\">\u3053\u3053\u304c\u6700\u3082\u91cd\u8981\u306a\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"17\">\n<li>\n<p data-path-to-node=\"17,0,0\"><b data-path-to-node=\"17,0,0\" data-index-in-node=\"0\">\u6295\u8cc7\u5bfe\u8c61\uff08\u7c73\u56fd\u50b5\u306a\u3069\uff09\u306e\u5229\u56de\u308a\uff1a<\/b> 10\u5e74\u7269\u306a\u3069\u306e\u300c\u9577\u671f\u91d1\u5229\u300d\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"17,1,0\"><b data-path-to-node=\"17,1,0\" data-index-in-node=\"0\">\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u306e\u57fa\u6e96\uff1a<\/b> 1\u30f6\u6708\u301c3\u30f6\u6708\u7269\u306a\u3069\u306e\u300c\u77ed\u671f\u91d1\u5229\u300d\u3002<\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"18\">\u3082\u3057\u3001\u7c73\u56fd\u306e\u77ed\u671f\u91d1\u5229\u304c\u6025\u9a30\u3057\u3001\u9577\u671f\u91d1\u5229\u3092\u4e0a\u56de\u308b\u300c\u9006\u30a4\u30fc\u30eb\u30c9\u300d\u304c\u767a\u751f\u3059\u308b\u3068\u3001\u300c\u50b5\u5238\u306e\u5229\u56de\u308a\u3088\u308a\u3082\u3001\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u306e\u65b9\u304c\u9ad8\u3044\u300d\u3068\u3044\u3046\u7570\u5e38\u4e8b\u614b\u304c\u8d77\u3053\u308a\u307e\u3059\u3002<\/p>\n<blockquote data-path-to-node=\"19\">\n<p data-path-to-node=\"19,0\"><b data-path-to-node=\"19,0\" data-index-in-node=\"0\">\u4f8b\uff1a<\/b> \u7c73\u56fd10\u5e74\u50b5\u5229\u56de\u308a\u304c4.0%\u3001\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\uff08\u77ed\u671f\u91d1\u5229\u5dee\uff09\u304c5.5%\u306e\u5834\u5408\u3001\u6295\u8cc7\u5bb6\u306f\u30d8\u30c3\u30b8\u3092\u3059\u308b\u3060\u3051\u3067\u6bce\u5e74<b data-path-to-node=\"19,0\" data-index-in-node=\"55\">1.5%\u305a\u3064\u78ba\u5b9f\u306b\u640d\u3092\u3059\u308b<\/b>\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u3092\u300c\u9006\u30b6\u30e4\u300d\u3068\u547c\u3073\u307e\u3059\u3002<\/p>\n<\/blockquote>\n<h3 data-path-to-node=\"20\">1.5 \u70ba\u66ff\u30d8\u30c3\u30b8\u306e\u300c\u9650\u754c\u300d<\/h3>\n<p data-path-to-node=\"21\">\u70ba\u66ff\u30d8\u30c3\u30b8\u306f100%\u5b8c\u74a7\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<ol start=\"1\" data-path-to-node=\"22\">\n<li>\n<p data-path-to-node=\"22,0,0\"><b data-path-to-node=\"22,0,0\" data-index-in-node=\"0\">\u8a55\u4fa1\u984d\u306e\u5909\u52d5\u30ea\u30b9\u30af\uff1a<\/b> 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data-index-in-node=\"8\">\u300c\u70ba\u66ff\u306e\u5909\u52d5\u3068\u3044\u3046\u4e0d\u78ba\u5b9f\u6027\u300d\u3092\u300c\u91d1\u5229\u5dee\u3068\u3044\u3046\u78ba\u5b9a\u3057\u305f\u30b3\u30b9\u30c8\u300d\u306b\u7f6e\u304d\u63db\u3048\u308b\u53d6\u5f15<\/b>\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"24\">\u5186\u5b89\u304c\u9032\u3080\u3068\u4e88\u60f3\u3059\u308b\u306a\u3089\u300c\u30d8\u30c3\u30b8\u306a\u3057\u300d\u3001\u5186\u9ad8\u304c\u6016\u3044\u306a\u3089\u300c\u30d8\u30c3\u30b8\u3042\u308a\u300d\u3068\u3044\u3046\u5358\u7d14\u306a\u4e8c\u5143\u8ad6\u3067\u306f\u306a\u304f\u3001\u300c\u73fe\u5728\u306e\u91d1\u5229\u5dee\uff08\u30b3\u30b9\u30c8\uff09\u3092\u6255\u3063\u3066\u307e\u3067\u3001\u305d\u306e\u4e0d\u78ba\u5b9f\u6027\u3092\u6d88\u3059\u4fa1\u5024\u304c\u3042\u308b\u304b\uff1f\u300d\u3092\u554f\u3046\u3053\u3068\u3053\u305d\u304c\u3001\u30e1\u30ab\u30cb\u30ba\u30e0\u3092\u7406\u89e3\u3057\u305f\u6295\u8cc7\u5bb6\u306e\u601d\u8003\u6cd5\u3067\u3059\u3002<\/p>\n<hr data-path-to-node=\"17\" \/>\n<h2 data-path-to-node=\"18\">\u7b2c2\u90e8\uff1a\u65e5\u672c\u5c45\u4f4f\u8005\u306b\u3068\u3063\u3066\u306e\u300c\u771f\u306e\u30ea\u30b9\u30af\u300d\u3068\u306f\u4f55\u304b<\/h2>\n<p data-path-to-node=\"3\">\u591a\u304f\u306e\u65e5\u672c\u4eba\u304c\u62b1\u304f\u300c\u30ea\u30b9\u30af\u300d\u306e\u30a4\u30e1\u30fc\u30b8\u306f\u3001\u8cc7\u7523\u306e\u300c\u5186\u5efa\u3066\u8a55\u4fa1\u984d\u300d\u304c\u6e1b\u308b\u3053\u3068\uff08\u5143\u672c\u5272\u308c\uff09\u306b\u96c6\u4e2d\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u65e5\u672c\u3068\u3044\u3046\u56fd\u306e\u69cb\u9020\u5909\u5316\u3092\u76f4\u8996\u3057\u305f\u3068\u304d\u3001\u771f\u306b\u6050\u308c\u308b\u3079\u304d\u306f\u8a55\u4fa1\u984d\u306e\u5909\u52d5\u3067\u306f\u306a\u304f\u3001\u300c\u5186\u3068\u3044\u3046\u901a\u8ca8\u306e\u8cfc\u8cb7\u529b\u304c\u84b8\u767a\u3059\u308b\u3053\u3068\u300d\u3067\u3059\u3002<\/p>\n<h3 data-path-to-node=\"4\">2.1 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10\u5e74\u524d\u3001100\u5186\u3067\u8cb7\u3048\u305f\u304a\u306b\u304e\u308a\u304c\u73fe\u5728\u306f150\u5186\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u3053\u308c\u306f\u3001\u304a\u306b\u304e\u308a\u304c\u4fa1\u5024\u3092\u4e0a\u3052\u305f\u306e\u3067\u306f\u306a\u304f\u3001\u300c\u5186\u306e\u4fa1\u5024\u304c\u76f8\u5bfe\u7684\u306b3\u5206\u306e1\u5931\u308f\u308c\u305f\u300d\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"6,1,0\"><b data-path-to-node=\"6,1,0\" data-index-in-node=\"0\">\u9810\u91d1\u306f\u300c\u5186\u3078\u306e\u96c6\u4e2d\u6295\u8cc7\u300d\uff1a<\/b> \u8cc7\u7523\u3092\u3059\u3079\u3066\u5186\u306e\u9810\u91d1\u3067\u6301\u3064\u3053\u3068\u306f\u3001\u4e16\u754c\u3067\u552f\u4e00\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u3092\u9577\u304f\u7d9a\u3051\u3001\u4eba\u53e3\u304c\u6e1b\u5c11\u3057\u3001\u6210\u9577\u304c\u505c\u6ede\u3057\u3066\u3044\u308b\u300c\u65e5\u672c\u300d\u3068\u3044\u3046\u7279\u5b9a\u306e\u4e3b\u4f53\u306b\u3001\u4eba\u751f\u306e\u5168\u8ca1\u7523\u3092\u8ced\u3051\u3066\u3044\u308b\u72b6\u614b\uff08\u30b7\u30f3\u30b0\u30eb\u30fb\u30ab\u30f3\u30c8\u30ea\u30fc\u30fb\u30ea\u30b9\u30af\uff09\u306b\u4ed6\u306a\u308a\u307e\u305b\u3093\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"7\">2.2 \u300c\u60aa\u3044\u30a4\u30f3\u30d5\u30ec\u300d\u3068\u70ba\u66ff\u306e\u9023\u52d5\u6027<\/h3>\n<p data-path-to-node=\"8\">\u65e5\u672c\u306e\u30a4\u30f3\u30d5\u30ec\u306e\u6b63\u4f53\u306f\u3001\u9700\u8981\u304c\u65fa\u76db\u3067\u7269\u4fa1\u304c\u4e0a\u304c\u308b\u300c\u826f\u3044\u30a4\u30f3\u30d5\u30ec\u300d\u3067\u306f\u306a\u304f\u3001\u8f38\u5165\u30b3\u30b9\u30c8\u304c\u8df3\u306d\u4e0a\u304c\u308b\u3053\u3068\u3067\u7269\u4fa1\u304c\u62bc\u3057\u4e0a\u3052\u3089\u308c\u308b\u300c\u30b3\u30b9\u30c8\u30d7\u30c3\u30b7\u30e5\u578b\u30a4\u30f3\u30d5\u30ec\u300d\u3067\u3059\u3002<\/p>\n<ol start=\"1\" data-path-to-node=\"9\">\n<li>\n<p data-path-to-node=\"9,0,0\"><b data-path-to-node=\"9,0,0\" data-index-in-node=\"0\">\u30a8\u30cd\u30eb\u30ae\u30fc\u4f9d\u5b58\uff1a<\/b> \u65e5\u672c\u306e\u30a8\u30cd\u30eb\u30ae\u30fc\u81ea\u7d66\u7387\u306f\u7d0412%\uff082022\u5e74\u5ea6\uff09\u3002\u539f\u6cb9\u3001\u5929\u7136\u30ac\u30b9\u3001\u77f3\u70ad\u306e\u307b\u307c\u3059\u3079\u3066\u3092\u5916\u8ca8\u3067\u8cb7\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"9,1,0\"><b data-path-to-node=\"9,1,0\" data-index-in-node=\"0\">\u98df\u6599\u81ea\u7d66\u7387\uff1a<\/b> \u30ab\u30ed\u30ea\u30fc\u30d9\u30fc\u30b9\u3067\u7d0438%\u3002\u98df\u6599\u306e6\u5272\u4ee5\u4e0a\u3092\u6d77\u5916\u306b\u4f9d\u5b58\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"9,2,0\"><b data-path-to-node=\"9,2,0\" data-index-in-node=\"0\">\u4f9b\u7d66\u7db2\u306e\u30b0\u30ed\u30fc\u30d0\u30eb\u5316\uff1a<\/b> \u56fd\u7523\u54c1\u3067\u3042\u3063\u3066\u3082\u3001\u305d\u306e\u80a5\u6599\u3001\u98fc\u6599\u3001\u90e8\u54c1\u3001\u8f38\u9001\u71c3\u6599\u306f\u5916\u8ca8\u5efa\u3066\u306e\u30b3\u30b9\u30c8\u306b\u7d10\u4ed8\u3044\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ol>\n<p data-path-to-node=\"10\"><b data-path-to-node=\"10\" data-index-in-node=\"0\">\u300c\u5186\u5b89\u300d\u304c\u9032\u3080\u3053\u3068\u306f\u3001\u79c1\u305f\u3061\u306e\u751f\u6d3b\u306b\u304a\u3051\u308b\u300c\u4ed5\u5165\u308c\u4fa1\u683c\u300d\u304c\u4e0a\u304c\u308b\u3053\u3068\u3068\u540c\u7fa9\u3067\u3059\u3002<\/b> \u5186\u3057\u304b\u6301\u3063\u3066\u3044\u306a\u3044\u6295\u8cc7\u5bb6\u306f\u3001\u751f\u6d3b\u8cbb\u304c\u4e0a\u304c\u308b\uff08\uff1d\u652f\u51fa\u5897\uff09\u4e00\u65b9\u3067\u3001\u8cc7\u7523\u306e\u4fa1\u5024\u306f\u5909\u308f\u3089\u306a\u3044\uff08\uff1d\u76f8\u5bfe\u7684\u306a\u8cc7\u7523\u6e1b\u5c11\uff09\u3068\u3044\u3046\u3001\u30c0\u30d6\u30eb\u30d1\u30f3\u30c1\u3092\u98df\u3089\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"11\">2.3 \u8cfc\u8cb7\u529b\u5e73\u4fa1\uff08PPP\uff09\u3068\u300c\u5b89\u3044\u65e5\u672c\u300d\u306e\u73fe\u5b9f<\/h3>\n<p data-path-to-node=\"12\">\u7d4c\u6e08\u5b66\u306b\u306f\u3001\u9577\u671f\u7684\u306b\u70ba\u66ff\u306f\u300c\u8cb7\u3048\u308b\u3082\u306e\u306e\u91cf\u300d\u3067\u6c7a\u307e\u308b\u3068\u3044\u3046\u8cfc\u8cb7\u529b\u5e73\u4fa1\uff08Purchasing Power Parity\uff09\u3068\u3044\u3046\u8003\u3048\u65b9\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"13\">\u904e\u53bb\u6570\u5341\u5e74\u306e\u30c7\u30fc\u30bf\u3092\u898b\u308b\u3068\u3001\u65e5\u672c\u306e\u6d88\u8cbb\u8005\u7269\u4fa1\u6307\u6570\uff08CPI\uff09\u306b\u57fa\u3065\u304f\u8cfc\u8cb7\u529b\u5e73\u4fa1\u3068\u5b9f\u969b\u306e\u30ec\u30fc\u30c8\u306e\u4e56\u96e2\u304c\u6fc0\u3057\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"14\">\n<li>\n<p data-path-to-node=\"14,0,0\"><b data-path-to-node=\"14,0,0\" data-index-in-node=\"0\">\u30d3\u30c3\u30b0\u30de\u30c3\u30af\u6307\u6570\uff1a<\/b> \u7c73\u56fd\u30676\u30c9\u30eb\u306e\u30d3\u30c3\u30b0\u30de\u30c3\u30af\u304c\u3001\u65e5\u672c\u3067\u306f450\u5186\u3002\u3053\u308c\u306f\u3001\u7406\u8ad6\u4e0a\u306e\u70ba\u66ff\u30ec\u30fc\u30c8\u304c\u300c1\u30c9\u30eb\uff1d75\u5186\u300d\u7a0b\u5ea6\u3067\u3042\u308b\u3053\u3068\u3092\u793a\u5506\u3057\u307e\u3059\u304c\u3001\u73fe\u5b9f\u306e\u30ec\u30fc\u30c8\u306f\u300c1\u30c9\u30eb\uff1d150\u5186\u300d\u524d\u5f8c\u3092\u63a8\u79fb\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"15\">\u3053\u306e\u4e56\u96e2\u306f\u3001\u65e5\u672c\u306e\u300c\u7a3c\u3050\u529b\u300d\u306e\u4f4e\u4e0b\u3084\u3001\u65e5\u7c73\u306e\u91d1\u5229\u5dee\u306b\u3088\u3063\u3066\u3082\u305f\u3089\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u300c\u5186\u306e\u4fa1\u5024\u306f\u3001\u7406\u8ad6\u5024\u3088\u308a\u3082\u5927\u5e45\u306b\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\uff08\u5b89\u58f2\u308a\uff09\u3055\u308c\u3066\u3044\u308b\u300d\u306e\u304c\u73fe\u72b6\u3067\u3059\u3002\u3053\u306e\u72b6\u614b\u3067\u5186\u3057\u304b\u6301\u305f\u306a\u3044\u3053\u3068\u306f\u3001\u4e16\u754c\u6a19\u6e96\u306e\u751f\u6d3b\u6c34\u6e96\u304b\u3089\u5207\u308a\u96e2\u3055\u308c\u3001\u76f8\u5bfe\u7684\u306a\u300c\u8ca7\u56f0\u300d\u3078\u5411\u304b\u3046\u30ea\u30b9\u30af\u3092\u62b1\u3048\u7d9a\u3051\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"16\">2.4 \u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30d5\u30e9\u30a4\u30c8\uff08\u8cc7\u672c\u9003\u907f\uff09\u306e\u8996\u70b9<\/h3>\n<p data-path-to-node=\"17\">\u8fd1\u5e74\u3001\u65e5\u672c\u306e\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\u65b0NISA\u306a\u3069\u3092\u901a\u3058\u3066\u300c\u30aa\u30eb\u30ab\u30f3\uff08\u5168\u4e16\u754c\u682a\u5f0f\uff09\u300d\u3084\u300cS&amp;P500\u300d\u306b\u6295\u8cc7\u3059\u308b\u52d5\u304d\u306f\u3001\u3042\u308b\u7a2e\u306e\u300c\u9759\u304b\u306a\u308b\u8cc7\u672c\u9003\u907f\u300d\u3068\u3082\u8a00\u3048\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"18\">\u3082\u3057\u65e5\u672c\u653f\u5e9c\u304c\u5de8\u984d\u306e\u50b5\u52d9\u3092\u62b1\u3048\u3001\u5186\u306e\u4fa1\u5024\u304c\u3055\u3089\u306b\u5e0c\u8584\u5316\uff08\u30a4\u30f3\u30d5\u30ec\uff09\u3059\u308b\u30b7\u30ca\u30ea\u30aa\u304c\u52a0\u901f\u3057\u305f\u5834\u5408\u3001\u56fd\u5185\u306b\u5186\u8cc7\u7523\u3057\u304b\u6301\u305f\u306a\u3044\u56fd\u6c11\u306f\u9003\u3052\u5834\u3092\u5931\u3044\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"19\">\n<li>\n<p data-path-to-node=\"19,0,0\"><b data-path-to-node=\"19,0,0\" data-index-in-node=\"0\">\u30d8\u30c3\u30b8\u306a\u3057\u5916\u56fd\u8cc7\u7523\u306e\u5f79\u5272\uff1a<\/b> \u4e07\u304c\u4e00\u3001\u5186\u304c\u30cf\u30a4\u30d1\u30fc\u30a4\u30f3\u30d5\u30ec\u306b\u9665\u3063\u305f\u308a\u3001\u5186\u306e\u4fa1\u5024\u304c\u66b4\u843d\u3057\u305f\u308a\u3057\u305f\u969b\u3001\u5916\u8ca8\u5efa\u3066\u8cc7\u7523\uff08\u30d8\u30c3\u30b8\u306a\u3057\uff09\u306f\u300c\u4ed6\u56fd\u306e\u7d4c\u6e08\u529b\u300d\u306b\u7d10\u4ed8\u3044\u305f\u4fa1\u5024\u3092\u4fdd\u3061\u307e\u3059\u3002\u3053\u308c\u306f\u8cc7\u7523\u904b\u7528\u306e\u57df\u3092\u8d85\u3048\u305f\u3001\u300c\u56fd\u5bb6\u30ea\u30b9\u30af\u306b\u5bfe\u3059\u308b\u30d0\u30c3\u30af\u30a2\u30c3\u30d7\u30d7\u30e9\u30f3\u300d\u3068\u3057\u3066\u306e\u5074\u9762\u3092\u6301\u3061\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"20\">2.5 \u307e\u3068\u3081\uff1a\u65e5\u672c\u5c45\u4f4f\u8005\u56fa\u6709\u306e\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0<\/h3>\n<p data-path-to-node=\"21\">\u7c73\u56fd\u306b\u4f4f\u3080\u7c73\u56fd\u4eba\u306b\u3068\u3063\u3066\u3001\u7c73\u56fd\u682a\uff08\u30d8\u30c3\u30b8\u306a\u3057\uff09\u3092\u6301\u3064\u3053\u3068\u306f\u30ea\u30b9\u30af\u7ba1\u7406\u306e\u5bfe\u8c61\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u65e5\u672c\u306b\u4f4f\u3080\u65e5\u672c\u4eba\u306b\u3068\u3063\u3066\u306f\u3001\u300c\u5186\u4ee5\u5916\u306e\u8cc7\u7523\uff08\u30d8\u30c3\u30b8\u306a\u3057\uff09\u3092\u6301\u3064\u3053\u3068\u81ea\u4f53\u304c\u3001\u5186\u3078\u306e\u904e\u5ea6\u306a\u4f9d\u5b58\u3092\u8584\u3081\u308b\u305f\u3081\u306e\u30ea\u30b9\u30af\u4f4e\u6e1b\u7b56\u300d\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"22\">\u30ea\u30b9\u30af\u3068\u306f\u300c\u5909\u52d5\u3059\u308b\u3053\u3068\u300d\u3060\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u300c\u81ea\u5206\u3067\u306f\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3067\u304d\u306a\u3044\u8981\u56e0\uff08\u65e5\u672c\u306e\u56fd\u529b\u6e1b\u8870\u3084\u5186\u5b89\uff09\u306b\u3088\u3063\u3066\u3001\u751f\u6d3b\u6c34\u6e96\u304c\u4e00\u65b9\u7684\u306b\u62bc\u3057\u4e0b\u3052\u3089\u308c\u308b\u3053\u3068\u300d\u3053\u305d\u304c\u3001\u65e5\u672c\u5c45\u4f4f\u8005\u304c\u76f4\u8996\u3059\u3079\u304d\u771f\u306e\u30ea\u30b9\u30af\u3067\u3059\u3002<\/p>\n<hr data-path-to-node=\"26\" \/>\n<h2 data-path-to-node=\"27\">\u7b2c3\u90e8\uff1a\u306a\u305c\u300c\u5916\u56fd\u682a\u5f0f\u00d7\u30d8\u30c3\u30b8\u306a\u3057\u300d\u304c\u6700\u5584\u306a\u306e\u304b<\/h2>\n<p data-path-to-node=\"3\">\u6295\u8cc7\u306e\u4e16\u754c\u3067\u306f\u300c\u30ea\u30b9\u30af\u3092\u6291\u3048\u308b\uff1d\u826f\u3044\u3053\u3068\u300d\u3068\u3055\u308c\u304c\u3061\u3067\u3059\u304c\u3001\u5916\u56fd\u682a\u5f0f\u6295\u8cc7\u306b\u304a\u3044\u3066\u300c\u70ba\u66ff\u30d8\u30c3\u30b8\u3042\u308a\u300d\u3092\u9078\u629e\u3059\u308b\u3053\u3068\u306f\u3001\u300c\u9ad8\u3044\u30b3\u30b9\u30c8\u3092\u6255\u3063\u3066\u3001\u672c\u6765\u5f97\u3089\u308c\u308b\u306f\u305a\u306e\u679c\u5b9f\uff08\u30ea\u30bf\u30fc\u30f3\uff09\u3092\u81ea\u3089\u6368\u3066\u3066\u3044\u308b\u300d\u72b6\u614b\u306b\u8fd1\u3044\u3068\u8a00\u3048\u307e\u3059\u3002\u306a\u305c\u300c\u30d8\u30c3\u30b8\u306a\u3057\u300d\u304c\u6700\u5f37\u306e\u77db\u3067\u3042\u308a\u3001\u540c\u6642\u306b\u76fe\u3068\u306a\u308b\u306e\u304b\u3002\u305d\u306e\u7406\u7531\u306f3\u3064\u306e\u6c7a\u5b9a\u7684\u306a\u4e8b\u5b9f\u306b\u96c6\u7d04\u3055\u308c\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"4\">3.1 \u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306e\u5727\u5012\u7684\u306a\u5dee\uff08\u30b3\u30b9\u30c8\u306e\u84c4\u7a4d\uff09<\/h3>\n<p data-path-to-node=\"5\">\u9577\u671f\u6295\u8cc7\u306b\u304a\u3044\u3066\u3001\u6570\u30d1\u30fc\u30bb\u30f3\u30c8\u306e\u30b3\u30b9\u30c8\u5dee\u306f\u8907\u5229\u306b\u3088\u3063\u3066\u300c\u53d6\u308a\u8fd4\u3057\u306e\u3064\u304b\u306a\u3044\u5dee\u300d\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"6\">\n<li>\n<p data-path-to-node=\"6,0,0\"><b data-path-to-node=\"6,0,0\" data-index-in-node=\"0\">\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u306e\u7834\u58ca\u529b\uff1a<\/b><\/p>\n<p data-path-to-node=\"6,0,0\">\u73fe\u5728\u306e\u7c73\u30c9\u30eb\u30fb\u5186\u306e\u91d1\u5229\u5dee\uff08\u7d045%\uff09\u3092\u524d\u63d0\u306b\u3059\u308b\u3068\u3001\u5e74\u95935%\u306e\u30b3\u30b9\u30c8\u304c\u304b\u304b\u308a\u307e\u3059\u3002100\u4e07\u5186\u309220\u5e74\u9593\u904b\u7528\u3057\u3001\u682a\u4fa1\u304c\u5e74\u73875%\u3067\u6210\u9577\u3057\u305f\u3068\u4eee\u5b9a\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n<ul data-path-to-node=\"6,0,1\">\n<li>\n<p data-path-to-node=\"6,0,1,0,0\"><b data-path-to-node=\"6,0,1,0,0\" data-index-in-node=\"0\">\u30d8\u30c3\u30b8\u306a\u3057\uff1a<\/b> 100\u4e07\u5186 \u00d7 <span class=\"math-inline\" data-math=\"(1.05)^{20} \\approx\" data-index-in-node=\"15\">(1.05)^{20} \u3000\uff1d\u3000<\/span><span class=\"math-inline\" data-math=\"(1.05)^{20} \\approx\" data-index-in-node=\"15\"><b data-path-to-node=\"6,0,1,0,0\" data-index-in-node=\"35\">\u00a0<\/b><span data-path-to-node=\"6,0,1,0,0\" data-index-in-node=\"35\">\u7d04<\/span><\/span><b data-path-to-node=\"6,0,1,0,0\" data-index-in-node=\"35\">265\u4e07\u5186\u3000<\/b><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"6,0,1,1,0\"><b data-path-to-node=\"6,0,1,1,0\" data-index-in-node=\"0\">\u30d8\u30c3\u30b8\u3042\u308a\uff1a<\/b> 100\u4e07\u5186 \u00d7 <span class=\"math-inline\" data-math=\"(1.05 - 0.05)^{20} = 100 \\times (1.00)^{20} =\" data-index-in-node=\"15\">(1.05 &#8211; 0.05)^{20} = 100 \u00d7 (1.00)^{20} =<\/span>\u00a0<b data-path-to-node=\"6,0,1,1,0\" data-index-in-node=\"61\">100\u4e07\u5186<\/b><\/p>\n<p data-path-to-node=\"6,0,1,1,0\">\uff08\u203b\u682a\u4fa1\u6210\u9577\u3068\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u304c\u76f8\u6bba\u3055\u308c\u300120\u5e74\u7d4c\u3063\u3066\u3082\u5143\u672c\u306e\u307e\u307e\uff09<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"7\">\u3053\u306e\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u304c\u793a\u3059\u901a\u308a\u3001\u300c\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8 \uff1e \u682a\u4fa1\u6210\u9577\u7387\u300d\u3068\u306a\u3063\u305f\u77ac\u9593\u3001\u6295\u8cc7\u5bb6\u306f\u30ea\u30b9\u30af\u3092\u53d6\u3063\u3066\u682a\u3092\u8cb7\u3063\u3066\u3044\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u8cc7\u7523\u304c\u5168\u304f\u5897\u3048\u306a\u3044\u3068\u3044\u3046\u300c\u4e0d\u6bdb\u306a\u6295\u8cc7\u300d\u3092\u5f37\u3044\u3089\u308c\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"8\">3.2 \u901a\u8ca8\u306e\u300c\u5e73\u5747\u56de\u5e30\u6027\u300d\u3068\u682a\u5f0f\u306e\u300c\u53f3\u80a9\u4e0a\u304c\u308a\u300d<\/h3>\n<p data-path-to-node=\"9\">\u70ba\u66ff\u3068\u682a\u5f0f\u306b\u306f\u3001\u6839\u672c\u7684\u306a\u6027\u8cea\u306e\u9055\u3044\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"10\">\n<li>\n<p data-path-to-node=\"10,0,0\"><b data-path-to-node=\"10,0,0\" data-index-in-node=\"0\">\u70ba\u66ff\uff08\u901a\u8ca8\u30da\u30a2\uff09\uff1a<\/b> 2\u3064\u306e\u56fd\u306e\u7d4c\u6e08\u529b\u306e\u300c\u6bd4\u7387\u300d\u3067\u3059\u3002\u9577\u671f\u7684\u306b\u306f\u300c\u8cfc\u8cb7\u529b\u5e73\u4fa1\u300d\u3078\u623b\u308d\u3046\u3068\u3059\u308b\u529b\u304c\u50cd\u304f\u305f\u3081\u3001150\u5186\u304c200\u5186\u3001300\u5186\u3068\u7121\u9650\u306b\u4e0a\u304c\u308a\u7d9a\u3051\u308b\u3053\u3068\u306f\u8003\u3048\u306b\u304f\u304f\u3001\u4e00\u5b9a\u306e\u30ec\u30f3\u30b8\u5185\u3067\u4e0a\u4e0b\u3059\u308b\u6027\u8cea\uff08\u5e73\u5747\u56de\u5e30\u6027\uff09\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"10,1,0\"><b data-path-to-node=\"10,1,0\" data-index-in-node=\"0\">\u682a\u5f0f\uff08\u6307\u6570\uff09\uff1a<\/b> \u4f01\u696d\u4fa1\u5024\u306e\u7dcf\u548c\u3067\u3042\u308a\u3001\u4eba\u985e\u306e\u6280\u8853\u9769\u65b0\u3084\u4eba\u53e3\u5897\u52a0\u3001\u30a4\u30f3\u30d5\u30ec\u306b\u4f34\u3063\u3066<b data-path-to-node=\"10,1,0\" data-index-in-node=\"40\">\u7406\u8ad6\u4e0a\u306f\u53f3\u80a9\u4e0a\u304c\u308a\u306b\u6210\u9577\u3057\u7d9a\u3051\u308b<\/b>\u8cc7\u7523\u3067\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"11\">10\u5e74\u300120\u5e74\u3068\u3044\u3046\u30b9\u30d1\u30f3\u3067\u898b\u308c\u3070\u3001\u70ba\u66ff\u306e\u300c\u884c\u3063\u305f\u308a\u6765\u305f\u308a\u300d\u306b\u3088\u308b\u640d\u76ca\u306f\u5e73\u6e96\u5316\u3055\u308c\u307e\u3059\u3002\u305d\u308c\u306a\u3089\u3070\u3001\u4e00\u6642\u7684\u306a\u5186\u9ad8\u3092\u6050\u308c\u3066\u9ad8\u3044\u30b3\u30b9\u30c8\uff08\u30d8\u30c3\u30b8\u8cbb\u7528\uff09\u3092\u6255\u3044\u7d9a\u3051\u308b\u3088\u308a\u3082\u3001\u30b3\u30b9\u30c8\u3092\u30bc\u30ed\u306b\u3057\u3066\u300c\u682a\u5f0f\u305d\u306e\u3082\u306e\u306e\u6210\u9577\u300d\u306b\u5168\u4e57\u308a\u3059\u308b\u65b9\u304c\u3001\u6570\u5b66\u7684\u306a\u671f\u5f85\u5024\u306f\u9065\u304b\u306b\u9ad8\u3044\u306e\u3067\u3059\u3002<\/p>\n<h3 data-path-to-node=\"12\">3.3 \u30ea\u30b9\u30af\u306e\u300c\u76f8\u6bba\u52b9\u679c\uff08\u5929\u7136\u306e\u30af\u30c3\u30b7\u30e7\u30f3\uff09\u300d<\/h3>\n<p data-path-to-node=\"13\">\u65e5\u672c\u5c45\u4f4f\u8005\u306b\u3068\u3063\u3066\u3001\u5916\u56fd\u682a\u5f0f\uff08\u30d8\u30c3\u30b8\u306a\u3057\uff09\u306f\u3001\u5371\u6a5f\u5c40\u9762\u3067\u9a5a\u304f\u3079\u304d\u8010\u6027\u3092\u767a\u63ee\u3059\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"14\">\u6b74\u53f2\u7684\u306b\u3001\u4e16\u754c\u7684\u306a\u91d1\u878d\u5371\u6a5f\uff08\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u3084\u30b3\u30ed\u30ca\u30b7\u30e7\u30c3\u30af\u306a\u3069\uff09\u304c\u8d77\u304d\u308b\u3068\u3001\u4ee5\u4e0b\u306e\u73fe\u8c61\u304c\u540c\u6642\u306b\u767a\u751f\u3059\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3057\u305f\u3002<\/p>\n<ol start=\"1\" data-path-to-node=\"15\">\n<li>\n<p data-path-to-node=\"15,0,0\"><b data-path-to-node=\"15,0,0\" data-index-in-node=\"0\">\u4e16\u754c\u7684\u306a\u682a\u5b89<\/b>\uff08\u7c73\u56fd\u682a\u306a\u3069\u306e\u8a55\u4fa1\u984d\u304c\u4e0b\u304c\u308b\uff09<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"15,1,0\"><b data-path-to-node=\"15,1,0\" data-index-in-node=\"0\">\u5b89\u5168\u8cc7\u7523\u3068\u3057\u3066\u306e\u5186\u8cb7\u3044<\/b>\uff08\u6025\u6fc0\u306a\u5186\u9ad8\u304c\u9032\u3080\uff09<\/p>\n<\/li>\n<\/ol>\n<p data-path-to-node=\"16\">\u3053\u306e\u6642\u3001\u300c\u30d8\u30c3\u30b8\u306a\u3057\u300d\u306f\u30c0\u30d6\u30eb\u3067\u8cc7\u7523\u304c\u6e1b\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u8fd1\u5e74\u306e\u65e5\u672c\u5e02\u5834\u3067\u306f\u5909\u8abf\u304c\u898b\u3089\u308c\u307e\u3059\u3002\u65e5\u672c\u306e\u56fd\u529b\u304c\u76f8\u5bfe\u7684\u306b\u4f4e\u4e0b\u3057\u305f\u7d50\u679c\u3001<b data-path-to-node=\"16\" data-index-in-node=\"63\">\u300c\u6709\u4e8b\u306e\u5186\u8cb7\u3044\u300d\u304c\u8d77\u304d\u306b\u304f\u304f\u306a\u308a\u3001\u3080\u3057\u308d\u300c\u60aa\u3044\u5186\u5b89\uff08\u682a\u5b89\uff0b\u5186\u5b89\uff09\u300d\u304c\u540c\u6642\u9032\u884c\u3059\u308b<\/b>\u30ea\u30b9\u30af\u304c\u9ad8\u307e\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"17\">\u3082\u3057\u3001\u4e16\u754c\u666f\u6c17\u304c\u60aa\u5316\u3057\u3066\u682a\u304c\u4e0b\u304c\u3063\u3066\u3082\u3001\u5186\u5b89\u304c\u540c\u6642\u306b\u9032\u3081\u3070\u3001\u5186\u5efa\u3066\u3067\u306e\u8cc7\u7523\u76ee\u6e1b\u308a\u306f\u7de9\u548c\u3055\u308c\u307e\u3059\u3002\u3053\u308c\u3092\u300c\u70ba\u66ff\u306e\u30af\u30c3\u30b7\u30e7\u30f3\u52b9\u679c\u300d\u3068\u547c\u3073\u307e\u3059\u3002\u30d8\u30c3\u30b8\u3092\u3057\u3066\u3057\u307e\u3046\u3068\u3001\u3053\u306e\u300c\u5186\u5b89\u306b\u3088\u308b\u4e0b\u652f\u3048\u300d\u3092\u81ea\u3089\u653e\u68c4\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u3001\u682a\u5b89\u306e\u30c0\u30e1\u30fc\u30b8\u3092\u30c0\u30a4\u30ec\u30af\u30c8\u306b\u98df\u3089\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"18\">3.4 \u8ab2\u7a0e\u52b9\u7387\u306e\u89b3\u70b9\uff08\u96a0\u308c\u305f\u30e1\u30ea\u30c3\u30c8\uff09<\/h3>\n<p data-path-to-node=\"19\">\u300c\u30d8\u30c3\u30b8\u3042\u308a\u300d\u306e\u5834\u5408\u3001\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u306f\u904b\u7528\u5831\u544a\u66f8\u4e0a\u306e\u300c\u305d\u306e\u4ed6\u306e\u8cbb\u7528\u300d\u3084\u300c\u58f2\u8cb7\u640d\u76ca\u300d\u306b\u542b\u307e\u308c\u3001\u5b9f\u8cea\u7684\u306b\u30ea\u30bf\u30fc\u30f3\u3092\u62bc\u3057\u4e0b\u3052\u307e\u3059\u3002\u4e00\u65b9\u3001\u300c\u30d8\u30c3\u30b8\u306a\u3057\u300d\u3067\u5186\u5b89\u306b\u3088\u308b\u70ba\u66ff\u5dee\u76ca\u3092\u5f97\u305f\u5834\u5408\u3001\u305d\u308c\u306f\u682a\u5f0f\u306e\u8b72\u6e21\u76ca\u3068\u3057\u3066\u4e00\u62ec\u3067\u51e6\u7406\u3055\u308c\u3001NISA\u53e3\u5ea7\u3067\u3042\u308c\u3070\u975e\u8ab2\u7a0e\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"19\">\u30b3\u30b9\u30c8\u3092\u6255\u3063\u3066\u30ea\u30bf\u30fc\u30f3\u3092\u524a\u308b\u3088\u308a\u3082\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u53d7\u3051\u5165\u308c\u3066\u975e\u8ab2\u7a0e\u67a0\u3092\u30d5\u30eb\u6d3b\u7528\u3059\u308b\u65b9\u304c\u3001\u7a0e\u5f15\u304d\u5f8c\u306e\u624b\u6b8b\u308a\uff08\u30cd\u30c3\u30c8\u30ea\u30bf\u30fc\u30f3\uff09\u306f\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"20\">3.5 \u307e\u3068\u3081\uff1a\u6700\u5584\u306e\u9078\u629e\u3068\u3057\u3066\u306e\u300c\u30d8\u30c3\u30b8\u306a\u3057\u300d<\/h3>\n<p data-path-to-node=\"21\">\u300c\u30d8\u30c3\u30b8\u306a\u3057\u300d\u3092\u9078\u3076\u3053\u3068\u306f\u3001\u6c7a\u3057\u3066\u300c\u5186\u5b89\u306b\u8ced\u3051\u308b\u300d\u3068\u3044\u3046\u30ae\u30e3\u30f3\u30d6\u30eb\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<ol start=\"1\" data-path-to-node=\"22\">\n<li>\n<p data-path-to-node=\"22,0,0\"><b data-path-to-node=\"22,0,0\" data-index-in-node=\"0\">\u4f59\u8a08\u306a\u30b3\u30b9\u30c8\uff08\u91d1\u5229\u5dee\uff09\u3092\u6255\u308f\u306a\u3044\u3002<\/b><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"22,1,0\"><b data-path-to-node=\"22,1,0\" data-index-in-node=\"0\">\u4eba\u985e\u306e\u7d4c\u6e08\u6210\u9577\uff08\u682a\u5f0f\uff09\u306b100%\u6295\u8cc7\u3059\u308b\u3002<\/b><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"22,2,0\"><b data-path-to-node=\"22,2,0\" data-index-in-node=\"0\">\u65e5\u672c\u5186\u306e\u4fa1\u5024\u4f4e\u4e0b\u306b\u5bfe\u3059\u308b\u300c\u4fdd\u967a\u300d\u3092\u7121\u6599\u3067\u624b\u306b\u5165\u308c\u308b\u3002<\/b><\/p>\n<\/li>\n<\/ol>\n<p data-path-to-node=\"23\">\u3053\u306e3\u70b9\u3092\u540c\u6642\u306b\u6e80\u305f\u3059\u6226\u7565\u304c\u3001\u30d8\u30c3\u30b8\u306a\u3057\u306e\u5916\u56fd\u682a\u5f0f\u6295\u8cc7\u3067\u3059\u3002\u4e00\u6642\u7684\u306a\u5186\u9ad8\u5c40\u9762\u3067\u300c\u542b\u307f\u640d\u300d\u304c\u51fa\u305f\u3068\u3057\u3066\u3082\u3001\u305d\u308c\u306f\u300c\u4fdd\u967a\u6599\u300d\u3067\u306f\u306a\u304f\u300c\u4e00\u6642\u7684\u306a\u8a55\u4fa1\u63db\u3048\u300d\u306b\u904e\u304e\u307e\u305b\u3093\u3002\u7d50\u8ad6\u3068\u3057\u3066\u5c0e\u304d\u51fa\u3055\u308c\u308b\u6700\u5584\u306e\u7b54\u3048\u306f\u3001<strong>\u300c\u76ee\u5148\u306e\u5186\u9ad8\u3092\u6050\u308c\u308b\u30b3\u30b9\u30c8\u3088\u308a\u3082\u3001\u9577\u671f\u306e\u5186\u5b89\u3068\u30b3\u30b9\u30c8\u8ca0\u62c5\u306b\u3088\u308b\u6a5f\u4f1a\u640d\u5931\u306e\u65b9\u304c\u3001\u4eba\u751f\u306b\u304a\u3051\u308b\u30ea\u30b9\u30af\u306f\u5927\u304d\u3044\u300d<\/strong>\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n<div class=\"xcd-attention-6 xcd-col5 xcd-ripple\">\n<div class=\"xcd-title-wrap\">\n<div class=\"xcd-title\"><span>\u3042\u306a\u305f\u306b\u672c\u5f53\u306b\u9069\u3057\u305f\u6295\u8cc7\u306f\u3069\u308c\uff1f<\/span><\/div>\n<\/div>\n<div class=\"xcd-content\">\n<p><span style=\"font-size: 12pt;\"><strong>\u30fb\u307e\u305a\u306f\u5c11\u984d\u304b\u3089\u8a66\u3057\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u30ea\u30b9\u30af\u306f\u3067\u304d\u308b\u3060\u3051\u6291\u3048\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u6295\u8cc7\u5148\u306e\u898b\u6975\u3081\u65b9\u3092\u77e5\u308a\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u6210\u529f\u3057\u3066\u3044\u308b\u6295\u8cc7\u5bb6\u3068\u63a5\u70b9\u304c\u6b32\u3057\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u7269\u4fa1\u4e0a\u6607\u3078\u306e\u5bfe\u7b56\u306b\u306f\u6295\u8cc7\u304c\u5fc5\u8981\u3068\u8003\u3048\u3066\u3044\u308b\u3000YES or NO<\/strong><\/span><\/p>\n<p><span style=\"font-size: 14pt;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?argument=XJhet6w1&amp;dmai=a64e31f9ee75a0\"><strong>\u2192\u3000YES\u304c\uff13\u3064\u4ee5\u4e0a\u3060\u3063\u305f\u65b9\u306f\u3001\u3053\u3061\u3089\u3092\u30af\u30ea\u30c3\u30af<\/strong><\/a><\/span><\/p>\n<\/div>\n<\/div>\n<hr data-path-to-node=\"35\" \/>\n<h2 data-path-to-node=\"36\">\u7b2c4\u90e8\uff1a\u8cc7\u7523\u30af\u30e9\u30b9\u5225\u30fb\u30d8\u30c3\u30b8\u306e\u6700\u9069\u89e3<\/h2>\n<p data-path-to-node=\"3\">\u8cc7\u7523\u904b\u7528\u306b\u304a\u3044\u3066\u300c\u3059\u3079\u3066\u30d8\u30c3\u30b8\u306a\u3057\u300d\u3084\u300c\u3059\u3079\u3066\u30d8\u30c3\u30b8\u3042\u308a\u300d\u3068\u3044\u3046\u6975\u7aef\u306a\u9078\u629e\u3092\u3059\u308b\u5fc5\u8981\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5404\u8cc7\u7523\u30af\u30e9\u30b9\uff08\u30a2\u30bb\u30c3\u30c8\u30af\u30e9\u30b9\uff09\u306b\u306f\u3001\u56fa\u6709\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08\u4fa1\u683c\u5909\u52d5\u5e45\uff09\u3068\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u304c\u3042\u308a\u3001\u305d\u308c\u306b\u5fdc\u3058\u3066\u300c\u70ba\u66ff\u30ea\u30b9\u30af\u3092\u8a31\u5bb9\u3059\u3079\u304d\u304b\u5426\u304b\u300d\u306e\u6b63\u89e3\u304c\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"4\">4.1 \u5916\u56fd\u682a\u5f0f\uff1a\u6210\u9577\u3092\u963b\u5bb3\u3057\u306a\u3044\u300c\u30d8\u30c3\u30b8\u306a\u3057\u300d<\/h3>\n<ul data-path-to-node=\"5\">\n<li>\n<p data-path-to-node=\"5,0,0\"><b data-path-to-node=\"5,0,0\" data-index-in-node=\"0\">\u6700\u9069\u89e3\uff1a\u30d8\u30c3\u30b8\u306a\u3057\uff08100%\uff09<\/b><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"5,1,0\"><b data-path-to-node=\"5,1,0\" data-index-in-node=\"0\">\u7406\u7531\uff1a<\/b> \u7b2c3\u90e8\u3067\u8a73\u8ff0\u3057\u305f\u901a\u308a\u3001\u682a\u5f0f\u306f\u5e74\u73875\u301c10%\u306e\u6210\u9577\u3092\u671f\u5f85\u3059\u308b\u8cc7\u7523\u3067\u3059\u3002\u3053\u3053\u306b\u5e74\u95935%\u306e\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u3092\u304b\u3051\u308b\u3053\u3068\u306f\u3001\u300c\u6210\u9577\u306e\u534a\u5206\u4ee5\u4e0a\u3092\u6368\u3066\u308b\u300d\u306b\u7b49\u3057\u3044\u884c\u70ba\u3067\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"5,2,0\"><b data-path-to-node=\"5,2,0\" data-index-in-node=\"0\">\u672c\u8cea\uff1a<\/b> \u682a\u5f0f\u6295\u8cc7\u306e\u76ee\u7684\u306f\u300c\u4e16\u754c\u7d4c\u6e08\u306e\u6210\u9577\u300d\u3092\u53d6\u308a\u8fbc\u3080\u3053\u3068\u3067\u3059\u3002\u5186\u9ad8\u306b\u3088\u308b\u4e00\u6642\u7684\u306a\u76ee\u6e1b\u308a\u306f\u300c\u8a55\u4fa1\u63db\u3048\u300d\u306b\u904e\u304e\u307e\u305b\u3093\u304c\u3001\u30b3\u30b9\u30c8\u306b\u3088\u308b\u640d\u5931\u306f\u300c\u78ba\u5b9a\u3057\u305f\u30de\u30a4\u30ca\u30b9\u300d\u3067\u3059\u3002\u9577\u671f\u3067\u306f\u3001\u30b3\u30b9\u30c8\u3092\u6255\u308f\u306a\u3044\u300c\u30d8\u30c3\u30b8\u306a\u3057\u300d\u306e\u671f\u5f85\u5024\u304c\u5727\u5012\u7684\u306b\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"6\">4.2 \u5916\u56fd\u50b5\u5238\uff1a\u5b89\u5b9a\u3092\u62c5\u4fdd\u3059\u308b\u300c\u30d8\u30c3\u30b8\u3042\u308a\u300d<\/h3>\n<ul data-path-to-node=\"7\">\n<li>\n<p data-path-to-node=\"7,0,0\"><b data-path-to-node=\"7,0,0\" data-index-in-node=\"0\">\u6700\u9069\u89e3\uff1a\u30d8\u30c3\u30b8\u3042\u308a\uff08\u307e\u305f\u306f\u4e00\u90e8\u3042\u308a\uff09<\/b><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"7,1,0\"><b data-path-to-node=\"7,1,0\" data-index-in-node=\"0\">\u7406\u7531\uff1a<\/b> \u50b5\u5238\u306e\u672c\u6765\u306e\u5f79\u5272\u306f\u300c\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30af\u30c3\u30b7\u30e7\u30f3\uff08\u5b88\u308a\uff09\u300d\u3067\u3059\u3002\u7c73\u56fd\u50b5\u306a\u3069\u306e\u5229\u56de\u308a\u304c4\u301c5%\u3067\u3042\u3063\u3066\u3082\u3001\u70ba\u66ff\u304c1\u65e5\u30672\u301c3%\u52d5\u304f\u3053\u3068\u306f\u73cd\u3057\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"7,2,0\"><b data-path-to-node=\"7,2,0\" data-index-in-node=\"0\">\u30b8\u30ec\u30f3\u30de\uff1a<\/b> \u73fe\u5728\u306e\u3088\u3046\u306b\u300c\u7c73\u56fd\u306e\u77ed\u671f\u91d1\u5229 \uff1e \u7c73\u56fd\u306e\u9577\u671f\u91d1\u5229\uff08\u9006\u30a4\u30fc\u30eb\u30c9\uff09\u300d\u306e\u72b6\u614b\u3067\u306f\u3001\u5229\u56de\u308a\u3088\u308a\u3082\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u306e\u65b9\u304c\u9ad8\u304f\u306a\u308b\u300c\u9006\u30b6\u30e4\u300d\u304c\u767a\u751f\u3057\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"7,2,1\">\n<li>\n<p data-path-to-node=\"7,2,1,0,0\"><b data-path-to-node=\"7,2,1,0,0\" data-index-in-node=\"0\">\u9006\u30b6\u30e4\u6642\u306e\u6226\u7565\uff1a<\/b> \u30b3\u30b9\u30c8\u3092\u6255\u3063\u3066\u307e\u3067\u5916\u56fd\u50b5\u5238\u3092\u6301\u3064\u610f\u5473\u304c\u8584\u308c\u308b\u305f\u3081\u3001\u300c\u30d8\u30c3\u30b8\u306a\u3057\u300d\u3067\u6301\u3064\u304b\u3001\u3042\u308b\u3044\u306f\u7121\u7406\u306b\u5916\u56fd\u50b5\u5238\u3092\u6301\u305f\u305a\u300c\u65e5\u672c\u306e\u500b\u4eba\u5411\u3051\u56fd\u50b5\u300d\u3084\u300c\u73fe\u91d1\u300d\u3067\u5b88\u308a\u3092\u56fa\u3081\u308b\u65b9\u304c\u5408\u7406\u7684\u3067\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"8\">4.3 REIT\uff08\u4e0d\u52d5\u7523\u6295\u8cc7\u4fe1\u8a17\uff09\uff1a\u30a4\u30f3\u30d5\u30ec\u5bfe\u7b56\u3068\u3057\u3066\u306e\u300c\u30d8\u30c3\u30b8\u306a\u3057\u300d<\/h3>\n<ul data-path-to-node=\"9\">\n<li>\n<p data-path-to-node=\"9,0,0\"><b data-path-to-node=\"9,0,0\" data-index-in-node=\"0\">\u6700\u9069\u89e3\uff1a\u539f\u5247\u30d8\u30c3\u30b8\u306a\u3057\uff08\u901a\u8ca8\u5206\u6563\u3092\u91cd\u8996\uff09<\/b><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"9,1,0\"><b data-path-to-node=\"9,1,0\" data-index-in-node=\"0\">\u7406\u7531\uff1a<\/b> REIT\u306f\u300c\u4e0d\u52d5\u7523\u300d\u3068\u3044\u3046\u5b9f\u7269\u8cc7\u7523\u306e\u88cf\u4ed8\u3051\u304c\u3042\u308b\u91d1\u878d\u5546\u54c1\u3067\u3059\u3002\u4e0d\u52d5\u7523\u306f\u7269\u4fa1\u4e0a\u6607\uff08\u30a4\u30f3\u30d5\u30ec\uff09\u306b\u5f37\u3044\u8cc7\u7523\u3067\u3042\u308a\u3001\u5916\u8ca8\u5efa\u3066REIT\u3092\u6301\u3064\u3053\u3068\u306f\u3001<b data-path-to-node=\"9,1,0\" data-index-in-node=\"73\">\u300c\u6d77\u5916\u306e\u30a4\u30f3\u30d5\u30ec\u300d\u3068\u300c\u901a\u8ca8\u5b89\uff08\u5186\u5b89\uff09\u300d\u306e\u4e21\u65b9\u304b\u3089\u8cc7\u7523\u3092\u5b88\u308b<\/b>\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"9,2,0\"><b data-path-to-node=\"9,2,0\" data-index-in-node=\"0\">\u7279\u6027\uff1a<\/b> REIT\u306e\u914d\u5f53\uff08\u5206\u914d\u91d1\uff09\u306f\u3001\u73fe\u5730\u306e\u8cc3\u6599\u53ce\u5165\u304c\u30d9\u30fc\u30b9\u3067\u3059\u3002\u30d8\u30c3\u30b8\u3092\u3057\u3066\u3057\u307e\u3046\u3068\u3001\u305b\u3063\u304b\u304f\u306e\u300c\u5916\u8ca8\u3067\u53d7\u3051\u53d6\u308b\u8cc3\u6599\u300d\u3092\u5186\u306b\u56fa\u5b9a\u3057\u3066\u3057\u307e\u3044\u3001\u65e5\u672c\u306e\u5186\u5b89\u30a4\u30f3\u30d5\u30ec\u306b\u5bfe\u3059\u308b\u30d8\u30c3\u30b8\u6a5f\u80fd\u304c\u5f31\u307e\u3063\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"9,3,0\"><b data-path-to-node=\"9,3,0\" data-index-in-node=\"0\">\u6ce8\u610f\u70b9\uff1a<\/b> REIT\u306f\u682a\u5f0f\u4ee5\u4e0a\u306b\u4fa1\u683c\u5909\u52d5\u304c\u6fc0\u3057\u3044\u5c40\u9762\u304c\u3042\u308a\u307e\u3059\u3002\u300c\u30d8\u30c3\u30b8\u306a\u3057\u300d\u306b\u3059\u308b\u3053\u3068\u3067\u3001\u4e0d\u52d5\u7523\u4fa1\u683c\u306e\u4e0b\u843d\u3068\u5186\u9ad8\u304c\u91cd\u306a\u3063\u305f\u969b\u306e\u30c0\u30e1\u30fc\u30b8\u306f\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u304c\u3001\u9577\u671f\u7684\u306a\u300c\u8cfc\u8cb7\u529b\u7dad\u6301\u300d\u306e\u89b3\u70b9\u3067\u306f\u30d8\u30c3\u30b8\u306a\u3057\u304c\u63a8\u5968\u3055\u308c\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"10\">4.4 \u91d1\uff08\u30b4\u30fc\u30eb\u30c9\uff09\u306a\u3069\u306e\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3<\/h3>\n<ul data-path-to-node=\"11\">\n<li>\n<p data-path-to-node=\"11,0,0\"><b data-path-to-node=\"11,0,0\" data-index-in-node=\"0\">\u6700\u9069\u89e3\uff1a\u30d8\u30c3\u30b8\u306a\u3057<\/b><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"11,1,0\"><b data-path-to-node=\"11,1,0\" data-index-in-node=\"0\">\u7406\u7531\uff1a<\/b> \u91d1\u306f\u300c\u7121\u56fd\u7c4d\u901a\u8ca8\u300d\u3068\u3082\u547c\u3070\u308c\u307e\u3059\u3002\u30c9\u30eb\u5efa\u3066\u3067\u53d6\u5f15\u3055\u308c\u308b\u305f\u3081\u3001\u65e5\u672c\u4eba\u304c\u91d1\u3092\u6301\u3064\u3053\u3068\u306f\u3001\u81ea\u52d5\u7684\u306b\u300c\u30c9\u30eb\u3092\u6301\u3064\u3053\u3068\u300d\u3068\u540c\u7fa9\u306b\u306a\u308a\u307e\u3059\u3002\u91d1\u306e\u4fa1\u5024\u304c\u4e0d\u5909\u3067\u3082\u3001\u5186\u5b89\u306b\u306a\u308c\u3070\u5186\u5efa\u3066\u306e\u91d1\u4fa1\u683c\u306f\u4e0a\u304c\u308a\u307e\u3059\u3002\u3053\u308c\u3092\u30d8\u30c3\u30b8\u3057\u3066\u3057\u307e\u3063\u3066\u306f\u3001\u91d1\u3092\u6301\u3064\u6700\u5927\u306e\u30e1\u30ea\u30c3\u30c8\u3067\u3042\u308b\u300c\u901a\u8ca8\u4fa1\u5024\u306e\u4e0b\u843d\uff08\u901a\u8ca8\u4e0d\u4fe1\uff09\u3078\u306e\u5099\u3048\u300d\u3092\u53f0\u7121\u3057\u306b\u3057\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<hr data-path-to-node=\"12\" \/>\n<h3 data-path-to-node=\"13\">4.5 \u8cc7\u7523\u30af\u30e9\u30b9\u5225\u30fb\u70ba\u66ff\u30d8\u30c3\u30b8\u5224\u65ad\u30de\u30c8\u30ea\u30c3\u30af\u30b9<\/h3>\n<p data-path-to-node=\"14\">\u5404\u8cc7\u7523\u306e\u6027\u8cea\u306b\u57fa\u3065\u304d\u3001\u30d8\u30c3\u30b8\u306e\u6709\u7121\u3092\u5224\u65ad\u3059\u308b\u305f\u3081\u306e\u57fa\u6e96\u3092\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<table data-path-to-node=\"15\">\n<thead>\n<tr>\n<td><strong>\u8cc7\u7523\u30af\u30e9\u30b9<\/strong><\/td>\n<td><strong>\u4e3b\u306a\u76ee\u7684<\/strong><\/td>\n<td><strong>\u70ba\u66ff\u30d8\u30c3\u30b8\u306e\u63a8\u5968<\/strong><\/td>\n<td><strong>\u5224\u65ad\u306e\u30dd\u30a4\u30f3\u30c8<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"15,1,0,0\"><b data-path-to-node=\"15,1,0,0\" data-index-in-node=\"0\">\u5916\u56fd\u682a\u5f0f<\/b><\/span><\/td>\n<td><span data-path-to-node=\"15,1,1,0\">\u8cc7\u7523\u306e\u6700\u5927\u5316<\/span><\/td>\n<td><span data-path-to-node=\"15,1,2,0\"><b data-path-to-node=\"15,1,2,0\" data-index-in-node=\"0\">\u306a\u3057<\/b><\/span><\/td>\n<td><span data-path-to-node=\"15,1,3,0\">\u30b3\u30b9\u30c8\u8ca0\u62c5\u304c\u8907\u5229\u52b9\u679c\u3092\u58ca\u3059\u305f\u3081\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"15,2,0,0\"><b data-path-to-node=\"15,2,0,0\" data-index-in-node=\"0\">\u5916\u56fd\u50b5\u5238<\/b><\/span><\/td>\n<td><span data-path-to-node=\"15,2,1,0\">\u8cc7\u7523\u306e\u5b89\u5b9a\u5316<\/span><\/td>\n<td><span data-path-to-node=\"15,2,2,0\"><b data-path-to-node=\"15,2,2,0\" data-index-in-node=\"0\">\u3042\u308a<\/b><\/span><\/td>\n<td><span data-path-to-node=\"15,2,3,0\">\u70ba\u66ff\u306e\u8352\u6ce2\u3092\u6d88\u3057\u3066\u3001\u5229\u606f\u3092\u78ba\u5b9f\u306b\u53d6\u308b\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"15,3,0,0\"><b data-path-to-node=\"15,3,0,0\" data-index-in-node=\"0\">\u6d77\u5916REIT<\/b><\/span><\/td>\n<td><span data-path-to-node=\"15,3,1,0\">\u30a4\u30f3\u30ab\u30e0\u30fb\u30a4\u30f3\u30d5\u30ec\u5bfe\u7b56<\/span><\/td>\n<td><span data-path-to-node=\"15,3,2,0\"><b data-path-to-node=\"15,3,2,0\" data-index-in-node=\"0\">\u306a\u3057<\/b><\/span><\/td>\n<td><span data-path-to-node=\"15,3,3,0\">\u6d77\u5916\u306e\u8cc3\u6599\u4e0a\u6607\u3068\u5186\u5b89\u306e\u4e21\u65b9\u3092\u53d6\u308a\u8fbc\u3080\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"15,4,0,0\"><b data-path-to-node=\"15,4,0,0\" data-index-in-node=\"0\">\u91d1\uff08\u30b4\u30fc\u30eb\u30c9\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"15,4,1,0\">\u901a\u8ca8\u9632\u885b\u30fb\u5b89\u5168\u8cc7\u7523<\/span><\/td>\n<td><span data-path-to-node=\"15,4,2,0\"><b data-path-to-node=\"15,4,2,0\" data-index-in-node=\"0\">\u306a\u3057<\/b><\/span><\/td>\n<td><span data-path-to-node=\"15,4,3,0\">\u5186\u5b89\u30fb\u30a4\u30f3\u30d5\u30ec\u6642\u306e\u300c\u6700\u5f8c\u306e\u5b88\u308a\u300d\u3068\u3059\u308b\u305f\u3081\u3002<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr data-path-to-node=\"16\" \/>\n<h3 data-path-to-node=\"17\">4.6 \u6700\u5584\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9\uff1a\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u6226\u7565<\/h3>\n<p data-path-to-node=\"18\">\u300c\u65e5\u672c\u3067\u751f\u304d\u308b\u300d\u3068\u3044\u3046\u524d\u63d0\u306b\u7acb\u3064\u306a\u3089\u3001\u4ee5\u4e0b\u306e\u69cb\u6210\u304c\u3001\u30ea\u30b9\u30af\u3092\u6291\u3048\u3064\u3064\u30ea\u30bf\u30fc\u30f3\u3092\u6700\u5927\u5316\u3059\u308b\u300c\u9ec4\u91d1\u6bd4\u300d\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<ol start=\"1\" data-path-to-node=\"19\">\n<li>\n<p data-path-to-node=\"19,0,0\"><b data-path-to-node=\"19,0,0\" data-index-in-node=\"0\">\u653b\u3081\u306e\u8cc7\u7523\uff0870\u301c80%\uff09\uff1a<\/b><\/p>\n<ul data-path-to-node=\"19,0,1\">\n<li>\n<p data-path-to-node=\"19,0,1,0,0\">\u5916\u56fd\u682a\u5f0f\uff08\u30d8\u30c3\u30b8\u306a\u3057\uff09<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"19,0,1,1,0\">\u6d77\u5916REIT\uff08\u30d8\u30c3\u30b8\u306a\u3057\uff09<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"19,0,1,2,0\">\u2192 <b data-path-to-node=\"19,0,1,2,0\" data-index-in-node=\"2\">\u7406\u7531\uff1a<\/b> \u6210\u9577\u3092\u53d6\u308a\u8fbc\u307f\u3001\u65e5\u672c\u306e\u30a4\u30f3\u30d5\u30ec\u30fb\u5186\u5b89\u304b\u3089\u8cfc\u8cb7\u529b\u3092\u5b88\u308b\u3002<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p data-path-to-node=\"19,1,0\"><b data-path-to-node=\"19,1,0\" data-index-in-node=\"0\">\u5b88\u308a\u306e\u8cc7\u7523\uff0820\u301c30%\uff09\uff1a<\/b><\/p>\n<ul data-path-to-node=\"19,1,1\">\n<li>\n<p data-path-to-node=\"19,1,1,0,0\">\u73fe\u91d1\uff08\u65e5\u672c\u5186\uff09<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"19,1,1,1,0\">\u500b\u4eba\u5411\u3051\u56fd\u50b5\uff08\u65e5\u672c\uff09<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"19,1,1,2,0\">\u5148\u9032\u56fd\u50b5\u5238\uff08\u30d8\u30c3\u30b8\u3042\u308a\u3001\u203b\u9006\u30b6\u30e4\u3067\u306a\u3044\u5834\u5408\u306e\u307f\uff09<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"19,1,1,3,0\">\u2192 <b data-path-to-node=\"19,1,1,3,0\" data-index-in-node=\"2\">\u7406\u7531\uff1a<\/b> \u6025\u6fc0\u306a\u5186\u9ad8\u3084\u66b4\u843d\u6642\u306b\u3001\u751f\u6d3b\u3092\u5b88\u308a\u3001\u518d\u6295\u8cc7\u3059\u308b\u305f\u3081\u306e\u7a2e\u92ad\u3068\u3059\u308b\u3002<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<h3 data-path-to-node=\"20\">\u307e\u3068\u3081\uff1a\u8cc7\u7523\u306e\u300c\u6027\u683c\u300d\u306b\u5408\u308f\u305b\u3066\u30d8\u30c3\u30b8\u3092\u4f7f\u3044\u5206\u3051\u308b<\/h3>\n<p data-path-to-node=\"21\">\u3059\u3079\u3066\u3092\u30d8\u30c3\u30b8\u306a\u3057\u306b\u3059\u308b\u306e\u304c\u4e0d\u5b89\u3067\u3042\u308c\u3070\u3001\u300c\u50b5\u5238\u90e8\u5206\u3060\u3051\u3067\u30ea\u30b9\u30af\u3092\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3059\u308b\u300d\u306e\u304c\u30d7\u30ed\u306e\u8003\u3048\u65b9\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"21\">\u682a\u5f0f\u3084REIT\u3068\u3044\u3063\u305f\u300c\u6210\u9577\u8cc7\u7523\u300d\u306b\u3064\u3044\u3066\u306f\u3001\u70ba\u66ff\u5909\u52d5\u3092\u30ea\u30b9\u30af\uff08\u5371\u967a\uff09\u3067\u306f\u306a\u304f\u3001\u9577\u671f\u7684\u306a\u300c\u901a\u8ca8\u5206\u6563\u306e\u679c\u5b9f\u300d\u3068\u3057\u3066\u53d7\u3051\u5165\u308c\u308b\u3002\u3053\u308c\u304c\u65e5\u672c\u5c45\u4f4f\u8005\u306b\u3068\u3063\u3066\u6700\u3082\u30b9\u30c8\u30ec\u30b9\u304c\u5c11\u306a\u304f\u3001\u304b\u3064\u5408\u7406\u7684\u306a\u8cc7\u7523\u5f62\u6210\u306e\u59ff\u3067\u3059\u3002<\/p>\n<div class=\"xcd-attention-1 xcd-col2 xcd-ripple\">\n<div class=\"xcd-title\"><strong>\u8cc7\u7523\u904b\u7528\u3067\u5931\u6557\u3057\u305f\u304f\u306a\u3044\u65b9\u3078<\/strong><\/div>\n<div class=\"xcd-content\"><strong>\u79c1\u305f\u3061GFS\u3067\u306f\u3001\u5b66\u6821\u3067\u306f\u6559\u3048\u3066\u3082\u3089\u3048\u306a\u304b\u3063\u305f\u304a\u91d1\u306e\u3053\u3068\u304c\u308f\u304b\u308b\u7121\u6599\u30b3\u30f3\u30c6\u30f3\u30c4\u3092\u3054\u7528\u610f\u3057\u3066\u3044\u307e\u3059\u3002<\/strong><br \/>\n<strong><span style=\"color: #0066c0;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=om&amp;utm_medium=om&amp;utm_content=14519\" style=\"color: #0066c0;\">\u226b \u7121\u6599\u8b1b\u5ea7\uff1a\u304a\u91d1\u306e\u30d7\u30ed\u304c\u6559\u3048\u308b\u300c\u521d\u5fc3\u8005\u304c\u6bce\u6708\u53ce\u5165\u3092\u5f97\u308b\u6295\u8cc7\u306e\u59cb\u3081\u65b9\u300d<\/a><\/span><\/strong><\/div>\n<\/div>\n<hr data-path-to-node=\"44\" \/>\n<h2 data-path-to-node=\"45\">\u7b2c5\u90e8\uff1a\u6b74\u53f2\u7684\u5186\u5b89\u5c40\u9762\u3067\u306e\u30e1\u30f3\u30bf\u30eb\u7ba1\u7406<\/h2>\n<p data-path-to-node=\"0\">\u5186\u5b89\u304c150\u5186\u3001160\u5186\u3068\u9032\u3080\u4e2d\u3067\u300c\u4eca\u3055\u3089\u5916\u8ca8\u5efa\u3066\u8cc7\u7523\uff08\u30d8\u30c3\u30b8\u306a\u3057\uff09\u3092\u8cb7\u3046\u306e\u306f\u3001\u5186\u9ad8\u306b\u306a\u3063\u305f\u6642\u306e\u30c0\u30e1\u30fc\u30b8\u304c\u5927\u304d\u3059\u304e\u308b\u306e\u3067\u306f\u306a\u3044\u304b\uff1f\u300d\u3068\u3044\u3046\u6050\u6016\u306b\u8972\u308f\u308c\u308b\u306e\u306f\u3001\u4eba\u9593\u3068\u3057\u3066\u6975\u3081\u3066\u81ea\u7136\u306a\u53cd\u5fdc\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u3053\u306e\u6050\u6016\u3092\u7ba1\u7406\u3067\u304d\u306a\u3044\u3068\u3001\u9577\u671f\u7684\u306a\u8cc7\u7523\u5f62\u6210\u306f\u5931\u6557\u3057\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"5\">5.1 \u300c\u9ad8\u5024\u63b4\u307f\u300d\u306e\u6050\u6016\u3092\u89e3\u4f53\u3059\u308b<\/h3>\n<p data-path-to-node=\"6\">\u6295\u8cc7\u5bb6\u304c\u6050\u308c\u3066\u3044\u308b\u306e\u306f\u300c\u70ba\u66ff\u306e\u30d4\u30fc\u30af\u3067\u8cb7\u3063\u3066\u3057\u307e\u3046\u3053\u3068\u300d\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u4ee5\u4e0b\u306e\u8996\u70b9\u3092\u6301\u3064\u3053\u3068\u3067\u3001\u305d\u306e\u6050\u6016\u306f\u8ad6\u7406\u7684\u306b\u8efd\u6e1b\u3067\u304d\u307e\u3059\u3002<\/p>\n<ol start=\"1\" data-path-to-node=\"7\">\n<li>\n<p data-path-to-node=\"7,0,0\"><b data-path-to-node=\"7,0,0\" data-index-in-node=\"0\">\u901a\u8ca8\u306f\u300c\u7d76\u5bfe\u5024\u300d\u3067\u306f\u306a\u304f\u300c\u76f8\u5bfe\u5024\u300d\uff1a<\/b> \u682a\u4fa1\u304c\u66b4\u843d\u3057\u3066\u30bc\u30ed\u306b\u306a\u308b\u3053\u3068\u306f\u3042\u3063\u3066\u3082\u3001\u30c9\u30eb\u3084\u5186\u306e\u4fa1\u5024\u304c\u30bc\u30ed\u306b\u306a\u308b\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3002160\u5186\u304c130\u5186\u306b\u306a\u308b\uff08\u7d0420%\u306e\u5186\u9ad8\uff09\u53ef\u80fd\u6027\u306f\u3042\u308a\u307e\u3059\u304c\u3001\u305d\u308c\u306f\u300c\u6295\u8cc7\u4eba\u751f\u304c\u7d42\u308f\u308b\u300d\u307b\u3069\u306e\u7834\u6ec5\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"7,1,0\"><b data-path-to-node=\"7,1,0\" data-index-in-node=\"0\">\u682a\u4fa1\u306e\u6210\u9577\u304c\u70ba\u66ff\u3092\u51cc\u99d5\u3059\u308b\uff1a<\/b> 10\u5e74\u5358\u4f4d\u3067\u898b\u308c\u3070\u3001S&amp;P500\u306a\u3069\u306e\u6307\u6570\u306f2\u500d\u30013\u500d\u306b\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u70ba\u66ff\u304c20%\u5186\u9ad8\u306b\u632f\u308c\u305f\u3068\u3057\u3066\u3082\u3001\u8cc7\u7523\u305d\u306e\u3082\u306e\u304c300%\u6210\u9577\u3057\u3066\u3044\u308c\u3070\u3001\u5186\u5efa\u3066\u306e\u5229\u76ca\u306f\u5727\u5012\u7684\u306b\u30d7\u30e9\u30b9\u3067\u3059\u3002<b data-path-to-node=\"7,1,0\" data-index-in-node=\"107\">\u300c\u70ba\u66ff\u306e\u6570\u30d1\u30fc\u30bb\u30f3\u30c8\u306e\u30d6\u30ec\u300d\u306b\u76ee\u3092\u596a\u308f\u308c\u3001\u300c\u8cc7\u7523\u81ea\u4f53\u306e\u6210\u9577\u300d\u3092\u53d6\u308a\u9003\u3059\u3053\u3068\u3053\u305d\u304c\u771f\u306e\u30ea\u30b9\u30af<\/b>\u3067\u3059\u3002<\/p>\n<\/li>\n<\/ol>\n<h3 data-path-to-node=\"8\">5.2 \u300c\u5f8c\u6094\u300d\u306e\u5fc3\u7406\u5b66\uff1a\u6a5f\u4f1a\u640d\u5931 vs \u8a55\u4fa1\u640d<\/h3>\n<p data-path-to-node=\"9\">\u4eba\u9593\u306f\u300c\u640d\u3092\u3059\u308b\u3053\u3068\uff08\u8a55\u4fa1\u640d\uff09\u300d\u3092\u3001\u300c\u5f97\u3089\u308c\u306a\u3044\u3053\u3068\uff08\u6a5f\u4f1a\u640d\u5931\uff09\u300d\u3088\u308a\u30822\u500d\u4ee5\u4e0a\u5f37\u304f\u82e6\u75db\u306b\u611f\u3058\u307e\u3059\uff08\u30d7\u30ed\u30b9\u30da\u30af\u30c8\u7406\u8ad6\uff09\u3002<\/p>\n<ul data-path-to-node=\"10\">\n<li>\n<p data-path-to-node=\"10,0,0\"><b data-path-to-node=\"10,0,0\" data-index-in-node=\"0\">\u5186\u9ad8\u3092\u6050\u308c\u3066\u6295\u8cc7\u3092\u63a7\u3048\u305f\u7d50\u679c\u3001\u3055\u3089\u306b\u5186\u5b89\u304c\u9032\u3093\u3060\u5834\u5408\uff1a<\/b> \u300c\u3042\u306e\u6642\u8cb7\u3063\u3066\u304a\u3051\u3070\u3088\u304b\u3063\u305f\u300d\u3068\u3044\u3046\u5f8c\u6094\u306f\u3001\u76ee\u306b\u898b\u3048\u306a\u3044\u30b3\u30b9\u30c8\u3068\u3057\u3066\u3042\u306a\u305f\u306e\u6295\u8cc7\u5224\u65ad\u3092\u6b6a\u3081\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"10,1,0\"><b data-path-to-node=\"10,1,0\" data-index-in-node=\"0\">\u89e3\u6c7a\u7b56\uff1a\u30c9\u30eb\u30b3\u30b9\u30c8\u5e73\u5747\u6cd5\u306e\u300c\u7cbe\u795e\u7684\u300d\u52b9\u7528\uff1a<\/b> 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data-path-to-node=\"12\">\u30e1\u30f3\u30bf\u30eb\u304c\u63fa\u3089\u3050\u539f\u56e0\u306e\u591a\u304f\u306f\u3001\u300c1\u30c9\u30eb\uff1d110\u5186\u7a0b\u5ea6\u304c\u300e\u666e\u901a\u300f\u3067\u3042\u308a\u3001150\u5186\u306f\u300e\u7570\u5e38\u300f\u3060\u300d\u3068\u3044\u3046\u904e\u53bb\u306e\u30d0\u30a4\u30a2\u30b9\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"13\">\n<li>\n<p data-path-to-node=\"13,0,0\"><b data-path-to-node=\"13,0,0\" data-index-in-node=\"0\">\u69cb\u9020\u7684\u5186\u5b89\u306e\u8a8d\u8b58\uff1a<\/b> 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data-path-to-node=\"15\">\u30e1\u30f3\u30bf\u30eb\u7ba1\u7406\u306e\u6975\u610f\u306f\u3001\u300c\u6700\u60aa\u306e\u4e8b\u614b\u3092\u3042\u3089\u304b\u3058\u3081\u60f3\u5b9a\u3057\u3001\u305d\u306e\u6642\u306e\u884c\u52d5\u3092\u6c7a\u3081\u3066\u304a\u304f\u3053\u3068\u300d\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"16\">\n<li>\n<p data-path-to-node=\"16,0,0\"><b data-path-to-node=\"16,0,0\" data-index-in-node=\"0\">\u3082\u30571\u30c9\u30eb120\u5186\uff08\u6025\u6fc0\u306a\u5186\u9ad8\uff09\u306b\u306a\u3063\u305f\u3089\uff1f<\/b><\/p>\n<ol start=\"1\" data-path-to-node=\"16,0,1\">\n<li>\n<p data-path-to-node=\"16,0,1,0,0\">\u300c\u5186\u306e\u8cfc\u8cb7\u529b\u304c\u56de\u5fa9\u3057\u305f\u300d\u3068\u559c\u3073\u3001iPhone\u3084\u8f38\u5165\u54c1\u304c\u5b89\u304f\u306a\u308b\u3053\u3068\u3092\u6b53\u8fce\u3059\u308b\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"16,0,1,1,0\">\u300c\u5916\u8ca8\u8cc7\u7523\u3092\u5b89\u304f\u4ed5\u8fbc\u3081\u308b\u30dc\u30fc\u30ca\u30b9\u30bf\u30a4\u30e0\u300d\u3068\u8003\u3048\u3001\u7a4d\u7acb\u3092\u6de1\u3005\u3068\u7d99\u7d9a\u3059\u308b\uff08\u3042\u308b\u3044\u306f\u8cb7\u3044\u5897\u3059\uff09\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"16,0,1,2,0\">\u300c\u30d8\u30c3\u30b8\u306a\u3057\u300d\u3060\u304b\u3089\u3053\u305d\u3001\u5186\u9ad8\u5c40\u9762\u3067\u306f\u65e5\u672c\u56fd\u5185\u3067\u306e\u751f\u6d3b\u304c\u697d\u306b\u306a\u308b\u3068\u3044\u3046\u300c\u751f\u6d3b\u3068\u306e\u76f8\u6bba\uff08\u30ca\u30c1\u30e5\u30e9\u30eb\u30d8\u30c3\u30b8\uff09\u300d\u3092\u518d\u78ba\u8a8d\u3059\u308b\u3002<\/p>\n<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"17\">5.5 \u7d50\u8ad6\uff1a\u6295\u8cc7\u306f\u300c\u4e88\u6e2c\u300d\u3067\u306f\u306a\u304f\u300c\u6e96\u5099\u300d<\/h3>\n<p data-path-to-node=\"18\">\u70ba\u66ff\u306e\u795e\u69d8\u3067\u306a\u3044\u9650\u308a\u3001\u660e\u65e5\u306e\u30ec\u30fc\u30c8\u3092\u5f53\u3066\u308b\u3053\u3068\u306f\u4e0d\u53ef\u80fd\u3067\u3059\u3002\u30e1\u30f3\u30bf\u30eb\u3092\u5b89\u5b9a\u3055\u305b\u308b\u552f\u4e00\u306e\u65b9\u6cd5\u306f\u3001<b data-path-to-node=\"18\" data-index-in-node=\"47\">\u300c\u70ba\u66ff\u304c\u3069\u3061\u3089\u306b\u52d5\u3044\u3066\u3082\u3001\u81ea\u5206\u306e\u4eba\u751f\u30d7\u30e9\u30f3\u304c\u7834\u7dbb\u3057\u306a\u3044\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u7d44\u3093\u3067\u3044\u308b\u300d\u3068\u3044\u3046\u81ea\u4fe1<\/b>\u3092\u6301\u3064\u3053\u3068\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"19\">\u6b74\u53f2\u7684\u306a\u5186\u5b89\u5c40\u9762\u3067\u5fc5\u8981\u306a\u306e\u306f\u3001\u30c1\u30e3\u30fc\u30c8\u3092\u898b\u7d9a\u3051\u308b\u5fcd\u8010\u529b\u3067\u306f\u306a\u304f\u3001\u300c\u81ea\u5206\u306f\u65e5\u672c\u5186\u3068\u3044\u3046\u7279\u5b9a\u306e\u901a\u8ca8\u306e\u30ea\u30b9\u30af\u3092\u5206\u6563\u3059\u308b\u305f\u3081\u306b\u3001\u3053\u306e\u8cc7\u7523\uff08\u30d8\u30c3\u30b8\u306a\u3057\uff09\u3092\u6301\u3063\u3066\u3044\u308b\u306e\u3060\u300d\u3068\u3044\u3046\u3001\u6295\u8cc7\u306e\u539f\u70b9\u306b\u7acb\u3061\u8fd4\u308b\u77e5\u6027\u3067\u3059\u3002<\/p>\n<hr data-path-to-node=\"48\" \/>\n<h2 data-path-to-node=\"49\">\u7b2c6\u90e8\uff1a \u2015\u2015 \u65e5\u672c\u3067\u751f\u304d\u308b\u305f\u3081\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa<\/h2>\n<p data-path-to-node=\"4\">\u79c1\u305f\u3061\u306f\u4eca\u3001\u6b74\u53f2\u306e\u8ee2\u63db\u70b9\u306b\u7acb\u3063\u3066\u3044\u307e\u3059\u3002\u300c\u8caf\u84c4\u304b\u3089\u6295\u8cc7\u3078\u300d\u3068\u3044\u3046\u30b9\u30ed\u30fc\u30ac\u30f3\u304c\u53eb\u3070\u308c\u3066\u4e45\u3057\u3044\u3067\u3059\u304c\u3001\u305d\u306e\u672c\u8cea\u306f\u5358\u306a\u308b\u8cc7\u7523\u5f62\u6210\u3067\u306f\u306a\u304f\u3001\u300c\u5186\u4e00\u8fba\u5012\u306e\u4eba\u751f\u304b\u3089\u306e\u8131\u5374\u300d\u3067\u3059\u3002\u65e5\u672c\u3067\u66ae\u3089\u3057\u3001\u50cd\u304d\u3001\u5186\u3067\u6d88\u8cbb\u3059\u308b\u79c1\u305f\u3061\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u69cb\u7bc9\u3057\u3001\u3069\u306e\u3088\u3046\u306a\u77e5\u6027\u3092\u6301\u3064\u3079\u304d\u304b\u3001\u305d\u306e\u6700\u7d42\u7684\u306a\u7b54\u3048\u3092\u63d0\u793a\u3057\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"5\">6.1 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data-path-to-node=\"7,1,0\" data-index-in-node=\"0\">\u5916\u8ca8\u8cc7\u7523\uff08\u653b\u3081\u30fb\u30a4\u30f3\u30d5\u30ec\u5bfe\u7b56\uff09\uff1a<\/b> \u5916\u56fd\u682a\u5f0f\uff08\u30d8\u30c3\u30b8\u306a\u3057\uff09\u3001\u6d77\u5916REIT\uff08\u30d8\u30c3\u30b8\u306a\u3057\uff09\u3001\u91d1\u3002\u3053\u308c\u3089\u306f\u4e16\u754c\u6a19\u6e96\u306e\u8cfc\u8cb7\u529b\u3092\u62c5\u4fdd\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"8\">\u300c\u6700\u5584\u306e\u914d\u5206\u300d\u3068\u306f\u3001\u81ea\u5206\u306e\u5e74\u9f62\u3001\u5e74\u53ce\u3001\u305d\u3057\u3066\u300c\u3042\u3068\u4f55\u5e74\u65e5\u672c\u3067\u66ae\u3089\u3059\u304b\u300d\u306b\u3088\u3063\u3066\u6c7a\u307e\u308a\u307e\u3059\u3002\u73fe\u5f79\u4e16\u4ee3\u3067\u3042\u308c\u3070\u3001\u4eca\u5f8c\u306e\u7d66\u4e0e\uff08\u5c06\u6765\u4fa1\u5024\uff09\u304c\u3059\u3079\u3066\u5186\u3067\u3042\u308b\u3053\u3068\u3092\u8003\u3048\u308c\u3070\u3001<b data-path-to-node=\"8\" data-index-in-node=\"85\">\u91d1\u878d\u8cc7\u7523\u306e50%\u301c70%\u3092\u300c\u30d8\u30c3\u30b8\u306a\u3057\u5916\u8ca8\u8cc7\u7523\u300d\u306b\u632f\u308a\u5411\u3051\u3066\u3082\u3001\u5bb6\u8a08\u5168\u4f53\u3067\u898b\u308c\u3070\u3088\u3046\u3084\u304f\u901a\u8ca8\u30d0\u30e9\u30f3\u30b9\u304c\u4e2d\u7acb\u306b\u306a\u308b<\/b>\u3068\u3044\u3046\u4e8b\u5b9f\u306b\u6c17\u3065\u304f\u306f\u305a\u3067\u3059\u3002<\/p>\n<h3 data-path-to-node=\"9\">6.2 \u91d1\u878d\u77e5\u8b58\uff08\u30ea\u30c6\u30e9\u30b7\u30fc\uff09\u3053\u305d\u304c\u6700\u5f37\u306e\u300c\u70ba\u66ff\u30d8\u30c3\u30b8\u300d<\/h3>\n<p data-path-to-node=\"10\">\u300c\u70ba\u66ff\u30d8\u30c3\u30b8\u3042\u308a\u30fb\u306a\u3057\u300d\u306e\u9078\u629e\u3092\u3001\u904b\u4efb\u305b\u3084\u76f4\u611f\u3067\u884c\u3046\u3053\u3068\u306f\u30ae\u30e3\u30f3\u30d6\u30eb\u3067\u3059\u3002\u771f\u306e\u6295\u8cc7\u5bb6\u3068\u3057\u3066\u751f\u304d\u308b\u305f\u3081\u306b\u5fc5\u8981\u306a\u91d1\u878d\u77e5\u8b58\u306f\u3001\u4ee5\u4e0b\u306e3\u3064\u306e\u30ec\u30a4\u30e4\u30fc\u3067\u69cb\u6210\u3055\u308c\u307e\u3059\u3002<\/p>\n<ol start=\"1\" data-path-to-node=\"11\">\n<li>\n<p data-path-to-node=\"11,0,0\"><b data-path-to-node=\"11,0,0\" data-index-in-node=\"0\">\u4ed5\u7d44\u307f\u306e\u7406\u89e3\uff08\u30e1\u30ab\u30cb\u30ba\u30e0\uff09\uff1a<\/b> 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data-path-to-node=\"14\">\u65e5\u672c\u5c45\u4f4f\u8005\u306b\u3068\u3063\u3066\u3001\u5186\u5b89\u306f\u751f\u6d3b\u30b3\u30b9\u30c8\u3092\u62bc\u3057\u4e0a\u3052\u308b\u300c\u6575\u300d\u306b\u898b\u3048\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u6b63\u3057\u304f\u69cb\u7bc9\u3057\u3066\u3044\u308b\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u3001\u5186\u5b89\u306f\u300c\u5916\u8ca8\u8cc7\u7523\u306e\u4fa1\u5024\u3092\u9ad8\u3081\u3001\u65e5\u672c\u56fd\u5185\u3067\u306e\u8cfc\u8cb7\u529b\u3092\u76f8\u5bfe\u7684\u306b\u5f37\u5316\u3057\u3066\u304f\u308c\u308b\u5473\u65b9\u300d\u306b\u5909\u308f\u308a\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"15\">\n<li>\n<p data-path-to-node=\"15,0,0\"><b data-path-to-node=\"15,0,0\" data-index-in-node=\"0\">\u77e5\u8b58\u304c\u3042\u308b\u6295\u8cc7\u5bb6\uff1a<\/b> 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data-path-to-node=\"16\">\u3053\u306e\u5dee\u3092\u751f\u3080\u306e\u306f\u3001\u6301\u3063\u3066\u3044\u308b\u91d1\u984d\u306e\u591a\u5be1\u3067\u306f\u306a\u304f\u3001\u300c\u901a\u8ca8\u5206\u6563\u3068\u3044\u3046\u6982\u5ff5\u3092\u77e5\u308a\u3001\u5b9f\u884c\u3057\u3066\u3044\u308b\u304b\u300d\u3068\u3044\u3046\u4e00\u70b9\u306b\u5c3d\u304d\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"17\">6.4 \u7d50\u8ad6\uff1a\u81ea\u5f8b\u3057\u305f\u6295\u8cc7\u5bb6\u3068\u3057\u3066\u306e\u6b69\u307f<\/h3>\n<p data-path-to-node=\"18\">\u300c\u70ba\u66ff\u30d8\u30c3\u30b8\u3042\u308a\u30fb\u306a\u3057\u300d\u306e\u8b70\u8ad6\u306f\u3001\u6700\u7d42\u7684\u306b\u300c\u3042\u306a\u305f\u306f\u81ea\u5206\u306e\u4eba\u751f\u306e\u8235\u3092\u3001\u65e5\u672c\u3068\u3044\u3046\u4e00\u56fd\u306b\u9810\u3051\u308b\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u4e16\u754c\u5168\u4f53\u306e\u6210\u9577\u306b\u9810\u3051\u308b\u306e\u304b\u300d\u3068\u3044\u3046\u554f\u3044\u306b\u884c\u304d\u7740\u304d\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"19\">\u65e5\u672c\u3067\u751f\u304d\u308b\u4ee5\u4e0a\u3001\u79c1\u305f\u3061\u306f\u65e5\u672c\u3092\u611b\u3057\u3001\u65e5\u672c\u3067\u6d88\u8cbb\u3057\u3001\u65e5\u672c\u306b\u7d0d\u7a0e\u3057\u307e\u3059\u3002\u3060\u304b\u3089\u3053\u305d\u3001\u8cc7\u7523\u904b\u7528\u306b\u304a\u3044\u3066\u306f<b data-path-to-node=\"19\" 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