{"id":21665,"date":"2026-04-14T09:33:33","date_gmt":"2026-04-14T00:33:33","guid":{"rendered":"https:\/\/official.gfs.tokyo\/blog\/?p=21665"},"modified":"2026-04-14T09:33:33","modified_gmt":"2026-04-14T00:33:33","slug":"gt%e3%83%97%e3%83%a9%e3%82%a4%e3%83%99%e3%83%bc%e3%83%88%e3%82%af%e3%83%ac%e3%82%b8%e3%83%83%e3%83%88%e3%83%95%e3%82%a1%e3%83%b3%e3%83%89%e3%81%a8%e3%81%af%e4%bd%95%e3%81%8b%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/official.gfs.tokyo\/blog\/gt%e3%83%97%e3%83%a9%e3%82%a4%e3%83%99%e3%83%bc%e3%83%88%e3%82%af%e3%83%ac%e3%82%b8%e3%83%83%e3%83%88%e3%83%95%e3%82%a1%e3%83%b3%e3%83%89%e3%81%a8%e3%81%af%e4%bd%95%e3%81%8b%ef%bc%9f","title":{"rendered":"\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u30d5\u30a1\u30f3\u30c9\u3068\u306f\u4f55\u304b\uff1f"},"content":{"rendered":"<h2><b>\u9ad8\u5229\u56de\u308a\u306b\u898b\u3048\u308b\u3053\u306e\u6295\u8cc7\u30c6\u30fc\u30de\u3092\u3001\u521d\u5fc3\u8005\u306f\u3069\u3046\u8003\u3048\u308b\u3079\u304d\u304b<\/b><\/h2>\n<h2><b>\u306f\u3058\u3081\u306b<\/b><\/h2>\n<p class=\"p3\">\u6700\u8fd1\u3001\u91d1\u878d\u30cb\u30e5\u30fc\u30b9\u3084\u904b\u7528\u4f1a\u793e\u306e\u30ec\u30dd\u30fc\u30c8\u3067\u300c\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u300d\u3068\u3044\u3046\u8a00\u8449\u3092\u76ee\u306b\u3059\u308b\u6a5f\u4f1a\u304c\u304b\u306a\u308a\u5897\u3048\u307e\u3057\u305f\u3002\u80cc\u666f\u306b\u306f\u3001\u9280\u884c\u3067\u306f\u306a\u304f\u30ce\u30f3\u30d0\u30f3\u30af\u306e\u904b\u7528\u4f1a\u793e\u306a\u3069\u304c\u4f01\u696d\u306b\u76f4\u63a5\u304a\u91d1\u3092\u8cb8\u3059\u5e02\u5834\u304c\u6025\u62e1\u5927\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u7c73\u9023\u90a6\u6e96\u5099\u5236\u5ea6\u7406\u4e8b\u4f1a\u306e\u89e3\u8aac\u3067\u306f\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306f\u4e00\u822c\u306b\u3001<span class=\"s2\"><b>\u9280\u884c\u3067\u306f\u306a\u3044\u8cb8\u3057\u624b\u304c\u4e2d\u5805\u4f01\u696d\u306a\u3069\u306b\u76f4\u63a5\u878d\u8cc7\u3059\u308b\u5f62\u306e\u4fe1\u7528\u4f9b\u4e0e<\/b><\/span>\u3092\u6307\u3057\u3001\u4f1d\u7d71\u7684\u306a\u9280\u884c\u878d\u8cc7\u3084\u516c\u958b\u5e02\u5834\u3067\u306e\u793e\u50b5\u767a\u884c\u3068\u306f\u7570\u306a\u308b\u8cc7\u91d1\u8abf\u9054\u30eb\u30fc\u30c8\u3068\u3057\u3066\u5e83\u304c\u3063\u3066\u304d\u305f\u3068\u6574\u7406\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u3055\u3089\u306bBlackRock\u306f\u3001\u4e16\u754c\u306e\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u5e02\u5834\u304c<span class=\"s2\"><b>\u7d042.2\u5146\u30c9\u30eb\u898f\u6a21<\/b><\/span>\u306b\u9054\u3057\u305f\u3068\u63a8\u8a08\u3057\u3066\u3044\u307e\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u3053\u306e\u8a71\u3092\u805e\u304f\u3068\u3001\u6295\u8cc7\u521d\u5fc3\u8005\u307b\u3069\u300c\u9ad8\u3044\u91d1\u5229\u304c\u53d6\u308c\u305d\u3046\u300d\u300c\u682a\u3088\u308a\u5b89\u5b9a\u3057\u3066\u3044\u305d\u3046\u300d\u300c\u5bcc\u88d5\u5c64\u3084\u6a5f\u95a2\u6295\u8cc7\u5bb6\u3060\u3051\u304c\u77e5\u3063\u3066\u3044\u308b\u6709\u671b\u5206\u91ce\u306a\u306e\u3067\u306f\u300d\u3068\u611f\u3058\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u305f\u3057\u304b\u306b\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306b\u306f\u3001\u76f8\u5bfe\u7684\u306b\u9ad8\u3044\u5229\u56de\u308a\u3001\u5909\u52d5\u91d1\u5229\u306b\u3088\u308b\u91d1\u5229\u4e0a\u6607\u5c40\u9762\u3078\u306e\u8010\u6027\u3001\u516c\u958b\u5e02\u5834\u3088\u308a\u3082\u500b\u5225\u4ea4\u6e09\u3057\u3084\u3059\u3044\u878d\u8cc7\u6761\u4ef6\u3068\u3044\u3063\u305f\u9b45\u529b\u304c\u3042\u308a\u307e\u3059\u3002\u5b9f\u969b\u3001BlackRock\u306f\u3001\u516c\u958b\u5e02\u5834\u306e\u63fa\u308c\u304c\u5927\u304d\u3044\u5c40\u9762\u3067\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u304c\u8cc7\u91d1\u8abf\u9054\u624b\u6bb5\u3068\u3057\u3066\u5b58\u5728\u611f\u3092\u9ad8\u3081\u3066\u304d\u305f\u3068\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u305f\u3060\u3057\u3001\u6295\u8cc7\u5bb6\u3068\u3057\u3066\u672c\u5f53\u306b\u5927\u4e8b\u306a\u306e\u306f\u3001\u3053\u3053\u3067\u300c\u65b0\u3057\u3044\u9ad8\u5229\u56de\u308a\u5546\u54c1\u3089\u3057\u3044\u300d\u3068\u98db\u3073\u3064\u304b\u306a\u3044\u3053\u3068\u3067\u3059\u3002\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306f\u3001<span class=\"s2\"><b>\u9b45\u529b\u304c\u898b\u3048\u3084\u3059\u3044\u4e00\u65b9\u3067\u3001\u4fa1\u683c\u306e\u898b\u3048\u306b\u304f\u3055\u3001\u6d41\u52d5\u6027\u306e\u4f4e\u3055\u3001\u8a55\u4fa1\u306e\u4e3b\u89b3\u6027\u3001\u501f\u308a\u624b\u4f01\u696d\u306e\u4fe1\u7528\u60aa\u5316\u6642\u306e\u50b7\u307f\u65b9<\/b><\/span>\u3068\u3044\u3063\u305f\u3001\u521d\u5fc3\u8005\u304c\u898b\u843d\u3068\u3057\u3084\u3059\u3044\u8ad6\u70b9\u3092\u591a\u304f\u62b1\u3048\u3066\u3044\u307e\u3059\u3002IMF\u306f2025\u5e74\u306e\u91d1\u878d\u5b89\u5b9a\u5831\u544a\u3067\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306e\u6210\u9577\u304c\u91d1\u878d\u4ef2\u4ecb\u306e\u591a\u69d8\u5316\u3092\u3082\u305f\u3089\u3059\u4e00\u65b9\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u3001\u6d41\u52d5\u6027\u7ba1\u7406\u3001\u9280\u884c\u3068\u306e\u7d50\u3073\u4ed8\u304d\u306e\u5f37\u3055\u306a\u3069\u304c\u8106\u5f31\u6027\u306b\u306a\u308a\u5f97\u308b\u3068\u6307\u6458\u3057\u307e\u3057\u305f\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u30d5\u30a1\u30f3\u30c9\u3092\u300c\u9ad8\u5229\u56de\u308a\u305d\u3046\u306a\u8b0e\u306e\u6295\u8cc7\u5546\u54c1\u300d\u3068\u3057\u3066\u3067\u306f\u306a\u304f\u3001<span class=\"s2\"><b>\u4f01\u696d\u91d1\u878d\u306e\u4e00\u3064\u306e\u4ed5\u7d44\u307f<\/b><\/span>\u3068\u3057\u3066\u7406\u89e3\u3057\u3001\u305d\u306e\u3046\u3048\u3067\u6295\u8cc7\u5bb6\u3068\u3057\u3066\u3069\u3053\u3092\u898b\u308c\u3070\u3044\u3044\u306e\u304b\u3092\u9806\u756a\u306b\u6574\u7406\u3057\u3066\u3044\u304d\u307e\u3059\u3002\u7d50\u8ad6\u3092\u5148\u306b\u8a00\u3048\u3070\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306f\u305f\u3057\u304b\u306b\u6709\u529b\u306a\u6295\u8cc7\u30c6\u30fc\u30de\u3067\u3059\u304c\u3001\u521d\u5fc3\u8005\u304c\u6700\u521d\u306b\u5b66\u3076\u3079\u304d\u306a\u306e\u306f\u300c\u5229\u56de\u308a\u300d\u3088\u308a\u3082\u3001<span class=\"s2\"><b>\u306a\u305c\u305d\u306e\u5229\u56de\u308a\u304c\u751f\u307e\u308c\u308b\u306e\u304b<\/b><\/span>\u3068\u3001<span class=\"s2\"><b>\u306a\u305c\u305d\u308c\u304c\u7c21\u5358\u306b\u306f\u624b\u306b\u5165\u3089\u306a\u3044\u306e\u304b<\/b><\/span>\u3068\u3044\u3046\u69cb\u9020\u3067\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<hr \/>\n<h2><b>\u7b2c1\u7ae0\u3000\u305d\u3082\u305d\u3082\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u30d5\u30a1\u30f3\u30c9\u3068\u306f\u4f55\u304b<\/b><\/h2>\n<p class=\"p3\">\u307e\u305a\u3001\u8a00\u8449\u3092\u30b7\u30f3\u30d7\u30eb\u306b\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<p class=\"p3\">\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u3068\u306f\u3001\u682a\u5f0f\u5e02\u5834\u306e\u3088\u3046\u306b\u5e83\u304f\u58f2\u8cb7\u3055\u308c\u308b\u6709\u4fa1\u8a3c\u5238\u3067\u306f\u306a\u304f\u3001<span class=\"s2\"><b>\u975e\u516c\u958b\u306e\u76f8\u5bfe\u53d6\u5f15\u3067\u4f01\u696d\u306a\u3069\u306b\u304a\u91d1\u3092\u8cb8\u3059\u6295\u8cc7<\/b><\/span>\u3067\u3059\u3002\u7c73\u9023\u90a6\u6e96\u5099\u5236\u5ea6\u7406\u4e8b\u4f1a\u306e2025\u5e74\u306e\u89e3\u8aac\u3067\u306f\u3001\u5178\u578b\u7684\u306b\u306f\u4e2d\u5805\u4f01\u696d\u5411\u3051\u306e\u30c0\u30a4\u30ec\u30af\u30c8\u30ec\u30f3\u30c7\u30a3\u30f3\u30b0\u304c\u4e2d\u5fc3\u3067\u3001\u8cb8\u3057\u624b\u306f\u9280\u884c\u3067\u306f\u306a\u304f\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u30d5\u30a1\u30f3\u30c9\u306a\u3069\u306e\u30ce\u30f3\u30d0\u30f3\u30af\u91d1\u878d\u6a5f\u95a2\u3067\u3042\u308b\u3068\u8aac\u660e\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u6295\u8cc7\u5bb6\u306e\u304a\u91d1\u3092\u96c6\u3081\u305f\u30d5\u30a1\u30f3\u30c9\u304c\u3001\u4f01\u696d\u306b\u5bfe\u3057\u3066\u30ed\u30fc\u30f3\u3092\u7d44\u6210\u3057\u3001\u305d\u306e\u5229\u606f\u53ce\u5165\u3092\u539f\u8cc7\u306b\u904b\u7528\u3057\u3066\u3044\u304f\u30a4\u30e1\u30fc\u30b8\u3067\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u3053\u3053\u3067\u5927\u5207\u306a\u306e\u306f\u3001\u300c\u50b5\u5238\u30d5\u30a1\u30f3\u30c9\u300d\u3068\u306e\u9055\u3044\u3067\u3059\u3002\u516c\u958b\u793e\u50b5\u30d5\u30a1\u30f3\u30c9\u306a\u3089\u3001\u8a3c\u5238\u5e02\u5834\u3067\u4fa1\u683c\u304c\u4ed8\u304d\u3001\u3042\u308b\u7a0b\u5ea6\u3044\u3064\u3067\u3082\u58f2\u8cb7\u3057\u3084\u3059\u3044\u3082\u306e\u304c\u591a\u3044\u3067\u3059\u304c\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306f\u305d\u3046\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u6848\u4ef6\u3054\u3068\u306b\u6761\u4ef6\u304c\u7570\u306a\u308a\u3001\u8cb8\u51fa\u5148\u306e\u60c5\u5831\u3082\u516c\u958b\u5e02\u5834\u307b\u3069\u5e83\u304f\u5171\u6709\u3055\u308c\u305a\u3001\u65e5\u3005\u6d3b\u767a\u306b\u58f2\u8cb7\u3055\u308c\u308b\u308f\u3051\u3067\u3082\u3042\u308a\u307e\u305b\u3093\u3002\u305d\u306e\u305f\u3081\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306f\u3057\u3070\u3057\u3070<span class=\"s2\"><b>\u516c\u958b\u5e02\u5834\u3088\u308a\u9ad8\u3044\u5229\u56de\u308a\u3092\u5f97\u3089\u308c\u308b\u4ee3\u308f\u308a\u306b\u3001\u6d41\u52d5\u6027\u3084\u900f\u660e\u6027\u3067\u52a3\u308b\u6295\u8cc7<\/b><\/span>\u3068\u3057\u3066\u8a9e\u3089\u308c\u307e\u3059\u3002MSC\u0406\u306f2025\u5e74\u306e\u8cc7\u6599\u3067\u3001 private valuations \u304c\u898b\u304b\u3051\u4e0a\u306e\u4f4e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u4f5c\u308a\u3084\u3059\u304f\u3001\u76f8\u95a2\u3084\u30c6\u30fc\u30eb\u30ea\u30b9\u30af\u3092\u904e\u5c0f\u8a55\u4fa1\u3057\u3084\u3059\u3044\u3068\u6307\u6458\u3057\u3066\u3044\u307e\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u307e\u305f\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u3068\u4e00\u53e3\u306b\u8a00\u3063\u3066\u3082\u4e2d\u8eab\u306f\u4e00\u3064\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u4ee3\u8868\u7684\u306a\u306e\u306f\u30c0\u30a4\u30ec\u30af\u30c8\u30ec\u30f3\u30c7\u30a3\u30f3\u30b0\u3067\u3059\u304c\u3001\u305d\u306e\u307b\u304b\u306b\u3082\u30a2\u30bb\u30c3\u30c8\u30d9\u30fc\u30b9\u30c9\u30ec\u30f3\u30c7\u30a3\u30f3\u30b0\u3001\u30b9\u30da\u30b7\u30e3\u30eb\u30b7\u30c1\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3001\u30e1\u30b6\u30cb\u30f3\u3001\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u3001NAV\u30ec\u30f3\u30c7\u30a3\u30f3\u30b0\u306a\u3069\u3001\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u306e\u7570\u306a\u308b\u9818\u57df\u304c\u3042\u308a\u307e\u3059\u3002IMF\u306e\u5831\u544a\u3067\u3082\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306f\u5358\u7d14\u306a\u4f01\u696d\u5411\u3051\u30ed\u30fc\u30f3\u3060\u3051\u3067\u306a\u304f\u3001\u3055\u307e\u3056\u307e\u306a\u8cc7\u91d1\u4f9b\u7d66\u69cb\u9020\u3092\u6301\u3064\u5e83\u3044\u5206\u91ce\u3068\u3057\u3066\u6271\u308f\u308c\u3066\u3044\u307e\u3059\u3002\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306f\u3001\u3053\u306e\u300c\u540d\u524d\u306f\u4e00\u3064\u3067\u3082\u4e2d\u8eab\u306f\u304b\u306a\u308a\u9055\u3046\u300d\u3068\u3044\u3046\u70b9\u3092\u6700\u521d\u306b\u7406\u89e3\u3057\u3066\u304a\u304f\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u3064\u307e\u308a\u3001\u521d\u5fc3\u8005\u5411\u3051\u306b\u304b\u306a\u308a\u5e73\u305f\u304f\u8a00\u3048\u3070\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u30d5\u30a1\u30f3\u30c9\u3068\u306f\u3001<span class=\"s2\"><b>\u9280\u884c\u306e\u3088\u3046\u306b\u4f01\u696d\u3078\u8cb8\u3057\u4ed8\u3051\u3092\u884c\u3046\u304c\u3001\u9280\u884c\u305d\u306e\u3082\u306e\u3067\u306f\u306a\u3044\u904b\u7528\u30d7\u30ec\u30a4\u30e4\u30fc<\/b><\/span>\u3060\u3068\u8003\u3048\u308b\u3068\u308f\u304b\u308a\u3084\u3059\u3044\u3067\u3059\u3002\u305d\u3057\u3066\u6295\u8cc7\u5bb6\u306f\u3001\u305d\u306e\u30d5\u30a1\u30f3\u30c9\u3092\u901a\u3058\u3066\u300c\u8cb8\u3057\u624b\u5074\u300d\u306b\u56de\u308a\u3001\u5229\u606f\u53ce\u5165\u3084\u624b\u6570\u6599\u53ce\u5165\u306e\u4e00\u90e8\u3092\u53d7\u3051\u53d6\u308b\u69cb\u9020\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u3053\u307e\u3067\u6574\u7406\u3059\u308b\u3068\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306f\u300c\u7279\u5225\u306a\u88cf\u6280\u300d\u3067\u306f\u306a\u304f\u3001\u4f01\u696d\u91d1\u878d\u306e\u4e00\u3064\u306e\u5f62\u3060\u3068\u898b\u3048\u3066\u304d\u307e\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<hr \/>\n<h2><b>\u7b2c2\u7ae0\u3000\u306a\u305c\u4eca\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u304c\u3053\u308c\u307b\u3069\u6ce8\u76ee\u3055\u308c\u3066\u3044\u308b\u306e\u304b<\/b><\/h2>\n<p class=\"p3\">\u3067\u306f\u3001\u306a\u305c\u4eca\u3053\u306e\u5206\u91ce\u304c\u3053\u3053\u307e\u3067\u6ce8\u76ee\u3055\u308c\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<p class=\"p3\">\u7406\u7531\u306f\u5927\u304d\u304f\u4e09\u3064\u3042\u308a\u307e\u3059\u3002<\/p>\n<p class=\"p4\"><span class=\"s4\">\u4e00\u3064\u76ee\u306f\u3001<\/span><b>\u9280\u884c\u306e\u8cb8\u3057\u51fa\u3057\u4f59\u529b\u3084\u898f\u5236\u74b0\u5883\u306e\u5909\u5316<\/b><span class=\"s4\">\u3067\u3059\u3002<\/span><\/p>\n<p class=\"p4\"><span class=\"s4\">\u4e8c\u3064\u76ee\u306f\u3001<\/span><b>\u91d1\u5229\u4e0a\u6607\u5c40\u9762\u3067\u5229\u56de\u308a\u5546\u54c1\u3068\u3057\u3066\u9b45\u529b\u304c\u5897\u3057\u305f\u3053\u3068<\/b><span class=\"s4\">\u3067\u3059\u3002<\/span><\/p>\n<p class=\"p3\">\u4e09\u3064\u76ee\u306f\u3001<span class=\"s2\"><b>\u516c\u958b\u5e02\u5834\u304c\u4e0d\u5b89\u5b9a\u306a\u3068\u304d\u306b\u3001\u501f\u308a\u624b\u4f01\u696d\u306b\u3068\u3063\u3066\u4ee3\u66ff\u7684\u306a\u8cc7\u91d1\u8abf\u9054\u624b\u6bb5\u306b\u306a\u3063\u305f\u3053\u3068<\/b><\/span>\u3067\u3059\u3002\u3053\u308c\u3089\u306fFed\u3084IMF\u3001BlackRock\u306a\u3069\u8907\u6570\u306e\u8cc7\u6599\u3067\u3082\u5171\u901a\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u307e\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u307e\u305a\u9280\u884c\u898f\u5236\u306e\u8a71\u3067\u3059\u30022008\u5e74\u306e\u91d1\u878d\u5371\u6a5f\u4ee5\u964d\u3001\u9280\u884c\u306b\u306f\u81ea\u5df1\u8cc7\u672c\u3084\u30ea\u30b9\u30af\u7ba1\u7406\u306b\u95a2\u3059\u308b\u898f\u5f8b\u304c\u5f37\u307e\u308a\u307e\u3057\u305f\u3002\u305d\u306e\u7d50\u679c\u3001\u9280\u884c\u304c\u53d6\u308a\u306b\u304f\u304f\u306a\u3063\u305f\u30ea\u30b9\u30af\u3092\u3001\u30ce\u30f3\u30d0\u30f3\u30af\u306e\u8cc7\u91d1\u304c\u57cb\u3081\u308b\u69cb\u56f3\u304c\u5e83\u304c\u308a\u307e\u3057\u305f\u3002IMF\u306f\u3001\u4f01\u696d\u91d1\u878d\u306e\u4e00\u90e8\u304c\u9280\u884c\u3084\u6bd4\u8f03\u7684\u900f\u660e\u306a\u516c\u958b\u5e02\u5834\u304b\u3089\u3001\u3088\u308a\u4e0d\u900f\u660e\u3067\u898f\u5236\u306e\u8efd\u3044\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u5074\u3078\u79fb\u3063\u3066\u304d\u305f\u3053\u3068\u81ea\u4f53\u304c\u3001\u8fd1\u5e74\u306e\u91d1\u878d\u69cb\u9020\u5909\u5316\u306e\u4e00\u3064\u3060\u3068\u307f\u3066\u3044\u307e\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u6b21\u306b\u91d1\u5229\u306e\u554f\u984c\u3067\u3059\u3002\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306e\u591a\u304f\u306f\u5909\u52d5\u91d1\u5229\u3067\u7d44\u6210\u3055\u308c\u308b\u305f\u3081\u3001\u91d1\u5229\u304c\u9ad8\u3044\u5c40\u9762\u3067\u306f\u30af\u30fc\u30dd\u30f3\u53ce\u5165\u304c\u62bc\u3057\u4e0a\u304c\u308a\u3084\u3059\u3044\u7279\u5fb4\u304c\u3042\u308a\u307e\u3059\u3002BlackRock\u306f\u3001\u8fd1\u5e74\u306e\u9ad8\u3044\u8cc7\u672c\u30b3\u30b9\u30c8\u74b0\u5883\u306e\u4e2d\u3067\u3001\u6295\u8cc7\u5bb6\u304c\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306b\u5bfe\u3057\u3066\u30b9\u30b1\u30fc\u30eb\u3084\u30ea\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30ea\u30f3\u30b0\u80fd\u529b\u3092\u6301\u3064\u904b\u7528\u8005\u3092\u9078\u597d\u3057\u3066\u304d\u305f\u3068\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\u3002\u9ad8\u91d1\u5229\u74b0\u5883\u304c\u3044\u3064\u307e\u3067\u3082\u7d9a\u304f\u3068\u306f\u9650\u308a\u307e\u305b\u3093\u304c\u3001\u5c11\u306a\u304f\u3068\u3082\u3053\u3053\u6570\u5e74\u306f\u300c\u76f8\u5bfe\u7684\u306b\u9ad8\u3044\u30a4\u30f3\u30ab\u30e0\u3092\u53d6\u308a\u3084\u3059\u3044\u8cc7\u7523\u300d\u3068\u3057\u3066\u898b\u3089\u308c\u3084\u3059\u304b\u3063\u305f\u306e\u306f\u4e8b\u5b9f\u3067\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u3055\u3089\u306b\u3001\u516c\u958b\u5e02\u5834\u306e\u5909\u52d5\u304c\u5927\u304d\u3044\u5c40\u9762\u3067\u306f\u3001\u501f\u308a\u624b\u4f01\u696d\u306b\u3068\u3063\u3066\u79c1\u52df\u3067\u7d20\u65e9\u304f\u6761\u4ef6\u4ea4\u6e09\u3067\u304d\u308b\u8cc7\u91d1\u8abf\u9054\u306e\u4fa1\u5024\u304c\u9ad8\u307e\u308a\u307e\u3059\u3002BlackRock\u306f\u3001\u516c\u958b\u5e02\u5834\u304c\u8352\u308c\u305f\u5c40\u9762\u3067\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u304c\u30ec\u30d0\u30ec\u30c3\u30b8\u30c9\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u5168\u4f53\u306e\u4e2d\u3067\u30b7\u30a7\u30a2\u3092\u62e1\u5927\u3057\u3066\u304d\u305f\u3068\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306f\u6295\u8cc7\u5bb6\u304b\u3089\u898b\u308c\u3070\u9ad8\u5229\u56de\u308a\u5546\u54c1\u3001\u4f01\u696d\u304b\u3089\u898b\u308c\u3070\u67d4\u8edf\u306a\u8cc7\u91d1\u8abf\u9054\u624b\u6bb5\u3068\u3057\u3066\u3001\u4e21\u5074\u304b\u3089\u9700\u8981\u3092\u96c6\u3081\u3084\u3059\u3044\u69cb\u9020\u3092\u6301\u3063\u3066\u3044\u308b\u308f\u3051\u3067\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u52a0\u3048\u3066\u3001\u904b\u7528\u4f1a\u793e\u306e\u898f\u6a21\u3082\u5927\u304d\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002BlackRock\u306b\u3088\u308c\u3070\u3001\u5e73\u5747\u7684\u306a\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u30d5\u30a1\u30f3\u30c9\u306e\u898f\u6a21\u306f2020\u5e74\u306e6.27\u5104\u30c9\u30eb\u304b\u30892024\u5e74\u306b\u306f10.5\u5104\u30c9\u30eb\u3078\u62e1\u5927\u3057\u307e\u3057\u305f\u3002\u30d5\u30a1\u30f3\u30c9\u30b5\u30a4\u30ba\u304c\u5927\u304d\u304f\u306a\u308b\u3068\u3001\u3053\u308c\u307e\u3067\u6271\u3048\u306a\u304b\u3063\u305f\u5927\u578b\u6848\u4ef6\u306b\u3082\u5165\u308c\u308b\u3088\u3046\u306b\u306a\u308a\u3001\u3055\u3089\u306b\u5e02\u5834\u304c\u62e1\u5927\u3059\u308b\u597d\u5faa\u74b0\u304c\u8d77\u304d\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002\u521d\u5fc3\u8005\u304c\u3053\u3053\u304b\u3089\u5b66\u3076\u3079\u304d\u306a\u306e\u306f\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306e\u6210\u9577\u304c\u5358\u306a\u308b\u6d41\u884c\u3067\u306f\u306a\u304f\u3001<span class=\"s2\"><b>\u4f01\u696d\u91d1\u878d\u306e\u4f9b\u7d66\u69cb\u9020\u306e\u5909\u5316<\/b><\/span>\u306b\u652f\u3048\u3089\u308c\u3066\u3044\u308b\u3068\u3044\u3046\u70b9\u3067\u3059\u3002<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<div class=\"xcd-attention-8 xcd-col5 xcd-ripple\">\n<div class=\"xcd-title\">\u30d7\u30ed\u306e\u77e5\u8b58\u304c\u7121\u6599\u3067\u5b66\u3079\u307e\u3059<\/div>\n<div class=\"xcd-content\">\n<p><strong>\u300c\u6295\u8cc7\u306e\u52c9\u5f37\u3092\u4f55\u304b\u3089\u3084\u3063\u3066\u3044\u3044\u304b\u308f\u304b\u3089\u306a\u3044\u300d\u300c\u6295\u8cc7\u3067\u8cc7\u7523\u3092\u4f5c\u308a\u305f\u3044\u3001\u53ce\u5165\u3092\u5897\u3084\u3057\u305f\u3044\u300d<\/strong><\/p>\n<p>\u305d\u3093\u306a\u6642\u306f<b><span class=\"f-marker-p\">\u7121\u6599\u3067\u8996\u8074\u3067\u304d\u308b\u30aa\u30f3\u30e9\u30a4\u30f3\u8b1b\u5ea7\u300c<a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=16989&amp;utm_content=16989\">GFS\u76e3\u4fee \u6295\u8cc7\u306e\u9054\u4eba\u8b1b\u5ea7<\/a>\u300d\u3092\u307e\u305a\u306f\u304a\u8a66\u3057\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/span><\/b><\/p>\n<p>\u6295\u8cc7\u306e\u9054\u4eba\u306b\u306a\u308b\u6295\u8cc7\u8b1b\u5ea7\u306f\u3001\u751f\u5f92\u657050,000\u4eba\u3092\u8d85\u3048\u8b1b\u7fa9\u6570\u65e5\u672c\u4e00\u306e\u6295\u8cc7\u30b9\u30af\u30fc\u30eb<a href=\"https:\/\/gfs.tokyo\/\">GFS<\/a>\u304c\u63d0\u4f9b\u3059\u308b\u7121\u6599\u30aa\u30f3\u30e9\u30a4\u30f3\u8b1b\u5ea7\u3067\u3059\u3002\u30d7\u30ed\u306e\u6295\u8cc7\u5bb6\u3067\u3042\u308b\u8b1b\u5e2b\u304c\u3001\u672a\u7d4c\u9a13\u8005\u3084\u82e6\u624b\u610f\u8b58\u304c\u3042\u308b\u4eba\u3067\u3082\u5206\u304b\u308b\u3088\u3046\u306b\u3001\u6295\u8cc7\u306e\u4ed5\u7d44\u307f\u3084\u5168\u4f53\u50cf\u3001\u30eb\u30fc\u30eb\u3092\u57fa\u790e\u304b\u3089\u56f3\u89e3\u3092\u4ea4\u3048\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<p>\u6295\u8cc7\u306e\u52c9\u5f37\u3092\u306a\u308b\u3079\u304f\u52b9\u7387\u3088\u304f\u59cb\u3081\u305f\u3044\u4eba\u306f\u3001\u305c\u3072\u4e00\u5ea6\u3054\u8996\u8074\u304f\u3060\u3055\u3044\u3002<\/p>\n<div class=\"cv-btn-wrap\">\n<div class=\"cv-copy\" style=\"text-align: center;\"><strong><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=16989&amp;utm_content=16989\">\uff3c1\u5206\u3067\u7c21\u5358\u7533\u8fbc\uff0f<\/a><\/strong><\/div>\n<div class=\"cv-btn\" style=\"text-align: center;\"><strong><span class=\"cv-em\">\u7121\u6599<\/span><\/strong><br \/>\n<strong><span class=\"cv-text\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=16989&amp;utm_content=16989\n\">\u30aa\u30f3\u30e9\u30a4\u30f3\u8b1b\u5ea7\u306f\u3053\u3061\u3089<\/a><\/span><\/strong><\/div>\n<\/div>\n<\/div>\n<\/div>\n<hr \/>\n<h2><b>\u7b2c3\u7ae0\u3000\u6295\u8cc7\u5bb6\u304b\u3089\u898b\u305f\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306e\u9b45\u529b\u3068\u306f\u4f55\u304b<\/b><\/h2>\n<p class=\"p3\">\u3053\u3053\u304b\u3089\u306f\u6295\u8cc7\u5bb6\u76ee\u7dda\u3067\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<p class=\"p3\">\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u304c\u4eba\u6c17\u3092\u96c6\u3081\u308b\u6700\u5927\u306e\u7406\u7531\u306f\u3001\u3084\u306f\u308a<span class=\"s2\"><b>\u5229\u56de\u308a\u306e\u9ad8\u3055<\/b><\/span>\u3067\u3059\u3002\u516c\u958b\u793e\u50b5\u3084\u56fd\u50b5\u3068\u6bd4\u3079\u3066\u3001\u60c5\u5831\u306e\u5c11\u306a\u3055\u3084\u63db\u91d1\u3057\u3065\u3089\u3055\u3092\u5f15\u304d\u53d7\u3051\u308b\u4ee3\u308f\u308a\u306b\u3001\u3088\u308a\u9ad8\u3044\u30ea\u30bf\u30fc\u30f3\u3092\u72d9\u3048\u308b\u3068\u671f\u5f85\u3055\u308c\u3066\u304d\u307e\u3057\u305f\u3002WisdomTree\u306f2025\u5e74\u306e\u89e3\u8aac\u3067\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306e\u9b45\u529b\u3068\u3057\u3066\u3001\u516c\u958b\u5e02\u5834\u306b\u5bfe\u3059\u308b\u5229\u56de\u308a\u512a\u4f4d\u3001\u3064\u307e\u308a<span class=\"s2\"><b>\u30a4\u30ea\u30af\u30a4\u30c7\u30a3\u30c6\u30a3\u30fb\u30d7\u30ec\u30df\u30a2\u30e0<\/b><\/span>\u304c\u8a9e\u3089\u308c\u3066\u304d\u305f\u3068\u6574\u7406\u3057\u3066\u3044\u307e\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u3082\u3046\u4e00\u3064\u306e\u9b45\u529b\u306f\u3001\u682a\u5f0f\u3068\u306f\u30ea\u30bf\u30fc\u30f3\u306e\u6e90\u6cc9\u304c\u9055\u3046\u3053\u3068\u3067\u3059\u3002\u682a\u5f0f\u6295\u8cc7\u3067\u306f\u4f01\u696d\u4fa1\u5024\u306e\u6210\u9577\u3084\u682a\u4fa1\u306e\u518d\u8a55\u4fa1\u304c\u91cd\u8981\u3067\u3059\u304c\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u3067\u306f\u57fa\u672c\u7684\u306b\u300c\u8cb8\u3057\u305f\u304a\u91d1\u304c\u8fd4\u3063\u3066\u304d\u3066\u3001\u5229\u606f\u304c\u652f\u6255\u308f\u308c\u308b\u3053\u3068\u300d\u304c\u53ce\u76ca\u306e\u4e2d\u5fc3\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u306e\u305f\u3081\u3001\u666f\u6c17\u304c\u826f\u3044\u304b\u3089\u7121\u6761\u4ef6\u306b\u5f37\u3044\u3001\u666f\u6c17\u304c\u60aa\u3044\u304b\u3089\u5fc5\u305a\u5f31\u3044\u3001\u3068\u3044\u3046\u5358\u7d14\u306a\u8a71\u3067\u306f\u306a\u304f\u3001<span class=\"s2\"><b>\u501f\u308a\u624b\u306e\u8fd4\u6e08\u80fd\u529b\u3068\u878d\u8cc7\u6761\u4ef6<\/b><\/span>\u304c\u975e\u5e38\u306b\u91cd\u8981\u306b\u306a\u308a\u307e\u3059\u3002\u3046\u307e\u304f\u9078\u5225\u3055\u308c\u305f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306a\u3089\u3001\u682a\u5f0f\u3088\u308a\u4fa1\u683c\u5909\u52d5\u304c\u5c0f\u3055\u304f\u898b\u3048\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u307e\u305f\u3001\u516c\u958b\u5e02\u5834\u3088\u308a\u500b\u5225\u4ea4\u6e09\u3057\u3084\u3059\u3044\u3053\u3068\u3082\u9b45\u529b\u3067\u3059\u3002\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u3067\u306f\u3001\u878d\u8cc7\u5951\u7d04\u306b\u8ca1\u52d9\u5236\u9650\u6761\u9805\u3084\u62c5\u4fdd\u3001\u512a\u5148\u9806\u4f4d\u306a\u3069\u3092\u7d30\u304b\u304f\u8a2d\u5b9a\u3067\u304d\u308b\u3053\u3068\u304c\u3042\u308a\u3001\u8cb8\u3057\u624b\u5074\u304c\u30ea\u30b9\u30af\u7ba1\u7406\u3092\u3057\u3084\u3059\u3044\u30b1\u30fc\u30b9\u304c\u3042\u308a\u307e\u3059\u3002Fed\u306e\u30ce\u30fc\u30c8\u3084IMF\u306e\u5831\u544a\u3067\u3082\u3001\u9280\u884c\u4ee5\u5916\u306e\u8cb8\u3057\u624b\u304c\u4f01\u696d\u5411\u3051\u878d\u8cc7\u3092\u76f4\u63a5\u7d44\u6210\u3059\u308b\u3053\u3068\u3067\u3001\u516c\u958b\u5e02\u5834\u3068\u306f\u7570\u306a\u308b\u878d\u8cc7\u6761\u4ef6\u306e\u8a2d\u8a08\u304c\u884c\u308f\u308c\u3066\u3044\u308b\u3053\u3068\u304c\u793a\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u6295\u8cc7\u5bb6\u304b\u3089\u898b\u308b\u3068\u3001\u3053\u308c\u306f\u5358\u306b\u300c\u91d1\u5229\u304c\u9ad8\u3044\u300d\u3060\u3051\u3067\u306a\u304f\u3001\u300c\u6761\u4ef6\u4ea4\u6e09\u3067\u5b88\u308a\u3092\u539a\u304f\u3057\u3084\u3059\u3044\u300d\u53ef\u80fd\u6027\u3092\u610f\u5473\u3057\u307e\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u3055\u3089\u306b\u3001\u8cc7\u7523\u5206\u6563\u306e\u6587\u8108\u3067\u3082\u6ce8\u76ee\u3055\u308c\u307e\u3059\u3002\u682a\u3001\u56fd\u50b5\u3001\u4e0a\u5834\u793e\u50b5\u3060\u3051\u3067\u306f\u53d6\u308a\u306b\u304f\u3044\u53ce\u76ca\u6e90\u3068\u3057\u3066\u3001\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u8cc7\u7523\u306e\u4e00\u90e8\u306b\u7d44\u307f\u5165\u308c\u305f\u3044\u3068\u3044\u3046\u767a\u60f3\u3067\u3059\u3002\u305f\u3060\u3057\u3001\u3053\u306e\u70b9\u306f\u8aa4\u89e3\u3055\u308c\u3084\u3059\u3044\u90e8\u5206\u3067\u3082\u3042\u308a\u307e\u3059\u3002\u5206\u6563\u5148\u3067\u3042\u308b\u3053\u3068\u306f\u78ba\u304b\u3067\u3082\u3001MSCI\u304c\u6307\u6458\u3059\u308b\u3088\u3046\u306b\u3001\u975e\u516c\u958b\u8a55\u4fa1\u3086\u3048\u306b\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u898b\u3048\u306b\u304f\u304f\u306a\u308b\u3053\u3068\u304c\u3042\u308a\u3001\u300c\u6570\u5b57\u4e0a\u306f\u5b89\u5b9a\u3057\u3066\u898b\u3048\u308b\u304c\u3001\u5b9f\u969b\u306e\u30ea\u30b9\u30af\u306f\u3082\u3063\u3068\u5927\u304d\u3044\u300d\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u9b45\u529b\u306f\u672c\u7269\u3067\u3082\u3001\u898b\u3048\u65b9\u306b\u306f\u88dc\u6b63\u304c\u5fc5\u8981\u306a\u306e\u3067\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<hr \/>\n<h2><b>\u7b2c4\u7ae0\u3000\u521d\u5fc3\u8005\u304c\u898b\u843d\u3068\u3057\u3084\u3059\u3044\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306e\u672c\u5f53\u306e\u30ea\u30b9\u30af<\/b><\/h2>\n<p class=\"p3\">\u3053\u3053\u304c\u6700\u3082\u91cd\u8981\u306a\u7ae0\u3067\u3059\u3002<\/p>\n<p class=\"p3\">\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306f\u3001\u521d\u5fc3\u8005\u304c\u300c\u9ad8\u5229\u56de\u308a\u3067\u5024\u52d5\u304d\u304c\u5c0f\u3055\u305d\u3046\u300d\u3068\u611f\u3058\u3084\u3059\u3044\u4e00\u65b9\u3067\u3001\u5b9f\u306f\u898b\u3048\u306b\u304f\u3044\u30ea\u30b9\u30af\u304c\u591a\u3044\u5206\u91ce\u3067\u3059\u3002\u4ee3\u8868\u7684\u306a\u30ea\u30b9\u30af\u306f\u3001<span class=\"s2\"><b>\u6d41\u52d5\u6027\u3001\u8a55\u4fa1\u3001\u4fe1\u7528\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u3001\u8cc7\u91d1\u8abf\u9054\u69cb\u9020\u306e\u8907\u96d1\u3055<\/b><\/span>\u3067\u3059\u3002IMF\u3001FCA\u3001SEC\u95a2\u9023\u8cc7\u6599\u3001MSCI\u306f\u3044\u305a\u308c\u3082\u3001 private assets \u306b\u5171\u901a\u3059\u308b\u8ad6\u70b9\u3068\u3057\u3066\u3001\u6d41\u52d5\u6027\u306e\u5236\u7d04\u3001\u958b\u793a\u306e\u5c11\u306a\u3055\u3001\u8a55\u4fa1\u306e\u4e3b\u89b3\u6027\u3001\u60c5\u5831\u306e\u975e\u5bfe\u79f0\u6027\u306a\u3069\u3092\u6319\u3052\u3066\u3044\u307e\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u307e\u305a\u6d41\u52d5\u6027\u3067\u3059\u3002\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306f\u3001\u4e0a\u5834\u682a\u3084\u6295\u8cc7\u4fe1\u8a17\u306e\u3088\u3046\u306b\u300c\u4eca\u65e5\u58f2\u308a\u305f\u3044\u304b\u3089\u4eca\u65e5\u58f2\u308c\u308b\u300d\u3068\u3044\u3046\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u7279\u306b\u975e\u4e0a\u5834\u306e\u79c1\u52df\u30d5\u30a1\u30f3\u30c9\u3084\u4e00\u90e8\u306e\u975e\u4e0a\u5834BDC\u578b\u5546\u54c1\u3067\u306f\u3001\u89e3\u7d04\u3084\u63db\u91d1\u306b\u5236\u9650\u304c\u3042\u308a\u3001\u8cc7\u91d1\u304c\u9577\u304f\u56fa\u5b9a\u3055\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u30022026\u5e744\u6708\u306b\u306fReuters\u304c\u3001\u7c73\u56fd\u306e\u4e00\u90e8\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u95a2\u9023\u30d5\u30a1\u30f3\u30c9\u3067\u89e3\u7d04\u8acb\u6c42\u306e\u5897\u52a0\u3084\u511f\u9084\u5236\u9650\u304c\u554f\u984c\u306b\u306a\u3063\u3066\u3044\u308b\u3068\u5831\u3058\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u3001\u666e\u6bb5\u306f\u5b89\u5b9a\u3057\u3066\u898b\u3048\u308b\u5546\u54c1\u3067\u3082\u3001\u6295\u8cc7\u5bb6\u306e\u4e0d\u5b89\u304c\u9ad8\u307e\u308b\u3068\u300c\u601d\u3063\u305f\u307b\u3069\u6d41\u52d5\u7684\u3067\u306f\u306a\u3044\u300d\u3053\u3068\u304c\u8868\u9762\u5316\u3057\u3046\u308b\u4f8b\u3067\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u6b21\u306b\u8a55\u4fa1\u306e\u554f\u984c\u3067\u3059\u3002\u516c\u958b\u5e02\u5834\u306a\u3089\u6bce\u65e5\u58f2\u8cb7\u4fa1\u683c\u304c\u3064\u304d\u307e\u3059\u304c\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u3067\u306f\u305d\u3046\u306f\u3044\u304d\u307e\u305b\u3093\u3002FCA\u306f2025\u5e74\u306b private market valuation practices \u306e\u30ec\u30d3\u30e5\u30fc\u3092\u51fa\u3057\u3001\u5f37\u56fa\u306a\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u4f53\u5236\u304c\u5e02\u5834\u306e\u516c\u6b63\u6027\u3068\u4fe1\u983c\u306b\u4e0d\u53ef\u6b20\u3060\u3068\u5f37\u8abf\u3057\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u88cf\u3092\u8fd4\u3059\u3068\u3001\u8a55\u4fa1\u30d7\u30ed\u30bb\u30b9\u304c\u7518\u3051\u308c\u3070\u3001\u6295\u8cc7\u5bb6\u304c\u898b\u3066\u3044\u308b\u57fa\u6e96\u4fa1\u984d\u3084\u30ea\u30bf\u30fc\u30f3\u8868\u793a\u304c\u5b9f\u614b\u3068\u30ba\u30ec\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002MSCI\u3082\u3001\u79c1\u52df\u8cc7\u7523\u306e\u898b\u304b\u3051\u4e0a\u306e\u4f4e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u3001\u30ea\u30b9\u30af\u304c\u672c\u5f53\u306b\u4f4e\u3044\u304b\u3089\u3067\u306f\u306a\u304f\u3001\u8a55\u4fa1\u304c\u5e73\u6ed1\u5316\u3055\u308c\u3066\u3044\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u6307\u6458\u3057\u3066\u3044\u307e\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u3055\u3089\u306b\u4fe1\u7528\u30ea\u30b9\u30af\u3067\u3059\u3002\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306e\u501f\u308a\u624b\u306f\u3001\u4e2d\u5805\u4f01\u696d\u3084\u516c\u958b\u5e02\u5834\u306b\u30a2\u30af\u30bb\u30b9\u3057\u306b\u304f\u3044\u4f01\u696d\u3067\u3042\u308b\u3053\u3068\u304c\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u666f\u6c17\u5f8c\u9000\u3084\u8cc7\u91d1\u7e70\u308a\u60aa\u5316\u304c\u8d77\u304d\u308c\u3070\u3001\u5ef6\u6ede\u3084\u30c7\u30d5\u30a9\u30eb\u30c8\u3001\u6761\u4ef6\u5909\u66f4\u3001PIK\u91d1\u5229\u306e\u5897\u52a0\u306a\u3069\u304c\u8d77\u3053\u308a\u3048\u307e\u3059\u3002Fed\u306e2025\u5e74\u30ce\u30fc\u30c8\u306f\u3001\u9280\u884c\u304c\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u5411\u3051\u306b\u878d\u8cc7\u3092\u884c\u3063\u3066\u3044\u308b\u3053\u3068\u304b\u3089\u3001\u30ce\u30f3\u30d0\u30f3\u30af\u3060\u3051\u3067\u306a\u304f\u9280\u884c\u30bb\u30af\u30bf\u30fc\u306b\u3082\u6ce2\u53ca\u3057\u3046\u308b\u3068\u6574\u7406\u3057\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u8cb8\u3057\u624b\u304c\u5206\u6563\u3057\u3066\u3044\u308b\u304b\u3089\u5b89\u5168\u306a\u306e\u3067\u306f\u306a\u304f\u3001<span class=\"s2\"><b>\u898b\u3048\u306b\u304f\u3044\u7d4c\u8def\u3067\u91d1\u878d\u30b7\u30b9\u30c6\u30e0\u3068\u3064\u306a\u304c\u3063\u3066\u3044\u308b<\/b><\/span>\u70b9\u3082\u30ea\u30b9\u30af\u3067\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u305d\u3057\u3066\u6700\u5f8c\u306b\u3001\u300c\u9ad8\u5229\u56de\u308a\u306e\u7406\u7531\u300d\u3092\u5fd8\u308c\u306a\u3044\u3053\u3068\u3067\u3059\u3002\u5229\u56de\u308a\u304c\u9ad8\u3044\u306e\u306f\u3001\u5358\u306b\u512a\u79c0\u3060\u304b\u3089\u3067\u306f\u306a\u304f\u3001\u6d41\u52d5\u6027\u3092\u5dee\u3057\u51fa\u3057\u3001\u60c5\u5831\u306e\u5c11\u306a\u3055\u3092\u53d7\u3051\u5165\u308c\u3001\u4fe1\u7528\u30ea\u30b9\u30af\u3092\u53d6\u3063\u3066\u3044\u308b\u304b\u3089\u3067\u3059\u3002\u521d\u5fc3\u8005\u304c\u3053\u3053\u3092\u98db\u3070\u3057\u3066\u300c\u50b5\u5238\u3088\u308a\u9ad8\u304f\u3066\u3001\u682a\u3088\u308a\u5b89\u5b9a\u3057\u3066\u3044\u308b\u306a\u3089\u6700\u9ad8\u3067\u306f\u300d\u3068\u8003\u3048\u308b\u3068\u3001\u307b\u307c\u78ba\u5b9f\u306b\u8aa4\u89e3\u3057\u307e\u3059\u3002\u6295\u8cc7\u3067\u5927\u5207\u306a\u306e\u306f\u3001\u30ea\u30bf\u30fc\u30f3\u306e\u9ad8\u3055\u3067\u306f\u306a\u304f\u3001<span class=\"s2\"><b>\u305d\u306e\u30ea\u30bf\u30fc\u30f3\u306e\u4ee3\u511f\u3092\u7406\u89e3\u3059\u308b\u3053\u3068<\/b><\/span>\u3067\u3059\u3002\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306f\u307e\u3055\u306b\u305d\u306e\u5178\u578b\u3067\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<hr \/>\n<h2><b>\u7b2c5\u7ae0\u3000\u300c\u5024\u52d5\u304d\u304c\u5c0f\u3055\u3044\u300d\u306f\u672c\u5f53\u306b\u5b89\u5168\u3092\u610f\u5473\u3059\u308b\u306e\u304b<\/b><\/h2>\n<p class=\"p3\">\u6295\u8cc7\u521d\u5fc3\u8005\u304c\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u3067\u6700\u3082\u8aa4\u89e3\u3057\u3084\u3059\u3044\u306e\u306f\u3053\u3053\u3067\u3059\u3002<\/p>\n<p class=\"p3\">\u305f\u3068\u3048\u3070\u682a\u5f0f\u30d5\u30a1\u30f3\u30c9\u306f\u6bce\u65e5\u4fa1\u683c\u304c\u52d5\u304f\u306e\u3067\u3001\u4e0b\u304c\u308b\u3068\u3059\u3050\u4e0d\u5b89\u306b\u306a\u308a\u307e\u3059\u3002\u4e00\u65b9\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306f\u65e5\u3005\u306e\u5e02\u5834\u4fa1\u683c\u304c\u898b\u3048\u306b\u304f\u304f\u3001\u6708\u6b21\u3084\u56db\u534a\u671f\u30d9\u30fc\u30b9\u3067\u7de9\u3084\u304b\u306b\u8a55\u4fa1\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u305f\u3081\u3001\u898b\u305f\u76ee\u306b\u306f\u300c\u5b89\u5b9a\u3057\u3066\u3044\u308b\u300d\u3088\u3046\u306b\u611f\u3058\u3089\u308c\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u305d\u308c\u306f\u5fc5\u305a\u3057\u3082\u5b89\u5168\u6027\u306e\u9ad8\u3055\u3068\u540c\u7fa9\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002MSCI\u306f\u3001 private valuations \u304c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3084\u76f8\u95a2\u3001\u30c6\u30fc\u30eb\u30ea\u30b9\u30af\u3092\u904e\u5c0f\u8a55\u4fa1\u3055\u305b\u308b\u53ef\u80fd\u6027\u3092\u660e\u78ba\u306b\u6307\u6458\u3057\u3066\u3044\u307e\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u3053\u308c\u306f\u3001\u305f\u3068\u3048\u308b\u306a\u3089\u6bce\u65e5\u4f53\u91cd\u8a08\u306b\u4e57\u308b\u4eba\u3068\u3001\u6708\u306b\u4e00\u56de\u3057\u304b\u4e57\u3089\u306a\u3044\u4eba\u306e\u9055\u3044\u306b\u8fd1\u3044\u3067\u3059\u3002\u6bce\u65e5\u6e2c\u308c\u3070\u5897\u6e1b\u304c\u7d30\u304b\u304f\u898b\u3048\u307e\u3059\u304c\u3001\u6708\u4e00\u56de\u306a\u3089\u5909\u5316\u304c\u306a\u3060\u3089\u304b\u306b\u898b\u3048\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u3051\u308c\u3069\u3001\u5b9f\u969b\u306b\u4f53\u306e\u4e2d\u3067\u8d77\u304d\u3066\u3044\u308b\u5909\u5316\u304c\u5c11\u306a\u3044\u3068\u306f\u9650\u308a\u307e\u305b\u3093\u3002\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u3067\u3082\u540c\u3058\u3067\u3001\u501f\u308a\u624b\u4f01\u696d\u306e\u696d\u6cc1\u60aa\u5316\u3084\u8ca1\u52d9\u5236\u9650\u6761\u9805\u306e\u7de9\u307f\u3001\u518d\u7de8\u306e\u5fc5\u8981\u6027\u306a\u3069\u304c\u5185\u90e8\u3067\u9032\u3093\u3067\u3044\u3066\u3082\u3001\u65e5\u6b21\u4fa1\u683c\u306e\u3088\u3046\u306b\u306f\u8868\u306b\u51fa\u307e\u305b\u3093\u3002\u305d\u306e\u305f\u3081\u3001\u898b\u305f\u76ee\u306e\u5b89\u5b9a\u611f\u3060\u3051\u3092\u3082\u3068\u306b\u300c\u3053\u308c\u306f\u4f4e\u30ea\u30b9\u30af\u300d\u3068\u5224\u65ad\u3059\u308b\u306e\u306f\u5371\u967a\u3067\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u5b9f\u969b\u30012026\u5e744\u6708\u306b\u306fReuters\u304c\u3001\u7c73\u56fd\u306e\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u696d\u754c\u3067\u900f\u660e\u6027\u3084\u8a55\u4fa1\u3001AI\u306b\u3088\u308b\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u4f01\u696d\u3078\u306e\u5f71\u97ff\u306a\u3069\u3078\u306e\u61f8\u5ff5\u304b\u3089\u3001\u4e00\u90e8\u30d5\u30a1\u30f3\u30c9\u3067\u89e3\u7d04\u8acb\u6c42\u304c\u5897\u3048\u3066\u3044\u308b\u3068\u5831\u3058\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u3001\u3075\u3060\u3093\u306f\u9759\u304b\u306b\u898b\u3048\u308b\u5e02\u5834\u3067\u3082\u3001\u4e0d\u5b89\u6750\u6599\u304c\u5897\u3048\u308c\u3070\u8cc7\u91d1\u306e\u5f15\u304d\u63da\u3052\u5727\u529b\u304c\u4e00\u6c17\u306b\u9ad8\u307e\u308b\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u300c\u5e73\u5e38\u6642\u306e\u9759\u3051\u3055\u300d\u3068\u300c\u5371\u6a5f\u6642\u306e\u5f37\u3055\u300d\u306f\u5225\u7269\u306a\u306e\u3067\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u3060\u304b\u3089\u3053\u305d\u3001\u6295\u8cc7\u5bb6\u304c\u898b\u308b\u3079\u304d\u306f\u4fa1\u683c\u63a8\u79fb\u3060\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p class=\"p3\">\u30d5\u30a1\u30f3\u30c9\u306e\u69cb\u9020\u3001\u89e3\u7d04\u6761\u4ef6\u3001\u501f\u308a\u624b\u306e\u696d\u7a2e\u5206\u6563\u3001\u4e0a\u4f4d\u96c6\u4e2d\u5ea6\u3001LTV\u3084\u62c5\u4fdd\u3001\u518d\u7de8\u306e\u5b9f\u7e3e\u3001\u8a55\u4fa1\u4f53\u5236\u3001\u305d\u3057\u3066\u501f\u308a\u624b\u60aa\u5316\u6642\u306e\u5bfe\u5fdc\u7d4c\u9a13\u3067\u3059\u3002BlackRock\u3082\u3001\u8fd1\u5e74\u306e\u8cc7\u91d1\u6d41\u5165\u304c\u7279\u306b\u7d4c\u9a13\u8c4a\u5bcc\u3067\u8907\u6570\u30d3\u30f3\u30c6\u30fc\u30b8\u3092\u6301\u3064\u904b\u7528\u8005\u306b\u96c6\u4e2d\u3057\u3066\u3044\u308b\u3068\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\u3002\u5e02\u5834\u304c\u5927\u304d\u304f\u306a\u308b\u307b\u3069\u3001\u300c\u3069\u306e\u30d5\u30a1\u30f3\u30c9\u3067\u3082\u540c\u3058\u300d\u3067\u306f\u306a\u304f\u3001\u300c\u8ab0\u304c\u904b\u7528\u3057\u3066\u3044\u308b\u304b\u300d\u306e\u5dee\u304c\u5927\u304d\u304f\u306a\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<div class=\"xcd-attention-8 xcd-col5 xcd-ripple\">\n<div class=\"xcd-title\">\u30d7\u30ed\u306e\u77e5\u8b58\u304c\u7121\u6599\u3067\u5b66\u3079\u307e\u3059<\/div>\n<div class=\"xcd-content\">\n<p><strong>\u300c\u6295\u8cc7\u306e\u52c9\u5f37\u3092\u4f55\u304b\u3089\u3084\u3063\u3066\u3044\u3044\u304b\u308f\u304b\u3089\u306a\u3044\u300d\u300c\u6295\u8cc7\u3067\u8cc7\u7523\u3092\u4f5c\u308a\u305f\u3044\u3001\u53ce\u5165\u3092\u5897\u3084\u3057\u305f\u3044\u300d<\/strong><\/p>\n<p>\u305d\u3093\u306a\u6642\u306f<b><span class=\"f-marker-p\">\u7121\u6599\u3067\u8996\u8074\u3067\u304d\u308b\u30aa\u30f3\u30e9\u30a4\u30f3\u8b1b\u5ea7\u300c<a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=16989&amp;utm_content=16989\">GFS\u76e3\u4fee \u6295\u8cc7\u306e\u9054\u4eba\u8b1b\u5ea7<\/a>\u300d\u3092\u307e\u305a\u306f\u304a\u8a66\u3057\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/span><\/b><\/p>\n<p>\u6295\u8cc7\u306e\u9054\u4eba\u306b\u306a\u308b\u6295\u8cc7\u8b1b\u5ea7\u306f\u3001\u751f\u5f92\u657050,000\u4eba\u3092\u8d85\u3048\u8b1b\u7fa9\u6570\u65e5\u672c\u4e00\u306e\u6295\u8cc7\u30b9\u30af\u30fc\u30eb<a href=\"https:\/\/gfs.tokyo\/\">GFS<\/a>\u304c\u63d0\u4f9b\u3059\u308b\u7121\u6599\u30aa\u30f3\u30e9\u30a4\u30f3\u8b1b\u5ea7\u3067\u3059\u3002\u30d7\u30ed\u306e\u6295\u8cc7\u5bb6\u3067\u3042\u308b\u8b1b\u5e2b\u304c\u3001\u672a\u7d4c\u9a13\u8005\u3084\u82e6\u624b\u610f\u8b58\u304c\u3042\u308b\u4eba\u3067\u3082\u5206\u304b\u308b\u3088\u3046\u306b\u3001\u6295\u8cc7\u306e\u4ed5\u7d44\u307f\u3084\u5168\u4f53\u50cf\u3001\u30eb\u30fc\u30eb\u3092\u57fa\u790e\u304b\u3089\u56f3\u89e3\u3092\u4ea4\u3048\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<p>\u6295\u8cc7\u306e\u52c9\u5f37\u3092\u306a\u308b\u3079\u304f\u52b9\u7387\u3088\u304f\u59cb\u3081\u305f\u3044\u4eba\u306f\u3001\u305c\u3072\u4e00\u5ea6\u3054\u8996\u8074\u304f\u3060\u3055\u3044\u3002<\/p>\n<div class=\"cv-btn-wrap\">\n<div class=\"cv-copy\" style=\"text-align: center;\"><strong><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=16989&amp;utm_content=16989\">\uff3c1\u5206\u3067\u7c21\u5358\u7533\u8fbc\uff0f<\/a><\/strong><\/div>\n<div class=\"cv-btn\" style=\"text-align: center;\"><strong><span class=\"cv-em\">\u7121\u6599<\/span><\/strong><br \/>\n<strong><span class=\"cv-text\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=16989&amp;utm_content=16989\n\">\u30aa\u30f3\u30e9\u30a4\u30f3\u8b1b\u5ea7\u306f\u3053\u3061\u3089<\/a><\/span><\/strong><\/div>\n<\/div>\n<\/div>\n<\/div>\n<hr \/>\n<h2><b>\u7b2c6\u7ae0\u3000\u6295\u8cc7\u521d\u5fc3\u8005\u306f\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306b\u3069\u3046\u5411\u304d\u5408\u3046\u3079\u304d\u304b<\/b><\/h2>\n<p class=\"p3\">\u3067\u306f\u3001\u521d\u5fc3\u8005\u306f\u3053\u306e\u5206\u91ce\u306b\u3069\u3046\u5411\u304d\u5408\u3048\u3070\u3044\u3044\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<p class=\"p3\">\u7d50\u8ad6\u304b\u3089\u8a00\u3046\u3068\u3001\u6700\u521d\u306e\u5411\u304d\u5408\u3044\u65b9\u306f\u300c\u3059\u3050\u8cb7\u3046\u300d\u3067\u306f\u306a\u304f\u3001<span class=\"s2\"><b>\u4ed5\u7d44\u307f\u3092\u7406\u89e3\u3057\u3001\u81ea\u5206\u306e\u8cc7\u7523\u5168\u4f53\u306e\u4e2d\u3067\u3069\u3093\u306a\u5f79\u5272\u3092\u6301\u305f\u305b\u308b\u304b\u3092\u8003\u3048\u308b<\/b><\/span>\u3053\u3068\u3067\u3059\u3002\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306f\u3001\u682a\u306e\u4ee3\u308f\u308a\u3067\u3082\u306a\u3051\u308c\u3070\u3001\u9810\u91d1\u306e\u4ee3\u308f\u308a\u3067\u3082\u3042\u308a\u307e\u305b\u3093\u3002\u9ad8\u3044\u5229\u56de\u308a\u304c\u898b\u3048\u308b\u3076\u3093\u3001\u6d41\u52d5\u6027\u3084\u900f\u660e\u6027\u3067\u8b72\u6b69\u3057\u3066\u3044\u308b\u8cc7\u7523\u3067\u3042\u308a\u3001\u307e\u305a\u306f\u305d\u306e\u7acb\u3061\u4f4d\u7f6e\u3092\u6b63\u3057\u304f\u7406\u89e3\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u7b2c\u4e00\u306b\u3001\u751f\u6d3b\u9632\u885b\u8cc7\u91d1\u3084\u8fd1\u3044\u5c06\u6765\u4f7f\u3046\u304a\u91d1\u3092\u7f6e\u304f\u5834\u6240\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p class=\"p3\">\u89e3\u7d04\u306b\u5236\u9650\u304c\u3042\u308b\u5546\u54c1\u3084\u3001\u58f2\u5374\u4fa1\u683c\u304c\u6025\u306b\u898b\u3048\u306b\u304f\u304f\u306a\u308b\u5546\u54c1\u306b\u3001\u624b\u5143\u8cc7\u91d1\u306e\u4e2d\u5fc3\u3092\u7f6e\u304f\u306e\u306f\u5408\u7406\u7684\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002SEC\u306e\u6295\u8cc7\u5bb6\u5411\u3051\u8b70\u8ad6\u3067\u3082\u3001 private market assets \u306b\u306f\u6d41\u52d5\u6027\u306e\u4f4e\u3055\u3001\u958b\u793a\u306e\u9650\u5b9a\u6027\u3001\u8a55\u4fa1\u306e\u4e3b\u89b3\u6027\u306a\u3069\u3001\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\u7406\u89e3\u3059\u3079\u304d\u7279\u6709\u306e\u30ea\u30b9\u30af\u304c\u6319\u3052\u3089\u308c\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u521d\u5fc3\u8005\u304c\u3053\u306e\u5206\u91ce\u306b\u89e6\u308c\u308b\u3068\u3057\u3066\u3082\u3001\u307e\u305a\u306f\u300c\u306a\u304f\u306a\u3063\u3066\u56f0\u308b\u304a\u91d1\u300d\u3067\u306f\u306a\u304f\u3001\u9577\u671f\u3067\u5bdd\u304b\u305b\u3089\u308c\u308b\u4f59\u88d5\u8cc7\u91d1\u306e\u7bc4\u56f2\u3067\u8003\u3048\u308b\u306e\u304c\u57fa\u672c\u3067\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u7b2c\u4e8c\u306b\u3001\u300c\u9ad8\u5229\u56de\u308a\u3060\u304b\u3089\u5c11\u984d\u3067\u3082\u4f55\u304b\u8cb7\u3063\u3066\u307f\u305f\u3044\u300d\u3068\u3044\u3046\u767a\u60f3\u306f\u5c11\u3057\u5371\u967a\u3067\u3059\u3002<\/p>\n<p class=\"p3\">\u306a\u305c\u306a\u3089\u3001\u500b\u4eba\u5411\u3051\u306b\u30a2\u30af\u30bb\u30b9\u53ef\u80fd\u306a\u5668\u3068\u3057\u3066\u51fa\u3066\u304f\u308b\u5546\u54c1\u306f\u3001\u30d5\u30a1\u30f3\u30c9\u672c\u4f53\u305d\u306e\u3082\u306e\u3067\u306f\u306a\u304f\u3001\u4e0a\u5834\u30d3\u30fc\u30af\u30eb\u3001BDC\u3001\u79c1\u52df\u5546\u54c1\u3001\u307e\u305f\u306f\u904b\u7528\u4f1a\u793e\u306e\u682a\u5f0f\u306a\u3069\u3001\u5165\u53e3\u3054\u3068\u306b\u6027\u8cea\u304c\u304b\u306a\u308a\u7570\u306a\u308b\u304b\u3089\u3067\u3059\u3002\u5165\u53e3\u304c\u9055\u3048\u3070\u3001\u6d41\u52d5\u6027\u3082\u3001\u624b\u6570\u6599\u3082\u3001\u7a0e\u5236\u3082\u3001\u5024\u52d5\u304d\u3082\u9055\u3044\u307e\u3059\u3002\u521d\u5fc3\u8005\u306b\u3068\u3063\u3066\u5927\u4e8b\u306a\u306e\u306f\u3001\u300c\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u305d\u306e\u3082\u306e\u306b\u6295\u8cc7\u3057\u3066\u3044\u308b\u306e\u304b\u300d\u300c\u305d\u306e\u904b\u7528\u4f1a\u793e\u306b\u6295\u8cc7\u3057\u3066\u3044\u308b\u306e\u304b\u300d\u300c\u4e0a\u5834\u306e\u5668\u3092\u901a\u3058\u3066\u9593\u63a5\u6295\u8cc7\u3057\u3066\u3044\u308b\u306e\u304b\u300d\u3092\u5206\u3051\u3066\u8003\u3048\u308b\u3053\u3068\u3067\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u7b2c\u4e09\u306b\u3001\u307e\u305a\u306f\u516c\u958b\u5e02\u5834\u306b\u3042\u308b\u985e\u4f3c\u30c6\u30fc\u30de\u304b\u3089\u5b66\u3076\u306e\u3082\u6709\u52b9\u3067\u3059\u3002<\/p>\n<p class=\"p3\">\u305f\u3068\u3048\u3070\u3001\u9ad8\u914d\u5f53\u793e\u50b5ETF\u3001\u77ed\u671f\u793e\u50b5\u3001\u9280\u884c\u682a\u3001\u8cc7\u7523\u904b\u7528\u4f1a\u793e\u682a\u3001\u3042\u308b\u3044\u306f\u4e0a\u5834\u3055\u308c\u3066\u3044\u308b\u30af\u30ec\u30b8\u30c3\u30c8\u95a2\u9023\u30d3\u30fc\u30af\u30eb\u306a\u3069\u3067\u3059\u3002\u3082\u3061\u308d\u3093\u30ea\u30b9\u30af\u7279\u6027\u306f\u540c\u3058\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u91d1\u5229\u3001\u4fe1\u7528\u3001\u666f\u6c17\u654f\u611f\u5ea6\u3001\u8cc7\u91d1\u6d41\u5165\u51fa\u306e\u8003\u3048\u65b9\u3092\u5b66\u3076\u5165\u53e3\u306b\u306f\u306a\u308a\u307e\u3059\u3002\u3044\u304d\u306a\u308a\u6700\u3082\u8907\u96d1\u306a\u79c1\u52df\u5e02\u5834\u3078\u9032\u3080\u3088\u308a\u3001\u307e\u305a\u306f\u516c\u958b\u5e02\u5834\u3067\u4ed5\u7d44\u307f\u3092\u7406\u89e3\u3057\u3001\u305d\u306e\u3046\u3048\u3067\u5fc5\u8981\u306a\u3089\u4e00\u6bb5\u6df1\u304f\u898b\u308b\u3002\u3053\u306e\u9806\u756a\u306e\u65b9\u304c\u521d\u5fc3\u8005\u306b\u306f\u5b89\u5168\u3067\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u7b2c\u56db\u306b\u3001\u4eca\u306f\u300c\u30d6\u30fc\u30e0\u3060\u304b\u3089\u3053\u305d\u614e\u91cd\u306b\u300d\u304c\u5927\u4e8b\u3067\u3059\u3002<\/p>\n<p class=\"p3\">Reuters\u306f2026\u5e744\u6708\u3001\u65e5\u672c\u306e\u91d1\u878d\u5e81\u304c\u4e16\u754c\u7684\u306a\u30b9\u30c8\u30ec\u30b9\u3092\u53d7\u3051\u3066\u56fd\u5185\u5927\u624b\u91d1\u878d\u6a5f\u95a2\u306e\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u70b9\u691c\u3057\u3066\u3044\u308b\u3068\u5831\u3058\u307e\u3057\u305f\u3002\u65e5\u672c\u306e\u5e02\u5834\u81ea\u4f53\u306f\u307e\u3060\u5927\u304d\u304f\u306a\u3044\u3082\u306e\u306e\u3001\u6d77\u5916\u30d5\u30a1\u30f3\u30c9\u3078\u306e\u878d\u8cc7\u3084\u6295\u8cc7\u3092\u901a\u3058\u3066\u63a5\u70b9\u304c\u5897\u3048\u3066\u3044\u308b\u304b\u3089\u3067\u3059\u3002\u3053\u308c\u306f\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u304c\u3082\u306f\u3084\u4e00\u90e8\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u3060\u3051\u306e\u9060\u3044\u4e16\u754c\u3067\u306f\u306a\u304f\u3001\u65e5\u672c\u306e\u91d1\u878d\u30b7\u30b9\u30c6\u30e0\u306b\u3068\u3063\u3066\u3082\u7121\u95a2\u4fc2\u3067\u306f\u306a\u304f\u306a\u3063\u3066\u3044\u308b\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u6ce8\u76ee\u5ea6\u304c\u9ad8\u3044\u30c6\u30fc\u30de\u307b\u3069\u3001\u51b7\u9759\u306a\u78ba\u8a8d\u304c\u5fc5\u8981\u3067\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<hr \/>\n<h2><b>\u7b2c7\u7ae0\u3000\u7d50\u5c40\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u30d5\u30a1\u30f3\u30c9\u306f\u300c\u8cb7\u3044\u300d\u306a\u306e\u304b<\/b><\/h2>\n<p class=\"p3\">\u3053\u3053\u307e\u3067\u8aad\u3093\u3067\u3001\u300c\u3067\u3001\u7d50\u5c40\u3069\u3046\u306a\u306e\u304b\u300d\u3068\u601d\u3046\u306f\u305a\u3067\u3059\u3002<\/p>\n<p class=\"p3\">\u305d\u306e\u7b54\u3048\u306f\u3068\u3066\u3082\u6295\u8cc7\u7684\u3067\u3001\u5c11\u3057\u5730\u5473\u3067\u3059\u3002<\/p>\n<p class=\"p4\"><b>\u826f\u3044\u8cc7\u7523\u30af\u30e9\u30b9\u3067\u306f\u3042\u308b\u304c\u3001\u8ab0\u306b\u3067\u3082\u3001\u3069\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u3082\u3001\u3069\u306e\u5668\u3067\u3082\u5411\u3044\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u306a\u3044<\/b><span class=\"s4\">\u3002\u3053\u308c\u304c\u6700\u3082\u6b63\u78ba\u306a\u7b54\u3048\u3067\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u304c\u9b45\u529b\u7684\u306a\u306e\u306f\u4e8b\u5b9f\u3067\u3059\u3002<\/p>\n<p class=\"p3\">\u4f01\u696d\u91d1\u878d\u306e\u5909\u5316\u3068\u3044\u3046\u69cb\u9020\u7684\u8ffd\u3044\u98a8\u304c\u3042\u308a\u3001\u30a4\u30f3\u30ab\u30e0\u3092\u91cd\u8996\u3059\u308b\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306f\u6709\u529b\u306a\u9078\u629e\u80a2\u3067\u3042\u308a\u3001\u3046\u307e\u304f\u7d44\u6210\u30fb\u7ba1\u7406\u3055\u308c\u305f\u30ed\u30fc\u30f3\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u682a\u5f0f\u3068\u306f\u7570\u306a\u308b\u30ea\u30bf\u30fc\u30f3\u6e90\u6cc9\u3092\u6301\u3061\u3048\u307e\u3059\u3002\u3055\u3089\u306b\u3001\u7d4c\u9a13\u3042\u308b\u904b\u7528\u8005\u304c\u6848\u4ef6\u9078\u5225\u3084\u30ea\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30ea\u30f3\u30b0\u3092\u901a\u3058\u3066\u8d85\u904e\u53ce\u76ca\u3092\u72d9\u3048\u308b\u4f59\u5730\u3082\u3042\u308a\u307e\u3059\u3002\u3060\u304b\u3089\u3053\u305d\u3001\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u8cc7\u91d1\u304c\u9577\u5e74\u6d41\u5165\u3057\u3066\u304d\u305f\u308f\u3051\u3067\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u3057\u304b\u3057\u540c\u6642\u306b\u3001\u900f\u660e\u6027\u3001\u6d41\u52d5\u6027\u3001\u8a55\u4fa1\u3001\u4fe1\u7528\u60aa\u5316\u6642\u306e\u640d\u5931\u306e\u898b\u3048\u65b9\u3001\u6295\u8cc7\u5bb6\u306e\u89e3\u7d04\u884c\u52d5\u3068\u3044\u3063\u305f\u554f\u984c\u3082\u3042\u308a\u307e\u3059\u3002IMF\u3084FCA\u3001Fed\u304c\u305d\u308d\u3063\u3066\u76e3\u8996\u3084\u8a55\u4fa1\u4f53\u5236\u306e\u91cd\u8981\u6027\u3092\u5f37\u8abf\u3057\u3066\u3044\u308b\u306e\u306f\u3001\u3053\u306e\u5206\u91ce\u304c\u5358\u7d14\u306a\u300c\u9ad8\u5229\u56de\u308a\u306e\u5b9d\u7bb1\u300d\u3067\u306f\u306a\u3044\u304b\u3089\u3067\u3059\u3002\u5e02\u5834\u304c\u5927\u304d\u304f\u306a\u308c\u3070\u306a\u308b\u307b\u3069\u3001\u8cc7\u7523\u30af\u30e9\u30b9\u5168\u4f53\u306e\u9b45\u529b\u3067\u306f\u306a\u304f\u3001<span class=\"s2\"><b>\u3069\u306e\u6226\u7565\u3067\u3001\u3069\u306e\u904b\u7528\u8005\u304c\u3001\u3069\u3093\u306a\u6761\u4ef6\u3067\u8cb8\u3057\u3066\u3044\u308b\u304b<\/b><\/span>\u306e\u5dee\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u3060\u304b\u3089\u3001\u6295\u8cc7\u521d\u5fc3\u8005\u304c\u4eca\u3059\u3050\u6301\u3064\u3079\u304d\u8996\u70b9\u306f\u3001\u300c\u5229\u56de\u308a\u304c\u9ad8\u3044\u304b\u3089\u8cb7\u3046\u300d\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p class=\"p3\">\u305d\u3046\u3067\u306f\u306a\u304f\u3001<\/p>\n<p class=\"p4\"><b>\u306a\u305c\u9ad8\u3044\u306e\u304b<\/b><b><\/b><\/p>\n<p class=\"p4\"><b>\u4f55\u3092\u5dee\u3057\u51fa\u3057\u3066\u3044\u308b\u306e\u304b<\/b><b><\/b><\/p>\n<p class=\"p4\"><b>\u3069\u3093\u306a\u5c40\u9762\u3067\u50b7\u3080\u306e\u304b<\/b><b><\/b><\/p>\n<p class=\"p4\"><b>\u81ea\u5206\u306e\u8cc7\u7523\u914d\u5206\u306e\u4e2d\u3067\u672c\u5f53\u306b\u5fc5\u8981\u304b<\/b><b><\/b><\/p>\n<p class=\"p3\">\u3053\u306e\u56db\u3064\u3092\u8003\u3048\u308b\u3053\u3068\u3067\u3059\u3002\u3053\u3053\u3092\u98db\u3070\u3057\u3066\u5546\u54c1\u6bd4\u8f03\u3060\u3051\u59cb\u3081\u308b\u3068\u3001\u305f\u3044\u3066\u3044\u5931\u6557\u3057\u307e\u3059\u3002\u9006\u306b\u3001\u3053\u3053\u3092\u62bc\u3055\u3048\u305f\u4e0a\u3067\u30a2\u30af\u30bb\u30b9\u624b\u6bb5\u3092\u9078\u3079\u308b\u306a\u3089\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306f\u304b\u306a\u308a\u9762\u767d\u3044\u5b66\u7fd2\u30c6\u30fc\u30de\u306b\u306a\u308a\u307e\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<hr \/>\n<h2><b>\u304a\u308f\u308a\u306b\u3000\u3058\u3083\u3042\u3001\u3069\u3046\u3059\u308b\uff1f<\/b><\/h2>\n<p class=\"p3\">\u3067\u306f\u3001\u3069\u3046\u3059\u308b\u304b\u3002<\/p>\n<p class=\"p3\">\u304a\u3059\u3059\u3081\u306f\u30b7\u30f3\u30d7\u30eb\u3067\u3059\u3002<\/p>\n<p class=\"p3\">\u307e\u305a\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u3092\u300c\u9ad8\u5229\u56de\u308a\u5546\u54c1\u300d\u3068\u3057\u3066\u3067\u306f\u306a\u304f\u3001<span class=\"s2\"><b>\u4f01\u696d\u3078\u306e\u975e\u516c\u958b\u878d\u8cc7\u3092\u901a\u3058\u305f\u4fe1\u7528\u6295\u8cc7<\/b><\/span>\u3068\u3057\u3066\u7406\u89e3\u3057\u3066\u304f\u3060\u3055\u3044\u3002\u3053\u308c\u3060\u3051\u3067\u3001\u30cb\u30e5\u30fc\u30b9\u306e\u898b\u3048\u65b9\u304c\u304b\u306a\u308a\u5909\u308f\u308a\u307e\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u6b21\u306b\u3001\u5546\u54c1\u3092\u898b\u308b\u524d\u306b\u3001<\/p>\n<p class=\"p3\">\u300c\u89e3\u7d04\u6761\u4ef6\u306f\u3069\u3046\u306a\u3063\u3066\u3044\u308b\u304b\u300d<\/p>\n<p class=\"p3\">\u300c\u4fa1\u683c\u306f\u3069\u3046\u8a55\u4fa1\u3055\u308c\u3066\u3044\u308b\u304b\u300d<\/p>\n<p class=\"p3\">\u300c\u501f\u308a\u624b\u306f\u3069\u3093\u306a\u4f01\u696d\u304b\u300d<\/p>\n<p class=\"p3\">\u300c\u62c5\u4fdd\u3084\u512a\u5148\u9806\u4f4d\u306f\u3069\u3046\u304b\u300d<\/p>\n<p class=\"p3\">\u300c\u904b\u7528\u8005\u306f\u4e0d\u6cc1\u671f\u306e\u5bfe\u5fdc\u5b9f\u7e3e\u304c\u3042\u308b\u304b\u300d<\/p>\n<p class=\"p3\">\u3053\u306e\u3042\u305f\u308a\u3092\u5148\u306b\u78ba\u8a8d\u3059\u308b\u7656\u3092\u3064\u3051\u3066\u304f\u3060\u3055\u3044\u3002\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u3067\u306f\u3001\u3053\u306e\u9806\u756a\u304c\u975e\u5e38\u306b\u91cd\u8981\u3067\u3059\u3002<span class=\"Apple-converted-space\">\u00a0 <\/span><span class=\"s3\"><\/span><\/p>\n<p class=\"p3\">\u305d\u3057\u3066\u6700\u5f8c\u306b\u3001\u521d\u5fc3\u8005\u306e\u3046\u3061\u306f\u3001\u3044\u304d\u306a\u308a\u6df1\u304f\u5165\u308b\u3088\u308a\u3001\u307e\u305a\u306f<span class=\"s2\"><b>\u516c\u958b\u5e02\u5834\u306e\u30af\u30ec\u30b8\u30c3\u30c8\u5546\u54c1\u3084\u904b\u7528\u4f1a\u793e\u3092\u901a\u3058\u3066\u3001\u91d1\u5229\u3068\u4fe1\u7528\u306e\u95a2\u4fc2\u3092\u5b66\u3076<\/b><\/span>\u3068\u3053\u308d\u304b\u3089\u59cb\u3081\u308b\u306e\u304c\u73fe\u5b9f\u7684\u3067\u3059\u3002\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306f\u305f\u3057\u304b\u306b\u9b45\u529b\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u305d\u308c\u306f\u300c\u898b\u3048\u306b\u304f\u3044\u30ea\u30b9\u30af\u3092\u7406\u89e3\u3067\u304d\u308b\u4eba\u300d\u306b\u3068\u3063\u3066\u306e\u9b45\u529b\u3067\u3082\u3042\u308a\u307e\u3059\u3002\u898b\u3048\u306b\u304f\u3044\u3082\u306e\u3092\u898b\u3048\u308b\u3088\u3046\u306b\u3059\u308b\u3002\u305d\u308c\u304c\u6295\u8cc7\u3067\u4e00\u756a\u5927\u5207\u306a\u59ff\u52e2\u3067\u3059\u3002<\/p>\n<h3 data-path-to-node=\"4\">\u3010\u91cd\u8981\u3011\u514d\u8cac\u4e8b\u9805<\/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\">\u6295\u8cc7\u5224\u65ad\u306e\u6700\u7d42\u8cac\u4efb\uff1a<\/b> \u672c\u8a18\u4e8b\u3067\u7d39\u4ecb\u3057\u3066\u3044\u308b\u9298\u67c4\u3084\u30bb\u30af\u30bf\u30fc\u3001\u5206\u6790\u5185\u5bb9\u306f\u3001\u60c5\u5831\u63d0\u4f9b\u304a\u3088\u3073\u5b66\u7fd2\u306e\u5553\u767a\u306e\u307f\u3092\u76ee\u7684\u3068\u3057\u3066\u304a\u308a\u3001\u7279\u5b9a\u306e\u9298\u67c4\u306e\u58f2\u8cb7\u3092\u63a8\u5968\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u6295\u8cc7\u306b\u95a2\u3059\u308b\u6700\u7d42\u6c7a\u5b9a\u306f\u3001\u5fc5\u305a\u3054\u81ea\u8eab\u306e\u5224\u65ad\u3068\u8cac\u4efb\u3067\u884c\u3063\u3066\u304f\u3060\u3055\u3044\u3002<\/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\">\u6210\u679c\u306e\u975e\u4fdd\u8a3c\uff1a<\/b> \u904e\u53bb\u306e\u30c7\u30fc\u30bf\u3084\u4e88\u6e2c\u306f\u3001\u5c06\u6765\u306e\u6295\u8cc7\u6210\u679c\u3092\u4fdd\u8a3c\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5e02\u5834\u74b0\u5883\u306e\u5909\u5316\u306b\u3088\u308a\u3001\u8cc7\u7523\u304c\u6e1b\u5c11\u3059\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\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\">\u60c5\u5831\u306e\u6b63\u78ba\u6027\uff1a<\/b> 2026\u5e742\u6708\u6642\u70b9\u306e\u60c5\u5831\u306b\u57fa\u3065\u304d\u4f5c\u6210\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u305d\u306e\u6b63\u78ba\u6027\u3084\u5b8c\u5168\u6027\u3092\u4fdd\u8a3c\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u6700\u65b0\u306e\u696d\u7e3e\u3084\u30cb\u30e5\u30fc\u30b9\u306f\u3001\u5fc5\u305a\u5404\u4f01\u696d\u306eIR\u30b5\u30a4\u30c8\u3084\u4e00\u6b21\u8cc7\u6599\u3067\u3054\u78ba\u8a8d\u304f\u3060\u3055\u3044\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"5,3,0\"><b data-path-to-node=\"5,3,0\" data-index-in-node=\"0\">\u640d\u5931\u306e\u88dc\u511f\uff1a<\/b> \u672c\u8a18\u4e8b\u306e\u5185\u5bb9\u306b\u57fa\u3065\u3044\u3066\u88ab\u3063\u305f\u3044\u304b\u306a\u308b\u640d\u5bb3\uff08\u76f4\u63a5\u7684\u30fb\u9593\u63a5\u7684\u3092\u554f\u308f\u305a\uff09\u306b\u3064\u3044\u3066\u3082\u3001\u7b46\u8005\u306f\u4e00\u5207\u306e\u8cac\u4efb\u3092\u8ca0\u3044\u307e\u305b\u3093\u3002<\/p>\n<\/li>\n<\/ul>\n<div>\n<div class=\"attention a-1\">\n<p style=\"text-align: left;\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa.jpg\" alt=\"\u76e3\u4fee\u8005\uff1a\u5e02\u5ddd\u96c4\u4e00\u90ce\" width=\"110\" height=\"110\" class=\"wp-image-2102 alignnone\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa.jpg 700w, 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<p>\u5931\u6557\u3092\u306a\u308b\u3079\u304f\u6e1b\u3089\u3057\u682a\u5f0f\u6295\u8cc7\u3067\u6210\u529f\u3059\u308b\u305f\u3081\u306b\u306f\u3068\u306b\u304b\u304f\u52c9\u5f37\u304c\u5fc5\u8981\u3067\u3059\u3002<br \/>\n\u52c9\u5f37\u3059\u308b\u65b9\u6cd5\u306f\u8272\u3005\u3042\u308a\u307e\u3059\u304c\u3001\u682a\u5f0f\u6295\u8cc7\u306b\u7cbe\u901a\u3057\u305f\u30bb\u30df\u30ca\u30fc\u306b\u53c2\u52a0\u3059\u308b\u306e\u3082\u3072\u3068\u3064\u306e\u624b\u3067\u3059\u3002<\/p>\n<p><span style=\"font-size: 16px; color: #333333;\">\u304a\u3059\u3059\u3081\u306e\u30bb\u30df\u30ca\u30fc\u3068\u3057\u3066\u79c1\u305f\u3061GFS\u304c\u7121\u6599\u516c\u958b\u3057\u3066\u3044\u308b<a href=\"https:\/\/toushi-up.com\/ow\/05.html?argument=XJhet6w1&amp;dmai=a61fa3c06f5c63\">\u300c<\/a><\/span><a href=\"https:\/\/toushi-up.com\/ow\/05.html?argument=XJhet6w1&amp;dmai=a64e31f9ee75a0\" target=\"_blank\" rel=\"noopener\">\u6295\u8cc7\u306e\u9054\u4eba\u8b1b\u5ea7<\/a>\u300d\u3092\u3054\u7d39\u4ecb\u3057\u307e\u3059\u3002<br \/>\n\u300c\u6295\u8cc7\u306e\u9054\u4eba\u8b1b\u5ea7\u300d\u306b\u53c2\u52a0\u3059\u308b\u3053\u3068\u3067\u4e0b\u8a18\u306e\u3088\u3046\u306a\u5185\u5bb9\u3092\u5b66\u3076\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<div class=\"attention a-2\">\n<ul>\n<li>100\u4e07\u5186\u3067\u3082\u52dd\u7387\u306e\u9ad8\u3044\u682a\u5f0f\u6295\u8cc7\u624b\u6cd5<\/li>\n<li>\u5b9f\u7e3e\u3042\u308b\u30d7\u30ed\u306e\u682a\u5f0f\u6295\u8cc7\u5bb6\u306e\u8003\u3048\u65b9\u3084\u6226\u7565<\/li>\n<li>\u682a\u5f0f\u6295\u8cc7\u306e\u5931\u6557\u3092\u6e1b\u3089\u3059\u7acb\u3061\u307e\u308f\u308a\u65b9<\/li>\n<\/ul>\n<\/div>\n<p>\u4e0a\u8a18\u306f\u307b\u3093\u306e\uff11\u4f8b\u3067\u3059\u304c\u3001\u4ed6\u306b\u3082\u682a\u5f0f\u6295\u8cc7\u306b\u5f79\u7acb\u3064\u77e5\u8b58\u304c\u6570\u591a\u304f\u5b66\u3079\u307e\u3059\u3002\u682a\u5f0f\u6295\u8cc7\u3067\u6210\u529f\u3059\u308b\u306b\u306f\u682a\u306e\u672c\u8cea\u3092\u5b66\u3076\u3053\u3068\u304c\u4e00\u756a\u306e\u8fd1\u9053\u3067\u3059\u3002\u6b63\u3057\u3044\u77e5\u8b58\u3092\u8eab\u306b\u3064\u3051\u3001\u682a\u5f0f\u6295\u8cc7\u3067\u3057\u3063\u304b\u308a\u3068\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u304f\u305f\u3081\u306b\u3001\u305c\u3072\u3054\u8996\u8074\u304f\u3060\u3055\u3044\u3002<\/p>\n<div class=\"xcd-btn-2 xcd-ripple xcd-col4\">\n<div class=\"xcd-btn-inner\">\n<a href=\"https:\/\/toushi-up.com\/ow\/05.html?argument=XJhet6w1&amp;dmai=a64e31f9ee75a0\" class=\"xcd-btn-title\">\u7121\u6599\u3067\u8b1b\u5ea7\u3092\u8996\u8074\u3059\u308b<\/a><\/div>\n<\/div>\n<div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u9ad8\u5229\u56de\u308a\u306b\u898b\u3048\u308b\u3053\u306e\u6295\u8cc7\u30c6\u30fc\u30de\u3092\u3001\u521d\u5fc3\u8005\u306f\u3069\u3046\u8003\u3048\u308b\u3079\u304d\u304b \u306f\u3058\u3081\u306b \u6700\u8fd1\u3001\u91d1\u878d\u30cb\u30e5\u30fc\u30b9\u3084\u904b\u7528\u4f1a\u793e\u306e\u30ec\u30dd\u30fc\u30c8\u3067\u300c\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u300d\u3068\u3044\u3046\u8a00\u8449\u3092\u76ee\u306b\u3059\u308b\u6a5f\u4f1a\u304c\u304b\u306a\u308a\u5897\u3048\u307e\u3057\u305f\u3002\u80cc\u666f\u306b\u306f\u3001\u9280\u884c\u3067\u306f\u306a\u304f\u30ce\u30f3\u30d0\u30f3\u30af\u306e\u904b\u7528\u4f1a [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":21668,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[13,10,12],"acf":[],"_links":{"self":[{"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/posts\/21665"}],"collection":[{"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/comments?post=21665"}],"version-history":[{"count":2,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/posts\/21665\/revisions"}],"predecessor-version":[{"id":21675,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/posts\/21665\/revisions\/21675"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/media\/21668"}],"wp:attachment":[{"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/media?parent=21665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/categories?post=21665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}