{"id":30766,"date":"2026-09-10T11:04:18","date_gmt":"2026-09-10T02:04:18","guid":{"rendered":"https:\/\/official.gfs.tokyo\/blog\/?p=30766"},"modified":"2026-09-10T11:04:18","modified_gmt":"2026-09-10T02:04:18","slug":"ue-the-historical-turning-point-of-the-yen-carry-trade-and-the-japanese-market","status":"publish","type":"post","link":"https:\/\/official.gfs.tokyo\/blog\/ue-the-historical-turning-point-of-the-yen-carry-trade-and-the-japanese-market","title":{"rendered":"\u3010\u521d\u5fc3\u8005\u5411\u3051\u89e3\u8aac\u3011\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u306e\u6b74\u53f2\u7684\u8ee2\u6a5f\u3068\u65e5\u672c\u5e02\u5834\u306b\u304a\u3051\u308b\u65b0\u305f\u306a\u6295\u8cc7\u6a5f\u4f1a\u306e\u5275\u51fa"},"content":{"rendered":"<h2 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\/>\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>\n<h2 data-path-to-node=\"2\">\u7b2c1\u7ae0\uff1a\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u306e\u57fa\u672c\u69cb\u9020\u3068\u30e1\u30ab\u30cb\u30ba\u30e0<\/h2>\n<p data-path-to-node=\"3\">\u91d1\u878d\u5e02\u5834\u3084\u7d4c\u6e08\u30cb\u30e5\u30fc\u30b9\u3067\u983b\u7e41\u306b\u8033\u306b\u3059\u308b\u300c\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\uff08Yen Carry Trade\uff09\u300d\u3068\u3044\u3046\u8a00\u8449\u3067\u3059\u304c\u3001\u305d\u306e\u672c\u8cea\u306f\u975e\u5e38\u306b\u30b7\u30f3\u30d7\u30eb\u3067\u3059\u3002\u5c02\u9580\u7528\u8a9e\u3092\u4e00\u5ea6\u89e3\u304d\u307b\u3050\u3057\u3001\u4ed5\u7d44\u307f\u3092\u7406\u89e3\u3059\u308b\u3053\u3068\u304b\u3089\u59cb\u3081\u307e\u3057\u3087\u3046\u3002<\/p>\n<h3 data-path-to-node=\"4\">1.1 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data-path-to-node=\"7,4,2,0\" data-index-in-node=\"32\">49,000\u5186\/\u5e74<\/b><\/p>\n<\/li>\n<\/ul>\n<\/blockquote>\n<p data-path-to-node=\"8\">\u81ea\u5206\u306e\u624b\u5143\u8cc7\u91d1\uff08\u81ea\u5df1\u8cc7\u91d1\uff09\u3092\u307b\u3068\u3093\u3069\u4f7f\u308f\u305a\u306b\u3001\u4f4e\u91d1\u5229\u3067\u8cc7\u91d1\u3092\u8abf\u9054\u3057\u3066\u9ad8\u91d1\u5229\u306e\u5834\u6240\u3078\u79fb\u3059\u3060\u3051\u3067\u3001\u6bce\u5e7449,000\u5186\u306e\u300c\u91d1\u5229\u5dee\u53ce\u5165\uff08\u30ad\u30e3\u30ea\u30fc\uff09\u300d\u304c\u5f97\u3089\u308c\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"9\">\u3053\u306e\u4ed5\u7d44\u307f\u3092\u56fd\u3068\u901a\u8ca8\u306e\u898f\u6a21\uff08\u30b0\u30ed\u30fc\u30d0\u30eb\u91d1\u878d\u5e02\u5834\uff09\u3067\u884c\u3046\u306e\u304c\u300c\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u300d\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"10\">\n<li>\n<p data-path-to-node=\"10,0,0\" id=\"p-rc_4038216fd3351282-1041\"><b 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data-path-to-node=\"11\">\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3084\u4e16\u754c\u4e2d\u306e\u6295\u8cc7\u5bb6\u306f\u3001\u65e5\u672c\u56fd\u50b5\u3084\u65e5\u672c\u306e\u9280\u884c\u3092\u901a\u3058\u3066\u5de8\u984d\u306e\u300c\u5186\u300d\u3092\u8d85\u4f4e\u91d1\u5229\u3067\u501f\u308a\u5165\u308c\u307e\u3059\u3002\u305d\u306e\u5186\u3092\u70ba\u66ff\u5e02\u5834\u3067\u300c\u30c9\u30eb\u300d\u306a\u3069\u306e\u5916\u56fd\u901a\u8ca8\u306b\u4e21\u66ff\uff08\u5186\u58f2\u308a\u30fb\u30c9\u30eb\u8cb7\u3044\uff09\u3057\u3001\u7c73\u56fd\u306e\u9ad8\u91d1\u5229\u56fd\u50b5\u3084\u682a\u5f0f\u3001\u3042\u308b\u3044\u306f\u4e0d\u52d5\u7523\u306a\u3069\u3067\u904b\u7528\u3059\u308b\u3053\u3068\u3067\u3001\u4e16\u754c\u898f\u6a21\u3067\u91d1\u5229\u5dee\u53ce\u5165\uff08\u30a4\u30f3\u30ab\u30e0\u30b2\u30a4\u30f3\uff09\u3084\u5024\u4e0a\u304c\u308a\u76ca\uff08\u30ad\u30e3\u30d4\u30bf\u30eb\u30b2\u30a4\u30f3\uff09\u3092\u8ffd\u6c42\u3057\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n<h3 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ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c325451492=\"\" class=\"code-block ng-tns-c325451492-913 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_452b315755594c12&quot;,&quot;c_8afe22d3d59a8bb0&quot;,null,&quot;rc_4038216fd3351282&quot;,null,null,&quot;ja&quot;,null,1,null,null,1,0]]\">\n<div _ngcontent-ng-c325451492=\"\" class=\"formatted-code-block-internal-container ng-tns-c325451492-913\">\n<div _ngcontent-ng-c325451492=\"\" class=\"animated-opacity ng-tns-c325451492-913\">\n<pre _ngcontent-ng-c325451492=\"\" class=\"ng-tns-c325451492-913\"><code _ngcontent-ng-c325451492=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c325451492-913 no-decoration-radius\">\u3010\u5186\u304c\u9078\u3070\u308c\u7d9a\u3051\u305f3\u3064\u306e\u69cb\u9020\u7684\u7406\u7531\u3011\r\n\r\n\u2460 \u8d85\u7570\u6b21\u5143\u306e\u4f4e\u91d1\u5229\u74b0\u5883\uff08\u30bc\u30ed\u91d1\u5229\u30fb\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u653f\u7b56\u306e\u9577\u671f\u5316\uff09\r\n\u2461 \u7d76\u5927\u306a\u901a\u8ca8\u306e\u4fe1\u7528\u5ea6\u3068\u5727\u5012\u7684\u306a\u5e02\u5834\u6d41\u52d5\u6027\uff08\u4e16\u754c\u7b2c3\u4f4d\u306e\u53d6\u5f15\u91cf\uff09\r\n\u2462 \u65e5\u672c\u306e\u5f37\u5927\u306a\u5bfe\u5916\u7d14\u8cc7\u7523\uff08\u4e16\u754c\u6700\u5927\u306e\u5916\u90e8\u50b5\u6a29\u56fd\u3068\u3057\u3066\u306e\u5b89\u5b9a\u6027\uff09\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h4 data-path-to-node=\"15\">\u2460 \u9577\u671f\u306b\u308f\u305f\u308b\u8d85\u4f4e\u91d1\u5229\u653f\u7b56<\/h4>\n<p data-path-to-node=\"16\">\u65e5\u672c\u306f1990\u5e74\u4ee3\u5f8c\u534a\u306e\u30d0\u30d6\u30eb\u5d29\u58ca\u4ee5\u964d\u3001\u30c7\u30d5\u30ec\u8131\u5374\u3092\u76ee\u6307\u3057\u3066\u4e16\u754c\u3067\u3082\u985e\u3092\u898b\u306a\u3044\u300c\u30bc\u30ed\u91d1\u5229\u653f\u7b56\u300d\u3084\u300c\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u653f\u7b56\uff08YCC\uff1a\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u30fb\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\uff09\u300d\u3092\u7d99\u7d9a\u3057\u3066\u304d\u307e\u3057\u305f\u3002\u6b27\u7c73\u306e\u4e2d\u592e\u9280\u884c\u304c\u30a4\u30f3\u30d5\u30ec\u6291\u5236\u306e\u305f\u3081\u306b\u91d1\u5229\u30925%\u4ee5\u4e0a\u306b\u5f15\u304d\u4e0a\u3052\u3066\u3082\u3001\u65e5\u672c\u3060\u3051\u306f\u91d1\u5229\u3092\u307b\u307c0%\u306b\u56fa\u5b9a\u3057\u7d9a\u3051\u305f\u305f\u3081\u3001\u4e16\u754c\u306e\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u300c\u4e16\u754c\u3067\u6700\u3082\u5b89\u304f\u501f\u308a\u3089\u308c\u308b\u901a\u8ca8\u300d\u3067\u3042\u308a\u7d9a\u3051\u307e\u3057\u305f\u3002<\/p>\n<h4 data-path-to-node=\"17\">\u2461 \u9ad8\u3044\u6d41\u52d5\u6027\u3068\u4fe1\u983c\u6027<\/h4>\n<p data-path-to-node=\"18\">\u501f\u5165\u901a\u8ca8\u3068\u3057\u3066\u5229\u7528\u3059\u308b\u306b\u306f\u3001\u5e02\u5834\u3067\u5927\u91cf\u306b\u58f2\u8cb7\u3057\u3066\u3082\u76f8\u5834\u304c\u58ca\u308c\u306a\u3044\u300c\u6d41\u52d5\u6027\uff08\u53d6\u5f15\u91cf\u306e\u591a\u3055\uff09\u300d\u304c\u5fc5\u8981\u3067\u3059\u3002\u5186\u306f\u7c73\u30c9\u30eb\u3001\u30e6\u30fc\u30ed\u306b\u6b21\u3050\u4e16\u754c\u7b2c3\u4f4d\u306e\u53d6\u5f15\u91cf\u3092\u8a87\u308a\u300124\u6642\u9593\u3044\u3064\u3067\u3082\u77ac\u6642\u306b\u5de8\u984d\u306e\u8abf\u9054\u3084\u4e21\u66ff\u304c\u53ef\u80fd\u3067\u3059\u3002<\/p>\n<h4 data-path-to-node=\"19\">\u2462 \u5de8\u5927\u306a\u5bfe\u5916\u7d14\u8cc7\u7523<\/h4>\n<p data-path-to-node=\"20\">\u65e5\u672c\u306f\u4e16\u754c\u6700\u5927\u306e\u5bfe\u5916\u7d14\u8cc7\u7523\uff08\u6d77\u5916\u306b\u4fdd\u6709\u3059\u308b\u8cc7\u7523\u304b\u3089\u8ca0\u50b5\u3092\u5f15\u3044\u305f\u984d\uff09\u3092\u8a87\u308b\u56fd\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u56fd\u969b\u7684\u306a\u4fe1\u7528\u5ea6\u304c\u6975\u3081\u3066\u9ad8\u304f\u3001\u300c\u5186\u3067\u501f\u308a\u308b\u3053\u3068\u300d\u306b\u5bfe\u3059\u308b\u8cb8\u3057\u624b\u5074\u306e\u30ea\u30b9\u30af\u304c\u4f4e\u304b\u3063\u305f\u3053\u3068\u3082\u7406\u7531\u306e\u4e00\u3064\u3067\u3059\u3002<\/p>\n<h2 data-path-to-node=\"22\">\u7b2c2\u7ae0\uff1a\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u306e\u69cb\u9020\u3068\u30ea\u30b9\u30af<\/h2>\n<p data-path-to-node=\"23\" id=\"p-rc_4038216fd3351282-1042\"><span class=\"citation-2379\">\u4e00\u898b\u3059\u308b\u3068\u300c\u4f4e\u91d1\u5229\u3067\u501f\u308a\u3066\u9ad8\u91d1\u5229\u3067\u904b\u7528\u3059\u308b\u3060\u3051\u300d\u3067\u7d76\u5bfe\u306b\u5132\u304b\u308b\u3088\u3046\u306b\u601d\u3048\u308b\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u3067\u3059\u304c\u3001\u5b9f\u969b\u306b\u306f\u6975\u3081\u3066\u5927\u304d\u306a\u30ea\u30b9\u30af\u3092\u5185\u5305\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u6838\u5fc3\u3068\u306a\u308b\u306e\u304c<strong>\u300c\u70ba\u66ff\u30ea\u30b9\u30af\u300d<\/strong><\/span><strong><span class=\"citation-2379\">\u3068<\/span><\/strong><span class=\"citation-2379 citation-end-2379\"><strong>\u300c\u30ec\u30d0\u30ec\u30c3\u30b8\u52b9\u679c\u300d<\/strong>\u3067\u3059\u3002<source-footnote ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c807486934=\"\"><sup _ngcontent-ng-c807486934=\"\" class=\"superscript\" data-turn-source-index=\"2\"><\/sup><\/source-footnote><\/span><sources-carousel-inline ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c3660823697=\"\"><source-inline-chip _ngcontent-ng-c3660823697=\"\" _nghost-ng-c4089368310=\"\" class=\"ng-star-inserted\"><\/source-inline-chip><\/sources-carousel-inline><\/p>\n<h3 data-path-to-node=\"24\">2.1 \u4ed5\u7d44\u307f\u3092\u56f3\u89e3\u3059\u308b\uff1a\u91d1\u5229\u5dee\uff08\u30ad\u30e3\u30ea\u30fc\uff09\u3068\u70ba\u66ff\uff08FX\uff09\u306e\u4e8c\u91cd\u69cb\u9020<\/h3>\n<p data-path-to-node=\"25\">\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u306e\u640d\u76ca\u306f\u3001\u300c\u2460\u5229\u56de\u308a\u5dee\uff08\u30b9\u30ef\u30c3\u30d7\u30dd\u30a4\u30f3\u30c8\u30fb\u30a4\u30f3\u30ab\u30e0\uff09\u300d<b data-path-to-node=\"25\" data-index-in-node=\"36\">\u3068<\/b>\u300c\u2461\u70ba\u66ff\u5909\u52d5\uff08\u30ad\u30e3\u30d4\u30bf\u30eb\u640d\u76ca\uff09\u300d\u306e\u639b\u3051\u7b97\u3067\u6c7a\u307e\u308a\u307e\u3059\u3002<\/p>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c325451492=\"\" class=\"ng-tns-c325451492-914 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c325451492=\"\" class=\"code-block ng-tns-c325451492-914 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_452b315755594c12&quot;,&quot;c_8afe22d3d59a8bb0&quot;,null,&quot;rc_4038216fd3351282&quot;,null,null,&quot;ja&quot;,null,1,null,null,1,0]]\">\n<div _ngcontent-ng-c325451492=\"\" class=\"formatted-code-block-internal-container ng-tns-c325451492-914\">\n<div _ngcontent-ng-c325451492=\"\" class=\"animated-opacity ng-tns-c325451492-914\">\n<pre _ngcontent-ng-c325451492=\"\" class=\"ng-tns-c325451492-914\"><code _ngcontent-ng-c325451492=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c325451492-914 no-decoration-radius\">\u3010\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u306e\u640d\u76ca\u69cb\u9020\u3011\r\n\r\n[\u53ce\u76ca\u6e90\u2460\uff1a\u91d1\u5229\u5dee\u53ce\u5165]\r\n\u7c73\u56fd\u91d1\u5229 (\u4f8b: 5.0%) \uff0d \u65e5\u672c\u91d1\u5229 (\u4f8b: 0.25%) \uff1d \uff0b4.75%\uff08\u78ba\u5b9a\u7684\u306a\u30d7\u30e9\u30b9\u8981\u7d20\uff09\r\n\r\n[\u53ce\u76ca\u6e90\u2461\uff1a\u70ba\u66ff\u5909\u52d5\u640d\u76ca]\r\n\u30fb\u5186\u5b89\u30c9\u30eb\u9ad8\uff081\u30c9\u30eb140\u5186 \u2192 160\u5186\uff09\uff1a\u8a55\u4fa1\u76ca\u304c\u767a\u751f\uff08\u5927\u52dd\u5229\uff09\r\n\u30fb\u5186\u9ad8\u30c9\u30eb\u5b89\uff081\u30c9\u30eb160\u5186 \u2192 140\u5186\uff09\uff1a\u8a55\u4fa1\u640d\u304c\u767a\u751f\uff08\u81f4\u547d\u7684\u6253\u6483\uff09\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"27\">\u53d6\u5f15\u3092\u958b\u59cb\u3057\u305f\u6642\u306e\u70ba\u66ff\u30ec\u30fc\u30c8\u304c\u300c1\u30c9\u30eb\uff1d150\u5186\u300d\u3060\u3063\u305f\u3068\u3057\u307e\u3059\u3002<\/p>\n<ol start=\"1\" data-path-to-node=\"28\">\n<li>\n<p data-path-to-node=\"28,0,0\"><b data-path-to-node=\"28,0,0\" data-index-in-node=\"0\">\u5186\u5b89\u304c\u9032\u3080\u5834\u5408\uff081\u30c9\u30eb\uff1d160\u5186\u3078\uff09\uff1a<\/b> \u6295\u8cc7\u5bb6\u306f\u7c73\u56fd\u3067\u904b\u7528\u3057\u305f\u30c9\u30eb\u3092\u5186\u306b\u623b\u3059\u969b\u3001\u3088\u308a\u591a\u304f\u306e\u5186\u306b\u63db\u7b97\u3067\u304d\u308b\u305f\u3081\u3001\u300c\u91d1\u5229\u5dee\u53ce\u5165 \uff0b \u70ba\u66ff\u76ca\u300d\u306e<b data-path-to-node=\"28,0,0\" data-index-in-node=\"69\">\u30c0\u30d6\u30eb\u306e\u5229\u76ca<\/b>\u304c\u5f97\u3089\u308c\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"28,1,0\"><b data-path-to-node=\"28,1,0\" data-index-in-node=\"0\">\u5186\u9ad8\u304c\u9032\u3080\u5834\u5408\uff081\u30c9\u30eb\uff1d130\u5186\u3078\uff09\uff1a<\/b> \u904b\u7528\u3067\u5f97\u305f\u30c9\u30eb\u3092\u5186\u306b\u623b\u3057\u3066\u501f\u91d1\u3092\u8fd4\u3059\u969b\u3001\u5186\u5efa\u3066\u306e\u8fd4\u6e08\u984d\u304c\u81a8\u3089\u307f\u307e\u3059\u3002<b data-path-to-node=\"28,1,0\" data-index-in-node=\"54\">\u5e74\u95934\u301c5%\u306e\u91d1\u5229\u5dee\u53ce\u5165\u306a\u3069\u3001\u308f\u305a\u304b\u6570\u65e5\u3067\u5439\u304d\u98db\u3093\u3067\u3057\u307e\u3046\u307b\u3069\u306e\u300c\u70ba\u66ff\u640d\u300d\u3092\u62b1\u3048\u308b<\/b>\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ol>\n<p data-path-to-node=\"29\">\u3064\u307e\u308a\u3001\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u304c\u6210\u7acb\u3059\u308b\u305f\u3081\u306e\u7d76\u5bfe\u6761\u4ef6\u306f\u3001\u300c\u5186\u5b89\u50be\u5411\u304c\u7d9a\u304f\u304b\u3001\u5c11\u306a\u304f\u3068\u3082\u6025\u6fc0\u306a\u5186\u9ad8\u304c\u8d77\u304d\u306a\u3044\u3053\u3068\u300d\u306a\u306e\u3067\u3059\u3002<\/p>\n<h3 data-path-to-node=\"30\">2.2 \u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u6050\u6016\uff1a\u306a\u305c\u300c\u5dfb\u304d\u623b\u3057\uff08Unwind\uff09\u300d\u306f\u5e02\u5834\u3092\u5d29\u58ca\u3055\u305b\u308b\u306e\u304b\uff1f<\/h3>\n<p data-path-to-node=\"31\">\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u306e\u6050\u308d\u3057\u3055\u3092\u89e3\u304d\u660e\u304b\u3059\u9375\u304c\u300c\u30ec\u30d0\u30ec\u30c3\u30b8\uff08\u30c6\u30b3\u5165\u308c\uff09\u300d\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"32\">\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306a\u3069\u306e\u30d7\u30ed\u306e\u6295\u8cc7\u5bb6\u306f\u3001\u81ea\u5df1\u8cc7\u91d1\u306e5\u500d\u301c20\u500d\u3068\u3044\u3063\u305f\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u304b\u3051\u3066\u53d6\u5f15\u3092\u884c\u3044\u307e\u3059\u3002\u4f8b\u3048\u3070\u3001100\u5104\u5186\u306e\u81ea\u5df1\u8cc7\u91d1\u306b\u5bfe\u3057\u3066\u3001500\u5104\u5186\u76f8\u5f53\u306e\u5186\u3092\u501f\u308a\u5165\u308c\u3066\u7c73\u56fd\u5e02\u5834\u3067\u904b\u7528\u3057\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"33\">\u3053\u3053\u3067\u3001\u5e02\u5834\u3067\u300c\u4e88\u671f\u305b\u306c\u6025\u6fc0\u306a\u5186\u9ad8\u300d\u304c\u767a\u751f\u3059\u308b\u3068\u3069\u3046\u306a\u308b\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c325451492=\"\" class=\"ng-tns-c325451492-915 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c325451492=\"\" class=\"code-block ng-tns-c325451492-915 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_452b315755594c12&quot;,&quot;c_8afe22d3d59a8bb0&quot;,null,&quot;rc_4038216fd3351282&quot;,null,null,&quot;ja&quot;,null,1,null,null,1,0]]\">\n<div _ngcontent-ng-c325451492=\"\" class=\"formatted-code-block-internal-container ng-tns-c325451492-915\">\n<div _ngcontent-ng-c325451492=\"\" class=\"animated-opacity ng-tns-c325451492-915\">\n<pre _ngcontent-ng-c325451492=\"\" class=\"ng-tns-c325451492-915\"><code _ngcontent-ng-c325451492=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c325451492-915 no-decoration-radius\">\u3010\u5186\u30ad\u30e3\u30ea\u30fc\u5dfb\u304d\u623b\u3057\uff08Unwind\uff09\u306e\u60aa\u5faa\u74b0\u30b9\u30d1\u30a4\u30e9\u30eb\u3011\r\n\r\n\u2460 \u91d1\u5229\u5dee\u7e2e\u5c0f\u3084\u5371\u6a5f\u30a4\u30d9\u30f3\u30c8\u306b\u3088\u308a\u300c\u5186\u9ad8\u300d\u304c\u767a\u751f\r\n   \u2193\r\n\u2461 \u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u304b\u3051\u305f\u6295\u8cc7\u5bb6\u306e\u542b\u307f\u640d\u304c\u6025\u62e1\u5927\uff08\u30ed\u30b9\u30ab\u30c3\u30c8\u30e9\u30a4\u30f3\u306b\u62b5\u89e6\uff09\r\n   \u2193\r\n\u2462 \u640d\u5931\u3092\u78ba\u5b9a\u3055\u305b\u308b\u305f\u3081\u3001\u6d77\u5916\u8cc7\u7523\uff08\u7c73\u56fd\u682a\u30fb\u65b0\u8208\u56fd\u50b5\u5238\u7b49\uff09\u3092\u7dca\u6025\u58f2\u5374\r\n   \u2193\r\n\u2463 \u58f2\u5374\u3057\u3066\u5f97\u305f\u30c9\u30eb\u3092\u300c\u5186\u300d\u306b\u4e21\u66ff\u3057\u3066\u5186\u306e\u501f\u91d1\u3092\u8fd4\u6e08\uff08\u731b\u70c8\u306a\u300c\u5186\u8cb7\u3044\u30fb\u30c9\u30eb\u58f2\u308a\u300d\uff09\r\n   \u2193\r\n\u2464 \u3055\u3089\u306a\u308b\u731b\u70c8\u306a\u300c\u5186\u9ad8\u300d\u3068\u300c\u4e16\u754c\u682a\u5b89\u300d\u304c\u9023\u9396\uff08\u30b9\u30d1\u30a4\u30e9\u30eb\u5316\uff09\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"35\">\u3053\u306e\u6050\u6016\u306e\u9023\u9396\u53cd\u5fdc\u3092\u91d1\u878d\u7528\u8a9e\u3067\u300c\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u306e\u5dfb\u304d\u623b\u3057\uff08\u30a2\u30f3\u30ef\u30a4\u30f3\u30c9\uff09\u300d\u3068\u547c\u3073\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"36\">\u7a4d\u307f\u4e0a\u3052\u308b\u3068\u304d\u306f\u300c\u4f55\u5e74\u3082\u304b\u3051\u3066\u3058\u308f\u3058\u308f\u3068\u5186\u5b89\u304c\u9032\u3080\u300d\u306e\u306b\u5bfe\u3057\u3001\u5d29\u308c\u308b\u3068\u304d\u306f\u300c\u308f\u305a\u304b\u6570\u65e5\u304b\u3089\u6570\u9031\u9593\u3067\u4e00\u6c17\u306b\u66b4\u843d\u3059\u308b\u300d\u3068\u3044\u3046\u975e\u5bfe\u79f0\u6027\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u304c\u3001\u4e16\u754c\u91d1\u878d\u5e02\u5834\u306b\u304a\u3051\u308b\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08\u4fa1\u683c\u5909\u52d5\uff09\u306e\u7206\u767a\u300d\u306e\u4e3b\u8981\u539f\u56e0\u3068\u306a\u3063\u3066\u304d\u307e\u3057\u305f\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\u6295\u8cc7\u3067\u53ce\u5165\u3092\u5f97\u305f\u3044\u3001\u8cc7\u7523\u3092\u5897\u3084\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?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\"><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<h2 data-path-to-node=\"38\">\u7b2c3\u7ae0\uff1a\u6b74\u53f2\u306b\u898b\u308b\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u306e\u300c\u5dfb\u304d\u623b\u3057\u300d\u5287<\/h2>\n<p data-path-to-node=\"39\">\u6b74\u53f2\u3092\u632f\u308a\u8fd4\u308b\u3068\u3001\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u306e\u62e1\u5927\u3068\u5dfb\u304d\u623b\u3057\u306f\u3001\u4e16\u754c\u306e\u91d1\u878d\u5371\u6a5f\u3068\u5bc6\u63a5\u306b\u9023\u52d5\u3057\u3066\u304d\u305f\u3053\u3068\u304c\u5206\u304b\u308a\u307e\u3059\u3002\u904e\u5270\u306a\u5186\u5b89\u30c8\u30ec\u30f3\u30c9\u306e\u7d42\u7109\u306f\u3001\u5e38\u306b\u4e16\u754c\u5e02\u5834\u306b\u5927\u304d\u306a\u885d\u6483\u3092\u4e0e\u3048\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c325451492=\"\" class=\"ng-tns-c325451492-916 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c325451492=\"\" class=\"code-block ng-tns-c325451492-916 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_452b315755594c12&quot;,&quot;c_8afe22d3d59a8bb0&quot;,null,&quot;rc_4038216fd3351282&quot;,null,null,&quot;ja&quot;,null,1,null,null,1,0]]\">\n<div _ngcontent-ng-c325451492=\"\" class=\"formatted-code-block-internal-container ng-tns-c325451492-916\">\n<div _ngcontent-ng-c325451492=\"\" class=\"animated-opacity ng-tns-c325451492-916\">\n<pre _ngcontent-ng-c325451492=\"\" class=\"ng-tns-c325451492-916\"><code _ngcontent-ng-c325451492=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c325451492-916 no-decoration-radius\">\u3010\u6b74\u53f2\u4e0a\u306e\u4e3b\u306a\u5186\u30ad\u30e3\u30ea\u30fc\u5dfb\u304d\u623b\u3057\u5c40\u9762\u3011\r\n\r\n1. 1998\u5e74\uff1aLTCM\uff08\u30ed\u30f3\u30b0\u30bf\u30fc\u30e0\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\uff09\u5371\u6a5f\r\n2. 2007\u5e74\u301c2008\u5e74\uff1a\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u30ed\u30fc\u30f3\u554f\u984c \uff06 \u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\r\n3. 2024\u5e748\u6708\uff1a\u65e5\u9280\u30b5\u30d7\u30e9\u30a4\u30ba\u5229\u4e0a\u3052 \uff06 \u7c73\u666f\u6c17\u5f8c\u9000\u61f8\u5ff5\u306b\u3088\u308b\u300c\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u8d85\u3048\u300d\u306e\u66b4\u843d\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h3 data-path-to-node=\"41\">3.1 1998\u5e74\uff1aLTCM\u7834\u7dbb\u3068\u30ed\u30b7\u30a2\u901a\u8ca8\u5371\u6a5f<\/h3>\n<p data-path-to-node=\"42\">1990\u5e74\u4ee3\u534a\u3070\u304b\u3089\u6d3b\u767a\u5316\u3057\u305f\u521d\u671f\u306e\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u306f\u30011998\u5e74\u306e\u30ed\u30b7\u30a2\u30c7\u30d5\u30a9\u30eb\u30c8\u304a\u3088\u3073\u7c73\u8d85\u5927\u624b\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u300cLTCM\u300d\u306e\u7d4c\u55b6\u7834\u7dbb\u306b\u3088\u3063\u3066\u4e00\u6c17\u306b\u5dfb\u304d\u623b\u3055\u308c\u307e\u3057\u305f\u3002\u308f\u305a\u304b\u6570\u65e5\u306e\u3046\u3061\u306b\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u306f20\u5186\u4ee5\u4e0a\u306e\u731b\u70c8\u306a\u5186\u9ad8\u306b\u632f\u308c\u3001\u4e16\u754c\u4e2d\u306e\u91d1\u878d\u6a5f\u95a2\u304c\u5de8\u984d\u306e\u640d\u5931\u3092\u88ab\u308a\u307e\u3057\u305f\u3002<\/p>\n<h3 data-path-to-node=\"43\">3.2 2007\u301c2008\u5e74\uff1a\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u3068\u4e16\u754c\u91d1\u878d\u5371\u6a5f<\/h3>\n<p data-path-to-node=\"44\">2000\u5e74\u4ee3\u534a\u3070\u3001\u65e5\u672c\u306e\u8d85\u4f4e\u91d1\u5229\u3068\u6b27\u7c73\u306e\u9ad8\u91d1\u5229\u3092\u80cc\u666f\u306b\u3001\u53f2\u4e0a\u6700\u5927\u898f\u6a21\u306e\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u304c\u7a4d\u307f\u4e0a\u304c\u308a\u307e\u3057\u305f\u30021\u30c9\u30eb\uff1d124\u5186\u524d\u5f8c\u3067\u63a8\u79fb\u3057\u3066\u3044\u305f\u70ba\u66ff\u76f8\u5834\u306f\u3001\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u30ed\u30fc\u30f3\u554f\u984c\u306e\u767a\u899a\u30682008\u5e749\u6708\u306e\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u3092\u7d4c\u3066\u4e00\u8ee2\u3002\u4e16\u754c\u4e2d\u306e\u6295\u8cc7\u5bb6\u304c\u30ea\u30b9\u30af\u30aa\u30d5\u306b\u8d70\u308a\u3001\u5186\u3092\u6025\u901f\u306b\u8cb7\u3044\u623b\u3057\u305f\u7d50\u679c\u30011\u30c9\u30eb\uff1d70\u5186\u53f0\u524d\u534a\u3068\u3044\u3046\u8d85\u5186\u9ad8\u6642\u4ee3\u3078\u3068\u7a81\u5165\u3057\u307e\u3057\u305f\u3002<\/p>\n<h3 data-path-to-node=\"45\">3.3 2024\u5e748\u6708\u521d\u982d\uff1a\u65e5\u9280\u306e\u5229\u4e0a\u3052\u304c\u5f15\u304d\u8d77\u3053\u3057\u305f\u300c\u4ee4\u548c\u306e\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u300d<\/h3>\n<p data-path-to-node=\"46\">\u8a18\u61b6\u306b\u65b0\u3057\u3044\u306e\u304c2024\u5e748\u67085\u65e5\u306e\u6b74\u53f2\u7684\u682a\u4fa1\u66b4\u843d\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"47\">1\u30c9\u30eb\uff1d160\u5186\u3092\u8d85\u3048\u308b\u6b74\u53f2\u7684\u306a\u5186\u5b89\u6c34\u6e96\u3092\u80cc\u666f\u306b\u3001\u4e16\u754c\u306e\u5e02\u5834\u306b\u306f\u5de8\u984d\u306e\u5186\u30ad\u30e3\u30ea\u30fc\u30dd\u30b8\u30b7\u30e7\u30f3\u304c\u7a4d\u307f\u4e0a\u304c\u3063\u3066\u3044\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u30012024\u5e747\u6708\u672b\u306b\u65e5\u672c\u9280\u884c\u304c\u8ffd\u52a0\u5229\u4e0a\u3052\uff08\u653f\u7b56\u91d1\u5229\u30920.25%\u306b\u5f15\u304d\u4e0a\u3052\uff09\u3092\u6c7a\u5b9a\u3057\u3001\u540c\u6642\u306b\u7c73\u56fd\u306e\u96c7\u7528\u7d71\u8a08\u60aa\u5316\u306b\u3088\u308bFRB\uff08\u7c73\u9023\u90a6\u6e96\u5099\u5236\u5ea6\u7406\u4e8b\u4f1a\uff09\u306e\u65e9\u671f\u5229\u4e0b\u3052\u89b3\u6e2c\u304c\u9ad8\u307e\u308b\u3068\u3001\u5e02\u5834\u306e\u524d\u63d0\u304c\u6697\u8ee2\u3057\u307e\u3057\u305f\u3002<\/p>\n<p data-path-to-node=\"48\">\u300c\u65e5\u7c73\u91d1\u5229\u5dee\u306e\u7e2e\u5c0f\u300d\u3092\u5bdf\u77e5\u3057\u305f\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u3084\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u304c\u4e00\u6589\u306b\u5186\u58f2\u308a\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u89e3\u6d88\uff08\u5186\u8cb7\u3044\u623b\u3057\uff09\u306b\u52d5\u3044\u305f\u7d50\u679c\u3001\u65e5\u7d4c\u5e73\u5747\u682a\u4fa1\u306f8\u67085\u65e5\u306b\u524d\u65e5\u6bd44,451\u5186\u5b89\uff0812.4%\u5b89\uff09\u3068\u3044\u3046\u30011987\u5e74\u306e\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u3092\u8d85\u3048\u308b\u904e\u53bb\u6700\u5927\u306e\u4e0b\u3052\u5e45\u3092\u8a18\u9332\u3057\u307e\u3057\u305f\u3002<\/p>\n<h2 data-path-to-node=\"50\">\u7b2c4\u7ae0\uff1a\u306a\u305c\u4eca\u300c\u8ee2\u6a5f\u300d\u306a\u306e\u304b\uff1f\u6700\u65b0\u306e\u5e02\u5834\u52d5\u5411<\/h2>\n<p data-path-to-node=\"51\">\u305d\u3057\u3066\u73fe\u5728\u3001\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u3092\u53d6\u308a\u5dfb\u304f\u74b0\u5883\u306f\u3001\u904e\u53bb\u6570\u5341\u5e74\u9593\u306e\u524d\u63d0\u3092\u6839\u672c\u304b\u3089\u8986\u3059\u300c\u69cb\u9020\u7684\u306a\u69cb\u9020\u5909\u5316\uff08\u30d1\u30e9\u30c0\u30a4\u30e0\u30b7\u30d5\u30c8\uff09\u300d\u306e\u771f\u3063\u53ea\u4e2d\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c325451492=\"\" class=\"ng-tns-c325451492-917 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c325451492=\"\" class=\"code-block ng-tns-c325451492-917 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_452b315755594c12&quot;,&quot;c_8afe22d3d59a8bb0&quot;,null,&quot;rc_4038216fd3351282&quot;,null,null,&quot;ja&quot;,null,1,null,null,1,0]]\">\n<div _ngcontent-ng-c325451492=\"\" class=\"formatted-code-block-internal-container ng-tns-c325451492-917\">\n<div _ngcontent-ng-c325451492=\"\" class=\"animated-opacity ng-tns-c325451492-917\">\n<pre _ngcontent-ng-c325451492=\"\" class=\"ng-tns-c325451492-917\"><code _ngcontent-ng-c325451492=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c325451492-917 no-decoration-radius\">\u3010\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u306e\u524d\u63d0\u3092\u5d29\u30593\u3064\u306e\u6b74\u53f2\u7684\u5909\u5316\u3011\r\n\r\n\u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n\u2502 \u2460 \u65e5\u9280\u306e\u8131\u30bc\u30ed\u91d1\u5229\u30fb\u7d99\u7d9a\u7684\u5229\u4e0a\u3052\u30b5\u30a4\u30af\u30eb\u3078\u306e\u8ee2\u63db       \u2502\r\n\u2502 \u2461 FRB\uff08\u7c73\u4e2d\u592e\u9280\u884c\uff09\u304a\u3088\u3073\u6b27\u5dde\u306e\u672c\u683c\u7684\u306a\u5229\u4e0b\u3052\u5c40\u9762       \u2502\r\n\u2502 \u2462 \u300c\u65e5\u7c73\u91d1\u5229\u5dee\u306e\u7e2e\u5c0f\u300d\u306b\u3088\u308b\u30ad\u30e3\u30ea\u30fc\u53ce\u76ca\u6027\u306e\u69cb\u9020\u7684\u4f4e\u4e0b  \u2502\r\n\u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h3 data-path-to-node=\"53\">4.1 \u65e5\u7c73\u306e\u91d1\u878d\u653f\u7b56\u306e\u300c\u6b74\u53f2\u7684\u9006\u8ee2\uff08\u30ec\u30b8\u30fc\u30e0\u30b7\u30d5\u30c8\uff09\u300d<\/h3>\n<p data-path-to-node=\"54\">\u3053\u308c\u307e\u3067\u6570\u5341\u5e74\u9593\u3001\u4e16\u754c\u306e\u5e02\u5834\u306f\u300c\u65e5\u672c\u306f\u6c38\u9060\u306b\u91d1\u5229\u3092\u4e0a\u3052\u3089\u308c\u306a\u3044\u56fd\u300d\u3068\u3044\u3046\u524d\u63d0\u3067\u52d5\u3044\u3066\u3044\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u7269\u4fa1\u306e\u4e0a\u6607\u3068\u6301\u7d9a\u7684\u306a\u8cc3\u4e0a\u3052\u306e\u5b9a\u7740\u3092\u80cc\u666f\u306b\u3001\u65e5\u672c\u9280\u884c\u306f\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u653f\u7b56\u3092\u89e3\u9664\u3057\u3001\u91d1\u5229\u306e\u3042\u308b\u4e16\u754c\u3078\u306e\u8ee2\u63db\u3092\u679c\u305f\u3057\u307e\u3057\u305f\u3002<\/p>\n<p data-path-to-node=\"55\">\u4e00\u65b9\u3001\u30a4\u30f3\u30d5\u30ec\u306e\u6c88\u9759\u5316\u306b\u4f34\u3044\u3001\u3053\u308c\u307e\u30675%\u4ee5\u4e0a\u306e\u9ad8\u91d1\u5229\u3092\u7dad\u6301\u3057\u3066\u304d\u305f\u7c73\u56fd\uff08FRB\uff09\u3084\u6b27\u5dde\uff08ECB\uff09\u306f\u5229\u4e0b\u3052\u5c40\u9762\u306b\u5165\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"56\">\n<li>\n<p data-path-to-node=\"56,0,0\"><b data-path-to-node=\"56,0,0\" data-index-in-node=\"0\">\u304b\u3064\u3066\u306e\u69cb\u9020\uff1a<\/b> \u65e5\u672c\u306e\u91d1\u5229 0% \uff0b \u7c73\u56fd\u306e\u91d1\u5229 5.5% \uff1d \u91d1\u5229\u5dee <b data-path-to-node=\"56,0,0\" data-index-in-node=\"36\">5.5%<\/b>\uff08\u5727\u5012\u7684\u6709\u5229\uff09<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"56,1,0\"><b data-path-to-node=\"56,1,0\" data-index-in-node=\"0\">\u73fe\u5728\u306e\u69cb\u9020\uff1a<\/b> \u65e5\u672c\u306e\u91d1\u5229 \u4e0a\u6607 \uff0b \u7c73\u56fd\u306e\u91d1\u5229 \u4e0b\u843d \uff1d \u91d1\u5229\u5dee <b data-path-to-node=\"56,1,0\" data-index-in-node=\"33\">\u5927\u5e45\u7e2e\u5c0f<\/b><\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"57\">\u65e5\u7c73\u306e\u91d1\u5229\u5dee\u304c\u7e2e\u5c0f\u3059\u308c\u3070\u3059\u308b\u307b\u3069\u3001\u300c\u5186\u3092\u501f\u308a\u3066\u30c9\u30eb\u3067\u904b\u7528\u3059\u308b\u300d\u3068\u3044\u3046\u53d6\u5f15\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\uff08\u65e8\u5473\uff09\u306f\u4f4e\u4e0b\u3057\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"58\">4.2 2026\u5e74\u73fe\u5728\u306e\u6700\u65b0\u52d5\u5411\uff1a\u5186\u30b7\u30e7\u30fc\u30c8\u306e\u6025\u30d4\u30c3\u30c1\u306a\u89e3\u6d88<\/h3>\n<p data-path-to-node=\"59\" id=\"p-rc_4038216fd3351282-1043\"><span class=\"citation-2378 citation-end-2378\">2026\u5e749\u6708\u73fe\u5728\u3001\u70ba\u66ff\u5e02\u5834\u3067\u306f\u30c9\u30eb\u5186\u76f8\u5834\u304c\u4e00\u6642152\u5186\u53f0\u307e\u3067\u6025\u843d\u3059\u308b\u306a\u3069\u3001\u5186\u58f2\u308a\uff08\u5186\u30b7\u30e7\u30fc\u30c8\uff09\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u6025\u6fc0\u306a\u5dfb\u304d\u623b\u3057\u304c\u7d99\u7d9a\u3057\u3066\u3044\u307e\u3059\u3002<source-footnote ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c807486934=\"\"><sup _ngcontent-ng-c807486934=\"\" class=\"superscript\" data-turn-source-index=\"3\"><\/sup><\/source-footnote><\/span><sources-carousel-inline ng-version=\"0.0.0-PLACEHOLDER\" _nghost-ng-c3660823697=\"\"><source-inline-chip _ngcontent-ng-c3660823697=\"\" _nghost-ng-c4089368310=\"\" class=\"ng-star-inserted\"><\/source-inline-chip><\/sources-carousel-inline><\/p>\n<p data-path-to-node=\"60\">\u5404\u56fd\u306e\u4e2d\u592e\u9280\u884c\u306e\u4f1a\u5408\u3092\u63a7\u3048\u308b\u4e2d\u3001\u6295\u6a5f\u7b4b\u304c\u3053\u308c\u307e\u3067\u7a4d\u307f\u4e0a\u3052\u3066\u304d\u305f\u300c\u5186\u58f2\u308a\u30fb\u5916\u8ca8\u8cb7\u3044\u300d\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u89e3\u6d88\u3059\u308b\u52d5\u304d\u304c\u5f37\u307e\u3063\u3066\u304a\u308a\u3001\u9577\u3089\u304f\u7d9a\u3044\u305f\u300c\u6975\u7aef\u306a\u8d85\u5186\u5b89\u6642\u4ee3\u300d\u304b\u3089\u3001\u300c\u91d1\u5229\u5dee\u306e\u7e2e\u5c0f\u3092\u7e54\u308a\u8fbc\u3080\u9069\u6b63\u6c34\u6e96\u3078\u306e\u4fee\u6b63\u671f\u300d\u3078\u3068\u79fb\u308a\u5909\u308f\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<div class=\"attention a-2\">\n<h4 data-path-to-node=\"18\"><span style=\"font-size: 18pt;\"><b data-path-to-node=\"18\" data-index-in-node=\"0\"><\/b><\/span><span class=\"f-marker-p\"><span style=\"font-size: 18pt;\"><b data-path-to-node=\"18\" data-index-in-node=\"0\">\u3000\u25bc\u300c\u73fe\u5728\u306e\u3042\u306a\u305f\u306e\u76ee\u6a19\u300d\u3092\u4e00\u3064\u9078\u3093\u3067\u307f\u3066\u304f\u3060\u3055\u3044<\/b><\/span><span style=\"font-size: 18pt;\"><b data-path-to-node=\"18\" data-index-in-node=\"0\">\u25bc<\/b><\/span><\/span><span style=\"font-size: 18pt;\"><b data-path-to-node=\"18\" data-index-in-node=\"0\"><\/b><\/span><\/h4>\n<ul data-path-to-node=\"19\">\n<li>\n<p data-path-to-node=\"19,0,0\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\"><b data-path-to-node=\"19,0,0\" data-index-in-node=\"0\">\u3010\u5b89\u5b9a\u91cd\u8996\u3011<\/b> \u8001\u5f8c\u8cc7\u91d1\u306e\u305f\u3081\u306b\u3001\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u3092\u8ef8\u306b\u3057\u305f\u300c\u8ca0\u3051\u306a\u3044\u7a4d\u7acb\u6295\u8cc7\u300d\u3092\u30de\u30b9\u30bf\u30fc\u3057\u305f\u3044\u3002<\/a><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"19,1,0\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\"><b data-path-to-node=\"19,1,0\" data-index-in-node=\"0\">\u3010\u526f\u53ce\u5165\u91cd\u8996\u3011<\/b> \u67085\u4e07\u301c10\u4e07\u5186\u3092\u76ee\u6307\u3057\u3001\u30c6\u30af\u30cb\u30ab\u30eb\u3092\u99c6\u4f7f\u3057\u305f\u300c\u52b9\u7387\u7684\u306a\u30c8\u30ec\u30fc\u30c9\u300d\u3092\u8eab\u306b\u3064\u3051\u305f\u3044<\/a>\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"19,2,0\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\"><b data-path-to-node=\"19,2,0\" data-index-in-node=\"0\">\u3010\u30d7\u30ed\u5fd7\u5411\u3011<\/b> \u4e21\u65b9\u306e\u5206\u6790\u3092\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u3067\u4f7f\u3044\u3053\u306a\u3057\u3001\u76f8\u5834\u306e\u30d7\u30ed\u3068\u3057\u3066\u72ec\u7acb\u30fb\u8cc7\u7523\u904b\u7528\u3092\u3057\u305f\u3044\u3002<\/a><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<h2 data-path-to-node=\"62\">\u7b2c5\u7ae0\uff1a\u65e5\u672c\u5e02\u5834\u306b\u65b0\u305f\u306a\u6295\u8cc7\u6a5f\u4f1a\u304c\u6d6e\u4e0a\u3059\u308b\u7406\u7531<\/h2>\n<p data-path-to-node=\"63\">\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u306e\u7e2e\u5c0f\u3084\u300c\u91d1\u5229\u306e\u3042\u308b\u4e16\u754c\u3078\u306e\u79fb\u884c\u300d\u3068\u805e\u304f\u3068\u3001\u591a\u304f\u306e\u4eba\u306f\u300c\u682a\u4fa1\u66b4\u843d\u300d\u3084\u300c\u666f\u6c17\u60aa\u5316\u300d\u3068\u3044\u3063\u305f\u30cd\u30ac\u30c6\u30a3\u30d6\u306a\u30a4\u30e1\u30fc\u30b8\u3092\u6301\u3064\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n<p data-path-to-node=\"64\">\u3057\u304b\u3057\u3001\u9577\u671f\u7684\u30fb\u69cb\u9020\u7684\u306a\u8996\u70b9\u306b\u7acb\u3064\u3068\u3001<b data-path-to-node=\"64\" data-index-in-node=\"19\">\u3053\u308c\u306f\u65e5\u672c\u7d4c\u6e08\u304a\u3088\u3073\u65e5\u672c\u5e02\u5834\u304c30\u5e74\u3076\u308a\u306e\u300c\u6b63\u5e38\u5316\u300d\u3092\u679c\u305f\u3057\u3001\u6d77\u5916\u306e\u6210\u9577\u8cc7\u91d1\u304c\u771f\u306e\u610f\u5473\u3067\u65e5\u672c\u56fd\u5185\u3078\u56de\u5e30\u3059\u308b\u300c\u7d76\u597d\u306e\u6295\u8cc7\u6a5f\u4f1a\u306e\u5230\u6765\u300d\u3092\u610f\u5473\u3057\u3066\u3044\u307e\u3059\u3002<\/b><\/p>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c325451492=\"\" class=\"ng-tns-c325451492-918 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c325451492=\"\" class=\"code-block ng-tns-c325451492-918 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_452b315755594c12&quot;,&quot;c_8afe22d3d59a8bb0&quot;,null,&quot;rc_4038216fd3351282&quot;,null,null,&quot;ja&quot;,null,1,null,null,1,0]]\">\n<div _ngcontent-ng-c325451492=\"\" class=\"formatted-code-block-internal-container ng-tns-c325451492-918\">\n<div _ngcontent-ng-c325451492=\"\" class=\"animated-opacity ng-tns-c325451492-918\">\n<pre _ngcontent-ng-c325451492=\"\" class=\"ng-tns-c325451492-918\"><code _ngcontent-ng-c325451492=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c325451492-918 no-decoration-radius\">\u3010\u65e5\u672c\u5e02\u5834\u306b\u7a7a\u524d\u306e\u6295\u8cc7\u6a5f\u4f1a\u304c\u6d6e\u4e0a\u3059\u308b4\u3064\u306e\u30e1\u30ac\u30c8\u30ec\u30f3\u30c9\u3011\r\n\r\n1. \u91d1\u5229\u4e0a\u6607\u304c\u3082\u305f\u3089\u3059\u300c\u65e5\u672c\u4f01\u696d\u306e\u7a3c\u3050\u529b\u306e\u69cb\u9020\u6539\u9769\u300d\r\n2. \u30c9\u30eb\u5efa\u3066\u8cc7\u7523\u304b\u3089\u300c\u5272\u5b89\u306a\u65e5\u672c\u8cc7\u7523\uff08\u682a\u5f0f\u30fb\u4e0d\u52d5\u7523\uff09\u300d\u3078\u306e\u8cc7\u91d1\u56de\u5e30\r\n3. \u8131\u30c7\u30d5\u30ec\u5b9a\u7740\u306b\u4f34\u3046\u300c\u8caf\u84c4\u304b\u3089\u6295\u8cc7\u3078\u300d\u306e\u500b\u4eba\u8cc7\u7523\uff082,200\u5146\u5186\uff09\u79fb\u52d5\r\n4. \u30d5\u30a3\u30b8\u30ab\u30ebAI\u30fb\u534a\u5c0e\u4f53\u30fb\u65b0\u4e16\u4ee3\u30a4\u30f3\u30d5\u30e9\u306a\u3069\u300c\u4e16\u754c\u306e\u6210\u9577\u62e0\u70b9\u300d\u3068\u3057\u3066\u306e\u518d\u8a55\u4fa1\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h3 data-path-to-node=\"66\">5.1 \u7406\u7531\u2460\uff1a\u904e\u5ea6\u306a\u5186\u5b89\u4f9d\u5b58\u304b\u3089\u306e\u8131\u5374\u3068\u300c\u8cea\u306e\u9ad8\u3044\u4f01\u696d\u300d\u306e\u9078\u5225<\/h3>\n<p data-path-to-node=\"67\">\u8d85\u5186\u5b89\u306e\u6642\u4ee3\u306f\u3001\u8f38\u51fa\u4f01\u696d\u306e\u696d\u7e3e\u3092\u30ab\u30b5\u4e0a\u3052\u3059\u308b\u52b9\u679c\u304c\u3042\u3063\u305f\u53cd\u9762\u3001\u8f38\u5165\u30b3\u30b9\u30c8\u306e\u5897\u5927\u3092\u901a\u3058\u3066\u56fd\u5185\u6d88\u8cbb\u3092\u5727\u8feb\u3057\u3001\u4f01\u696d\u306e\u975e\u52b9\u7387\u306a\u4f53\u8cea\u3092\u8986\u3044\u96a0\u3059\u5074\u9762\u3082\u3042\u308a\u307e\u3057\u305f\u3002<\/p>\n<p data-path-to-node=\"68\">\u300c\u91d1\u5229\u304c\u5b58\u5728\u3057\u3001\u9069\u6b63\u306a\u70ba\u66ff\u6c34\u6e96\u304c\u4fdd\u305f\u308c\u308b\u74b0\u5883\u300d\u3067\u306f\u3001\u5358\u306b\u501f\u5165\u91d1\u3084\u5186\u5b89\u306b\u983c\u3063\u3066\u3044\u305f\u4f01\u696d\u306f\u6dd8\u6c70\u3055\u308c\u3001\u300c\u4fa1\u683c\u8ee2\u5ac1\u529b\u304c\u9ad8\u304f\u3001\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff08ROE\uff09\u304c\u9ad8\u304f\u3001\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u3092\u8d77\u3053\u305b\u308b\u4f01\u696d\u300d\u3060\u3051\u304c\u6b63\u5f53\u306b\u8a55\u4fa1\u3055\u308c\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002\u682a\u5f0f\u5e02\u5834\u306e\u900f\u660e\u6027\u3068\u8cea\u304c\u9ad8\u307e\u308b\u3053\u3068\u306f\u3001\u9577\u671f\u7684\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u6975\u3081\u3066\u5927\u304d\u306a\u30c1\u30e3\u30f3\u30b9\u3067\u3059\u3002<\/p>\n<h3 data-path-to-node=\"69\">5.2 \u7406\u7531\u2461\uff1a\u30b0\u30ed\u30fc\u30d0\u30eb\u8cc7\u91d1\u306e\u300c\u65e5\u672c\u8cc7\u7523\u300d\u3078\u306e\u5730\u6bbb\u5909\u52d5<\/h3>\n<p data-path-to-node=\"70\">\u3053\u308c\u307e\u3067\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u306b\u3088\u3063\u3066\u6d77\u5916\u3078\u6d41\u51fa\u3057\u3066\u3044\u305f\u5de8\u984d\u306e\u300c\u5186\u8cc7\u91d1\u300d\u304c\u3001\u56fd\u5185\u3078\u7559\u307e\u308a\u3001\u3042\u308b\u3044\u306f\u6d77\u5916\u304b\u3089\u8cb7\u3044\u623b\u3055\u308c\u308b\uff08\u30ec\u30d1\u30c8\u30ea\u30a8\u30fc\u30b7\u30e7\u30f3\uff09\u52d5\u304d\u304c\u59cb\u307e\u308a\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"71\">\u6b27\u7c73\u306e\u30b0\u30ed\u30fc\u30d0\u30eb\u6a5f\u95a2\u6295\u8cc7\u5bb6\u304b\u3089\u898b\u308c\u3070\u3001\u65e5\u672c\u5e02\u5834\u306f\u4f9d\u7136\u3068\u3057\u3066PER\uff08\u682a\u4fa1\u53ce\u76ca\u7387\uff09\u3084PBR\uff08\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\uff09\u306e\u89b3\u70b9\u304b\u3089\u975e\u5e38\u306b\u5272\u5b89\u3067\u3042\u308a\u3001\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30ac\u30d0\u30ca\u30f3\u30b9\uff08\u4f01\u696d\u7d71\u6cbb\uff09\u6539\u9769\u304c\u9032\u3080\u300c\u6700\u3082\u9b45\u529b\u7684\u306a\u6295\u8cc7\u5148\u306e\u4e00\u3064\u300d\u3068\u3057\u3066\u6d6e\u4e0a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<h2 data-path-to-node=\"73\">\u7b2c6\u7ae0\uff1a\u65e5\u672c\u5e02\u5834\u306e\u6ce8\u76ee\u30bb\u30af\u30bf\u30fc\u3068\u5177\u4f53\u7684\u306a\u6295\u8cc7\u6a5f\u4f1a<\/h2>\n<p data-path-to-node=\"74\">\u3067\u306f\u3001\u3053\u306e\u6b74\u53f2\u7684\u8ee2\u6a5f\u306b\u304a\u3044\u3066\u3001\u5177\u4f53\u7684\u306b\u3069\u306e\u3088\u3046\u306a\u30bb\u30af\u30bf\u30fc\uff08\u7523\u696d\uff09\u3084\u8cc7\u7523\u30af\u30e9\u30b9\u306b\u6295\u8cc7\u6a5f\u4f1a\u304c\u751f\u307e\u308c\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u521d\u5fc3\u8005\u306b\u3082\u5206\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"75\">6.1 \u91d1\u5229\u4e0a\u6607\u306e\u76f4\u63a5\u7684\u6069\u6075\u3092\u53d7\u3051\u308b\u300c\u91d1\u878d\u30bb\u30af\u30bf\u30fc\uff08\u9280\u884c\u30fb\u4fdd\u967a\uff09\u300d<\/h3>\n<p data-path-to-node=\"76\">\u91d1\u5229\u304c\u5b58\u5728\u3057\u306a\u3044\u30bc\u30ed\u91d1\u5229\u6642\u4ee3\u3001\u9280\u884c\u306f\u9810\u91d1\u3092\u96c6\u3081\u3066\u3082\u904b\u7528\u5148\u304c\u306a\u304f\u3001\u8cb8\u51fa\u91d1\u5229\uff08\u5229\u3056\u3084\uff09\u3082\u6975\u9650\u307e\u3067\u8584\u5229\u5316\u3057\u3066\u3044\u307e\u3057\u305f\u3002<\/p>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c325451492=\"\" class=\"ng-tns-c325451492-919 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c325451492=\"\" class=\"code-block ng-tns-c325451492-919 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_452b315755594c12&quot;,&quot;c_8afe22d3d59a8bb0&quot;,null,&quot;rc_4038216fd3351282&quot;,null,null,&quot;ja&quot;,null,1,null,null,1,0]]\">\n<div _ngcontent-ng-c325451492=\"\" class=\"formatted-code-block-internal-container ng-tns-c325451492-919\">\n<div _ngcontent-ng-c325451492=\"\" class=\"animated-opacity ng-tns-c325451492-919\">\n<pre _ngcontent-ng-c325451492=\"\" class=\"ng-tns-c325451492-919\"><code _ngcontent-ng-c325451492=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c325451492-919 no-decoration-radius\">\u3010\u91d1\u878d\u30bb\u30af\u30bf\u30fc\u306e\u696d\u7e3e\u62e1\u5927\u30e1\u30ab\u30cb\u30ba\u30e0\u3011\r\n\r\n\u91d1\u5229\u306e\u4e0a\u6607 \u2192 \u8cb8\u51fa\u91d1\u5229\u3068\u9810\u91d1\u91d1\u5229\u306e\u5e45\uff08\u5229\u3056\u3084\uff09\u304c\u62e1\u5927 \u2192 \u9280\u884c\u306e\u7d14\u5229\u76ca\u304c\u69cb\u9020\u7684\u306b\u6025\u5897\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<ul data-path-to-node=\"78\">\n<li>\n<p data-path-to-node=\"78,0,0\"><b data-path-to-node=\"78,0,0\" data-index-in-node=\"0\">\u30e1\u30ac\u30d0\u30f3\u30af\u30fb\u5927\u624b\u9280\u884c\uff1a<\/b> \u5de8\u984d\u306e\u9810\u91d1\u30d9\u30fc\u30b9\u3092\u4fdd\u6709\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u5229\u4e0a\u3052\u306b\u3088\u308b\u5229\u76ca\u62bc\u3057\u4e0a\u3052\u52b9\u679c\u304c\u7d76\u5927\u3067\u3059\u3002\u5897\u76ca\u5206\u3092\u80cc\u666f\u3068\u3057\u305f\u300c\u5897\u914d\uff08\u914d\u5f53\u91d1\u306e\u5897\u984d\uff09\u300d\u3084\u300c\u81ea\u793e\u682a\u8cb7\u3044\u300d\u306a\u3069\u306e\u682a\u4e3b\u9084\u5143\u3082\u671f\u5f85\u3067\u304d\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"78,1,0\"><b data-path-to-node=\"78,1,0\" data-index-in-node=\"0\">\u5927\u624b\u640d\u5bb3\u4fdd\u967a\u30fb\u751f\u547d\u4fdd\u967a\uff1a<\/b> \u56fd\u50b5\u306a\u3069\u306e\u904b\u7528\u5229\u56de\u308a\u304c\u4e0a\u6607\u3059\u308b\u305f\u3081\u3001\u4e2d\u9577\u671f\u7684\u306a\u904b\u7528\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u304c\u5287\u7684\u306b\u6539\u5584\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"79\">6.2 \u5185\u9700\u4e3b\u5c0e\u306e\u6210\u9577\u4f01\u696d\uff08\u6d88\u8cbb\u30fb\u30b5\u30fc\u30d3\u30b9\u30fbIT\uff09<\/h3>\n<p data-path-to-node=\"80\">\u904e\u5ea6\u306a\u5186\u5b89\u304c\u53ce\u675f\u3057\u3001\u5b9f\u8cea\u8cc3\u91d1\u306e\u4e0a\u6607\u304c\u5b9a\u7740\u3059\u308b\u3068\u3001\u56fd\u5185\u306e\u8cfc\u8cb7\u529b\u304c\u56de\u5fa9\u3057\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"81\">\n<li>\n<p data-path-to-node=\"81,0,0\"><b data-path-to-node=\"81,0,0\" data-index-in-node=\"0\">\u56fd\u5185\u6d88\u8cbb\u30fb\u5185\u9700\u95a2\u9023\u4f01\u696d\uff1a<\/b> \u539f\u6750\u6599\u306e\u8f38\u5165\u30b3\u30b9\u30c8\u9ad8\u9a30\u306b\u82e6\u3057\u3093\u3067\u3044\u305f\u98df\u54c1\u30fb\u5c0f\u58f2\u30fb\u5916\u98df\u4f01\u696d\u306f\u3001\u30b3\u30b9\u30c8\u9ad8\u306e\u30d4\u30fc\u30af\u30a2\u30a6\u30c8\u3068\u6d88\u8cbb\u56de\u5fa9\u306e\u30c0\u30d6\u30eb\u306e\u8ffd\u3044\u98a8\u3092\u53d7\u3051\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"81,1,0\"><b data-path-to-node=\"81,1,0\" data-index-in-node=\"0\">IT\u30fbDX\uff08\u30c7\u30b8\u30bf\u30eb\u30c8\u30e9\u30f3\u30b9\u30d5\u30a9\u30fc\u30e1\u30fc\u30b7\u30e7\u30f3\uff09\u30bb\u30af\u30bf\u30fc\uff1a<\/b> \u65e5\u672c\u306e\u6df1\u523b\u306a\u4eba\u624b\u4e0d\u8db3\uff08\u69cb\u9020\u7684\u52b4\u50cd\u529b\u4e0d\u8db3\uff09\u3092\u89e3\u6c7a\u3059\u308b\u305f\u3081\u3001\u4f01\u696d\u306fDX\u3084\u7701\u529b\u5316\u6295\u8cc7\u3092\u52a0\u901f\u3055\u305b\u3066\u3044\u307e\u3059\u3002\u5185\u9700\u306b\u6839\u3056\u3057\u305f\u9ad8\u53ce\u76caIT\u4f01\u696d\u306b\u306f\u5f37\u3044\u8ffd\u3044\u98a8\u304c\u5439\u304d\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"82\">6.3 \u6b21\u4e16\u4ee3\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u3068\u6226\u7565\u7684\u30a4\u30f3\u30d5\u30e9\uff08AI\u30fb\u534a\u5c0e\u4f53\u30fb\u30d5\u30a3\u30b8\u30ab\u30ebAI\uff09<\/h3>\n<p data-path-to-node=\"83\">\u65e5\u672c\u306f\u300c\u5358\u306a\u308b\u904e\u53bb\u306e\u5de5\u696d\u56fd\u300d\u304b\u3089\u3001\u300c\u30b0\u30ed\u30fc\u30d0\u30eb\u306a\u5148\u7aef\u6280\u8853\u306e\u88fd\u9020\u30fb\u30a4\u30f3\u30d5\u30e9\u62e0\u70b9\u300d\u3078\u3068\u5909\u8c8c\u3092\u9042\u3052\u3064\u3064\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"84\">\n<li>\n<p data-path-to-node=\"84,0,0\"><b data-path-to-node=\"84,0,0\" data-index-in-node=\"0\">\u534a\u5c0e\u4f53\u88fd\u9020\u88c5\u7f6e\u30fb\u7d20\u6750\uff1a<\/b> \u4e16\u754c\u306eAI\u30d6\u30fc\u30e0\u3092\u652f\u3048\u308b\u6700\u5148\u7aef\u534a\u5c0e\u4f53\u306e\u88fd\u9020\u88c5\u7f6e\u3084\u30d5\u30a9\u30c8\u30ec\u30b8\u30b9\u30c8\u306a\u3069\u306e\u9ad8\u6a5f\u80fd\u5316\u5b66\u7d20\u6750\u306b\u304a\u3044\u3066\u3001\u65e5\u672c\u4f01\u696d\u306f\u4e16\u754c\u30b7\u30a7\u30a2\u306e\u904e\u534a\u3092\u63e1\u308b\u5727\u5012\u7684\u5f37\u307f\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"84,1,0\"><b data-path-to-node=\"84,1,0\" data-index-in-node=\"0\">\u30d5\u30a3\u30b8\u30ab\u30ebAI\uff08\u30ed\u30dc\u30c6\u30a3\u30af\u30b9\u30fb\u81ea\u52d5\u5316\uff09\uff1a<\/b> NVIDIA\u306e\u30b8\u30a7\u30f3\u30b9\u30f3\u30fb\u30d5\u30a2\u30f3CEO\u3082\u6307\u6458\u3059\u308b\u3088\u3046\u306b\u3001AI\u304c\u30c7\u30b8\u30bf\u30eb\u7a7a\u9593\u304b\u3089\u300c\u73fe\u5b9f\u4e16\u754c\u306e\u5b9f\u4f53\uff08\u30ed\u30dc\u30c3\u30c8\u30fb\u5de5\u5834\u30fb\u81ea\u52d5\u8eca\uff09\u300d\u3078\u3068\u878d\u5408\u3059\u308b\u300c\u30d5\u30a3\u30b8\u30ab\u30ebAI\u300d\u306e\u6642\u4ee3\u306b\u304a\u3044\u3066\u3001\u7cbe\u5bc6\u30e2\u30fc\u30bf\u30fc\u3084\u7523\u696d\u7528\u30ed\u30dc\u30c3\u30c8\u3067\u4e16\u754c\u30c8\u30c3\u30d7\u3092\u8d70\u308b\u65e5\u672c\u4f01\u696d\u306e\u4fa1\u5024\u306f\u518d\u5b9a\u7fa9\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"86\">\u7b2c7\u7ae0\uff1a\u6295\u8cc7\u5bb6\u304c\u898b\u6975\u3081\u308b\u3079\u304d\u30dd\u30a4\u30f3\u30c8\uff08G2\u30c1\u30a7\u30c3\u30af\u30dd\u30a4\u30f3\u30c8\uff09<\/h2>\n<p data-path-to-node=\"87\">\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u306e\u8ee2\u6a5f\u306b\u4e57\u3058\u3066\u6295\u8cc7\u3092\u884c\u3046\u969b\u3001\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\u6ce8\u8996\u3059\u3079\u304d2\u3064\u306e\u6700\u91cd\u8981\u30dd\u30a4\u30f3\u30c8\uff08G2\uff1aGlobal &amp; Goverment\/Group Points\uff09\u3092\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c325451492=\"\" class=\"ng-tns-c325451492-920 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c325451492=\"\" class=\"code-block ng-tns-c325451492-920 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_452b315755594c12&quot;,&quot;c_8afe22d3d59a8bb0&quot;,null,&quot;rc_4038216fd3351282&quot;,null,null,&quot;ja&quot;,null,1,null,null,1,0]]\">\n<div _ngcontent-ng-c325451492=\"\" class=\"formatted-code-block-internal-container ng-tns-c325451492-920\">\n<div _ngcontent-ng-c325451492=\"\" class=\"animated-opacity ng-tns-c325451492-920\">\n<pre _ngcontent-ng-c325451492=\"\" class=\"ng-tns-c325451492-920\"><code _ngcontent-ng-c325451492=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c325451492-920 no-decoration-radius\">\u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n\u2502  G2\u898b\u6975\u3081\u30dd\u30a4\u30f3\u30c8                                        \u2502\r\n\u2502  \u3010G1\uff1aGlobal Macro\u3011 \u65e5\u7c73\u3092\u4e2d\u5fc3\u3068\u3059\u308b\u30b0\u30ed\u30fc\u30d0\u30eb\u91d1\u5229\u5dee\u306e\u52d5\u5411 \u2502\r\n\u2502  \u3010G2\uff1aGovernance &amp; Growth\u3011 \u65e5\u672c\u4f01\u696d\u306e\u69cb\u9020\u6539\u9769\u3068\u6210\u9577\u529b   \u2502\r\n\u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h3 data-path-to-node=\"89\">\u3010G1\uff1aGlobal Macro\u3011 \u65e5\u7c73\u3092\u4e2d\u5fc3\u3068\u3059\u308b\u30b0\u30ed\u30fc\u30d0\u30eb\u91d1\u5229\u5dee\u3068\u70ba\u66ff\u306e\u52d5\u5411<\/h3>\n<p data-path-to-node=\"90\">\u5e02\u5834\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08\u5909\u52d5\u6027\uff09\u306e\u6e90\u6cc9\u306f\u5e38\u306b\u300c\u91d1\u5229\u5dee\u300d\u306b\u3042\u308a\u307e\u3059\u3002\u4ee5\u4e0b\u306e\u6307\u6a19\u3092\u5b9a\u671f\u7684\u306b\u30c1\u30a7\u30c3\u30af\u3059\u308b\u3053\u3068\u304c\u5fc5\u9808\u3067\u3059\u3002<\/p>\n<h4 data-path-to-node=\"91\">1. \u7c73\u56fd\u306e\u30a4\u30f3\u30d5\u30ec\u6307\u6a19\u3068FRB\u306e\u5229\u4e0b\u3052\u30da\u30fc\u30b9<\/h4>\n<p data-path-to-node=\"92\">\u7c73\u56fd\u306eCPI\uff08\u6d88\u8cbb\u8005\u7269\u4fa1\u6307\u6570\uff09\u3084PCE\u30c7\u30d5\u30ec\u30fc\u30bf\u30fc\u304c\u4e88\u60f3\u4ee5\u4e0a\u306b\u4f4e\u4e0b\u3057\u3001FRB\u304c\u6025\u901f\u306a\u5229\u4e0b\u3052\u3092\u884c\u3046\u3068\u3001\u65e5\u7c73\u91d1\u5229\u5dee\u304c\u4e00\u6c17\u306b\u7e2e\u5c0f\u3057\u3066\u300c\u6025\u6fc0\u306a\u5186\u9ad8\u300d\u3092\u62db\u304f\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"93\">2. \u65e5\u672c\u9280\u884c\u306e\u653f\u7b56\u91d1\u5229\u898b\u901a\u3057\u3068\u300c\u5b9f\u8cea\u91d1\u5229\u300d<\/h4>\n<p data-path-to-node=\"94\">\u65e5\u9280\u304c\u3069\u306e\u3088\u3046\u306a\u30da\u30fc\u30b9\u3067\u8ffd\u52a0\u5229\u4e0a\u3052\u3092\u884c\u3046\u304b\u3001\u305d\u3057\u3066\u300c\u7269\u4fa1\u4e0a\u6607\u7387\u3092\u5dee\u3057\u5f15\u3044\u305f\u5b9f\u8cea\u91d1\u5229\u300d\u304c\u30d7\u30e9\u30b9\u306b\u5411\u304b\u3046\u304b\u304c\u7126\u70b9\u3067\u3059\u3002\u6025\u6fc0\u3059\u304e\u306a\u3044\u300c\u7de9\u3084\u304b\u306a\u5229\u4e0a\u3052\u30b5\u30a4\u30af\u30eb\u300d\u304c\u682a\u5f0f\u5e02\u5834\u306b\u3068\u3063\u3066\u6700\u3082\u597d\u307e\u3057\u3044\u74b0\u5883\uff08\u9069\u6e29\u76f8\u5834\uff09\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"95\">\u3010G2\uff1aGovernance &amp; Growth\u3011 \u65e5\u672c\u4f01\u696d\u306e\u8cc7\u672c\u52b9\u7387\u6539\u9769\u3068\u771f\u306e\u6210\u9577\u529b<\/h3>\n<p data-path-to-node=\"96\">\u5358\u306b\u91d1\u5229\u3084\u70ba\u66ff\u306e\u6ce2\u306b\u4e57\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u81ea\u529b\u3067\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u3089\u308c\u308b\u4f01\u696d\u3092\u898b\u6975\u3081\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"97\">1. \u6771\u8a3c\uff08\u6771\u4eac\u8a3c\u5238\u53d6\u5f15\u6240\uff09\u4e3b\u5c0e\u306e\u300cPBR1\u500d\u5272\u308c\u6539\u5584\u7b56\u300d\u306e\u9032\u6357<\/h4>\n<p data-path-to-node=\"98\">\u65e5\u672c\u4f01\u696d\u304c\u300c\u81ea\u793e\u682a\u8cb7\u3044\u300d\u300c\u5897\u914d\u300d\u300c\u4e0d\u63a1\u7b97\u4e8b\u696d\u306e\u58f2\u5374\u300d\u306a\u3069\u3092\u7a4d\u6975\u7684\u306b\u884c\u3044\u3001\u8cc7\u672c\u52b9\u7387\uff08ROE\uff09\u3092\u9ad8\u3081\u3066\u3044\u308b\u304b\u3092\u30c1\u30a7\u30c3\u30af\u3057\u307e\u3059\u3002\u682a\u4e3b\u3092\u8efd\u8996\u3057\u3001\u73fe\u91d1\u3092\u6e9c\u3081\u8fbc\u3093\u3067\u3044\u308b\u3060\u3051\u306e\u4f01\u696d\u306f\u6dd8\u6c70\u3055\u308c\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"99\">2. \u4fa1\u683c\u8ee2\u5ac1\u529b\uff08\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0\u30fb\u30d1\u30ef\u30fc\uff09\u306e\u6709\u7121<\/h4>\n<p data-path-to-node=\"100\">\u30a4\u30f3\u30d5\u30ec\u4e0b\u306b\u304a\u3044\u3066\u3001\u30b3\u30b9\u30c8\u4e0a\u6607\u5206\u3092\u88fd\u54c1\u30fb\u30b5\u30fc\u30d3\u30b9\u4fa1\u683c\u306b\u9069\u5207\u306b\u4e0a\u4e57\u305b\u3067\u304d\u308b\u300c\u5f37\u3044\u30d6\u30e9\u30f3\u30c9\u300d\u3084\u300c\u9ad8\u3044\u30b7\u30a7\u30a2\u300d\u3092\u6301\u3064\u4f01\u696d\u3092\u9078\u5225\u3059\u308b\u3053\u3068\u304c\u3001\u682a\u5f0f\u6295\u8cc7\u306e\u6700\u5927\u306e\u9632\u885b\u7b56\u3067\u3042\u308a\u653b\u6483\u7b56\u3067\u3059\u3002<\/p>\n<h2 data-path-to-node=\"102\">\u7b2c8\u7ae0\uff1a\u91d1\u878d\u30fb\u6295\u8cc7\u77e5\u8b58\u306e\u91cd\u8981\u6027\uff08\u306a\u305c\u521d\u5fc3\u8005\u3053\u305d\u5b66\u3076\u3079\u304d\u304b\uff09<\/h2>\n<p data-path-to-node=\"103\">\u30cb\u30e5\u30fc\u30b9\u3067\u300c\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u306e\u5dfb\u304d\u623b\u3057\u3067\u682a\u4fa1\u6025\u843d\u300d\u3068\u5831\u3058\u3089\u308c\u305f\u3068\u304d\u3001\u91d1\u878d\u77e5\u8b58\uff08\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30ea\u30c6\u30e9\u30b7\u30fc\uff09\u304c\u3042\u308b\u4eba\u3068\u306a\u3044\u4eba\u3068\u3067\u306f\u3001\u3068\u308b\u884c\u52d5\u3068\u5c06\u6765\u306e\u8cc7\u7523\u5f62\u6210\u306b\u5929\u3068\u5730\u307b\u3069\u306e\u5dee\u304c\u751f\u307e\u308c\u307e\u3059\u3002<\/p>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c325451492=\"\" class=\"ng-tns-c325451492-921 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c325451492=\"\" class=\"code-block ng-tns-c325451492-921 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_452b315755594c12&quot;,&quot;c_8afe22d3d59a8bb0&quot;,null,&quot;rc_4038216fd3351282&quot;,null,null,&quot;ja&quot;,null,1,null,null,1,0]]\">\n<div _ngcontent-ng-c325451492=\"\" class=\"formatted-code-block-internal-container ng-tns-c325451492-921\">\n<div _ngcontent-ng-c325451492=\"\" class=\"animated-opacity ng-tns-c325451492-921\">\n<pre _ngcontent-ng-c325451492=\"\" class=\"ng-tns-c325451492-921\"><code _ngcontent-ng-c325451492=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c325451492-921 no-decoration-radius\">\u3010\u91d1\u878d\u77e5\u8b58\u306e\u6709\u7121\u306b\u3088\u308b\u300c\u66b4\u843d\u6642\u300d\u306e\u884c\u52d5\u306e\u5dee\u3011\r\n\r\n\u25a0 \u77e5\u8b58\u304c\u306a\u3044\u4eba\uff1a\r\n\u300c\u30cb\u30e5\u30fc\u30b9\u3067\u682a\u4fa1\u66b4\u843d\u3068\u805e\u3044\u305f\uff01\u6016\u3044\u304b\u3089\u4fdd\u6709\u3057\u3066\u3044\u308b\u6295\u8cc7\u4fe1\u8a17\u3092\u3059\u3079\u3066\u58f2\u3063\u3066\u73fe\u91d1\u306b\u9003\u3052\u3088\u3046\u2026\u300d\r\n\u21d2 \u6700\u60aa\u306e\u5b89\u5024\u3067\u72fc\u72fd\u58f2\u308a\uff08\u640d\u5931\u78ba\u5b9a\uff09\u3092\u3057\u3001\u305d\u306e\u5f8c\u306e\u56de\u5fa9\u5c40\u9762\u306e\u5229\u76ca\u3092\u9003\u3059\u3002\r\n\r\n\u25a0 \u91d1\u878d\u77e5\u8b58\u304c\u3042\u308b\u4eba\uff1a\r\n\u300c\u69cb\u9020\u7684\u306a\u5186\u30ad\u30e3\u30ea\u30fc\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u89e3\u6d88\u306b\u3088\u308b\u4e00\u5f8b\u306e\u58f2\u308a\u3060\u306a\u3002\u696d\u7e3e\u304c\u826f\u3044\u4f01\u696d\u306e\u682a\u307e\u3067\u5dfb\u304d\u6dfb\u3048\u3067\u5b89\u304f\u306a\u3063\u3066\u3044\u308b\u304b\u3089\u3001\u7d76\u597d\u306e\u8cb7\u3044\u5897\u3057\u30c1\u30e3\u30f3\u30b9\u3060\uff01\u300d\r\n\u21d2 \u51b7\u9759\u306b\u72b6\u6cc1\u3092\u5206\u6790\u3057\u3001\u30d0\u30fc\u30b2\u30f3\u30bb\u30fc\u30eb\u3067\u512a\u826f\u8cc7\u7523\u3092\u4ed5\u8fbc\u3080\u3053\u3068\u304c\u3067\u304d\u308b\u3002\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h3 data-path-to-node=\"105\">8.1 \u8cc7\u672c\u4e3b\u7fa9\u793e\u4f1a\u306b\u304a\u3051\u308b\u300c\u77e5\u8b58\u306e\u975e\u5bfe\u79f0\u6027\u300d<\/h3>\n<p data-path-to-node=\"106\">\u91d1\u878d\u5e02\u5834\u306f\u3001\u300c\u77e5\u8b58\u304c\u3042\u308b\u4eba\u304c\u3001\u77e5\u8b58\u306e\u306a\u3044\u4eba\u304b\u3089\u8cc7\u7523\u3092\u56de\u53ce\u3059\u308b\u69cb\u9020\u300d\u3092\u6301\u3061\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"107\">\u7279\u306b\u73fe\u5728\u306e\u3088\u3046\u306b\u3001<b data-path-to-node=\"107\" data-index-in-node=\"9\">\u300c\u30a4\u30f3\u30d5\u30ec\uff08\u7269\u4fa1\u4e0a\u6607\uff09\u300d\u3068\u300c\u91d1\u5229\u306e\u4e0a\u6607\u300d\u304c\u540c\u6642\u306b\u8d77\u304d\u308b\u6642\u4ee3\u306b\u304a\u3044\u3066\u306f\u3001\u300c\u9280\u884c\u306b\u304a\u91d1\u3092\u9810\u3051\u3066\u304a\u3051\u3070\u5b89\u5fc3\u300d\u3068\u3044\u3046\u5f93\u6765\u306e\u5e38\u8b58\u306f\u5b8c\u5168\u306b\u901a\u7528\u3057\u306a\u304f\u306a\u308a\u307e\u3057\u305f\u3002<\/b><\/p>\n<ul data-path-to-node=\"108\">\n<li>\n<p data-path-to-node=\"108,0,0\">\u7269\u4fa1\u304c\u6bce\u5e742%\u4e0a\u304c\u308b\u3068\u3001\u9280\u884c\u53e3\u5ea7\u306b\u3042\u308b\u73fe\u91d1\u306e\u300c\u5b9f\u8cea\u7684\u306a\u8cb7\u3044\u53d6\u308a\u80fd\u529b\u300d\u306f\u6bce\u5e742%\u305a\u3064\u76ee\u6e1b\u308a\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"108,1,0\"><b data-path-to-node=\"108,1,0\" data-index-in-node=\"0\">\u300c\u4f55\u3082\u3057\u306a\u3044\u3053\u3068\uff08\u653e\u7f6e\uff09\u300d\u81ea\u4f53\u304c\u3001\u5b9f\u306f\u300c\u73fe\u91d1\u3068\u3044\u3046\u4fa1\u5024\u304c\u6e1b\u308b\u8cc7\u7523\u306b100%\u96c6\u4e2d\u6295\u8cc7\u3059\u308b\u30ea\u30b9\u30af\u300d\u3092\u4fb5\u3057\u3066\u3044\u308b<\/b>\u306e\u3067\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"109\">8.2 \u521d\u5fc3\u8005\u304c\u4eca\u3059\u3050\u5b9f\u8df5\u3067\u304d\u308b\u300c\u5b89\u5168\u306a\u6295\u8cc7\u30a2\u30d7\u30ed\u30fc\u30c1\u300d<\/h3>\n<p data-path-to-node=\"110\">\u91d1\u878d\u3084\u6295\u8cc7\u306e\u77e5\u8b58\u3092\u8eab\u306b\u3064\u3051\u305f\u4e0a\u3067\u3001\u521d\u5fc3\u8005\u304c\u4e00\u6b69\u3092\u8e0f\u307f\u51fa\u3059\u305f\u3081\u306e\u73fe\u5b9f\u7684\u306a\u30b9\u30c6\u30c3\u30d7\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c325451492=\"\" class=\"ng-tns-c325451492-922 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c325451492=\"\" class=\"code-block ng-tns-c325451492-922 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_452b315755594c12&quot;,&quot;c_8afe22d3d59a8bb0&quot;,null,&quot;rc_4038216fd3351282&quot;,null,null,&quot;ja&quot;,null,1,null,null,1,0]]\">\n<div _ngcontent-ng-c325451492=\"\" class=\"formatted-code-block-internal-container ng-tns-c325451492-922\">\n<div _ngcontent-ng-c325451492=\"\" class=\"animated-opacity ng-tns-c325451492-922\">\n<pre _ngcontent-ng-c325451492=\"\" class=\"ng-tns-c325451492-922\"><code _ngcontent-ng-c325451492=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c325451492-922 no-decoration-radius\">\u3010\u521d\u5fc3\u8005\u306e\u305f\u3081\u306e\u6bb5\u968e\u7684\u30a2\u30d7\u30ed\u30fc\u30c1\u3011\r\n\r\nStep 1\uff1a\u751f\u6d3b\u9632\u885b\u8cc7\u91d1\uff083\u301c6\u30f6\u6708\u5206\u306e\u751f\u6d3b\u8cbb\uff09\u3092\u78ba\u4fdd\u3059\u308b\r\nStep 2\uff1a\u5236\u5ea6\uff08\u65b0NISA\u3084iDeCo\uff09\u3092\u6d3b\u7528\u3057\u3001\u5168\u4e16\u754c\u682a\uff08\u30aa\u30fc\u30eb\u30fb\u30ab\u30f3\u30c8\u30ea\u30fc\uff09\u3084S&amp;P500\u306e\u300c\u7a4d\u307f\u7acb\u3066\u6295\u8cc7\u300d\u3092\u59cb\u3081\u308b\r\nStep 3\uff1a\u5e02\u5834\u306e\u30cb\u30e5\u30fc\u30b9\uff08\u65e5\u9280\u653f\u7b56\u30fb\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u7b49\uff09\u306b\u95a2\u5fc3\u3092\u6301\u3061\u3001\u65e5\u672c\u306e\u9ad8\u914d\u5f53\u682a\u3084ETF\u3078\u5c11\u984d\u304b\u3089\u5206\u6563\u6295\u8cc7\u3057\u3066\u307f\u308b\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<ol start=\"1\" data-path-to-node=\"112\">\n<li>\n<p data-path-to-node=\"112,0,0\"><b data-path-to-node=\"112,0,0\" data-index-in-node=\"0\">\u9577\u671f\u30fb\u7a4d\u7acb\u30fb\u5206\u6563\u6295\u8cc7\u3092\u8ef8\u306b\u3059\u308b<\/b><\/p>\n<p data-path-to-node=\"112,0,1\">\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u306e\u5dfb\u304d\u623b\u3057\u306e\u3088\u3046\u306a\u77ed\u671f\u7684\u30fb\u4e00\u6642\u7684\u306a\u76f8\u5834\u5909\u52d5\u306b\u632f\u308a\u56de\u3055\u308c\u306a\u3044\u305f\u3081\u306b\u3082\u3001\u6bce\u6708\u4e00\u5b9a\u984d\u3092\u5b9a\u671f\u7684\u306b\u8cb7\u3044\u4ed8\u3051\u308b\u300c\u30c9\u30eb\u30fb\u30b3\u30b9\u30c8\u5e73\u5747\u6cd5\u300d\u3092\u5fb9\u5e95\u3059\u308b\u3053\u3068\u304c\u6700\u5f37\u306e\u9632\u5fa1\u7b56\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"112,1,0\"><b data-path-to-node=\"112,1,0\" data-index-in-node=\"0\">\u5e02\u5834\u306e\u300c\u6ce2\u300d\u3092\u7406\u89e3\u3057\u3001\u5473\u65b9\u306b\u3064\u3051\u308b<\/b><\/p>\n<p data-path-to-node=\"112,1,1\">\u300c\u306a\u305c\u4eca\u3001\u5186\u9ad8\u306b\u306a\u3063\u3066\u3044\u308b\u306e\u304b\u300d\u300c\u306a\u305c\u3053\u306e\u30bb\u30af\u30bf\u30fc\u304c\u8cb7\u308f\u308c\u3066\u3044\u308b\u306e\u304b\u300d\u3068\u3044\u3046\u80cc\u666f\uff08\u30de\u30af\u30ed\u7d4c\u6e08\u306e\u69cb\u9020\uff09\u3092\u7406\u89e3\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3068\u3001\u6295\u8cc7\u306f\u30ae\u30e3\u30f3\u30d6\u30eb\u304b\u3089\u300c\u6839\u62e0\u306e\u3042\u308b\u8cc7\u7523\u5f62\u6210\u300d\u3078\u3068\u5909\u5316\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ol>\n<h2 data-path-to-node=\"114\">\u7d50\u8ad6\uff1a\u5909\u5316\u3092\u6050\u308c\u305a\u3001\u77e5\u8b58\u3092\u6b66\u5668\u306b\u65b0\u3057\u3044\u6642\u4ee3\u3078<\/h2>\n<p data-path-to-node=\"115\">\u9577\u5e74\u7d9a\u3044\u305f\u300c\u8d85\u4f4e\u91d1\u5229\u30fb\u69cb\u9020\u7684\u5186\u5b89\u300d\u3092\u80cc\u666f\u3068\u3059\u308b\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u306e\u6642\u4ee3\u306f\u4eca\u3001\u6c7a\u5b9a\u7684\u306a\u8ee2\u63db\u671f\u3092\u8fce\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"116\">\u5e02\u5834\u306e\u77ed\u671f\u7684\u30b7\u30e7\u30c3\u30af\u3084\u5909\u52d5\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u306f\u4e00\u898b\u3059\u308b\u3068\u30ea\u30b9\u30af\u306b\u898b\u3048\u307e\u3059\u304c\u3001\u305d\u306e\u88cf\u5074\u306b\u306f\u300c\u65e5\u672c\u7d4c\u6e08\u306e\u6b63\u5e38\u5316\u300d\u3068\u300c\u9b45\u529b\u7684\u306a\u65e5\u672c\u8cc7\u7523\u3078\u306e\u8cc7\u91d1\u56de\u5e30\u300d\u3068\u3044\u3046\u3001\u904e\u53bb\u6570\u5341\u5e74\u9593\u3067\u6700\u5927\u7d1a\u306e\u6a5f\u4f1a\u304c\u96a0\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"117\">\u4e16\u754c\u7d4c\u6e08\u306e\u30e1\u30ac\u30c8\u30ec\u30f3\u30c9\u3092\u6b63\u3057\u304f\u7406\u89e3\u3057\u3001\u81ea\u3089\u306e\u91d1\u878d\u30ea\u30c6\u30e9\u30b7\u30fc\u3092\u9ad8\u3081\u308b\u3053\u3068\u3002\u305d\u308c\u3053\u305d\u304c\u3001\u6fc0\u52d5\u306e\u6642\u4ee3\u306b\u304a\u3044\u3066\u3042\u306a\u305f\u3068\u3042\u306a\u305f\u306e\u8cc7\u7523\u3092\u5b88\u308a\u3001\u8c4a\u304b\u306b\u80b2\u3066\u308b\u305f\u3081\u306e\u300c\u6700\u5927\u306e\u6b66\u5668\u300d\u3068\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n<div><\/div>\n<div class=\"xcd-attention-8 xcd-col5 xcd-ripple\">\n<div class=\"xcd-title\"><span style=\"font-size: 18pt;\">\u30d7\u30ed\u306e\u77e5\u8b58\u304c\u7121\u6599\u3067\u5b66\u3079\u307e\u3059<\/span><\/div>\n<div class=\"xcd-content\">\n<p><span style=\"font-size: 14pt;\"><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><\/span><\/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=cta&amp;utm_content=ueoka\">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=cta&amp;utm_content=ueoka\">\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=cta&amp;utm_content=ueoka\">\u30aa\u30f3\u30e9\u30a4\u30f3\u8b1b\u5ea7\u306f\u3053\u3061\u3089<\/a><\/span><\/strong><\/div>\n<\/div>\n<\/div>\n<\/div>\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> 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