{"id":33259,"date":"2026-10-28T11:02:10","date_gmt":"2026-10-28T02:02:10","guid":{"rendered":"https:\/\/official.gfs.tokyo\/blog\/?p=33259"},"modified":"2026-10-28T11:02:10","modified_gmt":"2026-10-28T02:02:10","slug":"ue-investing-in-the-brazilian-economy-equities-and-the-real-currency","status":"publish","type":"post","link":"https:\/\/official.gfs.tokyo\/blog\/ue-investing-in-the-brazilian-economy-equities-and-the-real-currency","title":{"rendered":"\u3010\u5b8c\u5168\u7248\u3011\u30d6\u30e9\u30b8\u30eb\u7d4c\u6e08\u30fb\u682a\u5f0f\u30fb\u901a\u8ca8\u30ec\u30a2\u30eb\u6295\u8cc7\u306e\u5168\u8c8c\uff5c\u9ad8\u5229\u56de\u308a\u306e\u9b45\u529b\u304b\u3089\u8ca1\u653f\u30ea\u30b9\u30af\u30fb\u8cb7\u3044\u65b9\u307e\u3067\u4f53\u7cfb\u89e3"},"content":{"rendered":"<h2 data-path-to-node=\"0\">\u3010\u5b8c\u5168\u7248\u3011\u30d6\u30e9\u30b8\u30eb\u7d4c\u6e08\u30fb\u682a\u5f0f\u30fb\u901a\u8ca8\u30ec\u30a2\u30eb\u6295\u8cc7\u306e\u5168\u8c8c\uff5c\u9ad8\u5229\u56de\u308a\u306e\u9b45\u529b\u304b\u3089\u8ca1\u653f\u30ea\u30b9\u30af\u30fb\u8cb7\u3044\u65b9\u307e\u3067\u4f53\u7cfb\u89e3<\/h2>\n<p data-path-to-node=\"1\"><span>\u2015\u2015\u9ad8\u91d1\u5229\u30fb\u8cc7\u6e90\u5927\u56fd\u306e\u6295\u8cc7\u5999\u5473\u304b\u3089\u8ca1\u653f\u30ea\u30b9\u30af\u3001<\/span><span>ADR\u30fb\u50b5\u5238\u306e\u5b9f\u8df5\u3001<\/span><span class=\"\">\u91d1\u878d\u30ea\u30c6\u30e9\u30b7\u30fc\u306e\u672c\u8cea\u307e\u3067<\/span><\/p>\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<\/div>\n<h2 data-path-to-node=\"3\" class=\"\">\u6982\u8981\uff08Executive Summary\uff09<\/h2>\n<p data-path-to-node=\"4\"><span class=\"\">\u5357\u7c73\u6700\u5927\u306e\u7d4c\u6e08\u5927\u56fd\u3067\u3042\u308b\u30d6\u30e9\u30b8\u30eb\u306f\u3001<\/span><span>\u4e16\u754c\u5c48\u6307\u306e\u8fb2\u696d\u30fb\u30a8\u30cd\u30eb\u30ae\u30fc\u30fb\u9271\u7269\u8cc7\u6e90\u3092\u6709\u3057\u3001<\/span><span class=\"\">2\u5104\u4eba\u3092\u8d85\u3048\u308b\u5de8\u5927\u306a\u56fd\u5185\u5e02\u5834\u3092\u8a87\u308a\u307e\u3059\u3002<\/span><span>\u30b0\u30ed\u30fc\u30d0\u30eb\u306a\u6295\u8cc7\u74b0\u5883\u306b\u304a\u3044\u3066\u3001<\/span><\/p>\n<p data-path-to-node=\"4\"><span class=\"\">\u30d6\u30e9\u30b8\u30eb\u5e02\u5834\u306f\u300c<\/span><b class=\"\" data-path-to-node=\"4\" data-index-in-node=\"83\">\u5727\u5012\u7684\u306a\u9ad8\u5229\u56de\u308a\uff08\u653f\u7b56\u91d1\u522910%\u8d85\u30fb\u682a\u5f0f\u914d\u5f53\u5229\u56de\u308a7\u301c10%\u53f0\uff09<\/b><span>\u300d\u3068\u3044\u3046\u5f37\u529b\u306a\u5f15\u529b\u3092\u6301\u3064\u4e00\u65b9\u3067\u3001<\/span><span>\u300c<\/span><b data-path-to-node=\"4\" data-index-in-node=\"132\">\u6162\u6027\u7684\u306a\u8ca1\u653f\u8d64\u5b57\u30fb\u653f\u6cbb\u7684\u4ecb\u5165\u30fb\u6025\u6fc0\u306a\u901a\u8ca8\u5909\u52d5<\/b><span class=\"\">\u300d\u3068\u3044\u3046\u7279\u6709\u306e\u30ab\u30f3\u30c8\u30ea\u30fc\u30ea\u30b9\u30af\u3092\u5e38\u306b\u5185\u5305\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"5\"><span>\u672c\u7a3f\u306f\u3001<\/span><span>\u3053\u308c\u307e\u3067\u8b70\u8ad6\u3057\u3066\u304d\u305f\u4ee5\u4e0b\u306e\u30c6\u30fc\u30de\u3092\u4f59\u3059\u3068\u3053\u308d\u306a\u304f\u7db2\u7f85\u3057\u3001<\/span><span>\u521d\u5fc3\u8005\u304b\u3089\u4e2d\u4e0a\u7d1a\u8005\u307e\u3067\u304c\u5b9f\u8df5\u7684\u306a\u6295\u8cc7\u5224\u65ad\u3092\u4e0b\u305b\u308b\u3088\u3046\u4f53\u7cfb\u7684\u306b\u518d\u69cb\u6210\u3057\u305f\u6c7a\u5b9a\u7248\u30ac\u30a4\u30c9\u3067\u3059\u3002<\/span><\/p>\n<ol start=\"1\" data-path-to-node=\"6\">\n<li>\n<p data-path-to-node=\"6,0,0\"><b data-path-to-node=\"6,0,0\" data-index-in-node=\"0\">\u30d6\u30e9\u30b8\u30eb\u7d4c\u6e08\u306e\u57fa\u672c\u69cb\u9020<\/b><span>:<\/span><span> \u8cc7\u6e90\u30fb\u8fb2\u696d\u306e\u4f9b\u7d66\u529b\u3001<\/span><span>\u5b9f\u8ceaGDP\u52d5\u5411\u3001<\/span><span>\u30a4\u30f3\u30d5\u30ec\u76ee\u6a19\u3068\u91d1\u878d\u5f15\u304d\u7de0\u3081\u306e\u5fc5\u7136\u6027\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"6,1,0\"><b data-path-to-node=\"6,1,0\" data-index-in-node=\"0\">\u682a\u5f0f\u5e02\u5834\uff08\u30dc\u30d9\u30b9\u30d1\uff09\u306e\u4e8c\u9762\u6027<\/b><span>:<\/span><span> \u30aa\u30fc\u30eb\u30c9\u30a8\u30b3\u30ce\u30df\u30fc\u4e3b\u5c0e\u306e\u6307\u6570\u69cb\u6210\u3001<\/span><span>\u30da\u30c8\u30ed\u30d6\u30e9\u30b9\u3084\u30f4\u30a1\u30fc\u30ec\u3001<\/span><span>\u5927\u624b\u6c11\u9593\u9280\u884c\u306e\u5f37\u307f\u3068\u81f4\u547d\u7684\u30ea\u30b9\u30af\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"6,2,0\"><b data-path-to-node=\"6,2,0\" data-index-in-node=\"0\">\u901a\u8ca8\u300c\u30d6\u30e9\u30b8\u30eb\u30ec\u30a2\u30eb\u300d\u306e\u30e1\u30ab\u30cb\u30ba\u30e0<\/b><span>:<\/span><span> \u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u306e\u6069\u6075\u3068\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u8981\u56e0\u3001<\/span><span>\u70ba\u66ff\u76f8\u5834\u306e\u69cb\u9020\u7684\u8106\u5f31\u6027\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"6,3,0\"><b data-path-to-node=\"6,3,0\" data-index-in-node=\"0\">\u65e5\u672c\u306e\u500b\u4eba\u6295\u8cc7\u5bb6\u306b\u3088\u308b\u5b9f\u8df5\u624b\u6cd5<\/b><span>:<\/span><span> \u7c73\u56fd\u5e02\u5834\u7d4c\u7531\u306eADR\u8cfc\u5165\u30d7\u30ed\u30bb\u30b9\u3001<\/span><span>\u4e8c\u91cd\u8ab2\u7a0e\u30fb\u81ea\u5df1\u8cc7\u672c\u5229\u5b50\uff08JCP\uff09\u30fb\u5916\u56fd\u7a0e\u984d\u63a7\u9664\u306e\u7a0e\u52d9\u5b9f\u52d9\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"6,4,0\"><b data-path-to-node=\"6,4,0\" data-index-in-node=\"0\">\u50b5\u5238\u30fb\u5916\u8ca8\u9810\u91d1\u904b\u7528\u306e\u771f\u76f8<\/b><span>:<\/span><span> \u306a\u305c\u30ec\u30a2\u30eb\u5efa\u3066\u5916\u8ca8\u9810\u91d1\u306f\u5b58\u5728\u3057\u306a\u3044\u306e\u304b\u3001<\/span><span>\u56fd\u50b5\u6295\u8cc7\u306e\u5229\u56de\u308a\u6c34\u6e96\u3068\u5f80\u5fa9\u70ba\u66ff\u30b3\u30b9\u30c8\u3001<\/span><span>\u640d\u76ca\u5206\u5c90\u70b9\uff08BEP\uff09\u306e\u6570\u5b66\u7684\u73fe\u5b9f\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"6,5,0\"><b data-path-to-node=\"6,5,0\" data-index-in-node=\"0\">\u904e\u53bb\u306e\u5371\u6a5f\u304b\u3089\u5b66\u3076\u30b9\u30c8\u30ec\u30b9\u30c6\u30b9\u30c8<\/b><span>:<\/span><span> 2014\u301c2016\u5e74\u306e\u683c\u4e0b\u3052\u30fb\u653f\u6a29\u5d29\u58ca\u5371\u6a5f\u306b\u304a\u3051\u308b\u4e0b\u843d\u7387\u3068\u30c8\u30fc\u30bf\u30eb\u30ea\u30bf\u30fc\u30f3\u306e\u691c\u8a3c\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"6,6,0\"><b data-path-to-node=\"6,6,0\" data-index-in-node=\"0\">\u7d50\u3073<\/b><span>:<\/span><span> \u6fc0\u52d5\u306e\u8cc7\u7523\u904b\u7528\u306b\u304a\u3044\u3066\u81ea\u5206\u81ea\u8eab\u306e\u8cc7\u7523\u3092\u5b88\u308a\u629c\u304f\u300c\u91d1\u878d\u30fb\u6295\u8cc7\u30ea\u30c6\u30e9\u30b7\u30fc\u300d\u306e\u771f\u306e\u91cd\u8981\u6027\u3002<\/span><\/p>\n<\/li>\n<\/ol>\n<h2 data-path-to-node=\"8\">\u7b2c1\u7ae0 \u30d6\u30e9\u30b8\u30eb\u7d4c\u6e08\u306e\u69cb\u9020\u3068\u30de\u30af\u30ed\u52d5\u5411<\/h2>\n<h3 data-path-to-node=\"9\">1. \u8cc7\u6e90\u3068\u5185\u9700\u306e\u4e8c\u5927\u30a8\u30f3\u30b8\u30f3<\/h3>\n<p data-path-to-node=\"10\"><span>\u30d6\u30e9\u30b8\u30eb\u7d4c\u6e08\u306f\u3001<\/span><span>\u4e16\u754c\u6700\u5927\u898f\u6a21\u306e<\/span><b data-path-to-node=\"10\" data-index-in-node=\"15\">\u4e00\u6b21\u7523\u54c1\uff08\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\uff09\u8f38\u51fa<\/b><span>\u3068\u3001<\/span><span>2\u5104\u4eba\u3092\u8d85\u3048\u308b\u4eba\u53e3\u306b\u652f\u3048\u3089\u308c\u305f\u5de8\u5927\u306a\u500b\u4eba\u6d88\u8cbb\uff08\u5185\u9700\uff09\u306b\u3088\u3063\u3066\u727d\u5f15\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"11\">\n<li>\n<p data-path-to-node=\"11,0,0\"><b data-path-to-node=\"11,0,0\" data-index-in-node=\"0\">\u30a2\u30b0\u30ea\u30d3\u30b8\u30cd\u30b9\uff08\u8fb2\u696d\u30fb\u755c\u7523\uff09<\/b><span>:<\/span><span> \u30d6\u30e9\u30b8\u30eb\u306f\u300c\u4e16\u754c\u306e\u98df\u7ce7\u5eab\u300d\u3068\u79f0\u3055\u308c\u3001<\/span><span>\u5927\u8c46\u3001<\/span><span>\u30c8\u30a6\u30e2\u30ed\u30b3\u30b7\u3001<\/span><span>\u725b\u8089\u3001<\/span><span>\u9d8f\u8089\u3001<\/span><span>\u7c97\u7cd6\u3001<\/span><span>\u30b3\u30fc\u30d2\u30fc\u8c46\u3001<\/span><span>\u30aa\u30ec\u30f3\u30b8\u679c\u6c41\u306a\u3069\u306e\u8f38\u51fa\u3067\u4e16\u754c\u9996\u4f4d\u307e\u305f\u306f\u4e0a\u4f4d\u306e\u30b7\u30a7\u30a2\u3092\u72ec\u5360\u3057\u3066\u3044\u307e\u3059\u3002<\/span><span>\u5e83\u5927\u306a\u8fb2\u5730\u3068\u6e29\u6696\u306a\u6c17\u5019\u3001<\/span><span>\u4e09\u6bdb\u4f5c\u3059\u3089\u53ef\u80fd\u306a\u8fb2\u696d\u6280\u8853\u306b\u3088\u308a\u3001<\/span><span>\u4e16\u754c\u306e\u7a40\u7269\u9700\u7d66\u306b\u6c7a\u5b9a\u7684\u306a\u5f71\u97ff\u529b\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"11,1,0\"><b data-path-to-node=\"11,1,0\" data-index-in-node=\"0\">\u9271\u7269\u8cc7\u6e90\u30fb\u30a8\u30cd\u30eb\u30ae\u30fc\u81ea\u7d66<\/b><span>:<\/span><span> \u4e16\u754c\u5c48\u6307\u306e\u9ad8\u54c1\u4f4d\u9244\u9271\u77f3\u3092\u7523\u51fa\u3059\u308b\u30ab\u30e9\u30b8\u30e3\u30b9\u9271\u5c71\u306a\u3069\u306e\u9271\u7269\u8cc7\u6e90\u306b\u52a0\u3048\u3001<\/span><span>2000\u5e74\u4ee3\u4ee5\u964d\u306b\u672c\u683c\u958b\u767a\u304c\u9032\u3093\u3060\u5927\u897f\u6d0b\u6c96\u5408\u306e\u6df1\u6d77\u6cb9\u7530\uff08\u30d7\u30ec\u30b5\u30eb\u5c64\uff09\u306b\u3088\u308a\u3001<\/span><span>\u5357\u7c73\u6700\u5927\u306e\u7523\u6cb9\u56fd\u3078\u3068\u767b\u308a\u8a70\u3081\u307e\u3057\u305f\u3002<\/span><span>\u3053\u308c\u306b\u3088\u308a\u3001<\/span><span>\u30a8\u30cd\u30eb\u30ae\u30fc\u3068\u98df\u7ce7\u306e\u53cc\u65b9\u3067\u5b8c\u5168\u306a\u81ea\u7d66\u81ea\u8db3\u3092\u9054\u6210\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"11,2,0\"><b data-path-to-node=\"11,2,0\" data-index-in-node=\"0\">\u88fd\u9020\u696d\u30fb\u30b5\u30fc\u30d3\u30b9\u696d\u306e\u8ab2\u984c<\/b><span>:<\/span><span> \u4e00\u65b9\u3067\u3001<\/span><span>\u822a\u7a7a\u6a5f\u88fd\u9020\uff08\u30a8\u30f3\u30d6\u30e9\u30a8\u30eb\uff09\u306a\u3069\u3092\u9664\u304f\u3068\u3001<\/span><span>\u56fd\u5185\u88fd\u9020\u696d\u306f\u9ad8\u30b3\u30b9\u30c8\u69cb\u9020\uff08\u8907\u96d1\u306a\u7a0e\u5236\u3001<\/span><span>\u52a3\u60aa\u306a\u7269\u6d41\u30a4\u30f3\u30d5\u30e9\u3001<\/span><span>\u786c\u76f4\u7684\u306a\u52b4\u50cd\u6cd5\u306a\u3069\u306e\u300c\u30d6\u30e9\u30b8\u30eb\u30fb\u30b3\u30b9\u30c8\uff08Custo Brasil\uff09\u300d\uff09\u306b\u60a9\u307e\u3055\u308c\u3066\u304a\u308a\u3001<\/span><span>\u7d4c\u6e08\u5168\u4f53\u3068\u3057\u3066\u306f\u8cc7\u6e90\u4fa1\u683c\u3068\u30b5\u30fc\u30d3\u30b9\u696d\u30fb\u500b\u4eba\u6d88\u8cbb\u306b\u4f9d\u5b58\u3059\u308b\u4f53\u8cea\u304c\u7d9a\u3044\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"12\">2. \u7d4c\u6e08\u6210\u9577\uff08GDP\uff09\u3068\u30a4\u30f3\u30d5\u30ec\u306e\u5bbf\u547d<\/h3>\n<p data-path-to-node=\"13\"><span>\u30d6\u30e9\u30b8\u30eb\u306e\u5b9f\u8ceaGDP\u6210\u9577\u7387\u306f\u3001<\/span><span>\u6b74\u53f2\u7684\u306b\u5e742%\u524d\u5f8c\u306e\u5de1\u822a\u901f\u5ea6\u3067\u63a8\u79fb\u3059\u308b\u3053\u3068\u304c\u591a\u304f\u3001<\/span><span>\u4e16\u754c\u7684\u306a\u8cc7\u6e90\u9700\u8981\uff08\u7279\u306b\u4e2d\u56fd\u306e\u666f\u6cc1\u611f\uff09\u306b\u3088\u3063\u3066\u597d\u4e0d\u6cc1\u304c\u5faa\u74b0\u3057\u307e\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"14\">\n<li>\n<p data-path-to-node=\"14,0,0\"><b data-path-to-node=\"14,0,0\" data-index-in-node=\"0\">\u30a4\u30f3\u30d5\u30ec\u4f53\u8cea\uff08\u30cf\u30a4\u30d1\u30fc\u30a4\u30f3\u30d5\u30ec\u306e\u6b74\u53f2\u7684\u30c8\u30e9\u30a6\u30de\uff09<\/b><span>:<\/span><span> \u30d6\u30e9\u30b8\u30eb\u306f1980\u301c90\u5e74\u4ee3\u524d\u534a\u306b\u304b\u3051\u3066\u5929\u6587\u5b66\u7684\u306a\u30cf\u30a4\u30d1\u30fc\u30a4\u30f3\u30d5\u30ec\u3092\u7d4c\u9a13\u3057\u3066\u304a\u308a\u3001<\/span><span>1994\u5e74\u306e\u300c\u30ec\u30a2\u30eb\u30d7\u30e9\u30f3\u300d\u306b\u3088\u3063\u3066\u81ea\u56fd\u901a\u8ca8\u306e\u5b89\u5b9a\u3092\u53d6\u308a\u623b\u3057\u307e\u3057\u305f\u3002<\/span><span>\u3053\u306e\u56fd\u6c11\u7684\u306a\u8a18\u61b6\u304b\u3089\u3001<\/span><span>\u4e2d\u592e\u9280\u884c\u306e\u30a4\u30f3\u30d5\u30ec\u6291\u5236\u306b\u5bfe\u3059\u308b\u59ff\u52e2\u306f\u4e3b\u8981\u56fd\u306e\u4e2d\u3067\u3082\u6975\u3081\u3066\u53b3\u683c\u3067\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"14,1,0\"><b data-path-to-node=\"14,1,0\" data-index-in-node=\"0\">\u4e2d\u592e\u9280\u884c\u306e\u72ec\u7acb\u6027\u3068\u653f\u7b56\u91d1\u5229\uff08Selic\uff09<\/b><span>:<\/span><span> \u30a4\u30f3\u30d5\u30ec\u76ee\u6a19\u306f\u304a\u304a\u3080\u306d\u5e743.<\/span><span>0%\uff08\u8a31\u5bb9\u5e45\u00b11.<\/span><span>5%\uff09\u306b\u8a2d\u5b9a\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/span><span>\u30a4\u30f3\u30d5\u30ec\u5727\u529b\u304c\u5c11\u3057\u3067\u3082\u9ad8\u307e\u308b\u3068\u3001<\/span><span>\u4e2d\u9280\u306f\u5bb9\u8d66\u306a\u304f\u653f\u7b56\u91d1\u5229\uff08Selic\uff09\u309210%\u53f0\u3001<\/span><span>\u5c40\u9762\u306b\u3088\u3063\u3066\u306f13\u301c14%\u53f0\u3078\u3068\u5f15\u304d\u4e0a\u3052\u307e\u3059\u3002<\/span><span>\u3053\u306e\u300c\u5b9f\u8cea\u91d1\u5229\uff08\u540d\u76ee\u91d1\u5229\uff0d\u30a4\u30f3\u30d5\u30ec\u7387\uff09\u304c\u4e16\u754c\u3067\u6700\u3082\u9ad8\u3044\u56fd\u306e\u3072\u3068\u3064\u300d\u3068\u3044\u3046\u74b0\u5883\u304c\u3001<\/span><span>\u30d6\u30e9\u30b8\u30eb\u7d4c\u6e08\u306e\u3059\u3079\u3066\u306e\u91d1\u878d\u8cc7\u7523\uff08\u682a\u5f0f\u3001<\/span><span>\u70ba\u66ff\u3001<\/span><span>\u56fd\u50b5\uff09\u306e\u4fa1\u683c\u5f62\u6210\u306e\u8d77\u70b9\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"15\">3. \u69cb\u9020\u7684\u30a2\u30ad\u30ec\u30b9\u8171\uff1a\u8ca1\u653f\u898f\u5f8b\u3068\u516c\u7684\u50b5\u52d9<\/h3>\n<p data-path-to-node=\"16\"><span>\u30d6\u30e9\u30b8\u30eb\u7d4c\u6e08\u304c\u5e38\u306b\u5e02\u5834\u304b\u3089\u8b66\u6212\u3055\u308c\u308b\u6700\u5927\u306e\u5f31\u70b9\u306f\u3001<\/span><b data-path-to-node=\"16\" data-index-in-node=\"25\">\u516c\u7684\u50b5\u52d9\u306e\u5927\u304d\u3055\u3068\u8ca1\u653f\u8d64\u5b57\u306e\u6162\u6027\u5316<\/b><span>\u3067\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"17\">\n<li>\n<p data-path-to-node=\"17,0,0\"><span>\u793e\u4f1a\u4fdd\u969c\u8cbb\uff08\u5e74\u91d1\u7d66\u4ed8\u3084\u516c\u7684\u6276\u52a9\uff09\u304c\u624b\u539a\u3044\u53cd\u9762\u3001<\/span><span>\u6b73\u51fa\u306e\u786c\u76f4\u5316\u304c\u9032\u3093\u3067\u304a\u308a\u3001<\/span><span>\u6b73\u51fa\u524a\u6e1b\u304c\u653f\u6cbb\u7684\u306b\u6975\u3081\u3066\u56f0\u96e3\u306a\u69cb\u9020\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"17,1,0\"><span>\u30eb\u30fc\u30e9\u653f\u6a29\u3092\u306f\u3058\u3081\u3068\u3059\u308b\u5de6\u6d3e\u653f\u6a29\u4e0b\u3067\u306f\u8ca7\u56f0\u5bfe\u7b56\u3084\u516c\u5171\u6295\u8cc7\u304c\u62e1\u5927\u3057\u3084\u3059\u304f\u3001<\/span><span>\u653f\u5e9c\u304c\u5b9a\u3081\u305f\u8ca1\u653f\u67a0\u7d44\u307f\uff08\u30d7\u30e9\u30a4\u30de\u30ea\u30fc\u30d0\u30e9\u30f3\u30b9\u9ed2\u5b57\u5316\u76ee\u6a19\uff09\u304c\u9054\u6210\u3067\u304d\u308b\u304b\u3069\u3046\u304b\u304c\u3001<\/span><span class=\"\">\u6d77\u5916\u6295\u8cc7\u5bb6\u306e\u4fe1\u8a8d\u3092\u5de6\u53f3\u3059\u308b\u6700\u5927\u306e\u7126\u70b9\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"19\" class=\"\">\u7b2c2\u7ae0 \u30d6\u30e9\u30b8\u30eb\u682a\u5f0f\u5e02\u5834\uff08\u30dc\u30d9\u30b9\u30d1\u6307\u6570\uff09\u306e\u7279\u6027\u3068\u4e3b\u8981\u9298\u67c4\u5206\u6790<\/h2>\n<p data-path-to-node=\"20\"><span class=\"\">\u30b5\u30f3\u30d1\u30a6\u30ed\u8a3c\u5238\u53d6\u5f15\u6240\uff08B3\uff09\u306b\u4e0a\u5834\u3059\u308b\u4ee3\u8868\u7684\u306a\u9298\u67c4\u3067\u69cb\u6210\u3055\u308c\u308b\u30dc\u30d9\u30b9\u30d1\u6307\u6570\uff08Ibovespa\uff09\u306f\u3001<\/span><span class=\"\">\u5148\u9032\u56fd\u306e\u682a\u4fa1\u6307\u6570\uff08S&amp;P500\u3084\u65e5\u7d4c\u5e73\u5747\u682a\u4fa1\uff09\u3068\u306f\u5168\u304f\u7570\u306a\u308b\u30e6\u30cb\u30fc\u30af\u306a\u6319\u52d5\u3092\u793a\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><response-element class=\"no-md md-has-block-component\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c2104316048=\"\" class=\"ng-tns-c2104316048-775 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c2104316048=\"\" class=\"code-block ng-tns-c2104316048-775 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl8wMTkzMTE0ZmI4NDgzMTlmIiwiY18yNTZkM2MyNTE3NDFlYzQ5IixudWxsLCJyY185MTQzYWZkZTU2YmQ0YTRlIixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDAsMF1d\">\n<div _ngcontent-ng-c2104316048=\"\" class=\"formatted-code-block-internal-container ng-tns-c2104316048-775\">\n<div _ngcontent-ng-c2104316048=\"\" class=\"animated-opacity ng-tns-c2104316048-775\">\n<pre _ngcontent-ng-c2104316048=\"\" class=\"ng-tns-c2104316048-775\"><code _ngcontent-ng-c2104316048=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c2104316048-775 no-decoration-radius\">\u3010\u30dc\u30d9\u30b9\u30d1\u6307\u6570\u306e\u30bb\u30af\u30bf\u30fc\u69cb\u9020\u30a4\u30e1\u30fc\u30b8\u3011\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\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n\u2502 \u8cc7\u6e90\u30fb\u30a8\u30cd\u30eb\u30ae\u30fc\uff08\u30da\u30c8\u30ed\u30d6\u30e9\u30b9\u3001\u30f4\u30a1\u30fc\u30ec\u7b49\uff09           \u2502 \u2500\u2500 \u7d0430\u301c40%\r\n\u251c\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\u2524\r\n\u2502 \u5927\u624b\u91d1\u878d\u30fb\u9280\u884c\uff08\u30a4\u30bf\u30a6\u3001\u30d6\u30e9\u30c7\u30b9\u30b3\u3001\u30d6\u30e9\u30b8\u30eb\u9280\u884c\u7b49\uff09   \u2502 \u2500\u2500 \u7d0420\u301c30%\r\n\u251c\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\u2524\r\n\u2502 \u5185\u9700\u30fb\u5c0f\u58f2\u308a\u30fb\u6d88\u8cbb\u8ca1\u30fb\u96fb\u529b\u30fb\u516c\u76ca\u30fb\u305d\u306e\u4ed6               \u2502 \u2500\u2500 \u6b8b\u308a\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\u2518\r\n  \u203b\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u4fa1\u683c\u3068\u91d1\u5229\u52d5\u5411\u304c\u6307\u6570\u5168\u4f53\u306e\u65b9\u5411\u6027\u3092\u6c7a\u5b9a\u3065\u3051\u308b\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h3 data-path-to-node=\"22\" class=\"\">1. \u682a\u5f0f\u5e02\u5834\u306e\u5168\u4f53\u7684\u7279\u5fb4<\/h3>\n<ul data-path-to-node=\"23\">\n<li>\n<p data-path-to-node=\"23,0,0\"><b data-path-to-node=\"23,0,0\" data-index-in-node=\"0\">\u8cc7\u6e90\u30fb\u91d1\u878d\u4e3b\u5c0e\u306e\u30aa\u30fc\u30eb\u30c9\u30a8\u30b3\u30ce\u30df\u30fc\u578b<\/b><span class=\"\">:<\/span><span> \u77f3\u6cb9\u306e\u30da\u30c8\u30ed\u30d6\u30e9\u30b9\u3001<\/span><span class=\"\">\u9271\u5c71\u306e\u30f4\u30a1\u30fc\u30ec\u3001<\/span><span>\u305d\u3057\u3066\u5927\u624b\u6c11\u9593\u30fb\u56fd\u55b6\u9280\u884c\u306e\u6570\u793e\u3060\u3051\u3067\u6307\u6570\u306e\u904e\u534a\u8fd1\u304f\u3092\u5360\u3081\u308b\u96c6\u4e2d\u5ea6\u306e\u9ad8\u3044\u5e02\u5834\u3067\u3059\u3002<\/span><span>IT\u30cf\u30a4\u30c6\u30af\u4f01\u696d\u304c\u4e3b\u5c0e\u3059\u308b\u7c73\u56fd\u682a\u3068\u306f\u5bfe\u7167\u7684\u306b\u3001<\/span><span>\u539f\u6cb9\u3084\u9244\u9271\u77f3\u306e\u5e02\u6cc1\u3001<\/span><span>\u305d\u3057\u3066\u91d1\u5229\u6c34\u6e96\u304c\u6307\u6570\u5168\u4f53\u3092\u5de6\u53f3\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"23,1,0\"><b data-path-to-node=\"23,1,0\" data-index-in-node=\"0\">\u4f4ePER\u3068\u9ad8\u914d\u5f53\u5229\u56de\u308a\uff08\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u6b6a\u307f\uff09<\/b><span>:<\/span><span class=\"\"> \u56fd\u5185\u91d1\u5229\u304c10%\u3092\u8d85\u3048\u3066\u3044\u308b\u305f\u3081\u3001<\/span><span>\u30d6\u30e9\u30b8\u30eb\u56fd\u5185\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u3084\u5bcc\u88d5\u5c64\u306e\u8cc7\u91d1\u306f\u3001<\/span><span>\u30ea\u30b9\u30af\u3092\u53d6\u3063\u3066\u682a\u5f0f\u3092\u8cb7\u3046\u3088\u308a\u3082\u300c\u7121\u30ea\u30b9\u30af\u306b\u8fd1\u3044\u56fd\u50b5\u300d\u306b\u6ede\u7559\u3057\u304c\u3061\u3067\u3059\u3002<\/span><span>\u305d\u306e\u7d50\u679c\u3001<\/span><span>\u682a\u5f0f\u5e02\u5834\u306ePER\uff08\u682a\u4fa1\u53ce\u76ca\u7387\uff09\u306f6\u301c8\u500d\u7a0b\u5ea6\u3068\u5272\u5b89\u306b\u653e\u7f6e\u3055\u308c\u3084\u3059\u304f\u3001<\/span><span>\u682a\u4e3b\u3092\u5f15\u304d\u3064\u3051\u308b\u305f\u3081\u306b7\u301c10%\u3092\u8d85\u3048\u308b\u9ad8\u914d\u5f53\u5229\u56de\u308a\u3092\u63d0\u793a\u3059\u308b\u9298\u67c4\u304c\u6570\u591a\u304f\u5b58\u5728\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"24\">2. \u4e3b\u8981\u500b\u5225\u9298\u67c4\u306e\u5f37\u307f\u3068\u56fa\u6709\u30ea\u30b9\u30af<\/h3>\n<h4 data-path-to-node=\"25\">\u2460 \u30da\u30c8\u30ed\u30d6\u30e9\u30b9\uff08Petrobras \/ \u30c6\u30a3\u30c3\u30ab\u30fc: PBR, PBR.A\uff09<\/h4>\n<ul data-path-to-node=\"26\">\n<li>\n<p data-path-to-node=\"26,0,0\"><b data-path-to-node=\"26,0,0\" data-index-in-node=\"0\">\u4e8b\u696d\u306e\u5f37\u307f<\/b><span>:<\/span><span> \u5357\u7c73\u6700\u5927\u306e\u56fd\u55b6\u77f3\u6cb9\u4f1a\u793e\u3002<\/span><span>\u6c34\u6df12,<\/span><span>000\u30e1\u30fc\u30c8\u30eb\u4ee5\u6df1\u306e\u6d77\u5e95\u5ca9\u5869\u5c64\u4e0b\u306b\u3042\u308b\u300c\u30d7\u30ec\u30b5\u30eb\u6cb9\u7530\u300d\u3092\u958b\u767a\u30fb\u4fdd\u6709\u3002<\/span><span>\u63a1\u6398\u30b3\u30b9\u30c8\u304c1\u30d0\u30ec\u30eb\u3042\u305f\u308a\u6570\u5341\u30c9\u30eb\u53f0\u534a\u3070\u3068\u6975\u3081\u3066\u4f4e\u304f\u3001<\/span><span>\u56fd\u969b\u539f\u6cb9\u4fa1\u683c\u304c\u5805\u8abf\u306a\u5c40\u9762\u3067\u306f\u83ab\u5927\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5275\u51fa\u3057\u307e\u3059\u3002<\/span><span>\u597d\u6cc1\u671f\u306b\u306f15\u301c20%\u3092\u8d85\u3048\u308b\u9a5a\u7570\u7684\u306a\u914d\u5f53\u5229\u56de\u308a\u3092\u53e9\u304d\u51fa\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"26,1,0\"><b data-path-to-node=\"26,1,0\" data-index-in-node=\"0\">\u6295\u8cc7\u30ea\u30b9\u30af\uff08\u653f\u6cbb\u7684\u4ecb\u5165\uff09<\/b><span class=\"\">:<\/span><span class=\"\"> \u30d6\u30e9\u30b8\u30eb\u9023\u90a6\u653f\u5e9c\u304c\u8b70\u6c7a\u6a29\u682a\u5f0f\u306e\u904e\u534a\u6570\u3092\u63e1\u308b\u56fd\u55b6\u4f01\u696d\u3067\u3042\u308b\u305f\u3081\u3001<\/span><span>\u7d4c\u55b6\u65b9\u91dd\u304c\u6b74\u4ee3\u653f\u6a29\u306e\u653f\u6cbb\u7406\u5ff5\u306b\u76f4\u7d50\u3057\u307e\u3059\u3002<\/span><span>\u30a4\u30f3\u30d5\u30ec\u5bfe\u7b56\u3068\u3057\u3066\u56fd\u5185\u30ac\u30bd\u30ea\u30f3\u30fb\u30c7\u30a3\u30fc\u30bc\u30eb\u4fa1\u683c\u306e\u5f15\u304d\u4e0a\u3052\u3092\u51cd\u7d50\u3055\u305b\u3089\u308c\u3066\u5229\u76ca\u7387\u3092\u5727\u8feb\u3055\u308c\u305f\u308a\u3001<\/span><span>\u682a\u4e3b\u914d\u5f53\u3092\u6e1b\u984d\u3057\u3066\u56fd\u7b56\u30d7\u30e9\u30f3\u30c8\u5efa\u8a2d\u3084\u518d\u751f\u53ef\u80fd\u30a8\u30cd\u30eb\u30ae\u30fc\u3078\u306e\u518d\u6295\u8cc7\u3092\u5f37\u5236\u3055\u308c\u305f\u308a\u3001<\/span><span>\u610f\u306b\u6cbf\u308f\u306a\u3044CEO\u304c\u7a81\u7136\u66f4\u8fed\u3055\u308c\u308b\u30ea\u30b9\u30af\u304c\u5e38\u306b\u3064\u304d\u307e\u3068\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"27\">\u2461 \u30f4\u30a1\u30fc\u30ec\uff08Vale \/ \u30c6\u30a3\u30c3\u30ab\u30fc: VALE\uff09<\/h4>\n<ul 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\">\u4e8b\u696d\u306e\u5f37\u307f<\/b><span>:<\/span><span> \u30aa\u30fc\u30b9\u30c8\u30e9\u30ea\u30a2\u306eBHP\u3084\u30ea\u30aa\u30fb\u30c6\u30a3\u30f3\u30c8\u3068\u4e26\u3076\u3001<\/span><span>\u4e16\u754c\u30c8\u30c3\u30d7\u30af\u30e9\u30b9\u306e\u9244\u9271\u77f3\u30fb\u30cb\u30c3\u30b1\u30eb\u63a1\u6398\u4f01\u696d\u3002<\/span><span>\u4e3b\u529b\u306e\u30ab\u30e9\u30b8\u30e3\u30b9\u9271\u5c71\u3067\u7523\u51fa\u3055\u308c\u308b\u9244\u9271\u77f3\u306f\u9244\u5206\u542b\u6709\u91cf\u304c\u9ad8\u304f\uff08\u9ad8\u54c1\u4f4d\uff09\u3001<\/span><span>\u88fd\u9244\u6642\u306eCO2\u6392\u51fa\u91cf\u3092\u524a\u6e1b\u3057\u305f\u3044\u88fd\u9244\u4f1a\u793e\u304b\u3089\u9ad8\u3044\u30d7\u30ec\u30df\u30a2\u30e0\uff08\u5272\u5897\u4fa1\u683c\uff09\u3067\u8cfc\u5165\u3055\u308c\u307e\u3059\u3002<\/span><\/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\">\u6295\u8cc7\u30ea\u30b9\u30af\uff08\u4e2d\u56fd\u4f9d\u5b58\u3068\u74b0\u5883\u8ce0\u511f\uff09<\/b><span>:<\/span><span> \u751f\u7523\u3055\u308c\u308b\u9244\u9271\u77f3\u306e\u5927\u90e8\u5206\u306f\u4e2d\u56fd\u306e\u88fd\u9244\u6240\u5411\u3051\u306b\u8f38\u51fa\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/span><span>\u305d\u306e\u305f\u3081\u3001<\/span><span>\u4e2d\u56fd\u306e\u4e0d\u52d5\u7523\u4e0d\u6cc1\u3084\u7c97\u92fc\u751f\u7523\u8abf\u6574\u304c\u696d\u7e3e\u306e\u76f4\u6483\u5f3e\u3068\u306a\u308a\u307e\u3059\u3002<\/span><span>\u307e\u305f\u3001<\/span><span>2015\u5e74\u306e\u30b5\u30de\u30eb\u30b3\u9271\u5c71\u3001<\/span><span>2019\u5e74\u306e\u30d6\u30eb\u30de\u30b8\u30fc\u30cb\u30e7\u9271\u5c71\u306b\u304a\u3051\u308b\u300c\u9271\u6ed3\uff08\u3053\u3046\u3055\u3044\uff09\u30c0\u30e0\u6c7a\u58ca\u4e8b\u6545\u300d\u306e\u3088\u3046\u306b\u3001<\/span><span>\u5927\u898f\u6a21\u306a\u4eba\u7684\u30fb\u74b0\u5883\u88ab\u5bb3\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u904e\u53bb\u304c\u3042\u308a\u3001<\/span><span>\u5de8\u984d\u306e\u8ce0\u511f\u91d1\u652f\u6255\u3044\u7fa9\u52d9\u3084\u53b3\u3057\u3044\u74b0\u5883\u898f\u5236\u3078\u306e\u5bfe\u5fdc\u304c\u9577\u671f\u7684\u306a\u91cd\u8377\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"29\">\u2462 \u5927\u624b\u9280\u884c\u682a\uff08\u30a4\u30bf\u30a6\u30fb\u30a6\u30cb\u30d0\u30f3\u30b3 ITUB\u3001\u30d6\u30e9\u30c7\u30b9\u30b3 BBD\u3001\u30d6\u30e9\u30b8\u30eb\u9280\u884c BBAS3\uff09<\/h4>\n<ul data-path-to-node=\"30\">\n<li>\n<p data-path-to-node=\"30,0,0\"><b data-path-to-node=\"30,0,0\" data-index-in-node=\"0\">\u4e8b\u696d\u306e\u5f37\u307f<\/b><span>:<\/span><span> \u30d6\u30e9\u30b8\u30eb\u306e\u9280\u884c\u30bb\u30af\u30bf\u30fc\u306f\u9577\u5e74\u306e\u5be1\u5360\u5316\u304c\u9032\u3093\u3067\u304a\u308a\u3001<\/span><span>\u6c11\u9593\u30c4\u30fc\u30c8\u30c3\u30d7\u306e\u30a4\u30bf\u30a6\u304a\u3088\u3073\u30d6\u30e9\u30c7\u30b9\u30b3\u3001<\/span><span>\u56fd\u55b6\u306e\u30d6\u30e9\u30b8\u30eb\u9280\u884c\u304c\u5727\u5012\u7684\u306a\u5e02\u5834\u30b7\u30a7\u30a2\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002<\/span><span>\u653f\u7b56\u91d1\u5229\u304c10%\u3092\u8d85\u3048\u308b\u74b0\u5883\u4e0b\u3067\u3082\u3001<\/span><span>\u500b\u4eba\u5411\u3051\u878d\u8cc7\u3084\u30af\u30ec\u30b8\u30c3\u30c8\u30ab\u30fc\u30c9\u30ed\u30fc\u30f3\u306b20\u301c40%\u4ee5\u4e0a\u306e\u91d1\u5229\u3092\u8ab2\u3059\u3053\u3068\u3067\u6975\u3081\u3066\u539a\u3044\u5229\u3056\u3084\uff08NIM\uff09\u3092\u78ba\u4fdd\u3057\u3001<\/span><span>ROE\uff08\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09\u306f\u5e73\u6642\u306715\u301c20%\u306b\u9054\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"30,1,0\"><b data-path-to-node=\"30,1,0\" data-index-in-node=\"0\">\u6295\u8cc7\u30ea\u30b9\u30af\uff08\u8cb8\u5012\u308c\u3068\u30d5\u30a3\u30f3\u30c6\u30c3\u30af\u306e\u6311\u6226\uff09<\/b><span>:<\/span><span> \u9ad8\u91d1\u5229\u304c\u9577\u671f\u5316\u3059\u308b\u3068\u3001<\/span><span>\u500b\u4eba\u306e\u50b5\u52d9\u8fd4\u6e08\u4e0d\u80fd\u306b\u3088\u308b\u5ef6\u6ede\u7387\u304c\u4e0a\u6607\u3057\u3001<\/span><span>\u8cb8\u5012\u5f15\u5f53\u91d1\u306e\u7a4d\u307f\u5897\u3057\u304c\u5229\u76ca\u3092\u524a\u308a\u307e\u3059\u3002<\/span><span>\u3055\u3089\u306b\u3001<\/span><span>\u30c7\u30b8\u30bf\u30eb\u5c02\u696d\u9280\u884c\u300cNubank\u300d\u306e\u731b\u8ffd\u3084\u3001<\/span><span>\u4e2d\u9280\u304c\u5c0e\u5165\u3057\u305f\u7121\u6599\u5373\u6642\u6c7a\u6e08\u30b7\u30b9\u30c6\u30e0\u300cPix\u300d\u306e\u7206\u767a\u7684\u666e\u53ca\u306b\u3088\u308a\u3001<\/span><span>\u5f93\u6765\u306e\u5927\u624b\u884c\u304c\u5fb4\u53ce\u3057\u3066\u3044\u305f\u9001\u91d1\u624b\u6570\u6599\u3084\u53e3\u5ea7\u7dad\u6301\u624b\u6570\u6599\u306a\u3069\u306e\u5b89\u5b9a\u53ce\u76ca\u6e90\u304c\u4fb5\u98df\u3055\u308c\u3064\u3064\u3042\u308a\u307e\u3059\u3002<\/span><span>\u307e\u305f\u3001<\/span><span class=\"\">\u8ca1\u653f\u96e3\u306e\u653f\u5e9c\u304b\u3089\u91d1\u878d\u6a5f\u95a2\u5411\u3051\u6cd5\u4eba\u7a0e\uff08CSLL\uff09\u3092\u5f15\u304d\u4e0a\u3052\u3089\u308c\u308b\u5897\u7a0e\u30ea\u30b9\u30af\u3082\u983b\u7e41\u306b\u6d6e\u4e0a\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\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=\"32\" class=\"\">\u7b2c3\u7ae0 \u901a\u8ca8\u300c\u30d6\u30e9\u30b8\u30eb\u30ec\u30a2\u30eb\uff08BRL\uff09\u300d\u306e\u8ad6\u7406<\/h2>\n<p data-path-to-node=\"33\"><span class=\"\">\u30d6\u30e9\u30b8\u30eb\u30ec\u30a2\u30eb\u306f\u3001<\/span><span class=\"\">FX\u5e02\u5834\u3084\u56fd\u969b\u91d1\u878d\u5e02\u5834\u306b\u304a\u3044\u3066\u5178\u578b\u7684\u306a\u300c\u9ad8\u91d1\u5229\u30fb\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u901a\u8ca8\u300d\u3068\u3057\u3066\u4f4d\u7f6e\u3065\u3051\u3089\u308c\u307e\u3059\u3002<\/span><\/p>\n<p><response-element class=\"no-md md-has-block-component\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c2104316048=\"\" class=\"ng-tns-c2104316048-776 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c2104316048=\"\" class=\"code-block ng-tns-c2104316048-776 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl8wMTkzMTE0ZmI4NDgzMTlmIiwiY18yNTZkM2MyNTE3NDFlYzQ5IixudWxsLCJyY185MTQzYWZkZTU2YmQ0YTRlIixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDAsMF1d\">\n<div _ngcontent-ng-c2104316048=\"\" class=\"formatted-code-block-internal-container ng-tns-c2104316048-776\">\n<div _ngcontent-ng-c2104316048=\"\" class=\"animated-opacity ng-tns-c2104316048-776\">\n<pre _ngcontent-ng-c2104316048=\"\" class=\"ng-tns-c2104316048-776\"><code _ngcontent-ng-c2104316048=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c2104316048-776 no-decoration-radius\">\u3010\u30d6\u30e9\u30b8\u30eb\u30ec\u30a2\u30eb\u306e\u4fa1\u5024\u3092\u5de6\u53f3\u3059\u308b3\u3064\u306e\u30d9\u30af\u30c8\u30eb\u3011\r\n         [\u56fd\u969b\u5546\u54c1\u5e02\u6cc1]\r\n         \uff08\u539f\u6cb9\u30fb\u9244\u9271\u77f3\u30fb\u5927\u8c46\uff09\r\n                 \u25b2\r\n                 \u2502\r\n                 \u25bc\r\n[\u5185\u5916\u91d1\u5229\u5dee\uff08\u30ad\u30e3\u30ea\u30fc\uff09] \u25c4\u2500\u2500\u2500\u25ba [\u8ca1\u653f\u898f\u5f8b\u30fb\u30ab\u30f3\u30c8\u30ea\u30fc\u30ea\u30b9\u30af]\r\n\uff08\u4e2d\u9280\u306e\u9ad8\u91d1\u5229\u7dad\u6301\uff09            \uff08\u50b5\u52d9\u81a8\u5f35\u30fb\u653f\u6cbb\u7684\u6df7\u4e71\uff09\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h3 data-path-to-node=\"35\" class=\"\">1. \u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u306e\u5bfe\u8c61\u3068\u3057\u3066\u306e\u5f15\u529b<\/h3>\n<p data-path-to-node=\"36\"><span>\u4e16\u754c\u7684\u306a\u4f4e\u91d1\u5229\u901a\u8ca8\uff08\u65e5\u672c\u5186\u306a\u3069\uff09\u3092\u8abf\u9054\u3057\u3066\u58f2\u308a\u3001<\/span><span class=\"\">\u30d6\u30e9\u30b8\u30eb\u30ec\u30a2\u30eb\u306e\u3088\u3046\u306a\u9ad8\u91d1\u5229\u901a\u8ca8\u3092\u8cb7\u3063\u3066\u904b\u7528\u3059\u308b\u53d6\u5f15\u3092\u300c<\/span><b class=\"\" data-path-to-node=\"36\" data-index-in-node=\"52\">\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9<\/b><span class=\"\">\u300d\u3068\u547c\u3073\u307e\u3059\u3002<\/span><span class=\"\"> \u65e5\u4f2f\u9593\u306e\u91d1\u5229\u5dee\u304c10%\u4ee5\u4e0a\u958b\u3044\u3066\u3044\u308b\u5c40\u9762\u3067\u306f\u3001<\/span><span>\u70ba\u66ff\u30ec\u30fc\u30c8\u304c\u5168\u304f\u52d5\u304b\u306a\u3051\u308c\u3070\u5e74\u959310%\u8d85\u306e\u30b9\u30ef\u30c3\u30d7\u30dd\u30a4\u30f3\u30c8\u3084\u5229\u606f\u53ce\u5165\u304c\u5f97\u3089\u308c\u308b\u305f\u3081\u3001<\/span><span>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3084\u65e5\u672c\u306e\u500b\u4eba\u6295\u8cc7\u5bb6\uff08\u30df\u30bb\u30b9\u30fb\u30ef\u30bf\u30ca\u30d9\uff09\u304b\u3089\u6839\u5f37\u3044\u4eba\u6c17\u3092\u8a87\u308a\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"37\">2. \u30ec\u30a2\u30eb\u3092\u6025\u843d\u3055\u305b\u308b3\u3064\u306e\u5f15\u304d\u91d1<\/h3>\n<p data-path-to-node=\"38\"><span>\u3057\u304b\u3057\u3001<\/span><span>\u30ec\u30a2\u30eb\u306f\u6975\u3081\u3066\u9ad8\u3044\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08\u5909\u52d5\u7387\uff09\u3092\u6301\u3064\u901a\u8ca8\u3067\u3059\u3002<\/span><span>\u4ee5\u4e0b\u306e\u8981\u56e0\u304c\u91cd\u306a\u308b\u3068\u3001<\/span><span>\u91d1\u5229\u5dee\u306e\u30e1\u30ea\u30c3\u30c8\u3092\u4e00\u77ac\u3067\u5439\u304d\u98db\u3070\u3059\u52e2\u3044\u3067\u66b4\u843d\u3057\u307e\u3059\u3002<\/span><\/p>\n<ol start=\"1\" data-path-to-node=\"39\">\n<li>\n<p data-path-to-node=\"39,0,0\"><b data-path-to-node=\"39,0,0\" data-index-in-node=\"0\">\u8ca1\u653f\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u62e1\u5927\uff08\u8ca1\u653f\u898f\u5f8b\u3078\u306e\u4e0d\u4fe1\uff09<\/b><span>:<\/span><span> \u653f\u5e9c\u304c\u57fa\u790e\u7684\u8ca1\u653f\u53ce\u652f\u306e\u9ed2\u5b57\u5316\u76ee\u6a19\u3092\u68da\u4e0a\u3052\u3057\u305f\u308a\u3001<\/span><span>\u50b5\u52d9\u4e0a\u9650\u3092\u7a81\u7834\u3057\u3066\u6b73\u51fa\u3092\u62e1\u5927\u3057\u3088\u3046\u3068\u3059\u308b\u3068\u3001<\/span><span>\u56fd\u50b5\u5229\u56de\u308a\u304c\u8df3\u306d\u4e0a\u304c\u308b\u3068\u540c\u6642\u306b\u300c\u901a\u8ca8\u9632\u885b\u306e\u305f\u3081\u306e\u5229\u4e0a\u3052\u300d\u3059\u3089\u52b9\u679c\u3092\u5931\u3044\u3001<\/span><span>\u6025\u6fc0\u306a\u30ec\u30a2\u30eb\u58f2\u308a\u304c\u767a\u751f\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"39,1,0\"><b data-path-to-node=\"39,1,0\" data-index-in-node=\"0\">\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u4fa1\u683c\u306e\u4e0b\u843d<\/b><span>:<\/span><span> \u539f\u6cb9\u3084\u9244\u9271\u77f3\u3001<\/span><span>\u8fb2\u7523\u7269\u4fa1\u683c\u304c\u4e16\u754c\u7684\u306a\u30ea\u30bb\u30c3\u30b7\u30e7\u30f3\uff08\u666f\u6c17\u5f8c\u9000\uff09\u61f8\u5ff5\u3067\u4e0b\u843d\u3059\u308b\u3068\u3001<\/span><span>\u30d6\u30e9\u30b8\u30eb\u306e\u8cbf\u6613\u9ed2\u5b57\u304c\u7e2e\u5c0f\u3057\u3001<\/span><span>\u5b9f\u9700\u306e\u5916\u8ca8\u6d41\u5165\u304c\u7d30\u308b\u305f\u3081\u30ec\u30a2\u30eb\u5b89\u5727\u529b\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"39,2,0\"><b data-path-to-node=\"39,2,0\" data-index-in-node=\"0\">\u7c73\u56fd\u91d1\u5229\u306e\u9ad8\u6b62\u307e\u308a\u3068\u30b0\u30ed\u30fc\u30d0\u30eb\u306a\u30ea\u30b9\u30af\u30aa\u30d5<\/b><span>:<\/span><span> \u7c73\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff08FRB\uff09\u304c\u9ad8\u91d1\u5229\u3092\u7dad\u6301\u3059\u308b\u5c40\u9762\u3067\u306f\u3001<\/span><span>\u30c9\u30eb\u81ea\u4f53\u306e\u9b45\u529b\u304c\u9ad8\u307e\u308a\u65b0\u8208\u56fd\u5168\u822c\u304b\u3089\u8cc7\u91d1\u304c\u6d41\u51fa\u3057\u307e\u3059\u3002<\/span><span>\u307e\u305f\u3001<\/span><span>\u5730\u653f\u5b66\u30ea\u30b9\u30af\u3084\u91d1\u878d\u4e0d\u5b89\u306a\u3069\u300c\u4e16\u754c\u7684\u306a\u30ea\u30b9\u30af\u30aa\u30d5\u300d\u304c\u8d77\u304d\u308b\u3068\u3001<\/span><span>\u65b0\u8208\u56fd\u901a\u8ca8\u3067\u3042\u308b\u30ec\u30a2\u30eb\u306f\u771f\u3063\u5148\u306b\u51e6\u5206\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ol>\n<h2 data-path-to-node=\"41\">\u7b2c4\u7ae0 \u65e5\u672c\u306e\u8a3c\u5238\u4f1a\u793e\u304b\u3089\u884c\u3046ADR\u6295\u8cc7\u306e\u5b9f\u52d9\u3068\u7a0e\u5236<\/h2>\n<p data-path-to-node=\"42\"><span>\u65e5\u672c\u306e\u4e00\u822c\u7684\u306a\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\u30da\u30c8\u30ed\u30d6\u30e9\u30b9\u3084\u30f4\u30a1\u30fc\u30ec\u3001<\/span><span>\u30a4\u30bf\u30a6\u306a\u3069\u306e\u682a\u5f0f\u306b\u6295\u8cc7\u3059\u308b\u5834\u5408\u3001<\/span><span>\u30d6\u30e9\u30b8\u30eb\u73fe\u5730\u306e\u30b5\u30f3\u30d1\u30a6\u30ed\u8a3c\u5238\u53d6\u5f15\u6240\u306b\u76f4\u63a5\u53e3\u5ea7\u3092\u958b\u8a2d\u3059\u308b\u5fc5\u8981\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/span><span>\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u8a3c\u5238\u53d6\u5f15\u6240\uff08NYSE\uff09\u306b\u4e0a\u5834\u3057\u3066\u3044\u308bADR\uff08American Depositary Receipt\uff1a\u7c73\u56fd\u9810\u8a17\u8a3c\u5238\uff09\u3092\u8cfc\u5165\u3059\u308b\u306e\u304c\u6700\u3082\u6a19\u6e96\u7684\u304b\u3064\u5b89\u5168\u306a\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"43\">1. ADR\u8cfc\u5165\u306e\u5177\u4f53\u7684\u30b9\u30c6\u30c3\u30d7<\/h3>\n<p data-path-to-node=\"44\"><span>SBI\u8a3c\u5238\u3001<\/span><span>\u697d\u5929\u8a3c\u5238\u3001<\/span><span>\u30de\u30cd\u30c3\u30af\u30b9\u8a3c\u5238\u306a\u3069\u306e\u4e3b\u8981\u30cd\u30c3\u30c8\u8a3c\u5238\u306b\u304a\u3044\u3066\u3001<\/span><span>\u901a\u5e38\u306e\u7c73\u56fd\u682a\uff08Apple\u3084NVIDIA\u306a\u3069\uff09\u3068\u5168\u304f\u540c\u3058\u30a4\u30f3\u30bf\u30fc\u30d5\u30a7\u30fc\u30b9\u3067\u58f2\u8cb7\u3067\u304d\u307e\u3059\u3002<\/span><\/p>\n<ol start=\"1\" data-path-to-node=\"45\">\n<li>\n<p data-path-to-node=\"45,0,0\"><b data-path-to-node=\"45,0,0\" data-index-in-node=\"0\">\u5916\u56fd\u682a\u5f0f\u53e3\u5ea7\u306e\u958b\u8a2d<\/b><span>:<\/span><span> \u7dcf\u5408\u53e3\u5ea7\u5185\u3067\u7c73\u56fd\u682a\u53d6\u5f15\u53e3\u5ea7\u3092\u958b\u8a2d\uff08\u300c\u7279\u5b9a\u53e3\u5ea7\u30fb\u6e90\u6cc9\u5fb4\u53ce\u3042\u308a\u300d\u3092\u9078\u629e\u3059\u308b\u306e\u304c\u63a8\u5968\uff09\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"45,1,0\"><b data-path-to-node=\"45,1,0\" data-index-in-node=\"0\">\u8cc7\u91d1\u306e\u6e96\u5099<\/b><span>:<\/span><span> \u7c73\u30c9\u30eb\u3092\u4e8b\u524d\u306b\u8abf\u9054\u3059\u308b\u304b\u3001<\/span><span>\u6ce8\u6587\u6642\u306b\u65e5\u672c\u5186\u304b\u3089\u81ea\u52d5\u632f\u66ff\u3055\u308c\u308b\u300c\u5186\u8ca8\u6c7a\u6e08\u300d\u3092\u9078\u629e\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"45,2,0\"><b data-path-to-node=\"45,2,0\" data-index-in-node=\"0\">\u30c6\u30a3\u30c3\u30ab\u30fc\u691c\u7d22\u3068\u767a\u6ce8<\/b><span>:<\/span><\/p>\n<ul data-path-to-node=\"45,2,1\">\n<li>\n<p data-path-to-node=\"45,2,1,0,0\"><span>\u30da\u30c8\u30ed\u30d6\u30e9\u30b9\u666e\u901a\u682a:<\/span><span> <\/span><code data-path-to-node=\"45,2,1,0,0\" data-index-in-node=\"11\">PBR<\/code><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"45,2,1,1,0\"><span>\u30da\u30c8\u30ed\u30d6\u30e9\u30b9\u512a\u5148\u682a:<\/span><span> <\/span><code data-path-to-node=\"45,2,1,1,0\" data-index-in-node=\"11\">PBR.A<\/code><span>\uff08\u8b70\u6c7a\u6a29\u304c\u306a\u3044\u4ee3\u308f\u308a\u306b\u914d\u5f53\u512a\u5148\u6a29\u304c\u3042\u308a\u3001<\/span><span>\u5272\u5b89\u3067\u653e\u7f6e\u3055\u308c\u3084\u3059\u3044\u305f\u3081\u914d\u5f53\u5229\u56de\u308a\u304c\u3084\u3084\u9ad8\u3044\uff09<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"45,2,1,2,0\"><span>\u30f4\u30a1\u30fc\u30ec:<\/span><span> <\/span><code data-path-to-node=\"45,2,1,2,0\" data-index-in-node=\"6\">VALE<\/code><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"45,2,1,3,0\"><span>\u30a4\u30bf\u30a6\u30fb\u30a6\u30cb\u30d0\u30f3\u30b3:<\/span><span> <\/span><code data-path-to-node=\"45,2,1,3,0\" data-index-in-node=\"11\">ITUB<\/code><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"45,2,1,4,0\"><span>\u30d6\u30e9\u30c7\u30b9\u30b3\u9280\u884c:<\/span><span> <\/span><code data-path-to-node=\"45,2,1,4,0\" data-index-in-node=\"9\">BBD<\/code><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<h3 data-path-to-node=\"46\">2. \u914d\u5f53\u8ab2\u7a0e\u306e\u8907\u96d1\u306a\u4e8c\u91cd\u69cb\u9020\u3068\u8a08\u7b97\u4f8b<\/h3>\n<p data-path-to-node=\"47\"><span>ADR\u306e\u914d\u5f53\u3092\u53d7\u3051\u53d6\u308b\u969b\u306b\u306f\u3001<\/span><span>\u300c<\/span><b data-path-to-node=\"47\" data-index-in-node=\"16\">\u30d6\u30e9\u30b8\u30eb\u73fe\u5730\u7a0e<\/b><span>\u300d\u3068\u300c<\/span><b data-path-to-node=\"47\" data-index-in-node=\"26\">\u65e5\u672c\u56fd\u5185\u306e\u7a0e\u91d1\uff0820.315%\uff09<\/b><span>\u300d\u306e\u53cc\u65b9\u304c\u5dee\u3057\u5f15\u304b\u308c\u307e\u3059\uff08\u7c73\u56fd\u5e02\u5834\u3092\u7d4c\u7531\u3057\u307e\u3059\u304c\u3001<\/span><span>\u901a\u5e38\u7c73\u56fd\u306e\u6e90\u6cc9\u7a0e10%\u306f\u514d\u9664\u3055\u308c\u307e\u3059\uff09\u3002<\/span><\/p>\n<h4 data-path-to-node=\"48\">\u914d\u5f53\u306e2\u3064\u306e\u5f62\u614b\uff08\u901a\u5e38\u914d\u5f53\u3068JCP\uff09<\/h4>\n<ul data-path-to-node=\"49\">\n<li>\n<p data-path-to-node=\"49,0,0\"><b data-path-to-node=\"49,0,0\" data-index-in-node=\"0\">\u901a\u5e38\u914d\u5f53\uff08Dividends\uff09<\/b><span>:<\/span><span> \u30d6\u30e9\u30b8\u30eb\u73fe\u5730\u3067\u306e\u7a0e\u5236\u6539\u9769\u306b\u57fa\u3065\u304d\u3001<\/span><span>\u975e\u5c45\u4f4f\u8005\u306b\u5bfe\u3057\u3066<\/span><b data-path-to-node=\"49,0,0\" data-index-in-node=\"42\">10%\u306e\u6e90\u6cc9\u5fb4\u53ce<\/b><span>\u304c\u8ab2\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"49,1,0\"><b data-path-to-node=\"49,1,0\" data-index-in-node=\"0\">\u81ea\u5df1\u8cc7\u672c\u5229\u5b50\uff08JCP: Juros sobre o Capital Pr\u00f3prio\uff09<\/b><span>:<\/span><span> \u30d6\u30e9\u30b8\u30eb\u4f01\u696d\u304c\u6cd5\u4eba\u7a0e\u3092\u7bc0\u6e1b\u3059\u308b\u305f\u3081\u306b\u591a\u7528\u3059\u308b\u914d\u5f53\u5f62\u614b\u3002<\/span><span>\u4f01\u696d\u5074\u306f\u5229\u606f\u8cbb\u7528\u3068\u3057\u3066\u640d\u91d1\u7b97\u5165\u3067\u304d\u308b\u4e00\u65b9\u3001<\/span><span>\u682a\u4e3b\u5074\u3067\u306f\u53d7\u3051\u53d6\u308a\u6642\u306b<\/span><b data-path-to-node=\"49,1,0\" data-index-in-node=\"103\">\u7d0415%\uff08\u5834\u5408\u306b\u3088\u308a17.5%\u7a0b\u5ea6\uff09\u306e\u73fe\u5730\u6e90\u6cc9\u7a0e<\/b><span class=\"\">\u304c\u5929\u5f15\u304d\u3055\u308c\u307e\u3059\uff08\u5927\u624b\u9280\u884c\u682a\u306e\u9084\u5143\u306fJCP\u306e\u6bd4\u7387\u304c\u9ad8\u3081\u3067\u3059\uff09\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"50\">\u914d\u5f53\u624b\u53d6\u308a\u984d\u306e\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u8a08\u7b97<\/h4>\n<p data-path-to-node=\"51\"><span>\u4eee\u306b\u3001<\/span><span>1\u682a\u3042\u305f\u308a\u300c100\u30c9\u30eb\u300d\u306e\u901a\u5e38\u914d\u5f53\uff08\u73fe\u5730\u7a0e10%\uff09\u304c\u652f\u6255\u308f\u308c\u305f\u5834\u5408\u306e\u8a08\u7b97\u5f0f\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/span><\/p>\n<div data-path-to-node=\"52\"><\/div>\n<div data-path-to-node=\"55\">\n<div class=\"math-block\" data-math=\"\\text{\u6700\u7d42\u624b\u53d6\u308a\u984d} = 90 - 18.28 = 71.72 \\text{\u30c9\u30eb}\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/10\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-10-27-12.07.22-1024x606.png\" alt=\"\" width=\"518\" height=\"307\" class=\"aligncenter  wp-image-33286\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/10\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-10-27-12.07.22-1024x606.png 1024w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/10\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-10-27-12.07.22-300x178.png 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/10\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-10-27-12.07.22-768x455.png 768w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/10\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-10-27-12.07.22.png 1172w\" sizes=\"(max-width: 518px) 100vw, 518px\" \/><\/div>\n<\/div>\n<p data-path-to-node=\"56\"><span>\u3053\u306e\u3088\u3046\u306b\u3001<\/span><b data-path-to-node=\"56\" data-index-in-node=\"6\">\u984d\u9762\u914d\u5f53\u306e\u7d0428.3%\u304c\u7a0e\u91d1\u3068\u3057\u3066\u63a7\u9664<\/b><span>\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"57\">3. \u5916\u56fd\u7a0e\u984d\u63a7\u9664\u3068\u96a0\u308c\u305f\u30b3\u30b9\u30c8\uff08ADR\u7ba1\u7406\u624b\u6570\u6599\uff09<\/h3>\n<ul data-path-to-node=\"58\">\n<li>\n<p data-path-to-node=\"58,0,0\"><b data-path-to-node=\"58,0,0\" data-index-in-node=\"0\">\u5916\u56fd\u7a0e\u984d\u63a7\u9664\u306e\u9069\u7528<\/b><span>:<\/span><span> \u73fe\u5730\u3067\u5dee\u3057\u5f15\u304b\u308c\u305f10%\uff08\u307e\u305f\u306f15%\uff09\u306e\u7a0e\u984d\u306f\u4e8c\u91cd\u8ab2\u7a0e\u3068\u306a\u308b\u305f\u3081\u3001<\/span><span>\u78ba\u5b9a\u7533\u544a\u3092\u884c\u3046\u3053\u3068\u3067\u81ea\u8eab\u306e\u6240\u5f97\u7a0e\u984d\u3092\u4e0a\u9650\u3068\u3057\u3066\u4e00\u90e8\u3092\u53d6\u308a\u623b\u3059\uff08\u9084\u4ed8\u3092\u53d7\u3051\u308b\uff09\u3053\u3068\u304c\u53ef\u80fd\u3067\u3059\u3002<\/span><span>\u305f\u3060\u3057\u3001<\/span><span>\u65b0NISA\u53e3\u5ea7\u3067\u8cfc\u5165\u3057\u305f\u5834\u5408\u306f\u65e5\u672c\u56fd\u5185\u306e20.<\/span><span>315%\u304c\u975e\u8ab2\u7a0e\u306b\u306a\u308b\u53cd\u9762\u3001<\/span><span>\u5916\u56fd\u7a0e\u984d\u63a7\u9664\u306e\u9069\u7528\u5bfe\u8c61\u5916\u3068\u306a\u308b\u305f\u3081\u3001<\/span><span>\u73fe\u5730\u3067\u5f15\u304b\u308c\u305f\u7a0e\u91d1\u306f\u9084\u4ed8\u3055\u308c\u307e\u305b\u3093\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"58,1,0\"><b data-path-to-node=\"58,1,0\" data-index-in-node=\"0\">ADR\u9810\u8a17\u624b\u6570\u6599\uff08ADR Fee\uff09<\/b><span>:<\/span><span> ADR\u3092\u7ba1\u7406\u3059\u308b\u4fe1\u8a17\u9280\u884c\uff08JP\u30e2\u30eb\u30ac\u30f3\u7b49\uff09\u306b\u5bfe\u3059\u308b\u624b\u6570\u6599\u3068\u3057\u3066\u3001<\/span><span>\u914d\u5f53\u652f\u6255\u3044\u6642\u306b1\u682a\u3042\u305f\u308a0.<\/span><span>01\u301c0.<\/span><span>03\u30c9\u30eb\u7a0b\u5ea6\u304c\u81ea\u52d5\u7684\u306b\u5dee\u3057\u5f15\u304b\u308c\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<div class=\"xcd-attention-1 xcd-col2 xcd-ripple\">\n<div class=\"xcd-title\"><strong>\u8cc7\u7523\u904b\u7528\u3067\u5931\u6557\u3057\u305f\u304f\u306a\u3044\u65b9\u3078<\/strong><\/div>\n<div class=\"xcd-content\"><strong>\u79c1\u305f\u3061GFS\u3067\u306f\u3001\u5b66\u6821\u3067\u306f\u6559\u3048\u3066\u3082\u3089\u3048\u306a\u304b\u3063\u305f\u304a\u91d1\u306e\u3053\u3068\u304c\u308f\u304b\u308b\u7121\u6599\u30b3\u30f3\u30c6\u30f3\u30c4\u3092\u3054\u7528\u610f\u3057\u3066\u3044\u307e\u3059\u3002<\/strong><br \/>\n<strong><span style=\"color: #0066c0;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\" style=\"color: #0066c0;\">\u226b \u7121\u6599\u8b1b\u5ea7\uff1a\u304a\u91d1\u306e\u30d7\u30ed\u304c\u6559\u3048\u308b\u300c\u521d\u5fc3\u8005\u304c\u6bce\u6708\u53ce\u5165\u3092\u5f97\u308b\u6295\u8cc7\u306e\u59cb\u3081\u65b9\u300d<\/a><\/span><\/strong><\/div>\n<\/div>\n<h2 data-path-to-node=\"60\">\u7b2c5\u7ae0 \u30ec\u30a2\u30eb\u5efa\u3066\u50b5\u5238\u30fb\u5916\u8ca8\u9810\u91d1\u904b\u7528\u306e\u771f\u76f8\u3068\u640d\u76ca\u5206\u5c90\u70b9<\/h2>\n<p data-path-to-node=\"61\"><span>\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\u30d6\u30e9\u30b8\u30eb\u306e\u9ad8\u91d1\u5229\u3092\u72d9\u3046\u969b\u3001<\/span><span>\u6700\u3082\u8aa4\u89e3\u304c\u751f\u3058\u3084\u3059\u3044\u306e\u304c\u300c\u5b9a\u671f\u9810\u91d1\u300d\u3068\u300c\u50b5\u5238\u300d\u306e\u6271\u3044\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"62\">1. \u306a\u305c\u30d6\u30e9\u30b8\u30eb\u30ec\u30a2\u30eb\u306e\u5b9a\u671f\u9810\u91d1\u306f\u5b58\u5728\u3057\u306a\u3044\u306e\u304b\uff1f<\/h3>\n<p data-path-to-node=\"63\"><span>\u65e5\u672c\u306e\u9280\u884c\u7a93\u53e3\u3084\u30cd\u30c3\u30c8\u9280\u884c\u3092\u898b\u6e21\u3057\u3066\u3082\u3001<\/span><span>\u7c73\u30c9\u30eb\u3084\u8c6a\u30c9\u30eb\u3001<\/span><span>\u3055\u3089\u306b\u306f\u30c8\u30eb\u30b3\u30ea\u30e9\u3084\u5357\u30a2\u30d5\u30ea\u30ab\u30e9\u30f3\u30c9\u306e\u5916\u8ca8\u9810\u91d1\u306f\u3042\u308b\u3082\u306e\u306e\u3001<\/span><b data-path-to-node=\"63\" data-index-in-node=\"58\">\u30d6\u30e9\u30b8\u30eb\u30ec\u30a2\u30eb\u5efa\u3066\u306e\u5b9a\u671f\u9810\u91d1\u306f\u7686\u7121<\/b><span>\u3067\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"64\">\n<li>\n<p data-path-to-node=\"64,0,0\"><b data-path-to-node=\"64,0,0\" data-index-in-node=\"0\">\u8cc7\u672c\u79fb\u52d5\u306e\u53b3\u683c\u306a\u898f\u5236<\/b><span>:<\/span><span> \u30d6\u30e9\u30b8\u30eb\u653f\u5e9c\u306f\u904e\u53bb\u306e\u901a\u8ca8\u5371\u6a5f\u3092\u9632\u3050\u305f\u3081\u3001<\/span><span>\u56fd\u5916\u5c45\u4f4f\u8005\u304c\u73fe\u5730\u901a\u8ca8\u53e3\u5ea7\u3092\u81ea\u7531\u306b\u958b\u8a2d\u30fb\u6c7a\u6e08\u3059\u308b\u3053\u3068\u306b\u5bfe\u3057\u3066\u91d1\u878d\u53d6\u5f15\u7a0e\uff08IOF\uff09\u3092\u306f\u3058\u3081\u3068\u3059\u308b\u53b3\u3057\u3044\u898f\u5236\u3092\u8a2d\u3051\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"64,1,0\"><b data-path-to-node=\"64,1,0\" data-index-in-node=\"0\">\u30aa\u30d5\u30b7\u30e7\u30a2\u5e02\u5834\u306e\u6d41\u52d5\u6027\u554f\u984c<\/b><span>:<\/span><span> \u65e5\u672c\u306e\u9280\u884c\u9593\u5e02\u5834\u306b\u304a\u3044\u3066\u3001<\/span><span>\u30ec\u30a2\u30eb\u3092\u65e5\u5e38\u7684\u306b\u8abf\u9054\u30fb\u6c7a\u6e08\u30fb\u30d8\u30c3\u30b8\u3059\u308b\u91d1\u878d\u30a4\u30f3\u30d5\u30e9\u304c\u5b58\u5728\u305b\u305a\u3001<\/span><span>\u9280\u884c\u5074\u304c\u9810\u91d1\u5546\u54c1\u3068\u3057\u3066\u7d44\u6210\u3059\u308b\u3068\u7ba1\u7406\u30b3\u30b9\u30c8\u3084\u30ab\u30f3\u30c8\u30ea\u30fc\u30ea\u30b9\u30af\u304c\u904e\u5927\u306b\u306a\u308b\u305f\u3081\u3067\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"65\"><span>\u3057\u305f\u304c\u3063\u3066\u3001<\/span><span>\u65e5\u672c\u56fd\u5185\u304b\u3089\u30ec\u30a2\u30eb\u306e\u91d1\u5229\u3092\u4eab\u53d7\u3059\u308b\u624b\u6bb5\u306f\u3001<\/span><span>\u30cd\u30c3\u30c8\u8a3c\u5238\u7b49\u3092\u901a\u3058\u3066\u300c\u30d6\u30e9\u30b8\u30eb\u56fd\u50b5\uff08\u307e\u305f\u306f\u56fd\u969b\u6a5f\u95a2\u50b5\uff09\u306e\u65e2\u767a\u50b5\u300d\u3092\u8cfc\u5165\u3059\u308b\u304b\u3001<\/span><span>\u300c\u6295\u8cc7\u4fe1\u8a17\u30fbETF\u300d\u3092\u7d4c\u7531\u3059\u308b\u5b9f\u8cea\u4e00\u629e\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"66\">2. \u50b5\u5238\u904b\u7528\u306e\u640d\u76ca\u5206\u5c90\u70b9\uff08BEP\uff09\u3068\u624b\u6570\u6599\u306e\u58c1<\/h3>\n<p data-path-to-node=\"67\"><span class=\"\">\u73fe\u5728\u3001<\/span><span>\u30d6\u30e9\u30b8\u30eb\u306e\u653f\u7b56\u91d1\u5229\uff08Selic\uff09\u306f13%\u53f0\u5f8c\u534a\u3001<\/span><span>\u30d6\u30e9\u30b8\u30eb10\u5e74\u56fd\u50b5\u306e\u8868\u9762\u5229\u56de\u308a\uff08\u30af\u30fc\u30dd\u30f3\uff09\u3082<\/span><b data-path-to-node=\"67\" data-index-in-node=\"49\">\u5e7410\u301c12%\u524d\u5f8c<\/b><span>\u3068\u3044\u3046\u6975\u3081\u3066\u9ad8\u3044\u6c34\u6e96\u306b\u3042\u308a\u307e\u3059\u3002<\/span><span>\u3057\u304b\u3057\u3001<\/span><span>\u6295\u8cc7\u671f\u9593\u304c\u300c1\u301c3\u5e74\u300d\u3068\u6bd4\u8f03\u7684\u77ed\u3044\u5834\u5408\u3001<\/span><span>\u4ee5\u4e0b\u306e2\u3064\u306e\u8981\u7d20\u304c\u30ea\u30bf\u30fc\u30f3\u3092\u5927\u304d\u304f\u5727\u8feb\u3057\u307e\u3059\u3002<\/span><\/p>\n<ol start=\"1\" data-path-to-node=\"68\">\n<li>\n<p data-path-to-node=\"68,0,0\"><b data-path-to-node=\"68,0,0\" data-index-in-node=\"0\">\u5f80\u5fa9\u306e\u70ba\u66ff\u30b9\u30d7\u30ec\u30c3\u30c9\uff08\u7247\u9053\u7d042%\u30fb\u5f80\u5fa9\u7d044%\uff09<\/b><span>:<\/span><span> \u30ec\u30a2\u30eb\u306f\u6d41\u52d5\u6027\u304c\u4f4e\u3044\u305f\u3081\u3001<\/span><span>\u8a3c\u5238\u4f1a\u793e\u306e\u70ba\u66ff\u624b\u6570\u6599\u304c\u5272\u9ad8\u3067\u3059\u3002<\/span><span>\u8cfc\u5165\u6642\u3068\u5186\u8ee2\u511f\u9084\u6642\u3067\u8a084%\u524d\u5f8c\u306e\u30b3\u30b9\u30c8\u304c\u78ba\u5b9f\u306b\u524a\u3089\u308c\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"68,1,0\"><b data-path-to-node=\"68,1,0\" data-index-in-node=\"0\">\u70ba\u66ff\u5909\u52d5\u306b\u3088\u308b\u5143\u672c\u6bc0\u640d<\/b><span>:<\/span><span> \u5e7410%\u306e\u5229\u56de\u308a\u304c\u3042\u3063\u3066\u3082\u3001<\/span><span>\u70ba\u66ff\u304c\u5e74\u959310%\u4ee5\u4e0a\u4e0b\u843d\uff08\u5186\u9ad8\u30fb\u30ec\u30a2\u30eb\u5b89\uff09\u3059\u308c\u3070\u3001<\/span><span>\u5186\u63db\u7b97\u306e\u30c8\u30fc\u30bf\u30eb\u30ea\u30bf\u30fc\u30f3\u306f\u5143\u672c\u5272\u308c\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ol>\n<h4 data-path-to-node=\"69\">1\u301c3\u5e74\u4fdd\u6709\u6642\u306e\u640d\u76ca\u5206\u5c90\u70b9\uff08BEP\uff09\u4e00\u89a7\u8868<\/h4>\n<p data-path-to-node=\"70\"><span>\uff08\u5143\u672c100\u4e07\u5186\u30fb\u5e74\u5229\u56de\u308a10%\u30fb\u5f80\u5fa9\u70ba\u66ff\u30b3\u30b9\u30c84%\u3092\u60f3\u5b9a\uff09<\/span><\/p>\n<table data-path-to-node=\"71\">\n<thead>\n<tr>\n<td><strong>\u4fdd\u6709\u5e74\u6570<\/strong><\/td>\n<td><strong>\u7d2f\u7a4d\u5229\u606f\uff08\u6982\u7b97\uff09<\/strong><\/td>\n<td><strong>\u30b3\u30b9\u30c8\u63a7\u9664\u5f8c\u306e\u7d2f\u7a4d\u5229\u56de\u308a<\/strong><\/td>\n<td><strong>\u640d\u76ca\u5206\u5c90\u3068\u306a\u308b\u5e74\u9593\u70ba\u66ff\u4e0b\u843d\u7387<\/strong><\/td>\n<td><strong>\u7d50\u8ad6<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"71,1,0,0\"><b data-path-to-node=\"71,1,0,0\" data-index-in-node=\"0\">1\u5e74<\/b><\/span><\/td>\n<td><span data-path-to-node=\"71,1,1,0\">+10.0%<\/span><\/td>\n<td><span data-path-to-node=\"71,1,2,0\">+6.0%<\/span><\/td>\n<td><span data-path-to-node=\"71,1,3,0\"><b data-path-to-node=\"71,1,3,0\" data-index-in-node=\"0\">\u5e74 -6.0% \u7a0b\u5ea6<\/b><\/span><\/td>\n<td><span data-path-to-node=\"71,1,4,0\">\u308f\u305a\u304b\u306a\u30ec\u30a2\u30eb\u5b89\u3067\u5373\u5ea7\u306b\u5143\u672c\u5272\u308c\u3059\u308b<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"71,2,0,0\"><b data-path-to-node=\"71,2,0,0\" data-index-in-node=\"0\">2\u5e74<\/b><\/span><\/td>\n<td><span data-path-to-node=\"71,2,1,0\">+20.0%<\/span><\/td>\n<td><span data-path-to-node=\"71,2,2,0\">+16.0%<\/span><\/td>\n<td><span data-path-to-node=\"71,2,3,0\"><b data-path-to-node=\"71,2,3,0\" data-index-in-node=\"0\">\u5e74 -7.7% \u7a0b\u5ea6<\/b><\/span><\/td>\n<td><span data-path-to-node=\"71,2,4,0\">\u3042\u308b\u7a0b\u5ea6\u306e\u4e0b\u843d\u306f\u8010\u3048\u3089\u308c\u308b\u304c\u4f9d\u7136\u30cf\u30a4\u30ea\u30b9\u30af<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"71,3,0,0\"><b data-path-to-node=\"71,3,0,0\" data-index-in-node=\"0\">3\u5e74<\/b><\/span><\/td>\n<td><span data-path-to-node=\"71,3,1,0\">+30.0%<\/span><\/td>\n<td><span data-path-to-node=\"71,3,2,0\">+26.0%<\/span><\/td>\n<td><span data-path-to-node=\"71,3,3,0\"><b data-path-to-node=\"71,3,3,0\" data-index-in-node=\"0\">\u5e74 -8.0%\u301c-9.0%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"71,3,4,0\">\u30a4\u30f3\u30ab\u30e0\u306e\u84c4\u7a4d\u304c\u52b9\u304d\u59cb\u3081\u3001\u30af\u30c3\u30b7\u30e7\u30f3\u304c\u539a\u304f\u306a\u308b<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p data-path-to-node=\"72\"><span>\u4e2d\u671f\u904b\u7528\uff081\u301c3\u5e74\uff09\u306b\u304a\u3044\u3066\u30d6\u30e9\u30b8\u30eb\u50b5\u5238\u306b\u6295\u8cc7\u3059\u308b\u5834\u5408\u3001<\/span><b data-path-to-node=\"72\" data-index-in-node=\"28\">\u300c\u6e80\u671f\u307e\u3067\u4fdd\u6709\u3057\u3066\u5229\u606f\u3092\u78ba\u5b9f\u306b\u7a4d\u307f\u4e0a\u3052\u308b\u3053\u3068\u300d<\/b><span>\u3001<\/span><span>\u305d\u3057\u3066\u300c\u5e74\u73878%\u3092\u8d85\u3048\u308b\u3088\u3046\u306a\u6025\u6fc0\u306a\u30ec\u30a2\u30eb\u5b89\u304c\u8d77\u304d\u306a\u3044\u3053\u3068\u300d\u304c\u6210\u529f\u306e\u7d76\u5bfe\u6761\u4ef6\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<h2 data-path-to-node=\"74\">\u7b2c6\u7ae0 \u6b74\u53f2\u306b\u5b66\u3076\u30b9\u30c8\u30ec\u30b9\u30c6\u30b9\u30c8\uff1a2014\u301c2016\u5e74\u5371\u6a5f\u306e\u6559\u8a13<\/h2>\n<p data-path-to-node=\"75\"><span>\u30d6\u30e9\u30b8\u30eb\u6295\u8cc7\u3092\u691c\u8a0e\u3059\u308b\u306b\u3042\u305f\u308a\u3001<\/span><span>\u6700\u3082\u76f4\u8996\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u6b74\u53f2\u7684\u4e8b\u4f8b\u304c\u3001<\/span><span>2014\u5e74\u4e2d\u76e4\u304b\u30892016\u5e74\u306b\u304b\u3051\u3066\u767a\u751f\u3057\u305f\u300c\u30b8\u30eb\u30de\u653f\u6a29\u5d29\u58ca\u30fb\u683c\u4e0b\u3052\u5371\u6a5f\u300d\u3067\u3059\u3002<\/span><\/p>\n<p><response-element class=\"no-md md-has-block-component\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c2104316048=\"\" class=\"ng-tns-c2104316048-778 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c2104316048=\"\" class=\"code-block ng-tns-c2104316048-778 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl8wMTkzMTE0ZmI4NDgzMTlmIiwiY18yNTZkM2MyNTE3NDFlYzQ5IixudWxsLCJyY185MTQzYWZkZTU2YmQ0YTRlIixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDAsMF1d\">\n<div _ngcontent-ng-c2104316048=\"\" class=\"formatted-code-block-internal-container ng-tns-c2104316048-778\">\n<div _ngcontent-ng-c2104316048=\"\" class=\"animated-opacity ng-tns-c2104316048-778\">\n<pre _ngcontent-ng-c2104316048=\"\" class=\"ng-tns-c2104316048-778\"><code _ngcontent-ng-c2104316048=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c2104316048-778 no-decoration-radius\">\u30102014\u301c2016\u5e74\u5371\u6a5f\u306e\u60aa\u5faa\u74b0\u30b9\u30d1\u30a4\u30e9\u30eb\u3011\r\n\u8cc7\u6e90\u4fa1\u683c\u6025\u843d\uff08\u539f\u6cb9\u30fb\u9244\u9271\u77f3\uff09\r\n      \u25bc\r\n\u8ca1\u653f\u8d64\u5b57\u306e\u62e1\u5927 \u2500\u2500\u25ba \u653f\u5e9c\u306b\u3088\u308b\u4e0d\u6b63\u4f1a\u8a08\uff08\u7c89\u98fe\uff09\r\n      \u25bc\r\n\u683c\u4ed8\u3051\u5f15\u304d\u4e0b\u3052\uff08\u6295\u8cc7\u9069\u683c \u2500\u2500\u25ba \u30b8\u30e3\u30f3\u30af\u7d1a\u3078\u8ee2\u843d\uff09\r\n      \u25bc\r\n\u6d77\u5916\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u5f37\u5236\u6295\u3052\u58f2\u308a \u2500\u2500\u25ba \u901a\u8ca8\u30ec\u30a2\u30eb\u6025\u843d\uff08\u5bfe\u5186\u3067\u7d0440%\u5b89\uff09\r\n      \u25bc\r\n\u30a4\u30f3\u30d5\u30ec\u738710%\u7a81\u7834 \u2500\u2500\u25ba \u4e2d\u9280\u304c\u91d1\u5229\u309214.25%\u3078\u7dca\u6025\u5229\u4e0a\u3052 \u2500\u2500\u25ba \u65e2\u767a\u50b5\u4fa1\u683c\u306e\u66b4\u843d\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h3 data-path-to-node=\"77\">1. \u5371\u6a5f\u30d4\u30fc\u30af\u6642\u306b\u304a\u3051\u308b\u58ca\u6ec5\u7684\u306a\u4e0b\u843d\u30c7\u30fc\u30bf<\/h3>\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\">\u70ba\u66ff\u30ec\u30fc\u30c8\uff08BRL\/JPY\uff09<\/b><span>:<\/span><span> 2014\u5e74\u4e2d\u76e4\u306b<\/span><b data-path-to-node=\"78,0,0\" data-index-in-node=\"24\">\u7d0446\u5186<\/b><span>\u3060\u3063\u305f\u30ec\u30a2\u30eb\u306f\u3001<\/span><span>2015\u5e74\u672b\u304b\u30892016\u5e74\u521d\u982d\u306b\u304b\u3051\u3066<\/span><b data-path-to-node=\"78,0,0\" data-index-in-node=\"55\">\u7d0428\u5186<\/b><span>\u307e\u3067\u4e0b\u843d\u3002<\/span><span>\u4e0b\u843d\u7387\u306f\u7d04 -39%\u306b\u9054\u3057\u307e\u3057\u305f\u3002<\/span><\/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\">10\u5e74\u56fd\u50b5\u5229\u56de\u308a\u3068\u50b5\u5238\u4fa1\u683c<\/b><span>:<\/span><span> \u56fd\u50b5\u5229\u56de\u308a\u306f11.<\/span><span>5%\u6c34\u6e96\u304b\u3089\u4e00\u6642<\/span><b data-path-to-node=\"78,1,0\" data-index-in-node=\"32\">16.5%\u8d85<\/b><span>\u307e\u3067\u6025\u9a30\uff08+500bp\uff09\u3002<\/span><span>\u91d1\u5229\u306e\u6025\u9a30\u306f\u50b5\u5238\u5358\u4fa1\u306e\u4e0b\u843d\u3092\u610f\u5473\u3059\u308b\u305f\u3081\u3001<\/span><span>\u65e2\u767a\u306e\u9577\u671f\u56fd\u50b5\u306e\u5143\u672c\u4fa1\u683c\u306f<\/span><b data-path-to-node=\"78,1,0\" data-index-in-node=\"85\">20%\u301c25%\u4ee5\u4e0a\u66b4\u843d<\/b><span>\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"79\">2. \u5f53\u66421\u301c3\u5e74\u9593\u4fdd\u6709\u3057\u3066\u3044\u305f\u6295\u8cc7\u5bb6\u306e\u30ea\u30a2\u30eb\u306a\u7d50\u672b<\/h3>\n<ul data-path-to-node=\"80\">\n<li>\n<p data-path-to-node=\"80,0,0\"><b data-path-to-node=\"80,0,0\" data-index-in-node=\"0\">1\u5e74\u301c1\u5e74\u534a\u3067\u6050\u6016\u306b\u8010\u3048\u304b\u306d\u3066\u9014\u4e2d\u58f2\u5374\u3057\u305f\u5834\u5408<\/b><span>:<\/span><\/p>\n<ul data-path-to-node=\"80,0,1\">\n<li>\n<p data-path-to-node=\"80,0,1,0,0\"><span>\u7372\u5f97\u3057\u305f\u5229\u606f:<\/span><span> +15%\uff08\u5e7412%\u306e1\u5e74\u5f37\u5206\uff09<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"80,0,1,1,0\"><span>\u70ba\u66ff\u5dee\u640d:<\/span><span> -39%<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"80,0,1,2,0\"><span>\u50b5\u5238\u4fa1\u683c\u306e\u4e0b\u843d\u640d:<\/span><span> -20%<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"80,0,1,3,0\"><b data-path-to-node=\"80,0,1,3,0\" data-index-in-node=\"0\">\u30c8\u30fc\u30bf\u30eb\u30ea\u30bf\u30fc\u30f3: \u7d04 -44%\u306e\u58ca\u6ec5\u7684\u5143\u672c\u5272\u308c<\/b><span>\uff08100\u4e07\u5186\u304c\u7d0456\u4e07\u5186\u306b\u7e2e\u5c0f\uff09\u3002<\/span><\/p>\n<\/li>\n<li>\n<blockquote data-path-to-node=\"80,0,1,4,0\" class=\"\">\n<p data-path-to-node=\"80,0,1,4,0,0\"><b data-path-to-node=\"80,0,1,4,0,0\" data-index-in-node=\"0\">\u6559\u8a13<\/b>: \u9ad8\u91d1\u5229\u50b5\u5238\u3067\u3042\u3063\u3066\u3082\u3001\u8ca1\u653f\u5371\u6a5f\u3068\u91d1\u5229\u6025\u9a30\u304c\u540c\u6642\u306b\u8d77\u304d\u308b\u5c40\u9762\u3067\u306f\u3001\u77ed\u4e2d\u671f\u306e\u30a4\u30f3\u30ab\u30e0\u53ce\u5165\u306a\u3069\u4e00\u77ac\u3067\u6d88\u3057\u98db\u3076\u3002<\/p>\n<\/blockquote>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p data-path-to-node=\"80,1,0\"><b data-path-to-node=\"80,1,0\" data-index-in-node=\"0\">\u53cd\u767a\u307e\u3067\u8010\u3048\u30663\u5e74\u9593\u4fdd\u6709\u3057\u7d9a\u3051\u305f\u5834\u5408<\/b><span>:<\/span><\/p>\n<ul data-path-to-node=\"80,1,1\">\n<li>\n<p data-path-to-node=\"80,1,1,0,0\"><span>2016\u5e748\u6708\u306b\u30b8\u30eb\u30de\u5927\u7d71\u9818\u304c\u5f3e\u52be\u3055\u308c\u3001<\/span><span>\u5f8c\u3092\u7d99\u3044\u3060\u30c6\u30e1\u30eb\u653f\u6a29\u304c\u300c20\u5e74\u9593\u306e\u653f\u5e9c\u652f\u51fa\u4e0a\u9650\u6cd5\u300d\u3092\u96fb\u6483\u6210\u7acb\u3055\u305b\u308b\u3068\u3001<\/span><span>\u5e02\u5834\u306f\u8ca1\u653f\u5065\u5168\u5316\u3078\u306e\u671f\u5f85\u304b\u3089\u5287\u7684\u306a\u53cd\u767a\u3092\u958b\u59cb\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"80,1,1,1,0\"><span>\u30ec\u30a2\u30eb\u306f\u5bfe\u5186\u306736\u5186\u53f0\u307e\u3067\u56de\u5fa9\u3057\u3001<\/span><span>\u56fd\u50b5\u5229\u56de\u308a\u308210%\u8fd1\u8fba\u307e\u3067\u4f4e\u4e0b\uff08\u50b5\u5238\u4fa1\u683c\u306f\u6025\u56de\u5fa9\uff09\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"80,1,1,2,0\"><span>3\u5e74\u9593\u306e\u7d2f\u7a4d\u5229\u606f\uff08+36%\uff09\u304c\u70ba\u66ff\u306e\u4e0b\u843d\u5206\uff0846\u5186\u219236\u5186\u306e\u7d04 -22%\uff09\u3092\u4e0a\u56de\u308a\u3001<\/span><b data-path-to-node=\"80,1,1,2,0\" data-index-in-node=\"42\">\u30c8\u30fc\u30bf\u30eb\u30ea\u30bf\u30fc\u30f3\u306f\u30c8\u30f3\u30c8\u30f3\u301c\u5c0f\u5e45\u306a\u30d7\u30e9\u30b9<\/b><span>\u307e\u3067\u751f\u9084\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"81\"><span>\u3053\u306e\u6b74\u53f2\u7684\u4e8b\u5b9f\u306f\u3001<\/span><span>\u30d6\u30e9\u30b8\u30eb\u6295\u8cc7\u306b\u304a\u3044\u3066\u300c<\/span><b data-path-to-node=\"81\" data-index-in-node=\"20\">\u653f\u6cbb\u3068\u8ca1\u653f\u306e\u30b7\u30b0\u30ca\u30eb\u3092\u7121\u8996\u3057\u305f\u5b89\u6613\u306a\u9ad8\u91d1\u5229\u8cb7\u3044\u304c\u3044\u304b\u306b\u5371\u967a\u3067\u3042\u308b\u304b<\/b><span>\u300d\u3001<\/span><span>\u305d\u3057\u3066\u300c<\/span><b data-path-to-node=\"81\" data-index-in-node=\"59\">\u30b7\u30e7\u30c3\u30af\u6642\u306b\u6295\u3052\u58f2\u308a\u305b\u305a\u53cd\u767a\u307e\u3067\u8010\u3048\u3089\u308c\u308b\u30dd\u30b8\u30b7\u30e7\u30f3\u7ba1\u7406\uff08\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e5\u301c10%\u4ee5\u4e0b\uff09\u304c\u3044\u304b\u306b\u91cd\u8981\u3067\u3042\u308b\u304b<\/b><span>\u300d\u3092\u96c4\u5f01\u306b\u7269\u8a9e\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<h2 data-path-to-node=\"83\">\u91cd\u8981\u306a\u30dd\u30a4\u30f3\u30c8\uff08Checklist for Investors\uff09<\/h2>\n<p data-path-to-node=\"84\"><span>\u30d6\u30e9\u30b8\u30eb\u5e02\u5834\u3078\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u304a\u3044\u3066\u3001<\/span><span>\u5e38\u306b\u5ff5\u982d\u306b\u7f6e\u304f\u3079\u304d\u30a8\u30c3\u30bb\u30f3\u30b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/span><\/p>\n<ol start=\"1\" data-path-to-node=\"85\">\n<li>\n<p data-path-to-node=\"85,0,0\"><b data-path-to-node=\"85,0,0\" data-index-in-node=\"0\">\u300c\u91d1\u5229\u306e\u9ad8\u3055\uff1d\u30ea\u30b9\u30af\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u300d\u3067\u3042\u308b\u3068\u5fc3\u5f97\u308b<\/b><span> \u30d6\u30e9\u30b8\u30eb\u306e10%\u3092\u8d85\u3048\u308b\u91d1\u5229\u3084\u914d\u5f53\u5229\u56de\u308a\u306f\u3001<\/span><span>\u30bf\u30c0\u3067\u914d\u3089\u308c\u3066\u3044\u308b\u30dc\u30fc\u30ca\u30b9\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/span><span>\u300c\u30a4\u30f3\u30d5\u30ec\u30ea\u30b9\u30af\u300d\u300c\u70ba\u66ff\u4e0b\u843d\u30ea\u30b9\u30af\u300d\u300c\u8ca1\u653f\u7834\u7dbb\u61f8\u5ff5\u300d\u3068\u3044\u3046\u4e0d\u78ba\u5b9f\u6027\u306b\u5bfe\u3059\u308b\u5bfe\u4fa1\uff08\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\uff09\u3067\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"85,1,0\"><b data-path-to-node=\"85,1,0\" data-index-in-node=\"0\">\u50b5\u5238\u30fb\u5916\u8ca8\u6295\u8cc7\u306f\u300c\u70ba\u66ff\u4e0b\u843d\u30af\u30c3\u30b7\u30e7\u30f3\u300d\u306e\u8a08\u7b97\u304b\u3089\u9006\u7b97\u3059\u308b<\/b><span> \u8868\u9762\u5229\u56de\u308a\u3060\u3051\u3067\u98db\u3073\u3064\u304b\u305a\u3001<\/span><span>\u5f80\u5fa9\u306e\u70ba\u66ff\u624b\u6570\u6599\uff08\u7d044%\uff09\u3092\u5f15\u3044\u305f\u5b9f\u8cea\u5229\u56de\u308a\u3092\u628a\u63e1\u3057\u3001<\/span><span>\u300c\u5e74\u9593\u4f55\u30d1\u30fc\u30bb\u30f3\u30c8\u307e\u3067\u306e\u901a\u8ca8\u5b89\u306a\u3089\u8010\u3048\u3089\u308c\u308b\u304b\u300d\u3068\u3044\u3046\u640d\u76ca\u5206\u5c90\u70b9\u3092\u628a\u63e1\u3057\u305f\u4e0a\u3067\u6295\u8cc7\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"85,2,0\"><b data-path-to-node=\"85,2,0\" data-index-in-node=\"0\">\u682a\u5f0f\u306f\u300c\u653f\u6cbb\u30ea\u30b9\u30af\uff08\u30da\u30c8\u30ed\u30d6\u30e9\u30b9\uff09\u300d\u3068\u300c\u4e2d\u56fd\u4f9d\u5b58\uff08\u30f4\u30a1\u30fc\u30ec\uff09\u300d\u3092\u898b\u5f35\u308b<\/b><span> \u30da\u30c8\u30ed\u30d6\u30e9\u30b9\u3092\u8cb7\u3046\u306a\u3089\u653f\u6a29\u306e\u71c3\u6599\u4fa1\u683c\u898f\u5236\u3084\u914d\u5f53\u65b9\u91dd\u3001<\/span><span>\u30f4\u30a1\u30fc\u30ec\u3092\u8cb7\u3046\u306a\u3089\u4e2d\u56fd\u306e\u4e0d\u52d5\u7523\u6307\u6a19\u3068\u74b0\u5883\u8a34\u8a1f\u306e\u52d5\u5411\u3092\u30a6\u30a9\u30c3\u30c1\u3059\u308b\u3053\u3068\u304c\u5fc5\u9808\u3067\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"85,3,0\"><b data-path-to-node=\"85,3,0\" data-index-in-node=\"0\">\u30b5\u30c6\u30e9\u30a4\u30c8\u67a0\uff085\u301c10%\u4ee5\u5185\uff09\u306e\u53b3\u5b88<\/b><span> \u30d6\u30e9\u30b8\u30eb\u8cc7\u7523\u306f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u300c\u30b3\u30a2\uff08\u4e2d\u6838\uff09\u300d\u306b\u306f\u306a\u308a\u5f97\u307e\u305b\u3093\u3002<\/span><span>\u5168\u4e16\u754c\u682a\u5f0f\uff08\u30aa\u30eb\u30ab\u30f3\uff09\u3084\u7c73\u56fdS&amp;P500\u3001<\/span><span>\u5186\u9810\u91d1\u306a\u3069\u306e\u76e4\u77f3\u306a\u4e2d\u6838\u8cc7\u7523\u3092\u6301\u3063\u305f\u4e0a\u3067\u3001<\/span><span>\u30ea\u30bf\u30fc\u30f3\u3092\u30d6\u30fc\u30b9\u30c8\u3059\u308b\u305f\u3081\u306e\u300c\u30b5\u30c6\u30e9\u30a4\u30c8\uff08\u885b\u661f\uff09\u300d\u3068\u3057\u3066\u9650\u5b9a\u7684\u306b\u7d44\u307f\u5165\u308c\u308b\u306e\u304c\u9244\u5247\u3067\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ol>\n<h2 data-path-to-node=\"87\">\u6700\u5f8c\u306b\uff1a\u306a\u305c\u4eca\u3001\u91d1\u878d\u30fb\u6295\u8cc7\u306e\u77e5\u8b58\u304c\u4e0d\u53ef\u6b20\u306a\u306e\u304b<\/h2>\n<p data-path-to-node=\"88\"><span>\u30d6\u30e9\u30b8\u30eb\u5e02\u5834\u306e\u5149\u3068\u5f71\u3092\u3053\u3053\u307e\u3067\u6df1\u304f\u5206\u6790\u3057\u3066\u304d\u305f\u80cc\u666f\u306b\u306f\u3001<\/span><span>\u6295\u8cc7\u5bb6\u304c\u8eab\u306b\u3064\u3051\u308b\u3079\u304d\u300c\u91d1\u878d\u30ea\u30c6\u30e9\u30b7\u30fc\uff08\u91d1\u878d\u77e5\u529b\uff09\u306e\u672c\u8cea\u300d\u304c\u96c6\u7d04\u3055\u308c\u3066\u3044\u308b\u304b\u3089\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"89\">1. \u300c\u8868\u9762\u7684\u306a\u6570\u5b57\u300d\u306e\u88cf\u306b\u3042\u308b\u529b\u5b66\u3092\u898b\u629c\u304f\u529b<\/h3>\n<p data-path-to-node=\"90\"><span>\u73fe\u4ee3\u306e\u8cc7\u7523\u904b\u7528\u306b\u304a\u3044\u3066\u3001<\/span><span>\u521d\u5fc3\u8005\u304c\u6700\u3082\u9665\u308a\u3084\u3059\u3044\u7f60\u306f\u300c\u5e74\u522910%\u306e\u8d85\u9ad8\u91d1\u5229\uff01\u300d\u300c\u914d\u5f53\u5229\u56de\u308a15%\uff01\u300d\u3068\u3044\u3063\u305f<\/span><b data-path-to-node=\"90\" data-index-in-node=\"53\">\u8868\u9762\u7684\u306a\u9ad8\u5229\u56de\u308a\u30ef\u30fc\u30c9\u3078\u306e\u76f2\u4fe1<\/b><span>\u3067\u3059\u3002<\/span><span> \u91d1\u878d\u306e\u57fa\u790e\u77e5\u8b58\u3092\u6301\u305f\u306a\u3044\u4eba\u306f\u3001<\/span><span>\u305d\u306e\u5229\u56de\u308a\u304c\u300c\u3069\u306e\u3088\u3046\u306a\u30ea\u30b9\u30af\u3068\u5f15\u304d\u63db\u3048\u306b\u63d0\u793a\u3055\u308c\u3066\u3044\u308b\u306e\u304b\u300d\u3092\u7406\u89e3\u3067\u304d\u307e\u305b\u3093\u3002<\/span><span>\u7d50\u679c\u3068\u3057\u3066\u3001<\/span><span>\u70ba\u66ff\u30b3\u30b9\u30c8\u3067\u8ca0\u3051\u3001<\/span><span>\u901a\u8ca8\u6025\u843d\u3067\u5143\u672c\u3092\u524a\u3089\u308c\u3001<\/span><span>\u614c\u3066\u3066\u5e95\u5024\u3067\u72fc\u72fd\u58f2\u308a\u3057\u3066\u5e02\u5834\u304b\u3089\u9000\u5834\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"91\"><span>\u672c\u7269\u306e\u6295\u8cc7\u77e5\u8b58\u3068\u306f\u3001<\/span><span>\u300c\u9ad8\u3044\u30ea\u30bf\u30fc\u30f3\u304c\u3042\u308b\u5834\u6240\u306b\u306f\u3001<\/span><span>\u5fc5\u305a\u305d\u308c\u3092\u751f\u307f\u51fa\u3057\u3066\u3044\u308b\u69cb\u9020\uff08\u4ed5\u7d44\u307f\uff09\u3068\u3001<\/span><span>\u76f8\u5fdc\u306e\u30c0\u30a6\u30f3\u30b5\u30a4\u30c9\u30ea\u30b9\u30af\u304c\u5b58\u5728\u3059\u308b\u300d\u3068\u3044\u3046\u91d1\u878d\u306e\u666e\u904d\u7684\u771f\u7406\u3092\u76f4\u611f\u3057\u3001<\/span><span>\u30ea\u30b9\u30af\u3092\u5b9a\u91cf\u7684\u30fb\u8ad6\u7406\u7684\u306b\u5206\u89e3\u3067\u304d\u308b\u529b\u306e\u3053\u3068\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"92\">2. \u30a4\u30f3\u30d5\u30ec\u3068\u901a\u8ca8\u5b89\u306e\u6642\u4ee3\u3092\u751f\u304d\u629c\u304f\u9632\u885b\u624b\u6bb5<\/h3>\n<p data-path-to-node=\"93\"><span>\u304b\u3064\u3066\u306e\u65e5\u672c\u306e\u3088\u3046\u306b\u300c\u9280\u884c\u306b\u5186\u3092\u9810\u3051\u3066\u304a\u3051\u3070\u5b89\u5fc3\u300d\u3068\u3044\u3046\u6642\u4ee3\u306f\u5b8c\u5168\u306b\u7d42\u308f\u308a\u307e\u3057\u305f\u3002<\/span><span>\u4e16\u754c\u7684\u306a\u30a4\u30f3\u30d5\u30ec\u306e\u6ce2\u304c\u65e5\u672c\u306b\u3082\u62bc\u3057\u5bc4\u305b\u3001<\/span><span>\u5b9f\u8cea\u8cc3\u91d1\u304c\u76ee\u6e1b\u308a\u3057\u3001<\/span><span>\u5186\u3068\u3044\u3046\u5358\u4e00\u901a\u8ca8\u3060\u3051\u306b\u8cc7\u7523\u3092\u4f9d\u5b58\u3055\u305b\u308b\u3053\u3068\u81ea\u4f53\u304c\u3001<\/span><span>\u5b9f\u306f\u300c\u96a0\u308c\u305f\u96c6\u4e2d\u6295\u8cc7\u30ea\u30b9\u30af\u300d\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"94\"><span>\u3057\u304b\u3057\u3001<\/span><span>\u3060\u304b\u3089\u3068\u3044\u3063\u3066\u7121\u8b00\u306b\u65b0\u8208\u56fd\u3084\u9ad8\u30ea\u30b9\u30af\u8cc7\u7523\u3078\u98db\u3073\u8fbc\u3080\u306e\u306f\u5358\u306a\u308b\u30ae\u30e3\u30f3\u30d6\u30eb\u3067\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"95\">\n<li>\n<p data-path-to-node=\"95,0,0\"><span>\u91d1\u5229\u3068\u50b5\u5238\u4fa1\u683c\u306e\u30b7\u30fc\u30bd\u30fc\u95a2\u4fc2\uff08\u91d1\u5229\u304c\u4e0a\u304c\u308c\u3070\u4fa1\u683c\u306f\u4e0b\u304c\u308b\uff09<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"95,1,0\"><span>\u70ba\u66ff\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u30ea\u30bf\u30fc\u30f3\u306b\u4e0e\u3048\u308b\u8907\u5229\u7684\u306a\u60aa\u5f71\u97ff<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"95,2,0\"><span>\u56fd\u969b\u53ce\u652f\u3001<\/span><span>\u7d4c\u5e38\u53ce\u652f\u3001<\/span><span class=\"\">\u8ca1\u653f\u8d64\u5b57\u304c\u901a\u8ca8\u4fa1\u5024\u3092\u6c7a\u5b9a\u3065\u3051\u308b\u30de\u30af\u30ed\u7d4c\u6e08\u306e\u6cd5\u5247<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"95,3,0\"><span>\u7a0e\u5236\uff08\u4e8c\u91cd\u8ab2\u7a0e\u3068\u5916\u56fd\u7a0e\u984d\u63a7\u9664\uff09\u304c\u6700\u7d42\u624b\u53d6\u308a\u306b\u53ca\u307c\u3059\u5f71\u97ff<\/span><\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"96\"><span>\u3053\u3046\u3057\u305f\u57fa\u790e\u7684\u306a\u77e5\u8b58\u3092\u3072\u3068\u3064\u305a\u3064\u4f53\u7cfb\u7684\u306b\u7406\u89e3\u3059\u308b\u3053\u3068\u3067\u3001<\/span><span>\u521d\u3081\u3066\u300c\u81ea\u5206\u306f\u4eca\u3001<\/span><span>\u3069\u306e\u7a0b\u5ea6\u306e\u30ea\u30b9\u30af\u3092\u53d6\u3063\u3066\u304a\u308a\u3001<\/span><span>\u6700\u60aa\u306e\u30b7\u30ca\u30ea\u30aa\u3067\u3044\u304f\u3089\u640d\u3092\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u306e\u304b\u300d\u3092\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"97\">3. \u81ea\u5f8b\u7684\u306a\u8cc7\u7523\u5f62\u6210\u3078\u5411\u3051\u3066<\/h3>\n<p data-path-to-node=\"98\"><span>\u6295\u8cc7\u3068\u306f\u3001<\/span><span>\u8ab0\u304b\u306e\u63a8\u5968\u9298\u67c4\u3092\u9d5c\u5451\u307f\u306b\u3057\u3066\u4e00\u559c\u4e00\u6182\u3059\u308b\u3053\u3068\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/span><span> \u300c\u81ea\u5206\u81ea\u8eab\u306e\u4eba\u751f\u8a2d\u8a08\u306b\u7167\u3089\u3057\u5408\u308f\u305b\u3001<\/span><span>\u8a31\u5bb9\u3067\u304d\u308b\u30ea\u30b9\u30af\u306e\u7bc4\u56f2\u5185\u3067\u3001<\/span><span>\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306e\u9ad8\u3044\u8cc7\u7523\u3078\u51b7\u9759\u306b\u8cc7\u672c\u3092\u914d\u5206\u3057\u7d9a\u3051\u308b\u77e5\u7684\u306a\u55b6\u307f\u300d\u3067\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"99\"><span>\u30d6\u30e9\u30b8\u30eb\u3068\u3044\u3046\u30c0\u30a4\u30ca\u30df\u30c3\u30af\u3067\u9b45\u529b\u7684\u306a\u5e02\u5834\u3092\u5b66\u3076\u3053\u3068\u306f\u3001<\/span><span>\u307e\u3055\u306b\u4e16\u754c\u7d4c\u6e08\u306e\u30c0\u30a4\u30ca\u30df\u30ba\u30e0\u3001<\/span><span>\u8cc7\u6e90\u3068\u901a\u8ca8\u306e\u9023\u52d5\u3001<\/span><span>\u305d\u3057\u3066\u56fd\u5bb6\u8ca1\u653f\u3068\u91d1\u878d\u653f\u7b56\u306e\u305b\u3081\u304e\u5408\u3044\u3092\u5b66\u3076\u6700\u9ad8\u306e\u751f\u304d\u305f\u6559\u6750\u3067\u3059\u3002<\/span><span>\u3053\u3053\u3067\u5f97\u305f\u77e5\u898b\u3068\u30ea\u30b9\u30af\u7ba1\u7406\u306e\u59ff\u52e2\u306f\u3001<\/span><span>\u30d6\u30e9\u30b8\u30eb\u682a\u3084\u50b5\u5238\u306b\u3068\u3069\u307e\u3089\u305a\u3001<\/span><span>\u7c73\u56fd\u682a\u3001<\/span><span>\u65e5\u672c\u682a\u3001<\/span><span>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u6295\u8cc7\u306a\u3069\u3001<\/span><span>\u3042\u3089\u3086\u308b\u8cc7\u7523\u5f62\u6210\u306e\u5834\u9762\u3067\u3042\u306a\u305f\u306e\u751f\u6daf\u306e\u8cc7\u7523\u3092\u5b88\u308a\u3001<\/span><span>\u80b2\u3066\u308b\u5f37\u56fa\u306a\u76fe\u3068\u77db\u306b\u306a\u308b\u306f\u305a\u3067\u3059\u3002<\/span><\/p>\n<div><\/div>\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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