{"id":8682,"date":"2025-11-03T09:09:31","date_gmt":"2025-11-03T09:09:31","guid":{"rendered":"https:\/\/www.mdwcc.com\/?p=8682"},"modified":"2025-11-03T09:11:56","modified_gmt":"2025-11-03T09:11:56","slug":"a-rising-euro-a-depreciating-yen-and-cooling-expectations-for-interest-rate-cuts-divergent-policies-among-the-three-major-central-banks-are-destabilizing-global-markets","status":"publish","type":"post","link":"https:\/\/www.mdwcc.com\/ja\/a-rising-euro-a-depreciating-yen-and-cooling-expectations-for-interest-rate-cuts-divergent-policies-among-the-three-major-central-banks-are-destabilizing-global-markets\/","title":{"rendered":"\u30e6\u30fc\u30ed\u9ad8\u3001\u5186\u5b89\u3001\u5229\u4e0b\u3052\u671f\u5f85\u306e\u51b7\u3048\u8fbc\u307f\uff1a\u4e09\u5927\u4e2d\u592e\u9280\u884c\u306e\u653f\u7b56\u306e\u76f8\u9055\u304c\u4e16\u754c\u5e02\u5834\u3092\u4e0d\u5b89\u5b9a\u5316"},"content":{"rendered":"

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\"IMG_256\"<\/p>\n

<\/a>\u7d4c\u6e08\u6210\u9577\uff1a\u5168\u4f53\u7684\u306a\u56de\u5fa9\u3068\u5185\u90e8\u306e\u4e56\u96e2\u304c\u5171\u5b58<\/strong><\/p>\n

3\u3064\u306e\u4e2d\u592e\u9280\u884c\u306f\u3044\u305a\u308c\u3082\u300c\u5168\u4f53\u7684\u306a\u56de\u5fa9\u306e\u4e2d\u3067\u306e\u69cb\u9020\u7684\u76f8\u9055\u300d\u306b\u76f4\u9762\u3057\u3066\u3044\u308b\u3002\u30e6\u30fc\u30ed\u570f\u306e\u30d5\u30e9\u30f3\u30b9\u306f\u529b\u5f37\u3044\u6210\u9577\u3092\u9042\u3052\u3066\u3044\u308b\u304c\u3001\u30c9\u30a4\u30c4\u306f\u4f9d\u7136\u3068\u3057\u3066\u4f4e\u8ff7\u3057\u3066\u3044\u308b\u3002\u65e5\u672c\u306f\u300c\u7de9\u3084\u304b\u306a\u56de\u5fa9\u300d\u3092\u7d4c\u9a13\u3057\u3066\u3044\u308b\u304c\u3001\u8f38\u51fa\u306f4\u30ab\u6708\u9023\u7d9a\u3067\u6e1b\u5c11\u3057\uff089\u6708\u306b\u308f\u305a\u304b\u306a\u56de\u5fa9\u306e\u307f\uff09\u3001\u7c73\u56fd\u3078\u306e\u8f38\u51fa\u306f\u4f9d\u7136\u3068\u3057\u3066\u6e1b\u5c11\u3057\u3066\u3044\u308b\u3002\u7c73\u56fd\u306f\u4f01\u696d\u6295\u8cc7\u3068\u5c0f\u58f2\u58f2\u4e0a\u9ad8\u304c\u5805\u8abf\u3067\u5178\u578b\u7684\u306a\u300cK\u5b57\u578b\u306e\u4e56\u96e2\u300d\u3092\u793a\u3057\u3066\u3044\u308b\u304c\u3001\u4f4e\u30fb\u4e2d\u6240\u5f97\u5c64\u306f\u52b4\u50cd\u4f9b\u7d66\u306e\u7e2e\u5c0f\u306e\u5f71\u97ff\u3092\u53d7\u3051\u3066\u304a\u308a\u3001\u5931\u696d\u7387\u306f4\u5e74\u3076\u308a\u306e\u9ad8\u6c34\u6e96\u3068\u306a\u308b4.3\uff05\u306b\u4e0a\u6607\u3057\u3001\u4e0a\u4f4d10\uff05\u304c\u6d88\u8cbb\u306e\u534a\u5206\u3092\u5360\u3081\u3001\u8ca7\u5bcc\u306e\u683c\u5dee\u304c\u62e1\u5927\u3057\u3066\u3044\u308b\u3002\u3053\u306e\u4e56\u96e2\u306b\u3088\u308a\u3001\u300c\u753b\u4e00\u7684\u306a\u300d\u653f\u7b56\u306e\u6709\u52b9\u6027\u304c\u5236\u9650\u3055\u308c\u308b\u3002ECB\u306f\u4e2d\u6838\u56fd\u3068\u5468\u7e01\u56fd\u306e\u9055\u3044\u3092\u8003\u616e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u3001\u65e5\u672c\u9280\u884c\u306f\u8f38\u51fa\u4e0d\u632f\u3068\u5185\u9700\u56de\u5fa9\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u53d6\u308b\u5fc5\u8981\u304c\u3042\u308a\u3001FRB\u306f\u300c\u666f\u6c17\u523a\u6fc0\u7b56\u306f\u5bcc\u88d5\u5c64\u306e\u307f\u306b\u5229\u76ca\u3092\u3082\u305f\u3089\u3059\u300d\u3068\u3044\u3046\u502b\u7406\u7684\u30b8\u30ec\u30f3\u30de\u306b\u5bfe\u51e6\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002<\/p>\n

<\/a>\u5916\u90e8\u30ea\u30b9\u30af: \u4e16\u754c\u7684\u306a\u4e0d\u78ba\u5b9f\u6027\u304c\u5171\u901a\u306e\u653f\u7b56\u5909\u6570\u306b\u306a\u308a\u307e\u3059\u3002<\/strong><\/p>\n

\u4e16\u754c\u7684\u306a\u8cbf\u6613\u7d1b\u4e89\u3001\u5730\u653f\u5b66\u7684\u306a\u7dca\u5f35\u3001\u7c73\u56fd\u306e\u653f\u7b56\u306e\u6ce2\u53ca\u52b9\u679c\u306f\u30013\u3064\u306e\u4e2d\u592e\u9280\u884c\u306e\u610f\u601d\u6c7a\u5b9a\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u5171\u901a\u306e\u5916\u90e8\u5909\u6570\u3067\u3042\u308b\u3002ECB\u306f\u5730\u7403\u898f\u6a21\u306e\u74b0\u5883\u554f\u984c\u306b\u8a00\u53ca\u3057\u3001BCA\u306e\u30b9\u30c8\u30e9\u30c6\u30b8\u30b9\u30c8\u3001\u30de\u30b7\u30e5\u30fc\u30fb\u30b5\u30f4\u30a1\u30ea\u6c0f\u306f\u3001\u6b27\u5dde\u306e\u8cc7\u7523\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306f\u7c73\u56fd\u306e\u653f\u7b56\u306b\u5de6\u53f3\u3055\u308c\u308b\u3068\u8ff0\u3079\u305f\u3002\u65e5\u672c\u9280\u884c\u306f\u8cbf\u6613\u306e\u4e0d\u78ba\u5b9f\u6027\u3068\u7c73\u56fd\u306e\u95a2\u7a0e\u6ce2\u53ca\u30ea\u30b9\u30af\u3092\u8b66\u6212\u3057\u3066\u304a\u308a\u3001\u5186\u5b89\u306b\u95a2\u3057\u3066\u7c73\u56fd\u304b\u3089\u306e\u5727\u529b\u306b\u3082\u76f4\u9762\u3057\u3066\u3044\u308b\u3002\u9023\u90a6\u6e96\u5099\u5236\u5ea6\u306e\u653f\u7b56\u5224\u65ad\u306f\u3001\u653f\u5e9c\u9589\u9396\u306b\u3088\u308b\u30c7\u30fc\u30bf\u4e0d\u8db3\u306e\u5f71\u97ff\u3092\u53d7\u3051\u3066\u3044\u307e\u3059\u3002\u4e16\u754c\u7d4c\u6e08\u306e\u76f8\u4e92\u4f9d\u5b58\u306b\u3088\u308a\u3001\u4e3b\u8981\u4e2d\u592e\u9280\u884c\u304c\u5358\u72ec\u3067\u884c\u52d5\u3059\u308b\u3053\u3068\u304c\u56f0\u96e3\u306b\u306a\u3063\u3066\u304a\u308a\u3001\u5916\u90e8\u30ea\u30b9\u30af\u304c\u4e2d\u592e\u9280\u884c\u306e\u653f\u7b56\u4f59\u5730\u3092\u5236\u7d04\u3059\u308b\u91cd\u8981\u306a\u8981\u56e0\u3068\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n

<\/a>\u5e02\u5834\u306e\u3064\u306a\u304c\u308a\u3068\u5185\u90e8\u7af6\u4e89: \u653f\u7b56\u52b9\u679c\u306e\u53cc\u65b9\u5411\u306e\u4f1d\u9054<\/strong><\/p>\n

3 \u3064\u306e\u4e2d\u592e\u9280\u884c\u306e\u91d1\u878d\u653f\u7b56\u6c7a\u5b9a\u306f\u3001\u56fd\u5185\u91d1\u878d\u5e02\u5834\u306b\u76f4\u63a5\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u70ba\u66ff\u30ec\u30fc\u30c8\u3001\u8cc7\u7523\u4fa1\u683c\u3001\u305d\u306e\u4ed6\u306e\u30c1\u30e3\u30cd\u30eb\u3092\u901a\u3058\u3066\u4e16\u754c\u7684\u306a\u3064\u306a\u304c\u308a\u3092\u751f\u307f\u51fa\u3057\u307e\u3059\u3002\u540c\u6642\u306b\u3001\u4e2d\u592e\u9280\u884c\u5185\u306e\u653f\u7b56\u30b9\u30bf\u30f3\u30b9\u306e\u9055\u3044\u306b\u3088\u308a\u3001\u5c06\u6765\u306e\u9053\u7b4b\u306b\u3064\u3044\u3066\u306e\u5e02\u5834\u306e\u61b6\u6e2c\u304c\u3055\u3089\u306b\u9ad8\u307e\u3063\u3066\u3044\u308b\u3002<\/p>\n

\"\u56fe\u7247<\/p>\n

<\/a>\u5e02\u5834\u306e\u53cd\u5fdc: \u653f\u7b56\u52b9\u679c\u306e\u30d0\u30ed\u30e1\u30fc\u30bf\u30fc\u3068\u3057\u3066\u306e\u70ba\u66ff\u30ec\u30fc\u30c8\u3068\u682a\u5f0f\u5e02\u5834<\/strong><\/p>\n

\u3053\u308c\u3089\u306e\u53cd\u5fdc\u306f\u3001\u5e02\u5834\u304c\u4e2d\u592e\u9280\u884c\u306e\u653f\u7b56\u306b\u5bfe\u3057\u3066\u300c\u4fa1\u683c\u6163\u6027\u300d\u3092\u767a\u9054\u3055\u305b\u3066\u304a\u308a\u3001\u653f\u7b56\u30b7\u30b0\u30ca\u30eb\u306e\u308f\u305a\u304b\u306a\u5909\u5316\u3067\u3082\u8cc7\u7523\u4fa1\u683c\u306e\u5927\u5e45\u306a\u8abf\u6574\u3092\u5f15\u304d\u8d77\u3053\u3059\u53ef\u80fd\u6027\u304c\u3042\u308b\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u653f\u7b56\u30b7\u30b0\u30ca\u30eb\u306e\u767a\u8868\u5f8c\u3001\u5e02\u5834\u306e\u53cd\u5fdc\u306f\u653f\u7b56\u306e\u610f\u56f3\u3092\u307b\u307c\u53cd\u6620\u3057\u305f\u3082\u306e\u3067\u3057\u305f\u3002ECB \u306e\u6c7a\u5b9a\u5f8c\u3001\u30e6\u30fc\u30ed\u306f\u5bfe\u30c9\u30eb\u3067\u308f\u305a\u304b\u306b\u4e0a\u6607\u3057\u30012025 \u5e74\u4ee5\u6765 12% \u306e\u4e0a\u6607\u3092\u7d9a\u3051\u307e\u3057\u305f\u3002\u65e5\u9280\u304c\u91d1\u5229\u3092\u7dad\u6301\u3057\u305f\u5f8c\u3001\u30c9\u30eb\u306f\u5186\u306b\u5bfe\u3057\u3066\u77ed\u671f\u7684\u306b\u7d0470\u30dd\u30a4\u30f3\u30c8\u4e0a\u6607\u3057\u3001\u65e5\u7d4c\u5e73\u5747\u682a\u4fa1\u306f\u308f\u305a\u304b\u306b\u4e0a\u6607\u3057\u3001\u300c\u9ad8\u5024\u53d6\u5f15\u300d\u306b\u3088\u308a\u6307\u6570\u306f\u904e\u53bb\u6700\u9ad8\u5024\u3092\u66f4\u65b0\u3057\u305f\u304c\u3001\u5186\u306f\u5bfe\u30c9\u30eb\u3067150\u5186\u3092\u4e0b\u56de\u3063\u305f\u3002\u30d1\u30a6\u30a8\u30ebFRB\u8b70\u9577\u306e\u300c\u51b7\u5374\u300d\u767a\u8a00\u306f12\u6708\u5229\u4e0b\u3052\u671f\u5f85\u3092\u76f4\u63a5\u4f4e\u4e0b\u3055\u305b\u3001\u8cc7\u7523\u4fa1\u683c\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u6c88\u9759\u5316\u3057\u305f\u3002<\/p>\n

<\/a>\u5185\u90e8\u5206\u88c2\uff1a\u30bf\u30ab\u6d3e\u3068\u30cf\u30c8\u6d3e\u306e\u95d8\u4e89\u306f\u653f\u7b56\u306e\u30b8\u30ec\u30f3\u30de\u3092\u6d6e\u304d\u5f6b\u308a\u306b\u3057\u3066\u3044\u308b\u3002<\/strong><\/p>\n

3\u3064\u306e\u4e2d\u592e\u9280\u884c\u306f\u3044\u305a\u308c\u3082\u5185\u90e8\u653f\u7b56\u306e\u30b9\u30bf\u30f3\u30b9\u304c\u7570\u306a\u3063\u3066\u304a\u308a\u3001\u4e3b\u306b\u300c\u30a4\u30f3\u30d5\u30ec\u30ea\u30b9\u30af\u300d\u3068\u300c\u6210\u9577\u30ea\u30b9\u30af\u300d\u306e\u76f8\u5bfe\u7684\u306a\u91cd\u8981\u6027\u306e\u8a55\u4fa1\u306e\u9055\u3044\u306b\u8d77\u56e0\u3059\u308b\u3002ECB\u306e\u30cf\u30c8\u6d3e\u306f\u6210\u9577\u920d\u5316\u3068\u30a4\u30f3\u30d5\u30ec\u306e\u30ea\u30b9\u30af\u306b\u5bfe\u51e6\u3059\u308b\u305f\u3081\u306b\u7de9\u548c\u3092\u4e3b\u5f35\u3057\u3066\u3044\u308b\uff08\u6295\u8cc7\u5bb6\u306f\u6765\u590f\u307e\u3067\u306b\u5229\u4e0b\u3052\u306e\u78ba\u7387\u304c40\uff5e50\uff05\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\uff09\u4e00\u65b9\u3001\u30bf\u30ab\u6d3e\u306f\u30c9\u30a4\u30c4\u306e\u56fd\u9632\u3068\u30a4\u30f3\u30d5\u30e9\u652f\u51fa\u306e\u523a\u6fc0\u52b9\u679c\u3092\u652f\u6301\u3057\u3001\u3055\u3089\u306a\u308b\u7de9\u548c\u306b\u53cd\u5bfe\u3057\u3066\u3044\u308b\u3002\u65e5\u9280\u306e\u6295\u7968\u306f7\u5bfe2\u3067\u300c\u30a4\u30f3\u30d5\u30ec\u306e\u6291\u5236\u300d\u3068\u300c\u666f\u6c17\u306e\u5b89\u5b9a\u5316\u300d\u306b\u7126\u70b9\u304c\u5f53\u3066\u3089\u308c\u3001\u5229\u4e0a\u3052\u652f\u6301\u8005\u306f\u7269\u4fa1\u4e0a\u6607\u3092\u61f8\u5ff5\u3057\u3001\u5927\u591a\u6570\u306f\u5229\u4e0a\u3052\u304c\u8f38\u51fa\u3068\u5185\u9700\u3092\u6291\u5236\u3059\u308b\u3053\u3068\u3092\u61f8\u5ff5\u3057\u305f\u3002 FRB\u306e\u610f\u898b\u306f\u3088\u308a\u8907\u96d1\u3067\u3001\u96c7\u7528\u5b89\u5b9a\u306e\u305f\u3081\u5229\u4e0b\u3052\u3092\u4e3b\u5f35\u3059\u308b\u8005\u3082\u3044\u308b\u4e00\u65b9\u3001\u30d1\u30a6\u30a8\u30eb\u6c0f\u3089\u306f\u4f9b\u7d66\u5074\u306e\u554f\u984c\u306f\u9700\u8981\u559a\u8d77\u7b56\u3067\u306f\u89e3\u6c7a\u3067\u304d\u306a\u3044\u3068\u8003\u3048\u3066\u304a\u308a\u3001\u653f\u7b56\u7de9\u548c\u304c\u30d0\u30d6\u30eb\u3092\u5f15\u304d\u8d77\u3053\u3059\u3053\u3068\u3092\u8b66\u6212\u3057\u3066\u3044\u308b\u3002\u3053\u306e\u4e56\u96e2\u306f\u3001\u5c06\u6765\u306e\u4e2d\u592e\u9280\u884c\u306e\u653f\u7b56\u304c\u3088\u308a\u300c\u7de9\u3084\u304b\u300d\u306b\u306a\u308a\u3001\u5e02\u5834\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u7de9\u548c\u3059\u308b\u305f\u3081\u306b\u3088\u308a\u591a\u304f\u306e\u30c7\u30fc\u30bf\u691c\u8a3c\u304c\u5fc5\u8981\u306b\u306a\u308b\u3053\u3068\u3092\u793a\u5506\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\"IMG_256\"<\/p>\n

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