{"id":5727,"date":"2018-07-16T09:54:02","date_gmt":"2018-07-16T00:54:02","guid":{"rendered":"https:\/\/finance-gfp.com\/?p=5727"},"modified":"2024-10-23T06:33:08","modified_gmt":"2024-10-22T21:33:08","slug":"%e7%b1%b3%e5%9b%bd%e6%a0%aa%ef%bc%88sp500%e6%8c%87%e6%95%b0%ef%bc%89%e3%81%ae%e3%82%a4%e3%83%bc%e3%83%ab%e3%83%89%e3%82%b9%e3%83%97%e3%83%ac%e3%83%83%e3%83%89%e3%82%92%e5%88%86%e6%9e%90%ef%bc%882018","status":"publish","type":"post","link":"https:\/\/finance-gfp.com\/?p=5727","title":{"rendered":"\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u3092\u5206\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\uff08\u7c73\u56fd\u682a\u306e\u4e8b\u4f8b\u3092\u7d39\u4ecb\uff09"},"content":{"rendered":"<p><span class=\"ymarker-s\">\u3053\u3061\u3089\u306e\u30da\u30fc\u30b8\u3067\u306f\u300c\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u300d\u3092\u6d3b\u7528\u3057\u305f\u682a\u5f0f\u5e02\u5834\u306e\u5206\u6790\u65b9\u6cd5\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<ul>\n<li><span class=\"rmarker-s\">\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\uff1d\u9577\u671f\u91d1\u5229\uff0810\u5e74\u56fd\u50b5\u5229\u56de\u308a\uff09\uff0d\u682a\u5f0f\u76ca\u5229\u56de\u308a\uff081\u682a\u5f53\u305f\u308a\u5229\u76ca\/\u682a\u4fa1\uff09<\/span><\/li>\n<\/ul>\n<p>\u300c\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u300d\u306f\u9577\u671f\u91d1\u5229\u3068\u306e\u5bfe\u6bd4\u3067\u682a\u5f0f\u306e\u5272\u9ad8\u30fb\u5272\u5b89\u3092\u5206\u6790\u3059\u308b\u305f\u3081\u306e\u6307\u6a19\u3067\u3059\u3002<\/p>\n<p>\u4e0b\u8a18\u3067\u306f\u7c73\u56fd\u682a\uff08S&amp;P500\u6307\u6570\uff09\u3092\u4f8b\u306b\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li><span class=\"bmarker-s\">\u4e3b\u8981\u56fd\u306e\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u63a8\u79fb\u306e\u6700\u65b0\u30c7\u30fc\u30bf\u306f\u3053\u3061\u3089\u3092\u3054\u89a7\u304f\u3060\u3055\u3044<\/span>\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=5751\" target=\"_blank\" rel=\"noopener noreferrer\">\u4e3b\u8981\u56fd\u306e\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u63a8\u79fb\uff08\u30c7\u30fc\u30bf\u66f4\u65b0\u7528\uff09<\/a><\/li>\n<\/ul>\n\n<!-- WP QUADS v. 3.0.1  Shortcode Ad -->\n<div class=\"quads-location quads-ad\" id=\"quads-ad\" style=\"float:none;margin:0px 0 0px 0;text-align:center;\">\n<script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- \u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30b9\u30bf\u30fc\uff08\u8a18\u4e8b\u4e0a\u30ec\u30b9\u30dd\u30f3\u30b7\u30d6\uff09 -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-5603670596158988\"\r\n     data-ad-slot=\"4486034607\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n\n<p>\u307e\u305a\u306f\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u306b\u3064\u3044\u3066\u306e\u8aac\u660e\u3067\u3059\u3002<\/p>\n<h2>\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u3068\u306f<\/h2>\n<p><span class=\"ymarker-s\">\u300c\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u300d\u3068\u306f\u300c\u9577\u671f\u91d1\u5229\u300d\u304b\u3089\u300c\u682a\u5f0f\u76ca\u5229\u56de\u308a\u300d\u3092\u5f15\u3044\u305f\u3082\u306e\u3067\u3059\uff61<\/span><\/p>\n<ul>\n<li><span class=\"rmarker-s\">\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\uff1d\u9577\u671f\u91d1\u5229\uff0d\u682a\u5f0f\u76ca\u5229\u56de\u308a<\/span><\/li>\n<\/ul>\n<p>\u3061\u306a\u307f\u306b\u300c\u682a\u5f0f\u76ca\u5229\u56de\u308a\u300d\u306fPER\u306e\u9006\u6570\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u682a\u5f0f\u76ca\u5229\u56de\u308a=1\/PER=1\u682a\u5f53\u305f\u308a\u5229\u76ca\/\u682a\u4fa1<\/li>\n<\/ul>\n<p>\u307e\u305f\u3001\u4e00\u822c\u7684\u306b\u300c\u9577\u671f\u91d1\u5229\u300d\u306f\u300c10\u5e74\u56fd\u50b5\u5229\u56de\u308a\u300d\u3092\u4f7f\u3044\u307e\u3059\u3002<\/p>\n<p>\u3088\u3063\u3066\u3001\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u3092\u8a08\u7b97\u5f0f\u3067\u8868\u3059\u3068\u4e0b\u8a18\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<ul>\n<li><span class=\"rmarker-s\">\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\uff1d10\u5e74\u56fd\u50b5\u5229\u56de\u308a\uff0d\uff081\u682a\u5f53\u305f\u308a\u5229\u76ca\/\u682a\u4fa1\uff09<\/span><\/li>\n<\/ul>\n<p>\u300c\u682a\u5f0f\u76ca\u5229\u56de\u308a\u300d\u306b\u3064\u3044\u3066\u306f\u6982\u5ff5\u304c\u5206\u304b\u308a\u306b\u304f\u3044\u65b9\u3082\u3044\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u306e\u3067\u8aac\u660e\u3057\u307e\u3059\u3002<\/p>\n<p>\u307e\u305a\u3001\u6bd4\u8f03\u7684\u5206\u304b\u308a\u3084\u3059\u3044\u6982\u5ff5\u3068\u3057\u3066\u914d\u5f53\u5229\u56de\u308a\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u682a\u4fa1\u306b\u5bfe\u3059\u308b\u914d\u5f53\u306e\u5229\u56de\u308a\u3067\u3059\u3002<\/p>\n<p>\u305f\u3060\u3057\u3001\u5f53\u671f\u5229\u76ca\u306e\u5185\u3001\u914d\u5f53\u3068\u3057\u3066\u53d7\u3051\u53d6\u3089\u305a\u5185\u90e8\u7559\u4fdd\u3057\u305f\u5206\u3082\u5f53\u8a72\u682a\u5f0f\u306e\u4fa1\u5024\u3092\u4e0a\u6607\u3055\u305b\u308b\u305f\u3081\u3001\u672c\u6765\u7684\u306b\u306f\u682a\u4e3b\u306e\u5229\u76ca\u3068\u306a\u308a\u307e\u3059\uff61<\/p>\n<p>\u3088\u3063\u3066\u3001\u914d\u5f53\u90e8\u5206\u3060\u3051\u3067\u306a\u304f\u5f53\u671f\u5229\u76ca\u306f\u6700\u7d42\u7684\u306b\u5168\u3066\u6295\u8cc7\u5bb6\u306b\u5e30\u5c5e\u3059\u308b\u3068\u3044\u3046\u89b3\u70b9\u304b\u3089\u30011\u682a\u5f53\u305f\u308a\u5229\u76ca\u3092\u682a\u4fa1\u3067\u5272\u3063\u305f\u300c\u682a\u5f0f\u76ca\u5229\u56de\u308a\u300d\u3068\u3044\u3046\u6307\u6a19\u304c\u5b58\u5728\u3057\u307e\u3059\u3002<\/p>\n<p><span class=\"ymarker-s\">\u3064\u307e\u308a\u3001\u300c\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u300d\u306f\u682a\u5f0f\u304b\u3089\u5f97\u3089\u308c\u308b\u30c8\u30fc\u30bf\u30eb\u306e\u5229\u56de\u308a\uff08\u682a\u5f0f\u76ca\u5229\u56de\u308a\uff09\u3068\u9577\u671f\u91d1\u5229\uff0810\u5e74\u56fd\u50b5\u5229\u56de\u308a\uff09\u3092\u6bd4\u8f03\u3057\u3001\u3069\u3061\u3089\u306b\u6295\u8cc7\u3059\u3079\u304d\u304b\u3092\u5224\u65ad\u3059\u308b\u6307\u6a19\u3067\u3059\u3002<\/span><\/p>\n<p>\u3082\u3061\u308d\u3093\u5c11\u3057\u3067\u3082\u682a\u5f0f\u76ca\u5229\u56de\u308a\u304c\u9ad8\u3044\u3068\u682a\u5f0f\u306b\u6295\u8cc7\u3059\u3079\u304d\u3068\u3044\u3046\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\uff61<\/p>\n<p>\u682a\u5f0f\u76ca\u5229\u56de\u308a\u304b10\u5e74\u56fd\u50b5\u5229\u56de\u308a\u306e\u3069\u3061\u3089\u304b\u304c\u660e\u3089\u304b\u306b\u9ad8\u3044\u5834\u5408\u306b\u5224\u65ad\u306e\u6750\u6599\u3068\u306a\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n<h2>\u7c73\u56fd\u682a\uff08S&amp;P500\u6307\u6570\uff09\u306e\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u63a8\u79fb<\/h2>\n<p>\u305d\u308c\u3067\u306f\u7c73\u56fd\u682a\u3092\u4f8b\u306b\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u89e3\u8aac\u3092\u884c\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li><span class=\"bmarker-s\">\u7c73\u56fd\u682a\u7b49\u306e\u6700\u65b0\u306e\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u3053\u3061\u3089\u3092\u53c2\u7167<\/span>\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=5751\" target=\"_blank\" rel=\"noopener noreferrer\">\u4e3b\u8981\u56fd\u306e\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u63a8\u79fb\uff08\u30c7\u30fc\u30bf\u66f4\u65b0\u7528\uff09<\/a><\/li>\n<\/ul>\n<p><span class=\"ymarker-s\">\u307e\u305a\u3001S&amp;P500\u6307\u6570\u306e\u4e88\u60f3PER\u304b\u3089\u682a\u5f0f\u76ca\u5229\u56de\u308a\u3092\u8a08\u7b97\u3057\u300110\u5e74\u7c73\u56fd\u50b5\u5229\u56de\u308a\u3068\u6bd4\u8f03\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-19549\" src=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2018\/07\/yield_spread_ekirimawari_10y_new.png\" alt=\"S&amp;P500\u76ca\u5229\u56de\u308a\u306810\u5e74\u56fd\u50b5\u5229\u56de\u308a\" width=\"762\" height=\"436\" srcset=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2018\/07\/yield_spread_ekirimawari_10y_new.png 762w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2018\/07\/yield_spread_ekirimawari_10y_new-300x172.png 300w\" sizes=\"auto, (max-width: 762px) 100vw, 762px\" \/><\/p>\n<p>\uff12\u3064\u306e\u30c1\u30e3\u30fc\u30c8\u306e\u5dee\u304c\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u3067\u3059\u3002<\/p>\n<p><span class=\"ymarker-s\">\u6b21\u306bS&amp;P500\u6307\u6570\u3068\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u904e\u53bb\u306e\u63a8\u79fb\u3092\u63b2\u8f09\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-23276\" src=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2018\/07\/yield_spread_sp500_yieldspread.png\" alt=\"S&amp;P500\u6307\u6570\u3068\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u6bd4\u8f03\u30c1\u30e3\u30fc\u30c8\" width=\"676\" height=\"466\" srcset=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2018\/07\/yield_spread_sp500_yieldspread.png 676w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2018\/07\/yield_spread_sp500_yieldspread-300x207.png 300w\" sizes=\"auto, (max-width: 676px) 100vw, 676px\" \/><\/p>\n<p><span class=\"ymarker-s\">\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u300c10\u5e74\u56fd\u50b5\u5229\u56de\u308a\u4e00\u682a\u5f0f\u76ca\u5229\u56de\u308a\u300d\u3067\u3059\u306e\u3067\u30de\u30a4\u30ca\u30b9\u304c\u5927\u304d\u304f\u306a\u308b\uff08\u30c1\u30e3\u30fc\u30c8\u306e\u4e0b\u306b\u3044\u304f\uff09\u307b\u3069\u9577\u671f\u91d1\u5229\u5bfe\u6bd4\u3067\u682a\u5f0f\u304c\u5272\u5b89\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span class=\"rmarker-s\">\u4e0a\u8a18\u671f\u9593\u3067\u6700\u3082\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u4f4e\u304b\u3063\u305f\u306e\u306f2011\u5e749\u6708\u3067\u3059\u3002<\/span><\/p>\n<ul>\n<li>10\u5e74\u56fd\u50b5\u5229\u56de\u308a\uff1a1.9%<\/li>\n<li>\u682a\u5f0f\u76ca\u5229\u56de\u308a\uff1a8.8% \uff08\u4e88\u60f3PER11.4\u500d\uff09<\/li>\n<li>\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\uff1a\u22126.8%<\/li>\n<\/ul>\n<p>\u7d50\u679c\u8ad6\u3067\u3059\u304c\u3001\u682a\u5f0f\u306e\u30ea\u30bf\u30fc\u30f3\u304c8.8\uff05\u3001\u50b5\u5238\u306e\u30ea\u30bf\u30fc\u30f3\u304c1.9%\u3067\u3059\u306e\u3067\u3001\u660e\u3089\u304b\u306b\u682a\u5f0f\u306b\u6295\u8cc7\u3059\u3079\u304d\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p><span class=\"rmarker-s\">\u9006\u306b\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u6700\u3082\u9ad8\u3063\u305f\u306e\u306f1999\u5e7412\u6708\u672b\u3067\u3059\u3002<\/span><\/p>\n<ul>\n<li>10\u5e74\u56fd\u50b5\u5229\u56de\u308a\uff1a6.4%<\/li>\n<li>\u682a\u5f0f\u76ca\u5229\u56de\u308a\uff1a3.8% 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href=\"https:\/\/finance-gfp.com\/?p=5406\" target=\"_blank\" rel=\"noopener noreferrer\">\u4e16\u754c\u306e\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d\u3068\u540d\u76eeGDP\u306e\u6bd4\u8f03\u30c1\u30e3\u30fc\u30c8\uff08\u30c7\u30fc\u30bf\u66f4\u65b0\u7528\uff09<\/a><\/li>\n<\/ul>\n<p>\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u3082\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u5f8c\u306b\u9650\u5b9a\u3059\u308b\u3068\u304b\u306a\u308a\u9ad8\u3044\u3068\u3053\u308d\u307e\u3067\u6765\u3066\u3044\u307e\u3059\uff61<\/p>\n<p>\u65e2\u306b10\u5e74\u8fd1\u304f\u4e0a\u6607\u76f8\u5834\u304c\u7d9a\u3044\u3066\u304a\u308a\u3001\u5c11\u3057\u96e3\u3057\u3044\u5c40\u9762\u306b\u306a\u3063\u3066\u3044\u308b\u306e\u306f\u9593\u9055\u3044\u306a\u3044\u3088\u3046\u3067\u3059\u3002<\/p>\n<ul>\n<li>S&amp;P500\u306e\u9577\u671f\u63a8\u79fb\u306b\u3064\u3044\u3066\u306f\u3053\u3061\u3089\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=4859\" target=\"_blank\" rel=\"noopener noreferrer\">\u7c73\u56fd\u682a(S&amp;P500)\u9577\u671f\u63a8\u79fb(\u30c1\u30e3\u30fc\u30c8\u30fb\u5909\u52d5\u8981\u56e0) \/ 30%\u4ee5\u4e0a\u306e\u66b4\u843d\u306f\u904e\u53bb8\u56de<\/a><\/li>\n<\/ul>\n<p>\u3053\u306e\u3088\u3046\u306b\u682a\u5f0f\u306e\u5206\u6790\u306f\u2460\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u3001\u2461\u6642\u4fa1\u7dcf\u984dvs\u540d\u76eeGDP\u3001\u2462\u9577\u671f\u30c1\u30e3\u30fc\u30c8\u306a\u3069\u3092\u7dcf\u5408\u7684\u306b\u5206\u6790\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n<p>\u4e0a\u8a18\u3067\u7d39\u4ecb\u3057\u305f\u30ea\u30f3\u30af\u5148\u3067\u306f\u968f\u6642\u3001\u6700\u65b0\u30c7\u30fc\u30bf\u306b\u66f4\u65b0\u3057\u3066\u304a\u308a\u307e\u3059\u306e\u3067\u3054\u6d3b\u7528\u304f\u3060\u3055\u3044\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u3053\u3061\u3089\u306e\u30da\u30fc\u30b8\u3067\u306f\u300c\u30a4\u30fc\u30eb\u30c9\u30b9\u30d7\u30ec\u30c3\u30c9\u300d\u3092\u6d3b\u7528\u3057\u305f\u682a\u5f0f\u5e02\u5834\u306e\u5206\u6790\u65b9\u6cd5\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002 \u30a4\u30fc\u30eb &#8230; 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