{"id":5804,"date":"2018-07-28T10:47:33","date_gmt":"2018-07-28T01:47:33","guid":{"rendered":"https:\/\/finance-gfp.com\/?p=5804"},"modified":"2025-02-20T06:47:52","modified_gmt":"2025-02-19T21:47:52","slug":"%e7%82%ba%e6%9b%bf%e3%83%98%e3%83%83%e3%82%b8%e3%82%b3%e3%82%b9%e3%83%88%e9%95%b7%e6%9c%9f%e6%8e%a8%e7%a7%bb%ef%bc%88%e5%86%86-%e3%83%89%e3%83%ab%e3%83%bb%e5%86%86-%e3%83%a6%e3%83%bc%e3%83%ad%ef%bc%89","status":"publish","type":"post","link":"https:\/\/finance-gfp.com\/?p=5804","title":{"rendered":"\u70ba\u66ff\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u306e\u9577\u671f\u63a8\u79fb\uff08\u5186\/\u30c9\u30eb\u30fb\u5186\/\u30e6\u30fc\u30ed\uff09"},"content":{"rendered":"<p>\u3053\u3061\u3089\u306e\u30da\u30fc\u30b8\u3067\u306f\u300c\u5186\/\u30c9\u30eb\u300d\u3068\u300c\u5186\/\u30e6\u30fc\u30ed\u300d\u306e\u300c\u70ba\u66ff\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u306e\u9577\u671f\u63a8\u79fb\u300d\u3092\u63b2\u8f09\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p><span 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class=\"ymarker-s\">\u70ba\u66ff\u30d8\u30c3\u30b8\u4ed8\u304d\u306e\u7c73\u30c9\u30eb\u50b5\u304c\u4eba\u6c17\u306b\u306a\u3063\u305f\u306e\u306f2003\u5e74\u524d\u5f8c\u30842009\u5e74\uff5e2013\u5e74\u9803\u3067\u3059\u3002<\/span><\/p>\n<p>\u65e5\u672c\u3068\u540c\u69d8\u306b\u7c73\u56fd\u306e\u77ed\u671f\u91d1\u5229\u3082\u5927\u5e45\u306b\u4f4e\u4e0b\u3057\u305f\u70ba\u3001\u30c9\u30eb\u5186\u306e\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u304c\u307b\u3068\u3093\u3069\u304b\u304b\u3089\u306a\u3044\u74b0\u5883\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n<p>\u7279\u306b2009\u5e74\u301c2013\u5e74\u306f\u30c9\u30eb\u5186\u306e\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u304c\u307b\u307c\u30bc\u30ed\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n<p>2009\u5e74\u301c2013\u5e74\u306f\u3001\u7c73\u56fd\u306e\u77ed\u671f\u91d1\u5229\u304c\u30bc\u30ed\u91d1\u5229\u306b\u306a\u3063\u305f\u306e\u306b\u5bfe\u3057\u3001\u4e2d\u9577\u671f\u306e\u91d1\u5229\u306f\u76f8\u5bfe\u7684\u306b\u9ad8\u3044\u6c34\u6e96\u3092\u7dad\u6301\u3057\u3066\u3044\u307e\u3057\u305f\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u3001\u7c73\u30c9\u30eb\u5efa\u3066\u306e\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u8a3c\u5238\u3084\u30cf\u30a4\u30a4\u30fc\u30eb\u30c9\u50b5\u3092\u5186\u30d8\u30c3\u30b8\u3059\u308b\u6295\u4fe1\u306a\u3069\u304c\u4eba\u6c17\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n<p>\u5f53\u6642\u3001\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u8a3c\u5238\u3084\u30cf\u30a4\u30a4\u30fc\u30eb\u30c9\u50b5\u306f\u7c73\u30c9\u30eb\u30d9\u30fc\u30b9\u30675\uff05\uff5e7\uff05\u306e\u5229\u56de\u308a\u304c\u3042\u308a\u3001\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u304c\u307b\u307c\u30bc\u30ed\u3067\u3059\u306e\u3067\u3001\u70ba\u66ff\u30ea\u30b9\u30af\u3092\u6392\u9664\u3057\u305f\u3046\u3048\u30675\uff05\uff5e7\uff05\u3092\u4eab\u53d7\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3057\u305f\u3002<\/p>\n<ul>\n<li>\u30cf\u30a4\u30a4\u30fc\u30eb\u30c9\u50b5\u7b49\u306e\u5229\u56de\u308a\u63a8\u79fb\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=8549\" target=\"_blank\" rel=\"noopener noreferrer\">\u7c73\u56fd\u30cf\u30a4\u30a4\u30fc\u30eb\u30c9\u50b5\u30fb\u65b0\u8208\u56fd\u56fd\u50b5\u30fb\u6295\u8cc7\u9069\u683c\u793e\u50b5\u306e\u5229\u56de\u308a\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u9577\u671f\u63a8\u79fb<\/a><\/li>\n<\/ul>\n<p>\u5186\u50b5\u306e\u4ee3\u66ff\u3068\u3057\u3066\u5186\u30d8\u30c3\u30b8\u5916\u50b5\u304c\u6700\u3082\u6a5f\u80fd\u3057\u305f\u6642\u671f\u3067\u3057\u305f\u3002<\/p>\n<p><span class=\"ymarker-s\">\u3053\u306e\u3088\u3046\u306b\u5186\u30d8\u30c3\u30b8\u5916\u50b5\u304c\u6700\u3082\u6a5f\u80fd\u3059\u308b\u306e\u306f\u300c\u7c73\u56fd\u306e\u77ed\u671f\u91d1\u5229\u304c\u30bc\u30ed\u91d1\u5229\u3068\u306a\u308a\u3001\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u304c\u304b\u304b\u3089\u306a\u3044\u4e2d\u3067\u3001\u7c73\u56fd\u306e\u4e2d\u9577\u671f\u306e\u91d1\u5229\u304c\u76f8\u5bfe\u7684\u306b\u9ad8\u6c34\u6e96\u306e\u6642\u671f\u300d\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p>\u3053\u306e\u3088\u3046\u306a\u74b0\u5883\u3067\u3042\u308c\u3070\u3001\u7c73\u30c9\u30eb\u5efa\u3066\u50b5\u5238\u306f\u7a2e\u985e\u3082\u8c4a\u5bcc\u3067\u3042\u308b\u305f\u3081\u5186\u30d8\u30c3\u30b8\u4ed8\u304d\u5916\u50b5\u6295\u8cc7\u306f\u9b45\u529b\u7684\u3067\u3059\u3002<\/p>\n<p>\u305f\u3060\u3057\u3001\u7c73\u56fd\u306e\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308b\u3068\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u304c\u4e0a\u6607\u3059\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u6295\u8cc7\u3057\u3066\u3044\u308b\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u8a3c\u5238\u3084\u30cf\u30a4\u30a4\u30fc\u30eb\u30c9\u50b5\u306e\u50b5\u5238\u4fa1\u683c\u304c\u4e0b\u843d\u3057\u3066\u30c0\u30d6\u30eb\u30d1\u30f3\u30c1\u3092\u6d74\u3073\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u306e\u3067\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002\uff08\u3082\u3061\u308d\u3093\u3001\u7de9\u3084\u304b\u306a\u91d1\u5229\u4e0a\u6607\u3067\u3042\u308c\u3070\u554f\u984c\u3042\u308a\u307e\u305b\u3093\u3057\u3001\u901a\u5e38\u306f\u91d1\u5229\u4e0a\u6607\u3068\u540c\u6642\u306b\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u7e2e\u5c0f\u304c\u767a\u751f\u3059\u308b\u306e\u3067\u3001\u305d\u3053\u307e\u3067\u5927\u304d\u306a\u50b5\u5238\u4fa1\u683c\u306e\u4e0b\u843d\u306b\u306f\u306a\u308a\u307e\u305b\u3093\uff09<\/p>\n<p><span class=\"ymarker-s\">\u5186\u30d8\u30c3\u30b8\u5916\u50b5\u306b\u6295\u8cc7\u3057\u3066\u3044\u308b\u5834\u5408\u3001\u7c73\u56fd\u306e\u91d1\u878d\u653f\u7b56\u304c\u5f15\u7de0\u3081\u8def\u7dda\u306b\u30b7\u30d5\u30c8\u3057\u3066\u304d\u305f\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u306f\u4e00\u5ea6\u3001\u58f2\u5374\u3092\u691c\u8a0e\u3057\u3066\u307f\u3066\u3082\u826f\u3044\u3067\u3057\u3087\u3046\u3002<\/span><\/p>\n<p>\u6b21\u306b\u30e6\u30fc\u30ed\u5186\u306e\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u306e\u63a8\u79fb\u3067\u3059\u3002<\/p>\n<h2>\u30e6\u30fc\u30ed\u30fb\u5186\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u306e\u9577\u671f\u63a8\u79fb<\/h2>\n<h3>\u65e5\u6b27\u91d1\u5229\u5dee\u306e\u30c1\u30e3\u30fc\u30c8<\/h3>\n<p>\u300c3\u30f6\u6708\u30e6\u30fc\u30edLIBOR\u300d\u3068\u300c3\u30f6\u6708\u5186TORF\uff082022\u5e74\u307e\u3067\u306f3\u30f6\u6708\u5186LIBOR\uff09\u300d\u304b\u3089\u65e5\u6b27\u91d1\u5229\u5dee\u306e\u63a8\u79fb\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n<p>\u8336\u8272\u3044\u90e8\u5206\u304c\u65e5\u6b27\u91d1\u5229\u5dee\u3067\u3059\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-23758\" src=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2018\/07\/kinrisa_euro_jpy202501.png\" alt=\"\u65e5\u6b27\u77ed\u671f\u91d1\u5229\u3068\u65e5\u6b27\u77ed\u671f\u91d1\u5229\u5dee\u306e\u63a8\u79fb\" width=\"619\" height=\"391\" srcset=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2018\/07\/kinrisa_euro_jpy202501.png 619w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2018\/07\/kinrisa_euro_jpy202501-300x189.png 300w\" sizes=\"auto, (max-width: 619px) 100vw, 619px\" \/><\/p>\n<h3>\u30e6\u30fc\u30ed\u30fb\u5186\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u306e\u30c1\u30e3\u30fc\u30c8<\/h3>\n<p>\u6b21\u306b\u3001bloomberg\u304c\u7b97\u51fa\u3057\u3066\u3044\u308b\u5186\/\u30e6\u30fc\u30ed\u306e\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u3068\u91d1\u5229\u5dee\u306e\u30c1\u30e3\u30fc\u30c8\u3067\u3059\u3002<\/p>\n<p><span class=\"rmarker-s\">\u8d64\u3044\u30c1\u30e3\u30fc\u30c8\u304c\u30e6\u30fc\u30ed\u30fb\u5186\u306e\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u3067\u3059\u3002<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-23759\" src=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2018\/07\/hedgecost_euro_jpy202501.png\" alt=\"\u65e5\u6b27\u91d1\u5229\u5dee\u3068\u5186\u30fb\u30e6\u30fc\u30ed\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u306e\u63a8\u79fb\" width=\"616\" height=\"390\" srcset=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2018\/07\/hedgecost_euro_jpy202501.png 616w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2018\/07\/hedgecost_euro_jpy202501-300x190.png 300w\" sizes=\"auto, (max-width: 616px) 100vw, 616px\" \/><\/p>\n<p>\u4e0a\u8a18\u306e\u7c73\u30c9\u30eb\u3068\u540c\u69d8\u306b\u300c\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u300d\u3068\u300c\u91d1\u5229\u5dee\u300d\u306e\u4e56\u96e2\u5e45\u304c\u300c\u30d9\u30fc\u30b7\u30b9\u300d\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p><span class=\"ymarker-s\">\u5186\/\u30e6\u30fc\u30ed\u306e\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u306f2015\u5e74\uff5e2021\u5e74\u306f\u30de\u30a4\u30ca\u30b9\uff08\u30d8\u30c3\u30b8\u30d7\u30ec\u30df\u30a2\u30e0\uff09\u3068\u306a\u3063\u3066\u3044\u307e\u3057\u305f\u3002<\/span><\/p>\n<p>\u3053\u308c\u306fECB\u304c\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u3092\u5c0e\u5165\u3057\u305f\u3053\u3068\u306b\u3088\u308a\u3001\u30e6\u30fc\u30ed\u570f\u306e\u77ed\u671f\u91d1\u5229\u304c\u65e5\u672c\u3088\u308a\u91d1\u5229\u304c\u4f4e\u304f\u306a\u3063\u305f\u305f\u3081\u3067\u3059\u3002\uff08\u65e5\u672c\u3082\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u3092\u5c0e\u5165\u3057\u307e\u3057\u305f\u304c\u6b27\u5dde\u306e\u65b9\u304c\u66f4\u306b\u4f4e\u3044\u91d1\u5229\u3068\u306a\u3063\u3066\u3044\u307e\u3059\uff09<\/p>\n<p>\u3088\u3063\u3066\u3001\u30e6\u30fc\u30ed\u5efa\u3066\u306e\u50b5\u5238\uff08\u56fd\u50b5\u30fb\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u50b5\u5238\u30fb\u30cf\u30a4\u30a4\u30fc\u30eb\u30c9\u50b5\u5238\u306a\u3069\uff09\u3092\u8cfc\u5165\u3057\u3066\u5186\u30d8\u30c3\u30b8\u3059\u308b\u3068\u30d7\u30ec\u30df\u30a2\u30e0\u5206\u3060\u3051\u5229\u56de\u308a\u304c\u4e0a\u4e57\u305b\u3055\u308c\u308b\u74b0\u5883\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n<p><span class=\"ymarker-s\">\u3057\u304b\u3057\u30012015\u5e74\uff5e2021\u5e74\u306e\u30e6\u30fc\u30ed\u570f\u306e\u91d1\u5229\u306f\u77ed\u671f\u91d1\u5229\u3060\u3051\u3067\u306a\u304f\u3001\u4e2d\u9577\u671f\u3082\u8d85\u4f4e\u91d1\u5229\u3068\u306a\u3063\u3066\u3044\u307e\u3057\u305f\u3002<\/span><\/p>\n<p><span class=\"ymarker-s\">\u3053\u306e\u3088\u3046\u306a\u74b0\u5883\u306e\u5834\u5408\u3001\u91d1\u5229\u4e0a\u6607\u30ea\u30b9\u30af\u306b\u306f\u6ce8\u610f\u304c\u5fc5\u8981\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p>\u901a\u5e38\u3001\u5186\u30d8\u30c3\u30b8\u4ed8\u304d\u5916\u50b5\u306f\u6b8b\u5b58\u671f\u9593\u304c3\u5e74\u30fb5\u5e74\u306a\u3069\u9577\u3081\u306e\u50b5\u5238\u3092\u8cfc\u5165\u3057\u3001\u5186\u30d8\u30c3\u30b8\u306f3\u30f6\u6708\u6bce\u306a\u3069\u77ed\u671f\u3067\u30ed\u30fc\u30eb\u3057\u307e\u3059\u3002<\/p>\n<p><span class=\"rmarker-s\">2015\u5e74\uff5e2021\u5e74\u306e\u3088\u3046\u306a\u74b0\u5883\u3067\u30e6\u30fc\u30ed\u5efa\u3066\u306e\u50b5\u5238\u3092\u8cfc\u5165\u3057\u3066\u5186\u30d8\u30c3\u30b8\u3057\u305f\u5f8c\u3001\u6b27\u5dde\u306e\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308b\u3068\u3001\u8cfc\u5165\u3057\u305f\u50b5\u5238\u306e\u4fa1\u683c\u4e0b\u843d\u3068\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u306e\u4e0a\u6607\u304c\u540c\u6642\u306b\u767a\u751f\u3059\u308b\u306e\u3067\u5927\u304d\u306a\u640d\u5931\u3092\u88ab\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p>\u6700\u5f8c\u306b\u5186\/\u30c9\u30eb\u3068\u5186\/\u30e6\u30fc\u30ed\u306e\u9577\u671f\u30c1\u30e3\u30fc\u30c8\u306f\u4e0b\u8a18\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/finance-gfp.com\/?p=3008\" target=\"_blank\" rel=\"noopener noreferrer\">\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u9577\u671f\u63a8\u79fb1971\uff5e\uff08\u30c1\u30e3\u30fc\u30c8\u30fb\u5909\u52d5\u8981\u56e0\uff09<\/a><\/li>\n<li><a href=\"https:\/\/finance-gfp.com\/?p=3027\" target=\"_blank\" rel=\"noopener noreferrer\">\u30e6\u30fc\u30ed\u70ba\u66ff\u30ec\u30fc\u30c8(\u5186\/\u30e6\u30fc\u30ed,\u30c9\u30eb\/\u30e6\u30fc\u30ed)\u9577\u671f\u63a8\u79fb(\u30c1\u30e3\u30fc\u30c8\uff64\u5909\u52d5\u8981\u56e0)<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u3053\u3061\u3089\u306e\u30da\u30fc\u30b8\u3067\u306f\u300c\u5186\/\u30c9\u30eb\u300d\u3068\u300c\u5186\/\u30e6\u30fc\u30ed\u300d\u306e\u300c\u70ba\u66ff\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u306e\u9577\u671f\u63a8\u79fb\u300d\u3092\u63b2\u8f09\u3057\u3066\u3044\u307e\u3059\u3002 \u300c &#8230; 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