{"id":373952,"date":"2026-03-31T07:35:37","date_gmt":"2026-03-31T07:35:37","guid":{"rendered":"https:\/\/www.wacoca.com\/life\/373952\/"},"modified":"2026-03-31T07:35:37","modified_gmt":"2026-03-31T07:35:37","slug":"%e3%82%b3%e3%83%a9%e3%83%a0%ef%bc%9a%e3%82%aa%e3%83%bc%e3%83%97%e3%83%b3%ef%bd%81%ef%bd%89%e6%8a%95%e8%b3%87%e3%81%a7%e8%86%a8%e3%82%89%e3%82%80%e3%82%bd%e3%83%95%e3%83%88%e3%83%90%e3%83%b3%e3%82%af","status":"publish","type":"post","link":"https:\/\/www.wacoca.com\/life\/373952\/","title":{"rendered":"\u30b3\u30e9\u30e0\uff1a\u30aa\u30fc\u30d7\u30f3\uff21\uff29\u6295\u8cc7\u3067\u81a8\u3089\u3080\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u306e\u8ca1\u52d9\u30ea\u30b9\u30af | \u30ed\u30a4\u30bf\u30fc"},"content":{"rendered":"
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\"コラム：オープンＡＩ投資で膨らむソフトバンクの財務リスク\"\/<\/div>\n<\/div>\n

\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u306e\u30ed\u30b4\u30022025\u5e741\u6708\u3001\u90fd\u5185\u3067\u64ae\u5f71\u3002 REUTERS\/Issei Kato<\/p>\n<\/div>\n

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[\u30ed\u30f3\u30c9\u30f3 \uff13\uff10\u65e5 \u30ed\u30a4\u30bf\u30fc BREAKINGVIEWS] – \u5bfe\u8a71\u578b\u4eba\u5de5\u77e5\u80fd\uff08\uff21\uff29\uff09\u300c\u30c1\u30e3\u30c3\u30c8\uff27\uff30\uff34\u300d\u3092\u624b\u304c\u3051\u308b\u7c73\u30aa\u30fc\u30d7\u30f3\uff21\uff29\u306e\u30b5\u30e0\u30fb\u30a2\u30eb\u30c8\u30de\u30f3\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08\uff23\uff25\uff2f\uff09\u3068\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7(9984.T), opens new tab<\/a>\u306e\u5b6b\u6b63\u7fa9\u4f1a\u9577\u517c\u793e\u9577\u306f\u30bf\u30c3\u30b0\u3092\u7d44\u3080\u3088\u3046\u306b\u306a\u3063\u3066\u304d\u3066\u3044\u308b\u3002\u30a2\u30eb\u30c8\u30de\u30f3\u6c0f\u306f\u4eba\u5de5\u77e5\u80fd\uff08\uff21\uff29\uff09\u30d6\u30fc\u30e0\u306e\u9854\u3068\u3057\u3066\u516c\u306e\u5834\u306b\u7acb\u3064\u4e00\u65b9\u3001\u5b6b\u6c0f\u306f\u8cc7\u91d1\u9762\u3067\u306e\u5f8c\u62bc\u3057\u5f79\u3068\u3057\u3066\u306e\u7acb\u5834\u3092\u5f37\u3081\u3066\u3044\u308b\u3002\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u306f\u4eca\u5e74\u672b\u307e\u3067\u306b\uff16\uff15\uff10\u5104\u30c9\u30eb\u3092\u51fa\u8cc7\u3057\u3001\u7c73\u30de\u30a4\u30af\u30ed\u30bd\u30d5\u30c8(MSFT.O), opens new tab<\/a>\u3084\u30a2\u30de\u30be\u30f3\u30fb\u30c9\u30c3\u30c8\u30fb\u30b3\u30e0(AMZN.O), opens new tab<\/a>\u3001\u30a8\u30cc\u30d3\u30c7\u30a3\u30a2(NVDA.O), opens new tab<\/a>\u3068\u3044\u3063\u305f\u4ed6\u306e\u4e3b\u8981\u4f01\u696d\u200b\u306e\u51fa\u8cc7\u984d\u3092\u306f\u308b\u304b\u306b\u4e0a\u56de\u308b\u898f\u6a21\u3068\u306a\u308b\u3002<\/div>\n

\u3057\u304b\u3057\u3001\u6642\u4fa1\u7dcf\u984d\u304c\uff11\uff14\uff10\uff10\u5104\u30c9\u30eb\u898f\u6a21\u306e\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u306e\u8ca0\u50b5\u306f\u5897\u52a0\u3057\u3066\u304a\u308a\u3001\u3055\u3089\u306a\u308b\u8cc7\u91d1\u3092\u637b\u51fa\u3059\u308b\u305f\u3081\u306e\u9078\u629e\u80a2\u306f\u3044\u305a\u308c\u3082\u30c7\u30e1\u30ea\u30c3\u30c8\u3092\u4f34\u3046\u3002\u30aa\u30fc\u200c\u30d7\u30f3\uff21\uff29\u3084\uff21\uff29\u696d\u754c\u306f\u3001\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u304b\u3089\u306e\u8cc7\u91d1\u63d0\u4f9b\u304c\u306a\u304f\u306a\u3063\u305f\u5834\u5408\u3092\u60f3\u5b9a\u3059\u3079\u304d\u6642\u304c\u6765\u3066\u3044\u308b\u3002<\/p>\n

\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u306f\uff12\uff10\uff12\uff14\u5e74\uff19\u6708\u306b\u30aa\u30fc\u30d7\u30f3\uff21\uff29\u3078\u521d\u3081\u3066\u51fa\u8cc7\u3057\u3001\u73fe\u5728\u306f\u6700\u5927\u306e\u51fa\u8cc7\u8005\u3068\u306a\u3063\u3066\u3044\u308b\u3002\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u306f\u3001\u30aa\u30fc\u30d7\u30f3\uff21\uff29\u3092\u9867\u5ba2\u3068\u3057\u3066\u983c\u3063\u3066\u3044\u306a\u3044\u6570\u5c11\u306a\u3044\u652f\u63f4\u4f01\u696d\u306e\u4e00\u3064\u3060\u3002\u652f\u63f4\u4f01\u696d\u306e\u591a\u304f\u306f\u9867\u5ba2\u3067\u3042\u308b\u30aa\u30fc\u30d7\u30f3\uff21\uff29\u3078\u306e\u8cc7\u91d1\u63d0\u4f9b\u306b\u3088\u3063\u3066\u8ffd\u52a0\u53ce\u76ca\u3092\u5f97\u3089\u308c\u308b\u7acb\u5834\u306b\u3042\u308b\u305f\u3081\u3001\u6295\u8cc7\u984d\u306b\u5bfe\u3059\u308b\u611f\u5ea6\u304c\u6bd4\u8f03\u7684\u4f4e\u3044\u3068\u8a00\u3048\u308b\u3002<\/p>\n

\u7d50\u679c\u3068\u3057\u3066\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u306f\u3001\u73fe\u5728\u306e\u8a55\u4fa1\u984d\u304c\uff18\uff14\uff10\uff10\u5104\u30c9\u30eb\u3068\u306a\u3063\u3066\u3044\u308b\u30aa\u30fc\u30d7\u30f3\uff21\uff29\u306e\u4f01\u696d\u4fa1\u5024\u3092\u6c7a\u5b9a\u3065\u3051\u308b\u4e2d\u5fc3\u7684\u306a\u5b58\u5728\u3068\u306a\u3063\u305f\u3002\u200b\u3055\u3089\u306b\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u306f\u30a2\u30eb\u30c8\u30de\u30f3\u6c0f\u304c\u63a8\u9032\u3057\u3001\u7c73\u56fd\u306e\uff21\uff29\u30a4\u30f3\u30d5\u30e9\u306b\u6700\u5927\uff15\uff10\uff10\uff10\u5104\u30c9\u30eb\u3092\u6295\u3058\u308b\u300c\u30b9\u30bf\u30fc\u30b2\u30fc\u30c8\u300d\u8a08\u753b\u3068\u3082\u6df1\u304f\u7d50\u3073\u3064\u3044\u3066\u3044\u308b\u3002<\/p>\n

\u3053\u306e\u5bc6\u63a5\u306a\u95a2\u4fc2\u306f\u3001\u5b6b\u6c0f\u304c\u4e2d\u56fd\u306e\u96fb\u5b50\u5546\u53d6\u5f15\uff08\uff25\uff23\uff09\u5927\u624b\u30a2\u30ea\u30d0\u30d0\u30b0\u30eb\u30fc\u200b\u30d7\u3084\u3001\u7c73\u5171\u7528\u30aa\u30d5\u30a3\u30b9\u5927\u624b\u30a6\u30a3\u30fc\u30ef\u30fc\u30af\u3092\u652f\u63f4\u3057\u305f\u4e8b\u4f8b\u3092\u307b\u3046\u3075\u3064\u3068\u3055\u305b\u308b\u3002\u305f\u3060\u3057\u3001\u3064\u306a\u304c\u308a\u306e\u5ea6\u5408\u3044\u306f\u3055\u3089\u306b\u969b\u7acb\u3063\u3066\u3044\u308b\u3002<\/p>\n

\u4e00\u3064\u306e\u554f\u984c\u306f\u3001\u6295\u8cc7\u304c\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u2060\u30d7\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3092\u5727\u8feb\u3057\u3066\u3044\u308b\u3053\u3068\u3060\u3002\u5b6b\u6c0f\u306b\u3068\u3063\u3066\u3082\u3001\u4fe1\u7528\u683c\u4ed8\u3051\u4f1a\u793e\u306b\u3068\u3063\u3066\u3082\u91cd\u8981\u306b\u306a\u308b\u8ca1\u52d9\u5065\u5168\u6027\u306e\u6307\u6a19\u304c\u8ca0\u50b5\u30ab\u30d0\u30fc\u7387\uff08\uff2c\uff34\uff36\uff09\u3060\u3002\u540c\u793e\u306e\u7d14\u8ca0\u50b5\u984d\u306f\uff15\uff10\uff10\u5104\u30c9\u30eb\u7a0b\u5ea6\u3067\u3001\u8cc7\u7523\u306b\u306f\u82f1\u534a\u5c0e\u4f53\u8a2d\u8a08\u5927\u624b\u30a2\u30fc\u30e0\u3001\u300c\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30fb\u30d3\u30b8\u30e7\u200b\u30f3\u30fb\u30d5\u30a1\u30f3\u30c9\uff08\uff33\uff36\uff26\uff09\u300d\u304c\u652f\u63f4\u3059\u308b\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u4f01\u696d\u3001\u643a\u5e2f\u96fb\u8a71\u4f1a\u793e\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u306a\u3069\u304c\u542b\u307e\u308c\u308b\u3002\u4e0a\u5834\u3057\u3066\u3044\u308b\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u306e\uff12\uff17\u65e5\u306e\u682a\u4fa1\u306b\u57fa\u3065\u304f\u3068\u3001\u3053\u308c\u3089\u3092\u5408\u308f\u305b\u305f\u5e33\u7c3f\u4e0a\u306e\u4fa1\u5024\u306f\uff12\uff18\uff10\uff10\u5104\u30c9\u30eb\u7a0b\u5ea6\u3068\u306a\u308b\u3002\uff2c\uff34\uff36\u306f\uff11\uff18\uff05\u3068\u3001\u4e00\u898b\u3059\u308b\u3068\u4f59\u88d5\u306e\u3042\u308b\u6c34\u6e96\u3092\u793a\u3057\u200b\u3066\u3044\u308b\u3002<\/p>\n

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\"A<\/div>\n<\/div>\n

A line chart showing SoftBank’s loan to value ratio over time, which has recently crept up towards its 25% limit in normal times<\/p>\n

\u300c\u5e73\u5e38\u6642\u300d\u306b\u5b6b\u6c0f\u304c\u8a2d\u5b9a\u3057\u305f\uff12\uff15\uff05\u306e\uff2c\uff34\uff36\u5236\u9650\u67a0\u3068\u306e\u5dee\u984d\u306b\u57fa\u3065\u304f\u3068\u3001\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u306b\u306f\uff12\uff10\uff10\u5104\u30c9\u30eb\u306e\u8ffd\u52a0\u501f\u308a\u5165\u308c\u4f59\u5730\u304c\u3042\u308b\u3002\u3057\u304b\u3057\u3001\u3053\u308c\u306f\u30aa\u30fc\u30d7\u30f3\uff21\uff29\u306b\u6570\u30ab\u6708\u306e\u3046\u3061\u306b\u8ffd\u52a0\u51fa\u8cc7\u3059\u308b\u3068\u7d04\u675f\u3057\u3066\u3044\u308b\uff13\uff10\uff10\u5104\u30c9\u30eb\u306e\u8cc7\u91d1\u8abf\u9054\u306b\u306f\u4e0d\u5341\u5206\u3067\u3042\u308a\u3001\u30b9\u30a4\u30b9\u306e\uff21\uff22\uff22\u306e\u30ed\u30dc\u30c6\u30a3\u30af\u30b9\u4e8b\u696d\u8cb7\u53ce\u306a\u3069\u306b\u5145\u3066\u308b\uff18\uff15\u5104\u30c9\u30eb\u306b\u3082\u8db3\u308a\u306a\u3044\u3053\u3068\u306f\u8a00\u3046\u307e\u3067\u3082\u306a\u3044\u3002<\/p>\n

\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u306f\uff12\uff17\u65e5\u3001\u8cc7\u91d1\u4e0d\u8db3\u3092\u57cb\u3081\u308b\u305f\u3081\u306b\u6700\u5927\uff14\uff10\uff10\u5104\u30c9\u30eb\u306e\u3064\u306a\u304e\u878d\u8cc7\u3092\u307f\u305a\u307b\u9280\u884c\u3084\u4e09\u4e95\u4f4f\u53cb\u9280\u884c\u306a\u3069\u3068\u5951\u7d04\u3057\u305f\u3068\u767a\u8868\u3057\u305f\u3002\u3060\u304c\u3001\u3053\u308c\u306f\u3042\u304f\u307e\u3067\u4e00\u6642\u7684\u306a\u63aa\u7f6e\u306b\u904e\u304e\u306a\u3044\u3002\u50b5\u52d9\u3092\u8fd4\u6e08\u3057\u3001\uff2c\uff34\uff36\u3092\u5236\u9650\u67a0\u5185\u306b\u623b\u3059\u305f\u3081\u306b\u200b\u306f\u4ed6\u306e\u65b9\u6cd5\u3067\u8cc7\u91d1\u3092\u8abf\u9054\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002<\/p>\n

\u6d3b\u7528\u3067\u304d\u308b\u624b\u6bb5\u306f\u3044\u304f\u3064\u304b\u3042\u308b\u3002\u305d\u306e\u4e00\u3064\u306f\u7c73\u643a\u5e2f\u96fb\u8a71\u4f1a\u793e\uff34\u30e2\u30d0\u30a4\u30eb\uff35\uff33\u306e\uff16\uff10\u5104\u30c9\u30eb\u76f8\u5f53\u306e\u682a\u5f0f\u3092\u58f2\u5374\u3059\u308b\u3053\u3068\u3060\u3002\uff33\uff36\uff26\u3082\uff12\uff10\uff12\uff15\u5e74\u672b\u306e\u682a\u4fa1\u30d9\u30fc\u30b9\u3067\uff12\uff15\uff10\u5104\u30c9\u30eb\u76f8\u5f53\u306e\u4e0a\u5834\u682a\u5f0f\u3092\u4fdd\u6709\u3057\u3066\u3044\u308b\u3002<\/p>\n

\u3060\u304c\u3001\u3053\u3046\u3057\u305f\u682a\u5f0f\u3092\u58f2\u5374\u3057\u3066\u3082\u3001\u200b\u50b5\u52d9\u554f\u984c\u3092\u5225\u306e\u554f\u984c\u3068\u53d6\u308a\u66ff\u3048\u308b\u306b\u904e\u304e\u306a\u3044\u3002\u3053\u306e\u3088\u3046\u306a\u65b9\u6cd5\u3067\u8cc7\u91d1\u3092\u8abf\u9054\u3057\u3001\u30aa\u30fc\u30d7\u30f3\uff21\uff29\u3078\u306e\u6295\u8cc7\u304c\u5897\u52a0\u3059\u308b\u306e\u306b\u4f34\u3044\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3067\u306e\u6d41\u52d5\u8cc7\u7523\u306e\u5272\u5408\u306f\uff12\uff15\u5e74\uff13\u6708\u306b\uff17\uff15\uff05\u3060\u3063\u305f\u306e\u304c\uff12\uff15\u5e74\uff11\uff12\u6708\u306b\u306f\uff15\uff11\uff05\u3078\u4f4e\u4e0b\u3057\u3066\u3044\u308b\u3002<\/p>\n

\uff33\uff06\uff30\u30b0\u30ed\u30fc\u30d0\u30eb\u30fb\u30ec\u30fc\u30c6\u30a3\u30f3\u30b0\u306f\u4eca\u6708\uff13\u65e5\u3001\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u306e\u683c\u4ed8\u200c\u3051\u898b\u901a\u3057\u3092\u300c\u5b89\u5b9a\u2060\u7684\u300d\u304b\u3089\u300c\u30cd\u30ac\u30c6\u30a3\u30d6\u300d\u306b\u5f15\u304d\u4e0b\u3052\u305f\u3068\u767a\u8868\u3002\u30aa\u30fc\u30d7\u30f3\uff21\uff29\u306b\u5bfe\u3059\u308b\u5de8\u984d\u51fa\u8cc7\u306b\u3088\u308a\u3001\u6295\u8cc7\u8cc7\u7523\u306e\u6d41\u52d5\u6027\u3084\u8cea\u3001\u8ca1\u52d9\u4f59\u529b\u304c\u5927\u304d\u304f\u60aa\u5316\u3057\u305f\u72b6\u614b\u304c\u7d9a\u304f\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3053\u3068\u3092\u61f8\u5ff5\u6750\u6599\u3068\u3057\u3066\u6319\u3052\u305f\u3002<\/p>\n

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\"A<\/div>\n<\/div>\n

A pie chart showing the composition of SoftBank’s holdings<\/p>\n

\uff22\uff52\uff45\uff41\uff4b\uff49\uff4e\uff47\uff56\uff49\uff45\uff57\uff53\u306e\u63a8\u8a08\u306b\u3088\u308b\u3068\u3001\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u304c\u30a2\u30fc\u30e0\u682a\u3092\u62c5\u4fdd\u306b\u5165\u308c\u3066\u501f\u308a\u3066\u3044\u308b\u984d\u306f\u3001\u73fe\u5728\u306e\u6642\u4fa1\u7dcf\u984d\u306e\uff11\uff15\uff05\u306b\u3068\u3069\u307e\u308a\u3001\u76f8\u5bfe\u7684\u306b\u306f\u4f4e\u3044\u6c34\u6e96\u306b\u3042\u308b\u3088\u3046\u306b\u898b\u3048\u308b\u3002\u3057\u304b\u3057\u3001\u6d6e\u52d5\u682a\u6bd4\u7387\u304c\uff11\uff13\uff05\u306b\u3068\u3069\u307e\u308b\u30a2\u30fc\u30e0\u306e\u682a\u4fa1\u306f\u5909\u52d5\u304c\u6fc0\u3057\u304f\u3001\u4eca\u5f8c\u306e\u501f\u308a\u5165\u308c\u3092\u5236\u9650\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002\u3082\u3046\u4e00\u3064\u306e\u9078\u629e\u80a2\u306f\u3001\uff33\uff36\uff26\u3092\u62c5\u4fdd\u306b\u3057\u3066\u501f\u308a\u5165\u308c\u3092\u9032\u3081\u308b\u3053\u3068\u3060\u3002<\/p>\n

\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u306e\u5f8c\u85e4\u82b3\u5149\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005\uff08\uff23\uff26\uff2f\uff09\u306f\uff12\u6708\u3001\u540c\u793e\u304c\u30aa\u30fc\u30d7\u30f3\uff21\uff29\u682a\u3092\u62c5\u4fdd\u3068\u3057\u305f\u8cc7\u7523\u62c5\u4fdd\u578b\u30de\u30fc\u30b8\u30f3\u30ed\u30fc\u30f3\u306e\u5c0e\u5165\u3092\u691c\u8a0e\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u660e\u3089\u304b\u306b\u3057\u305f\u3002\u3068\u306f\u3044\u3048\u3001\u30aa\u30fc\u30d7\u30f3\uff21\uff29\u682a\u3092\u62c5\u4fdd\u306b\u3057\u3066\u501f\u308a\u5165\u308c\u3001\u305d\u306e\u8cc7\u91d1\u3067\u3055\u3089\u306b\u30aa\u30fc\u200b\u30d7\u30f3\uff21\uff29\u682a\u3092\u8cfc\u5165\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u5947\u5999\u304b\u3064\u5371\u967a\u306a\u60aa\u5faa\u74b0\u306e\u3088\u200b\u3046\u306b\u601d\u3048\u308b\u3002<\/p>\n

\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u306f\u3053\u3046\u3057\u305f\u624b\u6bb5\u2060\u3092\u7d44\u307f\u5408\u308f\u305b\u3001\u6700\u5927\uff14\uff10\uff10\u5104\u30c9\u30eb\u306e\u3064\u306a\u304e\u878d\u8cc7\u3092\u8fd4\u6e08\u3067\u304d\u308b\u53ef\u80fd\u6027\u306f\u304b\u308d\u3046\u3058\u3066\u3042\u308b\u3088\u3046\u3060\u3002\u3057\u304b\u3057\u306a\u304c\u3089\u3001\u7d50\u679c\u3068\u3057\u3066\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u306e\u4fe1\u7528\u529b\u306f\u5927\u5e45\u306b\u4f4e\u4e0b\u3057\u3001\uff33\uff06\uff30\u306b\u3088\u308b\u683c\u4ed8\u3051\u304c\u30b8\u30e3\u30f3\u30af\uff08\u6295\u6a5f\u7684\u683c\u4ed8\u3051\uff09\u7d1a\u3078\u3068\u5f15\u304d\u4e0b\u3052\u3089\u308c\u308b\u30ea\u30b9\u30af\u304c\u751f\u3058\u308b\u3002\u3072\u3044\u3066\u306f\u3001\u501f\u308a\u5165\u308c\u30b3\u30b9\u30c8\u306e\u4e0a\u6607\u3092\u62db\u304f\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n

\u305d\u306e\u610f\u5473\u3067\u306f\u3001\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u304c\u6765\u5e74\u3082\u8ffd\u52a0\u8cc7\u91d1\u200b\u3092\u6295\u5165\u3067\u304d\u308b\u3068\u306f\u8003\u3048\u306b\u304f\u3044\u3002\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u306e\u4fe1\u7528\u30ea\u30b9\u30af\u3092\u793a\u3059\u5186\u5efa\u3066\uff15\u5e74\u7269\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30b9\u30ef\u30c3\u30d7\uff08\uff23\uff24\uff33\uff09\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u6628\u5e74\uff11\uff10\u6708\u306e\uff12\uff10\uff10\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\uff08\uff42\uff50\uff09\u304b\u3089\u3001\u200b\u73fe\u5728\u306f\u7d04\uff13\uff17\uff10\uff42\uff50\u307e\u3067\u4e0a\u6607\u3057\u3066\u3044\u308b\u3002<\/p>\n

\n
\"A<\/div>\n<\/div>\n

A line chart showing the recent rise in the cost of protecting against a SoftBank default<\/p>\n

\u5b6b\u6c0f\u306f\u3053\u2060\u308c\u307e\u3067\u3082\u53b3\u3057\u3044\u72b6\u6cc1\u3082\u4e57\u308a\u8d8a\u3048\u3066\u304d\u305f\u3002\uff12\uff10\uff10\uff10\u5e74\uff12\u6708\u304b\u3089\uff18\u6708\u306b\u304b\u3051\u3066\uff29\uff34\u30d0\u30d6\u30eb\u304c\u5d29\u58ca\u3057\u305f\u969b\u3001\u5f53\u6642\u306e\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\uff08\u73fe\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\uff09\u306e\u6642\u4fa1\u7dcf\u984d\u306e\u3046\u3061\u7d04\uff11\uff16\uff10\uff10\u5104\u30c9\u30eb\u304c\u6d88\u5931\u3057\u305f\u3002\u540c\u793e\u306f\u751f\u304d\u6b8b\u308a\u3001\u30a2\u30fc\u30e0\u3084\u7c73\u30a6\u30fc\u30d0\u30fc\u30fb\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u30ba(UBER.N), opens new tab<\/a>\u306a\u3069\u3078\u306e\u6295\u8cc7\u3067\u5229\u76ca\u3092\u4e0a\u3052\u7d9a\u3051\u3066\u304d\u305f\u3002<\/div>\n

\u4eca\u56de\u3082\uff33\uff36\uff26\u304c\u51fa\u8cc7\u3059\u308b\u4f01\u696d\u3001\u3068\u308a\u308f\u3051\u30aa\u30fc\u30d7\u30f3\uff21\uff29\u306a\u3069\u304c\u76f8\u6b21\u3044\u3067\u65b0\u898f\u682a\u5f0f\u516c\u958b\uff08\uff29\uff30\uff2f\uff09\u306b\u8e0f\u307f\u5207\u308c\u3070\u3001\u5927\u304d\u306a\u52a9\u3051\u3068\u306a\u308b\u3060\u308d\u3046\u3002\u307e\u305f\u3001\u3082\u3057\u3082\u65b0\u898f\u306e\u6295\u8cc7\u5bb6\u304c\u975e\u4e0a\u5834\u4f01\u696d\u306e\u8a55\u4fa1\u984d\u3092\u6b63\u5f53\u5316\u3059\u308c\u3070\u3001\u3053\u308c\u306f\u6975\u3081\u3066\u5927\u304d\u306a\u300c\u3082\u3057\u3082\u300d\u3067\u3042\u308b\u304c\u3001\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u306e\u2060\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u200b\u5373\u5ea7\u306b\u4fe1\u7528\u529b\u304c\u9ad8\u307e\u308a\u3001\u65b0\u898f\u4e0a\u5834\u682a\u3092\u62c5\u4fdd\u306b\u5165\u308c\u3066\u501f\u5165\u91d1\u3092\u4e0a\u7a4d\u307f\u3067\u304d\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002<\/p>\n

\u3068\u306f\u3044\u3048\u3001\u30aa\u30fc\u30d7\u30f3\uff21\uff29\u306e\uff29\uff30\uff2f\u306b\u4f9d\u5b58\u3059\u308b\u3053\u3068\u81ea\u4f53\u304c\u3001\u5927\u304d\u306a\u8ee2\u63db\u200b\u70b9\u3092\u8fce\u3048\u3066\u3044\u308b\u3053\u3068\u3092\u610f\u5473\u3059\u308b\u3002\u305d\u308c\u306f\u8a55\u4fa1\u984d\u3092\u539f\u52d5\u529b\u3068\u3057\u3066\u304d\u305f\u5b6b\u6c0f\u306e\u5f79\u5272\u304c\u5f31\u307e\u308a\u3064\u3064\u3042\u308b\u3053\u3068\u3092\u793a\u5506\u3057\u3066\u3044\u308b\u3002<\/p>\n

\u30ea\u30b9\u30af\u3068\u3057\u3066\u7acb\u3061\u306f\u3060\u304b\u308b\u306e\u306f\u3001\u3088\u308a\u51b7\u9759\u306a\u4e0a\u5834\u4f01\u696d\u3078\u306e\u6295\u8cc7\u5bb6\u304c\u30aa\u30fc\u30d7\u30f3\uff21\uff29\u306e\u6280\u8853\u306e\u4fa1\u5024\u3092\u4f4e\u304f\u8a55\u4fa1\u3057\u3001\u8cc7\u91d1\u8abf\u9054\u6d3b\u52d5\u304c\u920d\u5316\u3057\u3001\u3072\u3044\u3066\u306f\u30aa\u30fc\u30d7\u30f3\uff21\uff29\u306e\u6210\u9577\u304c\u963b\u5bb3\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u200b\u308b\u3068\u3044\u3046\u70b9\u3060\u3002\u305d\u306e\u3088\u3046\u306a\u30b7\u30ca\u30ea\u30aa\u306b\u306a\u3063\u305f\u5834\u5408\u3001\u5f71\u97ff\u306f\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u3068\u30aa\u30fc\u30d7\u30f3\uff21\uff29\u306b\u3068\u3069\u307e\u3089\u305a\u3001\u306f\u308b\u304b\u306b\u5e83\u7bc4\u56f2\u3078\u53ca\u3076\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002<\/p>\n

\uff08\u7b46\u8005\u306f\u300cReuters Breakingviews\u300d\u306e\u30b3\u30e9\u30e0\u30cb\u30b9\u30c8\u3067\u3059\u3002\u672c\u30b3\u30e9\u30e0\u306f\u7b46\u8005\u306e\u500b\u4eba\u7684\u898b\u89e3\u306b\u57fa\u3065\u3044\u3066\u66f8\u304b\u308c\u3066\u3044\u307e\u3059\uff09<\/p>\n

\u30ed\u30a4\u30bf\u30fcBreakingviews\u306f\u3001\u91cd\u8981\u306a\u4e89\u70b9\u3068\u306a\u308b\u3079\u304d\u91d1\u878d\u306b\u95a2\u3059\u308b\u77e5\u898b\u3092\u63d0\u4f9b\u3059\u308b\u4e16\u754c\u6709\u6570\u306e\u60c5\u5831\u6e90\u3067\u3059\u3002\uff11\uff19\uff19\uff19\u5e74\u306bBreakingviews.com\u3068\u3057\u3066\u8a2d\u7acb\u3002\uff12\uff10\uff10\uff19\u5e74\u306b\u30c8\u30e0\u30bd\u30f3\u30fb\u30ed\u30a4\u30bf\u30fc\u304c\u8cb7\u53ce\u3001\u91d1\u878d\u30b3\u30e1\u30f3\u30bf\u30ea\u2015\u90e8\u9580\u3068\u3057\u3066\u30ed\u30a4\u30bf\u30fc\u30d6\u30e9\u30f3\u30c9\u306e\u4e00\u54e1\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u65e5\u3005\u306e\u4e3b\u8981\u91d1\u878d\u30cb\u30e5\u30fc\u30b9\u306b\u3064\u3044\u3066\u3001\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u3001\u30ef\u30b7\u30f3\u30c8\u30f3\u3001\u30b7\u30ab\u30b4\u3001\u30ed\u30f3\u30c9\u30f3\u3001\u30d1\u30ea\u3001\u30de\u30c9\u30ea\u30fc\u30c9\u3001\u9999\u6e2f\u3001\u5317\u4eac\u3001\u30b7\u30f3\u30ac\u30dd\u30fc\u30eb\u306b\u99d0\u5728\u3059\u308b\u30b3\u30e9\u30e0\u30cb\u30b9\u30c8\u304c\u3001\u5c02\u9580\u7684\u306a\u5206\u6790\u3092\u63d0\u4f9b\u3057\u307e\u3059\u3002\u82f1\u6587\u3067\u306e\u6700\u65b0\u30b3\u30e9\u30e0\u3092\u63b2\u8f09\u3057\u305f\u96fb\u5b50\u30e1\u30fc\u30eb\u306e\u5b9a\u671f\u8cfc\u8aad\u3092\u542b\u3081\u3001breakingviews.com\u306e\u89e3\u8aac\u3084\u5206\u6790\uff08\u82f1\u8a9e\uff09\u3092\u3059\u3079\u3066\u3054\u89a7\u306b\u306a\u308a\u305f\u3044\u65b9\u306f\u3001sales@breakingviews.com\u307e\u3067\u3054\u9023\u7d61\u304f\u3060\u3055\u3044<\/p>\n

\n
<\/p>\n
\"Karen<\/div>\n

<\/a><\/div>\n

Karen is a columnist focusing on global technology and venture capital sectors, writing stories about artificial intelligence, fintech, and semiconductor companies. She also covers deals in the Middle East region and global metal mining sector. Prior to Breakingviews, she was a European gas and power reporter at S&P Global Platts in London and covered funds and equities at Morningstar UK. Karen also briefly worked at Bloomberg. Born and raised in Hong Kong, she is fluent in Mandarin and Cantonese.<\/p>\n

<\/p>\n
\"Liam<\/div>\n

<\/a><\/div>\n

Liam Proud is a Breakingviews Associate Editor, based in London. He focuses on banking, finance, private equity and deals. He joined Breakingviews in 2016 and previously covered technology, media, telecoms and the car industry.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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