![\"焦点：米市場に忍び寄るスタグフレーション懸念、貿易戦争や関税が影\"\/](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/02\/JPFLOHT5TJLTDPG3OD6MDVVIQ4.jpg\")
<\/p>\n<\/p>\n
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[\uff12\uff10\u65e5 \u30ed\u30a4\u30bf\u30fc] – \u5e02\u5834\u306f\u30c8\u30e9\u30f3\u30d7\u7c73\u5927\u7d71\u9818\u306e\u6210\u9577\u4fc3\u9032\u653f\u7b56\u306b\u306a\u304a\u697d\u89b3\u7684\u3060\u304c\u3001\u6839\u5f37\u3044\u30a4\u30f3\u30d5\u30ec\u3068\u30c8\u30e9\u30f3\u30d7\u6c0f\u306e\u5f37\u786c\u306a\u8cbf\u6613\u653f\u7b56\u306b\u3088\u308a\u3001\uff11\uff19\uff17\uff10\u5e74\u4ee3\u306b\u7c73\u56fd\u3092\u60a9\u307e\u305b\u305f\u4f4e\u6210\u9577\u30fb\u9ad8\u30a4\u30f3\u30d5\u30ec\u3001\u3044\u308f\u3086\u308b\u300c\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u300d\u61f8\u5ff5\u304c\u518d\u71c3\u3057\u3066\u3044\u308b\u3002<\/p>\n
\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u518d\u6765\u306e\u53ef\u80fd\u6027\u306f\u904e\u53bb\uff15\uff10\u5e74\u9593\u306b\u3082\u5b9a\u671f\u7684\u306b\u6d6e\u4e0a\u3057\u305f\u304c\u3001\u6295\u8cc7\u5bb6\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u5bfe\u3059\u308b\u5b9f\u969b\u306e\u8105\u5a01\u3068\u3057\u3066\u306f\u9855\u5728\u5316\u3057\u3066\u3044\u306a\u3044\u3002\u4eca\u56de\u306f\u9055\u3046\u3068\u306f\u307e\u3060\u8a00\u3044\u5207\u308c\u306a\u3044\u3082\u306e\u306e\u3001\u8cbf\u6613\u6226\u4e89\u3084\u61f2\u7f70\u7684\u95a2\u7a0e\u306e\u53ef\u80fd\u6027\u304c\u7c73\u56fd\u306e\u6210\u9577\u306b\u5f71\u3092\u843d\u3068\u3059\u4e2d\u3001\u3053\u306e\u6050\u308d\u3057\u3044\u30b7\u30ca\u30ea\u30aa\u306f\u3053\u3053\u6570\u9031\u9593\u3001\u4e3b\u8981\u306a\u30ea\u30b9\u30af\u3068\u3057\u3066\u518d\u3073\u5fcd\u3073\u5bc4\u3063\u3066\u3044\u308b\u3002<\/p>\n
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\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306f\uff12\u6708\u521d\u3081\u306b\u30ab\u30ca\u30c0\u3068\u30e1\u30ad\u30b7\u30b3\u304b\u3089\u306e\u8f38\u5165\u54c1\u3078\u306e\u65b0\u305f\u306a\u95a2\u7a0e\u306e\u5c0e\u5165\u3092\uff11\u30ab\u6708\u5ef6\u671f\u3057\u305f\u304c\u3001\u4e00\u65b9\u3067\u4e2d\u56fd\u304b\u3089\u306e\u5168\u8f38\u5165\u54c1\u306b\u65b0\u305f\u306b\uff11\uff10\uff05\u306e\u95a2\u7a0e\u3092\u5c0e\u5165\u3001\u4e16\u754c\u306e\u9244\u92fc\u3068\u30a2\u30eb\u30df\u30cb\u30a6\u30e0\u306e\u8f38\u5165\u306b\u95a2\u7a0e\u3092\u8ab2\u3059\u3068\u767a\u8868\u3057\u305f\u3002<\/p>\n
\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306f\u307e\u305f\u3001\u7c73\u56fd\u304b\u3089\u306e\u8f38\u5165\u54c1\u306b\u8ab2\u7a0e\u3057\u3066\u3044\u308b\u5168\u3066\u306e\u56fd\u306b\u5bfe\u3057\u3066\u76f8\u4e92\u95a2\u7a0e\u3092\u8ab2\u3059\u8a08\u753b\u3092\u7acb\u6848\u3059\u308b\u3088\u3046\u7d4c\u6e08\u30c1\u30fc\u30e0\u306b\u6307\u793a\u3002\u4eca\u9031\u306b\u306f\u3001\u81ea\u52d5\u8eca\u3001\u534a\u5c0e\u4f53\u3001\u533b\u85ac\u54c1\u306e\u8f38\u5165\u306b\uff12\uff15\uff05\u306e\u95a2\u7a0e\u3092\u5c0e\u5165\u3059\u308b\u8a08\u753b\u3092\u6253\u3061\u51fa\u3057\u305f\u3002<\/p>\n
\u4e00\u90e8\u306e\u6295\u8cc7\u5bb6\u306f\u3001\u95a2\u7a0e\u306b\u3088\u308b\u7d4c\u6e08\u6210\u9577\u3078\u306e\u6253\u6483\u306f\u4e00\u6642\u7684\u306a\u3082\u306e\u3060\u3068\u8003\u3048\u3066\u3044\u308b\u3002<\/p>\n
\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b0\u30eb\u30fc\u30d7\u306e\u8cc7\u7523\u30af\u30e9\u30b9\u30b5\u30fc\u30d3\u30b9\u8cac\u4efb\u8005\u30de\u30c7\u30a3\u30fb\u30c7\u30b9\u30ca\u30fc\u6c0f\u306f\u3001\u9577\u671f\u7684\u306b\u306f\u95a2\u7a0e\u304c\u6210\u9577\u3092\u4fc3\u3057\u3001\u4e16\u754c\u7684\u306a\u7af6\u4e89\u306e\u6e1b\u5c11\u304b\u3089\u6069\u6075\u3092\u53d7\u3051\u308b\u7523\u696d\u3092\u5f8c\u62bc\u3057\u3059\u308b\u53ef\u80fd\u6027\u3082\u3042\u308b\u3068\u8ff0\u3079\u305f\u3002\u4e00\u65b9\u3001\u95a2\u7a0e\u306e\u521d\u671f\u306e\u5f71\u97ff\u306f\u4fa1\u683c\u5727\u529b\u3092\u5f37\u3081\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u3001\u300c\u5b9f\u969b\u3001\u304a\u305d\u3089\u304f\u3053\u306e\uff12\u3064\u306e\u9593\u306e\u3069\u3053\u304b\u306b\u306a\u308b\u3060\u308d\u3046\u300d\u3068\u6307\u6458\u3002\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b0\u30eb\u30fc\u30d7\u304c\uff12\uff10\u5e74\u5f8c\u306e\uff11\uff10\u5e74\u56fd\u50b5\u5229\u56de\u308a\u4e88\u60f3\u3092\u6628\u5e74\u306e\u4e88\u60f3\u306e\uff13\uff0e\uff17\uff05\u304b\u3089\uff13\uff0e\uff19\uff05\u306b\u5f15\u304d\u4e0a\u3052\u305f\u7406\u7531\u306e\u4e00\u90e8\u306f\u95a2\u7a0e\u3060\u3068\u8aac\u660e\u3057\u305f\u3002<\/p>\n
\uff1c\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u30ea\u30b9\u30af\u3001\u8a55\u4fa1\u5206\u304b\u308c\u308b\uff1e<\/p>\n
\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u6025\u4e0a\u6607\u3057\u3001\u682a\u4fa1\u3068\u50b5\u5238\u4fa1\u683c\u304c\u6025\u843d\u3057\u305f\uff12\uff12\u5e74\u306b\u3082\u4e0d\u5b89\u306e\u6e90\u3068\u3057\u3066\u6d6e\u4e0a\u3057\u305f\u304c\u3001\u30a4\u30f3\u30d5\u30ec\u304c\u6700\u7d42\u7684\u306b\u7de9\u548c\u3057\u3001\u6210\u9577\u304c\u5805\u8abf\u306b\u63a8\u79fb\u3057\u305f\u3053\u3068\u304b\u3089\u3001\u305d\u306e\u30b7\u30ca\u30ea\u30aa\u306f\u73fe\u5b9f\u306b\u306f\u306a\u3089\u306a\u304b\u3063\u305f\u3002<\/p>\n
\u7c73\u7d4c\u6e08\u304c\u518d\u3073\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u514d\u308c\u308b\u3068\u4fe1\u3058\u308b\u5411\u304d\u306f\u591a\u3044\u3002<\/p>\n
\u73fe\u5728\u306e\u30b3\u30a2\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u7d04\uff13\uff05\u3067\u3001\u5e74\u5e73\u5747\u3067\uff17\uff05\u524d\u5f8c\u3060\u3063\u305f\uff11\uff19\uff17\uff10\u5e74\u4ee3\u306e\u6c34\u6e96\u3092\u306f\u308b\u304b\u306b\u4e0b\u56de\u3063\u3066\u3044\u308b\u3002\u30a8\u30d0\u30fc\u30b3\u30a2\uff29\uff33\uff29\u306f\u6700\u8fd1\u306e\u30ea\u30dd\u30fc\u30c8\u306e\u4e2d\u3067\u3001\u4eca\u56de\u306f\u30a4\u30f3\u30d5\u30ec\u671f\u5f85\u304c\u300c\u56fa\u5b9a\u300d\u3055\u308c\u3066\u3044\u308b\u3068\u6307\u6458\u3057\u305f\u3002<\/p>\n
![\"Inflation](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/02\/1740124237_433_inflation.png\")
Inflation gauges<\/p>\n
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\uff22\uff2e\uff30\u30d1\u30ea\u30d0\u306e\u7c73\u91d1\u5229\u6226\u7565\u8cac\u4efb\u8005\u30b0\u30cb\u30fc\u30c8\u30fb\u30c7\u30a3\u30f3\u30b0\u30e9\u6c0f\u306f\u3001\u5e02\u5834\u306f\u904e\u53bb\uff16\u30ab\u6708\u9593\u3001\u30c8\u30e9\u30f3\u30d7\u6c0f\u306e\u6210\u9577\u4fc3\u9032\u653f\u7b56\u3092\u91cd\u8996\u3057\u3066\u300c\u6cb9\u65ad\u3057\u3066\u304d\u305f\u300d\u3068\u8ff0\u3079\u305f\u3002\u305d\u306e\u4e0a\u3067\u3001\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u8b66\u6212\u3059\u308b\u6295\u8cc7\u5bb6\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u4e0a\u6607\u3067\u4fa1\u5024\u304c\u4e0b\u304c\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\uff12\u5e74\u56fd\u50b5\u3092\u58f2\u308a\u3001\u4f4e\u6210\u9577\u30b7\u30ca\u30ea\u30aa\u3067\u6069\u6075\u3092\u53d7\u3051\u308b\uff11\uff10\u5e74\u56fd\u50b5\u3092\u8cb7\u3046\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u3057\u305f\u3002<\/p>\n
\u30b9\u30c6\u30fc\u30c8\u30fb\u30b9\u30c8\u30ea\u30fc\u30c8\u30fb\u30b0\u30ed\u30fc\u30d0\u30eb\u30fb\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u30ba\u306e\uff33\uff30\uff24\uff32\u30a2\u30e1\u30ea\u30ab\u30ba\u8abf\u67fb\u8cac\u4efb\u8005\u3001\u30de\u30b7\u30e5\u30fc\u30fb\u30d0\u30eb\u30c8\u30ea\u30fc\u30cb\u6c0f\u306f\u3001\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u74b0\u5883\u3067\u3082\u4fa1\u5024\u3092\u7dad\u6301\u3059\u308b\u6570\u5c11\u306a\u3044\u8cc7\u7523\u306e\u4e00\u3064\u3067\u3042\u308b\u91d1\u3078\u306e\u95a2\u5fc3\u306e\u9ad8\u307e\u308a\u306f\u4e00\u90e8\u6295\u8cc7\u5bb6\u306e\u61f8\u5ff5\u3092\u793a\u3057\u3066\u3044\u308b\u3068\u306e\u898b\u65b9\u3092\u793a\u3057\u305f\u3002\u91d1\u4fa1\u683c\u306f\uff11\uff19\u65e5\u3001\u904e\u53bb\u6700\u9ad8\u5024\u3092\u66f4\u65b0\u3057\u305f\u3002<\/p>\n
\u524d\u8ff0\u306e\u30d6\u30e9\u30f3\u30c7\u30a3\u30ef\u30a4\u30f3\u306e\u30de\u30c3\u30ad\u30f3\u30bf\u30a4\u30a2\u6c0f\u306f\u3001\u3082\u3046\u4e00\u3064\u306e\u5927\u304d\u306a\u52dd\u8005\u306f\u73fe\u91d1\u3060\u308d\u3046\u3068\u8ff0\u3079\u305f\u304c\u3001\u300c\u307e\u3060\u305d\u3053\u307e\u3067\u306b\u306f\u81f3\u3063\u3066\u3044\u306a\u3044\u300d\u305f\u3081\u3001\u4eca\u306e\u3068\u3053\u308d\u306f\u73fe\u91d1\u306e\u3088\u3046\u306a\u56fa\u5b9a\u5229\u4ed8\u5546\u54c1\u3078\u306e\u5927\u304d\u306a\u30b7\u30d5\u30c8\u306f\u63a7\u3048\u3066\u3044\u308b\u3068\u8ff0\u3079\u305f\u3002<\/p>\n
\u79c1\u305f\u3061\u306e\u884c\u52d5\u898f\u7bc4\uff1a\u30c8\u30e0\u30bd\u30f3\u30fb\u30ed\u30a4\u30bf\u30fc\u300c\u4fe1\u983c\u306e\u539f\u5247\u300d, opens new tab<\/p>\n
![](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/02\/https:\/\/s3.amazonaws.com\/arc-authors\/reuters\/f8a61e64-a566-4390-93a3-2d7dbd358ebb.png\"\/)
<\/p>\n
Davide Barbuscia covers macro investment and trading out of New York, with a focus on fixed income markets. Previously based in Dubai, where he was Reuters Chief Economics Correspondent for the Gulf region, he has written on a broad range of topics including Saudi Arabia\u2019s efforts to diversify away from oil, Lebanon\u2019s financial crisis, as well as scoops on corporate and sovereign debt deals and restructuring situations. Before joining Reuters in 2016 he worked as a journalist at Debtwire in London and had a stint in Johannesburg.<\/p>\n","protected":false},"excerpt":{"rendered":"
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