![\"コラム：半世紀超にわたる米ドル王座、関税戦争超えて継続へ\"\/](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/03\/1743154460_499_7CUFBYOGTNPCPJ6CFKRSWCPCSA.jpg\")
<\/p>\n<\/p>\n
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\uff3b\u30ed\u30f3\u30c9\u30f3\u3000\uff12\uff18\u65e5\u3000\u30ed\u30a4\u30bf\u30fc Breakingviews\uff3d – \u30c8\u30e9\u30f3\u30d7\u7c73\u5927\u7d71\u9818\u304c\u7c73\u56fd\u306e\u6575\u3068\u5473\u65b9\u306e\u53cc\u65b9\u306b\u5bfe\u3057\u3066\u95a2\u7a0e\u6226\u4e89\u3092\u4ed5\u639b\u3051\u308b\u4e2d\u3001\u4e16\u754c\u306e\u57fa\u8ef8\u901a\u8ca8\u3068\u3057\u3066\u300c\u738b\u5ea7\u300d\u306b\u3042\u308b\u7c73\u30c9\u30eb\u306e\u5c06\u6765\u306b\u518d\u3073\u61f8\u5ff5\u304c\u6d6e\u4e0a\u3057\u3066\u3044\u308b\u3002\u4e2d\u56fd\u306f\u3001\u5f37\u5927\u306a\u30c9\u30eb\u3092\u5931\u811a\u3055\u305b\u305f\u3044\u3068\u5207\u306b\u9858\u3063\u3066\u3044\u308b\u3002\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u4e3b\u8981\u30e1\u30f3\u30d0\u30fc\u3082\u540c\u69d8\u306e\u8003\u3048\u3092\u6301\u3063\u3066\u3044\u308b\u3088\u3046\u3060\u3002\u3057\u304b\u3057\u3001\u534a\u4e16\u7d00\u8d85\u306b\u308f\u305f\u3063\u3066\u30c9\u30eb\u306f\u7834\u6ec5\u8ad6\u8005\u3092\u62bc\u3057\u8fd4\u3057\u3066\u304a\u308a\u3001\u4eca\u5f8c\u3082\u305d\u308c\u304c\u7d9a\u304f\u53ef\u80fd\u6027\u304c\u6700\u3082\u9ad8\u3044\u3002<\/p>\n
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\u904e\u53bb\u6570\u5341\u5e74\u9593\u3001\u30c9\u30eb\u306f\u5e7e\u591a\u3082\u306e\u8a66\u7df4\u3092\u4e57\u308a\u8d8a\u3048\u3066\u304d\u305f\u3002\uff18\uff10\u5e74\u4ee3\u7d42\u76e4\u306e\u65e5\u672c\u306e\u53f0\u982d\u3001\uff19\uff19\u5e74\u306e\u901a\u8ca8\u30e6\u30fc\u30ed\u306e\u8a95\u751f\u3001\u91d1\u878d\u5371\u6a5f\u3001\u4e16\u754c\u306e\u88fd\u9020\u5927\u56fd\u3068\u3057\u3066\u306e\u4e2d\u56fd\u306e\u6d6e\u4e0a\u3001\u305d\u3057\u3066\uff12\uff12\u5e74\u306e\u30ed\u30b7\u30a2\u306e\u30d7\u30fc\u30c1\u30f3\u5927\u7d71\u9818\u306b\u3088\u308b\u30a6\u30af\u30e9\u30a4\u30ca\u4fb5\u653b\u5f8c\u306e\u30ed\u30b7\u30a2\u5916\u8ca8\u6e96\u5099\u306e\u5dee\u3057\u62bc\u3055\u3048\u306a\u3069\u3001\u6575\u5bfe\u56fd\u306b\u5bfe\u3057\u3066\u300c\u30c9\u30eb\u5175\u5668\u300d\u3092\u4f7f\u7528\u3059\u308b\u7c73\u56fd\u653f\u5e9c\u306e\u4e00\u9023\u306e\u5bfe\u5fdc\u3060\u3002<\/p>\n
![\"A](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/03\/1743154461_656_chart.png\")
A pie chart showing that the dollar has almost 60% of global reserves<\/p>\n
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\u3053\u306e\u512a\u4f4d\u6027\u306f\u7c73\u56fd\u306e\u8ecd\u4e8b\u7684\u8987\u6a29\u3001\u7c73\u56fd\u3067\u306e\u6cd5\u306e\u652f\u914d\u306b\u5bfe\u3059\u308b\u5e83\u7bc4\u306a\u4fe1\u983c\u3001\u305d\u3057\u3066\u72ec\u7acb\u3057\u305f\u7c73\u9023\u90a6\u6e96\u5099\u7406\u4e8b\u4f1a\uff08\uff26\uff32\uff22\uff09\u304c\u30c9\u30eb\u306e\u4fa1\u5024\u8caf\u8535\u6a5f\u95a2\u3068\u3057\u3066\u306e\u5f79\u5272\u3092\u7dad\u6301\u3059\u308b\u3068\u3044\u3046\u4fe1\u983c\u306b\u8ca0\u3046\u3068\u3053\u308d\u304c\u5927\u304d\u3044\u3002\u3088\u308a\u5206\u304b\u308a\u3084\u3059\u304f\u8aac\u660e\u3059\u308b\u3068\u3001\u30c9\u30eb\u5efa\u3066\u306e\u53d6\u5f15\u304c\u5168\u3066\u306e\u5f53\u4e8b\u8005\u306b\u3068\u3063\u3066\u90fd\u5408\u304c\u826f\u3044\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p>\n
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\u30c9\u30eb\u304c\u4e16\u754c\u306e\u91d1\u878d\u30b7\u30b9\u30c6\u30e0\u3067\u679c\u305f\u3057\u3066\u3044\u308b\u6a4b\u6e21\u3057\u306e\u5f79\u5272\u306f\u3001\u4e16\u754c\u6700\u5927\u7d1a\u306e\uff29\uff34\u4f01\u696d\u306b\u5229\u76ca\u3092\u3082\u305f\u3089\u3059\u529b\u306b\u306a\u308b\u3088\u3046\u306a\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u52b9\u679c\u3092\u751f\u307f\u51fa\u3059\u3002\u7c73\u30de\u30a4\u30af\u30ed\u30bd\u30d5\u30c8(MSFT.O), opens new tab\u306f\u9577\u5e74\u306b\u308f\u305f\u3063\u3066\u591a\u304f\u306e\u5931\u7b56\u3092\u72af\u3057\u3066\u304d\u305f\u3002\u30d6\u30e9\u30a6\u30b6\u30fc\u3084\u30b9\u30de\u30fc\u30c8\u30d5\u30a9\u30f3\u3001\u30bf\u30d6\u30ec\u30c3\u30c8\u7aef\u672b\u3001\u57fa\u672c\u30bd\u30d5\u30c8\uff08\uff2f\uff33\uff09\u306e\u30a2\u30c3\u30d7\u30b0\u30ec\u30fc\u30c9\u306a\u3069\u306e\u5931\u6557\u3060\u3002\u540c\u3058\u3088\u3046\u306b\u30d5\u30a7\u30a4\u30b9\u30d6\u30c3\u30af\u3092\u5098\u4e0b\u306b\u62b1\u3048\u308b\u7c73\u30e1\u30bf\u30fb\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u30ba(META.O), opens new tab\u306f\u4e16\u754c\u3067\u4f7f\u308f\u308c\u308b\u30c7\u30b8\u30bf\u30eb\u901a\u8ca8\u306e\u5c0e\u5165\u3067\u5931\u6557\u3057\u3001\u4eee\u60f3\u73fe\u5b9f\uff08\uff36\uff32\uff09\u5e02\u5834\u3092\u7acb\u3061\u4e0a\u3052\u308b\u8a66\u307f\u3082\u3001\u4eca\u306e\u3068\u3053\u308d\u4e0d\u767a\u306b\u7d42\u308f\u3063\u3066\u3044\u308b\u3002<\/p>\n
\u3057\u304b\u3057\u3001\u4e21\u793e\u3068\u3082\u652f\u914d\u7684\u306a\u5730\u4f4d\u3092\u7dad\u6301\u3057\u3066\u751f\u304d\u5ef6\u3073\u3066\u304d\u305f\u3002\u7c73\u56fd\u306e\u6575\u306f\u3001\u4e0d\u6e80\u3092\u62b1\u3048\u305f\u30de\u30a4\u30af\u30ed\u30bd\u30d5\u30c8\u306e\u9867\u5ba2\u306e\u3088\u3046\u306a\u3082\u306e\u3060\u3002\u305f\u3068\u3048\u30c9\u30eb\u306b\u4ee3\u308f\u308b\u901a\u8ca8\u3092\u898b\u3064\u3051\u305f\u3044\u3068\u601d\u3063\u3066\u3082\u3001\u5207\u308a\u66ff\u3048\u308b\u305f\u3081\u306e\u30b3\u30b9\u30c8\u304c\u9ad8\u3059\u304e\u308b\u306e\u3060\u3002<\/p>\n
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\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u30e1\u30f3\u30d0\u30fc\u306f\u3001\u57fa\u8ef8\u901a\u8ca8\u3068\u3057\u3066\u306e\u30c9\u30eb\u306e\u5f79\u5272\u306b\u3064\u3044\u3066\u5225\u306e\u554f\u984c\u3092\u6307\u6458\u3057\u3066\u3044\u308b\u3002\u30d0\u30f3\u30b9\u526f\u5927\u7d71\u9818\u306f\u7c73\u56fd\u306e\u8cbf\u6613\u8d64\u5b57\u304c\u6052\u5e38\u5316\u3057\u3066\u3044\u308b\u3053\u3068\u306b\u95a2\u3057\u3001\u30c9\u30eb\u304c\u57fa\u8ef8\u901a\u8ca8\u306e\u5ea7\u3092\u7dad\u6301\u3059\u308b\u305f\u3081\u306e\u4ee3\u511f\u306b\u306a\u3063\u3066\u3044\u308b\u3068\u8003\u3048\u3066\u3044\u308b\u3002\u30d0\u30f3\u30b9\u6c0f\u306f\u3053\u3046\u3057\u305f\u8cbf\u6613\u8d64\u5b57\u306f\u3001\u7c73\u56fd\u306e\u88fd\u9020\u696d\u306e\u7a7a\u6d1e\u5316\u3092\u62db\u3044\u3066\u3044\u308b\u3068\u4e3b\u5f35\u3059\u308b\u3002\u30d0\u30f3\u30b9\u6c0f\u306f\u3001\u30c9\u30eb\u304c\u57fa\u8ef8\u901a\u8ca8\u306e\u5730\u4f4d\u306b\u3042\u308b\u3053\u3068\u306f\u300c\u7c73\u56fd\u306e\u751f\u7523\u8005\u306b\u5bfe\u3059\u308b\u5de8\u984d\u306e\u7a0e\u91d1\u300d\u3060\u3068\u53d7\u3051\u6b62\u3081\u3066\u3044\u308b\u3002\u5317\u4eac\u5927\u306e\u30a8\u30b3\u30ce\u30df\u30b9\u30c8\u3001\u30de\u30a4\u30b1\u30eb\u30fb\u30da\u30c6\u30a3\u30b9\u6c0f\u3082\u540c\u3058\u3088\u3046\u306a\u7d50\u8ad6\u306b\u9054\u3057\u3066\u3044\u308b\u3002<\/p>\n
![\"A](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/03\/1743154463_181_chart.png\")
A line chart showing the dollar index’s rise in recent decades<\/p>\n
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\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
\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
\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\u3002<\/p>\n
![](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/03\/https:\/\/author-service-images-prod-us-east-1.publishing.aws.arc.pub\/reuters\/e38dec44-c21f-487f-857e-.jpeg\"\/)
<\/p>\n
Edward Chancellor is a Breakingviews contributor.<\/p>\n","protected":false},"excerpt":{"rendered":"
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