![\"コラム：米国債売りが示唆する「ドル離れ」の深刻な未来\"\/](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/04\/EV65MODUMJI63MV236RF64OFQI.jpg\")
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[\u30ed\u30f3\u30c9\u30f3 \uff11\uff14\u65e5 \u30ed\u30a4\u30bf\u30fc\u3000BREAKINGVIEWS] – \u6700\u8fd1\u306e\u7c73\u56fd\u50b5\u58f2\u308a\u306b\u3064\u3044\u3066\u3001\u6d77\u5916\u6295\u8cc7\u5bb6\u304c\u5927\u6319\u3057\u3066\u8cc7\u91d1\u3092\u5f15\u304d\u63da\u3052\u3066\u3044\u308b\u3053\u3068\u306e\u8868\u308c\u3060\u3068\u65ad\u8a00\u3059\u308b\u306e\u306f\u6642\u671f\u5c1a\u65e9\u3060\u3002\u3057\u304b\u3057\u4f55\u4e8b\u304b\u304c\u9032\u884c\u3057\u3066\u3044\u308b\u5146\u3057\u304c\u51fa\u3066\u3044\u308b\u3002\u4eca\u5f8c\u8d77\u3053\u308a\u5f97\u308b\u52d5\u304d\u304c\u3069\u308c\u3060\u3051\u306e\u898f\u6a21\u306b\u306a\u308b\u304b\u304c\u3001\u6295\u8cc7\u5bb6\u3068\u7c73\u653f\u5e9c\u304c\u771f\u5263\u306b\u8003\u3048\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u30b7\u30ca\u30ea\u30aa\u3092\u6c7a\u5b9a\u3059\u308b\u3002<\/p>\n
\u6b27\u5dde\u6642\u9593\uff11\uff14\u65e5\u5348\u524d\u306e\u7c73\uff11\uff10\u5e74\u56fd\u50b5\u5229\u56de\u308a\u306f\uff14\uff0e\uff14\uff14\uff05\u3068\u3001\uff11\uff11\u65e5\u7d42\u5024\u306e\uff14\uff0e\uff15\uff05\u306f\u3084\u3084\u4e0b\u56de\u3063\u305f\u304c\u3001\uff14\u65e5\u4ee5\u524d\u306e\uff14\uff05\u672a\u6e80\u306b\u6bd4\u3079\u308b\u3068\u306a\u304a\u305a\u3063\u3068\u9ad8\u3044\u3002\u5148\u9031\u306e\uff11\uff10\u5e74\u56fd\u50b5\u5229\u56de\u308a\u306e\u4e0a\u6607\u5e45\u306f\u3001\u904e\u53bb\uff12\uff10\u5e74\u4f59\u308a\u3067\u6700\u5927\u3092\u8a18\u9332\u3057\u305f\u3002<\/p>\n
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\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u5229\u304b\u305b\u904e\u304e\u305f\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u304c\u58f2\u308a\u3092\u5f37\u3044\u3089\u308c\u3066\u3044\u308b\u3053\u3068\u3082\u3001\u30de\u30a4\u30ca\u30b9\u306b\u50cd\u3044\u3066\u304d\u305f\u3002\u305d\u308c\u304c\u7c73\u56fd\u50b5\u5e02\u5834\u3092\u7121\u79e9\u5e8f\u72b6\u614b\u306b\u9665\u3089\u305b\u308c\u3070\u3001\uff12\uff10\uff12\uff12\u5e74\u306e\u82f1\u56fd\u50b5\u5e02\u5834\u306e\u5371\u6a5f\u7684\u52d5\u63fa\u306b\u969b\u3057\u3066\u306e\u30a4\u30f3\u30b0\u30e9\u30f3\u30c9\u9280\u884c\u3068\u540c\u3058\u304f\u3001\u7c73\u9023\u90a6\u6e96\u5099\u7406\u4e8b\u4f1a\uff08\uff26\uff32\uff22\uff09\u306e\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u3082\u7dca\u6025\u306e\u56fd\u50b5\u8cb7\u3044\u5165\u308c\u306b\u4e57\u308a\u51fa\u3059\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002<\/p>\n
![\"A](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/04\/1744704197_707_chart.png\")
A line chart showing the precipitous rise in long-term US Treasury yields<\/p>\n
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\u25cf\u80cc\u666f\u3068\u306a\u308b\u30cb\u30e5\u30fc\u30b9<\/p>\n
\uff0a\u7c73\uff11\uff10\u5e74\u56fd\u50b5\u5229\u56de\u308a\u306f\uff11\uff14\u65e5\uff11\uff10\uff13\uff18\uff27\uff2d\uff34\u6642\u70b9\u3067\uff14\uff0e\uff14\uff14\uff05\u3068\u3001\uff11\uff11\u65e5\u306e\u7c73\u5e02\u5834\u7d42\u5024\u306e\uff14\uff0e\uff14\uff19\uff05\u304b\u3089\u3084\u3084\u4f4e\u4e0b\u3057\u3066\u3044\u308b\u3002<\/p>\n
\uff0a\u4e3b\u8981\u901a\u8ca8\u306b\u5bfe\u3059\u308b\u30c9\u30eb\u6307\u6570\u306f\uff11\uff14\u65e5\u304c\uff19\uff19\uff0e\uff14\uff14\u3067\u3001\uff11\u65e5\u4ee5\u964d\u3067\uff14\uff0e\uff16\uff05\u4e0b\u843d\u3057\u305f\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
\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\/04\/https:\/\/author-service-images-prod-us-east-1.publishing.aws.arc.pub\/reuters\/a5c424a3-9b3f-4194-b67f-.jpeg\"\/)
<\/p>\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","protected":false},"excerpt":{"rendered":"
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