![\"コラム：ドイツ、日本に代わる対外債権国首位の座はつかの間か\"\/](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/05\/KPUAKXZ4EROQXNWNVFUEEBMJVE.jpg\")
<\/p>\n<\/p>\n
\u3000\u30c9\u30a4\u30c4\u304c\uff12\uff10\uff12\uff14\u5e74\u306b\uff11\uff19\uff19\uff10\u5e74\u4ee5\u6765\u3001\uff13\uff14\u5e74\u3076\u308a\u306b\u4e16\u754c\u6700\u5927\u306e\u50b5\u6a29\u56fd\u3068\u306a\u3063\u305f\u3002\u5199\u771f\u306f\u3001\u91d1\u878d\u8857\u306e\u3042\u308b\u30d5\u30e9\u30f3\u30af\u30d5\u30eb\u30c8\u306e\u5915\u666f\u3002\uff12\uff10\uff12\uff11\u5e74\uff14\u6708\u3001\u30d5\u30e9\u30f3\u30af\u30d5\u30eb\u30c8\u3067\u64ae\u5f71\uff08\uff12\uff10\uff12\uff15\u5e74\u3000\u30ed\u30a4\u30bf\u30fc\/Kai Pfaffenbach\uff09<\/p>\n
[\u30ed\u30f3\u30c9\u30f3 \uff12\uff19\u65e5 \u30ed\u30a4\u30bf\u30fc] – \u30c9\u30a4\u30c4\u304c\uff12\uff10\uff12\uff14\u5e74\u306b\uff11\uff19\uff19\uff10\u5e74\u4ee5\u6765\u3001\uff13\uff14\u5e74\u3076\u308a\u306b\u4e16\u754c\u6700\u5927\u306e\u50b5\u6a29\u56fd\u3068\u306a\u3063\u305f\u3002\u305f\u3060\u3001\u4e16\u754c\u653f\u6cbb\u304c\u5730\u6bbb\u5909\u52d5\u3092\u8d77\u3053\u3057\u3066\u3044\u308b\u4eca\u3001\u305d\u306e\u5730\u4f4d\u3082\u9577\u7d9a\u304d\u3057\u306a\u3044\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002<\/p>\n
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\u3000\u9996\u4f4d\u4ea4\u4ee3\u306b\u306f\u70ba\u66ff\u30ec\u30fc\u30c8\u3082\u5f71\u97ff\u3057\u3066\u3044\u308b\u3068\u306f\u8a00\u3048\u3001\u3053\u308c\u306f\u4e16\u754c\u306e\u8caf\u84c4\u3001\u6295\u8cc7\u3001\u4eba\u53e3\u52d5\u614b\u306b\u3064\u3044\u3066\u591a\u304f\u3092\u7269\u8a9e\u3063\u3066\u3044\u308b\u3002\u50b5\u6a29\u56fd\u9996\u4f4d\u306e\u5ea7\u306f\u3001\u4f4e\u6210\u9577\u3068\u56fd\u5185\u306e\u6295\u8cc7\u6a5f\u4f1a\u306e\u6b20\u5982\u304c\u751f\u307f\u51fa\u3057\u305f\u3082\u306e\u3067\u3042\u308a\u3001\u30c9\u30a4\u30c4\u306b\u3068\u3063\u3066\u3042\u308a\u304c\u305f\u304f\u306f\u306a\u3044\u3002<\/p>\n
\u3000\u50b5\u6a29\u56fd\u30c8\u30c3\u30d7\uff13\u306e\u30c9\u30a4\u30c4\u3001\u65e5\u672c\u3001\u4e2d\u56fd\u306b\u306f\u91cd\u8981\u306a\u5171\u901a\u70b9\u304c\u3042\u308b\u3002\u3044\u305a\u308c\u3082\u9ad8\u9f62\u5316\u304c\u9032\u3080\u5927\u56fd\u3067\u3042\u308a\u3001\u4eba\u53e3\u306f\u30d4\u30fc\u30af\u3092\u8d8a\u3048\u3066\u4eca\u4e16\u7d00\u672b\u307e\u3067\u6e1b\u5c11\u3057\u7d9a\u3051\u308b\u898b\u901a\u3057\u3060\u3068\u3044\u3046\u70b9\u3060\u3002\u305d\u308c\u306b\u4f34\u3044\u5185\u9700\u306f\u5727\u8feb\u3055\u308c\u3001\u904e\u5927\u306a\u8caf\u84c4\u30d7\u30fc\u30eb\u304c\u751f\u307f\u51fa\u3055\u308c\u308b\u3060\u308d\u3046\u3002<\/p>\n
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\u3000\u30c8\u30e9\u30f3\u30d7\u7c73\u5927\u7d71\u9818\u306b\u3068\u3063\u3066\u306f\u6094\u3057\u3044\u3053\u3068\u306b\u3001\u30c9\u30a4\u30c4\u3068\u65e5\u672c\u306f\u3044\u305a\u308c\u3082\u3001\u7c73\u56fd\u304a\u3088\u3073\u8af8\u5916\u56fd\u306b\u5bfe\u3059\u308b\u6162\u6027\u7684\u306a\u8cbf\u6613\u9ed2\u5b57\u56fd\u3067\u3042\u308a\u3001\u5185\u9700\u304c\u4f4e\u8ff7\u3059\u308b\u4e2d\u3067\u8f38\u51fa\u306b\u6210\u9577\u3092\u983c\u3063\u3066\u304d\u305f\u3002<\/p>\n
\u3000\u305d\u3057\u3066\u4e21\u56fd\u3068\u3082\u3001\u305d\u306e\u7d50\u679c\u751f\u3058\u305f\u8caf\u84c4\u306e\u5927\u534a\u3092\u56fd\u5916\u6295\u8cc7\u3001\u7279\u306b\u6210\u9577\u306e\u901f\u3044\u7c73\u56fd\u306b\u6295\u3058\u3066\u304d\u305f\u3002<\/p>\n
\u3000\u3053\u306e\u8cc7\u91d1\u30d5\u30ed\u30fc\u306f\u3001\u305d\u306e\u904e\u7a0b\u3067\uff11\uff10\u5e74\u4ee5\u4e0a\u306b\u53ca\u3076\u7c73\u56fd\u306e\u8cc7\u7523\u30d6\u30fc\u30e0\u3068\u30c9\u30eb\u9ad8\u3092\u751f\u3093\u3060\u3002\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306f\u3001\u30c9\u30eb\u9ad8\u306e\u305b\u3044\u3067\u7c73\u88fd\u9020\u696d\u306e\u7af6\u4e89\u529b\u304c\u6253\u6483\u3092\u88ab\u308a\u3001\u9ad8\u7d66\u306e\u8077\u304c\u596a\u308f\u308c\u305f\u3068\u4e3b\u5f35\u3057\u3066\u3044\u308b\u3002\u30c8\u30e9\u30f3\u30d7\u6c0f\u306b\u3088\u308c\u3070\u3001\u8f38\u5165\u95a2\u7a0e\u3001\u305d\u3057\u3066\u30c9\u30eb\u306e\u4e0b\u843d\u304c\u3053\u306e\u4e0d\u5747\u8861\u306e\u662f\u6b63\u306b\u5f79\u7acb\u3064\u898b\u901a\u3057\u3060\u3002<\/p>\n
\uff1c\u65e5\u72ec\u306e\u9055\u3044\uff1e<\/p>\n
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\u3000\u3053\u308c\u306b\u5bfe\u3057\u3066\u30c9\u30a4\u30c4\u306e\u8cbf\u6613\u9ed2\u5b57\u306f\u3001\u4e3b\u306b\u682a\u3084\u50b5\u5238\u306a\u3069\u306e\u8a3c\u5238\u6295\u8cc7\u306b\u56de\u3063\u3066\u3044\u308b\u3002\u3053\u308c\u306f\u76f4\u63a5\u6295\u8cc7\u306b\u6bd4\u3079\u3066\u306f\u308b\u304b\u306b\u300c\u7c98\u7740\u6027\u300d\u304c\u5f31\u304f\u3001\u5bb9\u6613\u306b\u53cd\u8ee2\u3057\u5f97\u308b\u3002<\/p>\n
\u3000\u30c9\u30a4\u30c4\u306b\u3068\u3063\u3066\u3001\u3053\u306e\u3053\u3068\u306f\u8af8\u5203\u306e\u5263\u3060\u3002<\/p>\n
\u3000\u30a6\u30a3\u30f3\u30af\u30e9\u30fc\u6c0f\u306f\u300c\u30c9\u30a4\u30c4\u306f\u3001\u7279\u5b9a\u306e\u56fd\u3005\u306b\u5bfe\u3059\u308b\u8cbf\u6613\u9ed2\u5b57\u304c\u305d\u306e\u56fd\u3005\u3067\u76f4\u63a5\u96c7\u7528\u3092\u5275\u51fa\u3057\u3066\u3044\u306a\u3044\u3068\u306e\u6279\u5224\u306b\u3055\u3089\u3055\u308c\u3084\u3059\u3044\u300d\u3068\u8a18\u3057\u3001\u76ee\u4e0b\u306e\u8cbf\u6613\u4ea4\u6e09\u306b\u304a\u3044\u3066\u554f\u984c\u306b\u3055\u308c\u304b\u306d\u306a\u3044\u3068\u6307\u6458\u3057\u3066\u3044\u308b\u3002<\/p>\n
\u3000\u30a6\u30a3\u30f3\u30af\u30e9\u30fc\u6c0f\u306f\u300c\u305d\u306e\u4e00\u65b9\u3067\u3001\u76f4\u63a5\u6295\u8cc7\u306e\u5272\u5408\u304c\u4f4e\u3044\u3053\u3068\u306b\u3088\u308a\u3001\u30c9\u30a4\u30c4\u306e\u5bfe\u5916\u7d14\u8cc7\u7523\u306f\u65e5\u672c\u3088\u308a\u3082\u6d41\u52d5\u7684\u3067\u4ee3\u66ff\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u300d\u3068\u3057\u3001\u300c\u3053\u306e\u3053\u3068\u306f\u3001\u5730\u653f\u5b66\u7684\u306a\u5206\u88c2\u304c\u9032\u3093\u3067\u3044\u308b\u6642\u671f\u306b\u306f\u6709\u5229\u306b\u50cd\u304f\u3002\u5fc5\u8981\u3068\u306a\u308c\u3070\u3001\u5bfe\u5916\u8cc7\u7523\u3092\u901f\u3084\u304b\u306b\u518d\u914d\u7f6e\u3057\u305f\u308a\u3001\u5834\u5408\u306b\u3088\u3063\u3066\u306f\u5f15\u304d\u63da\u3052\u305f\u308a\u3059\u308b\u3053\u3068\u304c\u5bb9\u6613\u3060\u304b\u3089\u3060\u300d\u3068\u8aac\u660e\u3057\u305f\u3002<\/p>\n
\u3000\u3082\u3061\u308d\u3093\u3001\u30c8\u30e9\u30f3\u30d7\u6c0f\u304c\u4eca\u5e74\u6b27\u5dde\u306b\u4ed5\u639b\u3051\u305f\u8cbf\u6613\u3001\u5916\u4ea4\u6226\u4e89\u306e\u88cf\u5074\u3068\u3057\u3066\u3001\u30c9\u30a4\u30c4\u3067\u306f\u518d\u8ecd\u5099\u3068\u7d4c\u6e08\u518d\u5efa\u306e\u4e21\u65b9\u3092\u76ee\u7684\u3068\u3057\u305f\u8ca1\u653f\u652f\u51fa\u62e1\u5927\u3068\u3044\u3046\u629c\u672c\u7684\u306a\u5909\u5316\u304c\u8d77\u3053\u3063\u305f\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u30c9\u30a4\u30c4\u56fd\u5185\u306e\u6210\u9577\u8ecc\u9053\u3082\u3001\u56fd\u5185\u8caf\u84c4\u8005\u306b\u3068\u3063\u3066\u306e\u6295\u8cc7\u6a5f\u4f1a\u3082\u5909\u5316\u3057\u3066\u3044\u308b\u3002<\/p>\n
\u3000\u6b27\u5dde\u306e\u8cc7\u672c\u30cb\u30fc\u30ba\u306f\u6025\u901f\u306b\u9ad8\u307e\u3063\u3066\u304a\u308a\u3001\u305d\u308c\u306b\u4f34\u3063\u3066\u6295\u8cc7\u5bb6\u3068\u8caf\u84c4\u8005\u306b\u3068\u3063\u3066\u57df\u5185\u306b\u6295\u8cc7\u3059\u308b\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u3082\u5f37\u304f\u306a\u3063\u305f\u3002<\/p>\n
\u3000\u3053\u308c\u306f\u7c73\u56fd\u306e\u91d1\u878d\u5e02\u5834\u306b\u91cd\u5927\u306a\u30ea\u30b9\u30af\u3092\u751f\u3058\u3055\u305b\u308b\u3002\u305d\u306e\u30ea\u30b9\u30af\u306f\u3001\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u304c\u5f8c\u62bc\u3057\u3057\u3066\u3044\u308b\u3068\u307f\u3089\u308c\u308b\u30c9\u30eb\u5b89\u3060\u3051\u3067\u306f\u306a\u3044\u3002<\/p>\n
\u7c73\u56fd\u50b5\u306e\u5916\u56fd\u6295\u8cc7\u5bb6\u306e\u4e2d\u3067\u6700\u5927\u30b0\u30eb\u30fc\u30d7\u306f\u65e5\u672c\u306e\u6295\u8cc7\u5bb6\u3060\u304c\u3001\u6b27\u5dde\u3082\uff12\uff10\uff11\uff12\u5e74\u4ee5\u6765\u3001\u6d77\u5916\u306e\u682a\u5f0f\u306b\uff17\u5146\u30c9\u30eb\u3092\u6295\u8cc7\u3057\u3066\u3044\u308b\u3002<\/p>\n
\u3000\u591a\u304f\u306e\u4e89\u70b9\u3092\u62b1\u3048\u308b\u7c73\u56fd\u3068\u6b27\u5dde\u306e\u8cbf\u6613\u4ea4\u6e09\u306f\u3001\u671f\u9650\u304c\u308f\u305a\u304b\uff16\u9031\u9593\u5f8c\u306b\u8feb\u3063\u3066\u3044\u308b\u304c\u3001\u305d\u306e\u7d50\u679c\u304c\u3082\u305f\u3089\u3059\u5f71\u97ff\u306f\u53cc\u65b9\u3068\u3082\u306b\u975e\u5e38\u306b\u5927\u304d\u3044\u3060\u308d\u3046\u3002<\/p>\n
![\"This](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/05\/1748589920_240_chart.png\")
This map depicts the ratio of the population aged 65 and over in 2023 in each country\/area of the world.<\/p>\n
\uff08\u7b46\u8005\u306f\u30ed\u30a4\u30bf\u30fc\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\/05\/https:\/\/author-service-images-prod-us-east-1.publishing.aws.arc.pub\/reuters\/008dd049-1506-4900-99c0-.jpeg\"\/)
<\/p>\n
Mike Dolan is Reuters Editor-at-Large for Finance & Markets and a regular columnist. He has worked as a correspondent, editor and columnist at Reuters for the past 30 years – specializing in global economics and policy and financial markets across G7 and emerging economies. Mike is based in London but has also worked in Washington DC and in Sarajevo and has covered news events from dozens of cities across the world. A graduate in economics and politics from Trinity College Dublin, Mike previously worked with Bloomberg and Euromoney and received Reuters awards for his work during the financial crisis in 2007\/2008 and on Frontier Markets in 2010.<\/p>\n","protected":false},"excerpt":{"rendered":"
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