![\"コラム：米市場からの資金シフト、欧州よりアジアが有望か\"\/](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/06\/SKXEXIMXUVIORI6OEHQ2S2MTRY.jpg\")
<\/p>\n<\/p>\n
\u3000\uff16\u6708\uff14\u65e5\u3001\u6295\u8cc7\u5bb6\u304c\u7c73\u91d1\u878d\u8cc7\u7523\u3078\u306e\u6295\u8cc7\u7e2e\u5c0f\u3092\u691c\u8a0e\u3057\u3066\u3044\u308b\u4eca\u3001\u91cd\u8981\u306a\u554f\u3044\u306f\u7c73\u56fd\u304b\u3089\u9003\u3052\u305f\u8cc7\u91d1\u306e\u5411\u304b\u3046\u5148\u3060\u3002\u30d0\u30f3\u30b3\u30af\u3067\uff13\u6708\u64ae\u5f71\uff08\uff12\uff10\uff12\uff15\u5e74\u3000\u30ed\u30a4\u30bf\u30fc\/Athit Perawongmetha\uff09<\/p>\n
\uff3b\uff14\u65e5\u3000\u30ed\u30a4\u30bf\u30fc\uff3d – \u6295\u8cc7\u5bb6\u304c\u7c73\u91d1\u878d\u8cc7\u7523\u3078\u306e\u6295\u8cc7\u7e2e\u5c0f\u3092\u691c\u8a0e\u3057\u3066\u3044\u308b\u4eca\u3001\u91cd\u8981\u306a\u554f\u3044\u306f\u7c73\u56fd\u304b\u3089\u9003\u3052\u305f\u8cc7\u91d1\u306e\u5411\u304b\u3046\u5148\u3060\u3002\u5206\u304b\u308a\u3084\u3059\u3044\u306e\u306f\u6b27\u5dde\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u3001\u76f8\u5bfe\u7684\u4fa1\u5024\u3092\u793a\u3059\u6307\u6a19\u3092\u898b\u308b\u3068\u3001\u30a2\u30b8\u30a2\u65b0\u8208\u56fd\u5e02\u5834\u306e\u65b9\u304c\u6709\u671b\u304b\u3082\u3057\u308c\u306a\u3044\u3002<\/p>\n
\u7c73\u56fd\u682a\u306f\u3001\u30c8\u30e9\u30f3\u30d7\u7c73\u5927\u7d71\u9818\u306b\u3088\u308b\u300c\u76f8\u4e92\u95a2\u7a0e\u300d\u767a\u8868\u5f8c\u306e\u6025\u843d\u304b\u3089\u6301\u3061\u76f4\u3057\u305f\u304c\u3001\u7c73\u56fd\u50b5\u306f\u305d\u3046\u3067\u306f\u306a\u3044\u3002\uff11\uff10\u5e74\u7269\u7c73\u56fd\u50b5\u306e\u5229\u56de\u308a\u306f\uff14\u6708\uff14\u65e5\u306b\u76f4\u8fd1\u306e\u6700\u4f4e\u6c34\u6e96\u3092\u4ed8\u3051\u3066\u4ee5\u964d\u3001\uff15\uff10\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\uff08\uff42\uff50\uff09\u524d\u5f8c\u3082\u8df3\u306d\u4e0a\u304c\u3063\u305f\u3002\u6295\u8cc7\u5bb6\u304c\u3001\u9577\u671f\u306e\u7c73\u56fd\u50b5\u3092\u4fdd\u6709\u3059\u308b\u30ea\u30b9\u30af\u306b\u5bfe\u3057\u3001\u3088\u308a\u5927\u304d\u306a\u4ee3\u511f\u3092\u6c42\u3081\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u304b\u3089\u3060\u3002<\/p>\n
\u5fc3\u914d\u306a\u3053\u3068\u306b\u3001\u7c73\u56fd\u50b5\u6307\u6a19\u9298\u67c4\u306e\u5229\u56de\u308a\u306f\u3001\u7c73\u56fd\u306e\u56fd\u5185\u7dcf\u751f\u7523\uff08\uff27\uff24\uff30\uff09\u306e\u540d\u76ee\u4f38\u3073\u7387\u3092\u4e0a\u56de\u3063\u3066\u3044\u308b\u3002\u3053\u308c\u306f\u91cd\u8981\u306a\u30ea\u30b9\u30af\u6307\u6a19\u3060\u3002<\/p>\n
\u305d\u306e\u4e0a\u3001\u901a\u5e38\u898b\u3089\u308c\u308b\u7c73\u56fd\u50b5\u5229\u56de\u308a\u3068\u30c9\u30eb\u76f8\u5834\u306e\u6b63\u306e\u76f8\u95a2\u306f\u5d29\u308c\u3066\u3044\u308b\u3002\u5229\u56de\u308a\u304c\u4e0a\u6607\u3057\u3066\u3082\u3001\u300c\u4e16\u754c\u3067\u6700\u3082\u5b89\u5168\u306a\u8cc7\u7523\u300d\u3068\u3055\u308c\u305f\u7c73\u56fd\u50b5\u304c\u8cc7\u91d1\u3092\u5f15\u304d\u4ed8\u3051\u306a\u304f\u306a\u3063\u305f\u304b\u3089\u3060\u3002\u682a\u4fa1\u53cd\u767a\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u30c9\u30eb\u304c\u5e45\u5e83\u3044\u901a\u8ca8\u306b\u5bfe\u3057\u3066\u4e0b\u843d\u3057\u3066\u3044\u308b\u3068\u3053\u308d\u3092\u898b\u308b\u3068\u3001\u591a\u304f\u306e\u7c73\u56fd\u8cc7\u7523\u304c\u58f2\u3089\u308c\u3001\u901a\u8ca8\u304c\u4e0a\u6607\u3057\u3066\u3044\u308b\u5e02\u5834\u3078\u3068\u8cc7\u91d1\u304c\u6d41\u308c\u3066\u3044\u308b\u3088\u3046\u3060\u3002<\/p>\n
![\"The](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/06\/1749365788_624_chart.png\")
The chart shows daily US 10-year treasury yields from 22nd April 2024 to 23rd May 2025.![\"The](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/06\/1749365790_337_chart.png\")
The chart shows the US Dollar against a basket of advanced economy currencies.<\/p>\n
\uff1c\u6b27\u5dde\u8cc7\u7523\uff1e<\/p>\n
\u30e6\u30fc\u30ed\u304c\u4eca\u5e74\u30c9\u30eb\u306b\u5bfe\u3057\u3066\u7d04\uff11\uff10\uff05\u4e0a\u6607\u3057\u305f\u3053\u3068\u306f\u3001\u8cc7\u91d1\u306e\u5927\u90e8\u5206\u304c\u7c73\u56fd\u304b\u3089\u6b27\u5dde\u306b\u6d41\u51fa\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u308b\u3002\u7c73\u653f\u5e9c\u306e\u653f\u7b56\u306b\u5bfe\u3059\u308b\u61f8\u5ff5\u3068\u3001\u6b27\u5dde\u306e\u65b9\u304c\u8fc5\u901f\u306a\u7d4c\u6e08\u6210\u9577\u304c\u898b\u8fbc\u307e\u308c\u308b\u3053\u3068\u304c\u76f8\u307e\u3063\u305f\u7d50\u679c\u3060\u308d\u3046\u3002<\/p>\n
\u6b27\u5dde\u4e2d\u592e\u9280\u884c\uff08\uff25\uff23\uff22\uff09\u304c\u8ffd\u52a0\u5229\u4e0b\u3052\u3092\u5b9f\u65bd\u3059\u308c\u3070\u3001\u7d4c\u6e08\u6d3b\u52d5\u306f\u4fc3\u9032\u3055\u308c\u308b\u3060\u308d\u3046\u3002\u30c9\u30a4\u30c4\u304c\u6700\u8fd1\u3001\u57fa\u672c\u6cd5\uff08\u61b2\u6cd5\uff09\u3092\u6539\u6b63\u3057\u3066\u300c\u50b5\u52d9\u30d6\u30ec\u30fc\u30ad\u300d\u3092\u4e00\u90e8\u89e3\u9664\u3057\u305f\u3053\u3068\u306b\u4f34\u3044\u4e88\u60f3\u3055\u308c\u308b\u8ca1\u653f\u652f\u51fa\u306e\u6025\u5897\u3082\u3001\u6210\u9577\u4fc3\u9032\u306b\u3064\u306a\u304c\u308b\u306f\u305a\u3060\u3002<\/p>\n
\u8ca1\u653f\u652f\u51fa\u62e1\u5927\u306f\u65e2\u306b\u6b27\u5dde\u682a\u3001\u7279\u306b\u9632\u885b\u3001\u9271\u5de5\u696d\u3001\u30cf\u30a4\u30c6\u30af\u682a\u306b\u8ffd\u3044\u98a8\u3092\u5439\u304b\u305b\u3066\u3044\u308b\u3002\u6b27\u5dde\u682a\u306f\u4eca\u306e\u3068\u3053\u308d\u3001\uff12\uff10\uff12\uff15\u5e74\u306e\u300c\u610f\u5916\u306a\u52dd\u3061\u7d44\u300d\u3060\u3002<\/p>\n
\uff1c\u50b5\u52d9\u554f\u984c\uff1e<\/p>\n
\u3057\u304b\u3057\u3001\u306b\u308f\u304b\u306b\u767b\u5834\u3057\u305f\u300c\u6b27\u5dde\u4f8b\u5916\u4e3b\u7fa9\u300d\u306e\u30b9\u30c8\u30fc\u30ea\u30fc\u306b\u7591\u5ff5\u3092\u62b1\u304b\u305b\u308b\u8981\u56e0\u3082\u3042\u308b\u3002<\/p>\n
\u6295\u8cc7\u5bb6\u304c\u7c73\u56fd\u8cc7\u7523\u3078\u306e\u61f8\u5ff5\u3092\u52df\u3089\u305b\u3066\u3044\u308b\u7406\u7531\u306e\u3072\u3068\u3064\u306f\u3001\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u304c\u591a\u984d\u306e\u8ca1\u653f\u8d64\u5b57\u3068\u3001\uff11\uff12\uff10\uff05\u3092\u8d85\u3048\u305f\u50b5\u52d9\u306e\u5bfe\uff27\uff24\uff30\u6bd4\u7387\u3092\u7e2e\u5c0f\u3067\u304d\u305d\u3046\u3082\u306a\u3044\u3001\u3068\u306e\u898b\u65b9\u306b\u3042\u308a\u305d\u3046\u3060\u3002<\/p>\n
\u3082\u3063\u3068\u3082\u3001\u6b27\u5dde\u3067\u3082\u50b5\u52d9\u306e\u5bfe\uff27\uff24\uff30\u6bd4\u7387\u306e\u9ad8\u3055\u306f\u554f\u984c\u306b\u306a\u3063\u3066\u304a\u308a\u3001\u30a4\u30bf\u30ea\u30a2\u306f\uff11\uff13\uff15\uff05\u3001\u30d5\u30e9\u30f3\u30b9\u306f\uff11\uff11\uff13\uff05\u3001\u82f1\u56fd\u306f\uff19\uff16\uff05\u3060\u3002\u91cd\u8981\u306a\u3053\u3068\u3068\u3057\u3066\u3001\u30a4\u30bf\u30ea\u30a2\u3068\u30d5\u30e9\u30f3\u30b9\u3067\u3082\uff11\uff10\u5e74\u56fd\u50b5\u5229\u56de\u308a\u306f\u540d\u76ee\uff27\uff24\uff30\u4f38\u3073\u7387\u3092\u4e0a\u56de\u3063\u3066\u3044\u308b\u3002<\/p>\n
\u5f8c\u8005\u306e\u6307\u6a19\uff08\uff11\uff10\u5e74\u50b5\u5229\u56de\u308a\u304c\u540d\u76ee\uff27\uff24\uff30\u4f38\u3073\u7387\u3088\u308a\u9ad8\u3044\u3053\u3068\uff09\u306f\u30c9\u30a4\u30c4\u306b\u3082\u5f53\u3066\u306f\u307e\u308b\u304c\u3001\u540c\u56fd\u306e\u50b5\u52d9\u6bd4\u7387\u306f\u308f\u305a\u304b\uff16\uff12\uff05\u3060\u3002\u5f93\u3063\u3066\u30c9\u30a4\u30c4\u306b\u304a\u3044\u3066\u540c\u6307\u6a19\u304c\u4e3b\u306b\u53cd\u6620\u3057\u3066\u3044\u308b\u306e\u306f\u3001\u3053\u308c\u307e\u3067\u4f4e\u8ff7\u3057\u3066\u3044\u305f\u7d4c\u6e08\u306b\u9593\u3082\u306a\u304f\u591a\u984d\u306e\u8ca1\u653f\u51fa\u52d5\u304c\u884c\u308f\u308c\u308b\u3068\u3044\u3046\u72b6\u6cc1\u3060\u308d\u3046\u3002<\/p>\n
\u6b27\u5dde\u306e\u8ca1\u653f\u62e1\u5927\u306f\u4eca\u5f8c\u3082\u6b27\u5dde\u682a\u306e\u652f\u63f4\u6750\u6599\u3068\u306a\u308a\u7d9a\u3051\u305d\u3046\u3060\u304c\u3001\u3053\u306e\u3053\u3068\u304c\u50b5\u5238\u6295\u8cc7\u306b\u3068\u3063\u3066\u3082\u6717\u5831\u304b\u3069\u3046\u304b\u306f\u307e\u3060\u5206\u304b\u3089\u306a\u3044\u3002<\/p>\n
\uff1c\u30a2\u30b8\u30a2\u3068\u3044\u3046\u9078\u629e\u80a2\uff1e<\/p>\n
\u4e00\u65b9\u3001\u30a2\u30b8\u30a2\u65b0\u8208\u56fd\u5e02\u5834\u306e\u50b5\u52d9\u72b6\u6cc1\u306f\u6b27\u5dde\u3088\u308a\u826f\u597d\u3067\u3001\u6210\u9577\u898b\u901a\u3057\u3082\u3088\u308a\u660e\u308b\u3044\u3002<\/p>\n
\u591a\u304f\u306e\u30a2\u30b8\u30a2\u8af8\u56fd\u306f\u653f\u5e9c\u50b5\u52d9\u306e\u5bfe\uff27\uff24\uff30\u6bd4\u7387\u304c\u4f4e\u304f\u3001\u30a4\u30f3\u30c9\u30cd\u30b7\u30a2\u3067\uff13\uff17\uff05\u3001\u4e2d\u56fd\u3068\u30a4\u30f3\u30c9\u3067\uff18\uff15\uff05\u524d\u5f8c\u3060\u3002<\/p>\n
\u56fd\u50b5\u6307\u6a19\u9298\u67c4\u306e\u5229\u56de\u308a\u306f\u3001\uff12\uff10\uff12\uff13\u5e74\uff11\uff10\u6708\u304b\u3089\u5730\u57df\u5168\u4f53\u3067\u4e0b\u843d\u50be\u5411\u306b\u3042\u308a\u3001\u50b5\u5238\u6295\u8cc7\u5bb6\u304c\u30a2\u30b8\u30a2\u8af8\u56fd\u306e\u8ca1\u653f\u72b6\u6cc1\u306b\u3042\u307e\u308a\u61f8\u5ff5\u3092\u62b1\u3044\u3066\u3044\u306a\u3044\u3053\u3068\u304c\u5206\u304b\u308b\u3002\u5b9f\u969b\u3001\u4e2d\u56fd\u3001\u30bf\u30a4\u3001\u97d3\u56fd\u306e\u56fd\u50b5\u5229\u56de\u308a\u306f\u7c73\u56fd\u3088\u308a\u4f4e\u3044\u3002\u3082\u3063\u3068\u3082\u30a4\u30f3\u30c9\u30cd\u30b7\u30a2\u3068\u30a4\u30f3\u30c9\u306e\u5229\u56de\u308a\u306f\u9ad8\u6b62\u307e\u308a\u3057\u3066\u3044\u308b\u3002<\/p>\n
![\"The](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/06\/1749365791_853_chart.png\")
The chart plots daily 10-year treasury bond yields.<\/p>\n
\u50b5\u52d9\u6c34\u6e96\u304c\u4f4e\u3044\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u591a\u304f\u306e\u56fd\u3005\u3067\u8ca1\u653f\u51fa\u52d5\u4f59\u5730\u304c\u5927\u304d\u3044\u3053\u3068\u3082\u610f\u5473\u3059\u308b\u3002\u4e00\u65b9\u3001\u30a4\u30f3\u30d5\u30ec\u306f\u843d\u3061\u7740\u3044\u3066\u3044\u308b\u305f\u3081\u3001\u3053\u306e\u5730\u57df\u306e\u4e2d\u592e\u9280\u884c\u306f\u666f\u6c17\u523a\u6fc0\u306e\u305f\u3081\u306e\u5229\u4e0b\u3052\u3092\u7d9a\u3051\u308b\u3053\u3068\u304c\u53ef\u80fd\u3060\u3002<\/p>\n
\u307e\u305f\u3001\u30a2\u30b8\u30a2\u65b0\u8208\u56fd\u5e02\u5834\u306f\u6210\u9577\u306e\u901f\u3044\u30cf\u30a4\u30c6\u30af\u4f01\u696d\u304c\u6b27\u5dde\u3088\u308a\u306f\u308b\u304b\u306b\u591a\u3044\u3002<\/p>\n
\uff1c\u76f8\u5bfe\u7684\u4fa1\u5024\uff1e<\/p>\n
\u6b27\u5dde\u682a\u306f\u4eca\u5e74\u3001\u7c73\u56fd\u682a\u3092\u5927\u5e45\u306b\u30a2\u30a6\u30c8\u30d1\u30d5\u30a9\u30fc\u30e0\u3057\u3066\u3044\u308b\u304c\u3001\u6b27\u5dde\u306e\u4e3b\u8981\u682a\u4fa1\u6307\u6570\uff33\uff34\uff2f\uff38\uff38\uff15\uff10\u306e\uff11\u5e74\u5f8c\u4e88\u60f3\u5229\u76ca\u306b\u57fa\u3065\u304f\u682a\u4fa1\u53ce\u76ca\u7387\uff08\uff30\uff25\uff32\uff09\u306f\uff15\u6708\uff12\uff13\u65e5\u6642\u70b9\u3067\uff11\uff15\uff0e\uff14\u500d\u3068\u3001\u7c73\uff33\uff06\uff30\uff15\uff10\uff10\u7a2e\u7dcf\u5408\u6307\u6570\u306e\uff12\uff11\uff0e\uff10\u500d\u3092\u5927\u5e45\u306b\u4e0b\u56de\u3063\u3066\u3044\u308b\u3002\u3057\u304b\u3057\uff2d\uff33\uff23\uff29\u306e\u65e5\u672c\u3092\u9664\u304f\u30a2\u30b8\u30a2\u682a\u5f0f\u6307\u6570\u3067\u306f\uff11\uff13\uff0e\uff14\u500d\u3068\u3001\u3055\u3089\u306b\u4f4e\u3044\u3002<\/p>\n
![\"The](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/06\/1749365793_417_chart.png\")
The chart shows daily closing values of European and Asian equities.<\/p>\n
\u305d\u306e\u4e0a\u3001\uff12\uff10\uff12\uff16\u5e74\u307e\u3067\u306e\u4f01\u696d\u306e\u4e88\u60f3\u5897\u76ca\u7387\u306f\u3001\u7c73\u56fd\u3068\u6b27\u5dde\u306e\u3044\u305a\u308c\u306b\u6bd4\u3079\u3066\u3082\u30a2\u30b8\u30a2\u306e\u65b9\u304c\u9ad8\u3044\u3002<\/p>\n
![\"The](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/06\/1749365794_897_chart.png\")
The chart shows historical EPS growth for 2024 and growth estimates<\/p>\n
\u3055\u3089\u306b\u3001\u7c73\u56fd\u304b\u3089\u8cc7\u91d1\u304c\u30b7\u30d5\u30c8\u3057\u305f\u5834\u5408\u306e\u597d\u5f71\u97ff\u306f\u3001\u6b27\u5dde\u3088\u308a\u3082\u30a2\u30b8\u30a2\u306e\u65b9\u304c\u5927\u304d\u3044\u3002\u3053\u308c\u306f\u76f8\u5bfe\u7684\u306a\u898f\u6a21\u306b\u3088\u308b\u3082\u306e\u3060\u3002\u7c73\u56fd\u306e\u6d6e\u52d5\u682a\u306e\u6642\u4fa1\u7dcf\u984d\u3001\u7d04\uff15\uff18\u5146\u30c9\u30eb\u306e\uff15\uff05\u3001\u3064\u307e\u308a\uff13\u5146\u30c9\u30eb\u7a0b\u5ea6\u304c\u7c73\u56fd\u3092\u96e2\u308c\u308b\u3068\u3057\u3088\u3046\u3002\u3053\u308c\u306f\u30a2\u30b8\u30a2\u306e\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d\u306e\uff13\uff16\uff05\u306b\u76f8\u5f53\u3059\u308b\u304c\u3001\u6b27\u5dde\u3067\u306f\uff12\uff12\uff05\u306b\u3068\u3069\u307e\u308b\u3002<\/p>\n
![\"The](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/06\/1749365795_350_chart.png\")
The chart shows the proportions of global market cap and global GDP occupied by the US, Europe and Asia ex Japan.<\/p>\n
\uff1c\u8b66\u6212\u6b8b\u308b\u30a2\u30b8\u30a2\uff1e<\/p>\n
\u305f\u3060\u3001\u30a2\u30b8\u30a2\u3078\u306e\u8b66\u6212\u611f\u3092\u89e3\u3051\u306a\u3044\u306e\u3082\u7121\u7406\u306f\u306a\u3044\u3002\u30a2\u30b8\u30a2\u8af8\u56fd\u306e\u7c73\u56fd\u3068\u306e\u8cbf\u6613\u4ea4\u6e09\u306f\u3001\u306a\u304a\u7d06\u4f59\u66f2\u6298\u304c\u4e88\u60f3\u3055\u308c\u3001\u4fdd\u8b77\u4e3b\u7fa9\u30e0\u30fc\u30c9\u304c\u9ad8\u307e\u308c\u3070\u8f38\u51fa\u4f9d\u5b58\u5ea6\u306e\u9ad8\u3044\u30a2\u30b8\u30a2\u8af8\u56fd\u306f\u5727\u8feb\u3055\u308c\u304b\u306d\u306a\u3044\u3002\u305d\u306e\u4e0a\u3001\u4e2d\u56fd\u306f\u904e\u53bb\uff18\u30ab\u6708\u9593\u3001\u91d1\u878d\u3001\u8ca1\u653f\u4e21\u9762\u3067\u523a\u6fc0\u7b56\u3092\u7e70\u308a\u51fa\u3057\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u6210\u9577\u304c\u4f4e\u8ff7\u3057\u305f\u307e\u307e\u3060\u3002<\/p>\n
\u6700\u5f8c\u306b\u3001\u30a2\u30b8\u30a2\u65b0\u8208\u56fd\u5e02\u5834\u3078\u306e\u8cc7\u91d1\u6d41\u5165\u306f\u30a2\u30b8\u30a2\u901a\u8ca8\u306e\u5bfe\u30c9\u30eb\u76f8\u5834\u3078\u306e\u5f71\u97ff\u3092\u8003\u3048\u308c\u3070\u8af8\u5203\u306e\u5263\u3060\u3002\u30a2\u30b8\u30a2\u901a\u8ca8\u304c\u5927\u5e45\u306b\u4e0a\u6607\u3059\u308c\u3070\u3001\u3053\u306e\u5730\u57df\u306e\u6210\u9577\u30a8\u30f3\u30b8\u30f3\u306b\u3068\u3063\u3066\u969c\u5bb3\u3068\u306a\u308a\u304b\u306d\u306a\u3044\u3002<\/p>\n
\u5f93\u3063\u3066\u6295\u8cc7\u5bb6\u306f\u3001\u30d0\u30ea\u30a7\u30fc\u30b7\u30e7\u30f3\u6307\u6a19\u3060\u3051\u3067\u306a\u304f\u30de\u30af\u30ed\u7d4c\u6e08\u3084\u5730\u653f\u5b66\u7684\u72b6\u6cc1\u3001\u653f\u7b56\u767a\u8868\u3092\u6ce8\u8996\u3057\u7d9a\u3051\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002<\/p>\n
\u30a2\u30b8\u30a2\u306e\u7a4f\u5065\u306a\u50b5\u52d9\u74b0\u5883\u3068\u660e\u308b\u3044\u6210\u9577\u898b\u901a\u3057\u3092\u8e0f\u307e\u3048\u308c\u3070\u3001\u3053\u306e\u5730\u57df\u306e\u682a\u5f0f\u3001\u50b5\u5238\u5e02\u5834\u306f\u300c\u7c73\u56fd\u4f8b\u5916\u4e3b\u7fa9\u300d\u306e\u7d42\u7109\uff08\u3057\u3085\u3046\u3048\u3093\uff09\u306b\u3088\u308b\u6069\u6075\u306b\u6d74\u3059\u308b\u53ef\u80fd\u6027\u3092\u79d8\u3081\u3066\u3044\u308b\u3002<\/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
\u203b\u539f\u6587\u8a18\u4e8b\u306a\u3069\u95a2\u9023\u60c5\u5831\u306f\u753b\u9762\u53f3\u5074\u306b\u3042\u308b\u300c\u95a2\u9023\u30b3\u30f3\u30c6\u30f3\u30c4\u300d\u30e1\u30cb\u30e5\u30fc\u304b\u3089\u3054\u89a7\u304f\u3060\u3055\u3044<\/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\/06\/https:\/\/s3.amazonaws.com\/arc-authors\/reuters\/55d7386b-b802-4e01-8259-944d1b701159.png\"\/)
<\/p>\n
Michael helps regional editors oversee initiative coverage from Africa, Middle East and South Asia, and temporarily stepping into a similar role for the Ukraine war. A senior editor he was working on Asia Top News, and lead EMEA Top News with an emphasis on in-depth stories. During his nearly 30 years at Reuters, he held postings in Moscow, Central Asia, Pakistan and Afghanistan. He also covered conflicts in the Balkans, Afghanistan and Iraq, uprisings in Egypt and the annexation of Crimea, as well as World Cups, Olympic Games and the arts and entertainment sector as senior correspondent, EMEA. He won Reuters editor of the year for 2015 Afghan coverage.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u3000\uff16\u6708\uff14\u65e5\u3001\u6295\u8cc7\u5bb6\u304c\u7c73\u91d1\u878d\u8cc7\u7523\u3078\u306e\u6295\u8cc7\u7e2e\u5c0f\u3092\u691c\u8a0e\u3057\u3066\u3044\u308b\u4eca\u3001\u91cd\u8981\u306a\u554f\u3044\u306f\u7c73\u56fd\u304b\u3089\u9003\u3052\u305f\u8cc7\u91d1\u306e\u5411\u304b\u3046\u5148\u3060\u3002\u30d0\u30f3\u30b3\u30af\u3067\uff13\u6708\u64ae\u5f71\uff08\uff12\uff10\uff12\uff15\u5e74\u3000\u30ed\u30a4\u30bf\u30fc\/Athit Perawongmetha\uff09 \uff3b\uff14\u65e5\u3000\u30ed\u30a4\u30bf\u30fc\uff3d –<\/p>\n","protected":false},"author":2,"featured_media":2546486,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[389806],"tags":[762691,762764,14869,762699,762767,762814,222298,762772,766561,766116,762774,102465,762786,762698,762734,188914,188089,762684,762685,769147,762777,762697,622598,688579,705736,89874,7293,2482],"class_list":{"0":"post-2546485","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-europe","8":"tag-amers","9":"tag-anlins","10":"tag-asia","11":"tag-asxpac","12":"tag-bojj","13":"tag-cen","14":"tag-clm","15":"tag-dbt","16":"tag-destnojpzam","17":"tag-destnojpztm","18":"tag-eci","19":"tag-eco","20":"tag-econ","21":"tag-emea","22":"tag-europ","23":"tag-europe","24":"tag-int","25":"tag-jfor","26":"tag-jln","27":"tag-kmove","28":"tag-mce","29":"tag-namer","30":"tag-roi","31":"tag-stx","32":"tag-trn","33":"tag-us","34":"tag-7293","35":"tag-2482"},"share_on_mastodon":{"url":"https:\/\/wakoka.com\/@news\/114646446138266334","error":""},"_links":{"self":[{"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/posts\/2546485","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/comments?post=2546485"}],"version-history":[{"count":0,"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/posts\/2546485\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/media\/2546486"}],"wp:attachment":[{"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/media?parent=2546485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/categories?post=2546485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/tags?post=2546485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}