![](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/12\/1764555205_666_-1x-1.png\"\/)
<\/p>\n\u30c6\u30a3\u30e2\u30b7\u30fc\u30fb\u30ac\u30a4\u30c8\u30ca\u30fc\u6c0f\u306f\u3001\u81ea\u8eab\u306e\u30ad\u30e3\u30ea\u30a2\u3092\u901a\u3058\u3066\u65e5\u672c\u3068\u3082\u6df1\u304f\u95a2\u308f\u3063\u305f\u5143\u7c73\u8ca1\u52d9\u9577\u5b98\u3060\u304c\u3001\u4e88\u6e2c\u3092\u305d\u308c\u307b\u3069\u91cd\u8996\u3057\u3066\u3044\u306a\u304b\u3063\u305f\u3002\u82e5\u624b\u6642\u4ee3\u306b\u6771\u4eac\u3067\u56db\u534a\u671f\u3054\u3068\u306e\u7d4c\u6e08\u898b\u901a\u3057\u3092\u4f5c\u6210\u3057\u305f\u969b\u3001\u3069\u3093\u306a\u306b\u512a\u308c\u305f\u4e88\u6e2c\u3067\u3082\u7d50\u5c40\u306f\u300c\u6839\u62e0\u306e\u3042\u308b\u63a8\u6e2c\u300d\u306b\u904e\u304e\u306a\u3044\u306e\u3060\u3068\u7406\u89e3\u3057\u305f\u3002<\/p>\n
\u3000\u3000\u5186\u76f8\u5834\u306e\u8ee2\u63db\u70b9\u3092\u898b\u629c\u304f\u96e3\u3057\u3055\u306f\u3001\u30ac\u30a4\u30c8\u30ca\u30fc\u6c0f\u304c\u56de\u9867\u9332\u3067\u6307\u6458\u3057\u305f\u3053\u3046\u3057\u305f\u70b9\u3092\u88cf\u4ed8\u3051\u3066\u3044\u308b\u3002\u540c\u6c0f\u306f\u5186\u8cb7\u3044\u3001\u5186\u58f2\u308a\u4e21\u65b9\u306e\u70ba\u66ff\u4ecb\u5165\u306b\u95a2\u308f\u3063\u305f\u3053\u3068\u304c\u3042\u308b\u4eba\u7269\u3060\u3002\u5186\u76f8\u5834\u304c1\u30c9\u30eb\uff1d160\u5186\u306b\u8feb\u308a\u3001\u65e5\u672c\u5f53\u5c40\u304c\u5186\u5b89\u306b\u6b6f\u6b62\u3081\u3092\u304b\u3051\u308b\u305f\u3081\u3001\u4ecb\u5165\u306b\u3044\u3064\u8e0f\u307f\u5207\u308b\u306e\u304b\u3068\u306e\u81c6\u6e2c\u304c\u5e83\u304c\u308b\u4e2d\u3001\u65ad\u5b9a\u304c\u3044\u304b\u306b\u5371\u3046\u3044\u304b\u3092\u601d\u3044\u51fa\u3059\u5fc5\u8981\u304c\u3042\u308b\u30021\u65e5\u5f53\u305f\u308a\u306e\u53d6\u5f15\u304c9\u51466000\u5104\u30c9\u30eb\uff08\u7d041500\u5146\u5186\uff09\u898f\u6a21\u306b\u81a8\u3089\u3093\u3060\u5916\u56fd\u70ba\u66ff\u5e02\u5834\u3067\u3042\u308c\u3070\u306a\u304a\u3055\u3089\u3060\u3002<\/p>\n
\u3000\u3000\u7247\u5c71\u3055\u3064\u304d\u8ca1\u52d9\u76f8\u306f\u3001\u5186\u306e\u5f31\u6c17\u6d3e\u306b\u5bfe\u3059\u308b\u8b66\u544a\u3092\u5f37\u3081\u3066\u3044\u308b\u3002\u5148\u6708\u306b\u306f\u8a18\u8005\u56e3\u306b\u5bfe\u3057\u3001\u300c\u6295\u6a5f\u7684\u306a\u52d5\u5411\u3082\u542b\u3081\u3001\u70ba\u66ff\u5e02\u5834\u306b\u304a\u3051\u308b\u7121\u79e9\u5e8f\u306a\u52d5\u304d\u306b\u3064\u3044\u3066\u306f\u5fc5\u8981\u306b\u5fdc\u3058\u3066\u9069\u5207\u306a\u5bfe\u5fdc\u3092\u53d6\u308b\u300d\u3068\u8ff0\u3079\u305f\u3002<\/p>\n
\u3000\u3000\u8ca1\u52d9\u7701\u306f\u3001\u4e00\u65b9\u7684\u304b\u3064\u6025\u901f\u306a\u52d5\u304d\u3068\u307f\u3089\u308c\u308b\u72b6\u6cc1\u306b\u5f37\u3044\u61f8\u5ff5\u3092\u62b1\u3044\u3066\u3044\u308b\u3002\u3060\u304c\u3001\u3053\u3046\u3057\u305f\u8a55\u4fa1\u306f\u898b\u308b\u5074\u306b\u3088\u3063\u3066\u7570\u306a\u308b\u9762\u304c\u3042\u308b\u3002\u5927\u53f0\u306b\u8fd1\u4ed8\u304f\u4e2d\u3067\u306f\u3001\u7d76\u5bfe\u6c34\u6e96\u3082\u7121\u8996\u3067\u304d\u306a\u3044\u3002<\/p>\n
\u507d\u308a\u306e\u591c\u660e\u3051<\/p>\n
\u3000\u3000\u70ba\u66ff\u4ecb\u5165\u306f\u3001\u901a\u8ca8\u3092\u554f\u308f\u305a\u6301\u7d9a\u7684\u306a\u53cd\u8ee2\u3092\u3082\u305f\u3089\u3059\u3053\u3068\u306f\u307b\u3068\u3093\u3069\u306a\u3044\u3002\u3060\u304b\u3089\u3053\u305d\u3001\u4eca\u56de\u306e\u5c40\u9762\u306b\u81f3\u308b\u7d4c\u7def\u3092\u632f\u308a\u8fd4\u308b\u3053\u3068\u306f\u91cd\u8981\u3067\u3001\u507d\u308a\u306e\u591c\u660e\u3051\u304c\u4f55\u5ea6\u3082\u7e70\u308a\u8fd4\u3055\u308c\u3066\u304d\u305f\u3053\u3068\u3092\u8e0f\u307e\u3048\u308c\u3070\u306a\u304a\u3055\u3089\u3060\u3002\u4e00\u3064\u660e\u78ba\u306a\u306e\u306f\u30012024\u5e74\u524d\u534a\u306b\u5e83\u307e\u3063\u305f\u300c\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u306e\u89e3\u9664\u304c\u5186\u306e\u65b0\u305f\u306a\u51fa\u767a\u70b9\u306b\u306a\u308b\u300d\u3068\u3044\u3046\u8003\u3048\u304c\u8aa4\u3063\u3066\u3044\u305f\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p>\n
\u3000\u3000\u78ba\u304b\u306b\u3001\u65e5\u672c\u9280\u884c\u304c24\u5e743\u6708\u306b\u5229\u4e0a\u3052\u306b\u8e0f\u307f\u5207\u3063\u305f\u3053\u3068\u81ea\u4f53\u306f\u6ce8\u76ee\u3059\u3079\u304d\u51fa\u6765\u4e8b\u3060\u3063\u305f\u3002\u3057\u304b\u3057\u3001\u6d77\u5916\u306b\u7a4d\u307f\u4e0a\u304c\u3063\u305f\u5de8\u984d\u306e\u8cc7\u91d1\u304c\u3059\u3050\u306b\u56fd\u5185\u306b\u623b\u308a\u3001\u56fd\u969b\u91d1\u878d\u306e\u65b0\u305f\u306a\u6642\u4ee3\u3092\u5207\u308a\u958b\u304f\u3068\u3044\u3046\u898b\u65b9\u306f\u9858\u671b\u306b\u8fd1\u304b\u3063\u305f\u3002\u5186\u76f8\u5834\u306e\u57fa\u8abf\u3092\u6839\u672c\u7684\u306b\u5909\u3048\u308b\u306b\u306f\u3001\u65e5\u9280\u304c\u672c\u683c\u7684\u306a\u5229\u4e0a\u3052\u306b\u8e0f\u307f\u5207\u308a\u3001\u7c73\u56fd\u3068\u306e\u91d1\u5229\u5dee\u3092\u5927\u5e45\u306b\u7e2e\u3081\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002<\/p>\n
<\/p>\n
\u3000\u3000\u3060\u304c\u3001\u690d\u7530\u548c\u7537\u7dcf\u88c1\u306f\u614e\u91cd\u59ff\u52e2\u3092\u5d29\u3057\u3066\u3044\u306a\u3044\u3002\u65e5\u9280\u306f\u305d\u306e\u5f8c\u3001\u5c0f\u5e45\u306a\u5229\u4e0a\u3052\u30922\u56de\u884c\u3044\u3001\u653f\u7b56\u91d1\u5229\u30920.5%\u306b\u5f15\u304d\u4e0a\u3052\u305f\u304c\u3001\u6700\u5f8c\u306e\u5229\u4e0a\u3052\u306f\u4eca\u5e741\u6708\u3060\u3063\u305f\u3002\u8ffd\u52a0\u5229\u4e0a\u3052\u89b3\u6e2c\u306f\u3042\u308b\u3082\u306e\u306e\u3001\u65e5\u9280\u306f\u8a00\u8449\u306e\u4e0a\u3067\u306f\u73fe\u72b6\u7dad\u6301\u3078\u3068\u5f8c\u9000\u3057\u3066\u3044\u308b\u3002\u653f\u5e9c\u304b\u3089\u72ec\u7acb\u3057\u3066\u3044\u308b\u304c\u3001\u5b9f\u969b\u306b\u306f\u8ca1\u52d9\u7701\u3068\u306e\u6469\u64e6\u3092\u907f\u3051\u308b\u610f\u8b58\u304c\u50cd\u304f\u3002<\/p>\n
\u3000\u3000\u91d1\u5229\u5dee\u3092\u5de1\u308b\u4e3b\u5f35\u306b\u3082\u9650\u754c\u304c\u3042\u308b\u3002\u4f8b\u3048\u3070\u3001\u97d3\u56fd\u306f\u65e9\u671f\u304b\u3064\u983b\u7e41\u306b\u5229\u4e0a\u3052\u3092\u5b9f\u65bd\u3057\u3066\u3044\u305f\u304c\u3001\u305d\u308c\u3067\u3082\u30a6\u30a9\u30f3\u306f\u30c9\u30eb\u306b\u5bfe\u3057\u3066\u4e0b\u843d\u50be\u5411\u306b\u3042\u3063\u305f\u3002<\/p>\n
\u4e88\u6e2c\u3092\u7d76\u5bfe\u8996\u3067\u304d\u305a<\/p>\n
\u3000\u3000\u65e5\u9280\u306e\u5e74\u5185\u6700\u5f8c\u306e\u91d1\u878d\u653f\u7b56\u6c7a\u5b9a\u4f1a\u5408\u3092\u63a7\u3048\u308b\u4e2d\u3001\u540c\u3058\u3053\u3068\u304c\u7e70\u308a\u8fd4\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002\u65e5\u9280\u306f12\u6708\u306b\u3082\u5229\u4e0a\u3052\u3059\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u3001\u7c73\u56fd\u306e\u95a2\u7a0e\u63aa\u7f6e\u306b\u3088\u308b\u5f71\u97ff\u3082\u3042\u308a\u3001\u5b9f\u8cea\u306e\u56fd\u5185\u7dcf\u751f\u7523\uff08GDP\uff09\u304c\u7e2e\u5c0f\u3057\u305f\u72b6\u6cc1\u3067\u306f\u3001\u6301\u7d9a\u7684\u306a\u5229\u4e0a\u3052\u5c40\u9762\u3092\u63cf\u304f\u306e\u306f\u5e7b\u60f3\u306b\u8fd1\u3044\u3002<\/p>\n
\u3000\u3000\u4e00\u65b9\u3067\u3001\u5186\u306f\u306a\u304a\u4e8b\u5b9f\u3088\u308a\u3082\u30b9\u30c8\u30fc\u30ea\u30fc\u306b\u5de6\u53f3\u3055\u308c\u3084\u3059\u3044\u3002\u9ad8\u5e02\u65e9\u82d7\u653f\u6a29\u306e\u88dc\u6b63\u4e88\u7b97\u6848\u306fGDP\u306e3%\u672a\u6e80\u306b\u3068\u3069\u307e\u308a\u3001\u3053\u3053\u6570\u9031\u9593\u306e\u5186\u5b89\u3092\u62db\u3044\u305f\u3068\u3059\u308b\u8aac\u660e\u306f\u8aac\u5f97\u529b\u3092\u6b20\u304f\u3002\u3057\u304b\u3082\u6628\u5e74\u5ea6\u306e\u7a0e\u53ce\u306f\u904e\u53bb\u6700\u9ad8\u3060\u3063\u305f\u3002<\/p>\n
\u3000\u3000\u305d\u308c\u3067\u3082\u5e02\u5834\u304c\u53cd\u5fdc\u3059\u308b\u306e\u306f\u3001\u9ad8\u5e02\u9996\u76f8\u304c\u7a4d\u6975\u8ca1\u653f\u3092\u652f\u6301\u3059\u308b\u7acb\u5834\u3067\u77e5\u3089\u308c\u3001\u30b3\u30b9\u30c8\u524a\u6e1b\u306e\u6642\u4ee3\u306b\u7d42\u6b62\u7b26\u3092\u6253\u3068\u3046\u3068\u3059\u308b\u300c\u9ad8\u5727\u7d4c\u6e08\u300d\u8ad6\u8005\u3092\u5468\u56f2\u306b\u62b1\u3048\u3066\u3044\u308b\u305f\u3081\u3060\u3002\u305f\u3060\u3001\u56fd\u4f1a\u306e\u52e2\u529b\u56f3\u3092\u8e0f\u307e\u3048\u308b\u3068\u3001\u3053\u308c\u306f\u9ad8\u5e02\u6c0f\u304c\u4f55\u4e8b\u3082\u601d\u3046\u307e\u307e\u306b\u3067\u304d\u308b\u3068\u3044\u3046\u3053\u3068\u3092\u610f\u5473\u3059\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u3002<\/p>\n
\u3000\u3000\u30af\u30ec\u30c7\u30a3\u30fb\u30a2\u30b0\u30ea\u30b3\u30eb\u8a3c\u5238\u306e\u30c1\u30fc\u30d5\u30a8\u30b3\u30ce\u30df\u30b9\u30c8\u3067\u3001\u9ad8\u5e02\u9996\u76f8\u304c\u65b0\u8a2d\u3057\u305f\u65e5\u672c\u6210\u9577\u6226\u7565\u4f1a\u8b70\u306e\u30e1\u30f3\u30d0\u30fc\u3092\u52d9\u3081\u308b\u4f1a\u7530\u5353\u53f8\u6c0f\u306f\u30ea\u30dd\u30fc\u30c8\u3067\u3001\u9ad8\u5e02\u653f\u6a29\u306f\u70ba\u66ff\u4ecb\u5165\u306b\u3088\u308a\u7a4d\u6975\u7684\u306b\u306a\u308b\u4e00\u65b9\u3001\u5927\u5e45\u306a\u5186\u9ad8\u3092\u76ee\u6307\u3059\u516c\u7b97\u306f\u5c0f\u3055\u3044\u3068\u5206\u6790\u3002\u5186\u5b89\u306f\u56fd\u5185\u306e\u4f01\u696d\u6295\u8cc7\u3092\u5897\u3084\u3059\u7d76\u597d\u306e\u6a5f\u4f1a\u3060\u3068\u653f\u5e9c\u304c\u6349\u3048\u3066\u3044\u308b\u3068\u6307\u6458\u3057\u305f\u3002<\/p>\n
\u3000\u3000\u30ac\u30a4\u30c8\u30ca\u30fc\u6c0f\u304c\u7c73\u8ca1\u52d9\u7701\u3067\u9ad8\u5b98\u3001\u5f8c\u306b\u8ca1\u52d9\u9577\u5b98\u3092\u52d9\u3081\u3066\u3044\u305f\u6642\u671f\u3001\u7c73\u56fd\u306f\u65e5\u672c\u306e\u8981\u8acb\u30672\u5ea6\u3001\u5186\u3092\u5de1\u308a\u6551\u63f4\u306b\u56de\u3063\u305f\u30021\u5ea6\u76ee\u306f1998\u5e74\u306e\u3053\u3068\u3060\u3063\u305f\u3002\u305d\u3057\u30662\u5ea6\u76ee\u306f2011\u5e74\u306e\u6771\u65e5\u672c\u5927\u9707\u707d\u306b\u4f34\u3046\u6d25\u6ce2\u306e\u5f8c\u3001\u666f\u6c17\u304c\u6e1b\u901f\u306e\u702c\u6238\u969b\u306b\u3042\u308a\u3001\u5186\u9ad8\u304c\u5fa9\u8208\u3092\u8105\u304b\u3057\u3066\u3044\u305f\u6642\u671f\u3060\u3002\u30ac\u30a4\u30c8\u30ca\u30fc\u6c0f\u306f\u8ca1\u52d9\u9577\u5b98\u3068\u3057\u3066\u3001G7\u306b\u3088\u308b\u65e5\u672c\u652f\u63f4\u306e\u8abf\u6574\u306b\u91cd\u8981\u306a\u5f79\u5272\u3092\u679c\u305f\u3057\u305f\u3002<\/p>\n
\u3000\u3000\u4e88\u6e2c\u3092\u7d76\u5bfe\u8996\u3059\u3079\u304d\u3067\u306f\u306a\u3044\u3002\u7684\u4e2d\u3057\u305f\u3068\u3057\u3066\u3082\u3001\u305d\u308c\u306f\u5358\u306a\u308b\u5076\u7136\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u70ba\u66ff\u4e88\u6e2c\u306a\u3069\u3092\u4fe1\u3058\u904e\u304e\u308b\u3068\u9ad8\u304f\u3064\u304f\u53ef\u80fd\u6027\u304c\u3042\u308b\u304c\u3001\u904b\u304c\u826f\u3051\u308c\u3070\u3001\u305d\u306e\u4ee3\u511f\u3082\u5c0f\u3055\u304f\u3066\u6e08\u3080\u3002<\/p>\n
\uff08\u30c0\u30cb\u30a8\u30eb\u30fb\u30e2\u30b9\u3001\u30ea\u30fc\u30c7\u30a3\u30fc\u30fb\u30ac\u30ed\u30a6\u30c9\u4e21\u6c0f\u306f\u30d6\u30eb\u30fc\u30e0\u30d0\u30fc\u30b0\u30fb\u30aa\u30d4\u30cb\u30aa\u30f3\u306e\u30b3\u30e9\u30e0\u30cb\u30b9\u30c8\u3067\u3059\u3002\u3053\u306e\u30b3\u30e9\u30e0\u306e\u5185\u5bb9\u306f\u5fc5\u305a\u3057\u3082\u7de8\u96c6\u90e8\u3084\u30d6\u30eb\u30fc\u30e0\u30d0\u30fc\u30b0\u30fb\u30a8\u30eb\u30fb\u30d4\u30fc\u3001\u30aa\u30fc\u30ca\u30fc\u3089\u306e\u610f\u898b\u3092\u53cd\u6620\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\uff09<\/p>\n
\u539f\u984c\uff1aWe Need to Shatter One Big Myth About the Weak Yen: Moss & Reidy\uff08\u629c\u7c8b\uff09<\/p>\n
This column reflects the personal views of the author and does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.<\/p>\n","protected":false},"excerpt":{"rendered":"
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