¡¡(̵ÎÁ²ñ°÷ÍÍÀìÍÑ)
̵ÎÁ¥á¥ë¥Þ¥¬¤ÎÀßÄ꤬½ÐÍè¤Þ¤¹¡£
̵ÎÁID¤Î¼èÆÀ¤Ï¥³¥Á¥é¤«¤é
¢¨ÌµÎÁ¥á¥ë¥Þ¥¬ÇÛ¿®³«»Ï¡ª¡ª
¡¡
¡¡(ÍÎÁ²ñ°÷ÍÍÀìÍÑ)
³ô²Á¤Î±ÜÍ÷¤äÍÎÁ²ñ°÷ÍÍÀìÍÑ¥á¥ë¥Þ¥¬¤ÎÀßÄ꤬½ÐÍè¤Þ¤¹¡£
¡¡
¡¡
¾å¾ì´ë¶È°ìÍ÷½¸
º£Ä«¤Î¥É¥é¤á¤â¤ó¡Ê¶âÍ»À¯ºö¥¦¥©¥Ã¥Á¡Ë
Á´Éô¤Ç 15·ï ¤Îµ»ö¤¬¤¢¤ê¤Þ¤¹¡£¡Êɽ¼¨¡§1¡Ý15¡Ë
¤ªÂê¡Ö·èÄê²ñ¹ç¥ì¥Ó¥å¡¼¡¢¤È¸À¤Ã¤Æ¤âº£²ó¤ÏŸ˾¥ì¥Ý¡¼¥È¤Î´Õ¾Þ¤Ç¤¹¤ï¤Ê¡×
2020/10/30¡Ê¶â¡Ë08:00:49
GoTo²¿¤È¤«¤Ã¤Æ²¿¤Á¤å¤¦¤«¤«¤ó¤Á¤å¤¦¤«[³°Éô¥ê¥ó¥¯] 13:56ÇÛ¿® USJ¤Ê¤ó¤Æ¤É¤¦¤»Êü¤Ã¤Æ¤ª¤¤¤Æ¤âµÒÍè¤ë¤À¤í¤¦¤ËÀǶâ¤ÇÂç´ë¶ÈÍ¥¶ø¤«¤è¤Ã¤Æ´¶¤¸¤Ç¤¹¤¬¡¢[³°Éô¥ê¥ó¥¯] 23:30ÇÛ¿® GoTo²¿¤È¤«¤¬Îɤ¯Ê¬¤«¤é¤ó¤Î¤Ç¥¢¥ì¤Ê¤ó¤Ç¤¹¤¬¡¢²¿¤Ç¤³¤¦¥¬¥Ð¥¬¥Ð¤ÊÀ߷פÇÀ©ÅÙºî¤ë¤ó¤Ç¤·¤ç¤¦¤Í¤¨¡£Çϼ¯¤Ê¤Î¤«¤½¤ì¤È¤â¤ï¤¶¤È·ê¤òºî¤Ã¤Æ(°Ê²¼½ÆÀ¼¤Î°ÙݼèÉÔǽ)¡£ ¤Ê¤É¤È¤¤¤¦ºòº£¤Ç¤Ï¤´¤¶¤¤¤Þ¤¹¤¬(²¿¤Î´Ø·¸¤â¤Ê¤¤)ËÜÆü¤ÏMPM¥ì¥Ó¥å¡¼¤Ç¡£ ¡¦¡¦¡¦¡¦¡¦¤¢¤¢¤½¤ì¤«¤éECB¤Ç¤¹¤¬¡¢[³°Éô¥ê¥ó¥¯] policy decisions 29 October 2020[³°Éô¥ê¥ó¥¯] STATEMENT PRESS CONFERENCE Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB Frankfurt am Main, 29 October 2020 ¤È¤¢¤ê¤Þ¤¹¤¬¡¢¥¹¥Æ¡¼¥È¥á¥ó¥È¤ÎƬ¤¬¥¯¥Ã¥½Ä¹¤¯¤Ê¤Ã¤Æ¤ª¤ê¡¢¤³¤³¤Ç¸µ¤Î¾ðÀªÊѲ½¤¬¥³¥á¥Ã¥È¤µ¤ó¤Ê¤é¤Ì¥³¥Ó¥Ã¥È19¤µ¤ó¤¬¤ä¤Ã¤Æ¤¤ÆËâË¡¤Î¥Ð¥È¥ó¤ò¿¶¤ê²ó¤·¤Æ¤¯¤À¤µ¤Ã¤Æ¤¤¤ë¤Î¤Ç(¤Ê¤ª¥ï¥¤¤Î¥³¥á¥Ã¥È¤µ¤ó¤ÏÂç¾ìµ×Èþ»Ò¤µ¤ó¤Ç¤¹)12·î¤Ë¤Ï²¿¤«¹Í¤¨¤Ê¤¤¤È¥¢¥«¥ó¤Ç¡¢¤È¤¤¤¦¤Î¤¬¤¢¤ë¤Î¤Ç¤¹¤¬¤È¤ê¤¢¤¨¤ºº£²ó¤Ïư¤¤Ê¤·¤À¤Ã¤¿¤Î¤Ç¡¢ÅÚÆü¤«ÃÙ¤¯¤È¤â·îÍË(²¿¤«Ê¸²½¤ÎÆü¤Ë¥¹¥Ú¥·¥ã¥ë¹¹¿·¤·¤¿Êý¤¬Îɤµ¤½¤¦¤Êµ¤¤¬¤·¤Æ¤¤Þ¤·¤¿)¤Ë¤Ï¤³¤Ã¤Á¤Î¥Í¥¿¤â¡£ ¡»°ì±þÀ¼ÌÀʸ¤ÎÊý¤À¤¬Á°²ó¤ÈÁ´¤¯Æ±¤¸[³°Éô¥ê¥ó¥¯] ǯʪ¹ñºÄ¶âÍø¤¬¥¼¥í%ÄøÅ٤ǿä°Ü¤¹¤ë¤è¤¦¡¢¾å¸Â¤òÀߤ±¤ºÉ¬Íפʶâ³Û¤ÎĹ´ü¹ñºÄ¤ÎÇãÆþ¤ì¤ò¹Ô¤¦¡£¤½¤ÎºÝ¡¢¶âÍø¤Ï¡¢·ÐºÑ¡¦Êª²Á¾ðÀªÅù¤Ë±þ¤¸¤Æ¾å²¼¤Ë¤¢¤ëÄøÅÙÊÑÆ°¤·¤¦¤ë¤â¤Î¤È¤¹¤ë1¡£¡Ù(º£²ó) ¡Ø(2)»ñ»ºÇãÆþ¤ìÊý¿Ë(Á´°÷°ìÃ×) Ĺ´ü¹ñºÄ°Ê³°¤Î»ñ»º¤ÎÇãÆþ¤ì¤Ë¤Ä¤¤¤Æ¤Ï¡¢°Ê²¼¤Î¤È¤ª¤ê¤È¤¹¤ë¡£ ¡ETF¤ª¤è¤ÓJ-REIT¤Ë¤Ä¤¤¤Æ¡¢ÅöÌ̤ϡ¢¤½¤ì¤¾¤ìǯ´ÖÌó12Ãû±ß¡¢Ç¯´ÖÌó1,800²¯±ß¤ËÁêÅö¤¹¤ë»Ä¹âÁý²Ã¥Ú¡¼¥¹¤ò¾å¸Â¤Ë¡¢ÀѶËŪ¤ÊÇãÆþ¤ì¤ò¹Ô¤¦2¡£ ¢CPÅù¡¢¼ÒºÄÅù¤Ë¤Ä¤¤¤Æ¤Ï¡¢¤½¤ì¤¾¤ìÌó2Ãû±ß¡¢Ìó3Ãû±ß¤Î»Ä¹â¤ò°Ý»ý¤¹¤ë¡£¤³¤ì¤Ë²Ã¤¨¡¢2021 ǯ3·îËö¤Þ¤Ç¤Î´Ö¡¢¤½¤ì¤¾¤ì 7.5 Ãû±ß¤Î»Ä¹â¤ò¾å¸Â¤Ë¡¢ÄɲäÎÇãÆþ¤ì¤ò¹Ô¤¦¡£¡Ù(º£²ó) ¥¬¥¤¥À¥ó¥¹Ê¸¸À¤âƱ¤¸¡£ ¡ØÆüËܶä¹Ô¤Ï¡¢2%¤Î¡Öʪ²Á°ÂÄê¤ÎÌÜɸ¡×¤Î¼Â¸½¤òÌܻؤ·¡¢¤³¤ì¤ò°ÂÄêŪ¤Ë»ý³¤¹¤ë¤¿¤á¤ËɬÍפʻþÅÀ¤Þ¤Ç¡¢¡ÖĹû¶âÍøÁàºîÉÕ¤ÎÌŪ¡¦¼ÁŪ¶âÍ»´ËÏ¡פò·Ñ³¤¹¤ë¡£¥Þ¥Í¥¿¥ê¡¼¥Ù¡¼¥¹¤Ë¤Ä¤¤¤Æ¤Ï¡¢¾ÃÈñ¼Ôʪ²Á»Ø¿ô(½ü¤¯À¸Á¯¿©ÉÊ)¤ÎÁ°Ç¯Èæ¾å¾ºÎ¨¤Î¼ÂÀÓÃͤ¬°ÂÄêŪ¤Ë2%¤òͤ¨¤ë¤Þ¤Ç¡¢³ÈÂçÊý¿Ë¤ò·Ñ³¤¹¤ë¡£ °ú¤Â³¤¡¢¡¿··¿¥³¥í¥ÊÂбþ»ñ¶â·«¤ê»Ù±çÆÃÊÌ¥×¥í¥°¥é¥à¡¢¢¹ñºÄÇãÆþ¤ì¤ä¥É¥ë¥ª¥Ú¤Ê¤É¤Ë¤è¤ë±ß²ß¤ª¤è¤Ó³°²ß¤Î¾å¸Â¤òÀߤ±¤Ê¤¤½áÂô¤Ê¶¡µë¡¢£ETF¤ª¤è¤ÓJ-REIT¤ÎÀѶËŪ¤ÊÇãÆþ¤ì¤Ë¤è¤ê¡¢´ë¶ÈÅù¤Î»ñ¶â·«¤ê»Ù±ç¤È¶âÍ»»Ô¾ì¤Î°ÂÄê°Ý»ý¤ËÅØ¤á¤Æ¤¤¤¯¡£ ÅöÌÌ¡¢¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹´¶À÷¾É¤Î±Æ¶Á¤òÃí»ë¤·¡¢É¬Íפ¬¤¢¤ì¤Ð¡¢í´í°¤Ê¤¯ÄɲÃŪ¤Ê¶âÍ»´ËÏÂÁ¼ÃÖ¤ò¹Ö¤¸¤ë¡£À¯ºö¶âÍø¤Ë¤Ä¤¤¤Æ¤Ï¡¢¸½ºß¤ÎĹû¶âÍø¤Î¿å½à¡¢¤Þ¤¿¤Ï¡¢¤½¤ì¤ò²¼²ó¤ë¿å½à¤Ç¿ä°Ü¤¹¤ë¤³¤È¤òÁÛÄꤷ¤Æ¤¤¤ë(Ãí2)¡£¡Ù(º£²ó) ¤Ï¤¤¤Ï¤¤ÊѲ½¤Ê¤·ÊѲ½¤Ê¤·¤È¤¤¤¦´¶¤¸¤Ç¤¹¤¬¡¢¤Þ¤¢º£²ó¤Ï¤µ¤¹¤¬¤Ë¥³¥í¥Ê¥ª¥Ú¤Î±äĹ¤È¤«¤½¤¦¤¤¤¦¤Î¤ÏÂǤäÆÍè¤Þ¤»¤ó¤Ç¤·¤¿¤¬¡¢¤½¤â¤½¤â¤¬10·îËö»þÅÀ¤Ç3·îËö¥¨¥ó¥É¤Î»þ¸ÂŪÁ¼Ã֤αäŤò·è¤á¤ë¤Î¤Ï»þ´ü¾°Áá¤Ë¤âÄø¤¬¤¢¤ë¤·¡¢Å¸Ë¾¥ì¥Ý¡¼¥È¤Ç²¼Êý½¤Àµ¤·¤Æ¤¤¤Ê¤¤¤Î¤Ç¤¹¤«¤é¡¢¤Þ¤¢¤³¤³¤Ç¤ä¤ë¤Î¤âÊѤÊÏᢤȤ¤¤¦¤³¤È¤Ç12·î¤«1·î¤ÎMPM¤Ç¤Ã¤Æ»ö¤Ë¤Ê¤ë¤ó¤Ç¤·¤ç¤¦¤Í¡£ ¤·¤«¤·¤Þ¤¢²¿¤Ç¤¹¤Ê¡¢Ë¿¤É¤³¤¾¤Î¥Ù¥ó¥À¡¼¤Ç¡Ö¥³¥í¥Ê¥ª¥Ú¤Ï¶âÍ»µ¡´Ø¤Ë¤È¤Ã¤Æº£¤ä¼çÍפʱ¿ÍѼêÃʤʤΤǵޤË̵¤¯¤Ê¤ë¤ÈÂçÊѡפȤ«¤¤¤¦¥³¥á¥ó¥È¤·¤Æ¤¤¤¿¿Í¤¬¤¤¤¿¤è¤¦¤Êµ¤¤¬¤·¤Þ¤¹¤¬¡¢¤¤¤ä¤¢¤Î°ì±þÀ©Å٤ηúÉÕ¤±¤Î¼ñ»Ý¤È¤·¤Æ¤ÏÊ̤˶âÍ»µ¡´Ø¤Ë±¿ÍѼêÃʤòÍ¿¤¨¤ë¤È¤«¤Ç¤Ï¤Ê¤¤¤Î¤Ç¤¢¤ê¤Þ¤·¤Æ(¤¢¤¯¤Þ¤Ç¤âÃæ¾®´ë¶ÈÅù¤Î´ë¶È¶âÍ»¤Î¥µ¥Ý¡¼¥È¤ò¹Ô¤¦¼ñ»Ý¤ÎÁ¼Ã֤Ǥ¹¤ï¤Ê)¡¢¤¢¤ó¤Þ¤ê¤½¤¦¤¤¤¦¿È¤â³¸¤â¤Ê¤¤ÏäòÊ¿¾ì¤ÇÀµÌÌÀÚ¤Ã¤ÆÆ²¡¹¤È¤¹¤ë¤â¤ó¤¸¤ã¤Ê¤¤¤È»×¤¦¤ó¤Ç¤¹¤±¤É¤Í¤¨¡£¤À¤¤¤¿¤¤¤«¤é¤·¤Æ¥³¥í¥Ê¥ª¥Ú̵¤¯¤Ê¤Ã¤Æ´üÍî¤Á¤Ë¤Ê¤Ã¤¿¤é¸«¹ç¤¤¤ÎÅöºÂͶ⸺¤ë¤·¡¢10bpÉÕÍøÊ¬Ìµ¤¯¤Ê¤Ã¤Æ¤â¤É¤¦¤»¥Þ¥¯¥í²Ã»»¤Î³Ý¤±ÌܤÏÄ´À°Æþ¤ë¤ó¤À¤·¡¢¤È¤Ï»×¤¤¤Þ¤¹¤±¤É¤Ë¤ã¤¢¡£ ¤Ê¤ª¡¢ÊÒ²¬¤µ¤ó¤ÎÈ¿ÂÐÍýͳ¤¬Á´¤¯Æ±¤¸¤Ç¡¢Ä¹Ã»¶âÍø¤Î°ú¤²¼¤²¤¬Ë¾¤Þ¤·¤¤¤Î¤Ç¤·¤¿¤é¤É¤Î¤è¤¦¤Ë²¼¤²¤ë¤Î¤«¡¢¤È¤¤¤¦Ä󰯤ò¤·¤ÆÍߤ·¤¤¤È¤Ï»×¤¦¤Î¤Ç¤¹¤¬¡¢¤Þ¤¢½Ð¤·¤¿¤é½Ð¤·¤¿¤Ç±ßºÄ¼ÊýÌ̤ˡ֤ʤó¤Ç¤½¤Î¿ô»ú¤Ë¤Ê¤ë¤ó¤Ç¤Á¤å¤«¤Í¤¨¡×¤È¥Ä¥Ã¥³¥ß¤òÆþ¤ì¤è¤¦¤È¼ê¤°¤¹¤Í°ú¤¤¤ÆÂԤäƤ¤¤ë°¤¤¿Í¤¬¤¤¤ë¤È¤Î´Ñ¬¤â¤¢¤ê¤Þ¤¹¤Î¤Ç½Ð¤µ¤Ê¤¤¤ó¤Ç¤·¤ç¤É¤¦¤»¡¢¤È¤«²¿¤È¤«¡£ ¤Ä¡¼¤«ÊÒ²¬¤µ¤ó¡¢¤³¤ÎºÝÎ̤Ǿ¡Éé¤ËÀÚ¤êÂØ¤¨¤Á¤ã¤¨¤Ð¤â¤¦¤Á¤ç¤Ã¤ÈåºÎï¤ÊÄó°Æ(Ä󰯤¬åºÎï¤Ç¤â2%¤ÎÁá´üãÀ®¤Ï¤·¤Ê¤¤¤Î¤¬»Äǰ¤À¤¬)¤¬½ÐÍè¤ë¤ó¤È¥Á¥ã¥¦¤«¤È¤Ï»×¤¦¤ó¤Ç¤¹¤±¤É¤Á¤ç¤Ã¤ÈÊѤ¨¤Æ¤ß¤Þ¤»¤ó¤«¡¢¤È°Ëâ¤ÎÓñ¤¤ò¤·¤ÆÊ¹¤³¤¨¤ë¤Î¤«¤É¤¦¤«¤ÏÃΤé¤ó¡£ ¡»Å¸Ë¾¥ì¥Ý¡¼¥È´ðËÜŪ¸«²ò¤â¤æ¤¦¤È¤ë¤³¤È¼«ÂΤËÂ礤ÊÊѲ½¤Ï̵¤¤¤Î¤À¤¬¥í¥¸¥Ã¥¯¤¬Ê£»¨¹üÀÞ¤·¤Æ¤Í¤¨¤«¤È[³°Éô¥ê¥ó¥¯] ¡Ù¤Ç¤¹¡£¤³¤ì¤Ï9·îÀ¼ÌÀʸ¤ÈÈæ³Ó¤¹¤ë¤Î¤¬Ë¾¤Þ¤·¤¤¡£ ¡Ø¤ï¤¬¹ñ¤Î·Êµ¤¤Ï¡¢Æâ³°¤Ë¤ª¤±¤ë¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹´¶À÷¾É¤Î±Æ¶Á¤«¤é°ú¤Â³¤¸·¤·¤¤¾õÂ֤ˤ¢¤ë¤¬¡¢·ÐºÑ³èư¤¬ºÆ³«¤¹¤ë¤â¤È¤Ç¡¢»ý¤Áľ¤·¤Æ¤¤¤ë¡£¡Ù(º£²ó) ¡Ø¤ï¤¬¹ñ¤Î·Êµ¤¤Ï¡¢Æâ³°¤Ë¤ª¤±¤ë¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹´¶À÷¾É¤Î±Æ¶Á¤«¤é°ú¤Â³¤¸·¤·¤¤¾õÂ֤ˤ¢¤ë¤¬¡¢·ÐºÑ³èư¤¬½ù¡¹¤ËºÆ³«¤¹¤ë¤â¤È¤Ç¡¢»ý¤Áľ¤·¤Ä¤Ä¤¢¤ë¡£¡Ù(9·îÀ¼ÌÀʸ) ¡Ø¤ï¤¬¹ñ¤Î·Êµ¤¤Ï¡¢·ÐºÑ³èư¤Ï½ù¡¹¤ËºÆ³«¤·¤Æ¤¤¤ë¤¬¡¢Æâ³°¤Ç¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹´¶À÷¾É¤Î±Æ¶Á¤¬°ú¤Â³¤¤ß¤é¤ì¤ë¤â¤È¤Ç¡¢¤¤ï¤á¤Æ¸·¤·¤¤¾õÂ֤ˤ¢¤ë¡£¡Ù(7·îŸ˾) ºÇ¸å¤Î¥Õ¥ì¡¼¥º¤¬¸½¾õ¤ÎÁí³çȽÃǤÎÉôʬ¤Ë¤Ê¤ê¤Þ¤¹¤¬¡¢¤³¤Á¤é¤Ï7·î¤«¤é¾åÊý½¤Àµ¤Ê¤Î¤ÏÅö¤¿¤êÁ°¤Ç¤¹¤¬¡¢9·î¤«¤é¤â¾åÊý½¤Àµ¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤¹¤Í¡£¤Ç¤Ï¸ÄÊ̼ûµë¹àÌܤ˴ؤ·¤Æ¡£ ¡Ø³¤³°·ÐºÑ¤Ï¡¢Â礤¯Íî¤Á¹þ¤ó¤À¾õÂÖ¤«¤é¡¢»ý¤Áľ¤·¤Æ¤¤¤ë¡£¤½¤¦¤·¤¿¤â¤È¤Ç¡¢Í¢½Ð¤ä¹Û¹©¶ÈÀ¸»º¤ÏÁý²Ã¤·¤Æ¤¤¤ë¡£¡Ù(º£²ó) ¡Ø³¤³°·ÐºÑ¤Ï¡¢Â礤¯Íî¤Á¹þ¤ó¤À¾õÂÖ¤«¤é¡¢»ý¤Áľ¤·¤Ä¤Ä¤¢¤ë¡£¤½¤¦¤·¤¿¤â¤È¤Ç¡¢Í¢½Ð¤ä¹Û¹©¶ÈÀ¸»º¤Ï»ý¤Áľ¤·¤Ëž¤¸¤Æ¤¤¤ë¡£¡Ù(9·îÀ¼ÌÀʸ) ¡Ø³¤³°·ÐºÑ¤Ï¡¢»ý¤Áľ¤·¤Ë¸þ¤«¤¦Æ°¤¤â¤ß¤é¤ì¤ë¤¬¡¢´¶À÷¾É¤ÎÀ¤³¦Åª¤ÊÂçή¹Ô¤Î±Æ¶Á¤Ë¤è¤ê¡¢Â礤¯Íî¤Á¹þ¤ó¤À¾õÂ֤ˤ¢¤ë¡£¤½¤¦¤·¤¿¤â¤È¤Ç¡¢Í¢½Ð¤ä¹Û¹©¶ÈÀ¸»º¤ÏÂçÉý¤Ë¸º¾¯¤·¤Æ¤¤¤ë¡£¡Ù(7·îŸ˾) ³¤³°·ÐºÑ¡¢Í¢½Ð¤ÈÀ¸»º¤ÎȽÃǤ¬¤´Í÷¤Î¤è¤¦¤Ë¥Û¥¤¥Û¥¤¤È°ú¤¾å¤²¤é¤ì¤Æ¤¤¤Þ¤¹¡£ ¡Ø°ìÊý¡¢´ë¶È¼ý±×¤Î°²½¤òÇØ·Ê¤Ë¡¢ÀßÈ÷Åê»ñ¤Ï¸º¾¯·¹¸þ¤Ë¤¢¤ë¡£¡Ù(º£²ó) ¡Ø°ìÊý¡¢´ë¶È¼ý±×¤ä¶È¶·´¶¤Ï°²½¤·¤Æ¤ª¤ê¡¢ÀßÈ÷Åê»ñ¤Ï¸º¾¯·¹¸þ¤Ë¤¢¤ë¡£¡Ù(9·îÀ¼ÌÀʸ) ¡Ø´ë¶È¼ý±×¤ä¶È¶·´¶¤Ï°²½¤·¤Æ¤ª¤ê¡¢ÀßÈ÷Åê»ñ¤Ï²£¤Ð¤¤·÷Æâ¤Îư¤¤È¤Ê¤Ã¤Æ¤¤¤ë¡£¡Ù(7·îŸ˾) ¤½¤¦¤¤¤ä¤³¤ì9·îÀ¼ÌÀʸ¤Ã¤Æ9·îû´Ñ½Ð¤ëÁ°¤Ê¤Î¤Ë¶È¶·´¶¤Îʸ¸À¤¬¤¢¤Ã¤¿¤Î¤Í¡£¤Á¤Ê¤ß¤Ë¶È¶·´¶¤Ë´Ø¤·¤Æ¤Îº£²ó¤ÎȽÃǤÏÀè¤ÎÊý¤Ë¤¢¤ê¤Þ¤·¤Æ¡¢¤½¤³¤Ç¤Ï¡¢ ¡Ø¤³¤Î´Ö¡¢´ë¶È¤Î¶È¶·´¶¤Ï¡¢ÂçÉý¤Ë°²½¤·¤¿¤¢¤È¡¢´öʬ²þÁ±¤·¤Æ¤¤¤ë¡£¡Ù(º£²ó) ¤Ã¤Æ¤Ê¤Ã¤Æ¤¤¤Þ¤·¤Æ¡¢´ë¶È¼ý±×¤ÎȽÃǤϲ£¤Ð¤¤¡¢¶È¶·´¶¤Ï°ú¤¾å¤²¡¢ÀßÈ÷Åê»ñ¤Ï²£¤Ð¤¤¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤·¤Æ¡¢¤¤¤ä¤¢¤Î9·îû´Ñ¤ÎÀßÈ÷Åê»ñ·×²è¤Ï???¤Ã¤Æ´¶¤¸¤¬¤·¤Æ¼áÁ³¤È¤·¤Ê¤¤¤Î¤Ç¤¹¤±¤ì¤É¤â¤Þ¤¢¤½¤¦¤¤¤¦È½ÃǤˤʤäƤ¤¤Þ¤¹¡£(¤Ê¤ªÀßÈ÷Åê»ñ¤Ë´Ø¤·¤Æ¤Ï9·î¤ËȽÃǤò°ú¤²¼¤²¤Æ¤¤¤Þ¤¹) ¡Ø¸ÛÍÑ¡¦½êÆÀ´Ä¶¤ò¤ß¤ë¤È¡¢´¶À÷¾É¤Î±Æ¶Á¤¬Â³¤¯¤Ê¤«¤Ç¡¢¼å¤¤Æ°¤¤¬¤ß¤é¤ì¤Æ¤¤¤ë¡£¸Ä¿Í¾ÃÈñ¤Ï¡¢°û¿©¡¦½ÉÇñÅù¤Î¥µ¡¼¥Ó¥¹¾ÃÈñ¤Ï°ÍÁ³¤È¤·¤ÆÄã¿å½à¤È¤Ê¤Ã¤Æ¤¤¤ë¤¬¡¢Á´ÂΤȤ·¤Æ½ù¡¹¤Ë»ý¤Áľ¤·¤Æ¤¤¤ë¡£½»ÂðÅê»ñ¤Ï´Ë¤ä¤«¤Ë¸º¾¯¤·¤Æ¤¤¤ë¡£¸ø¶¦Åê»ñ¤Ï´Ë¤ä¤«¤ÊÁý²Ã¤ò³¤±¤Æ¤¤¤ë¡£¡Ù(º£²ó) ¡Ø¸ÛÍÑ¡¦½êÆÀ´Ä¶¤ò¤ß¤ë¤È¡¢´¶À÷¾É¤Î±Æ¶Á¤¬Â³¤¯¤Ê¤«¤Ç¡¢¼å¤¤Æ°¤¤¬¤ß¤é¤ì¤Æ¤¤¤ë¡£¸Ä¿Í¾ÃÈñ¤Ï¡¢°û¿©¡¦½ÉÇñÅù¤Î¥µ¡¼¥Ó¥¹¾ÃÈñ¤Ï°ÍÁ³¤È¤·¤ÆÄã¿å½à¤È¤Ê¤Ã¤Æ¤¤¤ë¤¬¡¢Á´ÂΤȤ·¤Æ½ù¡¹¤Ë»ý¤Áľ¤·¤Æ¤¤¤ë¡£½»ÂðÅê»ñ¤Ï´Ë¤ä¤«¤Ë¸º¾¯¤·¤Æ¤¤¤ë¡£¤³¤Î´Ö¡¢¸ø¶¦Åê»ñ¤Ï´Ë¤ä¤«¤ÊÁý²Ã¤ò³¤±¤Æ¤¤¤ë¡£¡Ù(9·îÀ¼ÌÀʸ) ¡Ø´¶À÷¾É¤Î±Æ¶Á¤¬Â³¤¯¤Ê¤«¤Ç¡¢¸ÛÍÑ¡¦½êÆÀ´Ä¶¤Ë¤Ï¼å¤¤Æ°¤¤¬¤ß¤é¤ì¤Æ¤¤¤ë¡£¸Ä¿Í¾ÃÈñ¤Ï°û¿©¡¦½ÉÇñÅù¤Î¥µ¡¼¥Ó¥¹¤òÃæ¿´¤ËÂçÉý¤Ë¸º¾¯¤·¤Æ¤¤¿¤¬¡¢Â¤â¤È¤Ç¤Ï¡¢»ý¤Áľ¤·¤Îư¤¤¬¤ß¤é¤ì¤ë¡£½»ÂðÅê»ñ¤Ï´Ë¤ä¤«¤Ë¸º¾¯¤·¤Æ¤¤¤ë¡£¤³¤Î´Ö¡¢¸ø¶¦Åê»ñ¤Ï´Ë¤ä¤«¤ËÁý²Ã¤·¤Æ¤¤¤ë¡£¡Ù(7·îŸ˾) ¸ÛÍѽêÆÀ´Ä¶¡¢¸Ä¿Í¾ÃÈñ¡¢½»ÂðÅê»ñ¡¢¸ø¶¦Åê»ñ¤È¤â¤Ë9·îÀ¼ÌÀʸ¤«¤é¤ÎÊѲ½¤Ê¤·¡£7·îŸ˾ÂÐÈæ¤Ç¤Ï¸Ä¿Í¾ÃÈñ¤¬¾å¤¬¤Ã¤Æ¤¤¤Þ¤¹¡£ ¼¡¤Ï¶âÍ»´Ä¶¡£ ¡Ø¤ï¤¬¹ñ¤Î¶âÍ»´Ä¶¤Ï¡¢Á´ÂΤȤ·¤Æ´ËϤ·¤¿¾õÂ֤ˤ¢¤ë¤¬¡¢´ë¶È¤Î»ñ¶â·«¤ê¤Ë¸·¤·¤µ¤¬¤ß¤é¤ì¤ë¤Ê¤É¡¢´ë¶È¶âÍ»Ì̤ǴËÏÂÅٹ礤¤¬Äã²¼¤·¤¿¾õÂ֤ȤʤäƤ¤¤ë¡£¡Ù(º£²ó) ¡Ø¤ï¤¬¹ñ¤Î¶âÍ»´Ä¶¤Ï¡¢Á´ÂΤȤ·¤Æ´ËϤ·¤¿¾õÂ֤ˤ¢¤ë¤¬¡¢´ë¶È¤Î»ñ¶â·«¤ê¤Ë¸·¤·¤µ¤¬¤ß¤é¤ì¤ë¤Ê¤É¡¢´ë¶È¶âÍ»Ì̤ǴËÏÂÅٹ礤¤¬Äã²¼¤·¤¿¾õÂ֤ȤʤäƤ¤¤ë¡£¡Ù(9·îÀ¼ÌÀʸ) ¡Ø¤ï¤¬¹ñ¤Î¶âÍ»´Ä¶¤Ï¡¢Á´ÂΤȤ·¤Æ´ËϤ·¤¿¾õÂ֤ˤ¢¤ë¤¬¡¢´ë¶È¤Î»ñ¶â·«¤ê¤Ï°²½¤·¤Æ¤¤¤ë¤Ê¤É¡¢´ë¶È¶âÍ»Ì̤ǴËÏÂÅٹ礤¤¬Äã²¼¤·¤¿¾õÂ֤ȤʤäƤ¤¤ë¡£¡Ù(7·îŸ˾) ¤³¤ì¤Þ¤¿9·îÂÐÈæ²£Ç礤¡¢7·îÂÐÈæ°ú¤¾å¤²¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤¹¡£ ¡ØÊª²ÁÌ̤Ǥϡ¢¾ÃÈñ¼Ôʪ²Á(½ü¤¯À¸Á¯¿©ÉÊ¡¢°Ê²¼Æ±¤¸)¤ÎÁ°Ç¯Èæ¤Ï¡¢´¶À÷¾É¤ä´û±ý¤Î¸¶Ìý²Á³Ê²¼Íî¡¢Go To¥È¥é¥Ù¥ë»ö¶È¤Î±Æ¶Á¤Ê¤É¤Ë¤è¤ê¡¢¾®Éý¤Î¥Þ¥¤¥Ê¥¹¤È¤Ê¤Ã¤Æ¤¤¤ë¡£Í½ÁÛʪ²Á¾å¾ºÎ¨¤Ï¡¢¼å´Þ¤ó¤Ç¤¤¤ë¡£¡Ù(º£²ó) ¡ØÊª²ÁÌ̤Ǥϡ¢¾ÃÈñ¼Ôʪ²Á(½ü¤¯À¸Á¯¿©ÉÊ)¤ÎÁ°Ç¯Èæ¤Ï¡¢´û±ý¤Î¸¶Ìý²Á³Ê²¼Íî¤Î±Æ¶Á¤Ê¤É¤Ë¤è¤ê¡¢0%ÄøÅ٤ȤʤäƤ¤¤ë¡£Í½ÁÛʪ²Á¾å¾ºÎ¨¤Ï¡¢¼å´Þ¤ó¤Ç¤¤¤ë¡£¡Ù(9·îÀ¼ÌÀʸ) ¡ØÊª²ÁÌ̤Ǥϡ¢¾ÃÈñ¼Ôʪ²Á(½ü¤¯À¸Á¯¿©ÉÊ¡¢°Ê²¼Æ±¤¸)¤ÎÁ°Ç¯Èæ¤Ï¡¢¸¶Ìý²Á³Ê¤Î²¼Íî¤Î±Æ¶Á¤Ê¤É¤Ë¤è¤ê¡¢0%ÄøÅ٤ȤʤäƤ¤¤ë¡£Í½ÁÛʪ²Á¾å¾ºÎ¨¤Ï¡¢¼å´Þ¤ó¤Ç¤¤¤ë¡£¡Ù(7·îŸ˾) ʪ²Á¤Î¸½¾õǧ¼±Éôʬ¤Ë´Ø¤·¤Æ¤Ïº£²óGo To¥¥ã¥ó¥Ú¡¼¥ó¤òÆþ¤ì¤Æ¤¤¿¤Î¤Ï¤Þ¤¢½çÅö¤È¤·¤Þ¤·¤Æ¡¢º£²ó¡Ö´¶À÷¾É¡×¤¬Æþ¤ê¤Þ¤·¤¿¡£¼ÂºÝ¤Ë¤Ï¸å¤ÎÊý¤Ç¤ª½Ð¤·¤·¤Þ¤¹¤¬¡¢7·îŸ˾¡¢9·îÀ¼ÌÀʸ¶¦¤ËÀè¹Ô¤Êª²Á¸«Ä̤·¤ÎÃæ¤Çʪ²Á²¡¤·²¼¤²Í×°ø¤Ë¡Ö´¶À÷¾É¡×¥Õ¥¡¥¯¥¿¡¼¤òÆþ¤ì¤Æ¤¤¤Þ¤·¤¿¤Î¤Ç¡¢¤½¤¦¤¤¤¦°ÕÌ£¤Ç¤Ï¥á¥¤¥ó¥·¥Ê¥ê¥ª¤ÎÈÏ°ÏÆâ¡¢¤È¤¤¤¦»ö¤Ë¤Ê¤í¤¦¤«¤È»×¤¤¤Þ¤¹¤¬¡¢¤½¤¦¤Ï¸À¤¤¤Þ¤·¤Æ¤â¡¢¤³¤ì¤Ã¤ÆÍפϴ¶À÷¾É¤â´û¤ËȾǯ¤È¤«¤Ë¤Ê¤Ã¤Æ¤¤Æ¡¢¤µ¤¹¤¬¤Ëʪ²Á¤ÎÊý¤Ë¸ú¤¤¤Æ¤¤Æ¤¤¤Þ¤¹¤è¡¢¤È¤¤¤¦¾õ¶·¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤Ã¤Ä¡¼ÏäʤΤǡ¢¥³¥í¥Ê¤¬¹¹¤Ë¤³¤³¤«¤é½©ÅߤΥ¿¡¼¥ó¤Ë¤Ê¤Ã¤¿»þ¤Ë¤µ¤Æ¤É¤¦¤¹¤ë¤Î¤«¡¢º£¤Î½ê¥ê¥¹¥¯Í×°ø¤Ë¤·¤«Æþ¤ì¤Æ¤Þ¤»¤ó¤¬¡¢Êª²Á¤¬¥¢¥¬¥é¥ó¥Á¤È¤Ê¤Ã¤¿¾ì¹ç¡¢¤É¤¦¤ä¤Ã¤ÆÍý¶þ¤ÎÀ°¹çÀ¼è¤ë¤Î¤«¤Ï³Ú¤·¤ß¤Ë¤·¤Æ¤¤¤Þ¤¹(¤É¤¦¤¤¤¦ÓϹ¥¤À¥ï¥¤)¡£ ¡¦Àè¹Ô¤¸«Ä̤·¤Î¡Ö¥Ú¥ó¥È¥¢¥Ã¥×¼ûÍספȤ¤¤¦¤Î¤ÏÄü¤á¤¿ÌÏÍÍwww ¡Ø2.¤ï¤¬¹ñ¤Î·ÐºÑ¡¦Êª²Á¤ÎÃæ¿´Åª¤Ê¸«Ä̤·¡Ù¤Ë»²¤ê¤Þ¤·¤Æ¤Þ¤º¤Ï¡Ø(1)·ÐºÑ¤ÎÃæ¿´Åª¤Ê¸«Ä̤· ¡Ù ¡ØÀè¹Ô¤¤Î¤ï¤¬¹ñ·ÐºÑ¤Ï¡¢·ÐºÑ³èư¤¬ºÆ³«¤·¡¢¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹´¶À÷¾É¤Î±Æ¶Á¤¬½ù¡¹¤ËϤ餤¤Ç¤¤¤¯¤â¤È¤Ç¡¢´ËÏÂŪ¤Ê¶âÍ»´Ä¶¤äÀ¯ÉܤηкÑÂкö¤Î¸ú²Ì¤Ë¤â»Ù¤¨¤é¤ì¤Æ¡¢²þÁ±´ðÄ´¤òé¤ë¤È¤ß¤é¤ì¤ë¡£¡Ù(º£²ó) ¡ØÀè¹Ô¤¤Î¤ï¤¬¹ñ·ÐºÑ¤Ï¡¢·ÐºÑ³èư¤¬ºÆ³«¤·¤Æ¤¤¤¯¤â¤È¤Ç¡¢¥Ú¥ó¥È¥¢¥Ã¥×¼ûÍ×(ÍÞÀ©¤µ¤ì¤Æ¤¤¤¿¼ûÍ×)¤Î¸²ºß²½¤Ë²Ã¤¨¡¢´ËÏÂŪ¤Ê¶âÍ»´Ä¶¤äÀ¯ÉܤηкÑÂкö¤Î¸ú²Ì¤Ë¤â»Ù¤¨¤é¤ì¤Æ¡¢²þÁ±´ðÄ´¤òé¤ë¤È¤ß¤é¤ì¤ë¡£¡Ù(9·îÀ¼ÌÀʸ) ¡ØÀè¹Ô¤¤Î¤ï¤¬¹ñ·ÐºÑ¤Ï¡¢·ÐºÑ³èư¤¬ºÆ³«¤·¤Æ¤¤¤¯¤â¤È¤Ç¡¢¥Ú¥ó¥È¥¢¥Ã¥×¼ûÍ×(ÍÞÀ©¤µ¤ì¤Æ¤¤¤¿¼ûÍ×)¤Î¸²ºß²½¤Ë²Ã¤¨¡¢´ËÏÂŪ¤Ê¶âÍ»´Ä¶¤äÀ¯ÉܤηкÑÂкö¤Î¸ú²Ì¤Ë¤â»Ù¤¨¤é¤ì¤Æ¡¢ËÜǯ¸åȾ¤«¤é½ù¡¹¤Ë²þÁ±¤·¤Æ¤¤¤¯¤È¤ß¤é¤ì¤ë¡£¡Ù(7·îŸ˾) ²þÁ±´ðÄ´¤ò¤¿¤É¤ë¤È¸«¤é¤ì¤ë¤Ã¤Æ¤¤¤¦ºÇ¸å¤Î¥¥áʸ¶ç¤Ï9·îÂÐÈæÆ±¤¸(7·îÂÐÈæ°ú¤¾å¤²)¤Ê¤Î¤Ç¤¹¤¬¡¢º£²ó¤·¤ì¤Ã¤È¡Ö¥Ú¥ó¥È¥¢¥Ã¥×¼ûÍפθ²ºß²½¡×¤È¤¤¤¦Ê¸¸À¤¬È´¤±¤Æ¤ª¤ê¤Þ¤·¤Æ¡¢¤³¤ì¤ÏŸ˾¥ì¥Ý¡¼¥È¤Î°Ê²¼¤ÎÉôʬ¤Ç¤âƱÍͤËÁ´Éô¾Ã¤µ¤ì¤Æ¤·¤Þ¤¤¡¢¤É¤¦¤â¥Ú¥ó¥È¥¢¥Ã¥×¼ûÍפʤɤȤ¤¤¦¤â¤Î¤Ï¤ä¤Ã¤Ñ¤ê̵¤«¤Ã¤¿¤ó¤ä!!!¤È¸À¤¦»ö¤Ë¤Ê¤Ã¤Æ¤ª¤é¤ì¤ë¤è¤¦¤Ç¡¢¤½¤é¤½¤¦¤è¤È¤·¤«¿½¤·¾å¤²¤è¤¦¤¬¤Ê¤¤¡£¤Ê¤ª¥³¥í½õ¤Î±Æ¶Á¤Ç¤¹¤±¤ì¤É¤â¡¢¤³¤³¤Ç¤Ï±Æ¶Á¤¬½ù¡¹¤ËϤ餰¤È¤¢¤ë¤ó¤Ç¤¹¤¬¡¢¤³¤Î¸å¤Ë½Ð¤Æ¤¯¤ë¸«Ä̤·¤ÎÁ°ÄóÉôʬ¤ò¸«¤Þ¤¹¤È¼ý«¤¹¤ë¤Þ¤Ç·ë¹½»þ´Ö¤¬³Ý¤«¤ë¤È¤¤¤¦(¤½¤é¤½¤¦¤À¡¢¤Ç¤Ï¤¢¤ë¤ó¤Ç¤¹¤¬)¸«Ä̤·¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤Î¤è¤Í¤³¤ì¤¬¤Þ¤¿¡£ ¡Ø¤â¤Ã¤È¤â¡¢´¶À÷¾É¤Ø¤Î·Ù²ü´¶¤¬»Ä¤ë¤Ê¤«¤Ç¡¢¤½¤Î¥Ú¡¼¥¹¤Ï´Ë¤ä¤«¤Ê¤â¤Î¤Ë¤È¤É¤Þ¤ë¤È¹Í¤¨¤é¤ì¤ë¡£¤½¤Î¸å¡¢À¤³¦Åª¤Ë´¶À÷¾É¤Î±Æ¶Á¤¬¼ý«¤·¤Æ¤¤¤±¤Ð¡¢³¤³°·ÐºÑ¤¬Ãå¼Â¤ÊÀ®Ä¹·ÐÏ©¤ËÉü¤·¤Æ¤¤¤¯¤â¤È¤Ç¡¢¤ï¤¬¹ñ·ÐºÑ¤Ï¤µ¤é¤Ë²þÁ±¤ò³¤±¤ë¤ÈͽÁÛ¤µ¤ì¤ë¡£¡Ù(º£²ó) ¡Ø¤â¤Ã¤È¤â¡¢À¤³¦Åª¤Ë¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹´¶À÷¾É¤Î±Æ¶Á¤¬»Ä¤ë¤Ê¤«¤Ç¡¢¤½¤Î¥Ú¡¼¥¹¤Ï´Ë¤ä¤«¤Ê¤â¤Î¤Ë¤È¤É¤Þ¤ë¤È¹Í¤¨¤é¤ì¤ë¡£¤½¤Î¸å¡¢À¤³¦Åª¤Ë´¶À÷¾É¤Î±Æ¶Á¤¬¼ý«¤¹¤ì¤Ð¡¢³¤³°·ÐºÑ¤¬Ãå¼Â¤ÊÀ®Ä¹·ÐÏ©¤ËÉü¤·¤Æ¤¤¤¯¤â¤È¤Ç¡¢¤ï¤¬¹ñ·ÐºÑ¤Ï¤µ¤é¤Ë²þÁ±¤ò³¤±¤ë¤ÈͽÁÛ¤µ¤ì¤ë¡£¡Ù(9·îÀ¼ÌÀʸ) ¡Ø¤â¤Ã¤È¤â¡¢À¤³¦Åª¤Ë¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹´¶À÷¾É¤Î±Æ¶Á¤¬»Ä¤ë¤Ê¤«¤Ç¡¢¤½¤Î¥Ú¡¼¥¹¤Ï´Ë¤ä¤«¤Ê¤â¤Î¤Ë¤È¤É¤Þ¤ë¤È¹Í¤¨¤é¤ì¤ë¡£¤½¤Î¸å¡¢À¤³¦Åª¤Ë´¶À÷¾É¤Î±Æ¶Á¤¬¼ý«¤¹¤ì¤Ð¡¢³¤³°·ÐºÑ¤¬Ãå¼Â¤ÊÀ®Ä¹·ÐÏ©¤ËÉü¤·¤Æ¤¤¤¯¤â¤È¤Ç¡¢¤ï¤¬¹ñ·ÐºÑ¤Ï¤µ¤é¤Ë²þÁ±¤ò³¤±¤ë¤ÈͽÁÛ¤µ¤ì¤ë¡£¡Ù(7·îŸ˾) ¤³¤³¤ÎÀâÌÀ¤¬¤Þ¤¿Èù̯¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤·¤Æ¡¢½¾Íè¤Ï¡Ö¥³¥í½õ¤Î±Æ¶Á¤¬»Ä¤ë´Ö¤Ï²óÉü¥Ú¡¼¥¹¤¬ÃÙ¤¤¡×¤À¤Ã¤¿¤Î¤Ç¤¹¤¬¡¢¼Â¤Ï¤³¤Îľ¸å¤Ë¤¢¤ê¤Þ¤¹Á°Äó¤Î½ê¤Çº£²ó¡Ö´¶À÷¾É¤Î±Æ¶Á¤¬¼ý«¤·¤Æ¤¤¤¯¤Î¤Ï¸«Ä̤·´ü´Ö¤Î½ªÈפˤ«¤±¤Æ¡×¤È¤Ê¤Ã¤Æ¤¤¤Æ¡¢¤½¤ì¤Ã¤Æ2022ǯÅÙ¤ÎÁ°È¾°Ì¤Ë³Ý¤±¤Æ¡¢¤Ã¤Æ»ö¤Ë¤Ê¤ëȦ¤Ê¤Î¤Ç¡¢¡Ö±Æ¶Á¤¬»Ä¤ë´Ö¤Ï¡×¤Î¤Þ¤Þ¤À¤È²óÉü¥Ú¡¼¥¹¤¬ÃÙ¤¤¤Þ¤Þ·Ú¤¯1ǯȾ¤¯¤é¤¤¤Ï¤ä¤Ã¤Æ¤¤¤ë¡¢¤È¤«¤½¤¦¤¤¤¦ÏäˤʤäƤ·¤Þ¤¦¤Î¤Ç¡¢¤½¤¦¤Ç¤Ï¤Ê¤¯¤Æ¡Ö·Ù²ü´¶¤¬»Ä¤ëÃæ¤Ç¡×¤È¤¤¤¦¸À¤¤Êý¤ò¤·¤Æ¤¤¤Þ¤¹¡£ ¡¦¡¦¡¦¡¦¡¦¡¦¡¦¤Ç¤Ç¤¹¤Í¡¢¤¤¤º¤ì¤Ë¤·¤Þ¤·¤Æ¤âº£²ó¤Î¸«Ä̤·¤Ã¤Æ¡¢¡Ö¥³¥í¥Ê¤Î·Ù²ü´¶¤¬¤¢¤ë¤¦¤Á¤Ï¥Ú¡¼¥¹¤Ï´Ë¤¤¡×¡¢¡Ö¡ÉÀ¤³¦Åª¤Ë¡É¥³¥í¥Ê¤µ¤ó¤Î±Æ¶Á¤¬¼ý«¤¹¤ë¤È³¤³°·ÐºÑ¤¬Ãå¼Â¤ÊÀ®Ä¹¤ËÌá¤Ã¤Æ¹ñÆâ·ÐºÑ¤Î²þÁ±¤â¹¹¤Ë¿Ê¤à¡×¤Ã¤Æ¸«Ä̤·¤Ê¤ó¤Ç¤¹¤è¤Í¡£¤½¤³¤Ç¤Á¤ç¤Ã¤È½ç½ø¤¬¥¢¥ì¤Ç¤¹¤¬¤¤¤¤Ê¤êÁ´°÷¤Î¸«Ä̤·¤ÎÊý¤òÇÒ¸«¤·¤Þ¤¹¤È¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡¦Å¸Ë¾¥ì¥Ý¡¼¥È¤ÎÃæ¿´Åª¤Ê¸«Ä̤·¤Î¥·¥Ê¥ê¥ª¤ËÂФ·¤Æ°Ñ°÷¤¬½Ð¤·¤Æ¤¤¤ë·ÐºÑʪ²Á¸«Ä̤·¤Î¥Ñ¥¹¤¬À°¹ç¤·¤Ê¤¤µ¤¤¬¤¹¤ë 6¥Ú¡¼¥¸¤È7¥Ú¡¼¥¸¤¬ËèÅÙ¤ª¤Ê¤¸¤ß¤Î°Ñ°÷¤Ë¤è¤ë·ÐºÑʪ²Á¸«Ä̤·¤Î½¸·×ɽ¤Ë¤Ê¤ê¤Þ¤¹¡£º¸¤¬À®Ä¹Î¨¤Ç±¦¤¬¾ÃÈñ¼Ôʪ²Á¤Ç¤¹¤Ê¡£ 2020 ǯÅÙ -5.6 ¡Á -5.3<-5.5>¡¡¡¡-0.7 ¡Á -0.5<-0.6> 2021 ǯÅÙ +3.0 ¡Á+3.8<+3.6>¡¡¡¡+0.2 ¡Á+0.6<+0.4> 2022 ǯÅÙ +1.5 ¡Á+1.8<+1.6>¡¡¡¡+0.4 ¡Á+0.7<+0.7> ¤â¤È¤â¤È20ǯÅÙ¤ÎÍî¤Á¹þ¤ß¤Èȿư¤È¤¤¤¦¥²¥¿¤ÎÉôʬ¤¬¤¢¤Ã¤Æ¤Á¤ç¤Ã¤ÈÀ®Ä¹Î¨¤ÎÊý¤¬ÆÉ¤ß¤Ë¤¯¤¤¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢Êª²Á¸«Ä̤·¤Á¤ã¤ó¤ÎÊý¤ò¸«¤ë¤È¾åµ¤Î¤è¤¦¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤·¤Æ¡¢GoTo¤Îʬ¤¬ËÜʸ4¥Ú¡¼¥¸¤ÎµÓÃí¤Ë¤è¤ë¤È20ǯÅÙ¤È21ǯÅ٤ǡÞ0.2%¤Î»î»»¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤«¤é¡¢¤½¤ì¤ò¹µ½ü¤¹¤ë¤Èʪ²Á¤Î¸«Ä̤·¤Ã¤Æ¡¢20ǯÅÙ-0.4¢ª21ǯÅÙ+0.2¢ª22ǯÅÙ+0.7¤Ã¤Æ¤³¤È¤Ë¤Ê¤ë¤Î¤è¡£ ¤Ç¤â¤Í¡¢¤³¤Î¼¡¤Ë½Ð¤Æ¤¯¤ëÁ°Äó¾ò·ï¤Ë¤è¤ë¤È¡¢¥³¥Ó¥Ã¥È¤µ¤ó¤Î±Æ¶Á¤¬¡Ö³µ¤Í¼ý«¤¹¤ë¤Î¤¬¸«Ä̤·´ü´Ö¤Î½ªÈפˤ«¤±¤Æ¡×¤Ë¤Ê¤Ã¤Æ¤¤¤Æ¡¢¤½¤³¤«¤é³¤³°¤¬¥É¥é¥¤¥Ð¡¼¤Ë¤Ê¤Ã¤Æ°ìÃʤȶ¯¤¯¤Ê¤ë¡¢¤ß¤¿¤¤¤Ê¥·¥Ê¥ê¥ª¤òÁȤó¤Ç¤¤¤ë¤ó¤À¤Ã¤¿¤é¡¢22ǯÅ٤ηë²Ì¤¬Æ±¤¸¤È¤·¤Æ¤â¡¢21ǯÅ٤äƤ⤦¾¯¤·¼å¤¤¿ô»ú¤Ë¤Ê¤ë¤ó¤¸¤ã¤Ê¤¤¤Î¤«¤Ê¤¢¤È»×¤¦¤Î¤Ç¤¹¤è¡£¤³¤Î¸«Ä̤·¤À¤ÈÇ«¤í21ǯÅÙ¤«¤é²óÉü¤¬Ãå¼Â¤Ë¿Ê¤ó¤Ç¤¤¤¯¤è¤¦¤Ê´¶¤¸¤Î¸«Ä̤·¤Ë¤Ê¤Ã¤Æ¤ë¤è¤¦¤Ë¸«¤¨¤ëÌõ¤Ç¡¢¤¤¤ä¤Þ¤¢¤³¤ì¤Ï¸ÄÊÌ¥×¥í¥Ã¥È¤Î¥¢¥°¥ê¥²¡¼¥È¤Ç¤¹¤«¤é¤Ã¤Æ¤Î¤Ï¤¢¤ë¤ó¤À¤±¤É¡¢¤½¤ì¤Ë¤·¤Æ¤â´ðËÜ¥·¥Ê¥ê¥ª¤Î¥Ñ¥¹¤È¤Á¤ç¤Ã¤È°ã¤¯¤Í??¤Ã¤Æ¤¤¤¦¥¢¥°¥ê¥²¡¼¥È¤¬½Ð¤Æ¤¯¤ë¤³¤È¼«ÂΤ¬²¿¤À¤«¤Ê¤¢¤È»×¤¦¤·¡¢¤½¤ÎÊÕ¤Á¤ç¤Ã¤ÈÀ°¹çÀ¼è¤Ã¤Æ¤è(À¯ºö°Ñ°÷¤Î³§¤µ¤ó¤¬¤³¤³¤Îʸ¸À¤ò¤½¤Î¤Þ¤Þ¤É¥¹¥ë¡¼¤ÇÄ̤·¤Æ¤¤¤ë¤Î¤¬¤Á¤ç¤Ã¤È¥¢¥ì¤È¸À¤¦»ö¤Í)¡¢¤È»×¤¦¤Î¤Ç¤·¤¿¡£ ¡¦¤Þ¤¢¤½¤ì°ÊÁ°¤ÎÌäÂê¤È¤·¤ÆÃ濴Ū¤Ê¸«Ä̤·¤ÎÁ°Ä󤬽éÆü¤Ë¤·¤ÆÊø¤ì¤Æ¤¤¤ÆÂçÁð¸¶ÉÔ²ÄÈò¤Ê·ï¤Ë¤Ä¤¤¤Æwwwwwwwwww ¤ó¤¸¤ãËÜʸ¤ËÌá¤ê¤Þ¤¹¡£¤µ¤Ã¤¤Î³¤¡£¤³¤ÎÊÕ¤«¤é¤Ï9·îÀ¼ÌÀʸ¤Ç¥«¥Ð¡¼¤·¤Æ¤¤¤Ê¤¤Éôʬ¤ÎÏäˤʤë¤Î¤ÇÀ¼ÌÀÊ¸Èæ³Ó¤Ï¶ö¤Ë¤·¤«½Ð¤Æ¤¤Þ¤»¤ó¤è¡£ ¡Ø¤³¤ÎÃæ¿´Åª¤Ê¸«Ä̤·¤Ç¤Ï¡¢Àè¹Ô¤¡¢´¶À÷Âкö¤È·ÐºÑ³èư¤ÎξΩ¤Ë¸þ¤±¤¿¼è¤êÁȤߤ¬¿ÊŸ¤¹¤ë¤â¤È¤Ç¡¢¹ÈϤʸø½°±ÒÀ¸¾å¤ÎÁ¼ÃÖ¤¬ºÆ¤ÓƳÆþ¤µ¤ì¤ë¤è¤¦¤Ê´¶À÷¾É¤ÎÂ絬ÌϤʺƳÈÂç¤Ï¤Ê¤¤¤³¤È¡¢¡Ù(º£²ó) ¡Øº£²ó¤Î¸«Ä̤·¤Ë¤ª¤¤¤Æ¤Ï¡¢Àè¹Ô¤¡¢Â絬ÌϤʴ¶À÷¾É¤ÎÂè2ÇȤ¬À¸¤¸¤Ê¤¤¤³¤È¤òÁ°Äó¤È¤·¤Ä¤Ä¤â¡¢À¤³¦Åª¤Ë´¶À÷¾É¤¬¼ý«¤¹¤ë¤Þ¤Ç¤Ï¡¢´ë¶È¤ä²È·×¤Î¼«¼çŪ¤Ê´¶À÷Ëɻߤؤμè¤êÁȤߤ¬¡¢·ÐºÑ³èư¤òÍÞÀ©¤¹¤ëÎϤȤ·¤Æ¡¢½ù¡¹¤ËϤ餮¤Ê¤¬¤é¤â¡¢ºîÍѤ·Â³¤±¤ë¤ÈÁÛÄꤷ¤Æ¤¤¤ë2¡£¡Ù(7·îŸ˾) >¹ÈϤʸø½°±ÒÀ¸¾å¤ÎÁ¼ÃÖ¤¬ºÆ¤ÓƳÆþ¤µ¤ì¤ë¤è¤¦¤Ê´¶À÷¾É¤ÎÂ絬ÌϤʺƳÈÂç¤Ï¤Ê¤¤¤³¤È ¤¨¡¼¤Ã¤È¡¢²¤½£¤ÇʪÀ¨¤¤Àª¤¤¤Ç´¶À÷ºÆ³ÈÂ礬µ¯¤¤Æ¹ÈϤʸø½°±ÒÀ¸¾å¤ÎÁ¼ÃÖ¤¬ºÆ¤ÓƳÆþ¤µ¤ì¤Æ¤¤¤ë¤ó¤Ç¤¹¤±¤ì¤É¤â¡¢¤¤¤¤Ê¤ê½éÆü¤Ë¤·¤ÆÁ°Äó¤¬Êø²õ¤·¤Æ¤¤¤Ê¤¤¤Î¤Ç¤·¤ç¤¦¤«wwwwwwwwww ¤Þ¤¢Åö¤¿¤êÁ°¤Î¤è¤¦¤Ë²ñ¸«¤Ç¤â¼ÁÌ䤬Èô¤ó¤Ç¤¤¤¿¤Ã¤Ý¤¤(¥Ø¥Ã¥É¥é¥¤¥ó¤·¤«¸«¤Æ¤Ê¤¤¤«¤é¥¢¥ì¤À¤¬º£Æü²ñ¸«Í׻ݽФ뤫¤é¸«¤ë)¤Î¤Ç¤¹¤¬¡¢¤½¤Î¼ÁÌä¤ËÂФ·¤Æ¤Ï¡Öº£²ó¤Î²¤½£¤ÎÁ¼ÃÖ¤ÏÁ°²ó¤Î¤è¤¦¤ÊËÜÅö¤ÎÁ´ÌÌÄä»ß¤¸¤ã¤Ê¤¯¤Æ·ÐºÑ³èư¤Ë¤âÇÛθ¤·¤Æ¤¤¤ë¡×¡Ö¤½¤â¤½¤â²¤½£¤Ê¤Î¤Ç¥¸¥ã¥Ñ¥ó¤Î·ÐºÑ¤Ë¤¢¤¿¤¨¤ë±Æ¶Á¤¬»¨µû¥¥ã¥é¤À¤«¤é¥Ø¡¼¥¥Ø¡¼¥¡×¤È¤¤¤¦¤è¤¦¤Ê¼ñ»Ý(»¨µû¥¥ã¥é¤È¤Ï¸À¤Ã¤Æ¤Ê¤¤È¦¤Ç¤¹°Ùǰ)¤Ç¤ÎÀâÌÀ¤ò¤·¤Æ¤ª¤ê¤Þ¤·¤¿¡£ ¤·¤«¤·¤Ê¤¬¤é¡¢¸«Ä̤·¤Ë´Ø¤·¤Æ¤ÏÅöÁ³³¤³°·ÐºÑ¤ÎÉü³è¤È¤¤¤¦¤Î¤âÂ礤ʥե¡¥¯¥¿¡¼¤Ë¤Ê¤Ã¤Æ¤¤¤ëȦ¤Ç¡¢³¤³°¤¬¥º¥Ã¥³¥±»°½Æ»Î¤Ë¤Ê¤Ã¤Æ¤¤¤¯Ãæ¤Ç¤³¤ÎÁ°Äó¾ò·ï¤Îʸ¾Ï¤Ã¤Æ¤Î¤Ï·ë¹½¤Ê´ÖÈ´¤±´¶¤òɺ¤ï¤»¤Æ¤¤¤ë¤Î¤Ç¤Ï¤Ê¤«¤í¤¦¤«¤È¸¤¸¤Þ¤¹(¸Ä¿Í¤Î´¶ÁۤǤ¹)¡£ ¤¿¤Ö¤ó¤Ç¤¹¤Í¡¢¡ÖÂè2ÇȡפÎÄêµÁ¤Ë´Ø¤·¤Æ¤ÏÁ°²óŸ˾¤Î»þ¤Ë¤â¼ÁÌäÈô¤ó¤Ç¤¤¤Þ¤·¤¿È¦¤Ç¤¹¤¬¡¢¤Þ¤¢Ã±¤Ë¡ÖÂè2ÇȡפäƸÀ¤Ã¤Æ¤·¤Þ¤¦¤È¥í¥Ã¥¯¥À¥¦¥ó¤È¤«È¼¤ï¤Ê¤¤¤Ç´¶À÷³ÈÂçÃæ¤Ç¤âÂè2ÇȸƤФï¤ê¤µ¤ì¤ë¤È¤ä¤ä¤³¤·¤¤¡¢¤È¤¤¤¦¤³¤È¤Ç¡Ö¹ÈϤʸø½°±ÒÀ¸¾å¤ÎÁ¼Ã֡פȤ¤¤¦É÷¤Ë¸À¤¤´¹¤¨¤¿¤ó¤À¤È»×¤¦¤Î¤Ç¤¹¤¬¡¢¤¤¤ä¤¢¤Î¤³¤ÎŸ˾ºî¤Ã¤Æ¤¤¤ëÃæ¤Ç¡¢²¤½£¤Î³ÈÂç¤Ã¤Æ¥¸¥ã¥ó¥¸¥ã¥ó¿Ê¤ó¤Ç¤¤¤Æ¡¢³Î¤«¤Ë¾õ¶·¤¬Â礤¯¿Ê¤ó¤À¤Î¤³¤Î1½µ´ÖÄøÅÙ¤«¤â¤·¤ì¤ó¤±¤É¡¢1¤«·î¤¯¤é¤¤Á°¤«¤é¥¢¥«¥ó¥ä¥í¤È¤¤¤¦´¶¤¸¤¬½ù¡¹¤Ë³ÈÂ礷¤Æ¤¿¤ó¤À¤«¤é¡¢¤â¤¦¤Á¤ç¤Ã¤È¤³¤³¤Îʸ¸À¤ÏÎý¤ë;ÃϤÏ̵¤«¤Ã¤¿¤Î¤«¤È¾®°ì»þ´ÖÌ䤤µÍ¤á¤¿¤¤¡£ ¤È¤¤¤¦¤³¤È¤Ç½Ð¥ª¥Á¤Î¤è¤¦¤ÊÁ°Äó¾ò·ï¤Ç¤¹¤¬¤½¤ì¤Ï¤µ¤Æ¤ª¤Â³¤¤Ë»²¤ê¤Þ¤¹¡£ ¡Ø¤Þ¤¿¡¢¸«Ä̤·´ü´Ö¤Î½ªÈפˤ«¤±¤Æ´¶À÷¾É¤Î±Æ¶Á¤¬³µ¤Í¼ý«¤·¤Æ¤¤¤¯¤³¤È¡¢¤òÁÛÄꤷ¤Æ¤¤¤ë¡£¡Ù(º£²ó) ¤³¤ÎÉôʬ¤ÏÀè¤Û¤É¤«¤é¿½¤·¾å¤²¤Æ¤¤¤ë¤è¤¦¤Ëº£²ó¿·Àß¡£¤¿¤À¤Þ¤¢¤³¤¦¤¤¤¦Á°Äó¤À¤È²¿¤«²óÉü¤¬²¼ÂÌʬ¤ò½ü¤¯¤ÈľÀþ¤Ã¤Ý¤¤²óÉü¤Ë¸«¤¨¤ë°Ñ°÷¤Î¥×¥í¥Ã¥È¥¢¥°¥ê¥²¡¼¥È¤Á¤ã¤ó¤È²¿¤«À°¹ç¤·¤Ê¤¤¤ó¥¸¥ã¥Þ¥¤¥«¡¢¤È¤¤¤¦¤Î¤ÏÀè¤Û¤ÉÍ追¤·¾å¤²¤Æ¤¤¤ëÄ̤ê¤Ç¤¹¡£ ¡Ø¤µ¤é¤Ë¡¢¤ï¤¬¹ñ¤Ë¤ª¤¤¤Æ¡¢´¶À÷¾É¤Î±Æ¶Á¤¬¼ý«¤¹¤ë¤Þ¤Ç¤Î´Ö¡¢´ë¶È¤ä²È·×¤ÎÃæÄ¹´üŪ¤ÊÀ®Ä¹´üÂÔ¤¬Â礤¯Äã²¼¤»¤º¡¢¶âÍ»¥·¥¹¥Æ¥à¤Î°ÂÄêÀ¤¬°Ý»ý¤µ¤ì¤ë¤â¤È¤Ç¶âÍ»Ãç²ðµ¡Ç½¤¬±ß³ê¤Ëȯ´ø¤µ¤ì¤ë¡¢¤È¹Í¤¨¤Æ¤¤¤ë¡£¡Ù(º£²ó) ¡Ø¤³¤Î´Ö¡¢À¯ÉܤηкÑÂкö¤ä´ËÏÂŪ¤Ê¶âÍ»´Ä¶¤Ê¤É¤Ë¤è¤Ã¤Æ¡¢»ö¶È¤Î·Ñ³¤ä¸ÛÍѤΰݻý¤¬»Ù¤¨¤é¤ì¤ë¤È¤È¤â¤Ë¡¢¤ï¤¬¹ñ¤Î´ë¶È¤ä²È·×¤ÎÃæÄ¹´üŪ¤ÊÀ®Ä¹´üÂÔ¤ÏÂ礤¯Äã²¼¤·¤Ê¤¤¤È¤ß¤é¤ì¤ë¡£¡Ù(7·îŸ˾) ¤Þ¤¢¤³¤ÎÊդϤ¢¤Ã¤½¤¦¡¢¤Çή¤¹¡£ ¡¦¸ÄÊ̼ûÍ×¹àÌܤθ«Ä̤· ¸ÄÊ̼ûÍ×¹àÌܤθ«Ä̤·¤Ë´Ø¤·¤Æ¤Ïº£²ó¤ÎÊý¤¬Á°²ó¤è¤ê¤âºÙ¡¹½ñ¤¤¤Æ¤¤¤ë¤È¤¤¤¦¤Î¤â¤¢¤ê¤Þ¤·¤Æ¡¢¤Á¤ç¤Ã¤ÈÈæ³Ó¤·¤Ë¤¯¤¤¤ó¤Ç¤¹¤¬¡£ ¤Þ¤º¤Ï³¤³°·ÐºÑ¤È¤«Í¢½Ð¤È¤«¡£ ¡Ø¤³¤¦¤·¤¿¤â¤È¤Ç¤Î¸«Ä̤·¤ò¡¢¤ä¤ä¾Ü¤·¤¯¤ß¤ë¤È¡¢¤Þ¤º¡¢Àè¹Ô¤¤Î³¤³°·ÐºÑ¤Ï¡¢ÀѶËŪ¤Ê¥Þ¥¯¥í·ÐºÑÀ¯ºö¤Ë¤â»Ù¤¨¤é¤ì¤Æ¡¢²þÁ±¤ò³¤±¤ë¤¬¡¢´¶À÷¾É¤Ø¤Î·Ù²ü´¶¤¬»Ä¤ë¤Ê¤«¤Ç¤Ï¡¢¤½¤Î¥Ú¡¼¥¹¤Ï´Ë¤ä¤«¤Ê¤â¤Î¤Ë¤È¤É¤Þ¤ë¤È¤ß¤é¤ì¤ë¡£¤½¤Î¸å¡¢¸«Ä̤·´ü´Ö¤Î½ªÈפˤ«¤±¤Æ¤Ï¡¢´¶À÷¾É¤Î±Æ¶Á¤¬³µ¤Í¼ý«¤·¤Æ¤¤¤¯¤â¤È¤Ç¡¢À¤³¦Åª¤ËÀ½Â¤¶È¤ÎÀ¸»º³èư¤Î²óÉü¤¬Â³¤¯¤Û¤«¡¢ÂÐÌÌ·¿¥µ¡¼¥Ó¥¹¾ÃÈñ¤Ê¤É¤â¼¡Âè¤Ë²óÉü¤¹¤ë¤³¤È¤«¤é¡¢²þÁ±¤¬Â³¤¯¤ÈͽÁÛ¤µ¤ì¤ë¡£¡Ù(º£²ó) ¡Ø¤³¤¦¤·¤¿ÁÛÄê¤Î¤â¤È¤Ç¡¢Àè¹Ô¤¤Î³¤³°·ÐºÑ¤Ï¡¢´¶À÷¾É¤Î±Æ¶Á¤¬Ï¤餤¤Ç¤¤¤¯¤Î¤Ëȼ¤¤¡¢ÀѶËŪ¤Ê¥Þ¥¯¥í·ÐºÑÀ¯ºö¤Ë¤â»Ù¤¨¤é¤ì¤Æ¡¢Â礤¯Íî¤Á¹þ¤ó¤À¾õÂÖ¤«¤é²óÉü¤·¤Æ¤¤¤¯¤¬¡¢¤½¤Î¥Ú¡¼¥¹¤Ï´Ë¤ä¤«¤Ê¤â¤Î¤Ë¤È¤É¤Þ¤ë¤È¤ß¤é¤ì¤ë¡£¡Ù(7·îŸ˾) ¤µ¤¹¤¬¤Ë²¤ÊƤΥ¢¥ì¤ò¸«¤ë¤È¡Ö´¶À÷¾É¤Î±Æ¶Á¤¬Ï¤餤¤Ç¤¤¤¯¤Î¤Ëȼ¤¤¡×¤È¤¤¤¦Ê¸¸À¤Ï½¤Àµ¤¹¤ë¤ï¤Ê¡¢¤È¤Ï»×¤¤¤Þ¤·¤¿¤¬¥í¥Ã¥¯¥À¥¦¥ó¤Þ¤Ç¤Ö¤Ã¤³¤Þ¤ì¤ë¤È¤Ï»×¤Ã¤Æ¤Ê¤«¤Ã¤¿¤Î¤«¤Ê¤¢Æü¶ä¤Á¤ã¤ó¤Ï¡£ ¡Ø¤ï¤¬¹ñ¤ÎÍ¢½Ð¤Ï¡¢ºâ¤Ë¤Ä¤¤¤Æ¤Ï¡¢ÅöÌÌ¡¢¼«Æ°¼Ö´ØÏ¢¤òÃæ¿´¤ËÁý²Ã¤¹¤ë¤¬¡¢¤½¤Î¸å¤Ï¡¢À¤³¦Åª¤Ë´¶À÷¾É¤Î±Æ¶Á¤¬Ï¤餰¤Ë¤Ä¤ì¤Æ¡¢»ñËܺâ¤Ê¤É¤â´Þ¤á¡¢Éý¹¤¯Áý²Ã¤·¤Æ¤¤¤¯¤È¤ß¤é¤ì¤ë¡£¥µ¡¼¥Ó¥¹Í¢½Ð¤Ç¤¢¤ë¥¤¥ó¥Ð¥¦¥ó¥É¾ÃÈñ¤Ë¤Ä¤¤¤Æ¤Ï¡¢Æþ¹ñÀ©¸Â¤¬¤«¤«¤ê³¤±¤ë´Ö¡¢Íî¤Á¹þ¤ó¤À¾õÂÖ¤¬Â³¤¯¤È¤ß¤é¤ì¤ë¤¬¡¢¤½¤Î¸å¤Ï¡¢Æþ¹ñÀ©¸Â¤¬½ù¡¹¤Ë´ËϤµ¤ì¤Æ¤¤¤¯¤Î¤Ëȼ¤¤¡¢²óÉü¤·¤Æ¤¤¤¯¤ÈͽÁÛ¤µ¤ì¤ë¡£¡Ù(º£²ó) ¡Ø¤ï¤¬¹ñ¤ÎÍ¢½Ð¤Ï¡¢³¤³°·ÐºÑ¤Î²óÉü¤Ëȼ¤¤¡¢½ù¡¹¤ËÁý²Ã¤·¤Æ¤¤¤¯¤È¤ß¤é¤ì¤ë¤¬¡¢ÅöÌÌ¡¢ÍÞÀ©¤µ¤ì¤¿Æ°¤¤¬Â³¤¯¤È¹Í¤¨¤é¤ì¤ë¡£¥¤¥ó¥Ð¥¦¥ó¥É¾ÃÈñ¤Ë¤Ä¤¤¤Æ¤Ï¡¢Æþ¹ñ¤ËÀ©¸Â¤¬¤«¤«¤ê³¤±¤ë´Ö¡¢Íî¤Á¹þ¤ó¤À¾õÂÖ¤¬Â³¤¯¤È¤ß¤é¤ì¤ë¡£¡Ù(7·îŸ˾) Í¢½Ð¤Î¤È¤³¤í¡¢¸½¼Â¤Ë¼«Æ°¼Ö¤¬¶¯¤á¤Ë¿ä°Ü¤·¤Æ¤¤¤ë¤Î¤ò¼õ¤±¤Æ¡¢¤·¤ì¤Ã¤È¼«Æ°¼Ö¤òÍí¤á¤Ê¤¬¤é°ú¤¾å¤²¤Æ¤ª¤ê¤Þ¤¹¤Ê¡¢¥¤¥ó¥Ð¥¦¥ó¥É¤Ï¤É¤¦¤·¤è¤¦¤â¤Ê¤¤¤Î¤ÇȽÃǰݻý¤Ê¤Î¤Ï½çÅö¡£ ¡Ø¸Ä¿Í¾ÃÈñ¤Ï¡¢À¯ÉܤηкÑÂкö¤Ê¤É¤Ë¤â»Ù¤¨¤é¤ì¤Æ¡¢»ý¤Áľ¤·¤ò³¤±¤ë¤È¤ß¤é¤ì¤ë¤¬¡¢´¶À÷¾É¤Ø¤Î·Ù²ü´¶¤¬Â³¤¯¤â¤È¤Ç¤Ï¡¢ÂÐÌÌ·¿¥µ¡¼¥Ó¥¹¾ÃÈñ¤òÃæ¿´¤Ë¤½¤Î¥Ú¡¼¥¹¤Ï¤«¤Ê¤ê´Ë¤ä¤«¤Ê¤â¤Î¤Ë¤È¤É¤Þ¤ë¤ÈͽÁÛ¤µ¤ì¤ë¡£¤½¤Î¸å¤Ï¡¢¿·¤·¤¤À¸³èÍͼ°¤Ø¤ÎŬ±þ¤¬¿Ê¤ß¡¢´¶À÷¾É¤Î±Æ¶Á¤¬Ï¤餰¤â¤È¤Ç¡¢¸ÛÍѼԽêÆÀ¤Î²þÁ±¤Ë¤â»Ù¤¨¤é¤ì¤Æ¡¢Áý²Ã´ðÄ´¤¬¼¡Âè¤ËÌÀ³Î¤Ë¤Ê¤Ã¤Æ¤¤¤¯¤È¹Í¤¨¤é¤ì¤ë¡£¡Ù(º£²ó) ¡Ø¹ñÆâ¼ûÍפϡ¢´¶À÷¾É¤Î±Æ¶Á¤¬Ï¤餤¤Ç¤¤¤¯¤Î¤Ëȼ¤¤¡¢¿å½à¤ò²óÉü¤·¤Æ¤¤¤¯¤È¹Í¤¨¤é¤ì¤ë¤¬¡¢´¶À÷¾É¤Î±Æ¶Á¤¬»Ä¤ë´Ö¤Ï¡¢Ä㤤¿å½à¤Ë¤È¤É¤Þ¤ë¤È¤ß¤é¤ì¤ë¡£¤¹¤Ê¤ï¤Á¡¢¸Ä¿Í¾ÃÈñ¤Ê¤É¤Î²È·×»Ù½Ð¤Ï¡¢·ÐºÑ³èư¤ÎºÆ³«¤Ëȼ¤¤¡¢¥Ú¥ó¥È¥¢¥Ã¥×¼ûÍפθ²ºß²½¤Ë²Ã¤¨¡¢À¯ÉܤηкÑÂкö¤ä´ËÏÂŪ¤Ê¶âÍ»´Ä¶¤â»Ù¤¨¤È¤Ê¤ê¡¢Â礤¯Íî¤Á¹þ¤ó¤À¾õÂÖ¤«¤é»ý¤Áľ¤·¤Æ¤¤¤¯¤È¤ß¤é¤ì¤ë¡£¤¿¤À¤·¡¢¿Í¡¹¤Î´¶À÷¾É¤ËÂФ¹¤ë·Ù²ü´¶¤¬Â³¤¯¤â¤È¤Ç¤Ï¡¢ÍÞÀ©Åª¤Ê¾õÂÖ¤¬Â³¤¯¤È¹Í¤¨¤é¤ì¤ë¡£¡Ù(7·îŸ˾) ¼¡¤ÏÆâ¼û¤Î¸Ä¿ÍÉôÌç¤Ç¤¹¤¬¡¢Îã¤Ë¤è¤Ã¤Æ´¶À÷¾É¤Ë´Ø¤·¤Æ¤Ï¡Ö±Æ¶Á¤¬»Ä¤ë¡×¤Î¤Ï·ë¹½¸å¤í¤Î´ü´Ö¤Þ¤Ç¡¢¤È¤¤¤¦¸«Ä̤·¤¬Á°Äó¤Ë¤Ä¤¤¤¿¤»¤¤¤«¡¢Áí¤Æ¤³¤ÎÊÕ¤Îʸ¸À¤¬¡Ö´¶À÷¾É¤Ø¤Î·Ù²ü´¶¡×¤ËÂå¤ï¤Ã¤Æ¤¤¤Þ¤¹¤Ê¡£¤¢¤È¤³¤Á¤é¤â¤µ¤Ã¤¤Î¥Ú¥ó¥È¥¢¥Ã¥×¼ûÍפϤ·¤é¤Ã¤Èºï½ü¤µ¤ì¤Þ¤·¤¿¡£ ¡Ø¸ÛÍÑ¡¦½êÆÀ´Ä¶¤Ë¤Ä¤¤¤Æ¤Ï¡¢À¯ÉܤηкÑÂкö¤ä´ËÏÂŪ¤Ê¶âÍ»´Ä¶¤Ê¤É¤¬¸ÛÍѤò²¼»Ù¤¨¤¹¤ë¤â¤Î¤Î¡¢´ë¶È¼ý±×¤Î°²½¤äϫƯ¼ûµë¤Î´ËϤòÇØ·Ê¤Ë¡¢ÅöÌÌ¡¢²¼²¡¤·°µÎϤ¬¤«¤«¤ë¤È¤ß¤é¤ì¤ë¡£¤½¤Î¸å¤Ï¡¢Æâ³°¼ûÍפβóÉü¤Ëȼ¤¤¡¢¸ÛÍÑ¡¦½êÆÀ´Ä¶¤â²þÁ±´ðÄ´¤Ëž¤¸¤Æ¤¤¤¯¤È¹Í¤¨¤Æ¤¤¤ë¡£¡Ù(º£²ó) ¸ÛÍѽêÆÀ¤ÎÉôʬ¤ÏÁ°²ó¤Ï¾¤Î¹àÌܤȤ¤¤¦¤«²¿¤È¤¤¤¦¤«¤ÎÃæ¤Ëº®¤¸¤Ã¤Æ¤·¤Þ¤Ã¤Æ¤¤¤ë¤Î¤Ç°úÍѤ·¤Ë¤¯¤¤¤Î¤Ç¤¹¤¬¡¢Èæ³Ó°úÍѤ¹¤ë¤È¤³¤ó¤Ê´¶¤¸¤«¤Ê¡£ ¡Ø¤³¤Î´Ö¡¢À¯ÉܤηкÑÂкö¤ä´ËÏÂŪ¤Ê¶âÍ»´Ä¶¤Ê¤É¤Ë¤è¤Ã¤Æ¡¢»ö¶È¤Î·Ñ³¤ä¸ÛÍѤΰݻý¤¬»Ù¤¨¤é¤ì¤ë¤È¤È¤â¤Ë¡¢¤ï¤¬¹ñ¤Î´ë¶È¤ä²È·×¤ÎÃæÄ¹´üŪ¤ÊÀ®Ä¹´üÂÔ¤ÏÂ礤¯Äã²¼¤·¤Ê¤¤¤È¤ß¤é¤ì¤ë¡£¤½¤¦¤·¤¿¤³¤È¤«¤é¡¢¤½¤Î¸å¡¢¥°¥í¡¼¥Ð¥ë¤Ë´¶À÷¾É¤Î±Æ¶Á¤¬¼ý«¤¹¤ì¤Ð¡¢³¤³°·ÐºÑ¤ÎÀ®Ä¹¤òÇØ·Ê¤ËÍ¢½Ð¤ÏÁý²Ã¤ò³¤±¡¢²È·×¤ä´ë¶È¤Î»Ù½Ð¤Ï¡¢ºÆ¤Ó¡¢°ÂÄꤷ¤¿Áý²Ã´ðÄ´¤ËÉü¤·¤Æ¤¤¤¯¤È¹Í¤¨¤é¤ì¤ë¡£¡Ù(7·îŸ˾) ¤Þ¤¢¤³¤³¤Ï¤Õ¡¼¤ó¤È¤¤¤¦´¶¤¸¤Ç¤¹¤¬¤Á¤ç¤Ã¤È¸å¤ÇÊ䤷¤Þ¤¹¡£ ¡ØÀßÈ÷Åê»ñ¤Ï¡¢´¶À÷¾É¤Î±Æ¶Á¤ò¶¯¤¯¼õ¤±¤ë¶È¼ï¤òÃæ¿´¤Ë¡¢ÅöÌÌ¡¢¸º¾¯·¹¸þ¤¬Â³¤¯¤È¤ß¤é¤ì¤ë¡£¤â¤Ã¤È¤â¡¢´ËÏÂŪ¤Ê¶âÍ»´Ä¶¤¬°Ý»ý¤µ¤ì¤ë¤â¤È¤Ç¡¢¥°¥í¡¼¥Ð¥ë¶âÍ»´íµ¡»þ¤Î¤è¤¦¤ÊÂ絬ÌϤÊÄ´À°¤Ë¤Ï»ê¤é¤º¡¢´¶À÷¾É¤Î±Æ¶Á¤¬Ï¤餰¤Ê¤«¤Ç¡¢´ë¶È¼ý±×¤Î²þÁ±¤Ëȼ¤¤¡¢´Ë¤ä¤«¤ÊÁý²Ã´ðÄ´¤ËÉü¤·¤Æ¤¤¤¯¤È¤ß¤é¤ì¤ë¡£¤³¤Î´Ö¡¢¸ø¶¦Åê»ñ¤Ï¡¢ºÒ³²Éüµì¡¦Éü¶½´ØÏ¢¹©»ö¤ä¹ñÅÚ¶¯ðײ½´ØÏ¢¹©»ö¤Î¿ÊĽ¤òÈ¿±Ç¤·¤ÆÃå¼Â¤ËÁý²Ã¤·¤¿¤¢¤È¡¢¹â¤á¤Î¿å½à¤Ç¿ä°Ü¤¹¤ë¤ÈͽÁÛ¤·¤Æ¤¤¤ë¡£¡Ù(º£²ó) ¡ØÀßÈ÷Åê»ñ¤Ê¤É¤Î´ë¶È»Ù½Ð¤Ï¡¢Í¢½Ð¤ä¾ÃÈñ¤ÎÂçÉý¤Ê¸º¾¯¤Î±Æ¶Á¤ò¶¯¤¯¼õ¤±¤ë¶È¼ï¤òÃæ¿´¤Ë¸º¾¯¤·¤¿¤¢¤È¡¢´¶À÷¾É¤Î±Æ¶Á¤¬Ï¤餰¤â¤È¤Ç»ý¤Áľ¤·¤Æ¤¤¤¯¤È¤ß¤é¤ì¤ë¡£¡Ù(7·îŸ˾) ÀßÈ÷Åê»ñ¤Ë´Ø¤·¤Æ¤Ï²¿¤»9·î¤Ë¸«Ä̤·²¼¤²¤Æ¤¤¤ë¤Î¤Ç¡¢ÌÜÀè²¼¤¬¤ë¤±¤É¸å¤Ç¤Ï¾å¤¬¤ë¡¢¤È¤¤¤¦¤Î¤ò¶¯Ä´¤¹¤ë¤¿¤á¤Ë¤Á¤ç¤Ã¤ÈŤ¯¤Ê¤Ã¤Æ¤¤¤Þ¤¹¤Ê¡£¤Á¤Ê¤ß¤Ë¤³¤³¤Î¸ÛÍѤÈÀßÈ÷Åê»ñ¤ÎÉôʬ¤Ï7·îŸ˾¤Îʸ¾Ï¤Ç¤Ï¸ì½ç¤¬Æþ¤ê·«¤Ã¤Æ¤¤¤Þ¤¹¡£ ¡¦¡¦¡¦¡¦¡¦¡¦¤Ç¤Ç¤¹¤Ê¡¢¤½¤ì¤ÏÎɤ¤¤ó¤Ç¤¹¤±¤É¤³¤ìº£²ó¤Î¤òÄ̤·¤Ç¸«¤ë¤È²¿¤Á¤å¤¦¤«¤«¤ó¤Á¤å¤¦¤«¤Ç¤·¤Æ¡¢ ¡Ø¸Ä¿Í¾ÃÈñ¤Ï¡¢À¯ÉܤηкÑÂкö¤Ê¤É¤Ë¤â»Ù¤¨¤é¤ì¤Æ¡¢»ý¤Áľ¤·¤ò³¤±¤ë¤È¤ß¤é¤ì¤ë¤¬¡¢´¶À÷¾É¤Ø¤Î·Ù²ü´¶¤¬Â³¤¯¤â¤È¤Ç¤Ï¡¢ÂÐÌÌ·¿¥µ¡¼¥Ó¥¹¾ÃÈñ¤òÃæ¿´¤Ë¤½¤Î¥Ú¡¼¥¹¤Ï¤«¤Ê¤ê´Ë¤ä¤«¤Ê¤â¤Î¤Ë¤È¤É¤Þ¤ë¤ÈͽÁÛ¤µ¤ì¤ë¡£¤½¤Î¸å¤Ï¡¢¿·¤·¤¤À¸³èÍͼ°¤Ø¤ÎŬ±þ¤¬¿Ê¤ß¡¢´¶À÷¾É¤Î±Æ¶Á¤¬Ï¤餰¤â¤È¤Ç¡¢¸ÛÍѼԽêÆÀ¤Î²þÁ±¤Ë¤â»Ù¤¨¤é¤ì¤Æ¡¢Áý²Ã´ðÄ´¤¬¼¡Âè¤ËÌÀ³Î¤Ë¤Ê¤Ã¤Æ¤¤¤¯¤È¹Í¤¨¤é¤ì¤ë¡£¸ÛÍÑ¡¦½êÆÀ´Ä¶¤Ë¤Ä¤¤¤Æ¤Ï¡¢À¯ÉܤηкÑÂкö¤ä´ËÏÂŪ¤Ê¶âÍ»´Ä¶¤Ê¤É¤¬¸ÛÍѤò²¼»Ù¤¨¤¹¤ë¤â¤Î¤Î¡¢´ë¶È¼ý±×¤Î°²½¤äϫƯ¼ûµë¤Î´ËϤòÇØ·Ê¤Ë¡¢ÅöÌÌ¡¢²¼²¡¤·°µÎϤ¬¤«¤«¤ë¤È¤ß¤é¤ì¤ë¡£¤½¤Î¸å¤Ï¡¢Æâ³°¼ûÍפβóÉü¤Ëȼ¤¤¡¢¸ÛÍÑ¡¦½êÆÀ´Ä¶¤â²þÁ±´ðÄ´¤Ëž¤¸¤Æ¤¤¤¯¤È¹Í¤¨¤Æ¤¤¤ë¡£¡Ù(ºÆ·Ç:º£²ó) ¤Ã¤Æ¤¢¤ë¤ó¤Ç¤¹¤¬¡¢Á°È¾¤Ç¤Ï¡Ö´¶À÷¾É¤Î±Æ¶Á¤¬Ï¤餰¤â¤È¤Ç¡¢¸ÛÍѼԽêÆÀ¤Î²þÁ±¤Ë¤â»Ù¤¨¤é¤ì¤Æ¡×¤Ã¤Æ¤Ê¤Ã¤Æ¤¤¤Æ¡¢¸åȾ¤Ç¤Ï¡Ö¤½¤Î¸å¤Ï¡¢Æâ³°¼ûÍפβóÉü¤Ëȼ¤¤¡¢¸ÛÍÑ¡¦½êÆÀ´Ä¶¤â²þÁ±´ðÄ´¤Ëž¤¸¤Æ¤¤¤¯¤È¹Í¤¨¤Æ¤¤¤ë¡×¤Ã¤Æ¤Ê¤Ã¤Æ¤¤¤ë¤Î¤Ç¤¹¤¬¡¢¤³¤ì¸ÛÍѼԽêÆÀ¤¬²óÉü¤¹¤ë¥É¥é¥¤¥Ð¡¼¤¬Îɤ¯Ê¬¤«¤é¤ó¤Î¤Ç¤¹¤è¤Í¡£¤À¤Ã¤Æ¸åȾ¤ÎÊý¤Ç¼ûÍפ¬²óÉü¤¹¤ë¤Ã¤ÆÏ䷤Ƥ뤱¤É¡¢¤½¤ì¤Ã¤Æ¸ÛÍѼԽêÆÀ¤Î²þÁ±¤Ë»Ù¤¨¤é¤ì¤Æ²óÉü¤¹¤ë¤ó¤Ç¤·¤ç¤¦¤¬¡¢¤½¤Î½êÆÀ²þÁ±¤Ã¤Æ¤Î¤Ï¤É¤³¤«¤é¹ß¤Ã¤ÆÍè¤ë¤ó¤À¤è¤Ã¤Æ¤¤¤¦½Û´ÄÏÀË¡¤·¤Æ¤¤¤ëµ¤¤¬¤¹¤ë¤ó¤Ç¤¹¤±¤É¤Í¤¨¡£¤·¤«¤â³°¼û¤È¤¤¤¦°ÕÌ£¤Ç¤Ï²¤½£¤¬¤¢¤Ð¤Ð¤Ð¤Ð¡¼¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤¹¤è¤Í¤Ã¤Æ´¶¤¸¡£ ¤¢¤Èµ¤¤Ë¤Ê¤ë¤Î¤Ï¡¢¤·¤é¤Ã¤È¤³¤ÎÉôʬ¤Ë¡Ö¿·¤·¤¤À¸³èÍͼ°¤Ø¤ÎŬ±þ¤¬¿Ê¤ß¡×¤Ã¤Æ¤Î¤¬¤¢¤ë¤Î¤Ç¤¹¤¬¡¢¤³¤ÎŸ˾¥ì¥Ý¡¼¥È¤ÎÀâÌÀ¤Ã¤Æ´ðËÜŪ¤Ë¹½Â¤ÊѲ½¤ß¤¿¤¤¤Ê¤Î¤ò¿¥¤ê¹þ¤ó¤Ç¤Ê¤¤(¥ê¥¹¥¯Í×°ø¤Ç»ØÅ¦¤¬¤¢¤ë)¤Î¤Ç¤¹¤±¤É¡¢½Û´ÄŪ¤Ë²óÉü¤¹¤ë¤È¤¤¤¦¤Î¤¬¥Ù¡¼¥¹¥é¥¤¥ó¥·¥Ê¥ê¥ª¤Ë¤¢¤ë¤ó¤Ç¤·¤¿¤é¡¢¤¢¤ó¤Þ¤ê¤³¤¦¤¤¤¦¹½Â¤ÊѲ½¤ß¤¿¤¤¤Êʸ¸À¤ò¥á¥¤¥ó¥·¥Ê¥ê¥ª¤ËÆþ¤ì¤Æ¤ª¤¯¤Î¤âÊѤ¸¤ã¤Ê¤¤¤Î???¤È»×¤¤¤Þ¤·¤¿¡£ ¡¦Êª²Á¤Î¸«Ä̤·¤Ï´ðËÜŪ¤Ë¸À¤Ã¤Æ¤¤¤ë¤³¤È¤ÏƱ¤¸ ¡Ø(2)ʪ²Á¤ÎÃæ¿´Åª¤Ê¸«Ä̤· ¡Ù ¡Ø¾ÃÈñ¼Ôʪ²Á¤ÎÁ°Ç¯Èæ¤Ï¡¢ÅöÌÌ¡¢´¶À÷¾É¤ä´û±ý¤Î¸¶Ìý²Á³Ê²¼Íî¡¢Go To¥È¥é¥Ù¥ë»ö¶È2¤Î±Æ¶Á¤Ê¤É¤ò¼õ¤±¤Æ¡¢¥Þ¥¤¥Ê¥¹¤Ç¿ä°Ü¤¹¤ë¤È¤ß¤é¤ì¤ë¡£´¶À÷¾É¤Î±Æ¶Á¤«¤é¡¢·ÐºÑ³èư¤Î¿å½à¤¬Ä㤤¾õÂÖ¤¬Â³¤¯¤â¤È¤Ç¡¢·Êµ¤´¶±þŪ¤Êºâ¤ä¥µ¡¼¥Ó¥¹¤Î²Á³Ê¤¬²¼²¡¤·¤µ¤ì¤ë¤Û¤«¡¢´û±ý¤Î¸¶Ìý²Á³Ê²¼Íî¤â¡¢¥¨¥Í¥ë¥®¡¼²Á³Ê¤òÄ̤¸¤Æ¾ÃÈñ¼Ôʪ²Á¤ò²¡¤·²¼¤²¤ë¤È¹Í¤¨¤é¤ì¤ë¡£¤½¤¦¤·¤¿¤â¤È¤Ç¡¢ÃæÄ¹´üŪ¤ÊͽÁÛʪ²Á¾å¾ºÎ¨¤â¡¢°ú¤Â³¤¼å´Þ¤à¤È¹Í¤¨¤é¤ì¤ë¡£¡Ù(º£²ó) ¡Ø¾ÃÈñ¼Ôʪ²Á(½ü¤¯À¸Á¯¿©ÉÊ)¤ÎÁ°Ç¯Èæ¤Ï¡¢ÅöÌÌ¡¢´¶À÷¾É¤ä´û±ý¤Î¸¶Ìý²Á³Ê²¼Íî¤Ê¤É¤Î±Æ¶Á¤ò¼õ¤±¤Æ¡¢¥Þ¥¤¥Ê¥¹¤Ç¿ä°Ü¤¹¤ë¤È¤ß¤é¤ì¤ë¡£¡Ù(9·îÀ¼ÌÀʸ) ¡Ø¾ÃÈñ¼Ôʪ²Á¤ÎÁ°Ç¯Èæ¤Ï¡¢ÅöÌÌ¡¢´¶À÷¾É¤ä´û±ý¤Î¸¶Ìý²Á³Ê²¼Íî¤Ê¤É¤Î±Æ¶Á¤ò¼õ¤±¤Æ¡¢¥Þ¥¤¥Ê¥¹¤Ç¿ä°Ü¤¹¤ë¤È¤ß¤é¤ì¤ë¡£´¶À÷¾É¤Î±Æ¶Á¤«¤é¡¢·ÐºÑ³èư¤Î¿å½à¤¬Ä㤤¾õÂÖ¤¬Â³¤¯¤â¤È¤Ç¡¢·Êµ¤´¶±þŪ¤Êºâ¤ä¥µ¡¼¥Ó¥¹¤Î²Á³Ê¤¬²¼²¡¤·¤µ¤ì¤ë¤Û¤«¡¢¤Ò¤Èº¢¤ËÈæ¤Ù¤ÆÂ礤¯²¼Í¤¿¸¶Ìý²Á³Ê¤¬¡¢¥¨¥Í¥ë¥®¡¼²Á³Ê¤òÄ̤¸¤Æ¾ÃÈñ¼Ôʪ²Á¤ò²¡¤·²¼¤²¤ë¤È¹Í¤¨¤é¤ì¤ë¡£¤½¤¦¤·¤¿¤â¤È¤Ç¡¢ÃæÄ¹´üŪ¤ÊͽÁÛʪ²Á¾å¾ºÎ¨¤â¡¢°ú¤Â³¤¼å´Þ¤à¤È¹Í¤¨¤é¤ì¤ë¡£¡Ù(7·îŸ˾) ¤µ¤Ã¤¤Îʪ²Á¤Î¸½¾õ¤Î½ê¤ÇÏ䷤Ƥª¤ê¤Þ¤·¤¿¡Ö´¶À÷¾É¡×¥Õ¥¡¥¯¥¿¡¼¤Î·ï¤Ï¤³¤Á¤é¤Ë¤¢¤ê¤Þ¤¹Ä̤ê¤È¤¤¤¦¤³¤È¤Ç¤´¤¶¤ë¡£¤Þ¤¢¤³¤³¤éÊդθ«Ä̤·¤ÏÊѤï¤é¤ó¤ï¤Ê¡£ ¡Ø¤½¤Î¸å¡¢·ÐºÑ¤Î²þÁ±¤Ëȼ¤¤¡¢Êª²Á¤Ø¤Î²¼²¡¤·°µÎϤϼ¡Âè¤Ë¸º¿ê¤·¤Æ¤¤¤¯¤ÈͽÁÛ¤µ¤ì¤ë¡£²Ã¤¨¤Æ¡¢¸¶Ìý²Á³Ê²¼Íî¤Î±Æ¶Á¤Ê¤É¤âÇíÍ¤Æ¤¤¤¯¤È¤ß¤é¤ì¤ë¡£¤½¤¦¤·¤¿¤â¤È¤Ç¡¢¾ÃÈñ¼Ôʪ²Á¤ÎÁ°Ç¯Èæ¤Ï¡¢¥×¥é¥¹¤Ëž¤¸¤Æ¤¤¤¡¢½ù¡¹¤Ë¾å¾ºÎ¨¤ò¹â¤á¤Æ¤¤¤¯¤È¹Í¤¨¤é¤ì¤ë¡£ÃæÄ¹´üŪ¤ÊͽÁÛʪ²Á¾å¾ºÎ¨¤â¡¢ºÆ¤Ó¹â¤Þ¤Ã¤Æ¤¤¤¯¤È¹Í¤¨¤é¤ì¤ë¡£¡Ù(º£²ó) ¡Ø¤½¤Î¸å¡¢·ÐºÑ¤Î²þÁ±¤Ëȼ¤¤Êª²Á¤Ø¤Î²¼²¡¤·°µÎϤϼ¡Âè¤Ë¸º¿ê¤·¤Æ¤¤¤¯¤³¤È¤ä¡¢¸¶Ìý²Á³Ê²¼Íî¤Î±Æ¶Á¤¬ÇíÍ¤Æ¤¤¤¯¤³¤È¤«¤é¡¢¾ÃÈñ¼Ôʪ²Á(½ü¤¯À¸Á¯¿©ÉÊ)¤ÎÁ°Ç¯Èæ¤Ï¡¢¥×¥é¥¹¤Ëž¤¸¤Æ¤¤¤¡¢½ù¡¹¤Ë¾å¾ºÎ¨¤ò¹â¤á¤Æ¤¤¤¯¤È¹Í¤¨¤é¤ì¤ë¡£¡Ù(9·îÀ¼ÌÀʸ) ¡Ø¤½¤Î¸å¡¢·ÐºÑ¤Î²þÁ±¤Ëȼ¤¤¡¢Êª²Á¤Ø¤Î²¼²¡¤·°µÎϤϼ¡Âè¤Ë¸º¿ê¤·¤Æ¤¤¤¯¤ÈͽÁÛ¤µ¤ì¤ë¡£²Ã¤¨¤Æ¡¢¥¨¥Í¥ë¥®¡¼²Á³Ê²¼Íî¤Î±Æ¶Á¤âÇíÍ¤Æ¤¤¤¯¤È¤ß¤é¤ì¤ë¡£¤½¤¦¤·¤¿¤â¤È¤Ç¡¢¾ÃÈñ¼Ôʪ²Á¤ÎÁ°Ç¯Èæ¤Ï¡¢¥×¥é¥¹¤Ëž¤¸¤Æ¤¤¤¡¢½ù¡¹¤Ë¾å¾ºÎ¨¤ò¹â¤á¤Æ¤¤¤¯¤È¹Í¤¨¤é¤ì¤ë¡£ÃæÄ¹´üŪ¤ÊͽÁÛʪ²Á¾å¾ºÎ¨¤â¡¢ºÆ¤Ó¹â¤Þ¤Ã¤Æ¤¤¤¯¤È¹Í¤¨¤é¤ì¤ë¡£¡Ù(7·îŸ˾) ¤É¤¦¤ä¤Ã¤Æ¥¤¥ó¥Õ¥ì´üÂÔ¤¬¹â¤Þ¤ë¤«¤Î¥Ñ¥¹¤¬¤µ¤Ã¤Ñ¤êʬ¤«¤ê¤Þ¤»¤ó¤¬¡¢ÀâÌÀ¤¹¤ë¤È¥É¥Ä¥Ü¤ËÖȤë¤À¤±¤Ê¤Î¤ÇÀâÌÀ¤·¤Ê¤¤¤È¤¤¤¦·é¤¤(±ýÀ¸ºÝ¤¬°¤¤)ÂÖÅ٤Ǥ¹¤Ê¤¢¤Ã¤Ï¤Ã¤Ï¡£ ¡¦¤Á¤ç¤Ã¤ÈÈô¤Ð¤·¤Æ¥ê¥¹¥¯Ì̤Îʪ²Á¤ÎÉôʬ¤Ç¥¯¥½¥ï¥í¥¿¤Î¤¬¤¢¤ë¤Î¤¬ËÜÆü¤ÎÇòÈý ¤Ç¤â¤Ã¤Æ¤³¤Î¸å¡¢¡Ø(3)¶âÍ»´Ä¶ ¡Ù¤ÈÍè¤Þ¤·¤Æ¡Ø3.·ÐºÑ¡¦Êª²Á¤Î¥ê¥¹¥¯Í×°ø ¡Ù¤Î¥Ñ¡¼¥È¤ËÆþ¤ë¤Î¤Ç¤¹¤¬¡¢¶âÍ»´Ä¶¤È¥ê¥¹¥¯Í×°ø¤Î·ÐºÑ¤ÎÊý¤ÏÁ°²ó¤ÈÂ礷¤ÆÊѤï¤Ã¤Æ¤¤¤Ê¤¤¤Î¤Ç¤¢¤ó¤Þ¤ê¤ª¤â¤í¤¤¤È¤³¤í¤Ê¤¤¤Î¤ÇÊÌÅÓÉյŪ¤Ë¤¢¤È¤Ç¤ä¤ë¤È¤¤¤¦¤³¤È¤Ç¡¢¡Ø(1)·ÐºÑ¤Î¥ê¥¹¥¯Í×°ø ¡Ù¤â¤Ö¤ÃÈô¤Ð¤·¤Þ¤¹¡£ º£²óÆÉ¤ó¤Ç¤ÆÊ®¤¤¤¿¤Î¤Ï¡Ø(2)ʪ²Á¤Î¥ê¥¹¥¯Í×°ø¡Ù¤Ç¤·¤Æ¤Í¡£ ¡Ø¤³¤Î¤Û¤«¡¢Êª²Á¸ÇͤΥꥹ¥¯Í×°ø¤È¤·¤Æ¤Ï¡¢Âè1¤Ë¡¢´¶À÷¾É¤Î±Æ¶Á¤¬¡¢·ÐºÑ³èư¤Î¼ûÍס¦¶¡µëξÌ̤˵ڤ֤â¤È¤Ç¤Î¡¢´ë¶È¤Î²Á³ÊÀßÄê¹Ôư¤ÎÉԳμÂÀ¤¬¤¢¤ë¡£¡Ù(º£²ó) ¡Ø¤³¤Î¤Û¤«¡¢Êª²Á¸ÇͤΥꥹ¥¯Í×°ø¤È¤·¤Æ¤Ï¡¢Âè1¤Ë¡¢´¶À÷¾É¤Î±Æ¶Á¤¬¡¢·ÐºÑ³èư¤Î¼ûÍס¦¶¡µëξÌ̤˵ڤ֤â¤È¤Ç¤Î¡¢´ë¶È¤Î²Á³ÊÀßÄê¹Ôư¤ÎÉԳμÂÀ¤¬¤¢¤ë¡£¡Ù(7·îŸ˾) ¤ÎÉôʬ¤Ê¤Î¤Ç¤¹¤¬¡¢ ¡Ø·ÐºÑ³èư¤ÎÍÞÀ©¤Ëȼ¤¦¼ûÍפθº¾¯¤Ï¡¢·Êµ¤´¶±þŪ¤Êºâ¤ä¥µ¡¼¥Ó¥¹¤Î²Á³Ê¤Ë²¼²¡¤·°µÎϤò²Ã¤¨¤ë¤È¹Í¤¨¤é¤ì¤ë¡£°ìÊý¤Ç¡¢¼ûÍ׸º¾¯¤Î°ì°ø¤¬´¶À÷¾É¤Ø¤Î·Ù²ü´¶¤Ç¤¢¤ë¤³¤È¤Ê¤É¤«¤é¡¢¸½»þÅÀ¤Ç¤Ï¡¢ÃͲ¼¤²¤Ë¤è¤ê¼ûÍ×´µ¯¤ò¿Þ¤ë¹Ôư¤Ï¹Èϲ½¤·¤Æ¤¤¤Ê¤¤¡£¤Þ¤¿¡¢´¶À÷ËɻߤΤ¿¤á¤ÎµÒ¿ôÀ©¸Â¤Î¤è¤¦¤Ë¡¢¶¡µëÌ̤«¤é¤ÎÀ©Ìó¤âÀ¸¤¸¤Æ¤¤¤ë¡£¤³¤¦¤·¤¿¤â¤È¤Ç¡¢º£¸å¡¢´ë¶È¤¬¤É¤Î¤è¤¦¤Ê²Á³ÊÀßÄê¹Ôư¤ò¼è¤ë¤«¡¢¤µ¤é¤Ë¡¢¤½¤ì¤¬¥Þ¥¯¥íŪ¤Ëʪ²Á¤Ë¤É¤Î¤è¤¦¤Ê±Æ¶Á¤òµÚ¤Ü¤¹¤«¡¢ÉԳμÂÀ¤¬Â礤¤¡£¡Ù(º£²ó) ¤Á¤Ê¤ß¤ËÁ°²ó¤Ï¡¢ ¡Ø·ÐºÑ³èư¤ÎÍÞÀ©¤Ëȼ¤¦¼ûÍפθº¾¯¤Ï¡¢·Êµ¤´¶±þŪ¤Êºâ¤ä¥µ¡¼¥Ó¥¹¤Î²Á³Ê¤Ë²¼²¡¤·°µÎϤò²Ã¤¨¤ë¤È¹Í¤¨¤é¤ì¤ë¡£°ìÊý¤Ç¡¢´¶À÷ËɻߤΤ¿¤á¤ÎµÒ¿ôÀ©¸Â¤Î¤è¤¦¤Ë¡¢¶¡µëÌ̤«¤é¤ÎÀ©Ìó¤âÀ¸¤¸¤ë¾ì¹ç¤Ë¡¢´ë¶È¤¬¤É¤Î¤è¤¦¤Ê²Á³ÊÀßÄê¹Ôư¤ò¼è¤ë¤«¤È¤¤¤¦ÅÀ¤Ë¤ÏÉԳμÂÀ¤¬¤¢¤ë¡£¤Þ¤¿¡¢¤³¤¦¤·¤¿¾õ¶·¤¬¥Þ¥¯¥íŪ¤Ë¤ß¤ÆÊª²Á¤Ë¤É¤Î¤è¤¦¤Ê±Æ¶Á¤òµÚ¤Ü¤¹¤«¤âÉÔÆ©ÌÀ¤Ç¤¢¤ë¡£¡Ù(7·îŸ˾) ¤Ã¤Æ¤¢¤ê¤Þ¤·¤Æ¡¢º£²óÉÕ¤±²Ã¤¨¤é¤ì¤¿Ê¸¸À¤¬¡Ö°ìÊý¤Ç¡¢¼ûÍ׸º¾¯¤Î°ì°ø¤¬´¶À÷¾É¤Ø¤Î·Ù²ü´¶¤Ç¤¢¤ë¤³¤È¤Ê¤É¤«¤é¡¢¸½»þÅÀ¤Ç¤Ï¡¢ÃͲ¼¤²¤Ë¤è¤ê¼ûÍ×´µ¯¤ò¿Þ¤ë¹Ôư¤Ï¹Èϲ½¤·¤Æ¤¤¤Ê¤¤¡£¡×¤È¤Ê¤Ã¤Æ¤ª¤ê¤Þ¤·¤Æ¤³¤³¤ÇÀ¹Âç¤ËÊ®¤¤¤¿¤ó¤Ç¤¹¤±¤É¤Í¡£ ¡¦¡¦¡¦¡¦¡¦¤À¤Ã¤Æ¤µ¡¢GoTo¥¥ã¥ó¥Ú¡¼¥ó¤Ã¤Æ¾¦Å¹³¹¥¤¥Ù¥ó¥È¤ÎÅ۰ʳ°¤Ã¤Æ»×¤¤¤Ã¤¤ê¡ÖÃͲ¼¤²¤Ë¤è¤ê¼ûÍ×´µ¯¤ò¿Þ¤ë¹Ôư¡×¤ÊÌõ¤Ç¡¢À¯Éܤ¬²»Æ¬¼è¤Ã¤Æ¡ÖÃͲ¼¤²¤Ë¤è¤ê¼ûÍ×´µ¯¤ò¿Þ¤ë¹Ôư¡×¤ò¹Ô¤Ã¤Æ¤¤¤ë¾å¤Ë¡¢ºòÆü¤¢¤¿¤ê¤Î¥Ë¥å¡¼¥¹¤À¤È¶¯Åð¥È¥é¥Ù¥ë¤Á¤ã¤ó¤¬±äĹ¤Ë¤Ê¤ê¤½¤¦¤È¤«¤½¤¦¤¤¤¦Ïäâ½Ð¤Æ¤¤¤ëÌõ¤Ç¤¹¤è¡£¤¤¤ä¥¥ã¥ó¥Ú¡¼¥ó¤¬°ì²áÀ¤Îʪ¤À¤Ã¤¿¤é³Î¤«¤Ë¹Èϲ½¤·¤Æ¤¤¤Ê¤¤¤·¤¿¤À¤Î°ìȯ·Ý°·¤¤¤Ç¤âÎɤ¤¤ó¤Ç¤¹¤±¤É¡¢1ǯ¤È¤«Â³¤¯¾ì¹ç¡¢ÆÃÄꥻ¥¯¥¿¡¼¤À¤±¤ÎÃͲ¼¤²¤À¤È¤«¸À¤Ã¤Æ¤â¡¢ÆÃ¤ËÁªÂòŪ¼ûÍפߤ¿¤¤¤Ê¤â¤Î¤À¤È¡¢¤³¤ÎÆÃÄꥻ¥¯¥¿¡¼¤ËÅö¤¿¤Ã¤Æ¤¤¤Ê¤¤½ê¤¬Âй³¤·¤ÆÃͲ¼¤²¤È¤«¤·¤Ê¤¤¤È¥¢¥«¥ó¤¯¤Ê¤ë¥ê¥¹¥¯¤È¤«Ìµ¤¤¤Î?¤È»×¤¦¤·¡¢¤³¤¦¤¤¤¦¥¥ã¥ó¥Ú¡¼¥óÂ硹Ū¤Ë¤ä¤ê¤Þ¤¹¤È¡¢¾Íè¤â¤³¤ó¤Ê¤Î¤¬½Ð¤ëŪ´üÂԤǥ¤¥ó¥Õ¥ì´üÂÔ¤¬²¼¤¬¤ë¤Î¤Ç¤Ï¤Ê¤¤¤«¡¢¤È¤«¿§¡¹¤ÈÌÑÁÛ¤¬È¯À¸¤¹¤ë¤ó¤Ç¤¹¤è(¸Ä¿Í¤ÎÌÑÁۤǤ¹)¡£ ¤È¤¤¤¦¤³¤È¤Ç¡¢¤³¤ÎÄɲÃʸ¸À¡¢º£²ó¤ï¤¶¤ï¤¶Æþ¤ì¤ë°ÕÌ£¤¬¤¢¤Ã¤¿¤Î¤«¤È¤¤¤¦¤Î¤¬ÊªÀ¨¤¯ÉԻ׵ĤǤ´¤¶¤¤¤Þ¤·¤Æ¡¢¤¤¤ä¤Þ¤¢Â¿Ê¬¤Ç¤¹¤¬Â¸µ¤Îʪ²Á¤Î¼å¤µ¤ÏÆÃ¼ìÍ×°ø¤Ë¤è¤ë½Ö´Ö·Ý¡¢¤È¤¤¤¦¤Î¤ò¶¯Ä´¤¹¤ë¤¿¤á¤È¡¢´ë¶È¤Î²Á³ÊÀßÄê¹Ôư¤¬²¼¤¬¤Ã¤Æ¤¤¤ë¡¢¤¹¤Ê¤ï¤Á¥Ç¥Õ¥ì¥Þ¥¤¥ó¥É¤Ë¤Ê¤Ã¤Æ¤¤¤ëÌõ¤Ç¤Ï¤Ê¤¤¡¢¤È¤¤¤¦¤Î¤ò¶¯Ä´¤¹¤ë¤¿¤á¤À¤í¤¦¤È¤¤¤¦¤Î¤ÏÍý²ò¤Ç¤¤Ê¤¤¤³¤È¤â¤Ê¤¤¤Î¤Ç¤¹¤¬¡¢»×¤¤¤Ã¤¤êÀ¯Éܤ¬ÆÃÄꥻ¥¯¥¿¡¼ÂоݤȤϸÀ¤¨¡ÖÃͲ¼¤²¤Ë¤è¤ê¼ûÍ×´µ¯¤ò¿Þ¤ë¹Ôư¡×¤òÌ̻ܶܺö¤Ë¤·¤Æ¤¤¤ëÃæ¤Ç¡¢Æü¶ä¤¬Æ²¡¹¤È¡Ö¸½»þÅÀ¤Ç¤Ï¡¢ÃͲ¼¤²¤Ë¤è¤ê¼ûÍ×´µ¯¤ò¿Þ¤ë¹Ôư¤Ï¹Èϲ½¤·¤Æ¤¤¤Ê¤¤¡£¡×¤È¤Ö¤Ã¤³¤ó¤Ç¤¤¿¤Î¤Ë¤Ïðµ¤âÌĤ«¤º¤Ð·â¤¿¤ì¤Þ¤¤¤È¤«¥Ê¥ó¥È¥«¼Ø¤ËÉݤ¸¤º¤È¤«¡¢¤½¤ó¤Ê¸Á¤ò»×¤¤½Ð¤·¤Æ¤·¤Þ¤¤¤Þ¤·¤¿¤È¤µ¡¢¤È¤¤¤¦½ê¤ÇËÜÆü¤Ï´ªÊÛ¤·¤ÆÄº¤¤È¤¦Â¸¤¸¤Þ¤¹¡£
¤ªÂê¡ÖMPM¤Î¥¿¥¤¥ß¥ó¥°¤Ç¤³¤ì¤¬½Ð¤ë¤È¤Ê/¥á¥¹¥¿¡¼ÁíºÛ¤Î¥¹¥È¥é¥Æ¥¸¡¼¥ì¥Ó¥å¡¼ÀâÌÀ¡×
2020/10/29¡ÊÌÚ¡Ë08:14:14
¤Û¤¦¤Û¤¦¤½¤¦¤Ç¤¹¤«¡£[³°Éô¥ê¥ó¥¯] ¸áÁ° ÊÆ¹ñ³ô¼°»Ô¾ì=¥À¥¦943¥É¥ë°Â¡¢¥³¥í¥ÊºÆ³ÈÂç¤äÊÆÂçÅýÎÎÁª¤Ë·Ù²ü´¶ ¡Ø¥Ë¥å¡¼¥è¡¼¥¯¡¡28Æü¡¡¥í¥¤¥¿¡¼] - ÊÆ¹ñ³ô¼°»Ô¾ì¤ÏµÞÍ¡¢¼çÍ×3»Ø¿ô¤Ï¸®Ê¤ß3%Ķ°Â¤Ç½ªÎ»¤·¤¿¡£À¤³¦Åª¤Ê¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹´¶À÷ºÆ³ÈÂç¤ò½ä¤ë·üǰ¤ä¡¢´Ö¶á¤ËÇ÷¤ëÊÆÂçÅýÎÎÁª¤Ø¤Î·Ù²ü´¶¤¬°µÇ÷¤·¤¿¡£¥À¥¦¹©¶È³ô30¼ï¤Ï943¥É¥ë°Â¤È¡¢7·î½ªÈ×°ÊÍè¤Î°ÂÃͤǰú¤±¤¿¡£¡Ù(¾åµURLÀè¤è¤ê) ¤¢¤ó¤Þ¤ê¤ª¤Ï¤®¤ã¡¼´¶¤¬Ìµ¤¤¤Î¤ÏÌÞÏÀ¥¢¥¿¥¯¥·¤¬Æß´¶¤È¤¤¤¦¤Î¤Ï¤¢¤ë¤ó¤Ç¤¹¤¬¡¢²¿¤»¤Û¤Ü1¤«·î¤¯¤é¤¤¾å¤²¤â²¼¤²¤â¥³¥í¥ÊºÆ³ÈÂç¤ÈÊÆ¹ñÄɲÃͽ»»¤ÈÂçÅýÎÎÁªµó¤Ð¤Ã¤«¤ê¤Ç¿·¥Í¥¿´¶¤¬Ìµ¤¤¤·¡¢·ä¤¢¤é¤ÐÊÆ¹ñºâÀ¯³ÈÂç¥Ò¥ã¥Ã¥Ï¡¼Áê¾ì¤ò¤ä¤Ã¤Æ¤¤¤ë¤«¤é¤Ç¤Ï¤Ê¤¤¤«¡¢¤È¾¡¼ê¤Ë¿²¤Ü¤±¤Þ¤Ê¤³¤ÇǼÆÀ¤·¤Æ¤¤¤ë¥ï¥¤¤¬¤¤¤ë¡£ ¡»¤Þ¤¢ÌµÉ÷¤ÎȦ¤Ê¤ó¤À¤¬MPM¥×¥ì¥Ó¥å¡¼»¨´¶¡¢¤È¤¤¤¤¤Ä¤ÄͽÄêÍøÎ¨°ú¤²¼¤²¥Í¥¿¥á¥â ÊÀ³²¤Î¸²ºß²½¥¥¿¥³¥ì!!![³°Éô¥ê¥ó¥¯] 19ǯ¤Ö¤ê°ú¤²¼¤²¤Ø Âè°ìÀ¸Ì¿ 2020ǯ10·î29Æü 5»þ20ʬ ¹ñ±ÄÊüÁ÷¤Á¤ã¤óMPM¤Î¥Ë¥å¡¼¥¹¤Ï¤·¤Ê¤¤¤±¤É¤³¤Î¥Ë¥å¡¼¥¹¤Ï(Åö¤¿¤êÁ°¤À¤¬)¤¬¤Ã¤Ä¤ê¤È¹Ô¤Ã¤Æ¤¤¤Þ¤¹¤Ê¡£Æü·Ð¤ÎÊý¤ÏÅÓÃæ¤Þ¤Ç¤·¤«ÌµÎÁ¤Ç¸«¤ì¤ó¤Î¤ÇÇØ·ÊÀâÌÀ¤¬¤É¤¦¤Ê¤Ã¤Æ¤¤¤ë¤Î¤«¤ÏÃΤé¤ó(¥ê¡¼¥É¤Î½ê¤Ë¤Ï¡ÖÀ¤³¦Åª¤Ê¶âÍøÄã²¼¡×¤Î¸ÀµÚ¤¬¤¢¤Ã¤¿¤±¤É)¤±¤É¡¢¹ñ±ÄÊüÁ÷¤Ï¤Á¤ã¤ó¤ÈÎɤ¤ÅÀ¤ò»ØÅ¦¤·¤È¤ë¤Ê¡£ ¡ØÀ¸Ì¿Êݸ±Âç¼ê¤Î¡ÖÂè°ìÀ¸Ì¿¡×¤Ï¡¢¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹¤Î´¶À÷³ÈÂç¤ÇÀ¤³¦³Æ¹ñ¤¬¶âÍø¤ò°ú¤²¼¤²¤¿¤¿¤á´ë¶È¤«¤éͤ«¤Ã¤Æ¤¤¤ëǯ¶â»ñ¶â¤Î±¿ÍѤ¬Æñ¤·¤¯¤Ê¤Ã¤¿¤È¤·¤Æ¡¢Íèǯ10·î¤«¤é±¿ÍѤ¹¤ëºÝ¤ÎÍøÎ¨¤ò19ǯ¤Ö¤ê¤Ë°ú¤²¼¤²¤ëÊý¿Ë¤ò¸Ç¤á¤Þ¤·¤¿¡£´ë¶È¤Ë¤è¤Ã¤Æ¤Ï½¾¶È°÷¤Îǯ¶â¤Î¼õ¤±¼è¤ê³Û¤ò°ú¤²¼¤²¤ëÂбþ¤Ê¤É¤¬É¬Íפˤʤë²ÄǽÀ¤â¤¢¤ê¤Þ¤¹¡£¡Ù(¾åµURLÀè¤è¤ê¡¢°Ê²¼Æ±ÍÍ) ½¾¶È°÷¤Î³§ÍͤˤⰱƶÁ¤¬¤¢¤ë¡¢¤È¤¤¤¦¤Î¤ò¤Á¤ã¤ó¤ÈÆþ¤ì¤Æ¤¤¤ë(Æü·Ð¤âÆþ¤ì¤Æ¤¿¤±¤É)¤Î¤¬ÅöÁ³¤Ê¤¬¤é¥¤¥¤¥·¥Æ¥¥À¥Ê¡¼¡£ ¡ØÀ¸Ì¿Êݸ±²ñ¼Ò¤Ï´ë¶È¤«¤éǯ¶â»ñ¶â¤òͤ«¤Ã¤Æ±¿ÍѤ·¤Æ¤¤¤Þ¤¹¤¬¡¢¡ÖÂè°ìÀ¸Ì¿¡×¤Ï¡¢¸ÜµÒ¤Î´ë¶È¤ËÌ󫤷¤Æ¤¤¤ë±¿ÍѤÎÍøÎ¨¡ÖͽÄêÍøÎ¨¡×¤òÍèǯ10·î¤Ëº£¤Î1.25%¤«¤é1¥Ý¥¤¥ó¥È²¼¤²¤Æ0.25%¤Ë¤¹¤ëÊý¿Ë¤Ç¤¹¡£°ú¤²¼¤²¤Ï¡¢19ǯ¤Ö¤ê¤À¤È¤¤¤¦¤³¤È¤Ç¤¹¡£¡Ù ¤Û¤¦¤Û¤¦¡£¤Á¤ç¤Ã¤ÈÅÓÃæ¤òÈô¤Ð¤·¤Þ¤·¤Æ°úÍѤ¹¤ë¤È¡¢ ¡ØÂè°ìÀ¸Ì¿¤È·ÀÌ󤷤Ƥ¤¤ë´ë¶È¤Ï¤ª¤è¤½3000¼Ò¤Ë¤Î¤Ü¤ê¡¢´ë¶È¤ÎÃæ¤Ë¤Ïº£¸å¡¢³Ý¤±¶â¤òÀѤßÁý¤·¤¿¤ê¡¢½¾¶È°÷¤Îǯ¶â¤Î¼õ¤±¼è¤ê³Û¤ò°ú¤²¼¤²¤¿¤ê¤¹¤ëÂбþ¤Ê¤É¤òÇ÷¤é¤ì¤ë¤È¤³¤í¤â½Ð¤Æ¤¯¤ë¤â¤Î¤È¤ß¤é¤ì¤Þ¤¹¡£¡Ù °±Æ¶Á¥¥¿¥³¥ì¡£ ¡Ø°ú¤²¼¤²¤ÎÇØ·Ê¤Ë¤Ï¡¢Æü¶ä¤Î¥Þ¥¤¥Ê¥¹¶âÍøÀ¯ºö¤¬Ä¹´ü²½¤·¤Æ¤¤¤ë¤¦¤¨¡¢¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹¤Î´¶À÷³ÈÂç¤Ç³Æ¹ñ¤ÎÃæ±û¶ä¹Ô¤¬¶âÍ»´ËÏÂ¤ËÆ§¤ßÀڤäƶâÍø¤ò°ú¤²¼¤²¤¿¤¿¤á¡¢±¿ÍѤ¬Æñ¤·¤¯¤Ê¤Ã¤Æ¤¤¤ë¤³¤È¤¬¤¢¤ê¤Þ¤¹¡£¡Ù ¤è¤·¤è¤·¡¢¥Þ¥¤¥Ê¥¹¶âÍøÀ¯ºö¤¬Ä¹´ü²½¤·¤Æ¤¤¤ë¤Ã¤ÆÆþ¤Ã¤Æ¤ë¤Ê¡¢MPM¤Î¥¿¥¤¥ß¥ó¥°¤Ç½Ð¤Æ¤¯¤ë¤Î¤Çº£Æü¤Î²ñ¸«¤Ç¼ÁÌ䤬Èô¤Ö¤Î¤Ïɬ»ê¡£ ¡¦¡¦¡¦¡¦¡¦¡¦¤Ç¤Ç¤¹¤Í¡¢¤¤¤ä¤Þ¤¢¤É¤¦¤»Æü¶ä¤Î¤³¤È¤Ç¤¹¤«¤é¡Ö·ÐºÑ¤ò»Ù¤¨¤ë¤³¤È¤¬½ÅÍספȤ«¸À¤¦¤ó¤Ç¤·¤ç¤¦¤±¤ì¤É¤â¡¢ËÜÍè¤Ï¤½¤³¤Ç¼¡¤Î¼ÁÌä¼Ô¤¬¡Ö2%¤Îʪ²Á°ÂÄêÌÜɸ¤ò¤Ç¤¤ë¤À¤±Áá´ü¤ËãÀ®¤¹¤ë¤¿¤á¤Ë¥Þ¥¤¥Ê¥¹¶âÍøÀ¯ºö¤òƳÆþ¤·¤¿È¦¤Ê¤Î¤Ë¡¢Êª²Á°ÂÄêÌÜɸ¤ÎÁá´üãÀ®¤Ï¥³¥í¥ÊÍ×°ø¤¬Ìµ¤«¤Ã¤¿»þ¤Ç¤âÁ´¤¯¿Ê¤Þ¤º¡¢¤³¤Î¤è¤¦¤ËÀ¯ºö¤ÎĹ´ü²½¤ÎÊÀ³²¤¬½Ð¤Æ¤¤Æ¤¤¤ë¡¢¤È¤¤¤¦¾õ¶·¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤³¤È¤òƧ¤Þ¤¨¤ë¤È¡¢·ÐºÑ¤ò»Ù¤¨¤ë¤¿¤á¤Ë¥Þ¥¤¥Ê¥¹¶âÍøÀ¯ºö¤¬É¬Í×ÉԲķç¤Ê¤Î¤«¡¢¥¼¥í¶âÍøÀ¯ºö¤Ç¤â·ÐºÑ¤Ï»Ù¤¨¤é¤ì¤ë¤Î¤Ç¤Ï¤Ê¤¤¤«¡¢¤È¤¤¤¦¤³¤È¤ò²þ¤á¤Æ¸¡Æ¤¤¹¤Ù¤¤Ç¤Ï¤Ê¤¤¤Ç¤·¤ç¤¦¤«¡×¤È¤«¼ÁÌ䤹¤ë¤È¤Á¤Ã¤¿¤¢¸«Ä¾¤¹¤ó¤Ç¤¹¤±¤É¤ÍÆü¶äµ¼Ô¥¯¥é¥Ö¡£ ¤Þ¤¢¤¤¤º¤ì¤Ë¤·¤Þ¤·¤Æ¤âÁ´¤Æ¥³¥í¥Ê¤Î¤»¤¤¤Ç¸íËâ²½¤¹¡¢¤È¤¤¤¦¶¯°ú¤Ê¸À¤¤Æ¨¤ì¤ò¤É¤³¤Þ¤Ç°ú¤ÃÄ¥¤ë¤Î¤«¡¢¤È¤¤¤¦¤Î¤â(º£ÆüÌÀÆü¤Ë¤Ï̵Íý¤Ç¤¹¤¬)ÃíÌܤ·¤Æ¤¤¤¤¿¤¤¤Î¤Ç¤¹¤¬¡¢º£Æü¤Î²ñ¸«¤È¤«Ê̤˥饤¥Ö¤Çʹ¤¯¤Û¤É¤Î¤â¤ó¤Ç¤â¤Ê¤¤(¤¿¤À¤·²¿¤«À¯ºö¤¤¤¸¤ì¤Ðʹ¤¤¤¿Êý¤¬Îɤ¤¤«¤âÃΤì¤Þ¤»¤ó¤±¤É)¤Î¤Ç¤¹¤¬¡¢¤Þ¤¢º£Æü¤Î´¶¤¸¤ò¸å¤Ç³Îǧ¤·¤Æ¤ß¤Æ(´û¤Ëʹ¤¯µ¤¤¬Ìµ¤¤Àë¸À^^)¤ª¤¤¿¤¤¤È¤Ï»×¤¦¤Î¤Ç¤¹¤¬¡¢¤Þ¤µ¤«¤È¤Ï»×¤¦¤Î¤Ç¤¹¤¬¤³¤ÎÄ´»Ò¤ÇǤ´üÃæÁ´Éô¸À¤¤Æ¨¤ì¤·¤Æ¡¢À¯ºö¤Î¥ì¥Ó¥å¡¼¤È¤«»à¤ó¤Ç¤â¤·¤Ê¤¤(¤Þ¤¢¤·¤¿¤é»à¤ó¤¸¤ã¤¦¤ó¤À¤±¤É)¡¢¤È¤¤¤¦¥é¥¤¥ª¥ó²¾Ì̾õÂ֤ǿä°Ü¤¹¤ë¤ó¤¸¤ã¤Í¤¨¤«¤³¤ÎÆü¶ä¤Ï¡¢¤Ê¤É¤È¤¤¤ä¡¼¤Êͽ´¶¤¬¤·¤Þ¤¹¤Ê¡£ ¤·¤«¤·¤Þ¤¢²¿¤Ç¤¹¤Ê¡¢Åö½é¤Ï¤½¤ì¤Ç¤â(·ë¶É¤¿¤À¤Î´ù¾å¤Î¶õÏÀ¤Ç½ÐÍè¤Ê¤¤ÏäǤϤ¢¤Ã¤¿¤â¤Î¤Î)2%¤Þ¤Ç¤Îʪ²Á¾å¾º¤òÌܻؤ¹¤¿¤á¤Ë¤Ï¸½¾õ¤Î¥Õ¥£¥ê¥Ã¥×¥¹¥«¡¼¥Ö¤òÁ°Äó¤Ë¤¹¤ë¤ÈÂ礤ʼûµë¥®¥ã¥Ã¥×¤Î¥×¥é¥¹¤¬É¬Íפˤʤë¤Î¤Ç¡¢°ÂÄêŪ¤Ë2%ʪ²ÁÌÜɸ¤òãÀ®¤¹¤ë¤Ë¤Ï´üÂÔ¥¤¥ó¥Õ¥ì¤ò°ú¤¾å¤²¤Æ¥Õ¥£¥ê¥Ã¥×¥¹¥«¡¼¥Ö¤ò¾åÊý¥·¥Õ¥È¤¹¤ë¡¢¤È¤«¤Þ¤¢°ì±þÍý¶þ¤Ï¤¢¤Ã¤¿¤Î¤Ç¤¹¤¬¡¢ºÇ¶á¤Ïʪ²Á¤¬¹Ô¤«¤Ê¤¤¸À¤¤Ìõ¤ÏÇ®¿´¤Ë¤·¤Þ¤¹¤±¤ì¤É¤â¡¢²¿¤Ë¤è¤Ã¤ÆÊª²Á°ÂÄêÌÜɸ¤òãÀ®¤¹¤ë¤«¡¢¤È¤¤¤¦Êý¤Î¥×¥í¥»¥¹¤ÎÏä䡢¤½¤Î¥×¥í¥»¥¹¤òãÀ®¤¹¤ë¤¿¤á¤Î¼êÃʤÎÏ䬤ޤë¤Ã¤¤êʹ¤«¤ì¤Ê¤¯¤Ê¤Ã¤Æ¡¢¤ª¤Þ¤±¤Ëʪ²ÁÌÜɸãÀ®»þ´ü¤âŸ˾¥ì¥Ý¡¼¥È¤Î´ü´ÖÃæ¤ËÁ´Á³ÆÏ¤«¤Ê¤¤¤Î¤ËÊ¿µ¤¤Ê´é¤ò¤·¤Æ¤¤¤ë¤Î¤Ç¡¢¤Þ¤¢¥³¥í¥Ê¤Î¤»¤¤¤Ç¤¹¥³¥í¥ÊÂкö¤Ï¥ï¥·¤¬°é¤Æ¤Þ¤·¤¿°Ê³°¤ÎÏäò¤Á¤ç¤Ã¤È¤·¤Æ¤ß¤í¤ä¤È¤Ï»×¤¦¤¬¡¢¥í¥¸¥Ã¥¯Êø²õ¤Ê¤ó¤Æ¤â¤ó¤¸¤ã¤Ê¤¤¤«¤é²¿¤â¸À¤ï¤Ê¤¤(¸À¤¦¤È¥Ü¥í¤·¤«½Ð¤Ê¤¤¤«¤é)¤Ç¤·¤ç¡¢¤È¤Ï»×¤¤¤Þ¤¹¡£ °ìÊý¤Ç(¤½¤ÎÁ°¤«¤é¹Ô¤Ã¤Æ¤¤¤¿¡¢¤È¤¤¤¦Íýͳ¤Ï¤¢¤ë¤Ë¤»¤è)¥³¥í¥Ê¤ÎÃæ¤Ç¤â¡¢¥¹¥È¥é¥Æ¥¸¥Ã¥¯¥ì¥Ó¥å¡¼¤È¤«¤·¤Ê¤¬¤é¡Ö¥³¥í¥Ê¤Ï¥³¥í¥Ê¤ÈÃפ·¤Þ¤·¤ÆÃæÄ¹´üŪ¤ÊÀ¯ºö±¿±Ä¤ÎÏÈÁȤߤäÀ¯ºöÈ¿±þ´Ø¿ô¤Ê¤É¤â¹Í¤¨¤Æ¤¤¤«¤Ê¤¤¤È¤¤¤±¤Þ¤»¤ó¤Í¡×¤È¤¤¤¦»ö¤ò¤¦¤ä¤Ã¤Æ¤¤¤ëÊÆ²¤¤ËÂФ·¤ÆÆü¶ä¤Á¤ã¤óÌÜÀè¤ÎÏäÀ¤±¤Ç¸íËâ²½¤·²á¤®¤Ã¤Æ´¶¤¸¤Ç¤Ï¤¢¤ê¤Þ¤¹¤Î¤Ç¡¢¤Þ¤¢º£²ó¤Ï¤½¤Î¸íËâ²½¤·¤Ã¤×¤ê¤ò¤È¤¯¤ÈÇÒ¸«¤·¤è¤¦¤È»×¤¤¤Þ¤¹¡£ ¤Ê¤ª¡¢Å¸Ë¾¥ì¥Ý¡¼¥È¤Ë´Ø¤·¤Æ¤Ïʪ²Á¤ÎÊý¤Ç¥Æ¥¯¥Ë¥«¥ë¤Ê²¼Êý½¤Àµ(GoTo¤Î±Æ¶Á)¤Ï¤¹¤ë¤Ç¤·¤ç¤¦¤±¤ì¤É¤â¡¢¤É¤¦¤»¡Ö¥³¥í¥Ê¤Îư¸þ¼¡Âè¤ÇÉԳμÂÀ¤Ï¹â¤¯¡¢¥ê¥¹¥¯¤Ï²¼Êý¤Ë¥·¥Õ¥È¤·¤Æ¤¤¤ë¡×¤È¸À¤¤¤Ê¤¬¤é¸«Ä̤·¤½¤Î¤â¤Î¤ÏÊѤ¨¤Ê¤¤(ÊѤ¨¤¿¤È¤·¤Æ¤âGDP¸«Ä̤·¤Ç¥³¥ó¥Þ1¤È¤«¥³¥ó¥Þ2°Ì¤Î¾åÊý½¤Àµ)¤Ç¤·¤ç¤¦¤Ê¡£Êª²Á°ÂÄêÌÜɸ¤¬Ã£À®¤¹¤ë¥á¥«¥Ë¥º¥à¤â¤É¤¦¤»¤¤¤Ä¤â¤Î¥¤¥ó¥Á¥¥á¥«¥Ë¥º¥à¤Ç¤·¤ç¤¦¤·¡£ #¤³¤ÎÄ´»Ò¤Ç¤¢¤È2ǯȾ¤âµïºÂ¤é¤ì¤ë¤Î¤«¤È»×¤¦¤ÈƬ¤¬¥¯¥é¥¯¥é¤·¤Þ¤¹ ¡»¥Ö¥ì¥¤¥Ê¡¼¥ÉÍý»ö¤ÎÀ¯ºöÏÈÁȤßÀâÌÀ¤¬Æ§¤ß¹þ¤ß²á¤®¤Æ¤¤¤¿¤Î¤Ç¥á¥¹¥¿¡¼ÁíºÛ¤Î¹Ö±é¤ÇÃæÏ¤·¤Æ¤ß¤Þ¤¹[³°Éô¥ê¥ó¥¯] Federal Reserve¡Çs New Monetary Policy Strategy 10.21.20 Loretta J. Mester 6th Annual Monetary and Financial Policy Conference, Money Macro and Finance Society, London, UK (via videoconference) ¡¦·ÐºÑ¤Î¥¹¥é¥Ã¥¯¤ËÂФ¹¤ëʪ²Á¤Î´¶±þÅÙ¤¬²¼¤¬¤Ã¤Æ¤¤¤ë»ö¤ËÂФ·¤Æ¥¤¥ó¥Õ¥ì´üÂÔ¤ò»ý¤Á½Ð¤¹¤Î¤Ï¸å¤Ç¥í¥¸¥Ã¥¯¤Î¹üÀÞ¤òµ¯¤³¤·¤½¤¦ ¡ØRevised Statement on Long-Run Goals and Monetary Policy Strategy¡Ù¤Ã¤Æ¾®¸«½Ð¤·¤«¤é»Ï¤Þ¤ë(¤½¤ÎÁ°¤Ï¤¿¤À¤Î¥Þ¥¯¥é)¤Ç¤¹¤¬¡¢ºÇ½é¤Î¥Ñ¥é¥°¥é¥Õ¤ÏÀèÈÌÍ踡Ƥ¤·¤Æ¤¤¤Þ¤·¤¿¤¬º£²ó¥Á¥§¥ó¥¸¤·¤Þ¤·¤¿¡¢¤Ã¤Æ¤À¤±¤ÎÏäò¤·¤Æ¤¤¤ë¤Î¤ÇÈô¤Ð¤·¤Æ¤½¤Î¼¡¤«¤é¡£ ¡ØThe framework review was undertaken in light of changes in the economic environment that have emerged since the FOMC¡Çs first strategy statement was published in 2012.¡Ù ºÇ½é¤Ëºî¤Ã¤¿¤Î¤¬2012ǯ(¤Ä¤¤¤³¤ÎÁ°¤Î¤è¤¦¤Êµ¤¤Ç¤¤¤ë¤Î¤¬Ç¯´ó¤ê¤Î¾Úµò)¤À¤Ã¤¿¤Î¤Ç¤¹¤¬·ÐºÑ´Ä¶¤ÎÊѲ½¤ò¼õ¤±¤ÆÊѤ¨¤Þ¤·¤¿¡¢¤Ã¤ÆÏäǤ¹¤Í¡£¤Þ¤¢¤³¤¦¤¤¤¦¤Î¸«¤Þ¤¹¤È¡Ö2013ǯ¤ÎQQE°Ê¹ß¤Ë¹½Â¤ÊѲ½¤¬¤¢¤Ã¤¿¡×¤È¤«¤¤¤¦¥¤¥ó¥Á¥ÀâÌÀ¤ò¤·¤Æ¤¤¤¿Ý¯°æ¤µ¤ó¤Î¤¢¤Î¥í¥¸¥Ã¥¯¤È¤¤¤¦¤Î¤Ï¡¢À¯ºö¥ì¥Ó¥å¡¼¤ò¤¹¤ë¤ó¤¸¤ã¤Í¤¨¤Î¤È»×¤ï¤»¤Æ¤¯¤ì¤ë¤â¤Î¤Ï̵¤¯¤Ï¤Ê¤¤¤Î¤Ç¤¹¤¬¤µ¤Æ¤É¤¦¤Ê¤ë¤ä¤é¡¢¤ÈÏ䬰ï¤ì¤Þ¤·¤¿¤¬Â³¤¡£ ¡ØOne change with important implications for monetary policy is the decline in the U.S. and other advanced economies in the general level of interest rates consistent with sustainable growth and price stability.¡Ù ¤Ç¤â¤Ã¤Æ¹½Â¤ÊѲ½¤Î¥¤¥ó¥×¥ê¥±¡¼¥·¥ç¥ó¤È¤¤¤¦¤³¤È¤Ç¤¤¤Ä¤â¤ÎÀâÌÀ¤Ç¤¹¤Í¡¢1¤Ä¤¬¼«Á³Íø»ÒΨ¤ÎÄã²¼¡£ ¡ØThis decline reflects several factors, including the aging of the population, changes in risk preferences, and slower productivity growth. It means that the level of the federal funds rate, the policy rate in the U.S., consistent with maximum employment and price stability is now lower than it has been in the past. This means that during economic downturns, it is now more likely that the fed funds rate will be constrained by its effective lower bound, and the FOMC will have less policy space to support the economy using its traditional policy tool.¡Ù ¡ØThis constraint, being understood by households, businesses, and financial markets, imparts a downward bias to inflation and inflation expectations, and so increases the downside risks to achieving our policy goals.¡Ù ¤½¤ì¤Ë¤è¤Ã¤ÆÀ¯ºö¶âÍø¤Î°ú¤²¼¤²Í¾ÃϤ¬¸º¤ê¤Þ¤¹¤Î¤Ç±¾¡¹¤È¤¤¤¦ÏäǤޤ¢¤³¤Ã¤Á¤Ï¤¤¤Ä¤â¤ÎÅÛ¡£¼¡¤¬¤ä¤ä¥ª¥â¥í¥¤¡£ ¡ØAnother change in the economic environment with implications for monetary policy pertains to inflation dynamics.¡Ù ¶âÍ»À¯ºö¤È¥¤¥ó¥Õ¥ì¡¼¥·¥ç¥ó¥À¥¤¥Ê¥ß¥¯¥¹¤Ø¤Î´Ø·¸¤âÊѲ½¤·¤¿¤½¤¦¤Ç¤¹¤è¡£ ¡ØResource slack in the labor market and in product markets has become less correlated with actual inflation than in the past, and inflation expectations now play a larger role in determining inflation outcomes. ¡Ù ·ÐºÑ¤Î¥¹¥é¥Ã¥¯¤ËÂФ¹¤ëʪ²Á¤Î´¶±þÅÙ¤¬°ÊÁ°¤ËÈæ¤Ù¤Æ¾®¤µ¤¯¤Ê¤ê¡¢¥¤¥ó¥Õ¥ì¡¼¥·¥ç¥ó¤Î¥¢¥¦¥È¥«¥à¤ËÂФ·¤Æ½ÅÍפˤʤäƤ¤Æ¤¤¤ë¤Î¤Ï¥¤¥ó¥Õ¥ì´üÂԤǤ¹¤è¡¢¤È¤¤¤¦ÀâÌÀ¡£ ¡ØThis means it is even more important that inflation expectations remain well anchored at levels consistent with our longer-run inflation goal. If expectations move below these levels, then it is more likely that inflation will run below our goal, which would then result in even less policy space in a low-interest-rate environment.¡Ù ¤è¤Ã¤Æ¥¤¥ó¥Õ¥ì´üÂÔ¤ò¥¢¥ó¥«¡¼¤¹¤ë¤³¤È¤¬½ÅÍפǤ¢¤ë¡¢¤È¤¤¤¦ÀâÌÀ¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤·¤Æ¡¢¤Ê¤ó¤«ºÇ¶áFED¹â´±¤³¤Î¸À¤¤Êý¤ò¤¹¤ë¤è¤¦¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤Ê¤¢¡¢¤È¤Ï»×¤¦¤Î¤Ç¤¹¤¬¡¢¤´°ÆÆâ¤ÎÄ̤ꡢ¤½¤â¤½¤âÏÀ¤È¤·¤Æ¥¤¥ó¥Õ¥ì´üÂԤäƤΤâ¥Õ¥ï¥Õ¥ï¤·¤¿³µÇ°¤Ç¤·¤Æ¡¢¥¤¥ó¥Õ¥ì´üÂÔ¤¬¤³¤¦¤À¤«¤éʪ²Á¤Î¥¢¥¦¥È¥«¥à¤Ë¤³¤Î¤è¤¦¤Ë±Æ¶Á¤¹¤ë¡¢¤È¤«¤¤¤¦¤Î¤Ã¤ÆÍý¶þ¤Î¾å¤Ç¤ÏÏäÎÀ°¹çÀ¤¬¼è¤ê¤ä¤¹¤¤¤ó¤Ç¤¹¤±¤É¡¢¤½¤â¤½¤âÏÀ¤È¤·¤Æ¥¤¥ó¥Õ¥ì´üÂÔ¤¬²¿%¤Ã¤Æ¤Î¤¬ËÜÅö¤Ë¸ºß¤¹¤ë¤Î¤«¤È¤¤¤¦Ï䬤¢¤ëÌõ¤Ç¤·¤Æ¡¢¤½¤ì¤Ã¤Æ¼Â¤ÏÀ®Ä¹´üÂԤǤ¢¤Ã¤Æ¥¤¥ó¥Õ¥ì´üÂÔ¤ÏÂåÍýÊÑ¿ô¤ß¤¿¤¤¤Ê¤â¤ó¤¸¤ã¤Ê¤¤¤Î¤«???¤Ã¤Æ¤¤¤¦¤è¤¦¤Ê´¶¤¸¤Ç¥´¥ê¥´¥ê¤ÈµÍ¤á¤Æ¤¤¤¯¤È¡¢¤Ê¤ó¤«¤è¡¼Ê¬¤«¤é¤ó¤Î¤èÀµÄ¾¸À¤Ã¤Æ¡¢¤Ã¤Æ¥¢¥¿¥¯¥·¤¬¤ªÇϼ¯¤µ¤ó¤Ê¤À¤±¤Î¤è¤¦¤Êµ¤¤â¤·¤Þ¤¹¤¬¡¢¤É¤¦¤â¤³¤Î¡Ö¥¤¥ó¥Õ¥ì´üÂԡפäƤΤ¬²¿¤Ê¤Î??¤È¤¤¤¦¤Î¤Ï¤¢¤ë¡£ ¤Ä¤Þ¤ê¤Ç¤¹¤Í¡¢¤¸¤ã¤¢¤½¤Î¥¤¥ó¥Õ¥ì´üÂÔ¤¬¤¢¤ë¤«¤é´ë¶È¤Î²Á³ÊÀßÄê¹Ôư(ºÇ½ªÅª¤Ë¤Ï¤½¤³¤Ç¤·¤ç¡¢¤È»×¤¦¤ó¤À¤¬)¤Ë¤É¤¦·ë¤Ó¤Ä¤¯¤Î¤«¡¢¤È¤¤¤¦¤è¤¦¤Ê¥¤¥ó¥Õ¥ì´üÂԤȸÀ¤ï¤ì¤ë¤â¤Î¤¬Êª²Á¤ËÂФ·¤Æ¤É¤¦¤¤¤¦±Æ¶ÁÍ¿¤¨¤ë¤Î¤Ã¤ÆÏ䬲¿¤È¤â¥Õ¥ï¥Õ¥ï¤·¤Æ¤¤¤ë¤·¡¢³Æ·ÐºÑ¼çÂΤ¬¤³¤ÎÄøÅÙ¤Îʪ²Á¾å¾º¤òÁÛÄꤷ¤Æ¹Ôư¤¹¤ë¤«¤é¥¤¥ó¥Õ¥ì´üÂÔÃͤ¬¤³¤ì¡¢¤Ã¤Æ¤Î¤Ï¤½¤ì¤Ï¹Ôư¤Î¥Ù¡¼¥¹¤Ë¥¤¥ó¥Õ¥ì´üÂÔ¤¬ËÜÅö¤Ë¤¢¤Ã¤Æ¤½¤¦¤Ê¤Ã¤Æ¤¤¤ë¤Î¤«¡¢Ã±¤Ë¸åÉÕ¤±¤ÎÏäʤ󤸤ã¤Ê¤¤¤Î??¤È¤«¤Þ¤¢¿§¡¹¤È¹Í¤¨¤Æ¤¤¤ë¤ÈƬ¤¬¥¦¥Ë¤Ë¤Ê¤Ã¤Æ¤·¤Þ¤¦¤ó¤Ç¤¹¤è¤Í¡¼¡£ ʪ²Á¤Î¥¢¥¦¥È¥«¥à¸«¤Ê¤¬¤é¡Ö¥¤¥ó¥Õ¥ì´üÂÔ¤¬¤³¤ÎÊդʤó¤Ç¤¹¤Í¡×¤ß¤¿¤¤¤ÊÏäò¤¹¤ë¤Î¤â½Û´ÄÏÀË¡¤ß¤¿¤¤¤À¤·¡¢¤Þ¤¢¤³¤Î¥¤¥ó¥Õ¥ì´üÂÔ¤¬¤É¤¦¤Î¤³¤¦¤Î¤Ã¤Æ¤¤¤¦¤Î¤Ï¡¢ÏäȤ·¤Æ¤ÏÈþ¤·¤¤¤Î¤Ç¤¹¤¬¡¢Êª²Á·èÄê¤Î¥á¥«¥Ë¥º¥à¤ò¹Í¤¨¤ëºÝ¤ËËÜÅö¤Ë¤½¤¦¤¤¤¦¤Î¤¢¤ë¤Î¤±????¤È¤¤¤¦¤Î¤¬ÀµÄ¾Îɤ¯Ê¬¤«¤é¤ó¡¢¤È¤«¸À¤¦¤È¥Ë¥å¡¼¥±¥¤¥ó¥¸¥¢¥ó¥â¥Ç¥ë¤¬À®¤êΩ¤¿¤Ê¤¤¤ó¤Ç¤·¤¿¤Ã¤±Îɤ¯ÃΤê¤Þ¤»¤ó¡£ ¡¦¡¦¡¦¡¦¡¦¤ÈÌÂÏ©¤ËÆþ¤Ã¤Æ¤·¤Þ¤¤¤Þ¤·¤¿¤¬¤½¤Î¼¡¡£ ¡ØThese changes in the economic environment warranted asking ourselves whether there were revisions to our monetary policy strategy that would make it more effective in promoting our policy goals. The review led us to conclude that the answer was yes. And we made changes to our approach to both the inflation goal and the employment goal, which are summarized in our revised strategy statement.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢¤É¤¦¤â¤³¤³¤ËÍè¤Æ¡Ö¥¤¥ó¥Õ¥ì´üÂÔ¤ò¥¢¥ó¥«¡¼¤¹¤ë¡×¤Ã¤ÆÏäòÁ°Ì̤˽Ф·¤Æ¤¯¤ëFED¹â´±¤¬¥Á¥é¥Û¥é¤È½Ð¤Æ¤¤Æ¤¤¤ë¤Ê¤È»×¤¤¤Þ¤¹¤·¡¢¤Ç¤â¤½¤ì¤Ã¤Æ¤´°ÆÆâ¤ÎÄ̤ê¤ÇÆüËܤ¬À¹Âç¤Ë¶õ¿¶¤ê¤·¤¿À¯ºö¤Ê¤ó¤Ç¤¹¤±¤É¡¢¤½¤ì¤ò¥Þ¥¸¤Ç¤ä¤í¤¦¤È¤·¤Æ¤¤¤ë¤Î¤«¡¢¤½¤ì¤È¤âñ¤Ë¥Õ¥ï¥Õ¥ï¤·¤¿³µÇ°¤ò»È¤Ã¤Æ¤ª¤¯¤ÈÀ¯ºö¤ä¤ë»þ¤Ë¿§¡¹¤È¥¤¥ó¥Á¥ÀâÌÀ¤¬²Äǽ¤Ê¤Î¤Ç¡¢¤¿¤À¤ÎÊýÊØ¤È¤·¤Æ¸À¤Ã¤Æ¤¤¤ë¤Î¤«¡¢¤È¤¤¤¦Êդ꤬º£¤Î½ê¤Þ¤ÀȽÃǤĤ«¤ó¤Ê¤¢¡¢¤È¤«»×¤¦¤Î¤Ç¤¢¤ê¤Þ¤·¤¿¡£ ¤³¤Î¡Ö¥¤¥ó¥Õ¥ì´üÂÔ¤ò¥¢¥ó¥«¡¼¡×¤Ã¤Æ¤Î¤ÏÆü¶ä¤¬¤½¤¦¤Ç¤¹¤±¤É¡¢²¼¼ê¤Ê»È¤¤Êý¤¹¤ë¤È¼«Ê¬¤Î¼ó¤ò¹Ê¤á¤ëÏäˤʤ꤫¤Í¤Ê¤¤¤«¤é¤Þ¤¢ÍÑË¡¤ÏŬÀڤˡ¢¤È¤¤¤¦¤«Â¿Ê¬Ãæ¶ä¤Ã¤Æ¶âÍ»°ú¤Äù¤á¤ÇÅê»ñ¹Ôư¤ò¶¯ÎϤËÍÞÀ©¤¹¤ë¤³¤È¤¬½ÐÍè¤ë¤«¤é¡¢¹â¤¤¥¤¥ó¥Õ¥ì´üÂÔ¤ò²¼¤²¤ëÊý¤Ï¤¢¤ëÄøÅÙ²Äǽ¤Ç¤¢¤Ã¤Æ¤â¡¢¶âÍ»´ËϤǽФƤ¯¤ëÅê»ñ¹Ôư¤Ã¤ÆÂ¾¤Î¾ò·ï¤ËÊѲ½¤¬Ìµ¤±¤ì¤Ð¾Íè¤ÎÅê»ñͽÄê¤òÁ°Åݤ·¤µ¤»¤ë¸ú²Ì¤·¤«¤Ê¤¤(¤Î¤ÇĹ´ü²½¤¹¤ë¤È¸ú²Ì¤¬Äþ¸º¤¹¤ë)¤Î¤Ç¡¢Ä㤤¥¤¥ó¥Õ¥ì´üÂÔ¤ò»ý¤Á¾å¤²¤ë¸ú²Ì¤È¤¤¤¦¤Î¤Ï¡¢ºÇ½é¤Î¤¦¤Á¤Ï¤¤¤±¤ë¤±¤ÉĹ´ü²½¤¹¤ë¤È¸ú²Ì¤¬Äþ¸º¤¹¤ë¤ó¤¸¤ã¤Ê¤«¤í¤¦¤«¡¢¤È¤¤¤¦ÈóÂоÎÀ¤¬¤¢¤ë¤ó¤¸¤ã¥Í¡¼¥Î¤«¤È¤Ï»×¤¦¤ó¤Ç¤¹¤±¤É¤µ¤Æ¤É¤¦¤Ê¤ó¤Ç¤·¤ç¤¦¤«¤Í¡£ ¡¦Êª²Á¤Î¥´¡¼¥ë¤Ë²¿¤«ÊѲ½¤¬¤¢¤Ã¤¿Ìõ¤Ç¤Ï¤Ê¤¤¤¬À¯ºö¤Ï°ÊÁ°¤è¤ê´ËÏÂŪ¤Ë¤Ê¤ë¤È¤Ï ¡ØRevised Strategy Statement: Inflation Goal¡Ù¤Î¤È¤³¤í¤Ï¤³¤Î2¥Ñ¥é¤Ç¤Þ¤È¤á¤Æ¤¤¤Þ¤¹¡£ ¡ØRegarding our approach to inflation, the first thing I want to note is something that did not change. The FOMC has reaffirmed the explicit inflation target first announced in 2012, namely, that a longer-run inflation rate of 2 percent is most consistent with our statutory mandate. But our strategy statement is now more explicit about how we will go about achieving this inflation goal. In particular, after periods in which inflation has been running persistently below 2 percent, we will likely aim to have inflation run moderately above 2 percent for some time. Doing so will help anchor inflation expectations, a main determinant of actual inflation, at levels consistent with 2 percent inflation.¡Ù ¡ØThis new language is a stronger statement than we have made in the past as we have struggled to effectively convey that the longer-run goal of 2 percent should not be interpreted as a ceiling. In the past, many of us on the FOMC have indicated that we would be comfortable with inflation running above 2 percent for a time after it has run low for some time - a type of opportunistic reinflation. But now we are going to be deliberate rather than opportunistic. As the revised strategy indicates, after inflation has been running persistently below 2 percent, not only will we tolerate serendipitous shocks that move inflation above 2 percent, but we will likely set policy with the intention of moving inflation moderately above 2 percent for some time. The implication is that monetary policy will be somewhat more accommodative than in the past when inflation has been running persistently low in order to reach our longer-run inflation goal.¡Ù ¥ß¡¼¤Î¥Ñ¥½¥³¥ó²èÌ̱¦²¼¤Î»þ·×ɽ¼¨¤ò¸«¤ÆµÞ¤Ë¹²¤Æ¤¿Ìõ¤Ç¤Ï¤´¤¶¤¤¤Þ¤¹¤¬(¤¢¤Á¤ã¡¼)¡¢¤Þ¤¢¤³¤³¤Ç¥ª¥â¥í¥¤¤Ê¤È»×¤¦¤Î¤Ïʪ²ÁÌÜɸ¤Ë´Ø¤¹¤ëÀâÌÀ¤ÎºÇ½é¤Ë¤¢¤ë¡Öthe first thing I want to note is something that did not change¡×¤Ã¤Æ¤Î¤È¡¢¡Ö monetary policy will be somewhat more accommodative than in the past¡×¤Ã¤Æ¤È¤³¤í¤Ç¡¢¤¤¤äÊѤï¤Ã¤Æ¤Ê¤¤¤Ê¤é²¿¤Ç´ËÏÂŪ¤Ê¤Î¤è¡¢¤È¤Ï»×¤Ã¤¿¤Î¤Ç¤¹¤¬¡¢¡Ö2%¤ò¾å²ó¤Ã¤Æ¤âº£²ó¤Î¾ì¹ç¤Ë´Ø¤·¤Æ¤Ï¥Þ¥¤¥ë¥É¤Ê¾å¾º¤òÍÆÇ§¤¹¤ë¡×¤È¸À¤Ã¤Æ¤¤¤ë¤Î¤Ç¡¢¤³¤ì·ë¶É¡Öº£²ó¤Ï¤³¤¦¤Ç¤¹¡×¤Ã¤Æ¤Î¤¬¥¹¥È¥é¥Æ¥¸¡¼¤Î½ê¤Ë»×¤¤¤Ã¤¤ê½Ð¤Æ¤¤¤ë¤Î¤¬¼ã´³¥³¥ó¥Õ¥å¡¼¥¸¥ó¥°¤Ê¤ó¤À¤í¤¦¤Ê¤¢¡¢¤È¤«»×¤Ã¤¿½ê¤Ç¤¹¡£ ¤¿¤À¤Þ¤¢2%¤Ë¤Ê¤Ã¤¿¤«¤éµÞ¤Ë½Ð¸ý¤Ë¹Ô¤¯¤ï¤±¤Ç¤Ï¤Ê¤¤¤Ç¤¹¤è¡¢¤È¤¤¤¦ÀâÌÀ¤Ï¥á¥¹¥¿¡¼¤â¤·¤Æ¤¤¤ë¤Î¤Ç(¤½¤Î°ÕÌ£¤Ç¥¨¥Ð¥ó¥¹¤ÏÀµÄ¾¼Ô¤È¤¤¤¦¤«¾ì¹çʬ¤±Á´Éô¤òÁÛÄꤹ¤ë¤«¤é¤¢¤¢¤¤¤¦ÀâÌÀ¤Ë¤Ê¤Ã¤Æ¤·¤Þ¤¦)¡¢¤È¤ê¤¢¤¨¤ºÌÜɸ¤ÏƱ¤¸¤À¤±¤É¡¢¥¹¥È¥é¥Æ¥¸¥Ã¥¯¤Ëº£²ó¤Î¾ì¹ç¤Ïº£¤Þ¤Ç¤ÎÄêµÁ¤è¤ê¤â´ËÏÂŪ¤Ë¤Ê¤ê¤Þ¤·¤¿¡¢¤Ã¤Æ¤Î¤ò¸À¤Ã¤Æ¤ë¤ó¤Ç¤¹¤Ê¡¢¤È¤Ï»×¤¤¤Þ¤·¤¿¡£ ¡¦¸ÛÍѤ϶¯¤¤Êý¤¬Îɤ¤¤±¤ÉÀ¯ºöÈ¿±þ´Ø¿ô¤Ïʪ²Á¤À¤è ¡ØRevised Strategy Statement: Employment Goal¡Ù ¥Ö¥ì¥¤¥Ê¡¼¥É¤¬¤ä¤¿¤éƧ¤ß¹þ¤ó¤Ç¤¤¤¿¤Î¤Ï´°Á´¸ÛÍѤˤʤë¤Þ¤Ç´ËϤȤ«¤¤¤Ã¤Æ¤¿¤Î¤Ç¡¢¤É¤Ã¤Á¤«¤È¤¤¤¦¤È¸ÛÍѤÎÊý¤¬µ¤¤Ë¤Ê¤ë¤ó¤Ç¤¹¤¬¡£ ¡ØRegarding our employment goal, I view the changes we made in the strategy statement as an acknowledgment of the uncertainty around assessments of the level of maximum employment and a clarification to our approach to achieving this goal. This is consistent with something I have advocated for some time: that policy communications should acknowledge uncertainty.2 In the recent expansion, we saw that employment growth could be stronger and the unemployment rate lower without generating inflation than one would have thought possible based on past decades of experience. Over the expansion, it took time to learn about these structural changes in the economy, and as the FOMC learned, its assessments of the longer-run unemployment rate came down significantly over time. Unfortunately, this time-to-learn, combined with the previous strategy statement¡Çs references to ¡Èdeviations¡É of employment from maximum employment, has been misinterpreted by some as suggesting that the FOMC, at times, takes deliberate policy action to bring employment down independently of our inflation goal. This is not the case. The benefits of a strong labor market in fostering economic inclusion are clear.¡Ù ¡ØChanges in the economy underscore the difficulties in using the Phillips curve model to forecast inflation or to assess maximum employment in real time. The revised strategy statement clarifies that in the absence of inflationary pressures or risks to financial stability, strong employment is not a concern and monetary policy will not react to it. This approach is consistent with the recent behavior of the FOMC. Estimates of simple monetary policy rules by the Cleveland Fed staff indicate that FOMC participants put less weight on the unemployment rate in determining the appropriate policy path in the last two years of the most recent economic expansion than they did earlier in the expansion.3¡Ù ¤Þ¡¼¤¿¼êÈ´¤¤Ç2¥Ñ¥é¤·¤«¤Ê¤«¤Ã¤¿¤Î¤Ç°ìµ¤¤Ë°úÍѤ·¤Á¤ã¤¤¤Þ¤·¤¿¤¬¡¢¸ÛÍѤ˴ؤ·¤Æ¤ÎÀâÌÀ¤ÇÁ°È¾¤Î¥Ñ¥é¤Î¤Û¤¦¤Ç¤Ï¡¢¸ÛÍѤ˴ؤ¹¤ëÎã¤Îdeviations¢ªshortfall¤ÎÏäò¤·¤Æ¤¤¤Æ¡¢Ï«Æ¯»Ô¾ì¤¬¶¯¤¯¤Ê¤Ã¤Æ¤âʪ²Á¾å¾º°µÎϤËľ¤°¤Ë¤Ï·Ò¤¬¤é¤Ê¤¤¤È¤¤¤¦·ÐºÑ¹½Â¤¤ÎÊѲ½¤òƧ¤Þ¤¨¤Æ¡¢¤À¤Ã¤¿¤éϫƯ»Ô¾ì¤¬Â¿¾¯²áÇ®¤·¤Æ¤âÎɤ¤¤·¡¢¤½¤ÎÊý¤¬³§¤µ¤ó¥Ï¥Ã¥Ô¡¼¤Ë¤Ê¤ë¤ó¤À¤«¤é¡¢Ï«Æ¯»Ô¾ì¤Î²áÇ®¤Ë´Ø¤·¤Æ¤Ï¤¢¤ó¤Þ¤êµ¤¤Ë¤·¤Ê¤¤¤Ç¡¢¥¹¥é¥Ã¥¯¤¢¤ë¾õ¶·¤ÎÊý¤Ç¤Ï´ËÏÂŪ¤Ê¥¹¥¿¥ó¥¹¤ò¼è¤ê¤Þ¤·¤ç¤¦¡¢¤È¤¤¤¦Ïäò¤·¤Æ¤ª¤ê¤Þ¤¹¡£ ¤¿¤À¤Þ¤¢¤³¤³¤Ç¥Ï¥È¥Ð¥ê¥Ð¥ê¤ÎÊý¤È¤Î°ã¤¤¤¬2¥Ñ¥éÌܤ˽ФƤ¯¤ë¤Î¤Ç¤¹¤¬¡¢¥Õ¥£¥ê¥Ã¥×¥¹¥«¡¼¥Ö¤¬¤É¤¦¤Î¤³¤¦¤Î¤ÎÏäϤµ¤Æ¤ª¤¡¢¤¤Ã¤Á¤ê¤È(¥¹¥È¥é¥Æ¥¸¡¼¤ÎÀ¼ÌÀʸ¤Ë¤â¤¢¤ë¤ó¤Ç¤¹¤±¤É)¡ÖThe revised strategy statement clarifies that in the absence of inflationary pressures or risks to financial stability, strong employment is not a concern and monetary policy will not react to it.¡×¤ÈÀâÌÀ¤·¤Æ¤¤¤ë¤³¤È¤Ç¤¹¤Ê¡£ ¤Ä¤Þ¤ê(ºÇ¶á¤¢¤ó¤Þ¤ê¸«¤Ê¤¯¤Ê¤Ã¤¿¤±¤É)¡Ö¸ÛÍѽŻë¤ËÂɤòÀڤ信פȤ¤¤¦¤è¤¦¤Ê»ö¤Ç¤Ï¤Ê¤¯¤Æ¡¢¤à¤·¤í¥¤¥ó¥Õ¥ì¤ÎÊý¤Ë¤«¤Ê¤ê¥Õ¥©¡¼¥«¥¹¤·¤¿À¯ºö(¤µ¤Ã¤¤Î½ê¤Ç¤â·ÐºÑ¤Î¥¹¥é¥Ã¥¯¤è¤ê¤â¥¤¥ó¥Õ¥ì´üÂԤäƸÀ¤Ã¤Æ¤Þ¤·¤¿¤è¤¦¤Ë)¤Ë¤Ê¤Ã¤Æ¤¤¤Æ¡¢¸ÛÍѤÏÀ¯ºöÈ¿±þ´Ø¿ô¤È¤·¤Æ¤Ï¤¢¤ó¤Þ¤êµ¤¤Ë¤·¤Ê¤¤¡¢¤¿¤À¤·¸ÛÍѤΥ·¥ç¡¼¥È¥Õ¥©¡¼¥ë¤è¤ê¤â´°Á´¸ÛÍѤ¢¤ë¤¤¤Ï¤½¤ì¤è¤ê¤â¼ã´³¥¿¥¤¥È¤Ç¤â´¿·Þ¡¢¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤ë¤ó¤Ç¤¹¤è¤Í¡£¤Ê¤Î¤Ç¤Þ¤¢¤³¤ì¤Ï¤Û¤ÜÊ¿¶Ñ¸«²ò¤Ë¶á¤½¤¦¡£ ¤Ç¤â¤Ã¤Æ»þ´Ö¤¬¥¢¥ì¤Ê¤Î¤Ç¤Þ¤¢°Ê²¼¾Êά¤·¤Þ¤¹¤¬¡¢¥á¥¹¥¿¡¼¤µ¤ó¤ÎÀâÌÀ¤Ç¤ÏºÇ¸å¤Ë¡ØAnother Area for Further Work: Financial Stability and Monetary Policy¡Ù¤È¤¤¤¦¾®¸«½Ð¤·¤¬¤¢¤ê¤Þ¤·¤Æ¡¢¥Õ¥¡¥¤¥Ê¥ó¥·¥ã¥ë¥¹¥¿¥Ó¥ê¥Æ¥£¥Þ¥¿¡¼¥¥¿¥³¥ì¤È¤¤¤¦´¶¤¸¤Ç¤¹¤¬¡¢¤Þ¤¢¤É¤¦¤»¤Þ¤¿¤É¤³¤«¤Ç¤³¤ÎÏýФƤ¯¤ë¤Ç¤·¤ç¤¦¤«¤é¸åÆü¤Þ¤¿½Ð¤¿»þ¤ËÀ®ÇÔ¤·¤Þ¤¹¡£ #»þ´Ö¤ÎÇÛʬ¤ò¤Ø¤¯¤Ã¤Æ°úÍѤ¬ÅÓÃæ¤«¤éºÙ¤«¤¯½ÐÍè¤Ê¤¯¤Æ¥µ¡¼¥»¥ó
¤ªÂê¡Ö´ðĴŪ¤Êʪ²Á¤«¤é¥×¥ì¥Ó¥å¡¼»¨ÃÌ/¤Ê¤ó¤«¤¹¤´¤¤Ê¬ÀϤ¬Åê²¼¤µ¤ì¤Æ¤¤¤Þ¤¹¤Î¡×
2020/10/28¡Ê¿å¡Ë08:02:22
¤¢¤é¤½¤¦¤Ç¤¹¤«¡£[³°Éô¥ê¥ó¥¯] 13:46ÇÛ¿® ÆüËܥƥì¥Ó·Ï(NNN) û´üŪ¤Ê»Üºö¤È¤«¤¤¤¦¤Î¤¬¤Á¤ç¤Ã¤È½é´ü¤Ë¾å¼ê¤¯¹Ô¤Ã¤¿¤è¤¦¤Ë¸«¤¨¤ë¤È(¼ÂºÝ¤Ë¾å¼ê¤¯¹Ô¤Ã¤¿¤È¤Ï¸À¤Ã¤Æ¤Ê¤¤)ľ¤°Ä´»Ò¤Ë¾è¤Ã¤Æ½Ð¸ýÀ¯ºö¤ò˺¤ì¤¿µó¶ç¤Ëµ¤¤¬ÉÕ¤¤¤¿¤éÈ´¤º¹¤·¤Ê¤é¤Ê¤¤Å¥¾Â¤ÎĹ´üÀï¤Ë¤Ê¤ë¡¢¤Ã¤Æ¤Î¤ÏËþ½£»öÊѰÊÍè¤Î(¤½¤ÎÁ°¤Ë¿ÌºÒ¼ê·Á¤Ã¤Æ¤Î¤â¤¢¤ë¤±¤É)¥¸¥ã¥Ñ¥ó¤ÎÅÁÅý·Ý¤Ç¤¹¤±¤É¡¢¤³¤ì¤Ï½Ð¸ýÀ¯ºö¤ËÂФ¹¤ëɾ²Á¤¬½ÐÍè¤Ê¤¤¤È¤¤¤¦½¬À¤À¤«¤é¼£¤é¤ó¤Î¤«¤Í¤¨¡£ ¡¦¡¦¡¦¡¦¤È¤³¤í¤ÇFSR¤Î¥Í¥¿¤Ç¤¹¤¬¡¢¤¢¤ì¤Ï¥Í¥¿¤Ë¤¹¤ë¤È¤¤ËFSRËÜʸ¤ò¥³¥Ô¥Ú¤·¤è¤¦¤È¤¹¤ë¤È(¥¢¥¿¥¯¥·¤¬»È¤Ã¤Æ¤¤¤ë¥¢¥Ã¥×¥í¡¼¥À¡¼¤¬20ǯÁ°¤ÎÂåʪ¤È¤«¤Ç¸Å¤¤¤Î¤¬°¤¤¤ó¤À¤±¤É)³°»ú¤Î´Ø·¸¤Çʸ»ú²½¤±º×¤ê¤Ë¤Ê¤Ã¤Æ¤·¤Þ¤¦¤Î¤Ç¡¢²¼½àÈ÷¤È¤·¤Þ¤·¤ÆÌë¤Ê¤Ù(¤«µÙÆü¤Ê¤Ù)¤·¤Æ³°»ú½¤Àµ¤·¤¿¥Æ¥¥¹¥È¤òÍѰդ·¤Ê¤¤¤È¥¢¥«¥ó¥¿¥ì¤Ê¤Î¤Ç¡¢¤Þ¤È¤Þ¤Ã¤¿»þ´Ö¤¬¤¢¤ë»þ¤Ë²¿¤È¤«¤È¤Ï»×¤Ã¤Æ¤¤¤ë¤â¤Î¤Î»þ´Ö¤¬Ã桹¥¢¥ì¤Ç¤¹¤¤¤Þ¤»¤ó¤¹¤¤¤Þ¤»¤ó¡£¤Þ¤¢¤É¤¦¤»À¯ºö¤¬µÞ¤Ë²¿¤«ÊѤï¤ëÌõ¤Ç¤â¤Ê¤¤¤«¤é¹²¤Æ¤ëɬÍפϤʤ¤(¥Õ¥é¥°¤Ë¤Ï¤Ê¤é¤Ê¤¤¤Ï¤º)¡£ ¡»´ðĴŪ¤Êʪ²Á¤Á¤ã¤ó¤ò¸«¤Ê¤¬¤éŸ˾¥ì¥Ý¡¼¥È¥×¥ì¥Ó¥å¡¼»¨Ã̤ò¾¯¡¹ ¤¤¤Ä¤â¤Î·î¼¡·×¿ô³Îǧ¤Ç¤·¤å¡£[³°Éô¥ê¥ó¥¯] 0.4¡¡0.0¡¡0.2 Mar-19 0.5¡¡0.2¡¡0.2 Apr-19 0.7¡¡0.2¡¡0.3 May-19 0.7¡¡0.2¡¡0.3 Jun-19 0.6¡¡0.2¡¡0.3 Jul-19 0.6¡¡0.2¡¡0.3 Aug-19 0.4¡¡0.0¡¡0.2 Sep-19 0.3¡¡0.0¡¡0.2 Oct-19 0.3¡¡0.0¡¡0.3 Nov-19 0.2¡¡0.0¡¡0.3 Dec-19 0.3¡¡0.0¡¡0.2 Jan-20 0.3¡¡0.0¡¡0.3 Feb-20 0.2¡¡0.0¡¡0.3 Mar-20 0.1¡¡0.0¡¡0.2 Apr-20 -0.1¡¡0.0¡¡0.3 May-20 0.0¡¡0.1¡¡0.3 Jun-20 0.1¡¡0.1¡¡0.3 Jul-20 0.0¡¡0.1¡¡0.1 Aug-20 0.0¡¡0.1¡¡0.1 Sep-20 -0.1¡¡0.1¡¡0.2 ¤Á¤Ê¤ß¤Ë¿Þɽ¤ÎPDF¤ÎÊý¤Ë¤ÏµÓÃí¤¬¤¢¤ë¤Î¤Ç¤¹¤¬¡¢¡Ø(Ãí)1. ¾ÃÈñ¼Ôʪ²Á»Ø¿ô¤Ï¡¢¾ÃÈñÀÇΨ°ú¤¾å¤²¡¦¶µ°é̵½þ²½À¯ºö¡¢Go To ¥È¥é¥Ù¥ë¤Î±Æ¶Á¤ò½ü¤¯(2020/4·î°Ê¹ß¤Ï¡¢¹âÅù¶µ°é̵½þ²½Åù¤Î±Æ¶Á¤â½ü¤¤¤¿ÆüËܶä¹ÔÄ´ººÅý·×¶É¤Î»î»»ÃÍ)¡£¡Ù¤È¤¢¤ë¤Î¤Ç¡¢GoTo¥È¥é¥Ù¥ëʬ¤Ï½ü³°¤·¤Æ¤¤¤ë¤è¤¦¤Ê¤Î¤Ç¤¹¤Í¡£ ¡¦¡¦¡¦¡¦¡¦¤Á¤Ê¤ß¤ËGoTo¥È¥é¥Ù¥ëÊØ¾è¤Ç¤·¤é¤Ã¤ÈÄ̾ï²Á³Ê°ú¤¾å¤²¤¿¤ê¤·¤Æ¤Ê¤«¤Ã¤¿¤Ã¤±¡¢¤È¤¤¤¦µ¤¤â¤¹¤ë¤±¤É¤Þ¤¢µ¤¤Ë¤·¤Ê¤¤¤³¤È¤Ë¤·¤ÆÇÒ¸«¤·¤Þ¤¹¤È¡¢´¢¹þÊ¿¶Ñ¤Ï¤Þ¤¿¥Þ¥¤Å¾¤Ç¤¹¤±¤ì¤É¤â¡¢0.1¤Þ¤ÇÍè¤ä¤¬¤Ã¤Æ¤³¤ì¤Ï¥¢¥«¥ó¤È¤«¿½¤·¤¢¤²¤Æ¤¤¤¿ºÇÉÑÃͤ¬ÅÚɶ¾åÆÁɶ¤Ç¤Î¤³¤Ã¤¿¤Î¤³¤Ã¤¿!¤È¤¤¤¦´¶¤¸¤Ç¤´¤¶¤¤¤Þ¤·¤Æ¤³¤ì¤ÏϯÊó¡£ ¾å¾ºÉÊÌܤȲ¼ÍîÉÊÌܤϤ³¤Á¤é¤Ç¤³¤Ã¤Á¤â»ý¤Áľ¤·¤Æ¤ë¤¸¤ã¤ó¤ä¤Ã¤¿¤Í!!!! º¸¤«¤é ¾å¾ºÉÊÌÜÈæÎ¨(%) ²¼ÍîÉÊÌÜÈæÎ¨(%) ¾å¾ºÉÊÌÜÈæÎ¨-²¼ÍîÉÊÌÜÈæÎ¨(%¥Ý¥¤¥ó¥È) ¤Ç¤¹¡£ Jan-19 54.9 37.1 17.8 Feb-19 54.1 37.9 16.3 Mar-19 55.6 35.6 20.1 Apr-19 58.5 33.3 25.2 May-19 58.7 33.5 25.2 Jun-19 59.5 32.5 27.0 Jul-19 59.8 32.7 27.2 Aug-19 59.5 33.1 26.4 Sep-19 59.1 33.1 26.0 Oct-19 59.5 38.8 20.7 Nov-19 62.1 36.1 26.0 Dec-19 60.2 38.0 22.2 Jan-20 61.8 36.5 25.2 Feb-20 60.0 38.4 21.6 Mar-20 57.9 40.5 17.4 Apr-20 58.3 39.2 19.1 May-20 59.1 38.6 20.5 Jun-20 59.7 38.0 21.6 Jul-20 54.9 42.4 12.4 Aug-20 53.7 43.6 10.1 Sep-20 56.0 41.3 14.7 ¤ä¤Ã¤¿¤Í!¤Ê¤É¤È¿½¤·¤Æ¤ª¤ê¤Þ¤¹¤¬¡¢¤½¤â¤½¤âÏÀ¤È¤·¤ÆºÇ¶á¤ÎÆü¶ä¤ÏÁ´Éô¥³¥í¥Ê¤Î¤»¤¤¤Ë¤·¤Æ¸íËâ²½¤¹¤Î¤ò·ÝÉ÷¤È¤·¤Æ¤ª¤ê¤Þ¤¹¤¬¡¢´º¤¨¤Æ2019ǯ¤ÎƬ¤«¤é»þ·ÏÎó¤ò½Ð¤·¤Æ¤ª¤ê¤Þ¤¹¤è¤¦¤Ë¡¢¤½¤â¤½¤âÏÀ¤È¤·¤Æ¥³¥í¥Ê¤È¤«¤Þ¤ë¤Ç´Ø·¸¤Ê¤¯2019ǯ¤Î´ðĴŪʪ²Á¤Ã¤ÆÌÀ¤é¤«¤Ë¥È¥ì¥ó¥É¤¬²¼¤¬¤Ã¤Æ¤¤¤¿Ìõ¤Ç¤·¤Æ¡¢¤½¤Î´Ö¤Ë¥â¥á¥ó¥¿¥à¤Ï°Ý»ý¤µ¤ì¤Æ¤¤¤ë(¥¥ê¥Ã)¤È¸À¤¤Ä¥¤Ã¤ÆÇ´¤Ã¤Æ¤¤¤Æ¡¢¥³¥í¥Ê̵¤¯¤Æ¤âºòǯ¤Î½ª¤ï¤ê¤¢¤¿¤ê¤Ë¤Ï¡Ö¤³¤ì1·î¤ÎŸ˾¤Ï¸íËâ²½¤¹¤È¤·¤Æ¤â4·î¤ÎŸ˾¥ì¥Ý¡¼¥ÈÊÕ¤ê¤Ë¤Ê¤Ã¤¿¤éÄɲôËϤ·¤Ê¤¤(¤Ç¤¤Ê¤¤¤«¤é)Íýͳ¤ò¤É¤¦¸íËâ²½¤·¤Æ°ú¤ÃÄ¥¤ë¤ó¤À¤í¤¦¡×¤È¤¤¤¦Ïäò¤·¤Æ¤ª¤Ã¤¿¡¢¤È¤¤¤¦¤Î¤¬µ²±¤ÎÈàÊý¤Ë¤´¤¶¤¤¤Þ¤¹¡£ ¤Ä¤Þ¤ê¤Ç¤¹¤Í¡¢º£¤ÎÆü¶ä¤Î¥¤¥ó¥Á¥¤â¤È¤¤´ê˾Ūʪ²Á¸«Ä̤·¤Ë¤è¤ê¤Þ¤¹¤È¡¢¥³¥í¥Ê¤¬ÊÒÉÕ¤¯¤ÈÁ°¸þ¤¤Î½Û´Ä¤¬½ù¡¹¤ËÉü³è¤·¤Æ¡¢¤½¤ì¤¬¥é¥°¤òÃÖ¤¤¤Æ¼ûµë¥®¥ã¥Ã¥×¤Î¥×¥é¥¹¤«¤é¤Îʪ²Á¾å¾º¤Ë¤Ä¤Ê¤¬¤ë¤Ã¤Ý¤¤Ïäò¤·¤Æ¤¤¤ë¤¦¤Î¤Ç¤¹¤¬¡¢¤½¤â¤½¤â¼ûµë¥®¥ã¥Ã¥×¤Î¥×¥é¥¹¿ä°Ü¤¬Éü³è¤·¤Æ¤â¡¢¥³¥í¥Ê°ÊÁ°¤Ëʪ²Á¤ÎÀª¤¤¤¬¼ºÂ®¤·¤Æ¤ë¤ó¤Ç¤¹¤«¤éʪ²Á¤¬2%¤Ë¸þ¤±¤Æ¾å¤¬¤ë¤È¤«¹Í¤¨¤ëÊý¤¬ÌµÍýÌðÍý¤ÊÕûÍý¶þ¤È¤¤¤¦¤â¤Î¤Ç¤¢¤ê¤Þ¤¹¤¬¡¢º£¤Î¤È¤³¤í¤Ï¥³¥í¥Ê¤ÇÁ´ÉôÌܤ¯¤é¤Þ¤·¤¬¤Ç¤¤ë¤Î¤Ç¥¹¥ë¡¼¤·¤È¤ëÌõ¤Ç¤¹¤èÆü¶ä¼¹¹ÔÉô¤Á¤ã¤ó¤Ï(¸Ä¿Í¤ÎÊи«¤Ç¤¹)¡£ ¤Ç¤Þ¤¢¤½¤ó¤Ê¤Î¤ÏÊ̤˾ìËö¤Ç¥¢¥¿¥¯¥·¤¬´É¤ò´¬¤¯¤Þ¤Ç¤â¤Ê¤¯¤É¤¦¤»Æü¶ä¤Á¤ã¤ó¤ÎÊý¤Ç¤â¥³¥í¥Ê¤Ç¸íËâ²½¤·¤Æ»þ´Ö²Ô¤®¤·¤Æ¤¤¤ë¤À¤±¡¢¤Ã¤Æ¤Î¤Ïǧ¼±¤·¤Æ¤¤¤ë¤È»×¤¤¤Þ¤¹¤Î¤Ç(ǧ¼±¤·¤Æ¤Ê¤¯¤Æ¥Þ¥¸¤Çʪ²Á¤¬¾å¤¬¤ë¤È»×¤Ã¤Æ¤¿¤é¸ØÂçÌÑÁۤˤâÄø¤¬¤¢¤ë)¡¢Ê̤˺£²ó¤ä¤ë¤È¤â»×¤¤¤Þ¤»¤ó¤±¤ì¤É¤â¡¢¥³¥í¥Ê¤¬³µ¤ÍÊÒÉÕ¤¤¤¿»ö¤Ë¤Ê¤ë¡¢¤¹¤Ê¤ï¤Á°ìÈÖÃÙ¤¯¤Æ¤â4·î¤ÎŸ˾¥ì¥Ý¡¼¥È(Åìµþ¸ÞÎØ¤¬Ãæ»ß¤Ë¤Ê¤Ã¤¿¤é¹¹¤Ë¸å¤í¤Ë°ú¤ÃÄ¥¤ì¤ë)¤Î»þÅÀ¤Ç¤Ï¡¢¥¢¥Õ¥¿¡¼¥³¥í¥Ê¤Î¸«Ä̤·¤ò¤¿¤Æ¤Ê¤±¤ì¤Ð¹Ô¤±¤Ê¤¯¤Æ¡¢¤½¤Î»þÅÀ¤ÇƲ¡¹¤È°ÊÁ°¤ÈƱ¤¸ÕûÍý¶þ¤òŸ³«¤¹¤ë¤Î¤Ï¾¯¡¹ÌµÍý¤¬¤¢¤í¤¦¤«¤È»×¤ï¤ì¤Þ¤¹¤Î¤Ç¡¢Êª²Á¤¬¾å¤¬¤ê¤Ë¤¯¤¤¤Î¤Ç2ǯ¤Ç2%Ū¤ÊÏäò¤É¤¦½¤Àµ¤·¤Æ¤¤¤¯¤«(¤À¤¤¤Ö¤Ê¤·Êø¤·¤Ë¤Ï¤·¤Æ¤¤¤Þ¤¹¤¬¡ÖÁá´üãÀ®¤ÏÄü¤á¤¿¤Î¤Ç¤¹¤Í¡×¤È¤¤¤¦¼ÁÌä¤ò¤µ¤ì¤ë¤ÈÈÝÄꤷ¤«½ÐÍè¤Ê¤¤»ÅÍͤˤʤäƤ¤¤ë¤Î¤Ç)¡¢¤È¤¤¤¦¤Î¤ò³Ú¤·¤ß¤Ë¤·¤Æ¤ª¤ê¤Þ¤¹¡£ ¤Þ¤¢ÀèÆü¤Îݯ°æ¤µ¤ó¤Î¶âº©°§»¢¤Ç¤Ï¡Ö¥³¥í¥ÊÁ°¤Î¿ôǯ´Ö¤Î¹½Â¤ÊѲ½¡×¤À¤Î¡ÖQQEƳÆþ¤«¤é¤Î7ǯ´Ö¤Ç¤Î¹½Â¤ÊѲ½¡×¤À¤Î¡¢¼Â¤ÏÂçÀΤ«¤é»ØÅ¦¤µ¤ì¤Æ¤¤¤ë¤â¤Î¤ò¤µ¤âºÇ¶á»Ï¤Þ¤Ã¤¿¤«¤Î¤è¤¦¤ËÀâÌÀ¤¹¤ë¡¢¤È¤¤¤¦Ý¯°æ¤µ¤óÏäò¤·¤Æ¤¤¤Æ¤¤¤¯¤é²¿¤Ç¤âÃѤº¤«¤·¤¯¤Ê¤¤¤Î¤«¤Í(Ê̤ÎÀâ¤È¤·¤Æ¤Ï¤ï¤¶¤È¥¤¥ó¥Á¥ÀâÌÀ¤ò¤·¤¿¡¢¤È¤¤¤¦¤Î¤â¤´ÈäϪ¤·¤Þ¤·¤¿¤¬)¡¢¤È¤¤¤¦¤Î¤¬¤¢¤ê¤Þ¤·¤¿¤¬¡¢¤³¤ÎÊÕ¤ê¤ò¸À¤¤Ìõ¤Ë¤·¤Ê¤¬¤é¡¢¡ÖQQE¤ÎÁÀ¤¤¤Ï¸ú²Ì¤òȯ´ø¤·¤¿¤Î¤Ç¤¹¤¬Ç¡²¿¤»¤óÂ礤ʹ½Â¤ÊѲ½¤¬µ¯¤¤Æ¤·¤Þ¤Ã¤¿¤Î¤Çʪ²Á°ÂÄêÌÜɸ¤ÎÁá´üãÀ®¤¬½ÐÍè¤Æ¤¤¤Þ¤»¤ó¡£¤è¤Ã¤Æ¤³¤Î¹½Â¤ÊѲ½¤òƧ¤Þ¤¨¤¿Êª²ÁÌÜɸãÀ®¤Ë¸þ¤±¤¿¹Í¤¨Êý¤ÎÀ°Íý¤¬É¬ÍפǤ¹¡×¤ÈÃÖʪ¥ê¥Õ¥ìÀ¯ºö¤Î¡Öʪ²Á¤Ï²ßʾŪ¸½¾Ý¡×¤È¤¤¤¦º¬ËÜŪ¤Ê¥È¥ó¥Á¥ó¥«¥ó¤ò¥¹¥ë¡¼¤·¤¿¤Þ¤Þ¡¢¤Þ¤¢¼¡¤Î¸íËâ²½¤·¥í¥¸¥Ã¥¯¤¬Åо줹¤ë¤ó¤¸¤ã¤Ê¤¤¤Ç¤¹¤«¤Í¤¨¡¢¤È»×¤¦Ìõ¤Ç¤¹¤è¡£¤â¤·¤«¤·¤¿¤éº£²ó¤¤¤¤Ê¤ê½Ð¤Æ¤¯¤ë¤«¤âÃΤì¤Þ¤»¤ó¤±¤É¡¢¶²¤é¤¯¥³¥í¥Ê¤Ç¸À¤¤Ìõ½ÐÍè¤ë¤¦¤Á¤Ï¥³¥í¥Ê¤Ç°ú¤ÃÄ¥¤ë¤Ã¤·¤ç¡£ ¡¦¡¦¡¦¡¦¡¦¤Æ¤ÊÊդꤷ¤«ÀµÄ¾º£²ó¤ÎŸ˾¥ì¥Ý¡¼¥È¤Ï´üÂÔ¤·¤Æ¤¤¤Ê¤¤¤Ç¤¹¤·¡¢»þ¸ÂŪ»Üºö¤ò̵Â̤˰ú¤ÃÄ¥¤Ã¤ÆÈ´¤º¹¤·¤Ê¤é¤Ê¤¯¤Ê¤ë¤Î¤ò¤Þ¤¿¤ä¤é¤«¤¹¤Ã¤Æ¤¤¤¦¤«°ìÅÙ¥â¥ë¥Ò¥ÍÂǤĤȻߤá¤ë·èÃÇÎϤ¬³§Ìµ¤Ê¤Î¤Ï(À¯Éܤ⤽¤¦¤Ç¤¹¤¬)Æü¶ä¤Î¤ª²È·Ý¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤Î¤Ç¤½¤Ã¤Á¤Ï¿Âç¤Ê¤ëÅܤê¤ò¹þ¤á¤Ê¤¬¤é¤âÄü´Ñ¤·¤Æ¤ª¤ê¤Þ¤¹¤ï¡¢¤Ï¤¢¡£ ¡»¤³¤ÎʬÀÏÀ¨¤¤¤ó¤Ç¤¹¤¬¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ²¿¤«ÎϺÀèÆü¤Ö¤Ã¤³¤Þ¤ì¤Æ¤¤¤Þ¤·¤¿¡£[³°Éô¥ê¥ó¥¯] VIX »Ø¿ô¤Î¤ß¤Ê¤é¤º¡¢Éý¹¤¤»ØÉ¸¤òÅÀ¸¡¤¹¤ë¤³¤È¤¬½ÅÍפǤ¢¤ë¤È¹Í¤¨¤é¤ì¤ë¡£¡Ù ¤Û¤¦¤Û¤¦¤½¤¦¤Ç¤¹¤«(¤µ¤Ã¤¤Î¤Þ¤È¤á¤Ë¤â¤¢¤ê¤Þ¤·¤¿¡¢¤È¤¤¤¦¤«¤Û¤Ü½ÅÊ£¤Ê¤ó¤Ç¤¹¤±¤É)¡£ ¡Øº£¸å¤Î²ÝÂê¤È¤·¤Æ¤Ï¡¢¥Ç¡¼¥¿¤ÎÃßÀÑ¡¦¥¯¥ì¥ó¥¸¥ó¥°¤ÎÀºÅÙ¸þ¾å¤¬µó¤²¤é¤ì¤ë¤Û¤«¡¢Ê¬ÀÏÂоݤò¾Ä̲ߥڥ¢¡¦Â¾¤Î¥×¥í¥À¥¯¥È¤Ë³ÈÄ¥¤¹¤ë¤³¤È¤ä¾Ãϰè¤ò´Þ¤á¤ë¤³¤È¤Ç¥Ø¥Ã¥¸¥Õ¥¡¥ó¥É¤Ê¤É¤ÎÅê»ñ¹Ôư¤ÎʬÀÏÅù¤¬²Äǽ¤È¹Í¤¨¤é¤ì¤ë¡£¡Ù ¡Ö¾Ãϰè¤ò´Þ¤á¤ë¤³¤È¤Ç¥Ø¥Ã¥¸¥Õ¥¡¥ó¥É¤Ê¤É¤ÎÅê»ñ¹Ôư¤ÎʬÀÏÅù¤¬²Äǽ¤È¹Í¤¨¤é¤ì¤ë¡×¤Ã¤Æ¤ÎʬÀϤ·¤Æ²¿¤ò¤¹¤ë¤ó¤¸¤ã¤È¤¤¤¦¤Î¤¬¤¢¤ê¤Þ¤·¤Æ¡¢ ¡Ø¶âÍ»»Ô¾ì¤Î¥â¥Ë¥¿¥ê¥ó¥°¤ä¥·¥¹¥Æ¥ß¥Ã¥¯¥ê¥¹¥¯¤ÎÇİ®¤Ë¤È¤Ã¤Æ¡¢¤³¤¦¤·¤¿Å¹Æ¬¥Ç¥ê¥Ð¥Æ¥£¥Ö¼è°ú¤ÎʬÀϤÎÃßÀѤä¥Ç¡¼¥¿¤ÎÆ©ÌÀÀ¸þ¾å¤Ï½ÅÍפÊÌò³ä¤òô¤Ã¤Æ¤¤¤ë¡£¡Ù ¤Æ¤ÊÏäˤʤäƤ¤¤ë¤Î¤Ç¤¹¤¬¡¢¤Þ¤¢¥â¥Ë¥¿¥ê¥ó¥°¤Ïʬ¤«¤ë¤Î¤Ç¤¹¤¬¡¢¥·¥¹¥Æ¥ß¥Ã¥¯¥ê¥¹¥¯¤ÎÇİ®¤Ã¤Æ¸åÉÕ¤±¤Ç¤Ïʬ¤«¤ë¤«¤â¤·¤ì¤Ê¤¤¤±¤É¡¢¤³¤³¤Î¿ôÃͤ¬²¿¤«½Ð¤¿¤«¤é¥·¥¹¥Æ¥ß¥Ã¥¯¥ê¥¹¥¯¤¬Çİ®¤Ç¤¤ë¡¢¤È¤¤¤¦¤Î¤Ï²¿¤«°ã¤¦µ¤¤¬¤¹¤ë¤ó¤Ç¤¹¤è¤Í¡£¥ª¥×¥·¥ç¥ó¤Ã¤Æ¸¶»ñ»º¤¬Àè¤Ë¤¢¤Ã¤Æ¤³¤½¤Î¥ª¥×¥·¥ç¥ó¤ÊÌõ¤Ç¤·¤Æ¡¢ÆÃ¤Ë¥·¥¹¥Æ¥ß¥Ã¥¯¥ê¥¹¥¯¤¬¤É¤¦¤Î¤³¤¦¤Î¤Ã¤Æ¤¤¤¦¤Î¤Ï¡¢¥ª¥×¥·¥ç¥ó¤Î»Ô¾ì²Á³Ê¤¬Ê̤˲¿¤«¤ò»öÁ°¤Ë¼¨¤·¤Æ¤¯¤ì¤ë¤Ã¤Æ¤¤¤¦É÷¤Ë¤Ï»Ô¾ì¸½¾ì¿¦¿ÍŪ¤Ë¤Ï¤É¤¦¤â¤·¤Ã¤¯¤ê¤³¤Ê¤¯¤Æ¡¢¸«¤ë¤Ê¤é¤½¤ì¤³¤½¥Ù¥¢¥ê¥ó¥°¥·¥ç¥Ã¥¯¤Î»þ¤ß¤¿¤¤¤Ë¡¢ÆÃÄê¤Î»²²Ã¼Ô¤¬ÌµÃã¶ìÃã·ú¶ÌÊú¤¨¤Æ¤¤¤ë(¥Ù¥¢¥ê¥ó¥°¤¬°ì¼ê¤ËÆü·ÐÊ¿¶ÑÀèʪ¥ª¥×¥·¥ç¥óÇä¤Ã¤Æ¤¢¤Ð¤Ð¤Ð¤Ð¡¼¤Ç¤·¤¿¤Ê¤¢²¿¤â¤«¤â³§²û¤«¤·¤¤)¤È¤«¡¢²Á³Ê°Ê³°¤Î½ê¤ò¸«¤¿Êý¤¬¥·¥¹¥Æ¥ß¥Ã¥¯¥ê¥¹¥¯¤ÎÇİ®¤Ë¤ÏÌòΩ¤Ä¤È»×¤¦¤Î¡£ ¤Ä¤Þ¤ê¡¢¥·¥¹¥Æ¥ß¥Ã¥¯¥ê¥¹¥¯¤Ã¤Æ¤Î¤Ï¡¢»Ô¾ì²Á³Ê±¾¡¹¤è¤ê¤â»²²Ã¼çÂΤΥݥ¸¥·¥ç¥ó¤ÎÊФê¤È¤«¥Õ¥¡¥ó¥Ç¥£¥ó¥°¤Ê¤É¤ÎÊýÌ̤«¤é½Ð¤Æ¤¯¤ëÏäǡ¢»Ô¾ì²Á³Ê¤¬Í½Ãû¤ò¼¨¤¹¤â¤Î¤Ï¥ê¥¹¥¯¤Ç¤Ï¤¢¤Ã¤Æ¤â¡Ö¥·¥¹¥Æ¥ß¥Ã¥¯¥ê¥¹¥¯¡×¤Þ¤Ç¹Ô¤¯Ï两ã¤Ê¤¤¤È»×¤¦¤Î¤è¤Í¡£³§¤¬Í½ÁÛ¤·¤Æ¤ë¤ó¤Ç¤¹¤«¤é¡¦¡¦¡¦¡¦¡¦¡¦ ¤È¤¤¤¦¤³¤È¤Ç¡£¤¤¤ä¤Þ¤¢¿§¡¹¤È¥ª¥â¥í¥¤¤È¤Ï»×¤¦¤ó¤Ç¤¹¤¬¡¢¤Á¤ç¤Ã¤È¤³¤¦¥Ó¥Ã¥¯¥Ç¡¼¥¿Åª¤Ê¤â¤Î¤¬ºÇ¶áή¹Ô¤·¤Æ¤¤¤Æ¡¢·ÐºÑ¤ÎÇİ®¤Ë¤â¥Ó¥Ã¥¯¥Ç¡¼¥¿¤È¤«¤½¤¦¤¤¤¦¤Î¤Ï¤â¤Á¤í¤óÎɤ¯Ê¬¤«¤ë¤ó¤Ç¤¹¤¬¡¢¤³¤Î¼ê¤Î¥ª¥×¥·¥ç¥ó¤ò¥á¥¤¥ó¤Ë¤·¤¿Ê¬ÀϤäƤΤϡ¢¤Þ¤¢¸åÉÕ¤±¤Ç»Ô¾ì¤ÎÊѲ½¤ò¥ì¥Ó¥å¡¼¤¹¤ë¤Î¤Ë¤Ï¿§¡¹¤Èͱפʼ¨º¶¤¬½Ð¤ë¤È¤Ï»×¤¦¤Î¤À¤¬¡¢¤³¤Î¿ô»ú¤¬¤É¤¦¤À¤«¤é¤É¤¦¡¢¤È¤¤¤¦¤è¤¦¤ÊͽÃû´ÉÍý¤Ë»È¤¦¤Î¤Ï¿ʬŪ¤ò³°¤·¤Æ¤¤¤ë¤È»×¤¦¤Î¤Ç¤¹¤è¤Í¡£¤½¤¦¤¤¤¨¤ÐºÇ¶áËèÅÙ¤ÎÇ¡¤¯¶âÍ»À¯ºö·èÄê²ñ¹ç¤ÎµÄ»öÍ׻ݤÇÊÆ¹ñ³ô¼°»Ô¾ì¤Î¥ª¥×¥·¥ç¥ó¤ÎSKEW¥¤¥ó¥Ç¥Ã¥¯¥¹(²¿¤ÈCBOE¤À¤«CME¤À¤«¤Ç¾å¾ì¤·¤Æ¤¤¤ë¤ó¤Ç¤¹¤è¤Í¤½¤Î¥¤¥ó¥Ç¥Ã¥¯¥¹¤ÎÀèʪ)¤ÎÏ䬽ФƤ¤¤Æ¡¢ÊªÀ¨¤¤Àª¤¤¤Ç°ãÏ´¶¤ò³Ð¤¨¤Æ¥Í¥¿¤ËϢ³¤Ç¤·¤¿³Ð¤¨¤¬¤¢¤ë¤Î¤Ç¤¹¤¬¡¢¤Ê¤ó¤«Æü¶ä¤ÎÃæ¤Ç¤Ïή¹Ô¤·¤Æ¤¤¤ë¤ó¤Ç¤¹¤«¤Í¤¨¡¢¤È¤Ï»×¤¤¤Þ¤·¤¿¤¬¡¢¤½¤ó¤Ê¤Ë»×¤¤¤Ã¤¤ê½ÅÍ׻뤹¤ë¤Î¤âÇ¡²¿¤Ê¤â¤Î¤«¡¢¤È¤Ï»×¤¤¤Þ¤·¤¿¡£ #¤³¤Î¥Í¥¿¤Ï¿§¡¹¤È½ñ¤¤¤¿¤ê¾Ã¤·¤¿¤ê¤·¤Æ¤¿¤é»þ´Ö¤¬Ìµ¤¯¤Ê¤Ã¤Æ¤·¤Þ¤¤¤Þ¤·¤¿¡¢¤È¤¤¤¦¤«·ë¹½¾Ã¤·¤¿¤ê¤·¤¿¤Î¤Ç¤¹¤è ¡»»þ´Ö¤¬Ìµ¤¤¤Î¤Çͽ¹ðÊÔ °ì±þ¤³¤ÎÊդΥͥ¿¤Ç¤â¤È»×¤Ã¤Æ¤¤¤ë¤Î¤òÈ÷˺Âå¤ï¤ê¤ËURLŽ¤Ã¤Æ¤ª¤¯¡£ ¥á¥¹¥¿¡¼ÁíºÛ¤Î¹Ö±é[³°Éô¥ê¥ó¥¯] Federal Reserve¡Çs New Monetary Policy Strategy 10.21.20 Loretta J. Mester 6th Annual Monetary and Financial Policy Conference, Money Macro and Finance Society, London, UK (via videoconference) ºòÆü¥Í¥¿¤Ë¤·¤¿¥Ö¥ì¥¤¥Ê¡¼¥ÉÍý»ö¤Î¹Ö±é¤Ï¡¢¤Þ¤¢¤´Ëܿͤ¬¿§¡¹¤ÈÌî¿´Ëþ¡¹¤Ã¤Ý¤¤´¶¤¸¤ÇFED¤Î¸ø¼°¸«²òÂÐÈæ¤ÇƧ¤ß¹þ¤ß¤Þ¤¯¤Ã¤¿Ïäò¤·¤Æ¤¤¤ë¤Î¤Ç¡¢¤Á¤ç¤Ã¤È¥á¥¹¥¿¡¼¤µ¤ó¤Ç¤âÆÉ¤ó¤ÇÃæÏ¤·¤è¤¦¤È¤·¤Æ¤¤¤¿¤Î¤Ç¤¹¤¬»þ´Ö¤Î´Ø·¸¾åÌÀÆü¤Ë¤Ç¤â(Âç´À)¡£ ECB¥Ñ¥Í¥Ã¥¿Íý»ö¤Î¹Ö±é[³°Éô¥ê¥ó¥¯] digital euro for the digital era Introductory statement by Fabio Panetta, Member of the Executive Board of the ECB, at the ECON Committee of the European Parliament CBDC¤Ë´Ø¤·¤Æ¤Ï¤É¤¦¤·¤Æ¤½¤ó¤Ê¤Ë´èÄ¥¤ë¤Î¤È¤¤¤¦µ¤¤â¤¹¤ë¤ó¤Ç¤¹¤¬¡¢¤Þ¤¢²¿¤À¤«¤ó¤À°ìÈÖÌÜΩ¤Ã¤Æ¤¤¤ë¤Î¤¬ECB(²¿¤»ÆÃÀߥµ¥¤¥È¤Þ¤Ç¤¢¤ë)¤À¤·¡¢¥Ñ¥Í¥Ã¥¿¤¬¥¹¥Ý¡¼¥¯¥¹¥Þ¥ó¤Ã¤Ý¤¤¤Î¤Ç³Îǧ¤Ï¤·¤Æ¤ª¤«¤Ê¤¤¤È¡¢¤È»×¤Ã¤Æ¤¤¤ë¤¬¤É¤¦¤»µÞ¤°°Æ·ï¤Ç¤â¤Ê¤¤¤Î¤Ç²¿¤À¤«¤ó¤À¤È¸å²ó¤·¤Î´¬(´À)¡£ ¤Á¤Ê¤ß¤ËÆÃÀߥµ¥¤¥È¤Ï¤³¤Á¤é¤Ç¤¹¡£[³°Éô¥ê¥ó¥¯] digital euro
¤ªÂê¡Ö¥Ö¥ì¥¤¥Ê¡¼¥ÉÍý»ö¤Î¶âÍ»À¯ºöÏäÏÁêÊѤï¤é¤º¥Ï¥È¤ËƧ¤ß¹þ¤à/À¸³è°Õ¼±¥¢¥ó¥±¡¼¥È¡×
2020/10/27¡Ê²Ð¡Ë08:13:46
¤¦¡¼¤ó¤³¤Î¡£[³°Éô¥ê¥ó¥¯] 13»þ07ʬ Ω·û¤Ã¤ÆÌ±¼çÅޤλþ¤«¤é¤Î¡ÖÆâÎØ¥¦¥±¤¹¤ë¤±¤É¼þ°Ï¤Î¿Í´Ö¤¬¥É¥ó°ú¤¤¹¤ë¡×¤È¤¤¤¦¸Àư¤¬¤¹¤°¤Ëɽ¤Ë¥Û¥¤¥Û¥¤½Ð¤Æ¤¯¤ë¤Ã¤Æ¤¤¤¦Ã×̿Ū¤ÊÂμÁ¤¬¤¢¤Ã¤Æ¡¢µ®Íͤé¹ṉ̃À¯Åޤˤʤ뵤¤¢¤ó¤Î¤«À¯¼£¤Ï¤ªÁ°¤é¤Î¥µ¡¼¥¯¥ë³èư¤¸¤ã¤Í¤¨¤ó¤À¤è¤È¤¤¤¦½ê¤Ç¤Ï¤¢¤ê¤Þ¤¹¤Ê¡£ ¡»¤Þ¤º¤ÏºòÆü¤Î³¤¤Ç´ªÊÛ(¥Ö¥ì¥¤¥Ê¡¼¥É¹Ö±é)[³°Éô¥ê¥ó¥¯] 21, 2020 Achieving a Broad-Based and Inclusive Recovery Governor Lael Brainard At the "Post-COVID-Policy Challenges for the Global Economy" Society of Professional Economists Annual Online Conference (via webcast) ºòÆü»þ´ÖÀÚ¤ì¤À¤Ã¤¿¶âÍ»À¯ºö¤Î¥Ñ¡¼¥È¤ò³Îǧ¤·¤Þ¤¹¡£ ¡¦¶âÍ»À¯ºö¤Ë´Ø¤·¤Æ¤ÏÁêÊѤï¤é¤ºFOMC¥¹¥Æ¡¼¥È¥á¥ó¥È¤è¤ê¤âƧ¤ß¹þ¤ó¤Ç¤ª¤ê¤Þ¤¹(¥Ï¥ÈÇɤË) ¡ØMonetary Policy¡Ù¤Ã¤Æ½ê¤«¤é¡£ ¡ØFinally, let me turn to how the new Statement on Longer-Run Goals and Monetary Policy Strategy will help monetary policy achieve its goals.¡Ù ¥í¥ó¥¬¡¼¥é¥ó¥´¡¼¥ë¤Î¥¹¥Æ¡¼¥È¥á¥ó¥È¤¬Êª²ÁÌÜɸãÀ®¤Ë¤É¤¦´óÍ¿¤¹¤ë¤Î¤«¡¢¤È¤¤¤¦Ï䬤ª¤Ã¤Ñ¤¸¤Þ¤ë¡£ ¡ØThe new statement on goals and strategy seeks to align monetary policy with key longer-run changes in the economy.12 The combination of a low neutral interest rate, underlying trend inflation below 2 percent, and the low responsiveness of inflation to resource slack embodied in a flat Phillips curve reduces the amount we can cut rates to buffer the economy, weakens inflation expectations, and could lead to worse employment and inflation outcomes over time.¡Ù ¡ØConsequently, it is important to strengthen our ability to achieve our employment and inflation goals by committing to a path of policy and lowering borrowing costs along the yield curve.¡Ù ¤½¤â¤½¤â¤³¤Î¥¹¥Æ¡¼¥È¥á¥ó¥È¤ÎÇØ·Ê¤Ë¤Ï¼«Á³Íø»ÒΨ¤ÎÄã²¼¤ä¡¦¡¦¡¦¡¦¤È¤¤¤¦¤¤¤Ä¤â¤Î¹½Â¤ÊѲ½¤ÎÏäò¤·¤Æ¤¤¤Þ¤¹¤¬¡¢¤½¤Î·ë²Ì¤È¤·¤Æ½ÅÍפʤΤϡ֥亮¤é¤ÎÀ¯ºö¤ò¸ú²ÌŪ¤Ë¤¹¤ë¤Ë¤Ï¡¢À¯ºö¥Ñ¥¹¤Ë¤Ä¤¤¤Æ¥³¥ß¥Ã¥È¤·¤Æ¡¢¥¤¡¼¥ë¥É¥«¡¼¥ÖÁ´ÂΤζâÍø¤ò°ú¤²¼¤²¤ë¤³¤È¤¬Âç»ö¤Ç¡¢¤½¤ÎǽÎϤò¶¯²½¤¹¤Ù¤¤Ç¤¢¤ë¡×¤ÈÍè¤Æ¤¤¤Þ¤¹¡£ ¤É¤¦¤¹¤ë¤ÈǽÎϤ¬¶¯²½¤¹¤ë¤ó¤¸¤ã¤¤¤È¤¤¤¦½ê¤Ç¤¹¤¬¼¡¤Î¥Ñ¥é¥°¥é¥Õ¡£ ¡ØThe new statement on goals and strategy makes several key changes that should significantly improve the way the Committee conducts monetary policy. It eliminates the previous reference to a numerical estimate of the longer-run normal unemployment rate and instead defines the statutory maximum level of employment as a broad-based and inclusive goal.¡Ù ¤Û¤¦¤Û¤¦¤³¤ì¤ÏÌÌÇò¤¤¡£½¾Íè¤Ï¿ä·×¼«Á³¼º¶ÈΨ¤ò¿ôÃÍ¤ÇÆþ¤ì¤Æ¤¤¤¿¤¬¡¢¤½¤Îµ½Ò¤òºï½ü¤·¤Æ´°Á´¸ÛÍѤˤĤ¤¤Æ¤ÎÄêÀŪ¤ÊÄêµÁ¤ËÀÚ¤êÂØ¤¨¤¿¤È¤¤¤¦¤Î¤¬º£²ó¤ÎÊѹ¹¤Î¥¡¼¤À¡¢¤È¤¤¤¦ÀâÌÀ¡£¤Ê¤ª¡¢¤³¤ÎÉôʬ¤Ë´Ø¤·¤Æ¤Ï¡¢[³°Éô¥ê¥ó¥¯] to changes in the Statement on Longer-Run Goals and Monetary Policy Strategy ¤Î¹àÈÖ3¤ò¤´Í÷¤¯¤À¤µ¤¤¡£ ¤Ç¤ÏÏäò³¤±¤Þ¤¹¡£ ¡ØIt commits that the Committee will aim to eliminate shortfalls of employment from its maximum level, rather than the previous reference to deviations, which could be in either direction. By eliminating the rationale for removing accommodation preemptively when the unemployment rate nears estimates of the natural rate in anticipation of high inflation that is unlikely to materialize, the new framework will avoid an unwarranted loss of opportunity for many Americans.¡Ù ¡ØThe broad-based and inclusive definition of maximum employment calls for a more comprehensive assessment of areas of slack in the labor market, such as the disparities in employment outcomes I discussed earlier.¡Ù ÁêÊѤï¤é¤ºÆ§¤ß¹þ¤à¤Ê¤¢¤È»×¤¤¤Þ¤¹¤¬¡¢¤³¤ì¤Ë¤è¤Ã¤Æ¼«Á³¼º¶ÈΨ¤Ë¶á¤Å¤¤¤¿¤«¤é´ËϽ̾®¡¢¤È¤¤¤¦¤è¤¦¤¢¥×¥ì¥Þ¥Á¥å¥¢¡¼¤Ê¹Ôư¤ò¤È¤é¤Ê¤¯¤Ê¤ê¡¢¤½¤ì¤è¤ê¤â¥¤¥ó¥¯¥ë¡¼¥·¥Ö¤Ê´°Á´¸ÛÍѤÎÄêµÁ¤òÄêÀŪ¤ËãÀ®¤¹¤ë¤³¤È¤ò½Å»ë¤¹¤ë¤³¤È¤Ë¤Ê¤ê¡¢¤½¤ì¤Ë¤è¤ê°ìÉô¤Î¿Í¤Ç¤Ï¤Ê¤¯¤ÆÂ¿¤¯¤Î¥¢¥á¥ê¥«¥ó¥º¤ËºÇÂç¸ÛÍѤβ¸·Ã¤òµý¼õ¤Ç¤¤ë¤è¤¦¤Ë¤¹¤ë¤Î¤À¡¢¤À¤È¤¤¤¦¤³¤È¤Ç¤ä¤äƧ¤ß¹þ¤ßµ¤Ì£¡£ ¼¡¤Î¥Ñ¥é¤Ç¤¹¡£ ¡ØTo address the downward bias associated with the proximity of the policy rate to its lower bound, the new statement on goals and strategy adopts a flexible inflation averaging targeting (FAIT) strategy that seeks to achieve inflation that averages 2 percent over time.¡Ù ¤³¤³¤«¤é¥Õ¥ì¥¥·¥Ö¥ë¥¢¥Ù¥ì¡¼¥¸¥¤¥ó¥Õ¥ì¡¼¥·¥ç¥ó¥¿¡¼¥²¥Ã¥È¤ÎÏᣠ¡ØUnder an inflation averaging strategy, appropriate monetary policy will aim to achieve inflation moderately above 2 percent for a time to compensate for shortfalls during a period when it has been running persistently below 2 percent.¡Ù ¥¢¥Ù¥ì¡¼¥¸¤Ê¤Î¤Ç²¼²ó¤Ã¤Æ¤¿´ü´Ö¤¬Ä¹¤¤¾ì¹ç¤Ï¤½¤ì¤ÎËä¤á¹ç¤ï¤»Àïά(for a time to compensate for shortfalls)¤ò¤¹¤ë¤è¡¢¤È¸À¤Ã¤Æ¤ë¤±¤É¤Þ¤¢»þ´ÖŪÉÔÀ°¹ç¤ÎÌäÂê¤Ïµ¯¤¤ë¤Ç¤·¤ç¤¦¤Ê¡¢Êª²Á¤¬¾å¤¬¤Ã¤Æ¤¤¿¤é¡£¤µ¤é¤Ë¼¡¡£ ¡ØThe forward guidance adopted by the Federal Open Market Committee (FOMC) in September gives concrete expression to the new strategy outlined in the new statement of goals and strategy. The forward guidance sets out outcome-based criteria that it expects to be achieved before the Committee lifts the policy rate from the lower bound. The labor market must reach "levels consistent with the Committee's assessments of maximum employment." Inflation would need to rise to 2 percent, and, in addition, the Committee would need to assess that inflation is on track to moderately exceed 2 percent for some time. The new FAIT framework is implemented not only through these outcome-based conditions for the liftoff of the policy rate, but also through the commitment that monetary policy will remain accommodative after liftoff for some time in order to achieve "inflation moderately above 2 percent for some time so that inflation averages 2 percent over time," consistent with longer-term inflation expectations anchored at 2 percent. This implies there likely will be a period after liftoff when the policy rate remains below neutral to support the inflation makeup strategy and maximum employment. Research indicates that an important precondition for forward guidance to be effective is that the public understands and believes the policymakers' commitment to making it happen.13 It will be important for the Committee to communicate clearly about our intentions and stay the course resolutely.¡Ù ¥Ñ¥é¥Õ¥é¥Õ¤òÆâÍÆÅª¤Ë3ʬ³ä¤·¤Æ¤ß¤Þ¤·¤¿¤¬¡¢ºÇ½é¤¬¥í¥ó¥¬¡¼¥é¥ó²¿¤È¤«¤Ç¤³¤¦¤·¤Þ¤¹¤è¤È¤¤¤¦ÏäǤ¹¤¬¡¢2¤ÄÌÜ3¤ÄÌܤΤȤ³¤í¤Ç¤Ï¤½¤ÎºÝ¤Î¶âÍ»À¯ºö¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤Þ¤·¤Æ¡¢ºÇÂç¸ÛÍѤòÄêÀŪ¤ËãÀ®¤¹¤ë¤Þ¤Ç´ËϷѳ(¤ó¤Ê¤³¤È¤·¤¿¤é¶âÍ»À¯ºö¤Î¥¿¥¤¥à¥é¥°Åª¤Ë¤ä¤ê²á¤®¤Ë¤Ê¤é¤ó¤«¡¢¤È»×¤¦¤Î¤À¤¬¤½¤ì¤Ï¤µ¤Æ¤ª¤)¤À¤Î¡¢¥×¥ì¥Þ¥Á¥å¥¢¡¼¤ÊÍø¾å¤²¤Ï¤·¤Ê¤¤¤À¤Î¤Ö¤Ã¤³¤ó¤Ç¤ª¤ê¤Þ¤·¤Æ¡¢3¤ÄÌܤ˴ؤ·¤Æ¤Ï»×¤¤¤Ã¤¤ê(¤µ¤Ã¤¤â¸À¤Ã¤Æ¤¿¤±¤É)¥á¥¤¥¯¥¢¥Ã¥×¥¹¥È¥é¥Æ¥¸¡¼¤òÁ°Ì̤˽Ф·¤Æ¤¤¤Æ¡¢¤æ¤¦¤È¤ë¤³¤È¤Ï¥Õ¥ì¥¥·¥Ö¥ë¤È¤¤¤¦¤è¤ê¤Ï¤Û¤Ü¸·³Ê¤Ê°ÕÌ£¤Ç¤Î¥¢¥Ù¥ì¡¼¥¸¥¿¡¼¥²¥Ã¥È¤È¤¤¤¦¤«¥×¥é¥¤¥¹¥ì¥Ù¥ë¥¿¡¼¥²¥Ã¥È¤È¤¤¤¦¥Ö¥é¥ó¥·¥ã¡¼¥ë¤â¥Ë¥Ã¥³¥ê¤È¤¤¤¦À¯ºö¤ÎÏ䷤Ƥ¤¤ë¤Î¤Ç¡¢¤³¤ì¤¬ºâ̳Ĺ´±¤Ë¤Ê¤ë¤È³ä¤ÈÅö¤¿¤ê¤¬¥¥Ä¤¯¤Ê¤ë²ÄǽÀ¤¬¤¢¤ê¤Þ¤¹¤Ê¡¢°ìÆñµî¤Ã¤Æ(µî¤ë¤«¤É¤¦¤«Ì¤Äê¤À¤±¤É)¤Þ¤¿°ìÆñ¤Ã¤Æ´¶¤¸¤Ç¤¹¤·¡¢¤É¤¦¸«¤Æ¤â¤³¤Ã¤Á¤ÎÊý¤¬¶Ê¼Ô¡£ ¤µ¤Æ¼¡¤Ë»²¤ê¤Þ¤¹¡£ ¡ØHow will we know if the new FAIT strategy is working? In addition to carefully monitoring labor market and inflation outcomes, it will be important to monitor a variety of indicators to see evidence that longer-term inflation expectations are moving sustainably to 2 percent. Inflation expectations are difficult to measure directly, so I generally consult a set of indicators to provide a more complete picture than any one measure on its own. Changes in expectations reported in surveys provide one important source of information. For instance, median 5- and 10-year PCE inflation expectations from the Survey of Professional Forecasters both dropped considerably in the second quarter and stand at 1.7 percent and 1.85 percent, respectively, for the third quarter, which are the second lowest, and lowest, readings, respectively, in each series. The median 5-to-10-year measure from the University of Michigan Surveys of Consumers moved down in October to 2.4 percent, toward the lower end of its range in recent years, which is almost 1/2 percentage point below its range before 2014.¡Ù ¥¤¥ó¥Õ¥ì´üÂԤάÄê¤ÎÏäò¤·¤Æ¤¤¤ë¤ó¤Ç¤¹¤¬¡¢¥Ö¥ì¥¤¥Ê¡¼¥É¤µ¤ó¤³¤³¤Ç¤Ï¥Õ¥©¡¼¥¥ã¥¹¥¿¡¼¥µ¡¼¥Ù¥¤¤Ë¤è¤ë5ǯ¸å10ǯ¸å¤Î¥¤¥ó¥Õ¥ì´üÂԤȡ¢¥ß¥·¥¬¥óÂç³Ø¤Î¥³¥ó¥»¥ó¥µ¥¹¥µ¡¼¥Ù¥¤¤Ë¤è¤ë5ǯ¸å5ǯ¤Î¥¤¥ó¥Õ¥ì´üÂԤȤ¤¤¦¤Î¤ò»ý¤Á½Ð¤·¤Æ¤¤¤Þ¤¹¡£²¿¤«¤³¤ÎÊÕ¤ÏÕûÍý¶þ¤Î¹á¤ê¤¬¤¹¤ë¡£ ¡ØIn addition to survey data that are available at a monthly or quarterly frequency, we monitor market-based measures of inflation expectations that are available daily. To use market-based measures of inflation compensation based on Treasury Inflation-Protected Securities (TIPS) or inflation swaps, the signal on inflation expectations must be separated from liquidity and term premiums through model-based methods.14 After making those adjustments, TIPS-based 5- and 10-year inflation expectations were 1.41 percent and 1.66 percent, respectively, on the final day of the third quarter, up from the lows experienced in March but well below their historical average.¡Ù ³¤¤¤ÆÊª²ÁϢư¹ñºÄ»Ô¾ì²Á³Ê¤«¤é¥¤¥ó¥×¥é¥¤¤µ¤ì¤ëBEI¤ÎÏäò¤·¤Æ¤¤¤Þ¤¹¡£¤Þ¤¢¤³¤ÎÏäò¤·¤Ê¤¬¤é¡Ö¤¤¤º¤ì¤â²¼¤¬¤Ã¤Æ¤ª¤ê¤Þ¤¹¤¬¤Ê¡×¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤ë¤ó¤Ç¤¹¤±¤É¤Í¡£ ¡ØFinally, it is useful to consult measures of underlying trend inflation.15 A variety of estimates using time-series models suggest that underlying trend inflation may have moved down by as much as 1/2 percentage point over the past decade.16¡Ù ¥â¥Ç¥ë¤ò»È¤Ã¤¿´ðĴŪ¤Ê¥¤¥ó¥Õ¥ì¤Î·×¬¤Ë¤Ä¤¤¤ÆÏäò¤·¤È¤ë¡£ ¡ØIt is difficult to anticipate how long it will take to achieve the conditions set out in the forward guidance. The September Summary of Economic Projections shows that most participants do not currently anticipate that the policy rate will depart from its lower bound by the end of 2023. When it does lift off, the policy rate could be expected to change only gradually, reflecting the commitment to remain accommodative until inflation has moderately exceeded 2 percent for some time. Of course, the pace of the recovery will dictate the actual path of monetary policy, as implied by the conditional outcome-based forward guidance adopted in September. Indeed, a key benefit of outcome-based forward guidance is that it conveys the Committee's monetary policy reaction function in a manner that is transparent and responsive to changes in economic conditions.17¡Ù ¥Õ¥©¥ï¡¼¥É¥¬¥¤¥À¥ó¥¹¤ÇÀßÄꤷ¤Æ¤¤¤ë¾ò·ï¤Ë¤¤¤ÄÅþ㤹¤ë¤«¡¢¤È¤¤¤¦¤Î¤Ï¸½¾õ¤Ç¤ÏSEP¤ÎÀ¯ºö¶âÍø¸«Ä̤·¤Ç¼¨¤·¤Æ¤¤¤ë¤è¤¦¤Ë2023ǯËö¤Þ¤Ç¤Ï¾¯¤Ê¤¯¤È¤âÅþ㤷¤Ê¤¤¡¢¤È¸«¤Æ¤¤¤ë¤±¤ì¤É¤â¡¢¤³¤ì¤Ë´Ø¤·¤Æ¤Ï¥Õ¥©¥ï¡¼¥É¥¬¥¤¥À¥ó¥¹¤¬¥¢¥¦¥È¥«¥à¥Ù¡¼¥¹¤Ê¤Î¤Ç¡¢¥¢¥¦¥È¥«¥à¤½¤Î¤â¤Î¤¬ÊѤï¤ì¤ÐÊѤï¤ë¤³¤È¤â¤¢¤ë¤«¤â¤·¤ì¤Þ¤»¤ó¤Í¡¢¤À¤½¤¦¤Ê¡£ ¡ØIn conjunction with the forward guidance on the policy rate, the commitment to continue asset purchases at least at the current pace over coming months is also helping to achieve our goals by keeping borrowing costs low for households and businesses along the yield curve. As noted in the September FOMC minutes, in the months ahead, we will have the opportunity to deliberate and to clarify how the asset purchase program could best work in combination with forward guidance to support achievement of maximum employment and 2 percent average inflation.¡Ù ¤³¤Á¤é¤Ï»ñ»ºÇãÆþ(APP)¤Î·Ñ³¤ò¤É¤Î°Ì¤ä¤ë¤Î¤«¤È¤¤¤¦Ïäȡ¢APP¤Î¸ú²Ì¤Ï¥¤¡¼¥ë¥É¥«¡¼¥ÖÁ´ÂΤ˺îÍѤ·¤Æ¤¤¤Þ¤¹¤è¤È¤¤¤¦ÀëÅÁ¡£ ¡ØWhile the strong bounceback in activity from the initial devastation of COVID-19 was heartening, the recovery thus far has been highly uneven, and the path ahead is highly uncertain. By pledging to provide accommodation until shortfalls from maximum employment have been eliminated and average inflation of 2 percent has been achieved, the new forward guidance will ensure that the recovery reaches those who have been disproportionately affected, leading to a broad-based and strong recovery. Continued asset purchases will help achieve these outcomes by keeping borrowing costs low for households and businesses along the yield curve. This strong support from monetary policy-if combined with additional targeted fiscal support-can turn a K-shaped recovery into a broad-based and inclusive recovery that delivers better outcomes overall.¡Ù ºÇ¸å¤Ï¤³¤¦¤ä¤Ã¤Æ¤Þ¤È¤á¤Æ¤¤¤Þ¤¹¤¬¡¢Á°È¾¤Ç¤ÏºâÀ¯½Ð¤»½Ð¤»¤È¤¤¤Ã¤Æ¤¤¤Þ¤¹¤¬¡¢¤³¤³¤Ç¤Ï¶âÍ»À¯ºö¤Ç¤³¤Î¤è¤¦¤Ë¸ú²Ì¤¬´üÂԤǤ¤Þ¤Ã¤»¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤Þ¤¹¤Ê¡£¥¢¥Ù¥ì¡¼¥¸¥¤¥ó¥Õ¥ì¡¼¥·¥ç¥ó¥¿¡¼¥²¥Ã¥È¤Ë´ð¤Å¤¯¶âÍø¤Î¥¬¥¤¥À¥ó¥¹¤Ç¶âÍø¤òÄã°Ì¤Ë°ÂÄꤵ¤»¤Æ¥×¥ì¥Þ¥Á¥å¥¢¡¼¤Ê°ú¤Äù¤á¤â̵¤¤¤Èǧ¼±¤µ¤»¡¢APP¤Ç¥¤¡¼¥ë¥É¥«¡¼¥Ö¤ò²¼¤²¤ë¤³¤È¤Ë¤è¤Ã¤Æ´ë¶È¤Ê¤É¤Î¼ÚÆþ¥³¥¹¥È¤ò·Ú¸º¤¹¤ë¡¢¤À¤½¤¦¤Ê¡£ ¤Ç¤â¤Ã¤Æ¤½¤ì¤ËºâÀ¯¥µ¥Ý¡¼¥È¤¬²Ã¤ï¤ì¤Ð¡¢K»ú·¿²óÉü¤Ç¤Ï¤Ê¤¯¤Æ¥Ö¥í¡¼¥É¥Ù¡¼¥¹¤Î²óÉü¤Ë¤Ê¤ê¤Þ¤¹¤è¡¢¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤Þ¤¹¤¬¡¢¤¿¤Ö¤ó¤³¤ì(¤³¤ÎÁ°¤â¤½¤¦¤Ç¤·¤¿¤¬)FOMC¥³¥ó¥»¥ó¥µ¥¹¤è¤ê¤Ï¤«¤Ê¤ê¥Ï¥ÈÇɤ˴ó¤Ã¤Æ¤¤¤ëÀâÌÀ¤Ë¤Ê¤Ã¤Æ¤ª¤ê¤Þ¤¹¤Î¤Ç¤½¤ÎÊդϤ´Î±°Õ夤¤Æ¤³¤Î¤ªÊý¤¬ºâ̳Ĺ´±¤Ë¤Ê¤Ã¤¿¤é¤µ¤Æ¤É¤¦¤Ê¤ë¤Î¤«³Ú¤·¤ß¤Ç¤¹¤Ê¡£ #¤È¤«¸À¤¤¤Ê¤¬¤éFEDµÄŤˤâ¤Ã¤Æ¤³¤é¤ì¤¿¤ê¤·¤Æ ¡»Ý¯°æ¿³µÄ°Ñ°÷¤Î¶âº©¤Ë¤«¤Þ¤±¤Æ¤¤¤ÆÀ¸³è°Õ¼±¥¢¥ó¥±¡¼¥È¥Í¥¿¤ò˺¤ì¤Æ¤¤¤¿¤Î¤Ç¾Úʸ¤Î½Ð¤·ÃÙ¤ì¤Î´¬ ¤¹¤¤¤Þ¤»¤ó¤¹¤¤¤Þ¤»¤ó¡£¤È¤¤¤¦¤«¶âº©ÆüÄø¤ÏÁê¼êÍͤÎÅÔ¹ç¹ç¤ï¤»¤ë¥í¥¸¤¬ÂçÊѤÀ¤«¤é»ÅÊý¤Ê¤¤¤Î¤Ïʬ¤«¤ë¤ó¤Ç¤¹¤±¤É¡¢ÏÃÂ꤬ʬ»¶¤·¤Á¤ã¤¦¤«¤é½ÅÍפÊʪ·ï(FSR)¤È¤«¤È¤â¤¦¾¯¤·¤º¤é¤·¤Æ¤¯¤ì¤ë¤ÈËÜÅö¤Ï½õ¤«¤ë¤ó¤Ç¤¹¤è¤Í¡£[³°Éô¥ê¥ó¥¯] »Ý¡Ù¤Î¡Ø1-1. ·Ê¶·´¶Åù¡Ù¡¢¡Ø1-1-1. ·Ê¶·´¶¡Ù¤ò¸«¤ë¤È¡¢ ¡Ø·Ê¶·´¶¤Î¤¦¤Á¡¢¸½ºß(1ǯÁ°ÂÐÈæ)¤Ë¤Ä¤¤¤Æ¤Ï¡¢¡Ö°¤¯¤Ê¤Ã¤¿¡×¤È¤Î²óÅú¤¬Áý²Ã¤·¤¿¤³¤È¤«¤é¡¢·Ê¶·´¶D.I.¤Ï°²½¤·¤¿¡£Àè¹Ô¤(1ǯ¸å)¤Ë¤Ä¤¤¤Æ¤Ï¡¢¡ÖÎɤ¯¤Ê¤ë¡×¤È¤Î²óÅú¤¬¸º¾¯¤·¤¿¤â¤Î¤Î¡¢¡Ö°¤¯¤Ê¤ë¡×¤È¤Î²óÅú¤â¸º¾¯¤·¤¿¤³¤È¤«¤é¡¢·Ê¶·´¶D.I.¤Ï²þÁ±¤·¤¿¡£¡Ù ¡Ø¤Ê¤ª¡¢¸½ºß¤Î·Êµ¤¿å½à¤Ë¤Ä¤¤¤Æ¤Ï¡¢¡Ö°¤¤¡×¡¢¡Ö¤É¤Á¤é¤«¤È¸À¤¨¤Ð¡¢°¤¤¡×¤È¤Î²óÅú¤Î¹ç·×¤¬Áý²Ã¤·¤¿¡£¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢¸½¾õ¤Î·Ê¶·´¶¤¬°²½¤·¤ÆÀè¹Ô¤¤Î·Ê¶·´¶¤¬²þÁ±¤·¤Æ¤¤¤ë¤«¤éÎɤ¤¤¸¤ã¤ó¡¢¤È¤¤¤¦µ¤¤â¤¹¤ë¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢ËÜʸ2¥Ú¡¼¥¸(PDF¤Ç¤â2ËçÌÜ)¤ÎÆâÌõ¤Î¿Þɽ¤ò¸«¤Þ¤¹¤È¡¢ÀßÌä¤Î¡Ø<1ǯ¸å¤ò¸½ºß¤ÈÈæ¤Ù¤ë¤È>¡Ù¤Î²óÅú¤ò¸«¤ë¤È¡¢³Î¤«¤Ë[°¤¯¤Ê¤ë]¤Ã¤Æ¤Î¤â¸º¤Ã¤Æ¤¤¤ë¤ó¤Ç¤¹¤±¤É¡¢¤³¤ì6·îÄ´ºº¤È¤¤¤¦Ä´ºº´ü´Ö¤¬¡Ø2020ǯ5·î8Æü¡Á6·î3Æü¡Ù¤È¤«¤¤¤¦¥È¥ó¥Í¥ë¤ÎÃæ¤Ë¤É¤Ã¤×¤êÄÒ¤«¤Ã¤Æ¤¤¤¿»þ¤ÎÄ´ºº¤È¤ÎÈæ³Ó¤Ç¤ß¤ë¤È¡¢[Îɤ¯¤Ê¤ë]¤â·ë¹½¸º¤Ã¤Æ¤¤¤Æ¡¢¤¿¤À¤Þ¤¢°¤¯¤Ê¤ë¤è¤ê¤â¸º¤êÉý¤¬¾®¤µ¤¤¤«¤é¥¢¥°¥ê¥²¡¼¥È¤¹¤ë¤È²þÁ±¤ÎDI¤Ë¤Ê¤ë¡¢¤È¤¤¤¦¤è¤¦¤Ê·ë²Ì¤Ê¤ó¤Ç¤¹¤è¤Í¡£ ¤Ä¤Þ¤ê¤Ç¤¹¤Í¡¢¤³¤ì³Î¤«¤Ë¡ÖÀè¹Ô¤¤Î°²½¡×¤ò¸«¤Æ¤¤¤ë¿Í¤Ï½ù¡¹¤Ë¸º¤Ã¤Æ¤¤¤ë(¤È¸À¤Ã¤Æ¤â4³ä¤¤¤ë¤¬)¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢¤¢¤Î5·î»þÅÀ¤Ç¸«¤Æ¤¤¤¿Àè¹Ô¤²þÁ±Í½Áۤοͤ¿¤Á¤¬8·î9·î¤Ë¤Ê¤Ã¤¿»þÅÀ¤Ç²þÁ±¤«¤é²£¤Ð¤¤¤Ë²¼¤¬¤Ã¤Æ¤¤¤ë¿Í¤¬½Ð¤Æ¤¤¤ë¤Ã¤Æ·ë²Ì¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤Î¤â¤Á¤ç¤Ã¤È»Äǰ¤Ê»ö¤¸¤ã¤Ê¤¤¤Î¤«¤Ê¡¢¤Ã¤Æ»×¤¦¤Î¡£¤Þ¤¢ÌäÂê¤ÏÀè¹Ô¤¤¬²£¤Ð¤¤Í½ÁÛ¤À¤È¾ÃÈñ¼Ô°Õ¼±¤¬¤É¤¦¤Ê¤ë¤Î¤«¡¢¤Ã¤Æ¤Î¤¬¥¤¥Þ¥¤¥ÁÎɤ¯Ê¬¤«¤Ã¤Æ¤¤¤Ê¤¤(¼«Ê¬¤âÂç³µ¤ËÊѿͤʤΤǼ«Ê¬´ð½à¤Ç¾ÃÈñ¹Ôư¤ò¹Í¤¨¤ë¤ÈÀäÂФ˳°¤¹¼«¿®¤¬¤¢¤ë¤Î¤Ç¡¢¾Ð)¤Î¤Ç¤¹¤¬¡¢Îɤ¯¤Ê¤ëͽÁÛ¤ÈÊѤï¤é¤ó¤Î¤Ê¤éÌäÂê¤Ê¤¤¤±¤É¤½¤¦¤¸¤ã¤Ê¤¤¤È¤Ê¤ë¤ÈÃæ¡¹¡£¤Þ¡¼Â¸µ¤Ç¤ÏGoTo²¿¤È¤«¤Ç¤«¤µ¾å¤²¾ÃÈñ¤¬¤¢¤ë¤ó¤Ç¤·¤ç¤¦¤±¤É¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¤Þ¤¢¤æ¤¦¤Æ¸½ºß¤Î·Êµ¤¿å½à(¿Þɽ¤ÎÊý¤Ï3¥Ú¡¼¥¸Ìܤˤʤê¤Þ¤¹)¤ÎÊý¤ò¤ß¤ë¤È¡Ö°¤¤¡×·Ï¤Î¿Í¤¬Áý¤¨¤Æ¤¤¤ë¤Î¤Ç¡¢¤Þ¤¢¤ä¤Ã¤Ñ¤ê¥Þ¥¤¥ó¥É¤Ã¤Æ¤½¤Î°ìÉô¤Î¤Ð¤é¤Þ¤¥¥ã¥ó¥Ú¡¼¥ó°Ê³°¤Ç¤Ï¤É¤¦¤Ê¤Î¤è¤È¤«¤½¤¦¤¤¤¦½ê¤Ê¤Î¤Ç¤·¤ç¤¦¤«¤Í¤¨¡¢Îɤ¯Ê¬¤«¤é¤ó¤Ç¤¹¡£ ¡¦¤ª¤â¤í¤«¤Ã¤¿¤Î¤Ïº£²ó¤ÎȽÃÇÍýͳ ¡Ø1-1-2. ·Ê¶·È½ÃǤꬵò¡Ù¤Ã¤Æ½ê¤Ë¤Ê¤ê¤Þ¤¹¤¬¡¢ ¡Ø·Ê¶·È½ÃǤꬵò¤Ë¤Ä¤¤¤Æ¤Ï¡¢¡Ö¼«Ê¬¤ä²È²¤Î¼ýÆþ¤Î¾õ¶·¤«¤é¡×¤È¤Î²óÅú¤¬ºÇ¤â¿¤¯¡¢¼¡¤¤¤Ç¡Ö¥Þ¥¹¥³¥ßÊ󯻤òÄ̤¸¤Æ¡×¡¢¡Ö¾¦Å¹³¹¡¢È˲ڳ¹¤Ê¤É¤Îº®¤ß¶ñ¹ç¤ò¤ß¤Æ¡×¤È¤¤¤Ã¤¿²óÅú¤¬Â¿¤«¤Ã¤¿¡£¡Ù ¤À¤±¤Ç¤¹¤Èø¡¹¤È¤·¤Æ¤¤¤ë¤Î¤Ç¤¹¤¬¡¢(¿Þɽ2)·Ê¶·È½ÃǤꬵò(2¤Ä¤Þ¤Ç¤ÎÊ£¿ô²óÅú)¡ÌQ2¡Í¤Ã¤Æ¤Î¤ò¸«¤Þ¤¹¤È¤³¤ì¤¬ÌÌÇò¤¤¡£¤Ä¤Þ¤ê¤Ç¤¹¤Í¡¢²óÅú¤ÎÃæ¤Ç¡Ø¼«Ê¬¤ä²È²¤Î¼ýÆþ¤Î¾õ¶·¤«¤é¡Ù¤Ã¤Æ¤Î¤¬3·îÄ´ºº¤Ç¤Ï°µÅÝŪ¤À¤Ã¤¿¤Î¤Ç¤¹¤¬¡¢¤³¤³¤ËÍè¤Æ¤½¤ì¤¬¤À¤¤¤Ö¸º¤Ã¤ÆÍè¤Æ¤¤¤Æ¡¢°ìÊý¤Ç¡Ø¥Þ¥¹¥³¥ßÊ󯻤òÄ̤¸¤Æ¡Ù¡¢¡Ø¾¦Å¹³¹¡¢È˲ڳ¹¤Ê¤É¤Îº®¤ß¶ñ¹ç¤ò¤ß¤Æ¡Ù¡¢¡Ø¶Ð¤áÀè¤ä¼«Ê¬¤ÎŹ¤Î·Ð±Ä¾õ¶·¤«¤é¡Ù¤Ã¤ÆÊÕ¤ê¤Ï·øÄ´¿ä°Ü¡¢ÆÃ¤Ë¥Þ¥¹¥³¥ßÊóÆ»¤Î½ê¤¬Áý¤¨¤¿¤Ê¤¢¤È¤¤¤¦´¶¤¸¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤¹¡£ ¤Ø¡¼¤Ã¤Æ´¶¤¸¤Ê¤Î¤Ç¤¹¤¬¡¢´Î¿´¤Î¥Þ¥¹¥³¥ßÊ󯻤Á¤ã¤ó¤ÎÊý¤ò¥¢¥¿¥¯¥·Á´Á³¥Õ¥©¥í¡¼¤·¤Æ¤¤¤Ê¤¤(ʪÍý)¤È¤¤¤¦¤«¤Ê¤ê¤ÎÊÑÂ֤ʤΤǡ¢¤Û¡¼¤½¤¦¤Ê¤ó¤¹¤«¤Í¡¼¤È¤·¤«¿½¤·¾å¤²¤è¤¦¤¬¤Ê¤¤¤Î¤Ç¤¹¤¬¡¢¤³¤Á¤é¤Ï¥ï¥¤¥É¥·¥ç¡¼¤Ê¤É¤´Í÷¤ÎÊý¡¹¤Î¤´¸«²ò¤ò¤ª»Ç¤¤¤·¤¿¤¤¡£ ¡¦·Ê¶·´¶¤Ï°¤¤¤¬Êë¤é¤·¸þ¤»Ø¿ô¤Ï²þÁ±¤È¤Ê ¤Á¤ç¤Ã¤ÈÈô¤Ð¤·¤Æ¡Ø1-2. Êë¤é¤·¸þ¤¡¢¾ÃÈñ°Õ¼±¡Ù¤ËÆþ¤ê¤Þ¤·¤Æ¡Ø1-2-1. ¸½ºß¤ÎÊë¤é¤·¸þ¤¡Ù¤ò¸«¤ë¤È¡¢ ¡Ø¸½ºß¤ÎÊë¤é¤·¸þ¤(1ǯÁ°ÂÐÈæ)¤Ë¤Ä¤¤¤Æ¤Ï¡¢¡Ö¤æ¤È¤ê¤¬½Ð¤Æ¤¤¿¡×¤È¤Î²óÅú¤¬Áý²Ã¤·¡¢¡Ö¤æ¤È¤ê¤¬¤Ê¤¯¤Ê¤Ã¤Æ¤¤¿¡×¤È¤Î²óÅú¤¬¸º¾¯¤·¤¿¤³¤È¤«¤é¡¢Êë¤é¤·¸þ¤D.I.¤Ï²þÁ±¤·¤¿¡£¡Ù ¤Þ¤¢¤³¤ì¤Ï²óÅú¥Ð¥¤¥¢¥¹¤¬³Ý¤«¤Ã¤Æ¤¤¤ë¤Î¤ÇÀäÂпå½à¼«ÂΤϵ¤¤Ë¤·¤Ê¤¯¤ÆÎɤ¤¤È»×¤¦¤Î¤Ç¤¹¤¬(¤³¤¦¤¤¤¦¥¢¥ó¥±¡¼¥È¤Ë̵µÌ¾¤Èʬ¤«¤Ã¤Æ¤¤¤Æ¤â[¤æ¤È¤ê¤¬½Ð¤Æ¤¤¿]¤Ã¤ÆÁªÂò»è¤Ë¡»¤ò¤Ä¤±¤ë¤Îµ¤¤¬°ú¤±¤Þ¤¹¤è¤Í)¡¢¤Þ¤¢º£²ó¤Ï¡Ö¤æ¤È¤ê¤¬¤Ê¤¯¤Ê¤Ã¤Æ¤¤¿¡×¤¬Â¸µ¤ÇÌܤ˸«¤¨¤ë´¶¤¸¤Ç¸º¾¯¤·¤Æ¤¤¤ë¤«¤é¡¢·Ê¶·´¶¤Ï¥¢¥ì¤À¤¬Êë¤é¤·¸þ¤¤ÏÄìÂǤÁ¤Î¹á¤ê¤È¤«¤½¤¦¤¤¤¦ÏäǤ¹¤«¤¤¤Ê¡£ ¡¦¼ýÆþ¤Ï²¼¤²»ß¤Þ¤ê¡¢»Ù½Ð¤Ï¤Þ¤À¼å¤¤¤Ã¤Ý¤¤ ¼¡¤Î¹àÌÜ¡Ø1-2-2. ¼ýÆþ¡¦»Ù½Ð¡Ù¤ò¸«¤Æ³ä¤È·Ú¤¯Ìܤò²ó¤·¤¿¥¢¥¿¥¯¥·¡£ ¡Ø¼ýÆþ¤Ë¤Ä¤¤¤Æ¤Ï¡¢¼ÂÀÓ(1ǯÁ°ÂÐÈæ)¤Ï¡¢¡ÖÁý¤¨¤¿¡×¤È¤Î²óÅú¤¬Áý²Ã¤·¤¿¤³¤È¤«¤é¡¢¸½ºß¤Î¼ýÆþD.I.¤Ï¥Þ¥¤¥Ê¥¹Éý¤¬½Ì¾®¤·¤¿¡£Àè¹Ô¤(1ǯ¸å)¤Ë¤Ä¤¤¤Æ¤Ï¡¢¡Ö¸º¤ë¡×¤È¤Î²óÅú¤¬¸º¾¯¤·¤¿¤³¤È¤«¤é¡¢1ǯ¸å¤Î¼ýÆþD.I.¤Ï¥Þ¥¤¥Ê¥¹Éý¤¬½Ì¾®¤·¤¿¡£¡Ù ¥Þ¥¸¤«¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦(¤¸¤Ã¤È¼ê¤ò¸«¤ë) ¡Ø»Ù½Ð¤Ë¤Ä¤¤¤Æ¤Ï¡¢¼ÂÀÓ(1ǯÁ°ÂÐÈæ)¤Ï¡¢¡ÖÁý¤¨¤¿¡×¤È¤Î²óÅú¤¬Áý²Ã¤·¤¿¤â¤Î¤Î¡¢¡Ö¸º¤Ã¤¿¡×¤È¤Î²óÅú¤âÁý²Ã¤·¤¿¤³¤È¤«¤é¡¢¸½ºß¤Î»Ù½ÐD.I.¤Ï¥×¥é¥¹Éý¤¬½Ì¾®¤·¤¿¡£Àè¹Ô¤(1ǯ¸å)¤Ï¡¢¡ÖÁý¤ä¤¹¡×¤È¤Î²óÅú¤¬¸º¾¯¤·¤¿¤â¤Î¤Î¡¢¡Ö¸º¤é¤¹¡×¤È¤Î²óÅú¤â¸º¾¯¤·¤¿¤³¤È¤«¤é¡¢1ǯ¸å¤Î»Ù½ÐD.I.¤Ï¥Þ¥¤¥Ê¥¹Éý¤¬½Ì¾®¤·¤¿¡£¡Ù ¤Ê¤ª¤³¤Á¤é¤Ï¡Ø(¿Þɽ5)¼ý Æþ¡ÌQ7¡¢8¡Í¡Ù¤Î¡Ø<¼ýÆþD.I.¤Î¿ä°Ü>¡Ù¤È¡¢¡Ø(¿Þɽ6)»Ù ½Ð¡ÌQ9¡¢11(1)¡Í¡Ù¤Î¡Ø<»Ù½ÐD.I.¤Î¿ä°Ü>¡Ù¤ò¹ç¤ï¤»¤Æ¸«¤ë¤ÈÌÌÇò¤¯¤Æ¡¢¥¢¥¿¥¯¥·¤ÎÌÜ»ë¥Ù¡¼¥¹¤Ç¤Ï¼ýÆþ¡¢»Ù½Ð¤È¤â¤Ëº£È̤Υ³¥í¥Ê±¾¡¹¤Ç²¼¤¬¤Ã¤Æ¤¤¤ë¤Î¤Ç¤¹¤¬¡¢¼ýÆþ¤Ï²¼¤²»ß¤Þ¤ê¡¢»Ù½Ð¤Ï¤Þ¤ÀÀ仿Äã²¼Ãæ¡¢¤ß¤¿¤¤¤Ê´¶¤¸¤Ë»Å¾å¤¬¤Ã¤Æ¤¤¤Þ¤¹(¸½¾õȽÃÇ¥Ù¡¼¥¹)¡£ ¤Á¤Ê¤ß¤Ë¤É¤¦¤Ç¤â¤¤¤¤¤ó¤Ç¤¹¤±¤É¡¢¼ýÆþDI¤Î¿ä°Ü¤ò¸«¤Þ¤¹¤È¡¢¼Â¤Ï¥³¥í¥Ê¤Î¤â¤¦¤Á¤ç¤Ã¤ÈÁ°¤Ë¥Ô¡¼¥¯¥¢¥¦¥È¤·¤Æ¤¤¤ë¤ó¤Ç¤¹¤è¤Í¤³¤Î¼ýÆþDI¤Ã¤Æ¡£¤Þ¤¢ËɱÒŪ¤Ë¤Ê¤ê¤Þ¤¹¤è¤Í¤½¤ê¤ã¡£ ¡¦»Ù½Ð¹àÌܤοÞɽ¤¬µã¤±¤ë ¡Ø1ǯÁ°¤ÈÈæ¤Ù¤Æ¡¢»Ù½Ð¤òÁý¤ä¤·¤¿¤â¤Î¤Ë¤Ä¤¤¤Æ¤Ï¡¢¡Ö¿©ÎÁÉʡפȤβóÅú¤¬ºÇ¤â¿¤¯¡¢¼¡¤¤¤Ç¡Ö²ÈÅšס¢¡ÖÆüÍÑÉÊ(ÀöºÞ¡¢»¨²ßÅù)¡×¤¬Â¿¤«¤Ã¤¿¡£¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡Ø(¿Þɽ7)1ǯÁ°¤ÈÈæ¤Ù¤Æ»Ù½Ð(¶â³Û)¤òÁý¤ä¤·¤¿¤â¤Î(3¤Ä¤Þ¤Ç¤ÎÊ£¿ô²óÅú)¡ÌQ21(1)¡Í¡Ù¤¬¤¢¤Ã¤Æ¡¢¤Á¤Èʶ¤é¤ï¤·¤¤¤Î¤Ç¤¹¤¬¤³¤ì¤ÏȾǯÁ°¡¢1ǯÁ°¤Î¿ô»ú¤È¤ÎÈæ³Ó¤Ê¤Î¤Ç¿§¡¹¤ÈÈᤷ¤¤·ë²Ì¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤Î¤¬Îɤ¯Ê¬¤«¤ê¤Þ¤¹¡£¤Ê¤ª¡¢¤â¤Ã¤ÈÈᤷ¤¤¤Î¤Ï¡¢ ¡Ø1ǯÁ°¤ÈÈæ¤Ù¤Æ¡¢»Ù½Ð¤ò¸º¤é¤·¤¿¤â¤Î¤Ë¤Ä¤¤¤Æ¤Ï¡¢¡Ö³°¿©¡×¤È¤Î²óÅú¤¬ºÇ¤â¿¤¯¡¢¼¡¤¤¤Ç¡Öι¹Ô¡×¡¢¡Ö°áÉþ¡¢ÍúʪÎà¡×¤¬Â¿¤«¤Ã¤¿¡£¡Ù ¤«¤é¤Î¡Ø(¿Þɽ8)1ǯÁ°¤ÈÈæ¤Ù¤Æ»Ù½Ð(¶â³Û)¤ò¸º¤é¤·¤¿¤â¤Î(3 ¤Ä¤Þ¤Ç¤ÎÊ£¿ô²óÅú)¡ÌQ22(1)¡Í ¡Ù¤Ç¤¹¤Ê¡¢¹ç¾¸¡£ ¡¦¿··¿¥³¥í¥Ê¤Î±Æ¶Á¤È¤Ê º£²ó½éÅоì¤Î¥³¡¼¥Ê¡¼¤Ç¤¹¡£¡Ø1-2-3. ¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹´¶À÷¾É¤Î±Æ¶Á¡Ù¥¥¿¥³¥ì¤È¤¤¤¦¤³¤È¤Ç¡£ ¡Ø¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹´¶À÷¾É¤¬ÆüËܤÇή¹Ô¤·»Ï¤á¤¿2020ǯ3·î°Ê¹ß¤ÎȾǯ´Ö¤Î¼ýÆþ¤Ë¤Ä¤¤¤Æ¤Ï¡¢¡ÖÆÃ¤ËÊѤï¤ê¤Ï¤Ê¤¤¡×¤È¤Î²óÅú¤¬ºÇ¤â¿¤¯¡¢¼¡¤¤¤Ç¡Ö¶Ð̳Æü¿ô¤ä¶Ð̳»þ´Ö¤¬¸º¤ê¡¢µëÍ¿¼ýÆþ¤¬¸º¤Ã¤¿¡×¡¢¡Ö¶Ð¤áÀè¤ä¼«Ê¬¤Î·Ð±Ä¤¹¤ë»ö¶È½ê¤Î¶È¶·¤¬°²½¤·¡¢¼ýÆþ(¥Ü¡¼¥Ê¥¹¡¦¾ÞÍ¿¤ò´Þ¤à)¤¬¸º¤Ã¤¿¡×¤È¤¤¤Ã¤¿²óÅú¤¬Â¿¤«¤Ã¤¿¡£¡Ù ¡Ø(¿Þɽ11)2020ǯ3·î°Ê¹ß¤ÎȾǯ´Ö¤Î¼ýÆþ¤È¸½ºß¤Î¾õ¶·¡ÌQ23¡¢Q23-a¡Í¡Ù¤ò¸«¤Þ¤¹¤ÈÆÃ¤ËÊѤï¤ê¤Ï¤Ê¤¤¿Í¤¬57.2%¤Ç¤¹¤¬µëÍ¿¤¬¸º¤Ã¤¿¤È¤¤¤¦¤Î¤È¾ÞÍ¿¤¬¸º¤Ã¤¿¤È¤¤¤¦¤Î¤¬¤½¤ì¤¾¤ì¡¢23.0%¡¢19.4%¤È¤«¤À¤Ã¤¿¤ê¤¹¤ë¤Î¤Ç¹ç·×¤¹¤ë¤È42.4%¤Ê¤Î¤Í¡£ ¡Ø¤Þ¤¿¡¢¡Ö¼«¤é»Å»ö¤ä»ö¶È¤ò¤ä¤á¤¿¤³¤È(¼«¼çŪ¤ÊÂ࿦¡¦ÇѶÈ)¤Ë¤è¤ê¡¢¼ýÆþ¤¬¸º¤Ã¤¿¡×¤Þ¤¿¤Ï¡Ö²ò¸Û¤ä¸Û»ß¤á¡¢¶È¶·¤Î°²½Åù¤Ë¤è¤ëÅÝ»º¡¦ÇѶÈ(ÉÔËܰդʼº¶È¡¦ÅÝ»º¡¦ÇѶÈ)¤Ç¡¢¼ýÆþ¤¬¸º¤Ã¤¿¡×¤ÈÅú¤¨¤¿¿Í¤Ë¡¢¸½ºß¤Î¾õ¶·¤ò¿Ò¤Í¤¿¤È¤³¤í¡¢¡Öµá¿¦³èư¤ò¤·¤Æ¤¤¤ë¡×¤È¤Î²óÅú¤¬ºÇ¤â¿¤¯¡¢¼¡¤¤¤Ç¡¢¡ÖºÆ½¢¿¦¤·¤¿¡×¡¢¡Ö¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹´¶À÷¾É¤¬¼ý«¤¹¤ë¤Þ¤Ç¡¢°ì»þŪ¤Ëµá¿¦³èư¤òÄä»ß¤·¤Æ¤¤¤ë¡×¤È¤¤¤Ã¤¿²óÅú¤¬Â¿¤«¤Ã¤¿¡£¡Ù ¤¦¡¼¤ó¤³¤Î¡£ ¡Ø¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹´¶À÷¾É¤¬ÆüËܤÇή¹Ô¤·»Ï¤á¤¿2020ǯ3·î°Ê¹ß¤ÎȾǯ´Ö¤Î»Ù½Ð¤Ë¤Ä¤¤¤Æ¤Ï¡¢¡ÖȾǯÁ°¤Þ¤Ç¤ËÈæ¤Ù¤Æ³°½Ð²ó¿ô¤¬¸º¤Ã¤¿¤¿¤á¡¢1¤«·î¤¢¤¿¤ê¤Î»Ù½Ð(¼ñÌ£¡¦¸ä³Ú¡¦¸òºÝÈñ¡¢¶µ°éÈñ¤ò´Þ¤à)¤¬¸º¤Ã¤¿¡×¤È¤Î²óÅú¤¬ºÇ¤â¿¤¯¡¢¼¡¤¤¤Ç¡ÖÆÃ¤ËÊѤï¤ê¤Ï¤Ê¤¤¡×¡¢¡ÖȾǯÁ°¤Þ¤Ç¤ËÈæ¤Ù¤Æ¼ýÆþ¤¬¸º¤Ã¤¿¤¿¤á¡¢1¤«·î¤¢¤¿¤ê¤Î»Ù½Ð(¼ñÌ£¡¦¸ä³Ú¡¦¸òºÝÈñ¡¢¶µ°éÈñ¤ò´Þ¤à)¤¬¸º¤Ã¤¿¡×¤È¤¤¤Ã¤¿²óÅú¤¬Â¿¤«¤Ã¤¿¡£¡Ù ¤³¤Î³ä¹ç¡¢¾åµ¤Î3¤Ä¤Î½ç¤Ë53.5%¡¢27.6%¡¢21.6%¤Ç¤¢¤ê¤Þ¤¹¡£ ¼¡¤¬¥³¥í¥Ê¤Ë¤è¤ë¥Ë¥å¡¼¥Î¡¼¥Þ¥ë¤Ë¤Ä¤¤¤ÆÊ¹¤¤¤Æ¤ß¤¿¡¢¤Ã¤Æ´¶¤¸¤Ç¤¹¤«¤Í¡£ ¡Ø¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹´¶À÷¾É¤¬ÆüËܤÇή¹Ô¤·»Ï¤á¤¿2020ǯ3·î¤è¤êÁ°¤ÈÈæ¤Ù¤Æ¡¢¸ä³Ú¡¦¥ì¥¸¥ã¡¼¤Î³°½Ð¤Ï¤É¤¦ÊѤï¤Ã¤¿¤«¤ò¿Ò¤Í¤¿¤È¤³¤í¡¢¡Ö¸º¤Ã¤¿¡×¤È²óÅú¤·¤¿¿Í¤Î³ä¹ç¤Ï8³äÂæ¸åȾ¤È¤Ê¤Ã¤¿¡£¡Ù ¤½¤é¤½¤¦¤è¤È¤¤¤¦´¶¤¸¤Ç¤¹¤¬¡¢¤½¤ì¤è¤ê¤â¼¡¤Î¼ÁÌ䤬¶½Ì£¿¼¤¤¡£ ¡Ø¤Þ¤¿¡¢¡Ö¸º¤Ã¤¿¡×¤È²óÅú¤·¤¿¿Í¤Ë¡¢º£¸å¤Î¸ä³Ú¡¦¥ì¥¸¥ã¡¼¤Î³°½ÐͽÄê¤Ë¤Ä¤¤¤Æ¿Ò¤Í¤¿¤È¤³¤í¡¢¡Ö½ù¡¹¤Ë°ÊÁ°(Ãí)¤ÎÄøÅÙ¤Þ¤ÇÌ᤹¡×¤È²óÅú¤·¤¿¿Í¤Î³ä¹ç¤ÏÌó4³ä¤È¤Ê¤ê¡¢¡Ö¸º¤é¤¹¡×¤È²óÅú¤·¤¿¿Í¤Î³ä¹ç¤Ï3³äÂæÈ¾¤Ð¤È¤Ê¤Ã¤¿¡£¡Ù ¥¦¥£¥º¥³¥í¥Ê¤Ç¤Ê¤ó¤Á¤ã¤é¤«¤ó¤Á¤ã¤é¤È¤¤¤¦ÏäǤ¹¤Ê¡£ ¡Ø2020ǯ3·î¤è¤êÁ°¤ÈÈæ¤Ù¤Æ¡¢ºßÂð»þ´Ö¤ò³Ú¤·¤à¤¿¤á¤Î»Ù½Ð¤Ï¤É¤¦ÊѤï¤Ã¤¿¤«¤ò¿Ò¤Í¤¿¤È¤³¤í¡¢¡ÖÊѤï¤é¤Ê¤¤¡×¤È²óÅú¤·¤¿¿Í¤Î³ä¹ç¤Ï5³äÂæ¸åȾ¤È¤Ê¤ê¡¢¡ÖÁý¤¨¤¿¡×¤È²óÅú¤·¤¿¿Í¤Î³ä¹ç¤Ï3³äÂæÁ°È¾¤È¤Ê¤Ã¤¿¡£¡Ù ºßÂð»þ´Ö¤Ï¶ÐÌ³Ãæ¤Ç¤¹¤è!!!²¿¤ò³Ú¤·¤à¤ó¤Ç¤¹¤«!!!!!!(ËÀÆÉ¤ß) ¡Ø¤Þ¤¿¡¢º£¸å¤ÎºßÂð»þ´Ö¤ò³Ú¤·¤à¤¿¤á¤Î»Ù½Ð¤Ë¤Ä¤¤¤Æ¤Ï¡¢¡ÖÊѤ¨¤Ê¤¤¡×¤È²óÅú¤·¤¿¿Í¤Î³ä¹ç¤¬7³äÂæÈ¾¤Ð¤È¤Ê¤Ã¤¿¡£¡Ù ¤Þ¤¢¤½¤¦¤À¤è¤Í¡¢¤È¤µ¤¹¤¬¤Ë»×¤¤¤Þ¤¹¡£¥³¥í¥Ê´ØÏ¢ÆÃÀߥ³¡¼¥Ê¡¼¤Ï¤³¤³¤Þ¤Ç¤Ç¤¹¤¬ÌÌÇò¤«¤Ã¤¿¡£ ¡¦¸ÛÍѴĶDI¤¬²þÁ±¤·¤È¤ë¤ó¤À¤¬ ¤¤¤Ä¤â¤Î¡Ø1-2-4. ¸ÛÍѴĶ¡Ù¤ËÌá¤ê¤Þ¤¹¤È¡¢ ¡Ø1ǯ¸å¤ò¸«¤¿¶ÐÏ«¼Ô(Ãí)¤Î¶Ð¤áÀè¤Ç¤Î¸ÛÍÑ¡¦½è¶ø¤ÎÉ԰¤ˤĤ¤¤Æ¤Ï¡¢¡Ö¤¢¤Þ¤ê´¶¤¸¤Ê¤¤¡×¤È¤Î²óÅú¤¬Áý²Ã¤·¡¢¡Ö¤«¤Ê¤ê´¶¤¸¤ë¡×¤È¤Î²óÅú¤¬¸º¾¯¤·¤¿¤³¤È¤«¤é¡¢¸ÛÍѴĶD.I.¤Ï²þÁ±¤·¤¿¡£(Ãí)¶ÐÏ«¼Ô:²ñ¼Ò°÷¡¦¸øÌ³°÷(²ñ¼ÒÌò°÷¤ò´Þ¤à)¤ª¤è¤Ó¥Ñ¡¼¥È¡¦¥¢¥ë¥Ð¥¤¥È¤Ê¤É¡£¡Ù ³Î¤«¤Ë(¿Þɽ15)1ǯ¸å¤ò¸«¤¿¶Ð¤áÀè¤Ç¤Î¸ÛÍÑ¡¦½è¶ø¤Ë¤Ä¤¤¤Æ¤ÎÉÔ°Â(¶ÐÏ«¼Ô) ¡ÌQ20<¤¦¤Á¶ÐÏ«¼Ô>¡Í¤ò¸«¤ë¤È²þÁ±¤·¤È¤ë¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡¦¥Ð¥Ã¥¯¥ï¡¼¥É¤Îʪ²Á´Ñ¤Ï¾å¾º¤·¤Æ¤¤¤ë¤Î¤À¤¬Àè¹Ô¤¤Î¥¤¥ó¥Õ¥ì´üÂԤϥ¤¥Þ¥¤¥Á¤µ¤ó¤¹¤Ê¤¢ ¡Ø1-3. ʪ²Á¤ËÂФ¹¤ë¼Â´¶¡Ù¤Ë»²¤ê¤Þ¤·¤Æ¡¢¡Ø1-3-1. ¸½ºß¤Îʪ²Á¡Ù¤Ç¤¹¤¬¡¢ ¡Ø¸½ºß¤Îʪ²Á(Ãí1¡¢2)¤ËÂФ¹¤ë¼Â´¶(1ǯÁ°ÂÐÈæ)¤Ï¡¢¡Ø¾å¤¬¤Ã¤¿¡Ù(Ãí3)¤È²óÅú¤·¤¿¿Í¤Î³ä¹ç¤¬6³äÂæÈ¾¤Ð¤È¤Ê¤Ã¤¿¡£ 1ǯÁ°¤ËÈæ¤Ù¡¢Êª²Á¤Ï²¿%ÄøÅÙÊѲ½¤·¤¿¤«¤Ë¤Ä¤¤¤Æ¡¢¶ñÂÎŪ¤Ê¿ôÃͤˤè¤ë²óÅú¤òµá¤á¤¿¤È¤³¤í¡¢Ê¿¶ÑÃͤÏ+5.1%(Á°²ó:+4.8%)¡¢Ãæ±ûÃͤÏ+3.0%(Á°²ó:+3.0%)¤È¤Ê¤Ã¤¿¡£ (Ãí1)¡Ö¤¢¤Ê¤¿¤¬¹ØÆþ¤¹¤ëʪ¤ä¥µ¡¼¥Ó¥¹¤Î²Á³ÊÁ´ÂΡפÈÄêµÁ¡£ (Ãí2)¾ÃÈñÀÇΨ°ú¾å¤²¤Î±Æ¶Á¤ò½ü¤¯¥Ù¡¼¥¹¡£ (Ãí3)¡Ø¾å¤¬¤Ã¤¿¡Ù¤Ï¡Ö¤«¤Ê¤ê¾å¤¬¤Ã¤¿¡×¤È¡Ö¾¯¤·¾å¤¬¤Ã¤¿¡×¤Î¹ç·×¡£¡Ù û¤¤´ü´Ö¤Ç¤ÎÂδ¶¥¤¥ó¥Õ¥ìΨ¤¬¾å¾º¤·¤Æ¤¤¤Þ¤¹¤èÀèÀ¸!!!!!!¤È»×¤Ã¤Æ¼¡¤Î¡Ø1-3-2. 1ǯ¸å¤Îʪ²Á¡Ù¤Ë¹Ô¤¯¤È¤¤¤¤Ê¤ê¥º¥Ã¥³¥±»°½Æ»Î¤Ë¤Ê¤ë¤Î¤À¡£ ¡Ø1ǯ¸å¤Îʪ²Á¤Ë¤Ä¤¤¤Æ¤Ï¡¢¡Ø¾å¤¬¤ë¡Ù(Ãí)¤È²óÅú¤·¤¿¿Í¤Î³ä¹ç¤¬6³äÂæÁ°È¾¤È¤Ê¤Ã¤¿¡£ 1ǯ¸å¤Îʪ²Á¤Ï¸½ºß¤ÈÈæ¤Ù²¿%ÄøÅÙÊѲ½¤¹¤ë¤È»×¤¦¤«¤Ë¤Ä¤¤¤Æ¡¢¶ñÂÎŪ¤Ê¿ôÃͤˤè¤ë²óÅú¤òµá¤á¤¿¤È¤³¤í¡¢Ê¿¶ÑÃͤÏ+4.0%(Á°²ó:+4.3%)¡¢Ãæ±ûÃͤÏ+2.0%(Á°²ó:+3.0%)¤È¤Ê¤Ã¤¿¡£¡Ù 6·îÄ´ºº¤Ç¾å¤¬¤Ã¤¿Ê¬¤¬Ãæ±ûÃÍ¥Ù¡¼¥¹¤Ç¤ÏÁ´ÉôÅǤ½Ð¤·¤Ç¤¹¤¬¡¢Ê¿¶ÑÃÍ¥Ù¡¼¥¹¤Ï¤Þ¤À¤½¤³¤Þ¤ÇÍî¤Á¤Æ¤¤¤Ê¤¤¤«¤é¥Ø¡¼¥¥Ø¡¼¥(ÇòÌÜ)¡£ ¡Ø1-3-3. 5ǯ¸å¤Îʪ²Á¡Ù¤Ë¹Ô¤¤Þ¤¹¤È¡¢ ¡Ø5ǯ¸å¤Îʪ²Á¤Ë¤Ä¤¤¤Æ¤Ï¡¢¡Ø¾å¤¬¤ë¡Ù(Ãí)¤È²óÅú¤·¤¿¿Í¤Î³ä¹ç¤¬7³äÂæÈ¾¤Ð¤È¤Ê¤Ã¤¿¡£ ¤³¤ì¤«¤é5ǯ´Ö¤Çʪ²Á¤Ï¸½ºß¤ÈÈæ¤ÙËèǯ¡¢Ê¿¶Ñ²¿%ÄøÅÙÊѲ½¤¹¤ë¤È»×¤¦¤«¤Ë¤Ä¤¤¤Æ¡¢¶ñÂÎŪ¤Ê¿ôÃͤˤè¤ë²óÅú¤òµá¤á¤¿¤È¤³¤í¡¢Ê¿¶ÑÃͤÏ+4.1%(Á°²ó:+4.0%)¡¢Ãæ±ûÃͤÏ+2.0%(Á°²ó:+2.0%)¤È¤Ê¤Ã¤¿¡£¡Ù ¤¦¡¼¤ó¤³¤Î¡£¤Þ¤¢°ì±þ¾å¤¬¤Ã¤Æ¤¤¤ë¤«¤éÎɤ·¤È¤¤¤¦¤³¤È¤Ç¤¹¤«¤Í¡¢¤È»×¤¤¤Þ¤·¤¿¤¬¡¢¤½¤â¤½¤âÏÀ¤È¤·¤ÆÆü¶ä¤Á¤ã¤ó¤Ï2%ʪ²ÁÌÜɸ¤ÎÁá´üãÀ®¤ò²ÚÎï¤ËÃÇǰ¤·¤Æ¤¤¤ë¤Î¤Ç¤É¤¦¤Ç¤â¤¤¤¤¤ó¤Ç¤·¤¿¤Ã¤±?????????? ¤Á¤Ê¤ß¤Ë¹¹¤Ë¤É¤¦¤Ç¤âÎɤ¤¤Ç¤¹¤¬¡¢¡Ø1-6. ÆüËܶä¹Ô¤Î¶âÍ»À¯ºö¤Ë´Ø¤¹¤ëǧÃÎÅ١٤äƤΤ¬¥±¥Ä¤ÎÊý¤Ë¤Ê¤ê¤Þ¤¹ËÜʸ22¥Ú¡¼¥¸¤Ë¤¢¤ê¤Þ¤¹¤¬(¤Ê¤ªºÇ¸å¤Î¼ÁÌä)¡¢ ¡ØÆüËܶä¹Ô¤¬¡¢¾ÃÈñ¼Ôʪ²Á¤ÎÁ°Ç¯Èæ¾å¾ºÎ¨2%¤Î¡Öʪ²Á°ÂÄê¤ÎÌÜɸ¡×¤ò·Ç¤²¤Æ¤¤¤ë¤³¤È¤Ë¤Ä¤¤¤Æ¤Ï¡¢¡ÖÃΤäƤ¤¤ë¡×¤È¤Î²óÅú¤¬1³äÂæ¸åȾ¤È¤Ê¤Ã¤¿¡£ ÀѶËŪ¤Ê¶âÍ»´ËϤò¹Ô¤Ã¤Æ¤¤¤ë¤³¤È¤Ë¤Ä¤¤¤Æ¤Ï¡¢¡ÖÃΤäƤ¤¤ë¡×¤È¤Î²óÅú¤¬2³äÂæÈ¾¤Ð¤È¤Ê¤Ã¤¿¡£ ¡ÖĹû¶âÍøÁàºîÉÕ¤ÎÌŪ¡¦¼ÁŪ¶âÍ»´ËÏ¡פò¹Ô¤Ã¤Æ¤¤¤ë¤³¤È¤Ë¤Ä¤¤¤Æ¤Ï¡¢¡ÖÃΤäƤ¤¤ë¡×¤È¤Î²óÅú¤¬1³äÂæÈ¾¤Ð¤È¤Ê¤Ã¤¿¡£¡Ù ¿Þɽ22¡Á24¤ò¸«¤Æ¤¤¤¿¤À¤¯¤Èʬ¤«¤ê¤Þ¤¹¤±¤É¤³¤ì¡¢6·îÄ´ºº¤Ç¤Ï¤µ¤¹¤¬¤Ë¤Á¤ç¤Ã¤ÈÁý¤¨¤Æ¤¤¤¿¤ê¤·¤Æ¤¤¤¿¤ó¤Ç¤¹¤¬¡¢¤Þ¡¼¤¿²¼¤¬¤Ã¤Æ¤Þ¤¹¤Ê¤È¤¤¤¦¤Î¤ÏÎɤ¤¤È¤·¤Æ¡¢¥¦¥±¤Æ¤·¤Þ¤¦¤Î¤¬¡Ö2%ʪ²ÁÌÜɸ±¾¡¹¤Î¼ÁÌä¤ËÂФ¹¤ë²óÅú¡×¤Ç¤·¤Æ¡¢åºÎï¤Ë¤¸¤ê°Â¥·¡¼¥¶¡¼¾õÂ֤ˤʤäƤª¤ê¤Þ¤·¤Æ¡¢¥ª¡¼¥Ð¡¼¥·¥å¡¼¥È·¿¥³¥ß¥Ã¥È¥á¥ó¥È¤Ç¥Þ¥Í¥¿¥ê¡¼¥Ù¡¼¥¹¤Î³ÈÂçÊý¿Ë¤ò2%¤ò°ÂÄêŪ¤Ëͤ¨¤ë¤Þ¤Ç¼Â»Ü¤¹¤ë¤³¤È¤Ï¥¤¥ó¥Õ¥ì´üÂÔ¤ËÆ¯¤¤«¤±¤ë°ÕÌ£¤Ç½ÅÍפÊÀ¯ºö¤Ç¤¢¤ë(¥¥ê¥ê¥Ã)¤È¤Ï²¿¤Î¤³¤È¤«¤È¾®°ì»þ´ÖÌ䤤µÍ¤á¤¿¤¤½ê¤Ç¤Ï¤´¤¶¤¤¤Þ¤¹¤Î¡£
¤ªÂê¡Ö¥Ö¥ì¥¤¥Ê¡¼¥Éºâ̳¤¸¤ã¤Ê¤«¤Ã¤¿FRBÍý»ö¤ÏºâÀ¯¤È¤Ã¤È¤È¥Ð¥ó¥Ð¥ó½Ð¤»¤È³ä¤È°ÒÀªÎɤ¯¤Ö¤Á¹þ¤ó¤Ç¤Þ¤¹¤Ê¡×
2020/10/26¡Ê·î¡Ë08:06:06
¥Ñ¥ï¡¼¥ï¡¼¥É¤¬Ê¤Ӥ¹¤®¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦[³°Éô¥ê¥ó¥¯] ¥³¥í¥Ê¸å¤Ë¶§°ÈȺáÁý²Ã 10ʬ´Ö¤Ë1¿Í¤¬»¦¤µ¤ì¤ë¾õ¶· 2020ǯ10·î25Æü 10»þ40ʬ ¡»¼¡´üºâ̳Ĺ´±¤Î¸Æ¤ÓÀ¼¤â¹â¤¤¥Ö¥ì¥¤¥Ê¡¼¥ÉÍý»ö¤Î¹Ö±é¤Ç¤âÇÒÆÉ¤·¤Þ¤·¤ç¤¦[³°Éô¥ê¥ó¥¯] Speak: Remarks by Federal Open Market Committee Participants ¤ò¸«¤Þ¤¹¤È¤¢¤Á¤³¤Á¤ÇFED¤Î¹â´±È¯¸À¤Ï¤¢¤ë¤Î¤Ç¤¹¤¬¡¢¼Â¤Ë²ø¤·¤«¤é¤ó¤³¤È¤Ëʸ»úµ¯¤³¤·¤Î̵¤¤Êª·ï¤Ð¤Ã¤«¤êʤó¤Ç¤¤¤ë(ư²è¤ò¸«¤Ê¤¤¤È¹Ô¤±¤Ê¤¯¤ÆÊ¸»úµ¯¤³¤·¤¬Ìµ¤¤¤È¤«¥¢¥¿¥¯¥·¤Ë¤Ï¤Á¤ç¤Ã¤È¥Ï¡¼¥É¥ë¤¬¤¬¤¬¤¬¤¬)¼¡Âè¤Ç¤´¤¶¤¤¤Þ¤·¤Æ¡¢¤¸¤ã¤¢»æ¤ËÍî¤Á¤Æ¤ëľ¶á¤Î¤Ã¤Æ¤É¤ì¤è¤È»×¤Ã¤¿¤é¥á¥¹¥¿¡¼¤È¥Ö¥ì¥¤¥Ê¡¼¥É¤Î¹Ö±é¤¬¤¢¤ë¤Î¤Ç¥Ö¥ì¥¤¥Ê¡¼¥É¤µ¤ó¤ÎÊý¤«¤éÀ®ÇÔ¤·¤Æ¤ß¤ë¡¢¤È¤¤¤¦¤À¤±¤ÎÏäʤó¤Ç¤¹¤±¤É¤Í(´À)¡£ ¥Ö¥ì¥¤¥Ê¡¼¥ÉÍý»ö¤´Âº´é¤È·ÐÎò¡£[³°Éô¥ê¥ó¥¯] Brainard ¡ØPrior to her appointment to the Board, Dr. Brainard served as Under Secretary of the U.S. Department of the Treasury from 2010 to 2013 and counselor to the Secretary of the Treasury in 2009. During this time, she was the U.S. representative to the G-20 Finance Deputies and G-7 Deputies and was a member of the Financial Stability Board. She received the Alexander Hamilton Award for her service.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¥Ò¥é¥ê¡¼¤È¥Þ¥Ö¥À¥Á¤È¤«¤Ç¤·¤¿¤Ã¤±¥Ö¥ì¥¤¥Ê¡¼¥É¤µ¤ó¡£[³°Éô¥ê¥ó¥¯] 21, 2020 Achieving a Broad-Based and Inclusive Recovery Governor Lael Brainard At the "Post-COVID?Policy Challenges for the Global Economy" Society of Professional Economists Annual Online Conference (via webcast) ¡¦¥¤¥ó¥¯¥ë¡¼¥·¥Ö¤È¤«Íè¤ë¤ÎºÇ¶á¤ÎFED¤Î»ÅÍͤǤ¹¤¬¥Ö¥ì¥¤¥Ê¡¼¥É¤µ¤ó¤¬¸À¤¦¤Èºâ̳Ĺ´±¤ò°Õ¼±¤·¤Æ¤ë¤Ã¤Ý¤¯¸«¤¨¤Þ¤¹¤Ê ¤´Í÷¤ÎÄ̤ê¤ÇÀè½µ¿åÍˤΰƷï¤Ç¶²½Ì¤Ç¤¹¤¬¤³¤ó¤Ê¤Î¤¬¤¢¤ê¤Þ¤·¤Æ¡¢¤â¤¦Âê̾¤«¤é¤·¤Æ»×¤¤¤Ã¤¤ê¡ÖAchieving a Broad-Based and Inclusive Recovery¡×¤È¤¤¤¦¤³¤È¤ÇÀ¯¼£¤Ã¤Ý¤¤¤Ç¤¹¤±¤ì¤É¤â¡¢¤½¤â¤½¤â¥Ñ¥¦¥¨¥ëµÄĹ¤Ë¤Ê¤Ã¤Æ¤«¤é¤ä¤¿¤é¤È¡Ö¤¹¤Ù¤Æ¤Î¥¢¥á¥ê¥«¥ó¤Ë·ÐºÑ¤Î²¸·Ã¤ò¡×¤È¤¤¤¦¤è¤¦¤ÊÏäò¤¹¤ë¤è¤¦¤Ë¤Ê¤Ã¤¿¡¢¤È¤¤¤¦¤Î¤¬¤¢¤ê¤Þ¤¹¤·¡¢¥³¥í¥Ê¤Î±Æ¶Á¤òÂ礤¯¼õ¤±¤Æ¤¤¤ë¤Î¤¬¼ç¤Ë¼Ò²ñŪ¤Ê¥Þ¥¤¥Î¥ê¥Æ¥£¤Ç¤¢¤ë¡¢¤È¤¤¤¦¤è¤¦¤ÊÏäòºÇ½é¤Îº¢¤«¤é¤º¡¼¤Ã¤È¥Ñ¥¦¥¨¥ë°Ê²¼³§¤µ¤ó¤¬¤·¤Æ¤¤¤Þ¤·¤Æ¡¢ºÇ¶áµÞ¤Ë¥¸¥ã¥Ñ¥ó¤Ç¤âSDGs¤È¤«¸À¤¦¤è¤¦¤Ë¤Ê¤ê¤Þ¤·¤¿¤¬¡¢¤³¤Î¡Ö¥¤¥ó¥¯¥ë¡¼¥·¥Ö¡×¤¬½Ð¤Æ¤¤Æ¤¤¤ëÊդ꤬ºÇ¶á¤ÎFED¤Î»ÅÍͤǤϤ¢¤ê¤Þ¤¹¤¬¥Ö¥ì¥¤¥Ê¡¼¥É¤¬¸À¤¦¤ÈÌ£¤ï¤¤¤¬¿¼¤¤¤Ç¤¹¤Î¤¦¡£ Á°ÃÖ¤Éôʬ¤Ç¤³¤ó¤Ê¤³¤È¤â¸À¤Ã¤Æ¤Þ¤¹¤«¤é¤Í¡Á¡£ ¡ØThe U.S. economy saw a strong initial bounceback from the depths of the COVID-19 (coronavirus disease 2019 ) crisis, aided by significant targeted support. The recovery remains highly uncertain and highly uneven-with certain sectors and groups experiencing substantial hardship. These disparities risk holding back the recovery. The Federal Reserve is committed to providing sustained accommodation to achieve a broad-based recovery. Further targeted fiscal support will be needed alongside accommodative monetary policy to turn this K-shaped recovery into a broad-based and inclusive recovery.¡Ù Îã¤Ë¤è¤Ã¤ÆÎã¤ÎÇ¡¤¯¡ÖThese disparities¡×¤È¤¤¤¦¤³¤È¤Ç¥³¥í¥Ê¤Ç¿©¤é¤Ã¤Æ¤¤¤ë¥»¥¯¥¿¡¼¤È²óÉü¤·¤Æ¤¤¤ë¥»¥¯¥¿¡¼¤¬¤¤¤Æ¡¢¤½¤³¤ËÂ礤ʺ¹¤¬µ¯¤¤Æ¤¤¤ë¤Î¤Ï¥¤¥¯¥Ê¥¤¡¢¤È¤¤¤¦Ïäò¤·¤Æ¤ª¤ê¤Þ¤¹¡£¤Ç¤â¤Ã¤Æ¤Þ¤¢°ú¤Â³¤¥Ö¥ì¥¤¥Ê¡¼¥É¤Ç¤¹¤é¡¢¡ÖFurther targeted fiscal support will be needed alongside accommodative monetary policy¡×¤È¤¤¤¦Ìõ¤Ç¤´¤¶¤¤¤Þ¤·¤Æ¡¢¤¢¤¯¤Þ¤Ç¤â¡Ötargeted fiscal support¡×¤ÎÊý¤ò¥á¥¤¥ó¤ËÃÖ¤¤¤ÆÉ¬ÍפÊÀ¯ºö¤òÀâÌÀ¤·¤Æ¤¤¤ë¤È¤¤¤¦Ìõ¤Ç¤·¤Æ¡¢¤¤¤ä¿¿ÌÌÌܤÊÏÃÊÆ²¤¤Ã¤ÆÃæ¶ä¤Ï´ðËÜŪ¤Ë¡Ö¤¦¤Á¤é¤Î½ÐÍè¤ë¤³¤È¤Ï´ËÏÂŪ¤Ê¶âÍ»´Ä¶¤ò°Ý»ý¤·¤Æ¥³¥í¥Ê¤Ç¿©¤é¤Ã¤Æ¤¤¤ëÊý¸þ¤±¤ÎÀ¯Éܤˤè¤ëÀ¯ºö¤Î¼Â¹Ô¤ò¦Ì̻ٱ礹¤ë¤ó¤Ç¤¹¡Á¡×°Ì¤Ë¤·¤Æ¤¤¤ë(¼ÂºÝ¤Ë¤Ï¼Â¹ÔÉôÂâ¤À¤Ã¤¿¤ê¼ÒºÄÇãÆþ¤·¤¿¤ê¤·¤Æ¤¤¤ë¤±¤É)¤Î¤Ç¤¢¤ê¤Þ¤·¤Æ¡¢¤¤¤ä¤Þ¤¢ÆüËܤξì¹ç¤ÏÀ¯ÉܤÎ̵ºö(¤Þ¤¿¤Ï̵ǽ¤ÊƯ¤¼Ô¤È¤·¤Æ¤Î»Üºö)Éôʬ¤ò¸íËâ²½¤µ¤ó¤¬¤¿¤á¤ËÀ¯¼£ÊýÌ̤«¤éÆü¶ä¤Ø¤ÎÅö¤¿¤ê¤¬·ä¤¢¤é¤Ð¶¯¤¯¤Ê¤ë¤Î¤Ç¡¢²¿¤«Æü¶ä¤¬ÌµÂ̤˥¢¥Ô¡¼¥ë¤ò¤·¤Ê¤¤¤È¤¤¤±¤Ê¤¤¡¢¤È¤¤¤¦ÅÀ¤Ç¤ÏƱ¾ð¤Î;ÃϤ¬Ìµ¤¤¤ï¤±¤Ç¤Ï¤Ê¤¤¤Î¤Ç¤¹¤¬¡¢·ë¶É¤½¤¦¤ä¤Ã¤Æ¥¢¥Ô¡¼¥ë¤¹¤ë¤â¤ó¤À¤«¤é̵Â̤˴üÂÔÃͤ¬¾å¤¬¤ë¤Î¤Ç¤¢¤Ã¤Æ¡¢¤Ç¤¤â¤·¤Ê¤¤¤³¤È¤ò¤¢¤Þ¤ê°Î¤½¤¦¤Ë¸À¤ï¤Ê¤¤¡¢¤È¤¤¤¦¤Î¤â½ÅÍפʻö¤À¤È»×¤¦¤Î¡£ ¤Þ¤¢¤½¤ó¤ÊÏäÏÅÆ¤â³Ñ¡ÖK-shaped recovery¡×¤Ã¤Æ¥Ê¥ó¥¸¥ã¥½¥é¤È¸À¤¦»ö¤Ç¤½¤Á¤é¤Î¾®¸«½Ð¤·¤¬¼¡¤Ë¤¢¤ë¡£ ¡¦K»ú²óÉü¤È¤Ê ¡ØK-Shaped Recovery?¡Ù¤Ã¤Æ¾®¸«½Ð¤·¤Ë¤Ê¤ê¤Þ¤¹¡£ ¡ØTargeted interventions, along with adaptations in the behavior of households and businesses, have enabled economic activity to recover. All told, after an unprecedented contraction in the first half of the year, U.S. gross domestic product appears likely to have reversed more than one-half of that decline in the third quarter.¡Ù ÊÆ¹ñ·ÐºÑ¤ÏǯÁ°È¾¤ÎÍî¤Á¹þ¤ß¤ò³µ¤ÍȾʬ¤Ï¤³¤Î7-9·î´ü¤Ç²óÉü¤·¤¿¤½¤¦¤Ê¡£ ¡ØBut within the overall improvement, some groups and sectors continue to see depressed employment, income, and revenues. Sustained disparities can hold back the recovery and lead to worse overall outcomes.¡Ù ¤Ç¤â°ìÉô¤Î¥°¥ë¡¼¥×¤ä¥»¥¯¥¿¡¼¤ÏÇ«¤í°²½¤·¤Æ¤¤¤ë¤È¤³¤í¤â¤¢¤ë¤Ç¡£ ¡ØOver the past month, the Federal Reserve Board has held three meetings with community groups, mission-oriented lenders, and representatives of frontline workers to hear about these disparities and their implications for the recovery.¡Ù ºÇ¶á1¤«·î¤Û¤É¡¢¥ï¥¤¤é¤Ï¤½¤¦¤¤¤¦¥°¥ë¡¼¥×¤È¤Î¥ß¡¼¥Æ¥£¥ó¥°¤ò3²ó¼Â»Ü¤·¤Þ¤·¤¿¡£ ¡ØOverall, total consumer expenditures in the United States have recovered about three-fourths of their spring decline through August. Interest-sensitive sectors such as residential real estate and autos have rebounded strongly-a welcome reminder of the power of monetary accommodation, especially when coupled with necessary fiscal support. Consumer spending on goods posted robust gains over the summer, and August levels exceeded those in January.¡Ù Á´ÂΤξÃÈñ»Ù½Ð¤Ï½ÕÀè¤ÎÍî¤Á¹þ¤ß¤ò4ʬ¤Î3¤Þ¤Ç²óÉü¤·¤Æ¤¤¤ë¤·¡¢8·î¤Îºâ¤Î¾ÃÈñ¤Ï1·î¤Î¿ô»ú¤ò¾å²ó¤Ã¤Æ¤¤¤Þ¤·¤Æ¡¢ÆÃ¤Ë¶âÍø¤ËÉÒ´¶¤ÊÉôÌç¤Ë´Ø¤·¤Æ¤Ï¶âÍ»´ËϤθú²Ì¤ÇÈó¾ï¤Ë¶¯¤¤²óÉü¤ò¼¨¤·¤¿¡£¤ÈÍè¤Þ¤·¤Æ¡¢ ¡ØIn sharp contrast, however, consumer spending on services through August has recovered only about 60 percent of its spring decline and remains well below pre-COVID-19 levels.¡Ù ¥µ¡¼¥Ó¥¹¤Î²óÉü¤Ï60%ÄøÅ٤ˤȤɤޤë(¤Ã¤Æ75¤È60¤Ã¤Æ¤½¤³¤Þ¤Ç°ã¤¦¤«?¤È¤¤¤¦µ¤¤â¤¹¤ë¤ó¤À¤¬¡¢¤Þ¤¢15%°ã¤¦¤«¤éÂ礤¤¤Ç¤¹¤È¸À¤ï¤ì¤ë¤È¤½¤¦¤Ç¤¹¤«¡¦¡¦¡¦¡¦¡¦)¤Î¤ÇÂоÈŪ¤Ç¤¹¤è¤È¡£ ¡ØAt the aggregate level, indicators of business investment, including shipments of capital goods, have been stronger than anticipated and point to a solid increase in equipment and investment spending in the third quarter. In contrast, investment on nonresidential structures remains depressed. Activity in some sectors remains substantially below pre-COVID-19 levels. For instance, airline passenger traffic is still 60 percent below its pre-pandemic level, contributing to the decline in aircraft orders this year, and hotel revenue per available room is only half the level of a year earlier.¡Ù ´ë¶ÈÉôÌç¤Ë´Ø¤·¤Æ¤â¶È¼ï¤È¤«¤Ë¤è¤Ã¤Æº¹¤¬Â礤¤¤è¡¢¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤Þ¤¹¤Ê(Ʊ¤¸¤è¤¦¤ÊÏäʤΤǼêÈ´¤¤Çή¤·¤Æ¤Þ¤¹)¡£ ¡¦Ãæ¾®´ë¶È¶âÍ»´Ä¶¤Î¥¿¥¤¥È¤µ¤Ë´Ø¤¹¤ëÏ䬱䡹¤È³¤¤¤Æ¤¤¤ë¤Î¤¬Ì£¤ï¤¤¤¬¤¢¤ë ¡ØOur actions have helped promote the flow of credit to households and businesses. Borrowing costs are low along the yield curve, and liquidity is abundant. Amid historically low corporate bond yields, gross issuance of both investment- and speculative-grade corporate bonds was strong in the third quarter.¡Ù ¶âÍ»´ËÏÂ¤Ï¼ÚÆþ¥³¥¹¥È¤òºï¸º¤·¤Æ¡¢´ë¶È¤ä²È·×¤Ø¤Î¥¯¥ì¥¸¥Ã¥È¥Õ¥í¡¼¤òºî¤ë¤Î¤Ë´óÍ¿¤·¤¿¤È¡£ ¡ØIn contrast to the favorable financing conditions for large businesses with access to capital markets, financing conditions for small businesses remain tight, with lower lending activity and signs of deteriorating loan performance.¡Ù »ñËܻԾì¤Ë¥¢¥¯¥»¥¹¤Ç¤¤ëÂç´ë¶È¤Î¶âÍ»´Ä¶¤ÏÎɤ¤¾õÂ֤ʤΤǤ¹¤¬¡¢¥¹¥â¡¼¥ë¥Ó¥¸¥Í¥¹¤Î¼ÚÆþ´Ä¶¤Ï°ÍÁ³¤È¤·¤Æ¥¿¥¤¥È¤Ç¡¢Âß½Ð¹ÔÆ°¤â¼å¤¤¤·¡¢ÉÔÎɺĸ¢È¯À¸¤ÎÃû¸õ¤â¸«¤é¤ì¤Þ¤¹¡£ ¡ØSmall businesses tend to be concentrated in sectors that entail high direct contact, operate with relatively tight cash buffers, and rely on bank credit rather market-based finance. In the most recent Census Bureau Small Business Pulse Survey from early October, more than 30 percent of small businesses report having one month or less of cash on hand.¡Ù ¿ô»ú¤È¤«Ê¤ó¤Ç¤¤¤ë¤Î¤Ï¤¹¤ÃÈô¤Ð¤·¤Þ¤¹¤¬(¼êÈ´¤)Íפϥ¹¥â¡¼¥ë¥Ó¥¸¥Í¥¹¤Î¶âÍ»´Ä¶¤Ï¶ì¤·¤¤¤È¡£ ¡ØThe most recent Federal Reserve Small Business Lending Survey indicates that the Paycheck Protection Program (PPP) provided a critical lifeline for small and medium-sized businesses, but also that credit availability has otherwise tightened.¡Ù ¥¹¥â¡¼¥ë¥Ó¥¸¥Í¥¹¥ì¥ó¥Ç¥£¥ó¥°¥µ¡¼¥Ù¥¤¤Ë¤è¤ê¤Þ¤¹¤È¡¢PPP¥×¥í¥°¥é¥à¤Ï¥¯¥ê¥Æ¥£¥«¥ë¤Ê¥é¥¤¥Õ¥é¥¤¥ó¤È¤·¤Æµ¡Ç½¤·¤Æ¤ª¤ê¤Þ¤¹¤¬¡¢¥¯¥ì¥¸¥Ã¥È¥¢¥Ù¥¤¥é¥Ó¥ê¥Æ¥£¼«ÂΤÏPPPÉôʬ¤ò½ü¤±¤Ð¥¿¥¤¥È²½¤·¤Æ¤Þ¤Ã¤»¤È¡£ ¡ØDriven primarily by PPP-related loans, originations of new small business commercial and industrial loans in the second quarter of 2020 were more than nine times the size of originations in either the first quarter of 2020 or the second quarter of 2019.2¡Ù ¡ØHowever, 44 percent of respondents, on net, indicate loan standards tightened over the second quarter. About 43 percent of respondents, on net, reported a deterioration in the credit quality of small business applicants-the largest decline since the inception of the survey and only the second time in which respondents of all bank sizes, on net, reported a decline.¡Ù PPP´ØÏ¢¤ÎÂ߽ФÏʪÀ¨¤¤Àª¤¤¤Ç¿¤Ó¤Æ¤¤¤ë¤½¤¦¤Ê¤Î¤Ç¤¹¤¬¡¢¥µ¡¼¥Ù¥¤¤Ë¤è¤ë¤ÈÂ߽дð½à¤Ï2Q¤Ç¥¿¥¤¥È²½¤·¤Æ¤¤Æ¤ª¤ê¡¢¤ª¤Þ¤±¤ËÃæ¾®´ë¶È¸þ¤±Âߤ·½Ð¤·¤Î¥¯¥ì¥¸¥Ã¥È¥¯¥ª¥ê¥Æ¥£¤¬°²½¤·¤Æ¤¤¤ë¤È¤¤¤¦»ö¤Î¤è¤¦¤Ç¡£ ¡ØMinority small businesses have been particularly hard hit. According to recent research, between February and April, the economy saw a 41 percent decline in Black business owners and a 32 percent decline in Latinx business owners, compared with a 22 percent overall decline.3¡Ù ¹¹¤Ë¤³¤³¤¬¤Þ¤¿¥Ñ¥¦¥¨¥ë¤ÎFED¤Ã¤Ý¤¤¤Î¤Ç¤¹¤¬¡¢¹õ¿Í¤È¤«¥é¥Æ¥ó·Ï¤È¤«¤Î¥Ó¥¸¥Í¥¹¥ª¡¼¥Ê¡¼¤¬Âà¾ì¤·¤Æ¤¤¤ë³ä¹ç¤¬Ê¿¶Ñ¤è¤ê¤â¹â¤¤¡¢¤È¤¤¤¦¤Î¤ò½Ð¤·¤Æ¤¤¤Þ¤·¤Æ¡¢¥Þ¥¤¥Î¥ê¥Æ¥£¡¼¤¬¥Ï¡¼¥É¥Ò¥Ã¥È¤·¤Æ¤¤¤ë¤¼¤È¤¤¤¦¤¤¤Ä¤â¤ÎÏᣠ¡¦¡¦¡¦¡¦¡¦¡¦¡¦¤È¤³¤ÎÊդޤǤ¬´ë¶È¶âÍ»¤Ë´Ø¤¹¤ëÏäʤΤǤ¹¤¬¡¢¤³¤¦¤¤¤¦¤Î¸«¤Þ¤¹¤È¥¸¥ã¥Ñ¥ó¤Î¾ì¹ç¤Ã¤Æ²¿¤À¤«¤ó¤À¤È¥Ð¥ó¥Ð¥ó¤ÈÃæ¾®´ë¶È¿®ÍÑÊݾڤȤ«¤Ö¤Ã¤³¤Þ¤ì¤Æ¤¤¤ëÌõ¤Ç¤¹¤±¤ì¤É¤â¡¢Êƹñ¤ÏÁêÊѤï¤é¤ºÊƹñ¤é¤·¤¯(?)Âç´ë¶È¤¬¥Û¥¤¥Û¥¤¤È´ËϤβ̼¤ò¥Á¥å¡¼¤È¤¹¤ëÃæ¤Ç¡¢»×¤¤¤Ã¤¤ê¿¶¤êÍî¤È¤·¤ò¤µ¤ì¤Æ¤¤¤ëÃæ¾®´ë¶È¤Ã¤Æ¤¤¤¦¿Þ¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤ó¤Ç¤¹¤Í¡¢¤È¤«»×¤¤¤Ä¤Ä¤â¡¢¤æ¤¦¤Æ¥¢¥¿¥¯¥·¤âÊ̤˶âÂߤ·¸½¾ì¤Ë¤¤¤ëÌõ¤Ç¤Ï¤Ê¤¤¤Î¤Ç¡¢¤¸¤ã¤¢¤³¤Î¥Ö¥ì¥¤¥Ê¡¼¥É¤¬¸À¤¦¤è¤¦¤ÊÊÆ¹ñ¤Î¾õ¶·¤ÈÆüËܤξõ¶·¤Ã¤Æ¤É¤¦°ã¤¦¤ó¤À¤í¤¦¤Ê¤¢¡¢¤È¤¤¤¦¤Î¤Ï¶½Ì£¤¬¤¢¤ë½ê¤Ç¤Ï¤´¤¶¤¤¤Þ¤¹¤ë¡£ ¤Ç¡¢¤³¤ÎÉôʬ¡¢°Ê²¼Ï«Æ¯»Ô¾ì¤ÎÏäò¤ä¤Ã¤ÆÊª²Á¤ÎÏäϿ½¤·ÌõÄøÅ٤ˤ¢¤Ã¤Æ¡¢Ï«Æ¯»Ô¾ì¤Ç¤âÎã¤Ë¤è¤Ã¤Æ¥Þ¥¤¥Î¥ê¥Æ¥£¤¬¶ìÏ«¤·¤Æ¤¤¤ëŪ¤ÊÏ䬤¢¤ë¤Î¤Ç¤¹¤¬¡¢¤½¤ÎÊդϥѥ¹¤·¤Þ¤¹¤¬¡¢K·¿²óÉü¤Ã¤Æ¤Î¤ÏÍפ¹¤ë¤Ë2¶Ë²½¤È¸À¤¤¤¿¤¤¤ó¤Ç¤¹¤«¤Í¡¢¤È¤¤¤¦¤Î¤Ïʬ¤«¤Ã¤¿¡£ ¡¦ÄɲúâÀ¯½Ð¤»¤ä¥´¥ë¥¡¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤ë ¼¡¤Î¾®¸«½Ð¤·¤¬¡ØSupport for a Broad-Based and Inclusive Recovery¡Ù¤Ç¤¢¤ë¡£ ¡ØRecent research indicates that the Coronavirus Aid, Relief, and Economic Security (CARES) Act played a significant role in supporting aggregate demand in the spring and summer. Enhanced unemployment benefits offset the lost income of many lower-wage and services workers, in some cases at greater-than-wage-replacement rates. Household spending stepped up in mid-April, coinciding with the first disbursement of stimulus payments to households and a ramp-up in the payout of unemployment benefits, and showed the most pronounced increases in the states that received more benefits.10¡Ù CARESAct¤Ï·ÐºÑ¤Î¼ûÍײóÉü¤Ë´óÍ¿¤·¤¿¤·¡¢Äã½êÆÀ¼Ô¤äº£²ó¤Î¥³¥í¥Ê¤Î±Æ¶Á¤¬Â礤«¤Ã¤¿¿Í¤ËÂФ·¤Æ¸ú²Ì¤ò½Ð¤·¤¿¤È¡£ ¡ØThe Survey of Consumer Finances indicates that cash-constrained households make up a significant fraction of the population. With unemployment and reduced hours likely to persist, many of these households are unlikely to be able to sustain recent levels of consumption without additional fiscal support as well as extended loan forbearance and eviction moratoriums. The financial security of displaced workers will depend importantly on whether unemployment benefits will be extended or supplemented-and if this will occur before any remaining savings accrued from the CARES Act funding run out.11¡Ù ¤Ç¤â¤Ã¤Æ¤³¤Á¤é¤Ç¤â¡Ö¥³¥í¥Ê¤Î±Æ¶Á¤Ç²È·×¤Î¥¥ã¥Ã¥·¥å¥Õ¥í¡¼¤¬¶ì¤·¤¯¤Ê¤Ã¤¿¿Í¤È¤¤¤¦¤Î¤ÏÆÃÄê¤Î¥«¥Æ¥´¥ê¡¼¤Ë½¸Ã椷¤Æ¤¤¤ë¡×¤È¤¤¤¦ÀâÌÀ¤Ë¤Ê¤Ã¤Æ¡¢¤½¤ó¤Ê¤³¤È¤Ç¤¹¤«¤éCARES Act¤Ç¤Î¥¿¡¼¥²¥Ã¥È¤ò¹Ê¤Ã¤¿¥µ¥Ý¡¼¥È»Üºö¤¬¸ú¤¤¤¿¡¢¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤Þ¤¹¡£ ¡ØAnalogous questions arise with regard to the many hard-hit small businesses that were sustained early in the crisis by PPP loans, whose finances are becoming increasingly strained as revenue shortfalls persist. Similarly, the state and local governments that were able to weather tax-and-fee revenue shortfalls early in the crisis are likely to find it more difficult to sustain employment and spending levels the longer the pandemic persists in the absence of further fiscal support.¡Ù ´ë¶È¤Ë´Ø¤·¤Æ¤ÎPPP¤Î¸úÍѤÎÏäÏÀè¤Û¤É¤â¤¢¤ê¤Þ¤·¤¿¤¬¡¢ºÐÆþ¤¬Íî¤Á¹þ¤ó¤Ç¤¤¤ëÃÏÊýÀ¯ÉܤËÂФ¹¤ë¤ª½õ¤±ºö¤â¸ú²Ì¤òȯ´ø¤·¤Æ¤¤¤ë¡¢¤È¤¤¤¦Ïäò¤·¤Æ¤ª¤ê¤Þ¤¹¡£ ¡ØContinued targeted support to replace lost incomes will be an important factor in determining the strength of the recovery.¡Ù ¤Ç¤â¤Ã¤ÆÁ°¤ÎÉôʬ¤Ç¤â¤½¤Î¤è¤¦¤ÊÏäˤʤäƤª¤ê¤Þ¤¹¤¬¡¢·Ñ³Ū¤ÊºâÀ¯¥µ¥Ý¡¼¥È¤¬½ÅÍס¢¤È¤¤¤¦Ïäò¤·¤Æ¤ª¤ê¤Þ¤·¤Æ¡¢ÍפϤȤäȤÈÄɲúâÀ¯½Ð¤»¤ä¥´¥ë¥¡¤È¤¤¤¦ÏäˤʤäƤ¤¤ë¼¡Âè¤Ç¤¹¤¬¡¢¼¡´üºâ̳Ĺ´±¸õÊä(¤¿¤À¤·¥Ð¥¤¥Ç¥óÀ¯¸¢¤Î¾ì¹ç)¤â¤³¤¦¸À¤¦¼¡Âè¤Ç¤¹¤Î¤Ç¡¢¥ª¡¼¥ë¥Ö¥ë¡¼¤È¤«¤Ë¤Ê¤Ã¤ÆÍè¤ë¤È³ÈÂçÈÇ¥¿¡¼¥²¥Ã¥È·¿ºâÀ¯¤È¤«½Ð¤ë¤Ã¤·¤ç¤³¤ì¡¢¤È¤¤¤¦¤ªÏäǤ⤢¤ê¤Þ¤¹¤ë¡£ ¡ØApart from the course of the virus itself, the most significant downside risk to my outlook would be the failure of additional fiscal support to materialize.¡Ù ¥¥¿¥³¥ì!!!!¤½¤·¤Æ¹¹¤Ë¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡ØToo little support would lead to a slower and weaker recovery. Premature withdrawal of fiscal support would risk allowing recessionary dynamics to become entrenched, holding back employment and spending, increasing scarring from extended unemployment spells, leading more businesses to shutter, and ultimately harming productive capacity.¡Ù Too little support¤âPremature withdrawal of fiscal support¤â¥¢¥«¥ó¤È¤«ºâÀ¯½Ð¤¹µ¤Ëþ¡¹È¯¸Àĺ¤¤Þ¤·¤¿¡£ ¡ØThe recovery will be broader based, stronger, and faster if monetary policy and fiscal policy both provide continued support to the economy. While monetary policy has helped keep credit available and borrowing costs low, fiscal policy has replaced lost incomes among households experiencing layoffs and businesses and states and localities suffering temporary drops in revenue.¡Ù ¶âÍ»´ËϤηѳ¤â½ÅÍס¢¤È¤¤¤¦¤Î¤òÆþ¤ì¤Æ¤¤¤Þ¤¹¤¬¡¢¤Þ¤¢¤ä¤Ï¤êºâÀ¯À¯ºö¤¬¼çÌò¤â¼çÌò¡¢¤È¤¤¤¦Ïä¬Â³¤¤¤Æ¡¢¼¡¤¬¶âÍ»À¯ºö¤ÎÏäˤʤê¤Þ¤¹¤¬¡¢¤½¤ó¤Ê¤Ë¥È¥ó¥Á¥¤ÊÏä¬Èô¤Ó½Ð¤·¤Æ¤¤¤ë´¶¤¸¤Ï¤·¤Ê¤¤¤Î¤Ç¡¢¤È¤¤¤¦¤è¤êñ¤Ë»þ´Ö¤¬Ìµ¤¤¤À¤±¤Ç¤¹¤¬(¤ª¤¤¤³¤é)¡¢ËÜÆü¤Î½ê¤ÏºÇ¸å¤Î¾Ï¤Î¡ØMonetary Policy¡Ù¤Ï¥Ñ¥¹(ÌÀÆü¤ä¤ë¤«¤âÃΤì¤Þ¤»¤ó)¤·¤Þ¤¹¡£¤Á¤Ê¤ß¤Ë¡ÖFAIT strategy¡×¤È¤«¤¤¤¦¤±¤Ã¤¿¤¤¤Êά¸ì¤ò¤Ö¤Á¹þ¤ó¤Ç¤¤Æ¤Þ¤·¤Æ¡¢¡Öa flexible inflation averaging targeting¡×¤Îά¸ì¤Î¤è¤¦¤Ç¤¹¤¬¡¢¤Ê¤ó¤«¤·¤Ã¤¯¤ê¤³¤Í¤¨¤Ê¤¢¡¢¤È»×¤Ã¤¿¤ê¤·¤Þ¤·¤¿¤Ç¤¹¤ï¤è¡£ #·îÍˤˤĤ¤³¤ó¤Ê¤Î¤Ç´ªÊÛ
¤ªÂê¡Öݯ°æ¿³µÄ°Ñ°÷²ñ¸«¤Ç¤Ï¸½¹ÔÁ¼Ã֤β¼¼ê¤ÊĹ´ü²½¤Î¥ê¥¹¥¯¤â¸À¤Ã¤Æ¤¤¤ëµ¤¤¬¤»¤ó¤Ç¤â¤Ê¤¤/¤½¤Î¾¥á¥â¥á¥â¡×
2020/10/23¡Ê¶â¡Ë08:06:43
¤ª¡¼Íè¤Þ¤·¤¿¤«¡£[³°Éô¥ê¥ó¥¯] ¸áÁ° ÊÆ»ÊË¡°Ñ¤¬ºÇ¹âºÛ¿Í»ö¤ò²Ä·è¡¢Ì±¼ç¤Ï¥Ü¥¤¥³¥Ã¥È¡¡ËܲñµÄ¤Ç¾µÇ§¤Ø ¡»Ý¯°æ¿³µÄ°Ñ°÷²ñ¸«¤ò¸«¤ë¤È°§»¢¤ÎÆæÍýÏÀ¤Ë¤Ä¤¤¤ÆÊ̤ΰտޤ¬¤¢¤Ã¤¿²ÄǽÀ¤¬¤¢¤Ã¤¿¤é¥ª¥â¥í¥¤¤Î¤À¤¬[³°Éô¥ê¥ó¥¯] 2020ǯ10·î21Æü(¿å) ¸á¸å2»þ30ʬ¤«¤éÌó30ʬ(Ê¡°æ»Ô¡¦Åìµþ´Ö¥ª¥ó¥é¥¤¥ó³«ºÅ) ¥¤¥Þ¥¤¥ÁÎɤ¯Ê¬¤«¤Ã¤Æ¤¤¤Ê¤¤¤Î¤Ç¤¹¤¬¡¢¼ÁÌ䤹¤ëÊý¤ÏÊ¡°æ¤È¤¤¤¦¤³¤È¤Ï¡¢Åìµþ¤«¤é¤ï¤¶¤ï¤¶½ÐÄ¥¤·¤ÆÊ¡°æ¤«¤é¼ÁÌ䤹¤ë¿Í¤È¤«¤¤¤ë¤Î¤«¤·¤éH¹â¤µ¤ó¤È¤«¤À¤È¡£ ¡¦¤É¤¦¸«¤Æ¤âÆü¶ä¤Ï¼«¿®Ëþ¡¹¤Ç¥³¥í¥Ê¥ª¥Ú¤ò±äŤ·¤½¤¦¤Ê·ï¤Ë¤Ä¤¤¤Æ ¡Ø(Ìä) ËÜÆü¤Îº©Ã̲ñ¤ÎÃæ¤Ç¡¢¥³¥í¥Ê¤Î±Æ¶Á¤Ï¡¢Ê¡°æ¸©¤ÎÀ½Â¤¶È¤Ë´Ø¤·¤Æ¡¢Â¿Ê¬Ãæ¿´¤À¤Ã¤¿¤È»×¤¤¤Þ¤¹¤¬¡¢¤â¤¦¾¯¤·¾Ü¤·¤¯¥³¥í¥Ê¤È·ÐºÑ¤Ë¤Ä¤¤¤Æ¡¢¤É¤Î¤è¤¦¤Ê°Õ¸«¤¬¸ò¤ï¤µ¤ì¤¿¤Î¤Ç¤·¤ç¤¦¤«¡£¤½¤ì¤«¤é¡¢Æü¶ä¤È¤·¤Æ¡¢¤É¤Î¤è¤¦¤ËÊ¡°æ¸©¤¬º£¸å¥³¥í¥Ê¤ÈÆ®¤Ã¤Æ¤¤¤±¤ÐÎɤ¤¤«¡¢¤´¸«²ò¤ò¤ªÊ¹¤«¤»¤¯¤À¤µ¤¤¡£¡Ù ¡Ø(Åú) ËÜÆü¤Îº©Ã̲ñ¤Ç¤ÎÀ½Â¤¶È¤ÎÏäϡ¢Á´ÂΤȤ·¤ÆÀè¤Û¤É¤ªÏä·¤·¤¿Ä̤ê(°úÍѼÔÄɵ:Á´ÂΤȤ·¤Æ¸·¤·¤¤¤Ç¤¹¤È¤«¤½¤¦¤¤¤¦ÏÃ)¤Ç¤¹¤¬¡¢Î㤨¤ÐÀ½Â¤¶È¤ÎÃæ¤Ç¤â¡¢³¤³°Å¸³«¤ò¤·¤Æ¤¤¤¿¤ê¡¢¤¢¤ë¤¤¤Ï¥°¥í¡¼¥Ð¥ë¤Ë¶¥ÁèÎϤò»ý¤Ã¤Æ¤¤¤¿¤ê¤¹¤ë»º¶È¡¢¶ñÂÎŪ¤Ë¤Ï´ã¶À¤Ë¤Ä¤¤¤Æ¤Ï¡¢¥³¥í¥Ê²Ò¤Î¤â¤È¤Ç¹ñºÝŪ¤ÊŸ¼¨²ñ¤¬³«¤±¤º¡¢¥Ó¥¸¥Í¥¹¥Á¥ã¥ó¥¹¤¬¤Ê¤«¤Ê¤«½Ð¤Æ¤³¤Ê¤¤Ãæ¤Ç¡¢º£¸å¤Ï¾¯¤·¤º¤ÄÎɤ¯¤Ê¤Ã¤Æ¤¯¤ë¤À¤í¤¦¤¬¡¢ÅöÌ̤϶줷¤¤¾õ¶·¤¬Â³¤¯¤È¤¤¤Ã¤¿¤ªÏ䬤¢¤ê¤Þ¤·¤¿¡£¡Ù ¤Û¤¦¡£ ¡Ø¤½¤ì¤«¤é¡¢À½Â¤¶È°Ê³°¤Ç¤¹¤È¡¢¥µ¡¼¥Ó¥¹¶È¤òÃæ¿´¤ËÊ¡°æ¤Î¾ì¹ç¤ÏÂçÊѶ줷¤¯¡¢¤½¤Î²óÉü¤âÆß¤¤¤È¤¤¤¦¤è¤¦¤Ê¤ªÏ䬤¢¤ê¤Þ¤·¤¿¡£¤Þ¤À¤Þ¤À²ÔƯΨ¤¬Ä㤤¤È¤¤¤¦¤³¤È¤Î¤è¤¦¤Ç¤¹¡£¤½¤ÎÅÀ¤Ï¡¢Á´¹ñ¤ÈƱ¤¸¤Ç¤¹¤¬¡¢¤³¤ì¤«¤éG§àT§à¥¥ã¥ó¥Ú¡¼¥óÅù¤¬¿§¡¹¤È½Ð¤Æ¤¤Æ¤ª¤ê¡¢¤½¤ì¤ËÂФ¹¤ë´üÂԤϤ¢¤ë¤È¤Î¤³¤È¤Ç¤·¤¿¡£¡Ù ¤¦¡¼¤ó¤³¤Î¡£¤Ç¤â¤Ã¤Æ¤³¤ÎÅú¤¨¤ÎºÇ¸å¤¬¥³¥í¥Ê¥ª¥Ú±äĹÂԤ俤ʤ·¤È¤¤¤¦Ïᣠ¡Ø¤½¤ì¤«¤é¡¢ÆüËܶä¹Ô¤ËÂФ·¤Æ¤Ï¡¢¤·¤Ã¤«¤ê¤Èº£¸å¤â¤ä¤Ã¤Æ¤¯¤À¤µ¤¤¤È¤¤¤¦¤³¤È¤È¡¢ÆÃ¤Ë¸½ºß¤ÎÁ¼Ã֤αäŤˤĤ¤¤Æ¡¢¤É¤Î¤è¤¦¤Ë¹Í¤¨¤Æ¤¤¤ë¤«¡¢¤È¤¤¤¦¤ªÏ䬤¢¤ê¤Þ¤·¤¿¡£¤³¤ì¤ÏÅöÁ³¤Î¤³¤È¤Ê¤¬¤é¡¢¾õ¶·¤ò¤ß¤Ê¤¬¤é¹Í¤¨¤Æ¤¤¤¯¤È¤¤¤¦¤³¤È¤À¤í¤¦¤È»×¤Ã¤Æ¤¤¤Þ¤¹¡£3 ·î°Ê¹ß¤ÎÁ¼Ã֤ˤè¤ê¡¢»ñ¶â·«¤ê¤Ï¡¢´ðËÜŪ¤Ëº£¤Î¤È¤³¤íÆÃ¤ËÂ礤ÊÌäÂê¤Ï¤Ê¤¯¡¢°ìÉþ¤·¤Æ¤¤¤ë¤È¤¤¤Ã¤¿¤³¤È¤ò¡¢½ÐÀʼԤγ§Íͤ¬°Û¸ýƱ²»¤Ë¶Ä¤Ã¤Æ¤¤¤Þ¤·¤¿¡£ ¡Ù ¤Þ¤¢²¿¤Á¤å¤¦¤«ËÜÅö¤ËÆü¶ä¤ÎÁ¼Ã֤ǻñ¶â·«¤ê¤¬²þÁ±¤¹¤ë¤Î¤«¤Ã¤Æ¤¨¤È¤½¤¦¤¸¤ã¤Ê¤¯¤ÆÊݾڶ¨²ñ¤È¤«¤ÎÊý¤¸¤ã¤í¤È¤Ï»×¤¤¤Þ¤¹¤¬¤½¤ì¤Ï¤µ¤Æ¤ª¤¤Þ¤·¤Æ¤â¡¢¤Þ¤¢¤³¤ÎÄ´»Ò¤Ç¤¹¤ÈÆü¶ä¤¬´ò¡¹¤È¤·¤Æ±äŤ¹¤ë¤Î¤Ï¤Þ¤¢¸«¤¨¸«¤¨¡£ ¡¦¡¦¡¦¡¦¡¦¡¦¡¦¤Ê¤Î¤Ï¤Þ¤¢Ê¬¤«¤ë¤ó¤Ç¤¹¤±¤É¡¢¤½¤ÎÁ°¤Ë½Ð¤Æ¤¤¿G§àT§à¥¥ã¥ó¥Ú¡¼¥ó¤Ø¤Î´üÂÔ¤â´Þ¤á¤Æ¡¢·ë¶É¤¤¤í¤ó¤Ê¤â¤ó¤¬Á´ÉôºâÀ¯¤Î¤ªÃí¼Í¥Á¥å¡¼¤Ç¤Ê¤ó¤È¤«Â©¤ò¤Ä¤¤¤Æ¤Þ¤¹¡¢¤Ã¤ÆÏäˤʤäƤ¤¤ë¤Î¤Ï²¿¤Á¤å¤¦¤«¤È¤¤¤¦½ê¤Ç¡¢¤¤¤ä¥·¥Ð¥¥¢¥²¤â¥¤¥¯¥Ê¥¤¤È¤Ï»×¤¦¤Î¤Ç¤¹¤¬¡¢¤½¤ì¤Ë¤·¤Æ¤â¼ûÍפâ»ñ¶â·«¤ê¤âÁ´ÉôºâÀ¯¤«¤éÃí¼ÍÄÒ¤±¤Ç¡¢Ãí¼Í¥É¥ó¥É¥ó±äŤ·¤Æ²¼¤µ¤¤¤Ã¤Æ¾õ¶·¤Ë¤Ê¤Ã¤Æ¤¤¤ë¡¢¤È¤¤¤¦¤Î¤ò¸«¤ë¤È¤½¤ì¤Ï¤½¤ì¤Ç¾å¤²Äì·ÐºÑ¤Ã¤Ý¤¯¤Æ¡¢¤ªÃí¼Í±äŤ·¤Æ¤¤¤ë´Ö¤Ë¾å¤²Äì¤À¤«ÃÝÇϤÀ¤«·ÐºÑ¤Î¤Þ¤Þ¿ä°Ü¤·¤Æ¤ë¤È¡¢º£Å٤ϼ¡¤Ë²¿¤«¤¢¤Ã¤¿»þ¤ËÂǤļ꤬¤Ê¤¯¤Ê¤ê¤ã¤»¤ó¤Ç¤¹¤«¤È¤«¡¢¾å¤²Äì¤ÇÌÜÀè襤¤Ç¤â¤½¤ì¤ò¤½¤Î¤Þ¤Þ³¤±¤ë¤È¿ÌºÒ¼ê·Á°ìľÀþ¤¸¤ã¤Í¤¨¤Î¤«¡¢¤È¤«²¿¤È¤«¤¢¤ê¤Þ¤·¤Æ¡¢Äø¤è¤¤ºü²Ã¸º¤È¤¤¤¦¤â¤Î¤¬É¬ÍפʤΤǤϤʤ¤¤«¤È¡£ ´û¤ËG§àT§à²¿¤È¤«¤À¤Ã¤Æ¿·¼ê¤Î¤¬¤Þ¤À½Ð¤Æ¤¯¤ë¤È¤«¡¢´û¸¤Îʪ·ï¤â±äŤ¹¤ë¤À¤È¤«¤¤¤¦Ï䬥ݥó¥Ý¥ó½Ð¤Æ¤Æ¡¢¤³¤ê¤ã¤½¤Î¤¦¤Á¥è¡¼¥¤¥ÁÀèÀ¸Êդ꤬¤Þ¤¿¡Ö¹ñºÄ¤òÆü¶ä¤ËÇã¤ï¤»¤ë¤ÈºÄ̳¤¬¥Á¥ã¥é¤Ë¤Ê¤ë¡×¤È¤¤¤¦¤½¤ì¤Ï¤¿¤À¤Î¥¸¥ó¥Ð¥Ö¥¨ÍýÏÀ¤Ê¤ó¤Ç¤¹¤¬¡¢¤È¤¤¤¦¤Î¤ò»ý¤Á½Ð¤·¤Æ¤Ê¤ó¤Ü¤Ç¤âºâ¸»¤¬¤¢¤ë¤È¤«¸À¤¤½Ð¤·¤Æ¤ä¤ä¤³¤·¤¤»ö¤Ë¤Ê¤ê¤½¤¦¤Ç¤¹¤Î¤Ç¡¢Æü¶äÍͤˤª¤«¤ì¤Þ¤·¤Æ¤Ï¡¢´û¤Ë¤½¤ó¤Ê¤³¤È¤ÏÁÛÄꤷ¤Æ¤¤¤ë¤È»×¤¦¤Î¤Ç¤¹¤¬¡¢¥¸¥ó¥Ð¥Ö¥¨ÍýÏÀ¤¬Í褿»þ¤ÎÂкö¤Ï¹Í¤¨¤Æ¤ª¤«¤Ê¤¤¤È¥¢¥«¥ó¤Î¤Ç¤Ï¤Ê¤¤¤Ç¤·¤ç¤¦¤«¤Í¤¨¡£¸À¤ï¤ì¤¿¤È¤ª¤ê¤Ë¤ä¤Ã¤ÆÈá»´¤Ê¤³¤È¤Ë¤Ê¤Ã¤Æ¤â¸À¤ï¤ì¤¿¤ó¤À¤«¤é»ÅÊý¤Ê¤¤¤ÇºÑ¤à¤ó¤À¤Ã¤¿¤éÆÈΩÀ¤â²¿¤âÍפé¤ó¤Î¤Ç¤Í!!!!!! ¡¦¶âÍ»¥·¥¹¥Æ¥à±¾¡¹¤òÏ¢¸Æ¤·¤Æ¤¤¤¿¤¬¤â¤·¤«¤·¤Æ¤³¤ì¤Ï¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¤½¤Î¼¡¤Î¼Áµ¿¡£ ¡Ø(Ìä) ¸áÁ°¤Î¹Ö±é¤Ç¤Ï¡¢¼ÂÂηкѤȶâÍ»¥·¥¹¥Æ¥à¤ÎÁÐÊý¤ò¤·¤Ã¤«¤êÅÀ¸¡¤·¤ÆÉ¬ÍפÊÂбþ¤ò¿×®¤Ë½àÈ÷¤·¤Æ¤ª¤¯¤³¤È¤¬½ÅÍפȤ¤¤¦È¯¸À¤ò¤µ¤ì¤Þ¤·¤¿¡£¤³¤Î¤¦¤Á¶âÍ»¥·¥¹¥Æ¥à¤Ë¤Ä¤¤¤Æ¡¢Àè¤Û¤É¡¢Â礤ÊÌäÂê¤Ïº£¤Î¤È¤³¤í¤Ê¤¤¤È¤¤¤¦¤´Ç§¼±¤ò¼¨¤µ¤ì¤Þ¤·¤¿¤¬¡¢º£²ó¤Î¥³¥í¥Ê¤Î±Æ¶Á¤ò¼õ¤±¤Æ¡¢Ý¯°æ¿³µÄ°Ñ°÷¤Ï¡¢¶âÍ»¥·¥¹¥Æ¥à¤Î°ÂÄê¤ËÂФ¹¤ë·Ù²ü´¶¤Ë¤Ä¤¤¤Æ¡¢¤³¤³¤Ï°ìÃÊ¥ì¥Ù¥ë¤¬¾å¤¬¤Ã¤¿¤È¤ª¹Í¤¨¤Ê¤Î¤Ç¤·¤ç¤¦¤«¡£¤Þ¤¿¡¢¶âÍ»¥·¥¹¥Æ¥àÌ̤ÇɬÍפʿ×®¤ÊÂбþ¤È¤·¤Æ¡¢¶ñÂÎŪ¤Ë¤É¤Î¤è¤¦¤Ê¤³¤È¤ò¥¤¥á¡¼¥¸¤µ¤ì¤Æ¤¤¤ë¤«¡¢¸½»þÅÀ¤Ç¤Î¤ª¹Í¤¨¤ò¤ª´ê¤¤¤·¤Þ¤¹¡£ ¡Ù ¤Õ¤à¡£ ¡Ø(Åú) ¤Þ¤º°ìÅÀÌܤˤĤ¤¤Æ¡¢¸½ºß¤Ï¡¢Àè¤Û¤É¿½¤·¾å¤²¤¿Ä̤ꡢ¶âÍ»¥·¥¹¥Æ¥à¤ËÂ礤ÊÌäÂ꤬¤¢¤ë¤È¤¤¤¦¤ï¤±¤Ç¤Ï¤Ê¤¤¤È»×¤¤¤Þ¤¹¡£·Ù²ü´¶¤Ï¤É¤¦¤«¤È¤¤¤¦¤³¤È¤Ç¤¹¤¬¡¢3 ·î°Ê¹ß¡¢°ìÏ¢¤Î¶âÍ»´ËÏÂÁ¼Ã֤ˤè¤ê»ñ¶â·«¤ê¤òÃæ¿´¤ËÂ絬ÌϤʴËϤò¤·¤Æ¤¤¿¤ï¤±¤Ç¡¢¤³¤ì¼«ÂΤÏÀ®²Ì¤¬¤¢¤Ã¤¿¤Èɾ²Á¤·¤ÆÎɤ¤¤È»ä¤â¹Í¤¨¤Æ¤¤¤Þ¤¹¡£ÌäÂê¤Ï¡¢¤½¤ÎÀ®¸ù¤·¤¿¤È¤¤¤¦¤³¤È¤¬¡¢¿·¤¿¤ÊÌäÂê¤òÄ󵯤·¤Æ¤¤Æ¤¤¤ë¤È¹Í¤¨¤Þ¤¹¡£¡Ù À®¸ù¤·¤¿¤Î¤Ç¿·¤¿¤ÊÌäÂê¤È¤Ê??????¤È¿§¤á¤¤À¤Ã¤ÆÀè¤òÆÉ¤à¤Î¤À¤¬¡£ ¡Ø¤È¤¤¤¦¤Î¤Ï¡¢¤³¤ì¤À¤±Â礤¯¤Ê¤Ã¤¿Ãæ¤Ç¡¢º£¸å·ÐºÑ¤Î²óÉü¤¬½çÄ´¤Ë¿Ê¤á¤Ð¡¢¤¢¤Þ¤êÂ礤ÊÌäÂê¤Ë¤Ê¤ë¤³¤È¤Ï¤Ê¤¤¤È¤Ï»×¤¤¤Þ¤¹¤¬¡¢²óÉü¤¬Èù̯¤ËÃÙ¤ì¤Æ¤¯¤ë¤È¤«¡¢¡½¡½ÆÃ¤Ë¥³¥í¥Ê¤Î´¶À÷¾õ¶·¤Ï¡¢¤«¤Ê¤ê¶¯¼å¤òȼ¤¦¤è¤¦¤Ê¤Î¤Ç¡¢°ìÍͤ˲óÉü¤·¤Æ¤¤¤¯¤È¤¤¤¦¤³¤È¤Ï¤Ê¤«¤Ê¤«¹Í¤¨¤Ë¤¯¤¤¤È¤¤¤¦¤³¤È¤òƧ¤Þ¤¨¤Þ¤¹¤È¡½¡½¼ã´³²óÉü¤Ë»þ´Ö¤¬¤«¤«¤ë²ÄǽÀ¤¬¤¢¤ë¤È»×¤¤¤Þ¤¹¡£¤½¤Î²ÄǽÀ¤¬¹â¤Þ¤Ã¤Æ¤¯¤ë¤È¡¢¤³¤ì¤Þ¤Ç¤ÎÀ®¸ù¤·¤Æ¤¤¿¸ú²Ì¤¬¡¢µÕ¤ËÌäÂê¤òÄ󵯤¹¤ë¤è¤¦¤Ê²ÄǽÀ¤â½Ð¤Æ¤¯¤ë¤Î¤Ç¤Ï¤Ê¤¤¤«¤È»×¤¤¤Þ¤¹¡£¡Ù ¤³¡¢¤³¤ì¤ï¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡ØÅöÁ³ÊֺѤλþ´ü¤¬¤ä¤Ã¤Æ¤¯¤ë¤ï¤±¤Ç¤¢¤ê¡¢·Êµ¤¤Î²óÉü¤¬ÃÙ¤ì¤ì¤Ð¡¢¿®Íѥꥹ¥¯¤ÎÌäÂê¤Ë¤â¤Ä¤Ê¤¬¤ê¤ä¤¹¤¯¤Ê¤ë¤Î¤Ç¡¢¤½¤Î¤È¤¤Ë¤Ï¤«¤Ê¤ê·Ù²ü¤ò¤·¤Ê¤±¤ì¤Ð¤¤¤±¤Ê¤¤¤Î¤Ç¤Ï¤Ê¤¤¤«¤È»×¤¤¤Þ¤¹¡£½¾¤Ã¤Æ¡¢¸½ºß·Ù²ü¤¹¤Ù¤¤È¤¤¤¦¤³¤È¤Ç¤Ï¤Ê¤¤¤Ç¤¹¤¬¡¢¾Íè¤ÎÌäÂ꤬Ä󵯤µ¤ì¤Æ¤¤¤ë¤À¤í¤¦¤È»ä¤Ï¹Í¤¨¤Æ¤¤¤Þ¤¹¡£ ¡Ù ¤¨¡¼¤Ã¤È¡¢ÊªÀ¨¤¯¥ª¥Ö¥é¡¼¥È¤ËÊñ¤ß¤Þ¤¯¤Ã¤¿¸À¤¤Êý¤ò¤·¤Æ¤¤¤ë¤Î¤Ç¤¹¤¬¡¢¤³¤ì¤Ã¤ÆÍפ¹¤ë¤Ë¡Ö»ñ¶â·«¤ê»Ù±ç¤ò¤·¤¿¤ÏÎɤ¤¤±¤É¡¢¤½¤Î»Ù±ç¤Ë¤è¤Ã¤ÆÉÔÎɺĸ¢¤Î»³¤¬¹¹¤ËÂ礤¯¤Ê¤Ã¤Æ¤·¤Þ¤¦¥ê¥¹¥¯¡×¤Ã¤Æ»ö¤ò¸À¤Ã¤Æ¤¤¤ë¤è¤¦¤ËÆÉ¤á¤ë¤ó¤Ç¤¹¤è¡£ ¡¦¡¦¡¦¡¦¡¦¤È¤Ê¤ê¤Þ¤¹¤È¡¢ºòÆü»¶¡¹¥Î¥ê¥Î¥ê¤Ç°ÂÖ¤ò¿½¤·¾å¤²¤Æ¤ª¤ê¤Þ¤·¤¿¤¢¤Î°§»¢¥Æ¥¥¹¥È¤Ê¤ó¤Ç¤¹¤¬¡¢¼Â¤Ï²ñ¸«¤Î¤Û¤¦¤Ç¤Ïݯ°æ¤µ¤ó¤·¤é¤Ã¤È¾åµ¤Î¤è¤¦¤Ë¡Ö»ñ¶â·«¤ê»Ù±ç¤òǤâ¼Ý»Ò¤â¼Â»Ü¤·¤Æ¤¿¤é¡¢ÌµÍѤÊÄɤ¤Âߤ·¤Ç½ý¤ò¿¼¤á¤ë·ë²Ì¤Ë¤Ê¤ê¤Þ¤»¤ó¤«¡×¤È¤¤¤¦¤³¤È¤ò¶Ä¤»¤Ë¤Ê¤Ã¤Æ¤ª¤ê¤Þ¤·¤Æ¡¢¤³¤ì¤³¤½¤¬Ý¯°æ¤µ¤ó¤Ç¤¹¤ï¤È¤¤¤¦ÏäòËä¤á¹þ¤ó¤Ç¤¤Æ¤¤¤ëÌõ¤Ç¤¹¤è¡£ ¤½¤¦¹Í¤¨¤Þ¤¹¤È¡¢¤Þ¤µ¤«¤¢¤Î¡ÖÆüËܤι½Â¤ÊѲ½¤Ï¥³¥í¥ÊÁ°¤Î¿ôǯ¤Çµ¯¤¤¿¤«¤éʪ²Á¤¬¾å¤¬¤ê¤Ë¤¯¤¯¤Ê¤Ã¤¿¡×¤È¤«¡ÖQQE¤è¤ê¤â¤º¤Ã¤ÈÁ°¤«¤éµ¯¤¤Æ¤¤¤ë¹½Â¤ÊѲ½¤ò7ǯ´Ö¤Î¶µ·±¤È¸À¤¤Ä¥¤Ã¤Æ¤¤¤ë·ï¡×¤È¤«¤Ë¤Ä¤¤¤Æ¤Ï¡¢¤³¤ì¤Ïݯ°æ¤µ¤ó¤Î¹âÅ٤ʵ»¤Ç¡¢ËÜÅö¤ÏËû¤ÎÏ䬹ç¤Ã¤Æ¤¤¤Æ¡¢¤½¤ì¤ËÂФ·¤ÆÁ´ÈÝÄ꤫¤éÆþ¤Ã¤¿¹õÅÄÆü¶ä¤Ï¹½Â¤ÊѲ½¤È¤«¤½¤¦¤¤¤¦¤â¤Î¤ò²¿¤âÍý²ò¤·¤Æ¤¤¤Þ¤»¤ó¤Ç¤·¤¿¤Í¡¢¤È¼¹¹ÔÉô¤ËÂФ·¤Æ¤Ö¤Ã¤³¤à¤Ù¤¤È¤³¤í¡¢¤Þ¤¢¤½¤¦¤Ï¸À¤¤¤Þ¤·¤Æ¤â¤½¤ì¤òϪ¹ü¤Ë¹Ô¤Ã¤Æ¤·¤Þ¤¦¤Î¤Ï¿§¡¹¤ÊÌ̤ÇÂæÌµ¤·¤Ë¤Ê¤Ã¤Æ¤·¤Þ¤¦¡¢¤È¤¤¤¦ÅÀ¤â¹Íθ¤·¤Æ´º¤¨¤ÆÉð¢˷Ê۷ĥ⡼¥É¤Ë¤Ê¤Ã¤¿¤Î¤Ç¤Ï¤Ê¤¤¤«¡¢¤È¤¤¤¦²ÄǽÀ¤¬¥Ð¡¼¥Ê¥ó¥¤ÎÌÓÈ±ÄøÅ٤ϸºß¤¹¤ë¤Î¤Ç¤Ï¤Ê¤¤¤«¤È¤â¶ò¹Í¤µ¤ì¤ëÌõ¤Ç¤¹¤Ê¡£ ¨¤Á¡¢¤¢¤¨¤ÆËû»þÂå¤ÎÏÀÅÀ¤¬¤³¤³¿ôǯ¤Ç½Ð¤Æ¤¤¿¤«¤Î¤è¤¦¤ÊÀâÌÀ¤Ë¤è¤Ã¤Æ¡¢¡Ö¤³¤ì¤Ï¹õÅÄ´Ëϰʹߤ˵¯¤¤¿¹½Â¤ÊѲ½¤¬Êª²ÁÌÜɸãÀ®¤òÁ˳²¤·¤Æ¤¤¤¿¡×¤È¤¤¤¦¼¹¹ÔÉô×ÖÅÙ¤ò¤·¤Æ¤¤¤ë¤è¤¦¤Ë¸«¤»¤«¤±¤Ä¤Ä¤â¡¢¤½¤ÎÀâÌÀ¤ò¥¬¥Ð¥¬¥Ð¤Ë¤·¤Æ¤ª¤¯¤³¤È¤Ë¤è¤Ã¤Æ¥Ä¥Ã¥³¥ß¤ò¼õ¤±¤ì¤Ð¡¢ÍפϹõÅÄ´ËÏÂ¤ÏÆüËܷкѤËÊ¿À®°Ê¹ß½ù¡¹¤Ëµ¯¤¤Æ¤¤¿¹½Â¤ÊѲ½¤òÃÎ¤í¤¦¤È¤â¤·¤Ê¤¤¤Ç̵ÃÎÌØËæÍýÏÀ¤ò¤Ö¤Ã¤³¤ó¤Ç¤¤Þ¤·¤¿¡¢¤È¤¤¤¦¤Î¤ò¼«Ê¬¤Î¥¬¥Ð¥¬¥ÐÀâÌÀ¤¬Ê۷Ŀβ¦Î©¤Á¾õÂ֤ˤʤ뤳¤È¤Ë¤è¤Ã¤ÆÊ¬¤«¤ê¤ä¤¹¤¯¼¨¤½¤¦¤È¤·¤¿Ìõ¤Ç¤¹¤Ê¡£¤½¤³¤Þ¤Ç¹Í¤¨¤Æ¤¿¤é¤½¤é¤â¤¦ºòÆü¤Î°Â֤Ȥ«Ý¯°æ¤µ¤ó¥Ë¥Ã¥³¥ê¤È¤«¤¤¤¦»ö¤Ë¤Ê¤ë¤Î¤Ç¤¹¤¬¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¤¢¤È¤Ï¼ÁÌä¤ÎºÇ¸å¤ÎÊý¤Ë¤¢¤Ã¤¿ÅÛ¤ÎÅú¤¨¤Ê¡£ ¡ØÆóÅÀÌܤο×®¤ÊÂбþ¤ò¶ñÂÎŪ¤Ë¤É¤Î¤è¤¦¤Ë¹Ô¤¦¤«¤È¤¤¤¦¤³¤È¤Ï¡¢¤Þ¤À¤Þ¤ÀÀè¤ÎÏäǤϤ¢¤ê¤Þ¤¹¤¬¡¢¸½ºß¤ÎÃʳ¬¤Ç¿§¡¹¤Ê¹©Éפ¢¤ë¤¤¤Ï¸¦µæ¤òÃÏÆ»¤ËÀѤ߽ŤͤƤª¤¯É¬Íפ¬¤¢¤ë¤À¤í¤¦¤È¤¤¤¦¤Î¤¬´ðËÜŪ¤Ê¸«Êý¤Ç¤¹¡£¡Ù ¡Ö¿§¡¹¤Ê¹©ÉספòÃÏÆ»¤ËÀѤ߽ŤͤƤª¤¯É¬Íפäƥʥ󥸥ã¥é¥Û¥¤¤È¤¤¤¦´¶¤¸¤Ç¤¹¤¬¡¢¤â¤·¤«¤·¤¿¤é¤³¤ì¤ÏͶâ¶âÍ»µ¡´Ø¸þ¤±¤Î¥Þ¥¤¥Ê¥¹¶âÍøÅ¬ÍѲóÈòºö¤Ç¤¢¤ë¤È¤³¤í¤Î¡Ö¿··¿¥³¥í¥Ê¥ª¥Ú¥Þ¥¯¥í²Ã»»2ÇÜ2ÇÜ&¥×¥é¥¹¶âÍø¥¥ã¥ó¥Ú¡¼¥ó¡×¤Î»ö¤ò°ÕÌ£¤·¤Æ¤¤¤ë¤ó¤Ç¤·¤ç¤¦¤«¤Í¤¨¡£¡Ö¸¦µæ¡×¤Ã¤Æ¤Î¤Ï²¿¤À¤«ºÇÁáʬ¤«¤é¤ó¤±¤É¡¢¹¹¤Ë¥Þ¥¤¥Ê¥¹¶âÍøÀ¯ºö¤Î·Á³¼²½¤òÁÀ¤Ã¤¿¾®µ»¤Ç¤â¹Í¤¨¤Æ¤¤¤ë¤ó¤Ç¤¹¤«¤Í¤¨¡¢¤È²¿¤È¤Ê¤¯»×¤¤¤Þ¤·¤¿¡£ ¡¦Å¸Ë¾¥ì¥Ý¡¼¥È¤Ï¤Þ¤¢ÉáÄ̤ˤĤޤé¤ó¤â¤Î¤Ë¤Ê¤ê¤½¤¦¤Ç¤¹¤Ê ¤è¤Ã¤ÆFSR¤È¤¤¤¦¤³¤È¤Ç¤¹¤¬¤Þ¤À¤Þ¤ÀÁ´Á³ÆÉ¤ß¹þ¤ß¤¬Â¤ê¤ó¤Ç¤¹¥µ¡¼¥»¥ó¡£ ¡Ø(Ìä) ¼¡²ó²ñ¹ç¤ÎŸ˾¥ì¥Ý¡¼¥È¤Î¸«Ä̤·¤Ë¤Ä¤¤¤Æ¡¢¤´½ê¸«¤ò¤ª»Ç¤¤¤·¤¿¤¤¤È»×¤¤¤Þ¤¹¡£¾ÃÈñ¤ÎÊý¤¬¤Þ¤À¡¢¿¤ÓǺ¤ó¤Ç¤¤¤ë¤È¤¤¤¦¤«¡¢Ìá¤ê¤¬Æß¤¤¤È»×¤¦¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢Á°²ó¤Î¸«Ä̤·¤«¤é²¼Êý½¤Àµ¤¬¤¢¤êÆÀ¤ë¤Î¤«¡¢¤½¤ÎÊÕ¤ê¤Ë¤Ä¤¤¤Æ¤´¸«²ò¤ò¤ªÊ¹¤«¤»¤¯¤À¤µ¤¤¡£¡Ù û´Ñ¤Ç½Ð¤Æ¤¤¿ÀßÈ÷Åê»ñ·×²è¤Î²¼Êý½¤Àµ¤Ë´Ø¤·¤Æ¤É¤¦É¾²Á¤¹¤ë¤Î¤«¤ò¥¢¥¿¥¯¥·¤Ï¸«¤Æ¤ß¤¿¤¤¤ó¤Ç¤¹¤¬¡£ ¡Ø(Åú) Ÿ˾¥ì¥Ý¡¼¥È¤Ë´Ø¤·¤Æ¤Ï¡¢7 ·î¤«¤é¸½ºß¤Ë¤«¤±¤Æ¤Î¼ÂÂηкѤ¢¤ë¤¤¤Ï¶âÍ»¾å¤ÎŸ³«¤¬¤¢¤Ã¤¿¤ï¤±¤Ç¤¹¤«¤é¡¢¤½¤ì¤òƧ¤Þ¤¨¤¿·Á¤Ç½¤Àµ¤¹¤Ù¤¤³¤È¤Ï¤¹¤ë¤È¤¤¤¦¤³¤È¤À¤È»×¤¤¤Þ¤¹¡£¤¿¤À¡¢¼ÂºÝ 7 ·î¤Î»þÅÀ¤Ç¡¢¤â¤¦´û¤Ë¤Û¤ÜÄìÂǤÁ¤Ë¶á¤¤¤è¤¦¤Ê¾õÂ֤ˤʤäƤª¤ê¡¢¤¿¤À¥Ï¡¼¥É¥Ç¡¼¥¿¤¬¤¢¤Þ¤ê¤Ê¤¤¤È¤¤¤¦¤³¤È¤À¤Ã¤¿¤ÈÍý²ò¤·¤Æ¤¤¤Þ¤·¤¿¡£¤½¤Î¸å¡¢¥Ï¡¼¥É¥Ç¡¼¥¿¤¬½Ð¤Æ¤¤¿¤Û¤«¡¢Ã»´Ñ¡¢¤½¤ì¤«¤é»ÙŹĹ²ñµÄ¤â¤¢¤Ã¤¿¤È¤¤¤¦¤³¤È¤Ç¡¢¤³¤ì¤é¤òƧ¤Þ¤¨¤Æº£²ó¹Í¤¨¤ë¤È¤¤¤¦¤³¤È¤À¤í¤¦¤È»×¤¤¤Þ¤¹¡£¡Ù ¤Û¤Û¤¦¡£ ¡Ø¤¿¤À¡¢¤½¤ì¤Û¤ÉÂ礤ÊÊѲ½¤¬¤¢¤ë¤«¤È¤¤¤¦¤È¡¢º£¤Ï¡¢²óÉü¤Ë¤Ïž¤¸¤Æ¤¤¤ë¤³¤È¤Ï¤Ï¤Ã¤¤ê¤È¤·¤Æ¤¤¤Þ¤¹¤¬¡¢¤Þ¤ÀÁ´ÂΤȤ·¤Æ¤½¤Î¥Ú¡¼¥¹¤Ï´Ë¤ä¤«¤À¤È¤¤¤¦¤³¤È¤âÂçÂΤÎǧ¼±¤À¤í¤¦¤È»×¤¤¤Þ¤¹¡£¤½¤Î°ÕÌ£¤Ç¤Ï¡¢¤½¤³¤Þ¤ÇÂ礤ÊÊѲ½¤¬¤Ê¤¤¤È»ä¤Ï¹Í¤¨¤Æ¤¤¤Þ¤¹¡£¡Ù ¶âº©°§»¢¤ÎÉôʬ¤â¤½¤¦¤Ç¤¹¤·¡¢¤³¤ÎÉôʬ¸«¤Æ¤Æ¤âÀßÈ÷Åê»ñ·×²è¤Î²¼Êý½¤Àµ¤Ë´Ø¤·¤Æ¤Ï²ÚÎï¤Ë¥¹¥ë¡¼¥â¡¼¥É¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤·¤Æ¡¢7·îÊÕ¤ê¤À¤È¤ä¤¿¤é¤ÈÀßÈ÷Åê»ñ·×²è¤¬Äì·ø¤¤¤Î¤ÇÀè¹Ô¤¤ÎÄì³ä¤ì¤Ï̵¤¤¤Ã¤Æ´¶¤¸¤ÎÀâÌÀ¤Ë¤Ê¤Ã¤Æ¤¤¤Æ¡¢ÀßÈ÷Åê»ñ¤ÎÀè¹Ô¤·øÄ´¸«Ä̤·¤Ë¤è¤Ã¤ÆÇ´¤Ã¤Æ¤¤¤¿¤Î¤Ç¤¹¤¬¡¢¤³¤ÎÊÕ¤ÎÀâÌÀ¤«¤é´Õ¤ß¤ë¤Ë¡¢º£Å٤ϾÃÈñ¤È¤«¤ÎÄìÂǤÁ¤ò¥Í¥¿¤Ë¤·¤Æ·Êµ¤¤ÎÄì³ä¤ì¤Ï²óÈò¡¢¤È¤¤¤¦ÀâÌÀ¤ËÀÚ¤êÂØ¤¨¤Æ¤¤¤Ã¤Æ¡¢ÀßÈ÷Åê»ñ¤Ë´Ø¤·¤Æ¤Ï¿·¤·¤¤Æ¯¤Êý¤äÀ¸³èÍͼ°¤È¤«¡¢¿Í°÷ÂåÂØ¤ÎÀßÈ÷Åê»ñ¤À¤È¤«¤¬Ãæ´üŪ¤Ë¸«¹þ¤á¤ë¤È¤¤¤¦ÊýÌ̤ÇÍý¶þ¤òÁȤó¤Ç¤¤Æ¡¢Â¸µ¤Ë´Ø¤·¤Æ¤ÎÏäϥ¹¥ë¡¼¤¹¤ë¤ó¤À¤í¤¦¤Ê¡¢¤È¤¤¤¦¤Î¤Ï²¿¤È¤Ê¤¯ÆÉ¤á¤¿´¶¤¸¤¬¤·¤Þ¤¹¡£ ¡Ø(Ìä) ¤½¤ì¤Ï¡¢·Êµ¤¡¦Êª²ÁξÌ̤ˤª¤¤¤Æ¤È¤¤¤¦°ÕÌ£¤Ç¤·¤ç¤¦¤«¡£ ¡Ù ¡Ø(Åú) ¤½¤¦¤Ç¤¹¡£Êª²Á¤ÎÊý¤â¾¯¤·¼å¤á¤Îư¤¤¬¸½¤Ë½Ð¤Æ¤¤¤Þ¤¹¤·¡¢·Êµ¤¤ÎÊý¤Ï·ÐºÑ³èư¤¬ºÆ³«¤µ¤ì¡¢²óÉü¤Îư¤¤¬¿Ê¤ó¤Ç¤¤¤ë¤È¤¤¤¦¤³¤È¤Ç¤¹¡£°ìÊý¤Ç¡¢¤½¤³¤Ë¤Ïäþ;¶ÊÀÞ¤¬¤¢¤ê¡¢´¶À÷¾É¤Î¾õ¶·¤Ë¤â¶¯¼å¤¬¤¢¤ê¤Þ¤¹¤«¤é¡¢¤½¤ì¤Ë¤è¤Ã¤Æ¡¢¤ä¤Ï¤ê²óÉü¥Ú¡¼¥¹¤¬Â¿¾¯´Ë¤ä¤«¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤È»×¤¤¤Þ¤¹¡£ ¡Ù ¤Þ¤¢¤½¤¦Íè¤ë¤ï¤Ê¡£ ¡¦¥³¥í¥Ê¥ª¥Ú¤Î±äĹ¤Ë´Ø¤¹¤ë¼Áµ¿¤¬¤Þ¤¿Íè¤Þ¤·¤¿¤¬±äŤ¹¤ë¤ó¤Ç¤·¤ç¤¦¤¬Èù̯¤Ê¥Ë¥å¥¢¥ó¥¹¤â ¡Ø(Ìä) Ä«Êý¤Î°§»¢Ê¸¤ÎÃæ¤Ç¡¢º£¸å¡¢ÅÝ»º¤È¤«¸ÛÍѤò°ú¤Â³¤Í¥Àè²ÝÂê¤È¤·¤Æ¤ß¤Æ¤¤¤¯É¬Íפ¬¤¢¤ë¤È¶Ä¤Ã¤Æ¤¤¤¿¤«¤È»×¤¤¤Þ¤¹¡£Íè½µ·èÄê²ñ¹ç¤â¤¢¤ê¤Þ¤¹¤¬¡¢ÌÜÀèɬÍפÊÄɲäÎÀ¯ºöÂбþ¤Ç¤¹¤È¤«¡¢¤¢¤ë¤¤¤Ï¸«Ä¾¤¹¤Ù¤ÅÀ¤¬¤¢¤ë¤È¤ª¹Í¤¨¤Ê¤Î¤Ç¤·¤ç¤¦¤«¡£¤Þ¤¿¡¢¤³¤ì¤Ï¤Þ¤À¾¯¤·Àè¤Ç¤¹¤±¤ì¤É¤â¡¢Íèǯ 3 ·î¤Ë¤¤¤ï¤æ¤ë¥³¥í¥Ê¥ª¥Ú¤Î´ü¸Â¤¬Ç÷¤Ã¤Æ¤¤¤ë¤«¤È»×¤¤¤Þ¤¹¡£ÁíºÛ¤Ï¤«¤Í¤Æ¡¢¤®¤ê¤®¤ê¤Þ¤ÇÂÔ¤¿¤º¤ËȽÃǤ¹¤ëɬÍפ¬¤¢¤ë¤È¶Ä¤Ã¤Æ¤¤¤Þ¤·¤¿¤±¤ì¤É¤â¡¢Ý¯°æ¿³µÄ°Ñ°÷¤«¤é¤ß¤Æ¡¢¤¤¤Ä¡¢¤É¤¦¤¤¤Ã¤¿¥¿¥¤¥ß¥ó¥°¤Ç¹Í¤¨¤Æ¤¤¤¯¤Ù¤¤â¤Î¤Ê¤Î¤«¡¢¤´½ê¸«¤ò¤ª»Ç¤¤¤·¤Þ¤¹¡£¡Ù ¤¦¡¼¤ó¡£ ¡Ø(Åú) ¤Þ¤º¸½ºß¤Î¾õ¶·¤È¤Î´Ø·¸¤ÇÀ¯ºö¤ò¤É¤¦¹Í¤¨¤ë¤«¤È¤¤¤¦¤³¤È¤À¤È»×¤¤¤Þ¤¹¤¬¡¢¸½ºß¤Î¾õ¶·¤Ï¡¢¤Û¤ÜÂè 2 »ÍȾ´ü¤ËÄìÂǤÁ¤·¡¢·ÐºÑ³èư¤¬ºÆ³«¤µ¤ì¡¢»ý¤Áľ¤·¤¬¿Ê¤ó¤Ç¤¤Æ¤¤¤ë¤³¤È¤¬³Îǧ¤Ç¤¤Æ¤¤¤ë¤È¤¤¤¦¤³¤È¤ÏÂ礤¤¤È»×¤¤¤Þ¤¹¡£¡Ù ¤Û¤¦¡£ ¡Ø¤½¤ÎÅÀ¡¢·ÐºÑºÆ³«¤«¤é»ý¤Áľ¤·¤Ø¤Î¥Ñ¥¹¤Ë¤ª¤¤¤Æ¡¢²¿¤¬¸ú¤¤¤¿¤«¤È¤¤¤¦¤È¡¢²¿¤È¤¤¤Ã¤Æ¤â¶âÍ»´ËϤȺâÀ¯À¯ºö¤¬»Ù¤¨¤Æ¤¤Æ¡¢¤«¤Ê¤êÂ礤ʸú²Ì¤ò»ý¤Ã¤¿¤Î¤À¤í¤¦¤È¹Í¤¨¤Æ¤¤¤Þ¤¹¡£¡Ù ¤Û¤È¤ó¤ÉºâÀ¯À¯ºö¤¸¤ã¤Í¤¨¤Î¤«¡¢¤È»×¤¦¤Î¤À¤¬¡Ö¶âÍ»´ËϤȡפÈÀè¤ËÆþ¤ì¤Æ¤¯¤ëÊդ꤬¥Þ¥¸¤Ç¸À¤Ã¤Æ¤ë¤Î¤«¡¢¤½¤ì¤È¤âñ¤Ë¼¹¹ÔÉô¤Î¥ï¥·¤¬°é¤Æ¤¿¥¥ã¥ó¥Ú¡¼¥ó¤Ë¾è¤Ã¤«¤Ã¤Æ¤¤¤ë¤À¤±¤Ê¤Î¤«¤¬Îɤ¯Ê¬¤«¤é¤ó¡£ ¡Ø¤½¤ÎÅÀ¡¢¸½»þÅÀ¤Ç¤Ï¡¢¤â¤¦¾¯¤·¤½¤³¤ò¸«¼é¤Ã¤Æ¤â¤¤¤¤¤È¹Í¤¨¤Æ¤¤¤Þ¤¹¡£ÆÃ¤Ë²¿¤«»Ù¾ã¤¬µ¯¤¤Æ¤¤¤ë¤ï¤±¤Ç¤â¤Ê¤¤¤Ç¤¹¤·¡¢ÂçÃÀ¤Ê¤³¤È¤ò¤³¤ì¤«¤é¤ä¤Ã¤Æ¤â¡¢¼ûÍפ¬½Ð¤Æ¤¯¤ë¤Î¤«¡£¼ûÍפ¬½Ð¤Æ¤â²ÔƯΨ¤¬¾å¤¬¤é¤Ê¤¤¾õÂ֤ȤʤäƤ¤¤Þ¤¹¤Î¤Ç¡¢º£¤Î¤È¤³¤í¤Ï¡¢´û¸¤ÎÀ¯ºö¸ú²Ì¤òÎäÀŤ˸«¼é¤ë¤È¤¤¤¦¤Î¤¬º£¤ÎÃʳ¬¤Ç¤Ï¤Ê¤¤¤«¤È»ä¤Ï¹Í¤¨¤Þ¤¹¡£¡Ù ¤·¤é¤Ã¤È¡ÖÂçÃÀ¤Ê¤³¤È¤ò¤³¤ì¤«¤é¤ä¤Ã¤Æ¤â¡¢¼ûÍפ¬½Ð¤Æ¤¯¤ë¤Î¤«¡£¡×¤È¤«¶Ä¤»¤Ê¤Î¤¬¥Á¥ã¡¼¥ß¥ó¥°¤Ç¡¢¤³¤ì¤Ï¶âÍ»À¯ºöŪ¤Ë²¿¤«¤Ö¤Ã¤³¤ó¤Ç¤â¼ûÍפ¬½Ð¤ëÌõ¤Ç¤Ï¤Ê¤¤¤Î¤Ç´û¸À¯ºö¤Î¤ª¤«¤ï¤ê°Ê¾å¤Î¤â¤Î¤Ï¤Ç¤Þ¤»¤ó¤è¡¢¤Ã¤Æ¸À¤Ã¤Æ¤ë¤Ã¤Æ»ö¤Ç¤¹¤«¤Í¤¨¡£¤¢¤ë¤¤¤ÏºâÀ¯¤Î»ö¤Ç¸À¤Ã¤Æ¤ë¤ó¤À¤Ã¤¿¤éͱ¤Î»ö¥Á¥ã¡¼¥ß¥ó¥°¤Ê¤ó¤Ç¤¹¤¬¡£ ¡Ø¤½¤ì¤«¤é¡¢Àè¹Ô¤¤Ë¤Ä¤¤¤Æ¤Ï¡¢¤ä¤Ï¤ê»þ´Ö¤Î·Ð²á¤È¤È¤â¤Ë¡¢¼ÂÂηкѡ¢¤¢¤ë¤¤¤Ï¶âÍ»¤Î¾õ¶·¤âÊѤï¤Ã¤Æ¤¤¤¯²ÄǽÀ¤â¤¢¤ê¤Þ¤¹¡£ÌäÂê¤Ï¡¢¤½¤ÎÊѤï¤êÊý¤ò¤·¤Ã¤«¤ê¤È³Îǧ¤·¡¢»Ã¤¯¿µ½Å¤Ë¥¦¥©¥Ã¥Á¤¹¤ë¤È¤¤¤¦¤³¤È¤À¤È»×¤¤¤Þ¤¹¡£¤½¤ÎÅÀ¡¢Â礤ÊÊѲ½¤¬½Ð¤Æ¤¯¤ë¤È¤«¡¢¤¢¤ë¤¤¤Ï¥È¥ì¥ó¥É¤¬ÊѤï¤ë²ÄǽÀ¤¬½Ð¤Æ¤¯¤ì¤Ð¡¢¿·¤¿¤ÊȽÃǤò¤¹¤ë¤È¤¤¤¦¤³¤È¤Ë¤Ê¤ë¤È¹Í¤¨¤Æ¤¤¤Þ¤¹¡£¡Ù ¤Ã¤Æ¥¢¥¿¥¯¥·¤ÎÆÉ¤ßÊý¤Ë¥Ð¥¤¥¢¥¹¤¬³Ý¤«¤Ã¤Æ¤¤¤ë¤È¤Ï»×¤¦¤Î¤Ç¤¹¤¬¡¢¤³¤¦¤¤¤ï¤ì¤ë¤È¡Ö²óÉü¤¬³Îǧ¤Ç¤¤¿¤é¥³¥í¥ÊÂкöÎ×»þÁ¼ÃÖ¤ÏűÇÑűÇѡפȸÀ¤Ã¤Æ¤¤¤ë¤è¤¦¤Ë¸«¤¨¤Æ¤¤Þ¤¹¡£¤Þ¤¢¿¿°Õ¤É¤¦¤Ê¤Î¤«¤Ïʬ¤«¤é¤ó¡£ ¤µ¤é¤Ë¼ÁÌä¡£ ¡Ø(Ìä) ¥³¥í¥Ê¥ª¥Ú¤Ë¤Ä¤¤¤Æ¡¢Ê¡°æ¤Î¤ªÏäÎÃæ¤Ç¤â·ë¹½»ñ¶â¼ûÍפËÂФ¹¤ë¥Ë¡¼¥º¤¬¹â¤¤¤È¤¤¤¦¤è¤¦¤Ê¤ªÏä⤢¤ê¤Þ¤·¤Æ¡¢¼ÂºÝ¤Ë¡¢ËÜÆü¸øÉ½¤µ¤ì¤¿¼çÍ×¶ä¹ÔÂß½ÐÆ°¸þ¥¢¥ó¥±¡¼¥ÈÄ´ºº¤ò¤ß¤Æ¤â¡¢Ãæ¾®´ë¶È¤òÃæ¿´¤Ë¤½¤¦¤¤¤Ã¤¿»ñ¶â¼ûÍפÏÁêÊѤï¤é¤º¶¯¤¤¾õ¶·¤¬Â³¤¤¤Æ¤¤¤Þ¤¹¡£¥³¥í¥Ê¥ª¥Ú¤Î±äĹ¤È¤¤¤Ã¤¿Á°¡¹¤«¤é¤Î¶¯¤á¤Î»ÑÀª¤ò¹¹¤ËÌÀ³Î²½¤¹¤ëɬÍ×À¤¬¤¢¤ë¤«¤É¤¦¤«¤Ë¤Ä¤¤¤Æ¡¢¤É¤¦¤ª¹Í¤¨¤Ç¤·¤ç¤¦¤«¡£¡Ù ¤Ê¤ó¤Ä¤¦¤«¤µ¡¢¶âÍø¤Î¾å¤²²¼¤²¤È¤«¤ÎÏäÀ¤Ã¤¿¤é¡Ö»ÑÀª¤ò¼¨¤¹¡×¤Ã¤Æ¤Î¤Î°ÕÌ£¤â¤Ê¤¯¤Ï¤Ê¤¤¤È»×¤¦¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢´ë¶È¸þ¤±Í»»ñ¤ÎÂ¥¿Ê¤È¤«¸À¤¦ÏääÆÃæ±û¶ä¹Ô¤¬´üÂÔ¤ò¼¨¤·¤¿¤Ã¤ÆÕû¤ÎÆÍ¤ÃÄ¥¤ê¤Ë¤Ê¤ë¤«¤Ê¤é¤Ê¤¤¤«¡¢¤È¤¤¤¦ÏäǤ¢¤Ã¤Æ¡¢¤ä¤Ã¤Ñ¤ê¿®ÍÑÊݾÚÉÕÍ¿¤Î¤è¤¦¤Ê¼ÂÃÆ¤È¤«¡¢¼«¸Ê»ñËܵ¬À©¤Î´ËÏÂÁ¼Ã֤Ȥ«Í¿¿®Ê¬Îà´ð½à¤Î´ËÏÂÁ¼Ã֤ߤ¿¤¤¤Ê¼ÂÂÎŪ¤Ê¤â¤Î¤¢¤Ã¤Æ¤ÎÏäÀ¤È»×¤¦¤Î¤Ç¡¢¤³¤¦¤¤¤¦¤Î¤Ç»ÑÀª¤òÌÀ³Î²½¡¢¤È¤«¤¤¤¦¤Î¤Ï¤¢¤Þ¤ê¶Ú¤Îµ¹¤·¤¯¤Ê¤¤ÏÀÅÀ¤À¤È»×¤¦¤ó¤Ç¤¹¤¬¤É¤¦¤Ç¤·¤ç¤¦¤«¤Í¤¨¡£ ¡Ø(Åú) ¥³¥í¥Ê¥ª¥Ú¤Ë¤Ä¤¤¤Æ¤Ï¡¢Ê¡°æ¤Î³§Íͤ«¤é¤â°Û¸ýƱ²»¤Ë¤´°Õ¸«¤òĺ¤¤Þ¤·¤¿¤·¡¢¤Þ¤¿ÂçÊÑɾ²Á¤·¤ÆÄº¤¤¤¿¤È¹Í¤¨¤Æ¤¤¤Þ¤¹¡£ËÜÆü¤Î¤ªÏäǤ¹¤È¡¢Ê¡°æ¤Î¾ì¹ç¤â¡¢ÀøºßŪ¤Ê»ñ¶â·«¤ê¤ËÂФ¹¤ë¼ûÍפϤ¢¤ê¤Þ¤¹¤¬¡¢º£¤ÎÃʳ¬¤Ç¤Ï°ìÉþ¾õÂ֤Ȥ¤¤¦¤è¤¦¤Ê¤ªÏäǤ·¤¿¡£¡Ù ¤Ä¤Þ¤ê¥¯¥ì¥¯¥ì¤È¡£ ¡Ø½¾¤Ã¤Æ»Ã¤¯¤Ï¼ã´³ÍͻҤò¤ß¤ë¡¢¤½¤ì¤«¤é·ÐºÑ²óÉü¤Î¾õ¶·¤Ç¤âÅöÁ³»ñ¶â·«¤ê¤ÏÊѤï¤Ã¤Æ¤¯¤ë¤Î¤Ç¡¢¤½¤³¤â¤ß¤Ê¤¬¤éÂбþ¤¹¤ë¤È¤¤¤¦¤³¤È¤Ç¤·¤ç¤¦¡£¡Ù ¤³¤ì¤Ï¤·¤é¤Ã¤È¾õ¶·¤¬²þÁ±¤·¤¿¤é»ß¤á¤ë¤è¡¢¤È¸À¤Ã¤Æ¤¤¤ë¤Î¤Ç³ä¤È¿¿ÌÌÌܤËÏäò¤·¤Æ¤¤¤ë¡£¤¿¤À¤·¡¢ ¡Ø¤¿¤À¡¢²¿¿Í¤«¤ÎÊý¡¹¤«¤é¤Ï¡¢É¬ÍפʤȤ¤Ë¤Ï·Ñ³¤·¤Æ¤Û¤·¤¤¤È¤¤¤¦¤³¤È¤Ç¡¢À§Èó¤è¤í¤·¤¯¤ª´ê¤¤¤·¤Þ¤¹¤È¤¤¤¦¤³¤È¤Ç¤·¤¿¡£¤½¤ÎÅÀ¤Ç¤Ï¡¢»ä¤É¤â¤âÁ´¤¯Æ±ÍͤǤ¢¤ê¡¢¤ä¤Ï¤ê¾õ¶·¤ò¤ß¤Ê¤¬¤é¡¢É¬Í×À¤¬¤¢¤ì¤Ð¡¢ÅöÁ³¿×®¤Ë¹Ôư¤·¤Ê¤±¤ì¤Ð¤¤¤±¤Ê¤¤¤À¤í¤¦¤È»×¤¤¤Þ¤¹¡£¤¿¤À¡¢¸½»þÅÀ¤Ç¤ÏÍî¤ÁÃ夤¤Æ¤¤¤Þ¤¹¤Î¤Ç¡¢¿µ½Å¤Ë¥¦¥©¥Ã¥Á¤·¤Æ¤¤¤¯¡¢Ã°Ç°¤ËÅÀ¸¡¤·¤Æ¤¤¤¯¤È¤¤¤¦¤³¤È¤ÇÎɤ¤¤È¹Í¤¨¤Æ¤¤¤Þ¤¹¡£¡Ù º£¤Î¤È¤³¤í¤Ï¤É¤¦¤»·Ñ³¤Ê¤ó¤Ç¤·¤ç¤¦¤¬¡¢¤³¤ÎÁ¼ÃÖ¤¬¿ÌºÒ¼ê·Á¥â¡¼¥É¤Ë¤Ê¤é¤Ê¤¤¤è¤¦¤Ëµ¤¤Ë¤·¤Æ¤¤¤ë¤Ã¤Ý¤¤¤Î¤Ï²¿¤È¤Ê¤¯´¶¤¸¤Þ¤·¤¿(¸Ä¿Í¤Î´¶ÁۤǤ¹)¡£ Èô¤ó¤ÇºÇ¸å¤Î¼Áµ¿¡£ ¡Ø(Ìä) Àè¤Û¤É¤ªÏäΤ¢¤Ã¤¿¤È¤³¤í¤ò½Å¤Í¤Æ¤ªÊ¹¤¤·¤¿¤¤¤È»×¤Ã¤¿¤Î¤Ç¤¹¤±¤É¤â¡¢¤³¤ì¤Þ¤Ç¸ú²Ì¤òȯ´ø¤·¤Æ¤¤¤¿¥ª¥Ú¥ì¡¼¥·¥ç¥ó¡¢ÆÃÊÌ¥×¥í¥°¥é¥à¤Î¤³¤È¤À¤È»×¤¦¤Î¤Ç¤¹¤¬¡¢¤³¤ì¤¬µÕ¤ËÌäÂê¤òÄ󵯤¹¤ë¤³¤È¤â¹Í¤¨¤Ê¤±¤ì¤Ð¤¤¤±¤Ê¤¤¤È¤¤¤¦¤È¤³¤í¤¬¤¢¤Ã¤¿¤È»×¤¦¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢¤³¤ì¤Ï¡¢¥³¥í¥Ê¥ª¥ÚÅù¤¬¸ú²Ì¤òȯ´ø¤·¤Æ¤¤¿¤±¤ì¤É¤â¡¢ÊֺѤΥ¿¥¤¥ß¥ó¥°¤ò·Þ¤¨¤ë¤Ë¤¢¤¿¤Ã¤Æ¡¢¥·¥¹¥Æ¥à¾å¤Î¥ê¥¹¥¯¤Ë¤Ê¤ê¤«¤Í¤Ê¤¤¤È¤¤¤¦¤³¤È¤Ê¤Î¤Ç¤·¤ç¤¦¤«¡£¡Ù ¡Ø¤À¤È¤·¤¿¤é¡¢¥³¥í¥Ê¥ª¥Ú¤ò±äŤ¹¤ë¤À¤±¤Ç¤Ï¤Ê¤¯¤Æ¡¢Ê̤Τ³¤È¤ò¶âÍ»À¯ºö¤È¤·¤Æ¤â¹Í¤¨¤Ê¤¤¤È¤¤¤±¤Ê¤¤¤È¤¤¤¦¤´¼ñ»Ý¤Ê¤Î¤«¡¢¤½¤ì¤È¤ÏÊ̤μ¡¸µ¤ÎÏäǡ¢¶âÍ»À¯ºö¤òÎ¥¤ì¤¿¤È¤³¤í¤â´Þ¤á¤ÆÂбþ¤¬É¬Íפˤʤë¤È¤¤¤¦¤³¤È¤Ê¤Î¤Ç¤·¤ç¤¦¤«¡£¡Ù ¤³¤ì¤ÏÎɤ¤¼ÁÌä¡£ ¡Ø(Åú) ¤³¤ÎÅÀ¤Ï¡¢¤Þ¤º¤Ïû´üŪ¤Ë¤Ï¡¢¤¹¤Ê¤ï¤Áµö¤Ç¤Ï¡¢²¿¤È¤¤¤Ã¤Æ¤â¡¢ÅÝ»º¤òËɤ¤¤Ç¸ÛÍѤò¼é¤é¤Ê¤±¤ì¤Ð¤¤¤±¤Þ¤»¤ó¡£½¾¤Ã¤Æ¡¢»ñ¶â·«¤ê¤¬Èó¾ï¤Ë½ÅÍפÀ¤È¤¤¤¦¤³¤È¤Ç¤¹¡£¤½¤ÎÅÀ¡¢¾¯¤Ê¤¯¤È¤âû´üŪ¤Ë¤Ï¡¢À¯ºö¤Ï½ê´ü¤Î¸ú²Ì¤ò¾å¤²¤Æ¤¤¤ë¤È¹Í¤¨¤Æ¤¤¤Þ¤¹¡£¤½¤³¤Ç²óÉü¤¬½çÄ´¤Ë¿Ê¤á¤Ð¡¢ÅöÁ³´ë¶È¼ý±×¤â¾å¤¬¤Ã¤Æ¤¤Þ¤¹¤·¡¢Çä¤ê¾å¤²¤âÅöÁ³¿¤Ó¤Æ¤¯¤ë¤Î¤ÇÌäÂ꤬¤Ê¤¤¤Î¤Ç¤¹¤¬¡¢ÌäÂê¤Ï¡¢ÁÛÄêÄ̤ê¤Ë²óÉü¤¬¿Ê¤Þ¤Ê¤¤¾ì¹ç¤Ç¤¹¡£¤½¤Î¾ì¹ç¡¢¤ä¤Ï¤êÌäÂê¤Ë¤Ê¤ë²ÄǽÀ¤Ï½Ð¤Æ¤¯¤ë¤À¤í¤¦¤È»×¤¤¤Þ¤¹¡£¤½¤³¤Ï¤Þ¤À»þ´Ö¤¬¤«¤«¤ë¤È»×¤¤¤Þ¤¹¤Î¤Ç¡¢¤³¤ÎÅÀ¤Ï¤·¤Ã¤«¤ê¤È¥¦¥©¥Ã¥Á¤·¤Æ¤¤¤«¤Ê¤±¤ì¤Ð¤¤¤±¤Ê¤¤¤È»×¤¤¤Þ¤¹¡£ÌäÂ꤬½Ð¤Æ¤¤¿¤È¤¤Ë¤Ï¡¢¤ä¤Ï¤ê¡¢¤½¤ì¤Ê¤ê¤ÎÂбþ¤Ï¹Í¤¨¤Ê¤±¤ì¤Ð¤¤¤±¤Þ¤»¤ó¤¬¡¢¤É¤Î¤è¤¦¤ÊÂбþ¤¬¤Ç¤¤ë¤«¤È¤¤¤¦ÅÀ¤Ë¤Ä¤¤¤Æ¤Ïº£¸å¤Î¸¡Æ¤²ÝÂê¤Ç¤¢¤ê¡¢¸¦µæ¤¬É¬ÍפÀ¤È»×¤¤¤Þ¤¹¡£¡Ù ¤È¤¤¤¦Åú¤¨¤Ç¡¢¤Þ¤¢¤µ¤Ã¤¤Î¤ÈƱ¤¸¤è¤¦¤Ê¸À¤¤Êý¤·¤«¤·¤Æ¤¤¤Þ¤»¤ó¤Î¤Ç¡¢¤Ä¤Þ¤ê¤Ï¡Öû´üŪ¤Ë»ñ¶â·«¤ê¤ò¤Ä¤±¤ë¤Î¤ÏÎɤ¤¤±¤ì¤É¤â°ú¤½ê¤ò´Ö°ã¤¨¤ë¤ÈÂçÊѤʻö¤Ë¤Ê¤ë¡×¤È¤¤¤¦¼ñ»Ý¤ÎÏäÀ¡¢¤Ã¤Æ¸À¤Ã¤Æ¤ë¤Î¤«¤Ê¤¢¤È»×¤Ã¤¿¤Ç¤¹¡¢¤Ï¤¤¡£ ¡»FSR¥¥¿¥³¥ì ¤ß¤ó¤ÊÂç¹¥¤(¤«¤É¤¦¤«ÃΤé¤ó¤¬)FSR¡£[³°Éô¥ê¥ó¥¯] 2020ǯ10·î23Æü ÊֺѴüÆü 2021ǯ4·î23Æü ÂßÉÕͽÄêÁí³Û 27,560²¯±ß (»²¹Í)Â߽лĹâ(Ãí) 477,580²¯±ß ¤³¤ì¤·¤«¤·¤è¤¯¹Í¤¨¤Æ¤ß¤ë¤È47.7Ãû±ß¤â10bpÉÕÍø¤¬¤¢¤ë¤Ã¤Æ·×»»¤ÊÌõ¤Ç¡¢¤¤¤ä¤Þ¤¢¥Þ¥¯¥í²Ã»»¤Î³Ý¤±Ìܤ¤¤¸¤ì¤Ð¥Þ¥¯¥íŪ¤ÊÏäϺѤà¤ó¤Ç¤¹¤±¤ì¤É¤â¡¢¥ª¥Ú¤ËÆþ¤ì¤é¤ì¤ëÀè¤Ë¤È¤Ã¤Æ¤Ï¥Þ¥¤¥Ê¥¹¶âÍøÀ¯ºö²ò½ü¤ß¤¿¤¤¤Ê¤â¤ó¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤·¤Æ¡¢¥Þ¥¤¥Ê¥¹¶âÍøÀ¯ºö¤È¤Ï²¿¤Ê¤Î¤«¡¢¤È¤¤¤¦º¬¸»Åª¤ÊÌ䤤¤ò¤·¤¿¤¯¤Ê¤ëº£Æü¤³¤Îº¢¡£ ¡¦¼ÒºÄ¥ª¥Ú(²ÐÍËÆü¤Î¥ª¥Ú¤Ç¤¹¤¹¤¤¤Þ¤»¤ó) ¼ÒºÄÅùÇãÆþ(»Ä¸´ü´Ö3ǯĶ5ǯ°Ê²¼) 3,124 2,001 0.103 0.127 61.6 ¤Þ¡¼¤¿¶âÍø¿å½à¤¬²¼¤¬¤Ã¤Æ¤¤¤ëÌõ¤Ç¤¹¤¬¡¢¤³¤ÎÄ´»Ò¤Ç¤¹¤È¼¡²óÊÕ¤êÂÀÚ¤ê1·å¥Ù¡¼¥·¥¹¹Ô¤¯¤ó¤Ç¤¹¤«¤Í¤¨¡¦¡¦¡¦¡¦¡¦¡¦¡¦ #ÅâÆÍ¤ËÌ®Íí¤¢¤ê¤Þ¤»¤ó¤¬±ßºÄ¼¥Ä¥¤¥Ã¥¿¡¼¥é¥ó¥É¤Î³§ÍͤˤϤ¤¤Ä¤âÊÙ¶¯¤µ¤»¤ÆÄº¤¤Þ¤·¤Æ´¶¼Õ¤·¤Æ¤ª¤ê¤Þ¤¹¤È¿½¤·¾å¤²¤Þ¤¹¤Ç¤¹
¤ªÂê¡Öݯ°æ¿³µÄ°Ñ°÷¶âº©°§»¢¤Ë¥Í¥Á¥Í¥Á¥Ä¥Ã¥³¥ß/ECB¥ê¥Ã¥¹¥ó¥º¥¤¥Ù¥ó¥È¥¥¿¥³¥ì(¥á¥â¤À¤±)¡×
2020/10/22¡ÊÌÚ¡Ë08:08:31
¤³¤ì¤Ï»Â¿·¤¹¤®¤ëÍýÏÀwww[³°Éô¥ê¥ó¥¯] 05»þ30ʬ(ºÇ½ª¹¹¿· 10·î21Æü 05»þ31ʬ) ¡Ø°¦Ã詤ÎÌïÉٻԵIJñ¤¬¡¢»Ô̱¥ª¥ó¥Ö¥º¥Þ¥ó³èư¤ò¤·¤Æ¤¤¤ëÃËÀµÄ°÷¤ËÂФ·¡¢¡ÖÃÏÊýµÄ²ñ¤ÏÃÏÊý¹ÔÀ¯¤Î°ìÍã¤òô¤Ã¤Æ¤¤¤ë¡£µÄ°÷¤¬¥ª¥ó¥Ö¥º¥Þ¥ó³èư¤ò¹Ô¤¦¤³¤È¤ÏËÜÍè¤Î¼ñ»Ý¤Ë¹çÃפ·¤Ê¤¤¡×¤È¤·¡¢µÄ°÷¼¿¦´«¹ð¤ò»¿À®Â¿¿ô¤Ç·èµÄ¤·¤¿¡£¡Ù(¾åµURLÀè¤è¤ê) >ÃÏÊýµÄ²ñ¤ÏÃÏÊý¹ÔÀ¯¤Î°ìÍã¤òô¤Ã¤Æ¤¤¤ë >ÃÏÊýµÄ²ñ¤ÏÃÏÊý¹ÔÀ¯¤Î°ìÍã¤òô¤Ã¤Æ¤¤¤ë >ÃÏÊýµÄ²ñ¤ÏÃÏÊý¹ÔÀ¯¤Î°ìÍã¤òô¤Ã¤Æ¤¤¤ë ¹ÔÀ¯¤ò¸£À©¤¹¤ë¤Î¤ÏµÄ²ñ¤Îµ¡Ç½¤Ê¤Î¤ÏµÁ̳¶µ°é¤ÇÊÙ¶¯¤¹¤ë¤È»×¤¦¤ó¤Ç¤¹¤±¤ì¤É¤â¡¢¤È¤ê¤¢¤¨¤º»¿À®Â¿¿ô¤ÎµÄ°÷¤Î³§¤µ¤ó¤ÏÌÚÁ¾Àî¤ËÈô¤Ó¹þ¤ó¤ÇÈ¿¾Ê¤·¤Æ¤³¤¤(ÌÚÁ¾ÀÌÂÏǤ·¤Þ¤¹¤«¤½¤¦¤Ç¤¹¤«)¡£ ¡»À¯ºö¼¨º¶Éôʬ¤ÏͽÁÛÄ̤ê¤Î¡Ö¥³¥í¥ÊÁ¼ÃÖ±äŤ¢¤êÍø²¼¤²Ìµ¤·¡×¤Ç¤·¤¿¤¬ÀâÌÀÉôʬ¤¬¤ß¤Æ¤é¤ó¤Ê¤¤·ï¤Ë¤Ä¤¤¤Æ 10»þȾ¤Î¥ê¥ê¡¼¥¹¤òÀµºÂÂÔµ¡¤·¤Æ¤¤¤¿¤ó¤Ç¤¹¤èÀµºÂÂÔµ¡(±³)¡£¤½¤·¤¿¤é½Ð¤Æ¤¤¿Êª·ï¤¬¤³¤ì¤Ç¤Á¤ç¤Ã¤È¼Ð¤áÆÉ¤ß¤·¤¿¤À¤±¤ÇÍîÎÞ¤ò¶Ø¤¸ÆÀ¤Ê¤¤Êª·ï¤Ê¤ó¤Ç¤¹¤è¤Á¤ç¤Ã¤È¹ó¤¯¤Ê¤¤¤Ç¤¹¤«???¤Ã¤Æ²¿¤¬¤É¤¦¹ó¤¤¤Î¤«¤Ï°Ê²¼ÆÉ¤ó¤Ç¤ß¤Þ¤·¤ç¤¦¤È¤¤¤¦´ë²è¤Ç¤¹¤Ë¤ã¡£[³°Éô¥ê¥ó¥¯] ¤¹¤Ê¤ï¤Á´ËÏÂŪ¤Ê¶âÍ»´Ä¶¤ò°Ý»ý¤·Â³¤±¤ë¤³¤È¤òÌ󫤷¤Æ¤¤¤ë¸½¹Ô¤Î¶âÍ»À¯ºöÊý¿Ë¤Ï¡¢½ÅÍפÊÌò³ä¤ò²Ì¤¿¤·¤Æ¤¤¤ë¤È»×¤¤¤Þ¤¹¡£¡Ù ¤½¤â¤½¤â¤½¤ì¤òÍý²ò¤·¤Æ¤¤¤ë´ë¶È·Ð±Ä¼Ô¤ä°ìÈÌ¥Ô¡¼¥×¥ë¤¬¤É¤ì¤À¤±¤¤¤ë¤Î¤«¤È¾®°ì»þ´ÖÌ䤤µÍ¤á¤¿¤¤¤Î¤Ç¤¹¤¬¡¢¤³¤³¤Ç´û¤ËºÄ·ô¼¥Ä¥¤¥Ã¥¿¡¼¥é¥ó¥É¤ÎÊý¤ÇÏÃÂê¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤·¤Æ¡¢¹²¤Æ¤Æ¥¢¥¿¥¯¥·¤â³Îǧ¤·¤¿¤Î¤Ç¤¹¤¬¡¢¤Ê¤ó¤È¤³¤Îݯ°æ¤µ¤ó¤Î¶âº©¥Æ¥¥¹¥ÈËÜʸ¤Ë¤Ï¡¢¡Öʪ²Á°ÂÄê¤ÎÌÜɸ¡×¤È¤¤¤¦¸ÀÍդϤ¢¤ì¤É¤â¡Ö2%¡×¤Îʸ¸À¤¬Ìµ¤¤¤È¤¤¤¦¶²¤í¤·¤¤»ö¼Â(F5¤Ç¥Æ¥¥¹¥È¸¡º÷¤¹¤ì¤Ð°ìȯ¤Ç¤ï¤«¤ê¤Þ¤¹)¤¬¤¢¤ê¤Þ¤·¤Æ¡¢2%¤Îʸ¸À¤â¸À¤ï¤Ê¤¤¤Ç²¿¤¬Í½ÁÛʪ²Á¾å¾ºÎ¨¤Î¥¢¥ó¥«¡¼¤«¤È¸À¤¦ÏäǤ¹¤¬¤³¤ÎÅÀ¤Ï¤Þ¤¿¸åÄø¡£ ¡¦Êª²Á¤Ï¤â¤¦¾å¤¬¤é¤ó¤È³«¤Ä¾¤ë¤Î´¬¤Ç¤¹¤¬¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¤Ç¤â¤Ã¤Æ¼¡¤Î¾Ï¤¬¡Ø3.ʪ²Á¤Î¸½¾õ¤ÈÀè¹Ô¤¡Ù¤Ç¤·¤Æ¡¢ºÇ½é¤Î¾®¸«½Ð¤·¡ØÂ¤â¤È¤Îʪ²Áư¸þ¤È¤½¤ÎÇØ·Ê¡Ù¤Ç¤Ï¤â¤¦´°Á´¤Ëʪ²Á¤¬¾å¤¬¤é¤ó¤È³«¤Ä¾¤Ã¤Æ¤ª¤é¤ì¤Þ¤¹¡£ ¡Ø¼¡¤Ë¡¢¤ï¤¬¹ñ¤Îʪ²Áư¸þ¤ò¤ß¤Æ¤¤¤¤Þ¤¹¡£Â¤â¤È¤Îʪ²Á¤Ï¡¢·ÐºÑ³èư¤ÎÀ©¸Â¤Ëµ¯°ø¤¹¤ëÁí¼ûÍפε޷ã¤ÊÄã²¼¤Ë²Ã¤¨¡¢À¤³¦Åª¤Ê¥¨¥Í¥ë¥®¡¼¼ûÍפÎÄã²¼¤Ëȼ¤¦¼ûµë´Ëϸ«Ä̤·¤«¤é¥¨¥Í¥ë¥®¡¼²Á³Ê¤¬ÂçÉý¤ËÄã²¼¤·¤¿¤³¤È¤â¤¢¤Ã¤Æ¡¢²¼²¡¤·°µÎϤ¬¤«¤Ê¤ê¶¯¤¯¤Ê¤Ã¤Æ¤¤¤Þ¤¹(¿Þɽ7)¡£¼ûµë¥®¥ã¥Ã¥×¤â¤â¤È¥Þ¥¤¥Ê¥¹¤Ëž¤¸¤Æ¤ª¤ê¡¢Êª²Á¾å¾º¤Ø¸þ¤±¤¿¥â¥á¥ó¥¿¥à¤Ï¼º¤ï¤ì¤¿¾õ¶·¤Ç¤¹¡£°ìÊý¤Ç¡¢Êª²Á¤ÎÂçÉý¤Ê²¼Í»ý³¤¹¤ë¤è¤¦¤Ê¾õ¶·¤Ë¤Ï¤Ê¤Ã¤Æ¤¤¤Þ¤»¤ó¡£º£²ó¤Î¤è¤¦¤Ë¡¢¤¤¤ï¤ÐÉÔ²ÄÈòŪ¤Ê·ÐºÑ³èư¤ÎÀ©¸Â¤Ëµ¯°ø¤¹¤ë¼ûÍפÎÍî¤Á¹þ¤ß¤ËºÝ¤·¤Æ¡¢´ë¶È¤Ï¡ÖÈÎÇä²Á³Ê¤ò°ú¤²¼¤²¤Æ¤â¼ûÍפγÈÂ礬¸«¹þ¤á¤º¡¢ÈñÍѤò¥«¥Ð¡¼¤Ç¤¤Ê¤¯¤Ê¤ë¡×¤È¹Í¤¨¤ë¤¿¤á¡¢Êª²Á²¼Íî°µÎϤβÍÞÀ©¤µ¤ì¤Æ¤¤¤ë¤³¤È¤¬¹Í¤¨¤é¤ì¤Þ¤¹¡£¤â¤Á¤í¤ó¡¢¥Þ¥¤¥Ê¥¹¤Î¼ûµë¥®¥ã¥Ã¥×¤Î¤â¤È¤Ç¤Ïʪ²Á¾å¾º°µÎϤâ̵¤¤¤³¤È¤«¤é¡¢ÅöÌÌʪ²Á¤Ï¼å¤á¤Îư¤¤ò³¤±¤ë¤ÈͽÁÛ¤µ¤ì¤Þ¤¹¡£¡Ù ¤·¤«¤·¤Þ¤¢²¿¤Ç¤¹¤Ê¡¢¤³¤³¤Ç¤Î¥³¥í¥Ê¤ÎÀâÌÀ¤¬¡Ö¤¤¤ï¤ÐÉÔ²ÄÈòŪ¤Ê·ÐºÑ³èư¤ÎÀ©¸Â¤Ëµ¯°ø¤¹¤ë¼ûÍפÎÍî¤Á¹þ¤ß¡×¤È¤«Ç¡²¿¤Ë¤â°ì»þŪÍ×°ø¤Ã¤Ý¤¤¸À¤¤Êý¤À¤Ã¤¿¤ê¡¢¥³¥í¥Ê¥ª¥Ú·Ñ³¤ò¼¨º¶¤¹¤ë¤è¤¦¤ÊÉôʬ¤Ç¤Ï±Æ¶Á¤¬Ä¹°ú¤¯¤È¸À¤Ã¤Æ¤ß¤¿¤ê¡¢²¿¤«ÕûÍý¶þ¼«Í³¼«ºß¤Ê¤Î¤Ï¾¡¼ê¤Ë¤·¤ÆÄº¤¤¤Æ¤è¤í¤·¤¤¤Î¤Ç¤¹¤¬¡¢¤â¤¦¤Á¤ç¤Ã¤È¤³¤¦À°¹çÀ¤È¤¤¤¦¤Î¤â¤Î¤ò¤Ç¤¹¤Ê¤¢¡¦¡¦¡¦¡¦¡¦ ¤Ê¤É¤È¸À¤Ã¤Æ¤¤¤ë¤¦¤Á¤Ë¼¡¤Î¾®¸«½Ð¤·¡ØÊª²Á¤ÎÀè¹Ô¤¡Ù¤Ë¤Ê¤ë¤Î¤Ç¤¹¤¬¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡ØÀè¹Ô¤¡¢Êª²Á¾å¾ºÎ¨¤¬¥×¥é¥¹¤Ëž¤¸¤ë¤¿¤á¤Ë¤Ï¡¢·ÐºÑ¤Î²óÉü¤¬Ãå¼Â¤Ë¿ÊŸ¤·¡¢¼ûµë¥®¥ã¥Ã¥×¤¬¥×¥é¥¹¤ËÌá¤ë¤³¤È¤¬É¬ÍפǤ¹¡£¤â¤Ã¤È¤â¡¢Áá´ü¤Ëʪ²Á¾å¾ºÎ¨¤¬¥×¥é¥¹¤Î¾õÂÖ¤ËÌá¤ì¤¿¤È¤·¤Æ¤â¡¢Åöʬ¤Î´Ö¤Ïʪ²Á¾å¾ºÎ¨¤¬°ìÃʤȲ¤ë¤³¤È¤ÏÆñ¤·¤¤¤«¤â¤·¤ì¤Þ¤»¤ó¡£²þ¤á¤Æº£²ó¤Î´¶À÷¾É¤Î³ÈÂç°ÊÁ°¤Î¾õ¶·¤ò¿¶¤êÊÖ¤ë¤È¡¢´°Á´¸ÛÍѤ˶ᤤÄ㤤¼º¶ÈΨ¤Î¤â¤È¤Ç¡¢¥×¥é¥¹¤Î¼ûµë¥®¥ã¥Ã¥×¤â»ý³¤·¤Æ¤¤¤¿¤Ë¤â´Ø¤ï¤é¤º¡¢Êª²Á¾å¾ºÎ¨¤Ï²Ã®¤·¤Þ¤»¤ó¤Ç¤·¤¿¡£¤³¤¦¤·¤¿Æ°¤¤Ï¤ï¤¬¹ñ¸ÇͤΤâ¤Î¤Ç¤Ï¤Ê¤¯¡¢¶¯¼å¤Î°ã¤¤¤Ï¤¢¤ë¤â¤Î¤Î¡¢¼çÍ×Àè¿Ê¹ñ¤Ç¤Ï³µ¤Í¶¦Ä̤·¤ÆÊª²Á¾å¾ºÎ¨¤¬Æß²½¤·¤Æ¤¤Æ¤¤¤Þ¤¹(¿Þɽ8)¡£¤³¤Î¡Ö¤Ê¤¼Êª²Á¾å¾ºÎ¨¤¬²Ã®¤·¤Ê¤¯¤Ê¤Ã¤Æ¤¤¿¤Î¤«¡×¤È¤¤¤¦ÅÀ¤Ï¡¢²þ¤á¤Æ¿¿Ùõ¤Ë¸¡Æ¤¤¹¤Ù¤²ÝÂê¤À¤È»×¤¤¤Þ¤¹¡£¡Ù ¤È¤¤¤¦²ø¤·¤²¤Ê¥Þ¥¯¥é¤«¤é¤ÎÀâÌÀ¤¬¤â¤¦¿§¡¹¤ÊÅÀ¤Ç¥Ä¥Ã¥³¥ß¤É¤³¤íËþºÜ¤Ç¤¹¡£¤³¤ìHTMLÈǤÀ¤È°ìÏ¢¤Îʸ¾Ï¤Îή¤ì¤Ë¤Ê¤ë¤Î¤Ç¤¹¤¬¡¢PDFÈǤÀ¤È¤Á¤ç¤¦¤É¤³¤³¤Ç¥Ú¡¼¥¸¤ÎÀÚ¤ìÌÜ(ËÜʸ5¥Ú¡¼¥¸¤Î¥±¥Ä)¤Ë¤Ê¤ë¤Î¤Ç¡¢¥ï¥¯¥ï¥¯¥Æ¥«¥Æ¥«¤·¤Ê¤¬¤é(¥¢¥¿¥¯¥·ÆÉ¤à¤È¤¤ÏPDF¤ÎÊý¤¬ÆÉ¤ß¤ä¤¹¤¤¤Î¤ÇPDFÈǤ«¤éÆÉ¤ß¤À¤¹¤ó¤Ç¤¹)¼¡¤Î¥Ú¡¼¥¸¤Ë¹Ô¤Ã¤Æ¤ß¤Þ¤¹¤È¡¢¤½¤³¤Ë¤Ï¶Ãس¤ÎÕûÍý¶þ¤¬ÌçÁ°»Ô¤ò°Ù¤¹¤ÎÍÍͤˤʤäƤª¤ê¤Þ¤·¤¿¡£ ¡¦ÆüËܤÇʪ²Á¤¬¾å¤¬¤ê¤Ë¤¯¤¤¹½Â¤Í×°ø¤Ï¡Ö¥³¥í¥ÊÁ°¤Î¿ôǯ´Ö¤Ç¸«¤é¤ì»Ï¤á¤¿¡×¤È¤¤¤¦À¨¤¤ÀâÌÀ¤¬Íè¤Þ¤·¤¿ ¤È¤¤¤¦¤³¤È¤ÇPDFÈǤÀ¤ÈËÜʸ6¥Ú¡¼¥¸¤ÎƬ¤«¤é»Ï¤Þ¤ê¤Þ¤¹¤¬¤³¤ÎÀâÌÀ¤Ï¹ó¤¤¡£ ¡Ø¤ï¤¬¹ñ¤Çʪ²Á¾å¾ºÎ¨¤¬Æß¤¤Íýͳ¤È¤·¤Æ¤Ï¡¢²áµî¤Î¥Ç¥Õ¥ì¤Î·Ð¸³¤«¤é¾ÃÈñ¼Ô¤Ëº¬¿¼¤¤¥Ç¥Õ¥ì¥Þ¥¤¥ó¥É¤¬ÄêÃ夷¡¢Ä¶â¾å¾º°µÎϤò½½Ê¬¤ËÈÎÇä²Á³Ê¤Ëž²Ç¤Ç¤¤Ê¤¤¤³¤È¤¬¤è¤¯»ØÅ¦¤µ¤ì¤Þ¤¹¡£¡Ù ¤Þ¤¢¤³¤ì¤ÏÎɤ¤¤È¤·¤Æ¼¡¤¬À¨¤¤¡£ ¡Ø²Ã¤¨¤Æ¡¢¥³¥í¥ÊÁ°¤Þ¤Ç¤Î¿ôǯ´Ö¤Ç¤ß¤é¤ì»Ï¤á¤¿·ÐºÑ¹½Â¤¤ÎÊѲ½¤¬Êª²ÁÊÑÆ°¥á¥«¥Ë¥º¥à¤òÊ£»¨²½¤µ¤»¤Æ¤¤¤ë¦Ì̤â¹Í¤¨¤é¤ì¤Þ¤¹¡£¡Ù >¥³¥í¥ÊÁ°¤Þ¤Ç¤Î¿ôǯ´Ö¤Ç¤ß¤é¤ì»Ï¤á¤¿·ÐºÑ¹½Â¤¤ÎÊѲ½ >¥³¥í¥ÊÁ°¤Þ¤Ç¤Î¿ôǯ´Ö¤Ç¤ß¤é¤ì»Ï¤á¤¿·ÐºÑ¹½Â¤¤ÎÊѲ½ >¥³¥í¥ÊÁ°¤Þ¤Ç¤Î¿ôǯ´Ö¤Ç¤ß¤é¤ì»Ï¤á¤¿·ÐºÑ¹½Â¤¤ÎÊѲ½ ¤¨¡¼¤Ã¤È¤¹¤¤¤Þ¤»¤ó¡¢¤Ê¤ó¤Ç¤¹¤«¤³¤Î¡Ö¥³¥í¥ÊÁ°¤Þ¤Ç¤Î¿ôǯ´Ö¡×¤Ã¤Æ????????? ¡¦¡¦¡¦¡¦¡¦¤È¤¤¤¦¤³¤È¤Ç°Ê²¼¤Î¡Ö·ÐºÑ¹½Â¤¤ÎÊѲ½¡×¤Ê¤Î¤Ç¤¹¤¬¡¢¤³¤Î¸å½Ð¤Æ¤¤Þ¤¹¤±¤É¤É¤³¤«¤é¤É¤¦¸«¤Æ¤â¤½¤ÎÊѲ½¤Ï¹õÅÄÆü¶äȯ¤Τº¤Ã¤ÈÁ°¤«¤éµ¯¤¤Æ¤¤¤ëÊѲ½¤Ç¤·¤Æ¡¢¤½¤ì¤³¤½Ëû¤¬¸ý¤ò»À¤Ã¤Ñ¤¯¤·¤Æ»ØÅ¦¤·¤Æ¤¤¤¿¤è¤¦¤ÊÏäòʤ٤Ƥ¤¤ë¤ó¤Ç¤¹¤è¡£ ¤Ç¤â¤Ã¤Æ¤Ç¤¹¤Í¡¢²¿¤Ç¤½¤ì¤¬µÞ¤Ë¡Ö¥³¥í¥ÊÁ°¤Þ¤Ç¤Î¿ôǯ´Ö¤Ç¤ß¤é¤ì»Ï¤á¤¿·ÐºÑ¹½Â¤¤ÎÊѲ½¡×¤È¤¤¤¦¤³¤È¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤Î¤«¡¢¤È¸À¤¤¤Þ¤¹¤È¤³¤ó¤Ê¤Î¤Ï¤Á¤ç¤Ã¤È¹Í¤¨¤ì¤Ð¤ï¤«¤ê¤Þ¤¹¤è¤Í¡£ ¤Ä¤Þ¤ê¤Ç¤¹¤Ê¡¢¤â¤È¤â¤ÈËûÆü¶ä¤¬¸À¤Ã¤Æ¤¤¤¿¤³¤È¤¬Àµ¤·¤«¤Ã¤¿¤Î¤À¤±¤ì¤É¤â¡¢ËûÆü¶ä¤ò¥±¥Á¥ç¥ó¥±¥Á¥ç¥ó¤ËìÊ¤á¤ÆËû¤òÀлý¤ÆÄɤ¤½Ð¤·¤¿¹õÅÄÆü¶ä&ÃÖʪÍýÏÀ¤Ê¤Î¤Ç¡¢¤½¤ì¤òǧ¤á¤Ê¤¤¤¿¤á¤Ë¡Ö¥³¥í¥ÊÁ°¤Þ¤Ç¤Î¿ôǯ´Ö¤Ç¹½Â¤ÊѲ½¤¬µ¯¤¤¿¤Î¤Çʪ²ÁÌÜɸ¤¬Áá´üãÀ®¤Ç¤¤Ê¤¯¤Ê¤Ã¤¿¤Î¤Ç¤¢¤Ã¤Æ¡¢¹õÅÄÆü¶äÃÖʪÍýÏÀ¤Ï´Ö°ã¤Ã¤Æ¤¤¤Ê¤«¤Ã¤¿¡×¤È¤¤¤¦¸À¤¤Ìõ¤ò¤·¤Æ¤¤¤ë¤ó¤Ç¤¹¤è¤Í¡£¿ë¤Ë¼«Ê¬¤¿¤Á¤ÎÀµÅö²½¤Î¤¿¤á¤Ë¤³¤³¤Þ¤ÇÂĤÁ¤¿¤«Æü¶ä¤è¤È¤¤¤¦½ê¤Ç¤¹¤¬¡¢¤Þ¤¢¤½¤â¤½¤âݯ°æ¤µ¤ó¤Ï¼¹¹ÔÉô¤ÎŴˤ¶Ì¤Ç¤¢¤ê¤Þ¤¹¤«¤é¤·¤Æ¡¦¡¦¡¦¡¦¡¦¡¦°Ê²¼³§¤Þ¤Ç¸À¤ï¤Ê¤¯¤Æ¤âʬ¤«¤ê¤Þ¤¹¤è¤Í!!!!!!!!! ¤È¤¤¤¦¤³¤È¤Ç¤½¤Î¸«¶ì¤·¤¤¸À¤¤Ìõ¤òÇÒ¸«¤·¤Þ¤·¤ç¤¦¡£ ¡Ø¶ñÂÎŪ¤Ë¤Ï¡¢(1)¥°¥í¡¼¥Ð¥ë¤Ê¥µ¥×¥é¥¤¥Á¥§¡¼¥ó¤Î³ÎΩ¤Ë¤è¤ëºâ²Á³Ê¤ÎÀ¤³¦Åª¤ÊÄã°Ì°ÂÄê²½¡¢(2)¥°¥í¡¼¥Ð¥ë²½¤Ø¤ÎÂбþ¤Î·ë²Ì¤È¤·¤Æ¤Î¹ñÆâ·ÐºÑ¤Î¥µ¡¼¥Ó¥¹»º¶È²½¡¢(3)¤³¤¦¤·¤¿·ë²Ì¤È¤·¤Æ¤Î¥µ¡¼¥Ó¥¹¶È¤ÎĶâ¤ËÂФ¹¤ëʪ²Á¤Î´¶±þÅ٤ιâ¤Þ¤ê¡¢(4)¿Í¼êÉÔ¤ËÂбþ¤·¤¿´ë¶È¤Î¾ÊÎϲ½Åê»ñ¤ÎÁý²Ã¤ÈϫƯÀ¸»ºÀ¤Î¸þ¾å¡¢(5)Ķâ¾å¾º°µÎϤòÀ¸»ºÀ¸þ¾å¤ÇµÛ¼ý¤·¡¢ÈÎÇä²Á³Ê¤Ëž²Ç¤·¤Ê¤¤´ë¶È¹Ôư¡¢¤Ê¤É¡¢ÍÍ¡¹¤ÊÊѲ½¤¬¹Í¤¨¤é¤ì¤Þ¤¹¡£¡Ù ¤¨¡¼¤Ã¤È¤¹¤¤¤Þ¤»¤ó¡¢¤³¤ì¤é¤ÎÍ×°ø¤ÏËû¤¬»¶¡¹¤Ã¤Ñ¤é»ØÅ¦¤·¤Æ¤¤¤¿Ïäǡ¢ÃÖʪ¶µÃĤϡÖʪ²Á¤Ï²ßʾŪ¸½¾Ý¡×¤È¤¤¤¦¥Þ¥ó¥È¥é¤ò¾§¤¨¤Æ¤³¤Î¤è¤¦¤Ê¹½Â¤Í×°ø¤Ë¤Ä¤¤¤Æ¸ì¤ë¤³¤È¤òÈó¤È¤·¤Æ¤¤¤Þ¤·¤¿¤è¤Í¡£ ¤Ç¤Þ¤¢²¿¤òº£¤µ¤é¸À¤¦¤Î¤è¤È¤¤¤¦¤Î¤â¤¢¤ë¤Î¤Ç¤¹¤¬¡¢¿Þ¡¹¤·¤¯¤â¤³¤Î»ö¾Ý¤¬¡Ö¥³¥í¥ÊÁ°¤Þ¤Ç¤Î¿ôǯ´Ö¤Ç¤ß¤é¤ì»Ï¤á¤¿·ÐºÑ¹½Â¤¤ÎÊѲ½¡×¤Ç¤¢¤ë¡¢¤È¤«¸À¤¤½Ð¤·¤Æ¤¤¤ë¤Î¤¬¤â¤¦Èܶ±¤È¤¤¤¦¤«¿Í´Ö¤Î¶ý¤È¤¤¤¦¤«¤ªÁ°¤é¿Í´Ö¤È¤·¤Æ¤Îº¸·¤É¤³¤ËÃÖ¤¤¤Æ¤¤¿¤ó¤À¤È¤¤¤¦ÏäǤϤ¢¤ê¤Þ¤¹¡£ ¡Ø¤³¤ì¤é¤Î¹½Â¤ÊѲ½¤Ï¡¢¤ï¤¬¹ñ¸ÇͤΤâ¤Î¤Ç¤Ï¤Ê¤¯¡¢³µ¤Í¼çÍ×Àè¿Ê¹ñ¤Ë¶¦Ä̤·¤¿¸½¾Ý¤Ç¤¢¤ê¡¢¸ÛÍѵ¡²ñ¤ò³ÈÂ礵¤»¤Æ¤¤¿°ìÊý¤Ç¡¢Ä¶â¤Èʪ²Á¤Î¾å¾º¤òÁí¤¸¤ÆÍÞÀ©¤¹¤ëÊý¸þ¤ËºîÍѤ·¤¿¤È»×¤ï¤ì¤Þ¤¹¡£¡Ù ¤È¡¢À¤³¦Åª¤Ë¤½¤¦¤À¤Ã¤¿¤«¤é¤¦¤Á¤À¤±¤Î¤»¤¤¤¸¤ã¤Ê¤¤¡¢¤È¤«¸À¤Ã¤Æ¤¤¤ëÌõ¤Ç¤¹¤¬¡¢¤À¤Ã¤¿¤é¡Ö¥³¥í¥ÊÁ°¤Þ¤Ç¤Î¿ôǯ´Ö¤Ç¤ß¤é¤ì»Ï¤á¤¿·ÐºÑ¹½Â¤¤ÎÊѲ½¡×¤È¤«¸«¶ì¤·¤¤»ö¤ò¸À¤Ã¤Æ7ǯÁ°¤ÎÃÖʪ¶µÃĹõÅÄÍýÏÀ¤òÀµÅö²½¤·¤è¤¦¤È¤¹¤ë¤ó¤¸¤ã¤Ê¤¯¤Æ¡¢¤»¤á¤Æ¡ÖÆüËܤÇÀè¹Ô¤·¤Æµ¯¤¤Æ¤¤¤Þ¤·¤¿¤¬º£¤äÀè¿Ê¹ñ¶¦Ä̤θ½¾Ý¤È¤Ê¤Ã¤Æ¤¤¤Þ¤¹¡×¤È¤«¸À¤¨¤è¤È¤Ï»×¤¦¤Î¤Ç¤¹¤¬¡¢¤½¤ì¤òǧ¤á¤ë¤Î¤ÏÍפÏËû¤¬Àµ¤·¤«¤Ã¤¿¤Î¤òǧ¤á¤ë¤³¤È¤Ë¤Ê¤ë¤«¤é¹õ¤Á¤ã¤ó¤È¤·¤Æ¤ÏÂѤ¨Æñ¤¤ÃÑ¿«¤Ê¤ó¤Ç¤·¤ç¤¦¤È¤¤¤¦¤Î¤ÏÎɤ¯Ê¬¤«¤ë¤Î¤Ç¤¹¤¬¡¢¤ªÁ°¤ÎÂÎÌ̤Ȥ«ÌÌÌ̤ܶȤ«ÃΤ俤³¤È¤«¤èº£¤¹¤°¤½¤³¤ÎƦÉå¤Î³Ñ¤ËƬ¤Ö¤Ä¤±¤Æ°Ê²¼¼«½Í¤Ã¤Æ½ê¤Ç¤Ï¤´¤¶¤¤¤Þ¤¹¤·¡¢¤½¤Î°Ù¤ËÊѤʾ®Íý¶þÙԤͤë¤È¤«¸«¶ì¤·¤¤¤Ë¤âÄø¤¬¤¢¤ë¤ï¤È¤¤¤¦½ê¤Ç¤¹¤Ê¡£ ¹¹¤Ë¿½¤·¾å¤²¤Þ¤¹¤È¡¢¤½¤ÎÁ°¤Îݯ°æ¤µ¤ó¤ÎÀâÌÀ¤Ç¤¹¤È¡Ø¥³¥í¥ÊÁ°¤Ë¤ß¤é¤ì¤¿¡Ö½êÆÀ¤«¤é»Ù½Ð¤Ø¤Î¹¥½Û´Ä¡×¡Ù¤Ê¤ë¤â¤Î¤¬¤¢¤Ã¤¿¤È¸À¤¦»ö¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤Î¤Ë¡¢¤¤¤¶Êª²Á¤¬¾å¤¬¤é¤ó¸À¤¤Ìõ¤ò¤·¤À¤¹¤ÈµÞ¤Ë¡ØÄ¶â¤Èʪ²Á¤Î¾å¾º¤òÁí¤¸¤ÆÍÞÀ©¤¹¤ë¡Ù¤È¤«¸À¤¤½Ð¤·¤Æ¡¢¤µ¤Ã¤¸À¤Ã¤Æ¤¿¹¥½Û´Ä¤È¤Ï²¿¤Ê¤Î¤«¤È¾®°ì»þ´ÖÌ䤤µÍ¤á¤¿¤¤¤È¤¤¤¦¤«¡¢ÕûÍý¶þÙԤͤޤ路²á¤®¤ÆÏäÎÀ°¹çÀ¤¬¼è¤ì¤Ê¤¯¤Ê¤Ã¤Æ¤¤¤ë¤ó¤Ç¤¹¤±¤É´ªÊÛ¤·¤Æ²¼¤µ¤¤¡£ ¡Ø¤â¤Ã¤È¤â¡¢Àè¤Û¤É½Ò¤Ù¤¿Ä̤ꡢ¤³¤Î¤è¤¦¤Ë¼ÂºÝ¤Îʪ²Á¾å¾º¤¬Æß¤¯¤Æ¤â¡¢¡ÖͽÁÛ¡×ʪ²Á¾å¾ºÎ¨¤ò¤¢¤ëÄøÅ٤Υץ饹¤Ë°Ý»ý¤·¤Æ¤ª¤¯¤³¤È¤¬¡¢Ì±´ÖÉôÌç¤ÎÁ°¸þ¤¤Ê»Ù½Ð¹Ôư¤ò³ÎÊݤ¹¤ë´ÑÅÀ¤«¤é½ÅÍפǤ¢¤ë¤³¤È¤Ï¸À¤¦¤Þ¤Ç¤â¤¢¤ê¤Þ¤»¤ó¡£¡Ù ¤¿¤À¤Þ¤¢¤³¤³¤Ç¤Á¤ç¤Ã¤È¤À¤±Ý¯°æ¤µ¤ó¤¬¤ªÃãÌܤʤΤϡÖͽÁÛʪ²Á¾å¾ºÎ¨¤ò2%¤Ë¥¢¥ó¥«¡¼¤¹¤ë¡×¤È¤Ï¸À¤ï¤Ê¤¤¤Ç¡¢¡Ö¤¢¤ëÄøÅ٤Υץ饹¤Ë°Ý»ý¤·¤Æ¤ª¤¯¡×¤È¸À¤Ã¤Æ¤¤¤ë(¤µ¤Ã¤¤â¤½¤¦¸À¤Ã¤Æ¤Þ¤·¤¿¤è¤Í)½ê¤À¤·¡¢¤³¤Î¹Ö±é¥Æ¥¥¹¥È¤ËÀè¤Û¤É¤â¿½¤·¾å¤²¤Þ¤·¤¿¤è¤¦¤Ë2%¤Îʸ¸À¤¬Ìµ¤¤¤³¤È¤Ç¡¢¤â¤·¤«¤·¤Æ¤³¤Î¼«¸ÊÀµÅö²½(¤È¸À¤Ã¤Æ¤âÃÖʪ´ËϤνé´ü¤Ë¤Ïݯ°æ¤µ¤óµï¤Ê¤«¤Ã¤¿¤ó¤Ç¤¹¤±¤É¤Í)¤ÎÕûÍý¶þºî¤Ã¤Æ(ºî¤é¤µ¤ì¤Æ?)¤ÆÈᤷ¤¯¤Ê¤Ã¤¿¤«¤é¡Ö2%¡×¤ò¤¢¤¨¤Æ¤Ö¤Ã¤³¤ó¤Ç¤¤¤Ê¤¤¤È¤¤¤¦¤³¤È¤À¤Ã¤¿¤ê¤¹¤ë¤È¤«¤Ê¤êÌÌÇò¤¤¤Î¤Ç¤¹¤¬¡¢¤µ¤Æ¤É¤¦¤Ê¤ó¤Ç¤·¤ç¤¦¤«¤Í¡£ ¡Ø¤³¤¦¤·¤¿¹½Â¤ÊѲ½¤Ë¤è¤ëʪ²Á¤Ø¤Î±Æ¶Á¤Ë¤Ä¤¤¤Æ¤Ï¡¢º£¸å¡¢¤è¤ê¾ÜºÙ¤ËʬÀϤ¹¤ëɬÍפ¬¤¢¤ë¤È¹Í¤¨¤Æ¤¤¤Þ¤¹¡£¤ï¤¬¹ñ¤Î·ÐºÑ¹½Â¤¤ª¤è¤Óʪ²ÁÊÑÆ°¥á¥«¥Ë¥º¥à¤ÎÊѲ½¤Ë¤Ä¤¤¤Æ¤Ï¡¢¸å¤Û¤É²þ¤á¤Æ½Ò¤Ù¤¿¤¤¤È»×¤¤¤Þ¤¹¡£¡Ù ¤È¤¤¤¦¤³¤È¤Ç¤Þ¤¿½Ð¤Æ¤¤Þ¤¹¤Î¤Ç¸åÄø¡£ ¡¦¶âÍ»À¯ºö¤ÎÏäϤɤ¦¤Ç¤âÎɤ¤¤Î¤Ç¤Û¤Ü¥Ñ¥¹¤À¤¬±ôÉ®¤Î¥Ý¥ó¥Á³¨¤¬Ìµ¤¤»ö¤À¤±³Îǧ¤·¤Æ¤ª¤¯ ¼¡¤Î¾Ï¤¬¡Ø4.¶âÍ»À¯ºö¡Ù¤À¤¬¤Ï¤Ã¤¤ê¸À¤Ã¤Æ¤É¤¦¤Ç¤âÎɤ¤¤Î¤Ç¥Ñ¥¹¤¹¤ë¡£¤Ê¤ª¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡Ø¼¡¤Ë¡¢ÆüËܶä¹Ô¤Î¶âÍ»À¯ºö±¿±Ä¤Ë¤Ä¤¤¤Æ¤ªÏä·¤·¤Þ¤¹¡£´¶À÷¾É³ÈÂç¤Ëȼ¤¦¶âÍ»»Ô¾ì¤ÎÉÔ°ÂÄê¤Êư¤¤ä¡¢·ÐºÑ³èư¤ÎÀ©¸Â¤ò¼õ¤±¤¿´ë¶È¤ÎÇä¾å¸º¤Ëµ¯°ø¤¹¤ë´ë¶È¶âÍ»Ì̤ÎɯÇ÷·üǰ¤ò¼õ¤±¤Æ¡¢ÆüËܶä¹Ô¤Ç¤Ï¡¢3·î°Ê¹ß¡¢³Æ¼ï¤Î¶âÍ»´Ë϶¯²½ºö¤ò¹Ö¤¸¤Æ¤¤Þ¤·¤¿¡£¤½¤ÎÆâÍÆ¤Ï¡¢¼¡¤Î¡Ö3¤Ä¤ÎÃì¡×¤ËÀ°Íý¤Ç¤¤Þ¤¹(¿Þɽ9)¡£¡Ù ¿Þɽ9¤Ë´Ø¤·¤Æ¤ÏHTMLÈǤÀ¤È¸«¤ì¤Ê¤¤¤Î¤Ç¡¢¤³¤ì¤ÏPDFÈǤò¸«¤Ë¹Ô¤Ã¤ÆÄº¤¤¿¤¤¤Î¤Ç¤¹¤¬¡¢º£²ó¤â¤Þ¤¿¡Ö3ËܤαôÉ®¡×¤¢¤ë¤¤¤Ï¡Ö»°É¤¤Î»ÒÆÚ¤Î²È¡×¤Î¥Ý¥ó¥Á³¨¤ÏÈäϪ¤µ¤ì¤Æ¤ª¤ê¤Þ¤»¤ó¤Ç¡¢¤Ê¤ó¤Á¤å¤¦¤«¤¢¤ÎÌ£¤ï¤¤¤Î¿¼¤¤(¿¼¤¯¤Ê¤¤¤±¤É)¥Ý¥ó¥Á³¨¤¬¶âº©¤Ê¤É¤Ç¸«¤ì¤Ê¤¤¤Î¤Ï¼Â¤Ë»Äǰ̵ǰ¤È¤¤¤¦½ê¤Ç¤´¤¶¤¤¤Þ¤¹(ËÀÆÉ¤ß)¡£ ¡¦ºÇ¸å¤Î½ê¤¬¿§¡¹¤ÈÀ¨¤¯¤Æ¤É¤³¤«¤é¤É¤³¤Þ¤Ç¥Þ¥¸¤ÇÏäò¤·¤Æ¤¤¤ë¤Î¤«¤È¸À¤¤¤¿¤¯¤Ê¤ë°Ì¤Î»ÙÎ¥ÌÇÎöʸ¾Ï¤ÇÁ´²¶¤¬µã¤¤¤¿ »ö¼Â¾åºÇ¸å¤Î¾Ï(ºÇ¸å¤´ÅöÃϷкѤÎÏäˤʤë)¤È¤Ê¤ê¤Þ¤¹Âè5¾Ï¤Ç¤¹¤¬¡¢ÏäΥѡ¼¥Ä¥Ñ¡¼¥Ä¤Ï¹ç¤Ã¤Æ¤¤¤ë¤Î¤À¤¬¡¢ÇطʤȤ«°ø²Ì´Ø·¸¤È¤«¿§¡¹¤Ê¤â¤Î¤¬»ÙÎ¥ÌÇÎö²á¤®¤Æ¡¢¤É¤³¤«¤é¤É¤³¤Þ¤Ç¤¬¥Þ¥¸¤Ê¤Î¤«¥®¥ã¥°¤Ê¤Î¤«¤¬¤µ¤Ã¤Ñ¤êʬ¤«¤é¤ó¤È¤¤¤¦À¨¤¤Êª·ï¤¬Åо줷¤Æ¤¤¤Æ¡¢¤Ä¤¤¤³¤ÎÁ°¤Þ¤Ç³ä¤ÈÀµÏÀ¤Ã¤Ý¤¤¤Ï¤Ê¤·¤ò¤·¤Æ¤¤¤¿Ý¯°æ¤µ¤ó¤¬¤É¤¦¤·¤Æ¤³¤¦¤Ê¤Ã¤¿¡¢¤È¤â¤·¤«¤¹¤ë¤ÈºÇ¸å¤Î²ÄǽÀ¤â¤¢¤ë(Íèǯ3·î¤ÇǤ´üÀÚ¤ì)ݯ°æ¤µ¤ó¤Î¶âº©¤¬¤³¤ó¤Ê·Á¤Ç¥°¥é¥ó¥É¥Õ¥£¥Ê¡¼¥ì¤ò·Þ¤¨¤ë¤Î¤Ï¤¢¤Þ¤ê¤Ë¤âÈᤷ¤¤¤Î¤Ç¤¢¤È1²ó¶âº©¤ä¤Ã¤Æ²¼¤µ¤¤²¿¤Ç¤·¤¿¤é¤¿¤À¤Î¹Ö±é²ñ¤Ç¤âÎɤ¤¤Ç¤¹¡¢¤ÈÈᤷ¤¯¤Ê¤ê¤Þ¤·¤¿¡£ ¤Ç¤Ï¤Ê¤¼Èᤷ¤¤¤Î¤«¤È¤¤¤¦¤Î¤ò½ç¤òÄÉ¤Ã¤ÆÆÉ¤ó¤Ç¤Þ¤¤¤ê¤Þ¤·¤ç¤¦¡£¡Ø5.º£¸å¤Î·ÐºÑ²óÉü¡¦¹½Â¤ÊѲ½¤È¶âÍ»À¯ºö¤ÎÌò³ä¡Ù¤È¤¤¤¦¾Ï¤Ë¤Ê¤ê¤Þ¤¹¡£ºÇ½é¤Î¥Þ¥¯¥é¤Ï¤É¤¦¤Ç¤â¤¤¤¤¤Î¤ÇÈô¤Ð¤·¤Æ¡Ø¤ï¤¬¹ñ¤Ë¤ª¤±¤ë·ÐºÑ¹½Â¤¤ÎÊѲ½¤È¶âÍ»À¯ºö¡½¡½²áµî7ǯ´Ö¤Î·Ð¸³¡Ù¤È¤¤¤¦¾®¸«½Ð¤·¤«¤é¡£ ¡Ø¤ï¤¬¹ñ·ÐºÑ¤Ï¡¢ºâÀ¯À¯ºö¤È¶âÍ»´ËÏÂÀ¯ºö¤Î¥Ý¥ê¥·¡¼¥ß¥Ã¥¯¥¹¤Î¤â¤È¤Ç¡¢2013¡Á2019ǯ¤Ë¤«¤±¤Æ´Ë¤ä¤«¤Ê¥×¥é¥¹À®Ä¹¤ò¼Â¸½¤·¤Þ¤·¤¿¡£¤³¤ì¤Ëȼ¤¤¡¢¤ï¤¬¹ñ¤Î·ÐºÑ¹½Â¤¤â½ù¡¹¤ËÊѲ½¤·¤Æ¤¤Þ¤·¤¿1¡£¤¹¤Ê¤ï¤Á¡¢¤Þ¤º¤ï¤¬¹ñ¤Î¥Þ¥¯¥í·ÐºÑÀ¯ºö¤ò¼õ¤±¤Æ(1)¶âÍ»»Ô¾ì¤¬°ÂÄê²½¤·¡¢¤ï¤¬¹ñ·ÐºÑ¤Ë¤ª¤¤¤Æ(2)½êÆÀ¤«¤é»Ù½Ð¤Ø¤ÎÁ°¸þ¤¤Ê½Û´Ä¤¬³ÎΩ¤·¡¢¥°¥í¡¼¥Ð¥ë²½¤Î¿ÊŸ¤âÁê¤Þ¤Ã¤Æ(3)³¤³°Åê»ñ¤¬³ÈÂ礷¡¢(4)ʪ²ÁÊÑÆ°¥á¥«¥Ë¥º¥à¤Ë¤â¿·¤¿¤ÊÊѲ½¤¬½Ð»Ï¤á¤¿¡¢¤ÈÀ°Íý¤Ç¤¤Þ¤¹¡£¡Ù ¤Á¤çwwww¤ª¤Þwwwwwww ¤Þ¤¢(1)¤Ï´ªÊÛ¤·¤Æ¤ä¤ê¤Þ¤¹¤¬¡¢¤½¤â¤½¤â(2)¤ÎÁ°¸þ¤¤Ê½Û´Ä¤Ã¤Æ³ÎΩ¤·¤Æ¤Í¤¨¤À¤í¤È¤¤¤¦¤Î¤Ï¤µ¤Ã¤¤â¿½¤·¾å¤²¤Þ¤·¤¿¤±¤ì¤É¤â¡¢¤½¤ÎÀ褬À¨¤¯¤Æ¡Ø(3)³¤³°Åê»ñ¤¬³ÈÂ礷¡¢(4)ʪ²ÁÊÑÆ°¥á¥«¥Ë¥º¥à¤Ë¤â¿·¤¿¤ÊÊѲ½¤¬½Ð»Ï¤á¤¿¡¢¡Ù¤Ã¤Æ¤ªÁ°¥Ê¥á¥È¥ó¥Î¥«¤È¤¤¤¦ÀâÌÀ¡£ ¤À¤¤¤¿¤¤¤«¤é¤·¤Æ¡¢QQE¤ä¤Ã¤ÆÊª²ÁÌÜɸãÀ®¤·¤è¤¦¤È¤·¤Æ¤¤¤¿¤Î¤Ë¡¢²¿¤ÇQQE¤Î¤»¤¤¤Ç¡Ö(4)ʪ²ÁÊÑÆ°¥á¥«¥Ë¥º¥à¤Ë¤â¿·¤¿¤ÊÊѲ½¤¬½Ð»Ï¤á¤¿¡×¤Ã¤ÆÏäˤʤë¤ó¤À¤è¤À¤Ã¤¿¤éQQE¤¬À®¸ù¤·¤¿¤»¤¤¤Çʪ²Á¤¬¾å¤¬¤ê¤Ë¤¯¤¯¤Ê¤Ã¤¿¤È¤«¤½¤¦¤¤¤¦Ïäˤʤë¤ó¤Ç¤¹¤±¤ÉºÇÁᲿ¤ò¸À¤Ã¤Æ¤¤¤ë¤Î¤«¤¬Ê¬¤«¤é¤ó¡¢¤È¤¤¤¦¤Î¤¬¤³¤Î¾Ï¤Î½Ð¤À¤·¤È¤¤¤¦½ê¤Ç¤·¤Æ¡¢ÆÉ¤ó¤Ç¤ë¥¢¥¿¥¯¥·¤â¤¦°Ø»Ò¤«¤éž¤²Íî¤Á¤½¤¦¤Ë¤Ê¤ê¤Þ¤·¤¿¤è¥Þ¥Ã¥¿¥¯¥â¥¦¡£ ¤Ç¤â¤Ã¤Æ¤Ç¤¹¤Í¡¢¤³¤Î(1)¤«¤é¤ÎÀâÌÀ¤â¿§¡¹¤È¤ª¤«¤·¤¤¤ó¤Ç¤¹¤è¡¢º£°úÍѤ·¤¿Ä¾¸å¤«¤éÀâÌÀ¤¬»Ï¤Þ¤ë¤ó¤Ç¤¹¤±¤É¡¦¡¦¡¦¡¦¡¦¡¦¡¢ ¡¦À¤³¦Åª¤Ë¶âÍøº¹¤¬½Ì¾®¤·¤¿¤Î¤ÏÆüËܤΥݥꥷ¡¼¥ß¥Ã¥¯¥¹´Ø·¸¤Ê¤¤¤ó¤Ç¤¹¤±¤É¤Í¤¨ ¡Ø¤Þ¤º¡¢(1)¤Î¶âÍ»»Ô¾ì¤Î°ÂÄê²½¤Ë¤Ä¤¤¤Æ¤Ï¡¢2013ǯ°Ê¹ß¤ÎÂ絬ÌϤʶâÍ»À¯ºö¤ÈºâÀ¯À¯ºö¤Î¥Ý¥ê¥·¡¼¥ß¥Ã¥¯¥¹¤Î¤â¤È¤Ç»Ô¾ì¤¬³µ¤Í°ÂÄê²½¤·¡¢ÆÃ¤Ë2016ǯ¸åȾ°Ê¹ß¡¢Ã»´üŪ¤ÊÊÑÆ°¤Ïȼ¤¤¤Ä¤Ä¤â¶âÍ»¡¦°ÙÂØ»Ô¾ì¤Ï°ÂÄêŪ¤Êư¤¤ò³¤±¤Æ¤¤¤Þ¤¹¡£¤³¤ì¤Ï¡¢´¶À÷¾É¤Î±Æ¶Á¤¬»Ä¤ë¸½ºß¤Ç¤âÊѤï¤ê¤Þ¤»¤ó¡£¡Ù ¤Ï¤¢¡£ ¡Ø¤³¤ÎÇØ·Ê¤Ë¤Ï¡¢¼çÍ׳ƹñ¤¬¤½¤ì¤¾¤ì¼«¹ñ·ÐºÑ¤Î°ÂÄê²½¤Î´ÑÅÀ¤«¤é¼Â»Ü¤·¤Æ¤¤¤ë¶âÍ»´ËÏÂÀ¯ºö¤ÎÊý¸þÀ¤äµ¬ÌÏ´¶¤ËÂ礤ʺ¹¤¬¤Ê¤¯¤Ê¤Ã¤Æ¤¤Æ¤ª¤ê¡¢¼çÍ×¹ñ¤Î¶âÍøº¹¤¬½Ì¾®¤¹¤ë¤Ê¤É¡¢Ä̲ߴ֤ÇÂ礤ÊÄ´À°°µÎϤ¬À¸¤¸¤Ê¤¯¤Ê¤Ã¤Æ¤¤¤ë¤Û¤«¡¢Ä¹´üŪ¤Ê̾ÌܰÙÂØ¥ì¡¼¥ÈÄ´À°°µÎϤ˱ƶÁ¤òÍ¿¤¨¤ë¡¢¼çÍ×¹ñ´Ö¤Î¥¤¥ó¥Õ¥ìΨ¤Î³Êº¹¤¬½Ì¾®¤·¤Æ¤¤¤ë¤³¤È¤Ê¤É¤¬´óÍ¿¤·¤Æ¤¤¤ë¤³¤È¤¬¹Í¤¨¤é¤ì¤Þ¤¹2(¿Þɽ11)¡£¡Ù ¤ª¤¤¤³¤é¤Á¤ç¤Ã¤ÈÂԤơ£¤½¤ìÆüËܤΥݥꥷ¡¼¥ß¥Ã¥¯¥¹Á´Á³´Ø·¸¤Ê¤¤¤À¤í¤¦¡£ÆüËܤ¬Êª²Á2%ãÀ®¤·¤ÆÂ¾¹ñ¤ËÄɤ¤¤Ä¤¤¤¿¤«¤éÀ¯ºö¤¬°ìÃפ·¤¿¤Ã¤Æ¤ó¤ó¤À¤Ã¤¿¤é¤½¤é¥Ý¥ê¥·¡¼¥ß¥Ã¥¯¥¹¤Î¸ú²Ì¤À¤±¤É¤½¤¦¤¸¤ã¤Ê¤¤¤Î¤Ë²¿¤Ç¤½¤ì¤¬¥Ý¥ê¥·¡¼¥ß¥Ã¥¯¥¹¤Î¸ú²Ì¤Ë¤Ê¤ë¤ó¤À¤èÌ줵¤óÂç¾æÉפ«??? ¡¦Á°¸þ¤½Û´Ä¤Ï¤Þ¤¢¿å³Ý¤±ÏÀ¤Ë¤Ê¤ë¤ó¤Ç¤·¤ç¤¦¤¬ ¡Ø¼¡¤Ë(2)¤ÎÁ°¸þ¤¤Ê½Û´Ä¤Î³ÎΩ¤Ç¤¹¡£¤ï¤¬¹ñ¤Ë¤ª¤±¤ëÇ´¤ê¶¯¤¤¶âÍ»´ËÏÂÀ¯ºö¤Î·Ñ³¤Ë¤è¤Ã¤Æ¡¢¸ÛÍѤϻý³Ū¤Ë²þÁ±¤·¡¢´°Á´¸ÛÍѤ˶á¤Å¤¤Þ¤·¤¿¡£¡Ù ¤½¤â¤½¤â²¿¤Ç¶âÍ»´ËϤθú²Ì¤Ç¸ÛÍѤ¬²þÁ±¤·¤¿¤Î¤«¤È¤¤¤¦ÀâÌÀ¤¬Ìµ¤¤¤Î¤Ç¥À¥¦¥È¡£¿Í¸ýưÂÖÍ×°ø¤È¤«¤ÎÏäò´°Ìµ»ë¤·¤Æ¾å¼ê¤¯¹Ô¤Ã¤¿¤Î¤Ï¼«Ê¬¤Î¼êÊÁ¡¢¾å¼ê¤¯¹Ô¤«¤Ê¤«¤Ã¤¿¤Î¤Ï¹½Â¤Í×°ø¤È¤«Çϼ¯¤Ë¤·¤Æ¤ë¤À¤í¥¸¥¸¥¤¡£ ¡Ø¤³¤¦¤·¤¿¤Ê¤«¡¢À¯ÉܤÎÀ®Ä¹Àïά¤âÇØ·Ê¤Ë¡¢½÷À¤ä¹âÎð¼Ô¤Î¿·¤¿¤ÊϫƯ»Ô¾ì¤Ø¤Î»²²Ã¤¬Áý¤¨¡¢¸ÛÍѼԽêÆÀ¤â·øÄ´¤ËÁý²Ã¤·¡¢¸Ä¿Í¾ÃÈñ¤âÄì·ø¤¯¿ä°Ü¤¹¤ë¤è¤¦¤Ë¤Ê¤Ã¤Æ¤¤Þ¤·¤¿¡£¤µ¤é¤Ë¡¢´ë¶È¤¬´Ë¤ä¤«¤ÊÀ®Ä¹´üÂÔ¤òÇØ·Ê¤Ë¡¢¡Ö¿Í¼êÉÔ¤¬º£¸å¤â³¤¯¡×¤È¤Î¸«Ä̤·¤ò¶¯¤á¤¿¤³¤È¤Ç¡¢IT¤äAIµ»½Ñ¤ÎȯŸ¤âÁê¤Þ¤Ã¤Æ¡¢¾ÊÎϲ½Åê»ñ¤òÃæ¿´¤È¤¹¤ë¹ñÆâÀßÈ÷Åê»ñ¤â»ý³Ū¤Ê³ÈÂç¤Ø¤Èž¤¸¤Þ¤·¤¿¡£¤³¤Î¤è¤¦¤Ë¡¢¤ï¤¬¹ñ·ÐºÑ¤Ï¡¢´Ë¤ä¤«¤Ê¥×¥é¥¹À®Ä¹¤Î»ý³¤ò¼´¤È¤·¤Æ¡¢½êÆÀ¤«¤é»Ù½Ð¤Ø¤Î¹¥½Û´Ä¤¬²Äǽ¤Ë¤Ê¤Ã¤¿¤È¤¤¤¨¤Þ¤¹¡£¡Ù ¸Ä¿Í¾ÃÈñ¤¬¡ÖÄì·ø¤¯¿ä°Ü¡×Ç¡¤¤Ç²¿¤Ç¡Ö½êÆÀ¤«¤é»Ù½Ð¤Ø¤Î¹¥½Û´Ä¡×¤Èɾ²Á¤Ç¤¤ë¤Î¤«Îɤ¯Ê¬¤«¤ê¤Þ¤»¤ó¤Í¡£¤Þ¤¢¤³¤ì¤è¤ê¤â¼¡¤ÎÏä¬À¨¤¹¤®¤Æ²¶Íͤò¾Ð¤¤»à¤Ë¤µ¤»¤ëµ¤¤«¤È»×¤Ã¤¿¤ó¤Ç¤¹¤±¤É¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡¦°ÙÂØ»Ô¾ì¤¬°ÂÄê²½¤¹¤ë¤È³¤³°Åê»ñ¤¬³èȯ¤Ë¤Ê¤ë¤È¤¤¤¦ÄÁÍýÏÀ¤Ë¤·¤¿¤Ã¤ÆÄÁÍýÏÀ²á¤®¤ëÄÁÍýÏÀ ¼¡¤¬À¨¤¤¤Î¤è¡£³¤³°Åê»ñ¤Î½ê¤Ç¤Á¤Ê¤ß¤ËPDF¤À¤ÈËÜʸ9¥Ú¡¼¥¸¤Î¥±¥Ä¤ÎÊý¤«¤é»Ï¤Þ¤ë¡£ ¡Ø(3)¤Î³¤³°Åê»ñ¤Ë¤Ä¤¤¤Æ¤Ï¡¢²áµî20¡Á30ǯ´Ö¤ËÏˤäƳÈÂ礷³¤±¤Æ¤¤¤Þ¤¹¡£¡Ù ¡Ö²áµî7ǯ´Ö¤Î·Ð¸³¡×¤Ã¤Æ¾®¸«½Ð¤·¤Ç¤¤¤¤Ê¤ê¤³¤ì¤ÇÇú¾Ð(¤Þ¤¢¤½¤ÎÁ°¤Î³¤³°Åê»ñ¤Ã¤Æ¤Î¤ÇÇú¾Ð¤·¤Æ¤¤¤ë¤±¤É)¡£ ¡Ø¤³¤ì¤Ï¡¢¤ï¤¬¹ñ¤Î¹ñºÝ¼ý»Ù¹½Â¤¤ÎÊѲ½¤Ë¤è¤¯É½¤ì¤Æ¤¤¤Þ¤¹¡£¤¹¤Ê¤ï¤Á¡¢2000ǯÂå°Ê¹ß¡¢Ëǰ׼ý»Ù¤Ï¥Í¥Ã¥È¤Ç¤Û¤Ü¶Ñ¹Õ¤¹¤ë¤è¤¦¤Ë¤Ê¤Ã¤¿°ìÊý¡¢·Ð¾ï¼ý»Ù¤ÏÂçÉý¤Ê¹õ»ú¤ò³¤±¤Æ¤ª¤ê¡¢¤½¤ÎÂçȾ¤ò³¤³°Åê»ñ¼ý±×¤¬Àê¤á¤ë¤è¤¦¤Ë¤Ê¤ê¤Þ¤·¤¿(¿Þɽ12)¡£¤³¤¦¤·¤¿¿öÀª¤Ï¡¢´¶À÷³ÈÂç¤Ë¤è¤Ã¤Æ·ÐºÑ³èư¤¬ÂçÉý¤Ë½Ì¾®¤·¤Æ¤¤¤ë¸½»þÅÀ¤Ë¤ª¤¤¤Æ¤â¡¢ÊѤï¤é¤º°Ý»ý¤µ¤ì¤Æ¤¤¤Þ¤¹¡£¡Ù ²áµî7ǯ¥Á¥ã¥¦¤ä¤ó¤È»×¤¦¤Î¤Ç¤¹¤¬¤³¤Î¼¡¤¬¾Ð¤¤»à¤Ë¤Ç¤¤ë¡£ ¡Ø³¤³°Åê»ñ¤¬³èȯ²½¤·¤¿Çطʤˤϡ¢¹ñÆâÅê»ñÂÐÈæ¤Ç³¤³°Åê»ñ¤Î´üÂÔ¼ý±×Ψ¤¬¹â¤¤¤³¤È¤Ë²Ã¤¨¡¢°ÙÂØÊÑÆ°¤Ë¤è¤Ã¤Æ´ë¶Èºâ̳¤¬°²½¤¹¤ë¥ê¥¹¥¯¤¬¾®¤µ¤¯¤Ê¤Ã¤¿¤³¤È¤âÍ×°ø¤È¤·¤Æµó¤²¤é¤ì¤Þ¤¹¡£¡Ù ¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦(¡¬§Õ¡¬) ¤Á¤ç¤Ã¤ÈÂԤƤª¤¤¡£¤½¤â¤½¤â´ë¶È¤¬³¤³°Åê»ñ»Ï¤á¤¿¤Î¤Ï±ß¹â¤Ç¹ñÆâ¤ÇÀ½Â¤¤¹¤ë¥³¥¹¥È¤¬ÁêÂÐŪ¤Ë¹â¤¯¤Ê¤Ã¤Æ(²Ã¤¨¤ÆÃæ¹ñ¤Î³«ÊüÀ¯ºö¤È¤«¤ÎÄɤ¤É÷¤â¤¢¤Ã¤Æ)¡¢¥¢¥¸¥¢¿·¶½¹ñ¤Ê¤É¤ÇÀ¸»º¤¹¤ëÊý¤¬¥³¥¹¥È°Â¤¤¤È¤«¡¢ÂÐÊÆ¼«Æ°¼ÖË໤¤È¤«¤Ç¸½ÃÏÀ¸»º¤¹¤ë¤è¤¦¤Ë¤Ê¤ë¤È¤«¡¢¤½¤¦¤¤¤¦Í×°ø¤À¤í¤¦¤¬¤È¡£ ¤·¤«¤·¤Ê¤¬¤é¤³¤Î¾Ï¤ÎºÇ½é¤Ë¤¢¤ê¤Þ¤¹¤è¤¦¤Ë¡¢²¿¸Î¤«Ý¯°æ¤µ¤ó¤ÎÍý¶þ¤Ë¤è¤ê¤Þ¤¹¤È¡¢¡Ö¤Þ¤º¤ï¤¬¹ñ¤Î¥Þ¥¯¥í·ÐºÑÀ¯ºö¤ò¼õ¤±¤Æ(1)¶âÍ»»Ô¾ì¤¬°ÂÄê²½¤·¡¢¤ï¤¬¹ñ·ÐºÑ¤Ë¤ª¤¤¤Æ(2)½êÆÀ¤«¤é»Ù½Ð¤Ø¤ÎÁ°¸þ¤¤Ê½Û´Ä¤¬³ÎΩ¤·¡¢¥°¥í¡¼¥Ð¥ë²½¤Î¿ÊŸ¤âÁê¤Þ¤Ã¤Æ(3)³¤³°Åê»ñ¤¬³ÈÂ礷¡¢(4)ʪ²ÁÊÑÆ°¥á¥«¥Ë¥º¥à¤Ë¤â¿·¤¿¤ÊÊѲ½¤¬½Ð»Ï¤á¤¿¡¢¤ÈÀ°Íý¤Ç¤¤Þ¤¹¡£¡×¤È¤«¤¤¤¦ÏäˤʤäƤ¤¤Þ¤·¤Æ¡¢¤â¤¦Ïä¬Á´Á³°ã¤¦¤ï¤È¤¤¤¦¼¡Âè¡£ ¤À¤¤¤¿¤¤¤«¤é¤·¤Æ¡¢¤Þ¤¢¤½¤³¤Ï¤·¤é¤Ã¤Èݯ°æ¤µ¤ó¤ÎÃæ¤Ç¤â¡Ö¹ñÆâÅê»ñÂÐÈæ¤Ç³¤³°Åê»ñ¤Î´üÂÔ¼ý±×Ψ¤¬¹â¤¤¡×¤Ã¤Æ¸À¤Ã¤Æ¤Þ¤¹¤¬¡¢ºÇ¶á¤Î¾ì¹ç¤Ï¹ñÆâ¤Ë»ö¶È¤ÎÀ®Ä¹´üÂÔ¤¬Ìµ¤¯¤Æ¡¢³¤³°¤Ë»ö¶È¤ÎÀ®Ä¹´üÂÔ¤¬¤¢¤ë¤«¤é³¤³°¿Ê½Ð¤È¤«Åê»ñ¤È¤«¤¬³èȯ¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤À¤±¤Ç¤·¤ç¤È¤¤¤¦ÏäǤ·¤ç¡£ ¤È¤¤¤¦¤³¤È¤Ï¡¢¤½¤â¤½¤âÏÀ¤È¤·¤Æ¤µ¤Ã¤¤¢¤ê¤Þ¤·¤¿¡Ö(3)³¤³°Åê»ñ¤¬³ÈÂ礷¡×¤Ã¤Æ¤Î¤òÀ¯ºö¤ÎÀ®¸ù¤ÎÇ¡¤¯ÀâÌÀ¤·¤Æ¤¤¤ë¤Î¤â¥¤¥ó¥Á¥¤Ë¤âÄø¤¬¤¢¤Ã¤Æ¡¢¥Þ¥¯¥íÀ¯ºö¤¬¸ù¤òÁÕ¤·¤Æ¹ñÆâ¤ÎÀ®Ä¹´üÂÔ¤¬¹â¤Þ¤Ã¤Æ¡¢¼ÂºÝ¤Ë¹ñÆâ·ÐºÑ¤¬Î϶¯¤¯À®Ä¹¤·¤ÆÍè¤ì¤Ð¡¢¤à¤·¤í³¤³°Åê»ñ¤Î¹ñÆâ²óµ¢¤¬µ¯¤¤ÆÁ³¤ë¤Ù¤¤Ê¤Î¤Ç¤¢¤ê¤Þ¤·¤Æ¡¢³¤³°Åê»ñ¤¬³ÈÂ礷¤¿¡¢¤È¤¤¤¦¤Î¤òÀ¯ºö¤ÎÀ®¸ù¤ÎÇ¡¤¯ÀâÌÀ¤·¤Æ¤¤¤ë¤Î¤Ï¤Á¤ç¤Ã¤È¤ª¤¸¤¤¤Á¤ã¤óËþ½£¤ÎÏäʤ餵¤Ã¤¤·¤¿¤Ç¤·¤ç¤ªÌô¤Î»þ´Ö¤Ç¤¹¤è¥ì¥Ù¥ë¤ÎÀ¤³¦¤ËÆÍÆþ¤·¤Æ¤¤¤ë¤È¤·¤«¿½¤·¾å¤²¤è¤¦¤¬¤Ê¤¤(¸Ä¿Í¤Î´¶ÁۤǤ¹)¡£ ¡Ø³¤³°Åê»ñ¤ÎÁý²Ã¤Ë¤è¤ê¡¢¤ï¤¬¹ñ¤Ç¤Ï̾ÌÜGNI(¹ṉ̃Áí½êÆÀ)¤¬Ì¾ÌÜGDP(¹ñÆâÁíÀ¸»º)¤ò¾å²ó¤ë¾õÂÖ¤¬ÄêÃ夷¡¢¤½¤Îº¹¤Ï̾ÌÜGDP¤Î3¡Á4%¤Ë¤â㤷¤Æ¤¤¤Þ¤¹¡£¤ï¤¬¹ñ·ÐºÑ¤Ï¡¢³¤³°Åê»ñΩ¹ñ¤Ë¶á¤¤¤È¤âɾ²Á¤Ç¤¤Þ¤¹¡£¡Ù ¹ñÆâ¤Î·ÐºÑ¤¬À®Ä¹¤·¤Ê¤¤¤«¤é³¤³°¤ËÅê»ñ¤·¤Æ¤¤¤ë¤Î¤Ë°ÒÄ¥¤é¤ì¤Æ¤âº¤¤ë¡£ ¡Ø´û¤Ë¥°¥í¡¼¥Ð¥ë¤Ê¥µ¥×¥é¥¤¥Á¥§¡¼¥ó¤¬³ÎΩ¤¹¤ë¤â¤È¤Ç¡¢ÆüËÜ´ë¶È¤Î¿¤¯¤Ï¡¢³Æ¹ñ·ÐºÑ¤ÎÃæ´üŪ¤Ê´üÂÔÀ®Ä¹Î¨¤äϫƯ¡¦»ñËÜ¥³¥¹¥È¤Î°ã¤¤¡¢µ»½Ñή½ÐËɻߤδÑÅÀ¤Ê¤É¤ò¿µ½Å¤Ë¹Íθ¤·¤Ä¤Ä¡¢¹ñÆâ³°¤ÎÅê»ñ¤ò°ìÂΤÇȽÃǤ¹¤ë¤è¤¦¤Ë¤Ê¤Ã¤Æ¤¤Æ¤¤¤Þ¤¹¡£¡Ù ¤À¤«¤é²¿¤Ê¤Î¤«?????????¤È»×¤¦¤Î¤Ç¤¹¤¬¡¢¤³¤ìºÇ¸å¤ÎÊý¤ËʪÀ¨¤¤Íý¶þ¤¬ÂÔ¤Á¹½¤¨¤Æ¤¤¤ë¤Î¤Ç¸ð¤¦¤´´üÂÔ¡£ ¡¦ÃÊ¡¹²¿¤ò¸À¤Ã¤Æ¤¤¤ë¤Î¤«Ìõ¤¬Ê¬¤«¤é¤Ê¤¯¤Ê¤ê¤Þ¤¹¤¬¹¹¤ËÏäϳ¤¯ ¡ØºÇ¸å¤Ë(4)¤Îʪ²ÁÊÑÆ°¥á¥«¥Ë¥º¥à¤ÎÊѲ½¤Ç¤¹¡£¥°¥í¡¼¥Ð¥ë²½¤Î¿ÊŸ¤Ë¤è¤Ã¤Æ¡¢Â¾¤ÎÀè¿Ê¹ñ·ÐºÑ¤ÈƱÍÍ¡¢¤ï¤¬¹ñ¤Î¹ñÆâ·ÐºÑ¤Î¥µ¡¼¥Ó¥¹»º¶È²½¤ò¤â¤¿¤é¤·¡¢¤³¤ì¤¬Êª²ÁÊÑÆ°¥á¥«¥Ë¥º¥à¤Ë¤â±Æ¶Á¤òÍ¿¤¨¤ë¤è¤¦¤Ë¤Ê¤ê¤Þ¤·¤¿¡£¡Ù ¥°¥í¡¼¥Ð¥ë²½¤È¹õÅÄ´ËϤ˲¿¤Î°ø²Ì´Ø·¸¤¬¤¢¤ë¤Î¤«¾®°ì»þ´ÖÌ䤤µÍ¤á¤¿¤¤¡£ ¡Ø¤¹¤Ê¤ï¤Á¡¢À½Â¤¶È¤Ë¤ª¤±¤ë¥°¥í¡¼¥Ð¥ë¤Ê¥µ¥×¥é¥¤¥Á¥§¡¼¥ó¤Î³ÎΩ¤Ë¤è¤Ã¤Æ¡¢¼çÍ×Àè¿Ê¹ñ¤Îºâ²Á³Ê¤Ï¶¦Ä̤·¤ÆÄã°Ì°ÂÄê²½¤¹¤ë¤è¤¦¤Ë¤Ê¤Ã¤Æ¤¤Þ¤·¤¿¡£·ë²Ì¤È¤·¤Æ¡¢¥¤¥ó¥Õ¥ìΨ¤Ï¡¢ÁêÂÐŪ¤ËϫƯ½¸ÌóŪ¤Ç¡¢¹ñÆâ¤ÎϫƯ¼ûµë¥®¥ã¥Ã¥×¤Ë¤è¤ë±Æ¶Á¤ò¼õ¤±¤ä¤¹¤¤¡¢¥µ¡¼¥Ó¥¹²Á³Ê¤Î¾å¾ºÎ¨¤Ë¤è¤Ã¤Æ·èÄꤵ¤ì¤ëÍ×ÁǤ¬Â礤¯¤Ê¤Ã¤Æ¤¤Æ¤¤¤ë¤è¤¦¤Ë»×¤ï¤ì¤Þ¤¹¡£¡Ù ¤½¤ì¾¯¤Ê¤¯¤È¤âÆüËܤǤϲáµî7ǯ¤Ë»Ï¤Þ¤Ã¤¿Ï两ã¤Ê¤¤¤ó¤Ç¤¹¤±¤É¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡Ø¤³¤¦¤·¤¿Ãæ¤Ç¡¢Àè¤Û¤É½Ò¤Ù¤¿Ä̤ê¿Í¼êÉÔ¤Τâ¤È¤Ç¾ÊÎϲ½Åê»ñ¤¬¿Ê¤ó¤À¤³¤È¤Ç¿Í·ïÈñ¤Î¾å¾º°µÎϤòϫƯÀ¸»ºÀ¤Î¸þ¾å¤Ç¥«¥Ð¡¼¤¹¤ë¤³¤È¤¬²Äǽ¤È¤Ê¤ê¡¢·ë²Ì¤È¤·¤ÆÄ¶â¾å¾º°µÎϤòµÛ¼ý¤·¤Æ¤·¤Þ¤¤¡¢¾ÃÈñ¼Ôʪ²Á¤Î¾å¾º¤òÍÞÀ©¤¹¤ë¤è¤¦¤Ë¤Ê¤Ã¤Æ¤¤¤ëÌ̤ÏÈÝÄê¤Ç¤¤Þ¤»¤ó¡£¡Ù ¤Ã¤Æ¸À¤Ã¤Æ¤ë¤ó¤À¤¬¤½¤â¤½¤â¥¸¥ã¥Ñ¥ó¤ÎϫƯÀ¸»ºÀ(¤³¤ì¤â¤Þ¤¢ÍѸì¤È¤·¤Æ¥ß¥¹¥ê¡¼¥É¤ÊÍѸì¤À¤±¤É)¤Ã¤ÆÁêÂÐŪ¤Ë²¼¤¬¤Ã¤Æ¤¤¤ë¤ó¤¸¤ã¤Ê¤«¤Ã¤¿¤Ç¤·¤¿¤Ã¤±???????????????? ¡¦¤³¤Î¹½Â¤ÊѲ½¤Ï²¿¤È¹õÅÄ´ËϤˤè¤ë´ë¶È¤ÎÁ°¸þ¤¤Ê¹Ôư¤Ë¤è¤ë¤â¤Î¤È¤¤¤¦À¨¤Þ¤¸¤¤·ëÏÀ¤¬½Ð¤Æ¤¤¤ë¤Î¤è ¤Ç¤â¤Ã¤Æ¤³¤Î¥³¡¼¥Ê¡¼¤Î¤Þ¤È¤á¤¬À¨¤¯¤Æ¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡Ø¤³¤ì¤é4¤Ä¤Î¹½Â¤ÊѲ½¤òÐíâפ¹¤ë¤È¡¢¤½¤Î¤«¤Ê¤ê¤ÎÉôʬ¤¬¡¢Ç´¤ê¶¯¤¤¶âÍ»´ËÏÂÀ¯ºö¤¬¥Þ¥¯¥í¤Î¶âÍ»´Ä¶¤òÀ°¤¨¤¿¤³¤È¤Ç¡¢´ë¶È¤ÎÁ°¸þ¤¤ÊÅê»ñ¹Ôư¤òÂ¥¤·¤¿¤³¤È¤«¤éÀ¸¤¸¤Æ¤¤¤ë¡¢¤È¤âÀ°Íý¤Ç¤¤Þ¤¹¡£¡Ù ¤¤¤ä¥Þ¥¸¤Ç¤ªÁ°²¿¸À¤Ã¤Æ¤ë¤Î?????????????????????? ¤À¤¤¤¿¤¤º£Ê¤٤¿Í×°ø¤Ã¤ÆºÇ¶á¤Î¶âÍ»À¯ºöÍ×°ø¤È´Ø·¸¤Ê¤¤½ê¤Çµ¯¤¤Æ¤ëÏ两ã¤ó¤È¤¤¤¦½ê¤Ç¤¹¤·¡¢ÆÃ¤Ë³¤³°Åê»ñ¤Î¤È¤³¤í¤Ê¤ó¤Æ¼«Ê¬¤Ç¡Ö²áµî20¡Á30ǯ´Ö¤ËÏˤäƳÈÂ礷³¤±¤Æ¤¤¤Þ¤¹¡×¤Ã¤Æ¸À¤Ã¤Æ¤ë¤Î¤Ë¡¢²¿¤Ç¡Ö¤½¤Î¤«¤Ê¤ê¤ÎÉôʬ¤¬¡¢Ç´¤ê¶¯¤¤¶âÍ»´ËÏÂÀ¯ºö¤¬¥Þ¥¯¥í¤Î¶âÍ»´Ä¶¤òÀ°¤¨¤¿¤³¤È¤Ç¡¢´ë¶È¤ÎÁ°¸þ¤¤ÊÅê»ñ¹Ôư¤òÂ¥¤·¤¿¤³¤È¤«¤éÀ¸¤¸¤Æ¤¤¤ë¡¢¤È¤âÀ°Íý¤Ç¤¤Þ¤¹¡×¤È¤«¤Ë¤Ê¤ë¤ó¤À¤è¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡Ø¶âÍ»À¯ºö¤Ï¤¢¤¯¤Þ¤Ç¶âÍ»»Ô¾ì¤ä¶âÍ»µ¡´Ø¤ò·Ðͳ¤·¤¿´ÖÀÜŪ¤Ê¸ú²Ì¤ò¤â¤¿¤é¤¹¤â¤Î¤Ç¤¢¤ê¡¢ºâÀ¯À¯ºö¤äÀ®Ä¹Àïά¤Î¤è¤¦¤Ë»ñ¸»ÇÛʬ¤ÎÊѲ½¤òÄ̤¸¤ÆÄ¾ÀÜŪ¤Ë·ÐºÑ¹½Â¤¤òÊѲ½¤µ¤»¤ë¸ú²Ì¤Ï¤¢¤ê¤Þ¤»¤ó¡£¤·¤«¤·¤Ê¤¬¤é¡¢¶âÍ»À¯ºö¤¬¤³¤¦¤·¤¿¹½Â¤ÊѲ½¤ò´ÖÀÜŪ¤Ë»Ù¤¨¤¿¤È¤¤¤¦·Ð¸³¤Ï¡¢´¶À÷¾É¼ý«¸å¤Î¶âÍ»À¯ºö±¿±Ä¤ò¹Í¤¨¤ë¾å¤Ç¤â½ÅÍפʼ¨º¶¤ò»ý¤Ä¤È¹Í¤¨¤é¤ì¤Þ¤¹¡£¡Ù ¤È¤¤¤¦ÌµÃã¶ìÃã¤Ê·ëÏÀ¤Ë¤Ê¤Ã¤Æ¤³¤Î¥³¡¼¥Ê¡¼¤ÎÏ䬽ªÎ»¤·¤Æ¤¤¤Æ¡¢ºÇ½é¤³¤ìÆÉ¤ó¤Ç¤¤¤Æ¾Ð¤¤»à¤Ë¤½¤¦¤Ë¤Ê¤Ã¤Æ¡¢¤½¤Î¸å¥×¥ê¥ó¥È¥¢¥¦¥È¤·¤¿»æ¤Ë¼ëÆþ¤ì¤·¤Æ¤¿¤é¼ê¤¬ÊÖ¤ê·ì¤Ç¿¿¤ÃÀ֤ˤʤ俤«¤È»×¤Ã¤¿¤ï(ÈæÓÈɽ¸½)¡£ ¡¦¶âÍ»À¯ºö¤Î¥¤¥ó¥×¥ê¥±¡¼¥·¥ç¥óÉôʬ¤Ç¤¹¤¬¡Ö¤ä¤ê¤¿¤¤¤³¤È¡×¤Ïʬ¤«¤ë¤Î¤À¤¬¡Ö¤ä¤ë¤Ù¤¤³¤È¡×¤Î¹Í»¡¤¬Ìµ¤¤ ¤È¤Þ¤¢¤â¤·¤«¤·¤¿¤éºÇ¸å¤«¤âÃΤì¤Ê¤¤Ý¯°æ¤µ¤ó¤Î¶âº©¤Ç¤¤¤¤Ê¤ê²øÅÅÇÈËþºÜ¤Îʪ·ï¤¬Åо줹¤ë¤È¤«¡¢¤»¤Ã¤«¤¯ºòÆü¤¢¤ó¤Ê¤ËÎɤ¤°ÕÌ£¤Ç´üÂÔ¤ò΢Àڤ俤Ȥ«Ë«¤á¤ÆÂ»¤·¤¿¤ï¤È¤¤¤¦½ê¤Ç¤¹¤¬¡¢ºÇ¸å¤Ë°ì±þ¸½À¤Íø±×¤Î¶âÍ»À¯ºö¤Î¥¤¥ó¥×¥ê¥±¡¼¥·¥ç¥ó¤ò¸«¤Æ¤ß¤Þ¤·¤ç¤¦¡£ ¡Ø´¶À÷¾É¤«¤é¤Î²óÉü´ü¤Î²ÝÂê¤Èº£¸å¤Î¹½Â¤ÊѲ½¡Ù¤È¤¤¤¦¾®¸«½Ð¤·(¤Á¤Ê¤ß¤ËPDF¤À¤ÈËÜʸ11¥Ú¡¼¥¸¤ÎƬ¤«¤é)¤Ç¤¹¡£ ¡Ø¤³¤ì¤é°ìÏ¢¤Î¹½Â¤ÊѲ½¤¬À¸¤¸¤Æ¤¤Æ¤¤¤¿Ãæ¤Ç¡¢¤ï¤¬¹ñ¤ò´Þ¤à¥°¥í¡¼¥Ð¥ë·ÐºÑ¤Ï´¶À÷¾É¤Î³ÈÂç¤ËľÌ̤·¤Þ¤·¤¿¡£´¶À÷³ÈÂçÅö½é¤ÎºÇÍ¥Àè²ÝÂê¤Ï¡¢µÞ·ã¤Ê¶ÈÀÓ°²½¤ËľÌ̤¹¤ë´ë¶È¤ËÂФ¹¤ë»ñ¶â·«¤ê»Ù±ç¤ä¡¢»ñ¶â¤Î¥¢¥Ù¥¤¥é¥Ó¥ê¥Æ¥£¤ò³ÎÊݤ¹¤ë¤³¤È¤òÄ̤¸¤Æ¡¢´ë¶ÈÅÝ»º¤ä¼º¶È¤ò²Äǽ¤Ê¸Â¤êËɤ°¤³¤È¤Ç¤·¤¿¡£¤³¤¦¤·¤¿Ç§¼±¤òƧ¤Þ¤¨¡¢½ç¼¡¶âÍ»´Ë϶¯²½Á¼ÃÖ¤òƳÆþ¤·¤Æ¤¤Þ¤·¤¿¡£À¯Éܤˤè¤ë½ôÁ¼ÃÖ¤ä̱´Ö¶âÍ»µ¡´Ø¤Î¼è¤êÁȤߤȤâÁêÐØ¤Ã¤Æ¡¢¸½ºß¤Î¤È¤³¤í´ë¶ÈÅÝ»º¤ä¼º¶È¤Ï¸ÂÄêŪ¤Ê¤â¤Î¤Ë»ß¤Þ¤Ã¤Æ¤¤¤Þ¤¹¡£¡Ù ¤È¤¤¤¦¤Î¤¬ºÇ½é¤Ë¤¢¤ë¤Î¤À¤¬¤³¤ì¤Ï¸å¤Ç¥Ö¡¼¥á¥é¥ó¤È¤¤¤¦¤«²¿¤È¤¤¤¦¤«¤ÊÉ÷¾ð¤ò½Ð¤¹¤Î¤Ç¤¹¤è¤³¤ì¤¬¤Þ¤¿ww ¡Øº£¸å¤Î¶âÍ»À¯ºö¤ÎÊý¸þÀ¤ò¹Í¤¨¤ë¤¦¤¨¤Ç¡¢¡Ö·ÐºÑ²óÉü¤Ë¤É¤ÎÄøÅ٤λþ´Ö¤òÍפ¹¤ë¤«¡×¡¢¤½¤·¤Æ¡Ö²óÉü¤Ë¤«¤«¤ë´ü´Ö¤¬ÁÛÄê°Ê¾å¤ËĹ´ü²½¤·¤¿¾ì¹ç¤Î¥ê¥¹¥¯¤ä²ÝÂê¤Ï²¿¤«¡×¤Ë¤Ä¤¤¤Æ¹Í¤¨¤Æ¤ª¤¯¤³¤È¤Ï½ÅÍפǤ¹¡£²¾¤Ë´¶À÷¼ý«¤Þ¤Ç¤Î´ü´Ö¤¬ÁÛÄê¤è¤ê¤âŤ¯¤Ê¤ë¤È¡¢Çä¾å¤¬Î©¤¿¤Ê¤¤´ë¶È¤Îºâ̳¾õ¶·¤¬»þ´Ö¤Î·Ð²á¤È¤È¤â¤Ë¿¼¹ï¤µ¤òÁý¤·¡¢¤¤¤º¤ì¤ÏºÄ̳ÊֺѤ¬ÉÔǽ¤È¤Ê¤ê¡¢´ë¶ÈÅÝ»º¤ÎÁý²Ã¡¢¸ÛÍѤΰ²½¤¬¿Ê¤ß¡¢¤ï¤¬¹ñ·ÐºÑ¤Î¶¡µëÎÏ¡¢¤¹¤Ê¤ï¤ÁÀøºßÀ®Ä¹ÎϤ¬Äã²¼¤¹¤ë¤³¤È¤¬ÁÛÄꤵ¤ì¤Þ¤¹¡£¤Þ¤¿¡¢´ë¶È¤Î¿®Íѥꥹ¥¯¤Î¸²ºß²½¤Ë¤è¤êÉÔÎɺĸ¢¤¬Áý²Ã¤¹¤ì¤Ð¡¢´ë¶È¤ò»Ù¤¨¤ë¶âÍ»µ¡´Ø¤Î·Ð±ÄÂÎÎϤ¬ÔÌ»¤·¡¢¶âÍ»¥·¥¹¥Æ¥à¼«ÂΤε¡Ç½Äã²¼¤Ë·Ò¤¬¤ë¤ª¤½¤ì¤â¹Í¤¨¤é¤ì¤Þ¤¹¡£¶âÍ»¥·¥¹¥Æ¥à¤Î¥ê¥¹¥¯¤¬·üǰ¤µ¤ì¤ë¾õ¶·¤Ë´Ù¤ë¤È¡¢¼ÂÂηкѤؤβ¼²¡¤·°µÎϤ¬¶¯¤Þ¤ë²ÄǽÀ¤âÈÝÄê¤Ç¤¤Þ¤»¤ó¡£¡Ù ¤Ã¤Æ¸À¤Ã¤Æ¤ë¤ó¤Ç¤¹¤¬¡¢¤À¤Ã¤¿¤é¤µ¤Ã¤ÀâÌÀ¤·¤¿¡ÖµÞ·ã¤Ê¶ÈÀÓ°²½¤ËľÌ̤¹¤ë´ë¶È¤ËÂФ¹¤ë»ñ¶â·«¤ê»Ù±ç¤ä¡¢»ñ¶â¤Î¥¢¥Ù¥¤¥é¥Ó¥ê¥Æ¥£¤ò³ÎÊݤ¹¤ë¤³¤È¤òÄ̤¸¤Æ¡¢´ë¶ÈÅÝ»º¤ä¼º¶È¤ò²Äǽ¤Ê¸Â¤êËɤ°¤³¤È¡×¤Ã¤Æ¤Î¤â¡¢²¼¼êÂǤäƤ·¤Þ¤¦¤È¡Ö²¾¤Ë´¶À÷¼ý«¤Þ¤Ç¤Î´ü´Ö¤¬ÁÛÄê¤è¤ê¤âŤ¯¤Ê¤ë¤È¡Á´ë¶È¤Î¿®Íѥꥹ¥¯¤Î¸²ºß²½¤Ë¤è¤êÉÔÎɺĸ¢¤¬Áý²Ã¤¹¤ì¤Ð¡Á¡×¤Ã¤Æ»þ¤Î½ý¤ò¿¼¤á¤Þ¤»¤ó¤Ç¤¹¤«¤Í¤¨¡¢¤È¤¤¤¦¤ªÏäǤ¹¤è¤Í¡£ ¡¦¡¦¡¦¡¦¡¦¡¦¤¤¤ä¤â¤Á¤í¤ó¤³¤ÎÊդκü²Ã¸º¤¬Æñ¤·¤¤¤È¤¤¤¦¤Î¤Ïʬ¤«¤ë¤Î¤Ç¤¹¤¬¡¢ºÇ½é¤ÎÊý¤Ë½Ð¤Æ¤¤¤¿¹ñÆâ·ÐºÑ¤ÎÉôʬ¤Ç¤ÎÏäǤµ¤Ã¤¡Ö¤³¤ì¤Ï¥³¥í¥Ê¥ª¥Ú·Ñ³¤Ç¤¹¤ï¡×¤È¿½¤·¾å¤²¤¿Éôʬ¤Ë¤¢¤ê¤Þ¤¹¤è¤¦¤Ë¡¢Æü¶ä¼¹¹ÔÉôÊýÌ̤Ȥ·¤Æ¡Ö¤ä¤ê¤¿¤¤¤³¤È¡×¤ÏÀè¤Û¤É¿½¤·¾å¤²¤¿¤è¤¦¤Ë¡¢ ¡Öº£¸å¡¢ÅöÌ̤ϴ¶À÷³ÈÂç¤ÎÍÞÀ©¤È·ÐºÑ³èư³ÈÂç¤ÎξΩ¤òÌϺ÷¤¹¤ë¤³¤È¤È¤Ê¤ê¤Þ¤¹¤¬¡¢·ÐºÑ³èư¤Î²óÉü¤Þ¤Ç¤Ë¤Ï¤¢¤ëÄøÅ٤λþ´Ö¤òÍפ¹¤ë¤³¤È¤ò¹Íθ¤¹¤ë¤È¡¢´ë¶È¤ËÂФ¹¤ë»ñ¶â·«¤ê¤ò³ÎÊݤ·¡¢´ë¶ÈÅÝ»º¤ª¤è¤Ó¼º¶È¤òËɤ°¤¿¤á¤Î¼èÁȤߤòÇ´¤ê¶¯¤¯Â³¤±¤ëɬÍפ¬¤¢¤ê¤Þ¤¹¡£(ºÆ·Ç)¡× ¤È¤Ê¤Ã¤Æ¤¤¤ë¤Î¤ÇÌÀ¤é¤«¤Ç¤¹¤è¤Í¡£¤Ç¤â¤Ã¤Æº£¤Î¥Ñ¡¼¥È¤Ç¤Ï¶âÍ»µ¡´Ø¤ÎÂÎÎϤ¬±¾¡¹¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤ë¤Î¤Ï¡¢¤½¤³¤«¤é½Ð¤Æ¤¯¤ë¤Î¤Ã¤Æ¡Ö¶âÍ»µ¡´Ø¤ÎÂÎÎϤò¹¹¤Ëºï¤°²ÄǽÀ¤Î¤¢¤ë¥Þ¥¤¥Ê¥¹¶âÍø¿¼ËÙ¤ê¤Ï¼Â»Ü¤·¤¿¤¯¤Ê¤¤¡×¤È¤¤¤¦°ÕÌ£¤Ç¡Ö¤ä¤ê¤¿¤¤¤³¤È¡×¤È¤¤¤¦¤Î¤ÏÉáÄ̤ËÅÁ¤ï¤ë¥á¥Ã¥»¡¼¥¸¤Ê¤ó¤Ç¤¹¤è¤Í¡£ ¤Ç¡¢Æü¶ä¤Î¡Ö¤ä¤ê¤¿¤¤¤³¤È¡×(Àè¹Ô¤¤Î¶âÍ»À¯ºö±¿±ÄŪ¤Ë)¤Ï¥³¥í¥Ê¥ª¥Ú·Ñ³¤ò¤·¤Þ¤¹¤è¤È¤¤¤¦Ïäǡ¢¼ÒºÄCPÇãÆþ¤Ë´Ø¤·¤Æ¤Ï¡¢±äŤ¹¤ë¤Î¤Ï±äŤ¹¤ë¤ó¤Ç¤·¤ç¤¦¤±¤ì¤É¤â¡¢ÁíÏȤ˴ؤ·¤Æ¤ÏÁý¤ä¤µ¤Ê¤¤¤ÇÎ×»þÇãÆþ³ÈÂç¼Â»Ü´ü´Ö¤Î±äĹ(CP¤ÏÁý¤ä¤µ¤Ê¤¤¤Ç±äĹºîÀï¹Ô¤±¤Þ¤¹¤¬¼ÒºÄ¤Ã¤ÆÁö¤ê¤É¤¦¤Ç¤·¤¿¤Ã¤±¡¢¤È¤Á¤ã¤ó¤È³Îǧ¤·¤Æ¤¤¤Ê¤¤¤Î¤¬¤³¤³¤Ç¤¢¤À¤Ë¤Ê¤ëwwww)¤È¤¤¤¦°Ì¤Ë¤Ê¤ë¤«¤¤¤Ê¡¢¼ÒºÄÇãÆþ¤Î¥Ú¡¼¥¹¤ò´ü´Ö±äŤǤ·¤é¤Ã¤ÈÍî¤È¤·¤¿¤é°¤¤Ãæ¤Ç¤â¾¯¤·¤Ï·ë¹½¤ÊÊý¸þ¤Ç¤¹¤±¤É¤Í¡£ ¡¦¡¦¡¦¡¦¡¦¡¦¤Ç¤Þ¤¢¤½¤¦¤¤¤¦¤³¤È¤Ç¡Ö¤ä¤ê¤¿¤¤¤³¤È¡×¤ÎÊý¤Ï¤½¤ì¤Ç¤¤¤¤¤È¤·¤Þ¤·¤Æ¡¢¤½¤ì¤è¤ê¤âÀ¯ºöÏÀŪ¤Ë¤«¤Ê¤êÌ·½â¤È¤¤¤¦¤«¥À¥Ö¥ë¥Ð¥¤¥ó¥É¤È¤¤¤¦¤è¤¦¤ÊÏÀÅÀ¤ò»×¤¤¤Ã¤¤êÀâÌÀ¤·¤Æ¤¤¤ë¤Î¤¬¤³¤Î¥³¡¼¥Ê¡¼¤Ç¤·¤Æ¡¢º£¤ÎºÆ·Ç¤¹¤ë¤È¡¢ ¡Ö²¾¤Ë´¶À÷¼ý«¤Þ¤Ç¤Î´ü´Ö¤¬ÁÛÄê¤è¤ê¤âŤ¯¤Ê¤ë¤È¡¢Çä¾å¤¬Î©¤¿¤Ê¤¤´ë¶È¤Îºâ̳¾õ¶·¤¬»þ´Ö¤Î·Ð²á¤È¤È¤â¤Ë¿¼¹ï¤µ¤òÁý¤·¡¢¤¤¤º¤ì¤ÏºÄ̳ÊֺѤ¬ÉÔǽ¤È¤Ê¤ê¡¢´ë¶ÈÅÝ»º¤ÎÁý²Ã¡¢¸ÛÍѤΰ²½¤¬¿Ê¤ß¡¢¤ï¤¬¹ñ·ÐºÑ¤Î¶¡µëÎÏ¡¢¤¹¤Ê¤ï¤ÁÀøºßÀ®Ä¹ÎϤ¬Äã²¼¤¹¤ë¤³¤È¤¬ÁÛÄꤵ¤ì¤Þ¤¹¡£(ºÆ·Ç)¡× ¤Ã¤Æ¤ªÏäò¤·¤Æ¤¤¤ëÌõ¤Ç¤¹¤è¤Í¡£¤³¤ì¤Ã¤Æ¤É¤¦¤¤¤¦»ö¤«¤È¸À¤¨¤Ð¡¢¤½¤ÎÁ°¤ÎºÆ·Ç¤Î½ê¤Ë¤¢¤ê¤Þ¤·¤¿¤è¤¦¤Ë¡¢¸½¾õ¤Ç¤ä¤Ã¤Æ¤¤¤ë»Üºö¤Ã¤Æ¤Î¤Ï¡Ö´ë¶È¤ËÂФ¹¤ë»ñ¶â·«¤ê¤ò³ÎÊݤ·¡¢´ë¶ÈÅÝ»º¤ª¤è¤Ó¼º¶È¤òËɤ°¤¿¤á¤Î¼èÁȤߤòÇ´¤ê¶¯¤¯Â³¤±¤ë¡×¤Ã¤Æ»ö¤Ç¤¹¤±¤ì¤É¤â¡¢¤³¤ì¤Ã¤ÆËÜÍ襽¥ë¥Ù¥ó¥È¤Ê¤ó¤À¤±¤É¶ö¡¹¥³¥í¥Ê¥·¥ç¥Ã¥¯¤Ç(¥Î¢Ï`)¥¢¥Á¥ã¡¼¤È¤Ê¤Ã¤Æ¤¤¤ë´ë¶È¤ËÂФ·¤Æ¤Î»ñ¶â·«¤ê³ÎÊݤò¤·¤Æ¤ªÉ㤵¤ó¤òÍ޻ߤ¹¤ë¡¢¤È¤¤¤¦¤Î¤Ç¤¢¤ì¤Ð¡¢µÕ¤Ë¸À¤¤¤Þ¤¹¤È´ë¶È»Ù±çºö¤Ë´Ø¤·¤Æ¤â¥À¥é¥À¥é¤ÈĹ´ü²½¤µ¤»¤ë¤Î¤Ï¥Þ¥¯¥íŪ¤Ë¤É¤¦¤Ê¤Î¤«¡¢¤È¤¤¤¦ÏÀÅÀ¤Ë·Ò¤¬¤ëÌõ¤Ç¤¹¤è¤Í¡£ ¤À¤Ã¤Æ¡¢´ë¶È»Ù±ç¤¹¤ë¤³¤È¤Ë¤è¤Ã¤Æ»ö¶È¤Î·Ñ³À¤¬²ø¤·¤¯¤Æ¤â¤È¤ê¤¢¤¨¤º°ì©¤Ä¤¤¤Æ¤·¤Þ¤Ã¤Æ¡¢¤Ç¤â¤Ã¤ÆÎäÀŤ˹ͤ¨¤Æ¤ß¤ë¤È¤ä¤Ã¤Ñ¤ê»ö¶È¤Î·Ñ³À¤Ï¥À¥á¤¸¤ã¤ó¤È¤«¤¤¤¦»ö¤Ë¤Ê¤ê¤Þ¤¹¤È¡¢¼Â¤Ï¤½¤Î°ì©¤Ä¤±¤¿¤³¤È¤Ë¤è¤Ã¤ÆµÑ¤Ã¤Æ¼ÚÆþ¤Ê¤É¤¬Áý¤¨¤Æ¤·¤Þ¤Ã¤Æ¤¤¤Æ¡¢¤è¤êÌäÂ꤬Â礤¯¤Ê¤ë¤¸¤ã¤ó¡¢¤È¤¤¤¦ÏäˤʤäƤ·¤Þ¤¤¤Þ¤¹¤È¡¢²¿¤Î¤¿¤á¤Î´ë¶È»Ù±çºö¤À¤Ã¤¿¤Î¤«¤È¤¤¤¦Ïäˤʤê¤Þ¤¹¤è¤Í¡£¤·¤«¤â¥¸¥ã¥Ñ¥ó¤Î¾ì¹ç¤Ï¤Á¤ç¤Ã¤È¼ïÎà¤Ï°ã¤¤¤Þ¤¹¤¬Å·ÊÑÃϰ۷ϤΥ·¥ç¥Ã¥¯¤È¤·¤ÆÈ¯À¸¤·¤¿´ØÅìÂç¿ÌºÒ¤Î¸å¤Ç¡Ö¿ÌºÒ¼ê·Á¡×À©ÅÙ¤ò¤Ö¤Ã¤³¤ó¤Ç¤·¤Þ¤Ã¤¿¤é¡¢µÑ¤Ã¤ÆÌäÂê¤ÎĹ´ü²½¤È³ÈÂ礬µ¯¤¤Æ¤·¤Þ¤¤¡¢¾¼Ï¶âÍ»´íµ¡¤Î°ì°ø¤òºî¤Ã¤Æ¤·¤Þ¤¤¤Þ¤·¤¿¡¢¤Ã¤Æ¤¤¤¦ÂçÊѤ˶µ·±¤Ë¤Ê¤ë»öÎ㤬¤¢¤ëÌõ¤Ç¤¹¤è¤Í¡£ ¤½¤¦¹Í¤¨¤Þ¤¹¤È¡¢¾åµ¤ÎºÆ·ÇÉôʬ2¤«½ê¤Ã¤ÆÆ±¤¸¹Ö±é¤ÎÃæ¤Ç´ë¶È»Ù±ç¤Îºß¤êÊý¤Ë¤Ä¤¤¤Æ¤Î¥³¥ó¥Õ¥ê¥¯¥È¤Ë¤Ä¤¤¤ÆÁ¯ÌÀ¤Ë¼¨¤·¤Æ¤¤¤ëÌõ¤Ç¤¹¤¬¡¢Êý¤äÌÜÀè¤ÎÏäÇÊý¤ä¤â¤¦¤Á¤ç¤Ã¤ÈÀè¤ÎÏᢤȤʤë¤ÈÅöÁ³¤Ê¤¬¤éÀ¯¼£ÊýÌ̤ÏÌÜÀè¤ÎÏäˤ·¤«Èô¤Ó¤Ä¤«¤Ê¤¤Ìõ¤Ç¡¢¤½¤¦¤¤¤¦»þ¤ËÆü¶ä¤Ï¤½¤ÎÀìÌçÀ¤ò¤â¤Ã¤ÆÆÈΩ¤·¤Æ¤¤¤ë¤Î¤Ç¤¹¤«¤é¡¢¤³¤Î¥³¥ó¥Õ¥ê¥¯¥È¤Ë¤Ä¤¤¤Æ¤É¤Î¤è¤¦¤Ë¤¹¤Ù¤¤«¡¢¤È¤¤¤¦¤Î¤ò¼¨¤¹(¶ñÂκö¤¬¼¨¤»¤Ê¤¯¤Æ¤â¥³¥ó¥Õ¥ê¥¯¥È¤Î¸ºß¤ò¤¤Á¤ó¤È¼¨¤¹)¤Î¤¬»Å»ö¤Ç¤¢¤Ã¤Æ¡¢¤¿¤À¤¿¤ÀÆü¶ä¤â¤ä¤Ã¤Æ¤Þ¤¹¥¢¥Ô¡¼¥ë¤Ç¥À¥é¥À¥é¥³¥í¥Ê¥ª¥Ú±äŤ¹¤ë¤À¤±¤ÎÁ¼ÃÖ¤·¤Æ¤ê¤ãÎɤ¤¤Ã¤Æ¤â¤ó¤¸¤ã¤Ê¤¤¤È»×¤¤¤Þ¤¹¤¬¤Í¤¨¡£ ¡¦¡¦¡¦¡¦¤Ê¤ªÏ䬰ï¤ì¤Þ¤¹¤¬¡¢¤½¤â¤½¤âÏÀ¤È¤·¤ÆÎ㤨¤ÐÊÆ¹ñ¤À¤È¥á¥¤¥ó¥¹¥È¥ê¡¼¥È¥ì¥ó¥Ç¥£¥ó¥°¥×¥í¥°¥é¥à¤Ë¤·¤í¡¢¤½¤Î¾½ô¡¹¤Ë¤·¤í¡¢´ðËÜŪ¤Ë¤Ï¥Ð¥¸¥ç¥Ã¥È¡¦¥ë¡¼¥ë¤òǰƬ¤Ë¤ª¤¤¤¿À©ÅÙÀ߷פò¤·¤Æ¤¤¤ë¤Î¤Ç¡¢¤½¤¦¤¤¤¦°ÕÌ£¤Ç¤Ï̵Â̤ËĹ´ü²½¤ò¤·¤Ê¤¤¤ÇºÑ¤àÀ߷פˤʤäƤ¤¤ë¤è¤¦¤Ë¸«¤¨¤ë¤ó¤Ç¤¹¤¬¡¢ÆüËܤλٱ籾¡¹¤Ã¤ÆÆü¶ä¤ÎÁ¼Ã֤ˤ·¤¿¤Ã¤Æ¡¢CP¤È3ǯ°ÊÆâ¤Î¼ÒºÄ¤Ï»×¤¤¤Ã¤¤ê¥Þ¥¤¥Ê¥¹Íø²ó¤ê¤Ç¹ØÆþ¤·¤Æ¤¤¤ë¤·¡¢3ǯĶ5ǯ°ÊÆâ¤Î¼ÒºÄ¤ÎÇãÆþÍø²ó¤ê¤À¤Ã¤Æ¥É¥ó¥É¥óÄã²¼¤·¤Æ¥¯¥ì¥¸¥Ã¥È¥¹¥×¥ì¥Ã¥É¤È¤Ï²¿¤¾¤ä¤È¤¤¤¦¿å½à¤ËÆÍ¤Ã¹þ¤ó¤Ç¤¤Æ¤¤¤ë¤è¤¦¤Ë¡¢Ç¤â¼Ý»Ò¤âµßºÑ¤·¤Þ¤¹¥â¡¼¥É¤Ë¤Ê¤Ã¤Æ¤·¤Þ¤Ã¤Æ¤¤¤Æ¡¢¤½¤é¤Þ¤¢µÞÀ¾É¾õ¤Î·ãȯ¤ò´ËϤ¹¤ë¤Î¤Ï¤Þ¤¢Ê¬¤«¤ë¤Î¤Ç¤¹¤¬¡¢·ãÊÑ´ËϤαþµÞÁ¼Ã֤ȡ¢¤½¤Î¸å¤ÎÌäÂêĹ´ü²½»þ¤ÎÁ¼Ã֤äƤΤÏÀÚ¤êʬ¤±¤Æ¹Í¤¨¤Æ¤¤¤«¤Ê¤¤¤È¥¢¥«¥ó¤Î¤è¤Í¡¢¤È»×¤¦¤Î¤Ç¤¹(¸Ä¿Í¤Î´¶ÁۤǤ¹) ¤¿¤À¡¢ÆüËܤξì¹ç¤Ï¿ÌºÒ¼ê·Á¤Ë¤·¤í¡¢¹â¶¶À§À¶Âç¿Ã¤Î¹ñºÄ°ú¤¼õ¤±(¡Ö°ì»þ¤ÎÊØË¡¡×¤È¤¤¤¦¸À¤¤Êý¤À¤Ã¤¿È¦)¤Ë¤·¤í¡¢µÞÀ¾É¾õ¤Î´ËÏ¤Τ¿¤á¤ËÂǤĻܺö¤ò¤½¤Î¤Þ¤Þ¥À¥é¥À¥é¤È·Ñ³¤·¤Æ¤·¤Þ¤Ã¤Æ¡¢¤½¤Î°ú¤»þ¤ò´Ö°ã¤¨¤Æ¤·¤Þ¤Ã¤¿¤¬°Ù¤Ë¶¯ÎϤÊÌô¤Î¥·¥ã¥ÖÃæ¤Ë¤Ê¤Ã¤Æ¤·¤Þ¤Ã¤Æ¡¢ºÇ½ªÅª¤ËÈá»´¤Ê¤³¤È¤Ë¤Ê¤ë¡¢¤È¤¤¤¦¤Î¤¬»ÅÍͤˤʤäƤ¤¤ë¤È¤³¤í¤¬¤¢¤ê¤Þ¤·¤Æ¡¢¤·¤«¤âº£¤ÎÆü¶ä¤Ã¤ÆºâÀ¯¤È¶âÍ»¤Î¶¨Ä´¤Î̾¤Î¤â¤È¤Ë(¤Þ¤¢¤½¤ÎÁ°¤Î¥¢¥Ù¥Î¥ß¥¯¥¹¤Î̾¤Î¤â¤È¤Ë¡¢¤Ç¤¹¤«¤Í)¤¿¤À¤ÎÍ㻿µ¡´Ø¾õÂ֤ʤó¤Ç¤Í¤¨(ί©)¡£ ¤Þ¡¢¤¤¤º¤ì¤Ë¤»¤èº£ºÆ·Ç¤È¤·¤ÆÊ¤٤¿½ê¤Ë»×¤¤¤Ã¤¤ê¸µ¤ÎÌäÂê¤ÈÃæ´üŪ¤ÊÌäÂê¤Ë¤ª¤±¤ë¥³¥ó¥Õ¥ê¥¯¥È¤¬¼¨¤µ¤ì¤Æ¤¤¤ë¤È¤¤¤¦Ãæ¡¢¤É¤¦¤¤¤¦»ö¤ò¹Í¤¨¤Æ¤¤¤¯¤Î¤«¡¢¤È¤¤¤¦¤Î¤Ï¤Á¤ã¤ó¤È¼¨¤»¤è¤È»×¤¤¤Þ¤¹¤·¡¢¤Þ¤¢¤³¤ì¤ò¸À¤¦¤À¤±¤Þ¤À¥Þ¥·¤È¤â¸À¤¨¤ë¤Î¤Ï¸À¤¨¤Þ¤¹¤Ê¡¢¤Ê¤É¤È¥¢¥¿¥¯¥·¤Î¶ò°Õ¸«Ä¹¤¯¤Ê¤Ã¤Æ¤¹¤¤¤Þ¤»¤ó¡£ ¡Ø¸½»þÅÀ¤Ç¤Ï¡¢¶âÍ»µ¡´Ø¤Ï½¼Ê¬¤Ê¼«¸Ê»ñËܤò³ÎÊݤ·¤Æ¤ª¤ê¡¢¶âÍ»¥·¥¹¥Æ¥àÉ԰¤ηüǰ¤¬Â礤¤¤ï¤±¤Ç¤Ï¤¢¤ê¤Þ¤»¤ó¤¬¡¢¼ÂÂηкѡ¢¶âÍ»¥·¥¹¥Æ¥àÁÐÊý¤Î¾õ¶·¤ò³Î¤ê¤ÈÅÀ¸¡¤·¤Ä¤Ä¡¢É¬ÍפÊÂбþ¤ò¿×®¤Ë¹Ô¤¨¤ë¤è¤¦½àÈ÷¤·¤Æ¤ª¤¯¤³¤È¤¬½ÅÍפǤ¹¡£¡Ù ²¿¤Ç¤·¤ç¤¦¤«¤Í¤½¤ÎɬÍפÊÂбþ¤Ã¤Æ¡¢¥Þ¥¤¥Ê¥¹¶âÍø¤ÈYCC¤ÈCP¼ÒºÄÇãÆþ¤Î¤ª¤«¤ï¤êűÇѤ¸¤ã¤Ê¤¤¤Ç¤¹¤«¤Í¤¨¡¢¤È¤Ï»×¤¤¤Þ¤¹¤¬¡£ ¡¦¥³¥í¥Ê¤¬²óÉü¤·¤¿¤é·ÐºÑ¤Î´è·ò²½¤ò¹â¤á¤ë¤½¤¦¤Ç¤¹¤¬Ææ¤ÎÏä¬Å¸³«¤µ¤ì¤Þ¤¹¤Î¤Ç¤Þ¤¢¤Û¤Ü̵»ë¤Ç¥è¥í¥· ¤µ¤Æ¡¢¤µ¤Ã¤¤Î¾®¸«½Ð¤·¤Ã¤Æ¡Ø´¶À÷¾É¤«¤é¤Î²óÉü´ü¤Î²ÝÂê¤Èº£¸å¤Î¹½Â¤ÊѲ½¡Ù¤Ã¤Æ¸À¤Ã¤Æ¤Þ¤¹¤¬¡¢¤è¤¯¹Í¤¨¤¿¤é±ä¡¹¤È²óÉü¤·¤Ê¤¤¾ì¹ç¤Î·ï¤Ë¤Ä¤¤¤Æ¤Î¥Ä¥Ã¥³¥ß¤ò¤·¤Æ¤¤¤Þ¤·¤¿¤Î¤Ç(¾Ð)¡¢²óÉü´ü¤Î²ÝÂê¤È¤ä¤é¤ò¸«¤Æ¤ß¤Þ¤¹¤¬¡¢ÀµÄ¾Ìà¤â¤é¤·¤¤Ê¸¸À¤¬Ê¤ó¤Ç¤¤¤ë¤¬²¿¤â¸À¤Ã¤Æ¤¤¤Ê¤¤¤ËÅù¤·¤¤Ê¸¾Ï¤Ê¤Î¤Ç³ä°¦¤·¤¿¤¤°Ì¤À¤¬°ì±þ°úÍѤ·¤Æ¤ª¤¤¤Æ¤ä¤ë¡£ ¡Ø¶âÍ»¥·¥¹¥Æ¥à¤Î°ÂÄê¤ò°Ý»ý¤·¤Ä¤Ä¡¢´¶À÷¾É¼ý«¸å¤Ë·ÐºÑ¤¬½çÄ´¤Ë²óÉü¤¹¤ì¤Ð¡¢¤ï¤¬¹ñ¤ÎÃæÄ¹´üŪ¤Ê²ÝÂê²ò·è¤Ë¸þ¤±¤¿Á°¸þ¤¤Ê¼è¤êÁȤߤòËܳʲ½¤µ¤»¤ë¤³¤È¤Ç¡¢·ÐºÑ¤Î´è·òÀ¤ò¹â¤á¤ë¤³¤È¤¬²Äǽ¤Ë¤Ê¤Ã¤Æ¤¤Þ¤¹¡£¤½¤ÎºÝ¡¢(1)¡Ö¥³¥í¥Ê°ÊÁ°¤Î¥°¥í¡¼¥Ð¥ë²½¤Î¿öÀª¤ÏÉü³è¤¹¤ë¤«¡¢¤¢¤ë¤¤¤Ï²¿¤é¤«¤Î¹½Â¤ÊѲ½¤¬¤ß¤é¤ì¤ë¤Î¤«¡×¡¢¤½¤·¤Æ(2)¡Ö¤ï¤¬¹ñ·ÐºÑ¤¬¡¢¿·¤¿¤Ê¥°¥í¡¼¥Ð¥ë·ÐºÑ¤Ë½¼Ê¬¤ËÂбþ¤¹¤ë¤¿¤á¤Î¹½Â¤ÊѲ½¤ò¼Â¸½¤¹¤ë¤³¤È¤Ï²Äǽ¤«¡×¤Î2ÅÀ¤ò¹Í¤¨¤Æ¤ª¤¯¤³¤È¤¬½ÅÍפǤ¹¡£¡Ù ¤Ç? ¡Ø¤Þ¤º(1)¤Ç¤¹¤¬¡¢°ìÉôÃϰè¤ÎÀ¸»ºÄä»ß¤Ë¤è¤ë¥µ¥×¥é¥¤¥Á¥§¡¼¥óÁ´ÂΤε¡Ç½ÉÔÁ´¤òÈò¤±¤ë´ÑÅÀ¤«¤é¡¢¥µ¥×¥é¥¤¥Á¥§¡¼¥ó¤ÎÊ£Àþ²½¤Ê¤É¤ò´ë¿Þ¤·¤¿Î©ÃϤκÆÊԤϳμ¤˿ʤà¤È»×¤ï¤ì¤Þ¤¹¡£¤Þ¤¿¡¢ÊÆÃæ´Ö¤ÎËǰ×ÌäÂê¤ò¤Ï¤¸¤á¤È¤¹¤ëÂÐΩ¤¬¿¼¹ï²½¤¹¤ì¤Ð¡¢Î©ÃϤκÆÊԤ˸þ¤±¤¿Æ°¤¤¬¶¯¤Þ¤ë²ÄǽÀ¤â¹Í¤¨¤é¤ì¤Þ¤¹¡£°ìÊý¤Ç¡¢¥³¥¹¥ÈÌ̤ò¹Íθ¤¹¤ì¤Ð¡¢¥°¥í¡¼¥Ð¥ë¤Ê¥µ¥×¥é¥¤¥Á¥§¡¼¥ó¼«ÂΤ¬¼º¤ï¤ì¤ë¤³¤È¤Ï¹Í¤¨¤Ë¤¯¤¤¤È»×¤ï¤ì¤Þ¤¹¡£¤½¤¦¤Ê¤ë¤È¡¢´¶À÷¾É¼ý«¤¬¿Ê¤à¤È¤È¤â¤Ë¡¢ºÆ¤Ó°ÊÁ°¤Î¥°¥í¡¼¥Ð¥ë²½¤Î¿öÀª¤Ë²óµ¢¤·¤Æ¤¤¤¯¤È¹Í¤¨¤é¤ì¤Þ¤¹¡£¡Ù ¤À¤«¤é¤Ê¤ó¤Ê¤Î? ¡Ø²Ã¤¨¤Æ¡¢´¶À÷³ÈÂç»þ¤Î·Ð¸³¤òƧ¤Þ¤¨¤Æ¿·¤¿¤Ê·ÐºÑ¹½Â¤¤ÎÊѲ½¤¬À¸¤¸¤ë²ÄǽÀ¤â¹Í¤¨¤é¤ì¤Þ¤¹¡£Î㤨¤Ð¡¢¤ï¤¬¹ñ¤Ë¤ª¤¤¤Æ¤âºßÂð¶Ð̳¤¬¹±¾ï²½¤¹¤ë²ÄǽÀ¤¬½Ð¤ë¤Ê¤ÉÍÍ¡¹¤ÊʬÌî¤ÇIT¤Î³èÍѤ¬¿Ê¤à¤³¤È¤ä¡¢AI¤ÎƳÆþ¤¬°ìÁؿʤळ¤È¤Ê¤É¤¬Í½ÁÛ¤µ¤ì¤Þ¤¹¡£Àè¿Ê¹ñ¤Ë¤ª¤±¤ë·ÐºÑ¤Î¥µ¡¼¥Ó¥¹¶È²½¤Î¿öÀª¤¬º£¸å¤â³¤¯¤È¹Í¤¨¤é¤ì¤ë¤Û¤«¡¢¿Í¸ýưÂÖ¤«¤é¤â¿Í¼êÉԤϳ¤¯¤È¹Í¤¨¤é¤ì¡¢IT¤äAI¤ÎÀѶËŪ¤Ê¼è¤ê¹þ¤ß¤Ë¤è¤ê¡¢Ï«Æ¯À¸»ºÀ¤ò¸þ¾å¤µ¤»¤ë¤³¤È¤¬¡¢½¾Íè°Ê¾å¤Ë¤ï¤¬¹ñ·ÐºÑ¤Î½ÅÍײÝÂê¤Ë¤Ê¤ë¤È¹Í¤¨¤Þ¤¹¡£¡Ù ¤Ï¤¢¤½¤¦¤Ç¤¹¤«°Ê³°¤Î´¶ÁÛ¤¬Ìµ¤¤¤·¶âÍ»À¯ºö´Ø·¸¤Ê¤¤¤Ç¤¹¤·¡¢¶âº©¤ÇÏ乤ʤé¤À¤«¤é´ë¶È¤Ï¤É¤¦¤¢¤ë¤Ù¤¤ß¤¿¤¤¤ÊÏäò¤·¤Ê¤¤¤Èʹ¤¤¤Æ¤¤¤ëÊý¤Ë¥ê¡¼¥Á¤·¤Ê¤¤¤È»×¤¦¤ó¤Ç¤¹¤¬¡£ ¡¦¶âÍ»À¯ºö¤ÎÌò³ä¤¬¹¤¬¤ë¤ó¤Ç¤¹¤Ã¤Æ¤è±üÍÍ!!!!! ¼Â¼ÁºÇ¸å(ËÜÅö¤ÎºÇ¸å¤Ë¤Ï¤´ÅöÃϷкѥͥ¿¤¬¤¢¤ë)¤Î¾®¸«½Ð¤·¡Ø³È¤¬¤ë¶âÍ»À¯ºö¤ÎÌò³ä¤È²ÝÂê¡Ù¤ÎÏäˤʤê¤Þ¤¹¡£ ºÇ½é¤¬¡¢ ¡ØºÇ¸å¤Ë¡¢´¶À÷¾É¼ý«¸å¤Ë¸«¹þ¤Þ¤ì¤ë·ÐºÑ¹½Â¤¤ÎÊѲ½¤âƧ¤Þ¤¨¤Æ¡¢º£¸å¤Î¶âÍ»À¯ºö¤Î²ÝÂê¤Ë¤Ä¤¤¤Æ¡¢¹Í¤¨¤¿¤¤¤È»×¤¤¤Þ¤¹¡£¡Ù ¤È¤Î¤³¤È¤Ç¤¹¤¬¡¢¹½Â¤ÊѲ½±¾¡¹¤ÎÁ°¤ËºÇ½é¤Î²ÝÂê¤Ï¡ÖµÞÀ¾É¾õ´ËÏ¤Τ¿¤á¤ËÆÍ¤Ã¹þ¤ó¤À¥â¥ë¥Ò¥Í¤òÈ´¤¯¤È¤¤Ë¤É¤¦¤¹¤ë¤Î¤Ç¤·¤ç¤¦¤«¡×¤Ã¤ÆÏÃ(¤Þ¤¢¥â¥ë¥Ò¥ÍÆÍ¤Ã¹þ¤ó¤Ç¤¤¤ë¤ÎÀ¯ÉܤÀ¤±¤É¡¢Êä½õÌô¤È¤·¤ÆCP¼ÒºÄETFÅù¤ÎÇãÆþ³ÈÂ礷¤Æ¤¤¤Þ¤¹¤è¤Í)¤Îµ¤¤¬¤·¤Þ¤¹¤¬¤½¤ì¤Ï¤µ¤Æ¤ª¤¡£ ¡Ø¤Þ¤º¡¢ÅöÌ̤ζâÍ»À¯ºö¾å¤Î²ÝÂê¤Ï¡¢´¶À÷³ÈÂç¤ÎÍÞÀ©¤È·ÐºÑ²óÉü¤ÎξΩ¤òÌϺ÷¤¹¤ë¾õ¶·¤Ë¤¢¤ë¤ï¤¬¹ñ·ÐºÑ¤ò¡¢¶âÍ»Ì̤«¤é»Ù¤¨¤ë¤³¤È¤Ç¤¹¡£¶ñÂÎŪ¤Ë¤Ï¡¢¸½ºß¤Î¶âÍ»À¯ºö¤ÎÏÈÁȤߤΤâ¤È¤ÇÂ絬ÌϤʶâÍ»´ËϤò³¤±¡¢¶âÍ»»Ô¾ì¤Î°ÂÄêÀ¤ò°Ý»ý¤·¤Ä¤Ä¡¢´ë¶È¤Î»ñ¶â·«¤ê¤ò»Ù¤¨¡¢´ë¶ÈÅÝ»º¤ä¼º¶È¤òÍÞ¤¨¤ë¤³¤È¤¬Í¥Àè²ÝÂê¤Ç¤¹¡£¤½¤ÎºÝ¡¢µ¡Æ°Åª¤Ê¥Þ¥¯¥í·ÐºÑÀ¯ºöÂбþ¤ä¡¢»Ô¾ì¤Î°ÂÄêÀ³ÎÊݤδÑÅÀ¤«¤é¡¢À¯ÉÜ¡¢¤½¤·¤Æ¼çÍ×Ãæ±û¶ä¹Ô¤È¤Î¶¨ÎÏÂÎÀ©¤ò·ø»ý¤¹¤ë¤³¤È¤¬É¬ÍפǤ¹¡£¡Ù ¤½¤ìÌò³ä¹¤¬¤Ã¤Æ¤Ê¤¤¤ó¤Ç¤¹¤±¤É¤Í¤¨¡£¤à¤·¤í¼çÌò¤ÏºâÀ¯¤Ã¤ÆÏäˤʤäƤ¤¤Þ¤»¤ó¤«¤Í¡¢¤Ê¤É¤È»×¤¤¤Þ¤¹¤¬¡¢¤½¤ì¤Ï¤½¤ì¤È¤·¤Æ¸½À¤Íø±×Ū¤Ë¤Ï¡Öº£¤Î¥³¥í¥ÊÂкö¤È¾Î¤·¤Æ¤¤¤ë¤â¤Î¤ò·Ñ³¤·¤Þ¤¹¡×¤È¤¤¤¦Àë¸À¤ËÅù¤·¤¤¡£ ¡Ø¼¡¤Ë¡¢¶âÍ»À¯ºö¤ò¼Â»Ü¤·¤Æ¤¤¤¯¤¦¤¨¤Ç¡¢ÃæÄ¹´üŪ¤Ê²ÝÂê¤Î¤Ò¤È¤Ä¤Ï¡¢¶âÍ»¥·¥¹¥Æ¥à¤Î°ÂÄêÀ¤ò³ÎÊݤ¹¤ë¤³¤È¤Ç¤¹¡£¡Ù ¤È¤¤¤¦¤Î¤¬¼¡¤ËÍè¤Æ¤¤¤Þ¤¹¤¬¡¢¤³¤ì¤Ï¤µ¤Ã¤»¶¡¹¥¢¥¿¥¯¥·¤¬°ÂÖ¤ò¤Ä¤¤¤¿Éôʬ¤ÈƱ¤¸Ïäò¤·¤Æ¤ª¤ê¤Þ¤¹¡£Â¨¤Á¡¢ ¡Ø·ÐºÑ²óÉü¤ËÁÛÄê°Ê¾å¤Î»þ´Ö¤òÍפ¹¤ë¾ì¹ç¡¢´ë¶ÈÅÝ»º¤ÎÁý²Ã¤Ë¤è¤Ã¤Æ¡¢¶âÍ»µ¡´Ø¤Î·Ð±ÄÂÎÎϤ¬ÔÌ»¤·¡¢¶âÍ»¥·¥¹¥Æ¥à¾å¤Î¥ê¥¹¥¯¤Ë·Ò¤¬¤ë²ÄǽÀ¤â¹Í¤¨¤é¤ì¤Þ¤¹¡£´ë¶È¤Î·ÐºÑ³èư¤ò»ñ¶âÌ̤«¤é»Ù¤¨¤ë½ÅÍפʥ¤¥ó¥Õ¥é¤Ç¤¢¤ë¶âÍ»µ¡´Ø¤¬½¼Ê¬¤Ê¶âÍ»Ãç²ðµ¡Ç½¤òȯ´ø¤Ç¤¤Ê¤¯¤Ê¤ë¤È¡¢¼ÂÂηкѤβ¼²¡¤·°µÎϤȤʤꡢ¤½¤ì¤¬Â³¤±¤Ð¡¢¤ï¤¬¹ñ·ÐºÑ¤ÎÀøºßÀ®Ä¹ÎϤ¬¼å¤Þ¤ë¤³¤È¤â¤¢¤êÆÀ¤Þ¤¹¡£¡Ù ¤Ã¤Æ¤Î¤µ¤Ã¤¤Î·«¤êÊÖ¤·¤Ê¤Î¤ÇÆó½Å¤Ë°Â֤֤䳤à¤Î¤Ï¥«¥·¥å¥«¥êÁíºÛ¤ÎÌÓÈ±ÄøÅ٤ˤÏÉÔÌӤʤΤǰÂ֤ϳ䰦¤·¤Þ¤¹¡£¤Ç¤â¤Ã¤Æ¤½¤Î¼¡¤Î¡¢ ¡ØIT¤äAI¤Î³èÍѤˤè¤ë¶Ð̳·ÁÂÖ¤ÎÊѲ½¤Ê¤É¡¢ÃÏÊý·ÐºÑ³èÀ²½¤Ø¤Î¥×¥é¥¹¤Î¥¤¥ó¥Ñ¥¯¥È¤Ê¤É¤â´üÂԤǤ¤ë¤³¤È¤ò¹Í¤¨¤ë¤È¡¢¡Ù ¤Ã¤Æ¤Î¤¬¶²¤í¤·¤¯Ææ¡£¤¤¤äIT¤äAI¤Î³èÍѱ¾¡¹¤Ã¤Æ¤Î¤Ï¤µ¤Ã¤¤¢¤ê¤Þ¤·¤¿¹½Â¤ÊѲ½¤¬¤É¤¦¤Î¤³¤¦¤Î¤È¤¤¤¦Ïäˤʤë¤Î¤Ïʬ¤«¤ë¤ó¤Ç¤¹¤¬¡¢²¿¤Ç¤½¤ì¤¬ÃÏÊý·ÐºÑ³èÀ²½¤Ø¤Î¥×¥é¥¹¤Î¥¤¥ó¥Ñ¥¯¥È¤Ë¤Ê¤ë¤Î¤«¤¬Ê¬¤«¤é¤ó¡£Ê¬¤«¤é¤ó¤Î¤Ç°ÂÖ¤ÎÉÕ¤¤è¤¦¤â¤Ê¤¯Àè¤Ë¿Ê¤à¤È¡¢ ¡Ø¶âÍ»¥·¥¹¥Æ¥à¤ÎÃæÄ¹´ü¤Ë¤ª¤±¤ë°ÂÄêÀ¤ò³Î¤ê¤È°Ý»ý¤·¡¢¶âÍ»µ¡´Ø¤¬¿·¤¿¤Ê¹½Â¤ÊѲ½¤ÎÂ¥¿Ê¤Ë¤ª¤¤¤Æ¤½¤ÎÌò³ä¤Èµ¡Ç½¤òȯ´ø¤¹¤ë¤³¤È¤¬½ÅÍפǤ¹¡£Å¬ÀڤʶâÍ»Ãç²ðµ¡Ç½¤Îȯ´ø¤Î¤¿¤á¡¢ÆüËܶä¹Ô¤È¤·¤Æ¤â¡¢É¬ÍפÊÂбþ¤ò¹Ô¤Ã¤Æ¤¤¤¤Þ¤¹¡£¡Ù ¤È¤¤¤¦¤Þ¤È¤á¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤·¤Æ¡¢¤Þ¤¢Ã±½ã¤ËÆÉ¤á¤Ð¤µ¤¹¤¬¤Ë¥Þ¥¤¥Ê¥¹¶âÍø¤Î¿¼·¡¤ê¤È¤«¡¢¥¤¡¼¥ë¥É¥«¡¼¥Ö¤Î²¡¤·²¼¤²¤ß¤¿¤¤¤Ê¤Î¤Ï¹Ô¤ï¤Ê¤¤¡¢¤È¤¤¤¦»ö¤ò¸À¤Ã¤Æ¤¤¤ë¤ó¤Ç¤·¤ç¤¦¤·¡¢¤¸¤ã¤¢¥Þ¥¤¥Ê¥¹¶âÍøÅ±²ó¤·¤í¤ä¥ô¥©¥±¤È¤¤¤¦½ê¤Ç¤Ï¤¢¤ë¤Î¤Ç¤¹¤¬¡¢¤½¤ÎÅÀ¤Ë¤Ä¤¤¤Æ¤ÏËÜÊԤǼ¨¤µ¤ì¤¿¡ÖÃÖʪ¶µÃĤÏÀµ¤·¤¤¡×¤È¤¤¤¦¸«¶ì¤·¤¤ÀâÌÀ¤Ë¤¢¤ê¤Þ¤¹¤è¤¦¤Ë¡¢´Ö°ã¤¤¤òǧ¤á¤¿¤é»à¤Ìɤνžɾɾõ¤òÄ褷¤Æ¤¤¤Þ¤¹¤Î¤Ç¡¢¤Þ¤¢Å±²ó¤Ï¤»¤ó¤¸¤ã¤í¡¢¤È¤¤¤¦¤Î¤ÏÍÆ°×¤ËÁÛÄꤵ¤ì¤ë¤È¤³¤í¤Ç¤Ï¤¢¤ê¤Þ¤¹¡£ ¡¦¡¦¡¦¡¦¡¦¡¦¤È¤Þ¤¢¤½¤ó¤Ê´¶¤¸¤Ç¤·¤¿¡£¤³¤Î¸å¤Ï¡Ø6.¤ª¤ï¤ê¤Ë¡¡¡½¡½ Ê¡°æ¸©·ÐºÑ¤Ë¤Ä¤¤¤Æ ¡½¡½¡Ù¤Ê¤Î¤Ç³ä°¦¤·¤Þ¤¹¡£ #Ìë¤Ê¤Ù¤·¤Æ½ñ¤¤¤¿¤Î¤òÄ«¤Ë¤Ê¤Ã¤Æ¸«Ä¾¤·¤Æ¤À¤¤¤Ö¥Ú¥ó(¥¡¼¥Ü¡¼¥É)¤òÆþ¤ì¤Æ¤·¤Þ¤Ã¤¿¤Î¤Ç¡¢ÅÓÃæ¤ÇÊѤËÏä¬Èô¤ó¤Ç¤¤¤¿¤ê¤·¤Æ¤¿¤é¥´¥á¥ó¤Ç¤¹¡£°ì±þÆÉ¤ßľ¤·¤Æ¤Ï¤¤¤ë¤ó¤Ç¤¹¤±¤É¡£ ¡»ECB¤Î¥¹¥È¥é¥Æ¥¸¥Ã¥¯¥ì¥Ó¥å¡¼¥¤¥Ù¥ó¥ÈÅоì¤Ç¤¹¤¬¤Þ¤È¤Þ¤Ã¤¿Êª·ï¤¬½Ð¤Æ¤¤¤Ê¤¤¤Î¤Ç¥á¥â¤À¤± ECB¤Îº£Ä«(10/22)¤Î¥È¥Ã¥×¤ò¸«¤ë¤È[³°Éô¥ê¥ó¥¯] review ECB Listens event on 21 October 2020 President Christine Lagarde and Chief Economist Philip R. Lane hosted the first ECB Listens event on 21 October 2020. During the virtual event, they engaged with civil society organisations as part of our ongoing strategy review. > Watch the event > Have your say via the ECB Listens Portal ¤Æ¤Ê´¶¤¸¤Ç¥È¥Ã¥×¤ËºòÆü¤Î¥¤¥Ù¥ó¥È¤Î¸æÀëÅÁ¤¬Äú¤ޤ·¤Þ¤·¤Æ¤ª¤é¤ì¤ë¤Î¤Ç¤¹¤¬¡¦¡¦¡¦¡¦¡¦¡¦¡¦ Watch the event¤ÎÊý¤ò¸«¤Þ¤¹¤È¤è¤¦¤Ä¤Ù¤ÎECB¥Ý¡¼¥¿¥ë¥Á¥ã¥ó¥Í¥ë¤ËÈô¤Ó¤Þ¤·¤Æ(¤Á¤Ê¤ß¤Ë¥¢¥¿¥¯¥·¤Ï¥Á¥ã¥ó¥Í¥ëÅÐÏ¿¤·¤È¤ëw)ºòÆü¹Ô¤ï¤ì¤¿¥¤¥Ù¥ó¥È¤ÎÊüÁ÷¤¬¸«¤ì¤ë(¤â¤È¤â¤È¥é¥¤¥Ö¤Ç¤ä¤Ã¤Æ¤¿)¤Î¤Ç¤¹¤¬¡¢¥é¥¬¥ë¥ÉÁíºÛ¤È¥ì¡¼¥óÀì̳Íý»ö¤¬Åо줷¤Æ¡¢¤ªÏä·¤¿¤ê¼ÁÌä¤ËÅú¤¨¤¿¤ê¤ß¤¿¤¤¤ÊÏäò¤·¤Æ¤¤¤ë¤Ã¤Ý¤¤¤Î¤Ç¤¹¤¬¡¢²¿¤»¤³¤ìºÆÀ¸»þ´Ö2»þ´Ö¤È¤«¤¤¤¦Ä¹Ãú¾ì¤Ê¤Î¤Ç¤¹¤¤¤Þ¤»¤ó¤Á¤ç¤Ã¤È¸«¤Æ¤Þ¤»¤ó¡£ ¥Æ¥¥¹¥È½Ð¤·¤Æ¤è¡¢¤ÈÅö½é»×¤Ã¤Æ¤¿¤Î¤Ç¤¹¤¬¡¢2»þ´Ö¤â¤Î¤¸¤ã¤¢¤½¤¦´Êñ¤Ë½Ð¤Æ¤³¤Ê¤¤¤Ç¤¹¤è¤Í¡£¤Ç¤âECB¤Î¤³¤È¤À¤«¤é¤¤¤º¤ì½Ð¤·¤Æ¤¯¤ì¤ë¤«¤Ê¡¢¤È¤¤¤¦¤Î¤Ï³Ú¤·¤ß¤Ë¤·¤Æ¤¤¤Þ¤¹¡£ ECB Listens Portal¤Á¤ã¤ó¤ÎÊý¤ò¸«¤Þ¤¹¤È¡¢[³°Éô¥ê¥ó¥¯] Listens Portal ¡ØLet us know what you think we should take into consideration as we review our monetary policy strategy. Please share your views by the end of October 2020. The form is available in euro area languages.¡Ù available in euro area languages¤Ã¤Æ½ñ¤¤¤Æ¤Þ¤¹¤¬±Ñ¸ì¤âÂç¾æÉפǤ¹(^^)¡£¤³¤Î²èÌ̤ΡÖGo¡×¤Ã¤Æ¤Ê¤Ã¤Æ¤¤¤ë¤È¤³¤í¤ò¥¯¥ê¥Ã¥¯¤¹¤ë¤ÈÅÐÏ¿²èÌ̤ˤʤäơ¢Ì¾Á°¤È¥á¡¼¥ë¥¢¥É¥ì¥¹Á÷¤ë¤È¤¿¤Ö¤ó¥Õ¥©¡¼¥à¤Ë¹Ô¤¯¤¿¤á¤Î¥á¡¼¥ë¤¬ÆÏ¤¯¤ó¤¸¤ã¤Ê¤¤¤«¤È¤ª¤â¤¦¤Î¤Ç¤¹¤¬¡¢¤½¤³¤Þ¤Ç¤Ï»î¤·¤Æ¤¤¤Þ¤»¤ó¡£ FAQ¤ß¤¿¤¤¤Ê¤Î¤â¤¢¤Ã¤Æ¡¢[³°Éô¥ê¥ó¥¯] Listens Portal: topics and questions Á´ÂÎŪ¤Ê¤´¾Ò²ð¥Ú¡¼¥¸¤Ï¤³¤Á¤é¤ß¤¿¤¤¤Ç¤¹¡£´ØÏ¢¥¹¥Ô¡¼¥Á¤Ø¤Î¥ê¥ó¥¯¤Ê¤É¤â´Þ¤á¤Æ¤³¤Ã¤Á¤¬Â¿Ê¬ËÜ¥Á¥ã¥ó¥Ú¡¼¥¸¡£[³°Éô¥ê¥ó¥¯] review ¤Ü¤Á¤Ü¤Á¤ÈÀ®ÇÔ¤·¤Æ¤¤¤¯½ê¸
¤ªÂê¡Ö¥ê¥Ã¥Á¥â¥ó¥ÉÏ¢¶ä¥Ð¡¼¥¥óÁíºÛ¤¬¥³¥í¥Ê°ìÃÊÍî¸å¤Îʪ²Á¾å¾º°µÎϤβÄǽÀ¤Ë¸ÀµÚ(¤¿¤À¤·¤½¤ì¤ÇÍø¾å¤²¤ò¤¹¤ëÌõ¤Ç¤Ï¤Ê¤¤)¤È¤Ê¡×
2020/10/21¡Ê¿å¡Ë08:08:46
¤µ¤Æ¡¢[³°Éô¥ê¥ó¥¯] ¸á¸åUPDATED ÊÆÂçÅýÎΡ¢Â絬ÌÏ¥³¥í¥ÊÄɲÃÂкö¤ò»Ù»ý¡¡2.2Ãû¥É¥ëͼõ¤±Æþ¤ì ¡Ø[¥ï¥·¥ó¥È¥ó¡¡20Æü¡¡¥í¥¤¥¿¡¼] - ¥È¥é¥ó¥×ÊÆÂçÅýÎΤÏ20Æü¡¢ÊÆÀ¯¸¢¤È̱¼çÅÞ»ØÆ³Éô¤¬¶¨µÄ¤·¤Æ¤¤¤ëÄɲäο··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹·ÐºÑÂкö¤ò½ä¤ê¡¢Ì±¼çÅÞ¤¬µá¤á¤Æ¤¤¤ë2.2Ãû¥É¥ëµ¬Ìϰʾå¤ÎË¡°Æ¤ò¼õ¤±Æþ¤ì¤ë¤È¤·¡¢¶¦ÏÂÅޤξ屡µÄ°÷¤¬È¿ÂФ¹¤ëÃæ¡¢Â絬ÌϤ«¤ÄÊñ³çŪ¤ÊÄɲ÷кÑÂкö¤ò»Ù»ý¤¹¤ë¹Í¤¨¤ò¼¨¤·¤¿¡£¡Ù ¡ØFOX¥Ë¥å¡¼¥¹¤È¤Î¥¤¥ó¥¿¥Ó¥å¡¼¤Ç¡Ö̱¼çÅÞ¤è¤ê¤âÂ礤ÊÂкö¤Î¼Â»Ü¤ò˾¤à¡×¤È»ØÅ¦¡£¥à¥Ë¥å¡¼¥·¥óºâ̳Ĺ´±¤È̱¼çÅÞ¤Î¥Ú¥í¥·²¼±¡µÄŤ¬Ä¶ÅÞÇɤιç°Õ¤Ë㤹¤ì¤Ð¡¢¡ÖÁ´¤Æ¤Î¶¦ÏÂÅÞ°÷¤¬»ä¤ËƱ°Õ¤¹¤ë¤ï¤±¤Ç¤Ï¤Ê¤¤¤¬¡¢»¿Æ±¤¹¤ë¤À¤í¤¦¡×¤È¤·¡¢¶¦ÏÂÅޤΥޥ³¥Í¥ë¾å±¡±¡ÆâÁí̳¤«¤é¤Î»Ù»ý¤¬ÆÀ¤é¤ì¤ë¤È¤·¤¿¡£¡Ù(¾åµURLÀè¤è¤ê) ¤È¤Ï¸À¤Ã¤Æ¤âµÄ²ñ¶¦ÏÂÅÞ¤Î»ØÆ³Éô¤¬¼ó¤ò½Ä¤Ë¿¶¤é¤Ê¤¤¤È(°ìÉô¤¬È¿ÂФ¯¤é¤¤¤Ê¤é¤Ö¤Ã¤³¤ó¤Ç¤·¤Þ¤¦¤Î¤Ç¤·¤ç¤¦¤±¤ì¤É¤â)Ï䬿ʤޤʤ¤µ¤¤â¤·¤Þ¤¹¤¬¡¢¤½¤é(ÂçÅýÎÎÁªµó¤¬ÎôÀª¤È¸À¤ï¤ì¤Æ¤¤¤ë¤«¤é)¤½¤¦(¾õ¶·¤ò²¿¤«Æ°¤«¤·¤¿Êý¤¬µÕž¤ÎÌܤ¬¹â¤Þ¤ë)¤è¤È¤¤¤¦½ê¤Ê¤ó¤Ç¤·¤ç¤¦¤«¤Í¡£Ì±¼çÅÞŪ¤Ë¤Ï¥Ð¥¤¥Ç¥ó¤òÄ̤·¤ÆÀİ쿧¤Ë¤·¤Æ¤«¤éƲ¡¹¤ÈÄ̤·¤¿Êý¤¬ÈþÌ£¤·¤«¤Ã¤¿¤ó¤¸¤ã¥Í¡¼¥Î¡¢¤È¤«Áǿͤ¬¾¡¼ê¤Ë¸«¤Æ¤¤¤Þ¤¹¤¬¤µ¤¢¤É¤¦¤Ê¤ë¤Î¤ä¤é¡£ ¤Þ¤¢¥À¥¦¤Á¤ã¤ó¤È¤«¤¬2%¤È¤«3%¤È¤«¾å¤¬¤Ã¤Æ¤¤¤ëÌõ¤Ç¤Ê¤¤¤Î¤Ç¤¹¤«¤é¡¢¤Þ¤À²ûµ¿Åª¤È¤«¤½¤ó¤Ê´¶¤¸¤Ê¤ó¤Ç¤¹¤«¤Í¡¢ºÇ¶á¤Ï±«³ô¸«¤Æ¤Æ¤âÎɤ¯Ê¬¤«¤é¤ó¤Ç¡¢ÀµÄ¾¸À¤Ã¤Æ»Ô¾ìÁ´ÂΤηкѤÎÀè¹Ô¤¸«Ä̤·¡¢¤È¤¤¤¦¤«¥ê¥¹¥¯¥»¥ó¥Á¥á¥ó¥È¸«¤ë¤Î¤Ë¤Ä¤¤¤ËWTI¸¶ÌýÀèʪ¤¬¤É¤Ã¤Á¹Ô¤Ã¤Æ¤ë¤Î¤«¤ò¥Á¥§¥Ã¥¯¤¹¤ë¥¢¥¿¥¯¥·¤¬¤¤¤ë(¤«¤Ê¤ê»¨)¡£ ¡»¥ê¥Ã¥Á¥â¥ó¥ÉÏ¢¶ä¥Ð¡¼¥¥óÁíºÛ¤¬CFO¥µ¡¼¥Ù¥¤¤È¤¤¤¦¤Î¤ò¥Í¥¿¤Ë¤·¤Æ¹Ö±é(¤Á¤ÈÁ°¤Î¥Í¥¿) ¥ê¥Ã¥Á¥â¥ó¥ÉÏ¢¶ä¤Î¥Ð¡¼¥¥óÁíºÛ¤¬Àè½µ¹Ö±é¤·¤Æ¤¿¤ó¤Ç¤¹¤±¤É¤Í¡¢[³°Éô¥ê¥ó¥¯] Ahead? Learning From The CFO Survey Tom Barkin Oct. 15, 2020 Tom Barkin President, Federal Reserve Bank of Richmond Economic Club of New York NY¥¨¥³¥Î¥ß¥Ã¥¯¥¯¥é¥Ö¤Ç¤Î¹Ö±é¤Ê¤Î¤Ç¤¹¤±¤É¡¢¡ØHighlights:¡Ù¤Ã¤Æ¤³¤È¤ÇºÇ½é¤Ë¤Þ¤È¤á¤¬¤¢¤ê¤Þ¤¹¤ë¡£ ¡Ø¡¦Firms are currently navigating extraordinary uncertainty. The decisions they make about hiring, spending and investment will have implications for GDP growth, employment and inflation.¡Ù ¡Ø¡¦Business sentiment surveys like The CFO Survey help us understand those decisions.¡Ù ¡Ø¡¦The latest survey shows that CFOs are feeling slightly more optimistic than they were last quarter, although they remain concerned about demand and revenue. Firms also remain cautious about investing.¡Ù ¡Ø¡¦The survey also suggests that employment will lag spending. Many firms have streamlined their operations in response to the pandemic, and others report that they are concerned about the ¡Èavailability and quality of labor¡É despite high unemployment.¡Ù ¡Ø¡¦CFOs also raised their expectations for wage and price increases in 2021, potentially due to supply chain challenges. If demand were to resurge, we could see pressure on near-term pricing.¡Ù ¤È¤¢¤ê¤Þ¤¹¤è¤¦¤Ë¡¢CFO¥µ¡¼¥Ù¥¤¤ò¸«¤Þ¤¹¤È¤³¤¦¤Ê¤Ã¤Æ¤¤¤Þ¤¹¡¢¤Ã¤Æ¤´¾Ò²ð¤ò¤·¤Ê¤¬¤é¤ÎÏäʤΤǤ¹¤¬¡¢Àè¹Ô¤¤Ë´Ø¤·¤Æ¿µ½Å¤Ê¤ó¤À¤«¶¯µ¤¤Ê¤ó¤À¤«Îɤ¯Ê¬¤«¤é¤ó¤Þ¤È¤á¤Ë¤Ê¤Ã¤Æ¤¤¤ÆÃæ¿È¤òÆÉ¤à¤·¤«¤Ê¤¤¤È¤¤¤¦´¶¤¸¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤¹¤Ê¡¢¤¦¤ó¤¦¤ó¡£ ¡¦FOMC¤ÎÃæ¤Ç¤Ï°Û¿§¤Î·ÐÎò¤Ç¤¹¤è¤È¤¤¤¦ÏäȤ¤¤¦²Ë¥Í¥¿¤Ç¤¹¤¬ ºÇ½é¤ÎÊý(2ÈÖÌܤΥѥ饰¥é¥Õ)¤Ç¤³¤ó¤Ê»ö¤ò¶Ä¤»¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤¹¡£ ¡ØMy experience is different than most of those colleagues. Before coming to the Fed nearly three years ago, I was the chief financial officer (CFO) of a $10 billion institution.¡Ù[³°Éô¥ê¥ó¥¯] Committee¡¡Tom Barkin President and Chief Executive Officer ¤Ë¤¢¤ê¤Þ¤¹¤è¤¦¤Ë¡¢¤³¤Î¤ª¤Ã¤Á¤ã¤ó¡¢Ä¾Á°¤Î¥¥ã¥ê¥¢¤Ï¥Þ¥Ã¥¥ó¥¼¡¼¤ÎCFO¤È¤¤¤¦»ö¤Ç¡¢¤Þ¤¢¤½¤ó¤Ê¤Î¤â¤¢¤Ã¤Æº£²ó¤Î¤ªÂê¤Ë¤Ê¤Ã¤¿¤È¤¤¤¦¤Î¤Ï¤¢¤ë¤ó¤Ç¤·¤ç¤¦¤Ê¡£ ¡¦CFO¥µ¡¼¥Ù¥¤¤Î¤´¾Ò²ð ¤Ç¤â¤Ã¤Æ¤½¤Î³¤¡£ ¡ØAs I consider the path of the economy, I go back to that experience a lot and try to put myself in the shoes of a firm navigating what has been, and still is, extraordinary uncertainty - around the virus, around fiscal policy and around politics.¡Ù ·ë¶É¤Ï¥¦¥£¥ë¥¹´¶À÷¼¡Âè¤Ê¤Î¤Ç¤¹¤¬¡¢ºâÀ¯À¯ºö¤ÎÀè¹Ô¤¤Ë´Ø¤·¤Æ¤â¡Öextraordinary uncertainty¡×¤È¤¤¤¦¤Î¤¬´ðËܤÎǧ¼±¤È¤Ê¤Ã¤Æ¤¤¤Þ¤¹¡£¤Þ¤¢Åö¤¿¤êÁ°¤Á¤ã¤¢Åö¤¿¤êÁ°¤Ç¤¹¤¬¡£ ¡ØEarlier this spring, in the immediate wake of the shutdown, I of course would have been thoughtful on hiring and spending. But now, in the midst of developing a budget for next year, how aggressive or conservative would I be on hiring? Or spending? Or capital investments? Would I be pushing to implement a normal January price increase? Would I be stocking the shelves for a strong holiday rebound or trimming inventories to be prudent? Would I be shifting my supply chain out of certain countries? How firms answer these questions has implications for GDP growth, employment and the pace of inflation.¡Ù ¤Ç¤Þ¤¢¤³¤Î¥³¥í¥Ê¤Á¤ã¤ó¤È¥·¥ã¥Ã¥È¥À¥¦¥ó¤Î±Æ¶Á¤¬¤É¤¦¤Ê¤ë¤«¤Ã¤Æ¤Î¤ò¾ï¡¹¹Í¤¨¤Æ¤ª¤ê¤Þ¤¹¤¬¡¢¤ÈÍè¤Æ¼¡¤Î¥Ñ¥é¥°¥é¥Õ¡£ ¡ØBut I wear a different hat now.¡Ù ¥·¥ã¥Ã¥È¥À¥¦¥ó¤¬»Ï¤Þ¤Ã¤¿»þ¤È¤Ï°ã¤¦Ë¹»Ò¤ò¤«¤Ö¤Ã¤Æ¤¤¤ë¤È¤Î¤³¤È¤Ç¤¹¤¬¥Ð¡¼¥¥óÁíºÛ¤Ï¥º¥é¤Ç¤Ï¤Ê¤µ¤½¤¦¤Ë¸«¤¨¤Þ¤¹(°ã)¡£ ¡ØTo understand how and what firms are deciding, I¡Çve been helped greatly by my continual outreach in our district, which spans from Maryland to the Carolinas, and by keeping an eye on business sentiment surveys, particularly the Richmond and Atlanta Fed¡Çs partnership with Duke University¡Çs Fuqua School of Business on The CFO Survey.¡Ù ¤Ç¤â¤Ã¤Æº£²ó¤Î¥Í¥¿¤Ë¤Ê¤Ã¤Æ¤¤¤ë¥µ¡¼¥Ù¥¤¤Ç¤¹¤¬¡¢¥Ç¥å¡¼¥¯Âç³Ø¤¬¼Â»Ü¤·¤Æ¥ê¥Ã¥Á¥â¥ó¥É¤È¥¢¥È¥é¥ó¥¿¤ÎÏ¢¶ä¤¬¶¨»¿(?)¤·¤Æ¤¤¤ëCFO¥µ¡¼¥Ù¥¤¤ÎÏäˤʤê¤Þ¤¹¤¬¡¢¤Þ¤¢¤½¤ì°Ê³°¤Ç¤â¥ê¥Ã¥Á¥â¥ó¥ÉÏ¢¶ä¤Î¥¢¥Í¥¯¥É¡¼¥¿¥ë¤ÊÄ´ºº¤Ê¤É¤â´Þ¤á¤Æ¹Í¤¨¤Þ¤¹¤È¡¢¤È¤¤¤¦Ïäò¤¹¤ëÌÏÍÍ¡£ ¡ØThis quarterly survey has tracked business sentiment for nearly 25 years, surveying CFOs and financial decision-makers across firms of all sizes and in all major industries. It gathers their views on the health of their own firms and of the overall economy. It delves into their expectations for hiring, spending, investment and pricing in real time, which is particularly important given the pace of change during the current economic crisis. ¡Ù ¤³¤ì¤Ï¤½¤ÎCFO¥µ¡¼¥Ù¥¤¤ÎÃæ¿È¡£ ¡¦¥¤¥ó¥×¥ê¥±¡¼¥·¥ç¥ó¤Ê¤ó¤À¤¬Êª²Á¾å¾º°µÎϤ˸ÀµÚ¤·¤Æ¤¤¤ë¤Î¤¬µ¤¤Ë³Ý¤«¤ë ¤È¤¤¤¦Ìõ¤Ç¡Ø¡Ù¤Î¾®¸«½Ð¤·¤Ë¤Ê¤ë¡£¡ØCurrent Results From The CFO Survey¡Ù¤È¤¤¤¦¾®¸«½Ð¤·¡£ ¡ØWe released the results of the latest survey last week. What did it tell us about prospects for the economy?¡Ù ¸å¤Ç¥ê¥ó¥¯Å½¤Ã¤Æ¤ª¤¤Þ¤¹¡£¤Þ¤¢¤³¤¦¤¤¤¦¤Îñȯ¤Ç¸«¤Æ¤â¤·¤ã¡¼¤Ê¤¤¤«¤éÌÌÇò¤½¤¦¤À¤Ã¤¿¤é·Ñ³¤·¤Æ¤ß¤Æ¤âÎɤ¤¤Î¤«¤â¤·¤ì¤Þ¤»¤ó¤¬Ã桹¤½¤³¤Þ¤Ç¼ê¤¬²ó¤ë¤Î¤ÏÊÆ¹ñôÅö¥¨¥³¥Î¥ß¥¹¥È¤È¤«¤¸¤ã¤Ê¤¤¤È(´À)¡£ ¡ØFirst, CFOs¡Ç expectations are brightening, albeit gradually. Looking at the headline Optimism Index, CFOs are slightly more optimistic about the U.S. economy and their own company¡Çs prospects since our last survey in July. At that time, they estimated GDP growth over the next four quarters would be just 0.6 percent. They anticipate 2.2 percent now. Their expectations for their own revenue growth in 2021 have grown from 7.2 percent to 8.7 percent.¡Ù ¼Â¤Ï¤³¤Î¿Í¤Î¹Ö±é¥Í¥¿¤¬¥Ë¥å¡¼¥¹¤Ë¤Ê¤Ã¤¿»þ¤Ã¤ÆÉáÄ̤ËÀè¹Ô¤¤Ë¿µ½Å¡¢¤È¤¤¤¦¤è¤¦¤Ê´¶¤¸¤Î¥Ø¥Ã¥É¥é¥¤¥ó¤Ë¤Ê¤Ã¤Æ¤¤¤¿(Î㤨¤Ð[³°Éô¥ê¥ó¥¯] are still worried about demand and revenue but a little less so than in the last quarter. In the open text question that asked about firms¡Ç most pressing concerns, the share that cited flagging demand and declining sales revenue was notably lower. Of course, ¡Èslightly more optimistic about revenue returning¡É doesn¡Çt necessarily mean that revenue growth will be quick. Only about 20 percent of firms that responded anticipated being at pre-COVID-19 levels of revenue any time before the middle of 2021.¡Ù ¤³¤Î¤³¤È¤¬¡Ö²óÉü¤âÁᤤ¡×¤È¤¤¤¦»ö¤ò°ÕÌ£¤¹¤ë¤Î¤Ç¤Ï¤Ê¤¤¡¢¤È¼¡¤Î¥Ñ¥é¥°¥é¥Õ¤Ç¿å¤ò¤Ö¤Ã¤«¤±¤Æ¤¤¤ë¤Ë¤Ï¤Ö¤Ã¤«¤±¤Æ¤¤¤ë¤Î¤Ç¡¢Ê̤˥«¥ó¥«¥ó¤Î¶¯µ¤¤È¤«¤½¤¦¤¤¤¦ÏäǤⲿ¤Ç¤â¤Ê¤¤¤Î¤Ï³Î¤«¤Ç¤Ï¤¢¤ê¤Þ¤¹¤±¤É¡£ ¡ØThis matches what I hear in conversations every week with business executives. In sectors that have largely reopened, executives tell me they have found a way to operate safely. And with the personal saving rate still elevated - at 26 percent in the second quarter and 14.1 percent in August, compared to the pre-crisis level of around 8.3 percent - executives see significant consumer spending potential that could bolster demand.¡Ù ¤³¤ÎÊÕ¤ê¤Î·ë²Ì¤Ï¼«Ê¬¤¬´ë¶È¥Ò¥¢¥ê¥ó¥°¤·¤Æ¤¤¤ë¤Î¤È¤âÀ°¹çŪ¤À¤½¤¦¤Ê¡£¤¿¤À¤·´ë¶È¤â²È·×¤â¤Þ¤À°ÂÁ´±¿Å¾¥â¡¼¥É¤Ç¡¢ÆÃ¤Ë²È·×¤ÎÃùÃßΨ¤¬µÞÁý¤·¤Æ¤¤¤ë¤Î¤Ï¾ÃÈñ¤òÍÞÀ©¤·¤Þ¤¹¤Í¡¢¤À¤½¤¦¤Ç¤¹¡£ ¡ØSecond, we heard that firms still remain cautious about investing. More than 50 percent of firms reported a decreased willingness to spend compared to pre-COVID-19. Only about one-third of CFOs had plans to invest in structures over the next six months. And while more than 60 percent were planning to invest in equipment, most reported investing for maintenance.¡Ù 2ÈÖÌܤΥ¤¥ó¥×¥ê¥±¡¼¥·¥ç¥ó¤Ï¡Ö´ë¶È¤ÏÅê»ñ¤Ë°ÍÁ³¤È¤·¤Æ¿µ½Å¡×¤È¤¤¤¦¤³¤È¤Ç¡¢²áȾ¿ô¤ÎÅê»ñ¤Ï´û¸¤Î¥á¥ó¥Æ¤Ëα¤Þ¤Ã¤Æ¤¤¤ë¤è¡¢¤À¤½¤¦¤Ê¡£ ¡ØThose who are not investing primarily cited the uncertainty of the economy and a need to preserve cash. This sense of caution is natural given the breadth of potential paths for the virus, for the government response and consequently, for the economy. This uncertainty effectively increases discount rates.¡Ù ¤Ç¤â¤Ã¤ÆÅê»ñ¤·¤Ê¤¤¿Í¤Ï¥¥ã¥Ã¥·¥å¤ò¥ê¥¶¡¼¥Ö¤·¤Æ¤¤¤Þ¤¹¤È¤¤¤¦Ïᣠ¡ØThird, CFOs believe employment is likely to lag spending. In July, they expected a 4.2 percent increase in 2021 employment. That has dropped to 2.2 percent despite their increased optimism on revenue. Most businesses, even those less affected by the virus, tell me they have taken the opportunity to streamline their operations. A number of sectors, such as food services, are still operating at less than full capacity. And you¡Çve seen recently a number of sizable layoff announcements from airlines, theme park operators and even a major insurer.¡Ù 3ÈÖÌܤϸÛÍѤ˴ؤ·¤Æ¤Ï¾ÃÈñ¤ÎÌá¤ê¤ËÂФ·¤Æ¥é¥°¤ò¤â¤Ã¤Æ³ÈÂ礹¤ë¤ª¤È¤¤¤¦Æ°¤¤¬¤ß¤é¤ì¤ë¡¢¤È¤¤¤¦¤³¤È¤Ç¸ÛÍѷײè¤Î²¼Êý½¤Àµ¤ÎÏ䬤¢¤ê¤Þ¤¹¡£ ¡ØAt the same time, hiring is a challenge. Despite the fact that unemployment remains quite elevated at 7.9 percent, there was a large increase in the share of survey respondents citing the ¡Èavailability and quality of labor¡É as a pressing concern. This mirrors what I hear in my interviews, particularly in sectors like manufacturing, technology and healthcare. Many of the people who lost their jobs don¡Çt yet have the skills to find employment in a different field. And, at a time when many schools, child care centers and elder care facilities are closed or struggling, we are seeing drops in labor force participation, particularly for prime-age women.¡Ù ¤è¤Ã¤Æ¸ÛÍѤ˴ؤ·¤Æ¤Ï¤Þ¤À¤Þ¤À²óÉü¤¹¤ë¤Î¤Ë»þ´Ö¤¬³Ý¤«¤ë¤Ç¤·¤ç¤¦¤È¤¤¤¦¤ªÏäǤ¹¤Ê¡£ ¡ØFinally, the CFOs in the survey see price pressure as increasingly tangible. Their expectations for 2021 wage increases have escalated from 4.4 percent to 5.4 percent, and their expected price increases rose from 2.9 percent to 4.3 percent. I don¡Çt take a lot of signal from the numbers themselves, but the directionality does support my view that supply chain challenges amidst all this uncertainty could put pressure on certain prices.¡Ù ¤È¤³¤í¤¬ºÇ¸å¤Î½ê¤Çʪ²Á¤È¤ªÄ¶â¤ÎÏäˤʤäơ¢²Á³ÊÀßÄê¤È¤ªÄ¶â¤Î¾å¾º¤Ë¤Ä¤¤¤Æ¤Ï¾å¾º°µÎϤ¬³Ý¤«¤Ã¤Æ¤¤Æ¤¤¤ë¤È¤¤¤¦¤ªÏäˤʤäƤ¤¤ë¤è¤¦¤ËÆÉ¤á¤ë¤Î¤À¡£ ¡ØWe saw that with food over the summer and with lumber more recently. When I go to big-box retailers, the shelves look a bit bare. If demand were to resurge, say because of a successful vaccine, while supply chains are still stretched, we could see pressure on near-term pricing.¡Ù ¤Ç¤â¤Ã¤Æ¿©ÉʤȤ«¤Ë´Ø¤·¤Æ¤â¾å¾º°µÎϤ¬³Ý¤«¤Ã¤Æ¤¤¤ë¤Î¤Ç¡¢¥³¥í¥Ê¤Î¤ªÌô¤È¤«¤¬½Ð¤Æ¤¤Æ¼ûÍפ¬Ìá¤Ã¤Æ¤¤Æ¡¢°ìÊý¤Ç¥µ¥×¥é¥¤¥Á¥§¡¼¥ó¤Î¥¤¥Þ¥¤¥Á¾õÂÖ¤¬Â³¤¯¤È¡¢¶á¤¤¥¿¡¼¥à¤Ç¤Îʪ²Á¤Ï¥Û¥¤¥Û¥¤¾å¤¬¤ë¤«¤â¤Í¡¢¤È¤¤¤¦¤ªÏᣠ¡¦¡¦¡¦¡¦¡¦¡¦¤È¤¤¤¦¤³¤È¤Ç¡¢´ë¶È¤ÎÀè¹Ô¤¸«Ä̤·¤¬³Î¤ê¤Ë¤Ê¤Ã¤Æ¤¤Æ¡¢¤¦¤Ã¤«¤ê¤¹¤ë¤Èʪ²Á¤Ï¾å¤¬¤ë¤«¤âÃΤ줺¡¢¤È¤Ï¸À¤¤¤Þ¤·¤Æ¤âÀè¹Ô¤ÉÔÆ©ÌÀ´¶¤¬¶¯¤¤¤Î¤ÇÅê»ñ¤È¤«¸ÛÍѳÈÂç¤Ï¥é¥°¤¬¤¢¤ë¤Ç¤·¤ç¤¦¡¢¤È¤¤¤¦¤³¤È¤Ç¡¢Ê̤˰ÒÀª¤ÎÎɤ¤Ïäò¤·¤Æ¤¤¤ëÌõ¤Ç¤Ï¤Ê¤¤¤Î¤Ç¤¹¤¬¡¢¤«¤È¤¤¤Ã¤Æ¼å¤¤Ïäò¤·¤Æ¤¤¤ëÌõ¤Ç¤â¤Ê¤¤¤ó¤¸¤ã¥Í¡¼¥Î¤È¤¤¤¦´¶¤¸¤¬¤·¤Þ¤·¤¿¤±¤ì¤É¤â¤É¤¦¤Ç¤·¤ç¤¦¤«¤Í¡£ ¤½¤¦¤¤¤äºÇ¶á¤Ï¥Ö¥é¡¼¥ÉÀèÀ¸¤¬Êª²Á¾å¾º°µÎϤ¬¤É¤¦¤Î¤³¤¦¤Î¤È¤«¸À¤Ã¤Æ¤¿¤è¤¦¤Êµ¤¤¬¤¹¤ë(¤é¤·¤¥Æ¥¥¹¥È¤òÁܺ÷Ãæ¤Ê¤Î¤Ç¤¹¤¬)¤Î¤Ç¤¹¤¬¡¢¤â¤·¤«¤·¤Æ¤½¤ÎÊդϤÁ¤ç¤Ã¤Èµ¤¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤Î¤«¤Ê???¤È¤«»×¤¦¤Î¤Ç¤·¤¿¡£ ¡¦Êª²Á¾å¾º°µÎϤ˸ÀµÚ¤·¤¿ÊÖ¤¹Åá¤Ç¥ª¡¼¥Ð¡¼¥·¥å¡¼¥ÈÍÆÇ§¤ÎÏäò¤·¤ÆÃæÏÂ¤È¤Ê ¼¡¤Î¥Ñ¥é¥°¥é¥Õ¤Ë»²¤ê¤Þ¤¹¡£¤³¤³¤«¤éÀ¯ºö¤ÎÏᣠ¡ØSpeaking of pricing, the FOMC recently announced changes to its 2012 statement on Longer-Run Goals and Monetary Policy Strategy. We¡Çve said that in order to anchor inflation expectations at 2 percent, the Committee seeks to achieve inflation that averages 2 percent over time. As you know, it has modestly lagged that target for some time. In his speech announcing the changes, Chair Powell called this flexible average inflation targeting - the flexibility coming from the lack of a specific formula.2¡Ù ¡ØIn addition, the Committee said that it will respond to shortfalls of employment from its maximum level; the previous version referenced deviations of employment. In other words, under the new framework, a low level of unemployment alone would not lead to preemptive increases in interest rates.¡Ù ¡Ø Finally, the Committee made explicit that meeting our mandate requires a stable financial system.¡Ù ºÇ¸å¤Î°ÕÌ£¤ÏÀµÄ¾Îɤ¯Ê¬¤«¤é¤ó¤¬¡¢¤½¤ÎÁ°¤ÎÉôʬ¤Ã¤Æ¤Î¤ÏľÁ°¤Ëʪ²Á¾å¾º°µÎϤÎÏäò¤·¤¿¤Î¤Ç¤¹¤¬¡¢¤½¤³¤ÇÀèÈ̤Υí¥ó¥¬¡¼¥é¥ó¤¦¤ó¤¿¤é¤ÎÊѹ¹¤Ë¤Ä¤¤¤Æ¿¨¤ì¤Æ¤¤¤Æ¡¢Êª²Á¤¬Â¿¾¯¾å¿¶¤ì¤ë¤ÎÍÆÇ§¤À¤·¡¢´°Á´¸ÛÍѤȸ«¤ë¤Þ¤Ç¤Ï°ú¤Äù¤á¤·¤¿¤ê¤·¤Þ¤»¤ó¤è¡¢¤Ã¤ÆÏäò¤·¤Æ¤ª¤ê¤Þ¤¹¡¢¤¦¡¼¤ó¤³¤Î¤È¤¤¤¦´¶¤¸¤Ç¤¹¤¬¡¢¤Þ¤¢ÍפϴËϤϳ¤±¤Æ¤ª¤¤Þ¤·¤ç¤¦¤È¤¤¤¦ÏäǤϤ¢¤ê¤Þ¤¹¤ï¤Ê¡£ ¡ØThe net of all this is a message that the Fed will aim to keep rates low until we see moderate overshoots of inflation or the development of financial stability risks. Our statement last month reinforced that message, which was supported by our projections in which the median respondent didn¡Çt have a rate increase through 2023. We also continue to engage in significant bond purchases that provide additional accommodation.¡Ù ¤È¤«¿½¤·¤¢¤²¤¿¤éľ¸å¤Ç¤³¤Î¤è¤¦¤Ë¥É¥Ã¥È¥Á¥ã¡¼¥È¤Î¶âÍø¸«Ä̤·¤Ë¸ÀµÚ¤·¤Æ¤ª¤ê¤Þ¤¹¡£ ¡ØI remain hopeful that we can put this virus and the related uncertainty behind us. If we can, there is untapped consumption that could give the economy a real lift. My hope then is that reduced uncertainty could get CFOs off the sidelines and propel the virtuous cycle of hiring and investment that moves the economy forward. In the interim, the Fed continues to do what it can to provide support.¡Ù ºÇ¸å¤Ï¤´°§»¢¡£ ¡¦¡¦¡¦¡¦¡¦¡¦¤È¤¤¤¦¤³¤È¤Ç¤Ç¤¹¤Í¡¢¤Þ¤¢´ðËÜŪ¤Ë¤Ï´ËϷѳ¤Ç¤¹¤è¤Ã¤ÆÏäò¤·¤Æ¤¤¤ë¤ó¤Ç¤¹¤¬¡¢ËÜÅö¤Ë¤½¤¦¤Ê¤ë¤«¤É¤¦¤«¤ÏÅÆ¤â³Ñ¤È¤·¤Þ¤·¤Æ¡¢¥³¥í¥ÊÌäÂ꤬°ìÃÊÍ¤ë¤È¸³°Êª²Á¾å¾º°µÎϤ¬³Ý¤«¤Ã¤ÆÍè¤ë¡¢¤È¤¤¤¦¤Ä¤¤¤³¤ÎÁ°¤Þ¤Ç¥Õ¥£¥ê¥Ã¥×¥¹¥«¡¼¥Ö¤¬»à¤ó¤Ç(¤È¤¤¤¦¤«¥Õ¥é¥Ã¥È²½¤·¤Æ)¸ÛÍѤ¬¶¯¤¯¤Æ¤âʪ²Á¤¬¥¢¥¬¥é¥ó¥Á²ñĹ¡¢¤È¤¤¤¦¤Î¤È»×¤¤¤Ã¤¤ê°ã¤¦À¤³¦¤¬½Ð¤Æ¤¯¤ë(¸ÛÍѤ¬¥¤¥Þ¥¤¥Á¤Ê¤Î¤Ëʪ²Á¤¬¥Û¥¤¥Û¥¤¾å¤¬¤ë)²ÄǽÀ¤¬½Ð¤Æ¤¤Æ¡¢¤½¤¦¤Ê¤ë¤È¤½¤â¤½¤â¤³¤Î¥í¥ó¥¬¡¼¥é¥ó¤Ê¤ó¤Á¤ã¤é¤òºî¤ë¾å¤Ç¤ÎÁ°Äó¤ÈÏ䬰ã¤Ã¤Æ¤¯¤ë¡¢¤È¤¤¤¦¤³¤È¤Ç¤Á¤ç¤Ã¤È¤½¤ÎÊÕ¤ÎÍý¶þ¤òº£¤Î¤¦¤Á¤ËÀ°Íý¤·¤Æ¤ª¤«¤Ê¤¤¤È¡¢Êª²Á¾å¾º¤Ë²áÅ٤˥ե©¡¼¥«¥¹¤µ¤ì¤ë¤Èº¤¤ë¡¢¤È¤«»×¤Ã¤Æ¤¤¤ë¤Î¤«¤Ê¤¢¡¢¤È¤Ï»×¤¤¤Þ¤·¤¿¤¬¡¢Ç¡²¿¤»¤ó¥¢¥¿¥¯¥·¤ÏÊÆ¹ñ¤Îʪ²Á¾å¾º°µÎϤȤ«¤¬¼ÂºÝ¤É¤¦¤è¤È¤«¸À¤ï¤ì¤Æ¤âʬ¤«¤é¤ó¤â¤ó¤Ç¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¤È¤¤¤¦¥Í¥¿¤Ç¤·¤¿¡£CFO¥µ¡¼¥Ù¥¤¤Ï¤³¤Á¤é¡£[³°Éô¥ê¥ó¥¯] Fragmentation: Updates on ongoing work)¤ò¸øÉ½¤·¤Þ¤·¤¿¡£ ¾ÜºÙ¤Ë¤Ä¤¤Þ¤·¤Æ¤Ï¡¢°Ê²¼¤ò¤´Í÷¤¯¤À¤µ¤¤¡£¡Ù ¡Ø¤Ê¤ª¡¢2019ǯ6·î¤Ë¶âÍ»°ÂÄêÍý»ö²ñ¤¬¸øÉ½¤·¤¿»Ô¾ìʬÃǤ˷¸¤ëÊó¹ð½ñ¤Ë¤Ä¤¤Þ¤·¤Æ¤Ï¡¢°Ê²¼¤ò¤´Í÷¤¯¤À¤µ¤¤¡£¡Ù ¤Æ¤ÊÌõ¤Ç¸µ¡¹¤Î¤¬¡Ø¡Ö»Ô¾ìʬÃǤ˷¸¤ëÊó¹ð½ñ¡×(¸¶Ê¸ [PDF] <¶âÍ»°ÂÄêÍý»ö²ñ¥¦¥§¥Ö¥µ¥¤¥È¤Ë¥ê¥ó¥¯>)(2019ǯ6·î4Æü¸øÉ½)¡Ù¤Ã¤ÆÊª·ï¤Ê¤Î¤Ç¤¹¤¬¡¢ ¸µÊª·ï(FSB¤Î¸¶Ê¸¤Î¤ß)[³°Éô¥ê¥ó¥¯] Report on Market Fragmentation 4 June 2019 º£²ó¤Î¥¢¥Ã¥×¥Ç¡¼¥È¤Î²¾Ìõ[³°Éô¥ê¥ó¥¯] ¡Ö»Ô¾ìʬÃÇ:·Ñ³ºî¶È¤Î¥¢¥Ã¥×¥Ç¡¼¥È¡× ¥¨¥°¥¼¥¯¥Æ¥£¥Ö¡¦¥µ¥Þ¥ê¡¼(²¾Ìõ) ¡Ø2019 ǯ 6 ·î¤Ë¶âÍ»°ÂÄêÍý»ö²ñ(FSB)¤¬¸øÉ½¤·¤¿»Ô¾ìʬÃǤ˷¸¤ëÊó¹ð½ñ¤Ë¤ª¤¤¤Æ¡¢FSB ¤¬´ð½àÀßÄê¼çÂΤȶ¨Æ¯¤·¤ÆÂн褹¤Ù¤»Ô¾ì¤ÎʬÃǤȤ·¤Æ 4 ¤Ä¤ÎÎΰ褬ÆÃÄꤵ¤ì¤¿¡£ ¤³¤ÎÊó¹ð½ñ¤Ï³ÆÎΰè¤Ë´Ø¤¹¤ëºî¶È¤Î¿ÊĽÊó¹ð¤ò¹Ô¤¦¤â¤Î¡£¡Ù ¤È¤¤¤¦¤³¤È¤Ê¤Î¤Ç¤¹¤¬¡¢ ¡Ø1. °Íµò ¾Ú·ô´ÆÆÄ¼Ô¹ñºÝµ¡¹½(IOSCO)¤Ï 2020 ǯ 6 ·î¤Ë¡¢°Õ¿Þ¤»¤¶¤ë¡¢µ¬À©¤Ë¤è¤Ã¤ÆÀ¸¤¸¤ë¾Ú·ô»Ô¾ì¤È¥Ç¥ê¥Ð¥Æ¥£¥Ö»Ô¾ì¤Ë¤ª¤±¤ë»Ô¾ìʬÃǤΥꥹ¥¯¤òÅö¶É¤¬´ËϤ¹¤ë¾å¤ÇͱפÊÊó¹ð½ñ¡Ö°Íµò¤Î¥×¥í¥»¥¹¤Ë´Ø¤¹¤ë¹¥»öÎã¡×¤ò¸øÉ½¤·¤¿¡£¡Ù ¤È¤¤¤¦¤Î¤¬¤¢¤ë¤Î¤À¤¬¡¢¤½¤â¤½¤âÌäÂê°Õ¼±¤Î½êºß¤¬¥¤¥Þ¥¤¥ÁÎɤ¯Ê¬¤«¤é¤Ê¤¯¤Æ¡¢»Ô¾ìʬÃǤ¬À¸¤¸¤ë¤È²¿¤¬ÌäÂê¤Ê¤Î¤«¡¢¤È¤¤¤¦½ê¤¬Îɤ¯Ê¬¤«¤é¤ó¡£¸¶Ê¸¤ÎÊý¤ÎÆÉ¤ß¹þ¤ß¤¬Â¤ê¤ó¤È¸À¤ï¤ì¤Æ¤·¤Þ¤¦¤È¤°¤¦¤Î²»¤â½Ð¤Ê¤¤¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢¤¤¤ä³Î¤«¤Ë»Ô¾ì¤¬Ê¬ÃǤµ¤ì¤ÆÈó¸úΨ¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤Î¤¬¼Ò²ñ¸üÀ¸Åª¤Ë¥¤¥¯¥Ê¥¤¤È¤«¡¢¤½¤¦¤¤¤¦ÏäÏʬ¤«¤é¤ó¤Ç¤â¤Ê¤¤¤Î¤Ç¤¹¤¬¡¢»Ô¾ì¤¬Á´Éô¤É¥¹¥ë¡¼¤È¤«¤Ë¤Ê¤Ã¤Æ¡¢¥ì¥Ð¥ì¥Ã¥¸¤ò¥¬¥Ä¥ó¤È»È¤¨¤ë»Ô¾ì(Î㤨¤ÐVIX¤ß¤¿¤¤¤Ê¥ª¥×¥·¥ç¥ó¤Î¥ª¥×¥·¥ç¥ó¤ß¤¿¤¤¤Ê»Ô¾ì¤È¤«)¤¬¤Û¤«¤ÎÁ´»Ô¾ì¤Ë̵Ãã¶ìÃã±Æ¶Á¤òÍ¿¤¨¤ë¤³¤È¤Ë¤Ê¤ë¡¢¤Ã¤Æ¤Î¤â²¿¤À¤«¤Ê¤¢¤È»×¤¦Ìõ¤Ç¡¢²¿¤Ç¤â¤«¤ó¤Ç¤âÃϳ¤¤Ê¤Î¤¬Îɤ¤¤Î¤«¡¢¤È¤¤¤¦¤È¤Á¤ç¤Ã¤È¥¢¥¿¥¯¥·¤Î¸½¾ì᤾夲ϫ̳¼Ô¤Î´¶³Ð¤Ï¡Ö²¿¤«¤¬°ã¤¯¤Í¤¨¤«¡×¤È¤¤¤¦°ãÏ´¶¤ò³Ð¤¨¤ë¤ó¤Ç¤¹¤¬¡¢FSB¥¦¥©¥Ã¥Á¥ã¡¼¤ÎÊý¤Ë¸æ²òÀâ¤ò¤ª´ê¤¤¤·¤¿¤¤¤ó¤Ç¤¹¤±¤É¡¢¤½¤â¤½¤âFSB¥¦¥©¥Ã¥Á¥ã¡¼¤È¤«Ä¶°ìÉô¤Ë¤ÏʪÀ¨¤¯¼ûÍפ¬¤¢¤ê¤½¤¦¤Ç¤¹¤±¤É¥Ë¡¼¥º¤Î¤¢¤ë¿Í¤¬ÊªÀ¨¤¯¾¯¤Ê¤½¤¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦
¤ªÂê¡ÖLIBOR°Ü¹Ô¤Î¥í¡¼¥É¥Þ¥Ã¥×¤¬FSB¤«¤éÍè¤È¤ë¤¬¤Ê/¥é¥¬¥ë¥ÉÁíºÛ¥¤¥ó¥¿¥Ó¥å¡¼¤Ç¤Ï´û¸»Üºö¤Î¤ª¤«¤ï¤ê¤Ï¼¨º¶¤¹¤ë¤¬Íø²¼¤²¤Ï̵¤µ¤½¤¦¤Ë¸«¤¨¤Þ¤¹¡×
2020/10/20¡Ê²Ð¡Ë08:02:10
¤·¤«¤·¤³¤ÎºÛȽ¤Ï¥ª¥â¥í¤¹¤®¤ë¡£[³°Éô¥ê¥ó¥¯] 13:07ÇÛ¿® ºÇ½ª¹¹¿·:10/19(·î) 13:42¡¡Ãæ¹ñ¿·Ê¹¥Ç¥¸¥¿¥ë ¡Ø¶¡½ÒÄ´½ñ¤Ë¤è¤ë¤È¡¢¶È¼Ô¤Ï¡¢¿Ø±Ä¤¬¼Ö¾å±¿Æ°°÷¤Ë°ãË¡Êó½·¤òʧ¤Ã¤¿¤È¤µ¤ì¤ëµ¿ÏǤ¬Ê󯻤µ¤ì¤¿Ä¾¸å¤Îºòǯ11·î3Æü¡¢¹î¹ÔÈï¹ð¤ËÅìµþÅÔÆâ¤ÎµÄ°÷½É¼Ë¤Ë¸Æ¤Ó½Ð¤µ¤ì¡Ö³°Éô¤Ëή½Ð¤µ¤»¤¿¤é¤Þ¤º¤¤¤â¤Î¤ò¾Ã¤·¤¿¤¤¡×¤ÈÍê¤Þ¤ì¤¿¡£¶È¼Ô¤Ï¶á¤¯¤Î²ÈÅÅÎÌÈÎŹ¤Ç¡¢Éü¸µ¤Ç¤¤Ê¤¤¾õÂ֤˾õî¤Ç¤¤ë»ÔÈÎ¥½¥Õ¥È¤ò¹ØÆþ¡£¹î¹ÔÈï¹ð¤¬¤½¤Î¥½¥Õ¥È¤ò»È¤¤¡¢µÄ°÷½É¼Ë¤Ë¤¢¤ë¥Ñ¥½¥³¥ó¤Î¥Ç¡¼¥¿¤ò¾Ã¤·¤¿¡£¡Ù(¾åµURLÀè¤è¤ê¡¢°Ê²¼Æ±ÍÍ) ²¿¸Î¥É¥ê¥ëÍ¥»ÒÀèÀ¸¤Ë¤´ÁêÃ̤·¤Ê¤«¤Ã¤¿¤Î¤«¤È¾®°ì»þ´ÖÌ䤤µÍ¤á¤¿¤¤www ¡Ø¤½¤Î¸å¡¢¹î¹ÔÈï¹ð¤Ïºï½ü¤òµá¤á¤ë¥Ç¡¼¥¿¤ò¼ê½ñ¤¤·¤¿¥á¥â¤ò¶È¼Ô¤ËÅϤ·¡¢¶È¼Ô¤¬¹î¹ÔÈï¹ð¤ÎµÄ°÷²ñ´Û¤Î»ö̳½ê¤È¹Åç»ÔÆâ¤Ë¤¢¤ë¼«Âð¤Î¥Ñ¥½¥³¥ó¤Î¥Ç¡¼¥¿¤òºï½ü¡£¶È¼Ô¤Ë¤è¤ë¤È¡¢¹î¹ÔÈï¹ð¤Ï¾Ç¤ê¡¢º¤¤Ã¤Æ¤¤¤ëÍͻҤÀ¤Ã¤¿¤È¤¤¤¦¡£¶È¼Ô¤ÏƱ12·î¤Ë¤â¡¢¹Åç»ÔÆâ¤Ë¤¢¤ëξÈï¹ð¤Î¸å±ç²ñ»ö̳½ê¤Î¥Ñ¥½¥³¥ó¤Î¥Ç¡¼¥¿¤ò¸øÀßÈë½ñ¤¬Æ±Àʤ¹¤ëÃæ¤Çºï½ü¤·¤¿¤È¤¤¤¦¡£¡Ù ¤·¤«¤·¤Þ¤¢¤³¤³¤Þ¤Ç»É¤µ¤ì¤Æ¤·¤Þ¤¦¤Î¤¬²¿¤È¤¤¤¦¤«¤â¤¦¿ÍÆÁ¤È¤·¤«¿½¤·¾å¤²¤è¤¦¤¬¤Ê¤¤¡£¹¹¤Ë¤³¤Ã¤Á¤ÎÊý¤¬¤â¤Ã¤È¥ª¥â¥í¥¤¤Î¤À¤¬µ»ö¤ÎºÇ¸å¤Ë¤³¤ó¤Ê¤Î¤¬¡£ ¡Ø¤Þ¤¿¡¢¤³¤Î¶È¼Ô¤Ï»²±¡ÁªÅö»þ¡¢¹î¹ÔÈï¹ð¤Î»Ø¼¨¤ò¼õ¤±¡¢²Í¶õ¤Î¿Íʪ¤ò̾¾è¤ê¡¢°ÆÎ¤Èï¹ð¤ÈÁè¤Ã¤Æ¤¤¤¿¼«Ì±ÅÞ¸½¿¦¤Î¹Â¼ê¸²Àµ»á¤òÈãȽ¤¹¤ë¥Ö¥í¥°¤òºîÀ®¡£Åê¹ÆÆâÍÆ¤â¹î¹ÔÈï¹ð¤«¤é¶ñÂÎŪ¤Ê»Ø¼¨¤¬¤¢¤Ã¤¿¤È¤¤¤¦¡£¡Ù ¤Á¤çwwww¸½Ìò¤Îˡ̳Âç¿Ã¤¬¥Í¥Ã¥ÈÃæ½ý¥Ç¥Þ¥Ö¥í¥°¤ÎºîÀ®¤ò»Ø¼¨¤·¤ÆÆâÍÆ¤â»Ø¼¨¤È¤«wwwww ¡»LIBOR°Ü¹Ô´ØÏ¢¤Ç¤ä¤ë¤Ù¤¥í¡¼¥É¥Þ¥Ã¥×¤È¤«½Ð¤µ¤ì¤Æ¤¤¤Þ¤¹¤Î ¤Þ¤¢²¿¤Ç¤¹¤Ê¡¢¤³¤ÎÊÕ¤ÎÏäϴû¤Ë¼ÂºÝ¤Ë¤ä¤Ã¤Æ¤¤¤ë´Ø·¸¼Ô¤ÎÊý¡¹¤Ë¤ª¤«¤ì¤Þ¤·¤Æ¤Ï¤ªÁ°¤Ë¸À¤ï¤ì¤ó¤Ç¤âʬ¤«¤Ã¤È¤ë¤ï¤È¤¤¤¦ÏäÀ¤È¤Ï»×¤¦¤Î¤Ç¤¹¤¬¡¢¤Þ¤¢¸åÆü¼«Ê¬¤Ç³Îǧ¤·¤¿¤¯¤Ê¤Ã¤¿»þ¤Î°Ù¤Ë¥á¥â¤Ã¤Æ¤ª¤¯¤Î´¬¤Ç¤´¤¶¤ë¤è¡£[³°Éô¥ê¥ó¥¯] Transition Roadmap for LIBOR)¤ò¸øÉ½¤·¤Þ¤·¤¿¡£ ËÜ¥í¡¼¥É¥Þ¥Ã¥×¤Ï¡¢2021ǯËö¤Þ¤Ç¤ËLIBOR(¥í¥ó¥É¥ó¶ä¹Ô´Ö¼è°ú¶âÍø)¤ò»²¾È¤·¤¿¥¨¥¯¥¹¥Ý¡¼¥¸¥ã¡¼¤ò¥°¥í¡¼¥Ð¥ë¤Ëºï¸º¤µ¤»¤ë¤¿¤á¤Ë¤È¤ë¤Ù¤¥¹¥Æ¥Ã¥×¤ò¼¨¤·¤¿¤â¤Î¤Ç¤¢¤ê¡¢´ö¤Ä¤«¤ÎË¡°è(ÊÆ¹ñ¡¢±Ñ¹ñ¤ª¤è¤ÓÆüËܤò´Þ¤à)¤Ë¤ª¤±¤ë¸¡Æ¤¤òƧ¤Þ¤¨¤ÆºöÄꤵ¤ì¤Æ¤¤¤Þ¤¹¡£ ¾ÜºÙ¤Ë¤Ä¤¤Þ¤·¤Æ¤Ï¡¢°Ê²¼¤ò¤´Í÷¤¯¤À¤µ¤¤¡£¡Ù ¤Æ¤ÊÌõ¤Ç¸«¤Ë¹Ô¤Ã¤Æ¤ß¤¿¡£[³°Éô¥ê¥ó¥¯] Transition Roadmap for LIBOR ¤Þ¤¢¤Á¤ç¤Ã¤È²Õ¾ò½ñ¤¤òºÙ¤«¤¯¤·¤¿ÄøÅÙ¤ÎÏ䬽ñ¤¤¤Æ¤¢¤ë¤Î¤Ç¤¹¤¬¡¢ËÜʸ2¥Ú¡¼¥¸ÌÜ¡¢PDF¤Î4ËçÌܤˡØGlobal Transition Roadmap for LIBOR¡Ù¤Ã¤Æ¤Î¤¬¤¢¤Ã¤Æ²¿¤ò¤»¤¨¤È¤¤¤¦¤Î¤¬½ñ¤¤¤Æ¤¢¤ë¤Î¤Ç¥á¥âÂå¤ï¤ê¤Ë°úÍѤ·¤Æ¤ª¤¤Þ¤¹¡£ ¥í¡¼¥É¥Þ¥Ã¥×¤Ïº¸¤ËÆüÄø¤¬¤¢¤Ã¤Æ¡¢¤½¤³¤Î»þ´ü¤Þ¤Ç¤Ë¤³¤ì¤ä¤Ã¤È¤±¤ä¤È¤¤¤¦Ï䬱¦¤Ë²Õ¾ò½ñ¤¤È¤¤¤¦´¶¤¸¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤·¤Æ¡¢ºÇ½é¤Î¤¬¡ØFirms should already have at a minimum (and if not, should promptly):¡Ù¤È¤«º£½ÐÍè¤Æ¤Ê¤¤¤È¥¢¥«¥ó¤Ç¡Á¤È¤¤¤¦¤Î¤¬¤¢¤ë¡£¤Ê¤ªÌõ¤Ï¥¢¥¿¥¯¥·¤¬¤ä¤Ã¤Ä¤±¤Ç¤ä¤Ã¤Æ¤¤¤ë¤Î¤ÇÆâÍÆÌµÃ´ÊÝ̵Êݾڰì±þ¥Ù¥¹¥È¥¨¥Õ¥©¡¼¥È¤Ï¤·¤Æ¤¤¤ë¤¬¤Þ¤¢¥É¥á¥É¥áÌ줵¤ó¤Ê¤Î¤Ç´ªÊÛ¡£ ¡Ø¡¦ Identified and assessed all existing LIBOR exposures, including an understanding of:¡Ù Á´Éô¤ÎLIBOR¥Ù¡¼¥¹¤Îº£¤¢¤ë¥¨¥¯¥¹¥Ý¡¼¥¸¥ã¡¼¤òÇİ®¤·¤¿¾å¤Ç¤³¤ÎÊÕ¤òÍý²ò¤·¤í¤È¤Ê¡£ ¡Ø¡¦ Which LIBOR settings they have a continuing reliance on after end-2021, by currency and tenor.¡Ù 2021ǯËö°Ê¹ß¤Ë»Ä¤ë¼è°ú¤ò³Îǧ¤·¤í¡£ ¡Ø¡¦ What fallback arrangements those contracts currently have in place.¡Ù LIBOR¤¬Ìµ¤¯¤Ê¤Ã¤¿»þ¤ÎÂåÂØ»ØÉ¸¤Ë´Ø¤¹¤ë·ÀÌ󤬤¢¤ë¤«¤É¤¦¤«³Îǧ¤·¤í¡£ ¡Ø¡¦ Identified other dependencies on LIBOR outside of its use in financial contracts - for example, use in financial modelling, discounting and performance metrics, accounting practices, infrastructure, or non-financial contracts (e.g. in late-payment clauses).¡Ù ¶âÍ»¼è°ú°Ê³°¡¢Î㤨¤Ð¥ê¥¹¥¯´ÉÍý¤È¤«¥×¥é¥¤¥¹¥â¥Ç¥ë¤È¤«²ñ·×¤È¤«LIBOR¤Ç»È¤Ã¤Æ¤¤¤ë½ê¤ò³Îǧ¤·¤í¡£ ¡Ø¡¦ Agreed a project plan, including specific timelines and resources to address or remove any LIBOR reliance identified, to transition in advance of the end of 2021 including clear governance arrangements.¡Ù ¤½¤ì¤é¤Î°Ü¹Ô¤Ë´Ø¤·¤ÆÆüÄø¤ò¤Á¤ã¤ó¤ÈÀßÄꤷ¤¿°Ü¹Ô¥×¥é¥ó¤òÍѰդ·¤í¡£ ¡Ø¡¦ Understood industry or regulator recommended best practices in relevant jurisdictions, including timelines for intermediate steps in transition ahead of end-2021, and built these into their plans.¡Ù 2021ǯËö¤Ë¸þ¤±¤¿°Ü¹Ô¤ËÂФ¹¤ë³ÆË¡°è¤Ë¤ª¤±¤ë¥Ù¥¹¥È¥×¥é¥¯¥Æ¥£¥¹¤òÍý²ò¤·¤Æ°Ü¹Ô¤Î·×²è¤»¤è¡£ ¡Ø¡¦ Assessed what changes may be needed to supporting systems and processes in order to enable use of alternative reference rates in new and existing contracts, including through fallbacks. This may include, for example, treasury management systems and accounting processes.¡Ù ´û¸µÚ¤Ó¿·µ¬¤Î·ÀÌó¤Ë¤ª¤¤¤Æ¿·¤·¤¤»²¾È¶âÍø¤È¥Õ¥©¡¼¥ë¥Ð¥Ã¥¯¾ò¹à¤ò»È¤¦¤³¤È¤¬¤Ç¤¤ë¤è¤¦¤Ë¥·¥¹¥Æ¥à¤ä¶È̳¥×¥í¥»¥¹¤ËÂФ·¤Æ¤É¤Î¤è¤¦¤ÊÊѹ¹¤¬É¬ÍפʤΤ«¤ò³Îǧ¤·¤í¡£¼è°ú¤À¤±¤¸¤ã¤Ê¤¯¤Æ²ñ·×¤È¤«¥Þ¥Í¥¸¥á¥ó¥È¤Ë¤ª¤±¤ë¥·¥¹¥Æ¥à¤â´Þ¤á¡£ ¡Ø¡¦ Those who currently provide clients with this infrastructure should have developed alternative solutions/offerings to ensure continuity of provision.¡Ù LIBOR°Ü¹Ô¤Ç±Æ¶Á¤ò¼õ¤±¤ë¥·¥¹¥Æ¥à¤Ê¤É¤ÎÄ󶡤ò¹Ô¤Ã¤Æ¤¤¤ë¸ÜµÒ¤ËÂФ·¤Æ¡¢ÂåÂØÅª¤Ê¥½¥ê¥å¡¼¥·¥ç¥ó¤ä¡¢·Ñ³Ū¥µ¥Ý¡¼¥È¤òÄ󶡤Ǥ¤ë¤è¤¦¤ËÍѰդ»¤è¡£ ¡Ø¡¦ Those who currently provide clients with products that reference LIBOR should have begun to implement a plan for communicating with end-users of LIBOR referencing products maturing beyond end-2021 to ensure they are aware of the transition and the steps being taken to support moving those products to alternative rates.¡Ù 2021ǯËö°Ê¹ß¤Ë¼è°ú¤ä»Ä¹â¤Î»Ä¤ë¥×¥í¥À¥¯¥È¤ä¼è°ú¤ò¸ÜµÒ(¤³¤³¤Î¸ÜµÒ¤Ï¥ê¥Æ¡¼¥ë¤òǰƬ¤ËÃÖ¤¤¤Æ¤¤¤ë¤È¸«¤é¤ì¤Þ¤¹)¤È¹Ô¤Ã¤Æ¤¤¤ë¾ì¹ç¡¢¤½¤Î¥æ¡¼¥¶¡¼¤ËÂФ·¤Æ¡¢2021ǯËö¤ÎLIBOR°Ü¹Ô¤È¡¢¿·¤¿¤Ê»ØÉ¸¶âÍø¤Ø¤Î°Ü¹Ô¤ËÂФ¹¤ë¥µ¥Ý¡¼¥È¤Ë´Ø¤·¤Æ¤ÎÀâÌÀ¤Ê¤É¤ò¼Â»Ü¤¹¤ë·×²è¤ò³«»Ï¤·¤Æ¤¤¤ë¤Ù¤(¤ï¤¶¤ï¤¶should have begun to implement a plan¤Ã¤Æ¸À¤Ã¤Æ¤ë¤ó¤À¤«¤é¤È¤Ã¤È¤È¤ä¤ì¤È¸À¤¤¤¿¤¤¤ó¤Ç¤·¤ç)¡£ ¤À¤½¤¦¤Ê¡£¤Þ¤¢Æü¶ä¤Î¥µ¥¤¥È¤ÇºÇ½é¤ËÀâÌÀ¤¬¤¢¤Ã¤¿Ä̤ꡢ¸½¾õ¤ÎÆüÊÆ²¤¤Ê¤É¤Ç¤Î¼è¤êÁȤ߾õ¶·¤òÈ¿±Ç¤·¤Æºî¤Ã¤Æ¤¤¤ë¤Î¤À¤È»×¤¤¤Þ¤¹¤·¡¢¥¢¥¿¥¯¥·¤³¤ì¤Ë¤Ä¤¤¤Æ¼ÂºÝ¤Ë¼ê¤òư¤«¤·¤¿¤ê¤Ï¤Û¤Ü¤·¤Ê¤¤¤Î´¬¤Ê¤Î¤Ç(´À)¡¢¶ñÂÎŪ¤ÊÉôʬ¤ËÁ¤¯¤Æ¿½¤·Ìõ¤Ê¤¤¤Î¤Ç¤¹¤¬¡¢¤Ê¤ó¤«¤³¤¦¤¤¤Ì¤ª¤òFSB¤«¤é¤Ö¤Ã¤³¤Þ¤ì¤Æ¤¯¤ë¤È¿ÊĽ¾õ¶·Ä´ºº¤È¤«¤¬Èô¤ó¤Ç¤¤½¤¦¤Êµ¤¤¬¤·¤Þ¤¹¤Ê¡£ ¡ØBy the effective date of the ISDA Fallbacks Protocol2¡Ù¤Ã¤Æ¤Î¤¬¼¡¤Ë¤¢¤ë¡£ ¤½¤³¤ÎµÓÃí¤ËISDA¤ÈFSB¤Ø¤Î¥ê¥ó¥¯¤¬¤¢¤Ã¤Æ¡¢¤¦¤Ã¤«¤êFSB¸«¤Ë¹Ô¤Ã¤¿¤é·ë¶ÉISDA¤ÎÊý¤ò¸«¤Ë¹Ô¤±¤Ð¤è¤«¤Ã¤¿¤È¤¤¤¦¤À¤±¤ÎÏäǤ·¤¿¤Î¤Ç¡¢ISDA¤ÎÊý¤ò¸«¤Þ¤¹¤È¡¢[³°Éô¥ê¥ó¥¯] Board Statement on the IBOR Fallbacks Supplement and Protocol October 9, 2020 ¡ØISDA today published a statement from its Board of Directors on the forthcoming launch of the IBOR Fallbacks Supplement and IBOR Fallbacks Protocol.¡Ù(¤³¤³¤Ïľ¾åURLÀè¤ÎISDA¥µ¥¤¥È¤«¤é°úÍÑ) ¤Ã¤Æ¤ÊÏäǤ¹¤¬¡¢¼ÂºÝ¤Ë¤³¤ÎISDA¤Î¥Õ¥©¡¼¥ë¥Ð¥Ã¥¯¾ò¹à¤¬Å¬ÍѤˤʤë¤Î¤Ï¡¢¤³¤Á¤é¤ÎËÜʸ¤ò¼Ð¤áÆÉ¤ß¤·¤¿¤È¤³¤í¡¢ºÇ¸å¤Î¥Ñ¥é¥°¥é¥Õ¤Ë¤³¤ó¤Ê¤Î¤¬¤¢¤ë¡£ ¡Ø¡ÈAs a result of the work described above, ISDA will launch the IBOR Fallbacks Supplement to the 2006 ISDA Definitions and the ISDA 2020 IBOR Fallbacks Protocol on October 23, 2020. The supplement and the amendments made by the protocol will take effect on January 25, 2021. On this date, all new derivatives contracts that incorporate the 2006 ISDA Definitions and reference one of the covered IBORs will contain the new fallbacks. Derivatives contracts existing as of this date will incorporate the new fallbacks if both counterparties have adhered to the protocol or otherwise bilaterally agreed to include the new fallbacks in their contracts. The protocol will remain open for adherence after this effective date.¡É¡Ù(¤³¤³¤Ïľ¾åURLÀè¤ÎISDA¥µ¥¤¥È¤«¤é°úÍÑ) ¤Ä¡¼¤³¤È¤Ç¡¢¿·¤·¤¤¥×¥í¥È¥³¥ë¤ÏÍèǯ¤Î1·î25Æü¤«¤éŬÍѤˤʤ뤽¤¦¤Ê¡£¤È¤¤¤¦¤³¤È¤Ç¤½¤³¤Þ¤Ç¤Ë¤ä¤Ã¤ÆÃÖ¤¯»ö¤È¤Ï¡£ ¡Ø¡¦ Adhere to the ISDA protocol, subject to individual firms¡Ç usual governance procedures and negotiations with counterparties as necessary. Adherence to the protocol is strongly encouraged and where the protocol is not used, other appropriate arrangements will need to be considered to mitigate risks.¡Ù ISDA¥Ù¡¼¥¹¤Î¼è°ú¤ò¤·¤Æ¤¤¤ë¸ÜµÒ¤ËÂФ·¤Æ¿·¤·¤¤¥×¥í¥È¥³¥ë¤òŬÍѤ¹¤ë¸ò¾Ä¤ò¤·¤Æ¤³¤¤¡¢¸ò¾Ä¤¬¾å¼ê¤¯¹Ô¤«¤Ê¤«¤Ã¤¿¤é(¥Õ¥©¡¼¥ë¥Ð¥Ã¥¯¾ò¹à¤â´Þ¤á¤¿)¤Û¤«¤ÎŬÀڤʼêÃʤˤè¤Ã¤Æº£¸åȯÀ¸¤·¤¦¤ë¥ê¥¹¥¯¤ò·Ú¸º¤·¤Æ¤ª¤±¡£ ¡Ø¡¦ Providers of cleared and exchange-traded products linked to LIBOR should also ensure that these incorporate equivalent fallback provisions as appropriate.¡Ù LIBOR¥ì¡¼¥È¤Ë¥ê¥ó¥¯¤·¤¿ETFÅù¤Î¾¦ÉʤΥץí¥Ð¥¤¥À¡¼¤ÏISDA¤Î¿·¤¿¤Ê¥Õ¥©¡¼¥ë¥Ð¥Ã¥¯¾ò¹à¤Ë½à¤¸¤¿¥Õ¥©¡¼¥ë¥Ð¥Ã¥¯¾ò¹à¤òŬÀÚ¤ËÆ³Æþ¤·¤í¡£ ¼¡¤Ë¡ØBy the end of 2020, at a minimum:¡Ù¤È¤«¤¤¤¦¹àÌܤ¬¤¢¤Ã¤Æ¡¢ ¡Ø¡¦ Lenders should be in a position to offer non-LIBOR linked loan products to their customers. This could be done either in terms of giving borrowers a choice in terms of the reference rate underlying their loans, or through working with borrowers to include language for conversion by end-2021 for any new, or refinanced, LIBOR referencing loans, for example if systems are not currently ready. ¡Ù LIBOR¥Ù¡¼¥¹¤Ç¤Ï¤Ê¤¤Â߽Ф¬Ä󶡤Ǥ¤ë¤è¤¦¤Ë½àÈ÷¤ò¤·¤Æ¤ª¤±¡£¤³¤ì¤Ï2021ǯËö°Ê¹ß¤Ë¤â»Ä¹â¤¬¤¢¤ë¼Ú¤ê¼ê¤ËÂФ·¤Æ¿·¤·¤¤»ØÉ¸¶âÍø¥Ù¡¼¥¹¤Ç¤Î¼Ú¤êÆþ¤ì¤ò¹Ô¤¦¤«¡¢¤½¤Î¾¤Î»ØÉ¸¶âÍø¤Ë¤è¤ë¼ÚÆþ¤ò¹Ô¤¦¤«¤Î¥Á¥ç¥¤¥¹¤òÄ󶡤¹¤ë¤Ã¤Æ¤³¤È¡£ ¼¡¤Î¥Ú¡¼¥¸¤Ë¡¢¡ØBy mid-2021, firms should¡Ù¤Ã¤Æ¤Î¤È¡¢¡ØBy end-2021, firms should¡Ù¤Ã¤Æ¤Î¤¬¤¢¤Ã¤Æ¡¢ºÇ¸å¤Î¤Ï¤Þ¤¢¤½¤é¤½¤¦¤è¤È¤¤¤¦´¶¤¸¤Ç¡¢¤½¤ÎÁ°¤Î¤Ï¥ì¥¬¥·¡¼¥×¥í¥À¥¯¥È¤Î·ï¤È¤«¡¢ÂåÂØ»ØÉ¸Æ³Æþ¤Ë¤ª¤±¤ë·ÐºÑŪ¤Ê±Æ¶Á¤È¤«¤Î»î»»¤È¤«¤½¤Ã¤Á¤ÎÏääݤ¤¤Ç¤¹¤¬¤Þ¤¢ÌÜÀè¤ÎÏ两ã¤Ê¤¤¤Î¤Ç³ä°¦¤·¤Þ¤¹¶½Ì£¤Î¤¢¤ëÊý¤ÏÆÉ¤ó¤Ç¤Á¤ç¡£ ¤Ê¤ª¡¢²¾Ìõ¤Ï¤¢¤¿¤¯¤·¤¬¤ä¤Ã¤Ä¤±&狼¤Ë¸«¤Æ¤â¤é¤Ã¤¿Ìõ¤Ç¤â¤Ê¤¯Æ²¡¹¤ÈÈäϪ¤¹¤ë¤È¤¤¤¦ÃѤº¤«¤·¤²¤Î̵¤¤¥×¥ì¥¤¤Ë¤è¤ê¤Þ¤¹¤Î¤Ç¡¢¤·¤Ä¤³¤¯¿½¤·¾å¤²¤Þ¤¹¤¬¥¤¥ó¥Á¥Ìõ¤Ë´Ø¤·¤Æ¤Ï̵ôÊÝ̵ÊݾڤǤ¹¡¢¤È½ñ¤¤¤Æ¤¤¤¿¤é¤µ¤¹¤¬¤ËÃѤº¤«¤·¤¯¤Ê¤Ã¤Æ¤¤¿¤¬À޳ѥͥ¿¤Ë¤·¤¿¤«¤é¤½¤Î¤Þ¤ÞÅê²¼¤Î½ê¸¡£ ¡»¥é¥¬¥ë¥ÉÁíºÛ¤Î¥ë¥â¥ó¥É»æ¥¤¥ó¥¿¥Ó¥å¡¼¤È¤Ê FED¤Î¥Õ¥ì¡¼¥à¥ï¡¼¥¯ÏäâÌÌÇò¤¤¤Î¤Ç¤¹¤¬¡¢¤È¤ê¤¢¤¨¤º¼º¶ÈΨ¤Èʪ²Á»Ø¿ô¤¬¤¢¤ëÄøÅÙ²þÁ±¤·¤Æ¤¯¤ë¤Þ¤Ç¤Ïư¤«¤ó¡¢¤È¤¤¤¦¤Î¤¬¸«¤¨¸«¤¨¤Ç¤¹¤±¤ì¤É¤â¡¢²¤½£¤Ï²¿¤»¥³¥í¥Ê¤¬¹¹¤Ë¤¢¤Ð¤Ð¤Ð¤Ð¡¼¤È¤Ê¤Ã¤Æ¤ª¤ê¤Þ¤¹¾å¤Ë¡¢¤½¤â¤½¤â¥Þ¥¤¥Ê¥¹¶âÍø¤ä¤Ã¤Æ¤¤¤ë½ê¤Ç¤â¤¢¤ë¤Î¤Ç¡¢¤½¤Ã¤Á¤¬À¯ºö¤Ç²¿¤«ÂǤäÆÍè¤ë¤Î¤«¡¢¤È¤¤¤¦Êý¤¬¸½À¤Íø±×Ū¤Ë¤Ïº£¤Ï¥ª¥â¥í¥¤¤Î¤Ç¤Ï¤Ê¤¤¤«¤È(¸Ä¿Í¤Î´¶ÁۤǤ¹)¡£ ¤È¤¤¤¦¤³¤È¤ÇECB¡£[³°Éô¥ê¥ó¥¯] risks losing momentum The recovery since the summer has been uneven, uncertain and incomplete, President Christine Lagarde tells Le Monde. But the options in our monetary policy toolbox have not been exhausted. She also discusses the EU¡Çs recovery plan and the broader impact of the crisis in Europe. ¤È¤¤¤¦¤³¤È¤Ç¥¤¥ó¥¿¥Ó¥å¡¼ÆâÍÆ¤Ï¤³¤Á¤é¡£[³°Éô¥ê¥ó¥¯] with Christine Lagarde, President of the ECB, conducted by Marie Charrel and Eric Albert and published on 19 October 2020 19 October 2020 ¡¦¥Ñ¥ó¥Ç¥ß¥Ã¥¯ºÆ³ÈÂç»þ¤ÎÀ¯ºöÂбþ¤Ï´û¸¤Î¤ª¤«¤ï¤ê¤·¤«¤Ê¤µ¤½¤¦¤Ç¤¹¤Î ºÇ½é¤ÎÊý¤ÏºÆÅ٤Υí¥Ã¥¯¥À¥¦¥ó¤Ç¤¹¤Í¤¨ÂçÊѤǤ¹¤Í¤¨Á´Á³°ì»þŪ¤¸¤ã¤Ê¤¤¤Ç¤¹¤Í¤¨¤È¤¤¤¦¤è¤¦¤Ê¼Áµ¿¤Ç¡¢Åú¤¨¤ÎÊý¤â¤½¤é¤½¤¦¤è¤È¤¤¤¦´¶¤¸¤ÎÏäǤ¹¤¬¡¢¥Í¥¿¤ÎÅÔ¹ç¾å¤½¤ÎÀ褫¤é»²¤ê¤Þ¤¹¡£ ËÜÅö¤ÏQ¤¬¥´¥·¥Ã¥¯¤ÇA¤¬ÉáÄÌ»úÂΤʤΤǤ¹¤¬°ì¡¹¥Õ¥©¥ó¥È¤òÊѤ¨¤ë¤Î¤á¤ó¤É¤¤¤Î¤Ç´ªÊۤʡ£ ¡ØIn response to the slowdown in activity, the ECB launched asset purchases amounting to more than ¥æ¡¼¥í1.5 trillion, which is unprecedented. If the crisis gets worse, what more will it be able to do?¡Ù ¤µ¤Æ¤½¤ÎÅú¤¨¤Ç¤¹¤¬¡¢ ¡ØThe options in our toolbox have not been exhausted.¡Ù ¤ÈºÇ½é¤ËÍè¤Æ¤¤¤Þ¤¹¤¬¡¢¤Þ¤¢ÂçÂΤ³¤¦¤¤¤¦»þ¤Ë¤Ï´û¤Ë¥Ä¡¼¥ë¤¬Ìµ¤¤¤È¤¤¤¦ÏäˤʤäƤ¤¤ë»þ¤Ë¸À¤¦¤â¤ó¤À¡¢¤È¤¤¤¦°Ì¤ÏºÇÁá³§¤µ¤ó¤¹¤Ã¤«¤ê´·¤ì¤Æ¤¤¿¤«¤È¸¤¸¤Þ¤¹¡¢¥Ê¥à¥Ê¥à¥Ê¥à¡£ ¡ØIf more has to be done, we will do more. On taking up my position, I was told that there was nothing left for me to do, that everything had been done. But that was clearly not the case! We have found ways to stabilise the markets and support the euro area economy.¡Ù °ÒÀª¤ÏÎɤ¤¤¬¶ñÂκö¤Ê¤·¤È¤Ê¡£¤Þ¤¢´û¸»Üºö¤Î¤ª¤«¤ï¤ê°Ê³°(¤¹¤Ê¤ï¤Á¥Þ¥¤¥Ê¥¹¿¼ËÙ)¤Ï¤Ê¤µ¤½¤¦¤Ç¤¹¤Ê¡¢¤¦¤ó¤¦¤ó¡£ ¡ØThanks to the action we took between March and June, we estimate that growth will be 1.3 percentage points higher overall, and inflation 0.8 percentage points higher. According to the ECB¡Çs assessment, we have saved one million jobs in the euro area. So we have acted, and our action has been effective.¡Ù 3·î¤«¤é6·î¤ÎÀ¯ºö¤¬¸ú²Ì¤òȯ´ø¤·¤Æ¤³¤Î¤è¤¦¤Ë¸ú²Ì¤ò½Ð¤·¤¿¤Î¤Ç¹Ô¤±¤ë¤Ç¡Á¤È¤¤¤¦¤Î¤Ï¡¢¤Ä¤Þ¤ê´û¸»Üºö¤Î¤ª¤«¤ï¤ê·¯¤ò¤¹¤ë¤È¤¤¤¦Ïä乤ʡ£ ¡¦PEPP¤Î¸ú²Ì¤ò¼ÁÌ䤵¤ì¤ÆTLTRO¤Î¸ú²Ì¤ÇÊÖ¤¹¤È¤ÏÃæ¡¹¥Á¥ã¡¼¥ß¥ó¥° ¼¡¤¬PEPP¤Î¼ÁÌä¡£ ¡ØThe pandemic emergency purchase programme, or PEPP for short, which was launched in March, has effectively calmed the markets. But does it actually support the real economy?¡Ù PEPP¤Ï»Ô¾ì°ÂÄê¸ú²Ì¤¬¤¢¤Ã¤¿¤Î¤Ï³Î¤«¤À¤¬¼ÂÂηкѤ˸ú¤¤¤¿¤Î¤«¤è?¤È¤Ï¤³¤ì¤Þ¤¿¸·¤·¤¤¡£¤½¤Î¤ªÅú¤¨¡£ ¡ØThe PEPP has a dual objective:¡Ù dual objective¤È¤Ê¡£ ¡Øfirst, to stabilise the markets, and this objective has been fulfilled;¡Ù ¤½¤ì¤Ïǧ¤á¤ë¡£ ¡Ønext, to help bring inflation back to its pre-pandemic path, while keeping interest rates low and ensuring that these low rates are passed on to the real economy, which has worked.¡Ù ¤Á¤çwww¡Öto help bring inflation back to its pre-pandemic path¡×¤Ã¤Æ¥Ê¥ó¥¸¥ã¥½¥é¤È¤¤¤¦´¶¤¸¤Ç¤¹¤¬¡£ ¡ØOur market actions, in tandem with our programme of long-term loans to the real economy - the well-known targeted longer-term refinancing operations (TLTROs) - have enabled lending to continue at very low rates. Lending rates for households and firms are around 1.4% to 1.5%. In the euro area, the volume of lending has increased by 7% for firms and 3% for households.¡Ù PEPP¤ÎÏ䫤餤¤¤Ê¤êTLTRO¤Î¸ú²Ì¤ÎÏäˤʤäƤ¤¤ë¤È¤¤¤¦¤³¤Î¸íËâ²½¤·¤Ã¤×¤ê¤Ë¥ï¥í¥¿¡£ ¡¦¤È¤³¤í¤Ç¥ê¡¼¥Þ¥ó¥·¥ç¥Ã¥¯¸å¤Î´ËÏÂÀ¯ºö¤¬·ë¶É±ä¡¹¤È³¤¤¤Æ¤¤¤Þ¤¹¤¬¡¦¡¦¡¦¡¦¡¦¤È¤¤¤¦¥¤¥¤¥·¥Ä¥â¥ó¥À¥Ê¡¼ ¡ØCentral banks have been taking action for the past ten years and still need to do more. Why is their action becoming less and less effective?¡Ù Central banks¤ÈÊ£¿ô·Á¤Ê¤Î¤â¤ªÞ¯Íî¡£ ¡ØAfter the crisis of 2008, fiscal policy was not forthcoming. Central banks were working very much in isolation. This was particularly true in the euro area.¡Ù ¥ê¡¼¥Þ¥ó¥·¥ç¥Ã¥¯°Ê¹ß¡¢ºâÀ¯¤Ï¤¢¤ó¤Þ¤ê¥µ¥Ý¡¼¥È¤»¤º¡¢¤È¤¤¤¦¤Î¤ÏÆÃ¤Ë²¤½£¤Ç¤½¤¦¤Ç¤·¤¿¤¬(¤Ã¤Æ¤½¤Î»þ¤¢¤ó¤µ¤óIMF¤ä¤ó¡¢¤È»×¤¤¤Þ¤¹¤¬¤½¤³¤Ï¥¹¥ë¡¼¤·¤Þ¤·¤Æ)¡¢¶âÍ»À¯ºöñÂΤǴèÄ¥¤Ã¤Æ¤ª¤ê¤Þ¤·¤¿¡£ ¡ØBut we are now in a different paradigm. Fiscal support is playing its part and is working hand in hand with monetary support. This is unprecedented and will be effective.¡Ù º£¤ÏºâÀ¯¤¬¤É¤Ð¡¼¤Ã¤È¥µ¥Ý¡¼¥È¤·¤Æ¤¤¤Þ¤¹¤«¤é°ã¤¤¤Þ¤Ã¤»¡¢¤À¤½¤¦¤Ç¤¹¡£¤³¤ÎÏÀÅÀ¤â¤Ã¤ÈÆÍ¤Ã¹þ¤ó¤ÇÍߤ·¤«¤Ã¤¿¤Î¤Ç¤¹¤¬¡¢¤³¤ÎÀè¤Ï¥æ¡¼¥í·÷¤Î7500²¯¥æ¡¼¥íÉü¶½¥×¥é¥óÏäÎÊý¤Ë¿Ê¤ó¤Ç¤·¤Þ¤Ã¤Æ¤ª¤ê¤Þ¤·¤Æ¡¢¶âÍ»À¯ºö¤Î¸Â³¦¤È¤¤¤¦ÏäˤʤäƤ³¤Ê¤¤¤Î¤¬¥ë¥â¥ó¥ÉÀˤ·¤¤¡¢¤È¤¤¤¦´¶¤¸¤Ç¤¹¡£ ¤Ê¤ª¡¢¤½¤ÎÀè¤ÎºâÀ¯¥Í¥¿¤Ë´Ø¤·¤Æ¤Ï¡Öº£¤Î¥×¥é¥ó¤Ç¤ê¤ë¤Î¡×¤È¤«¡ÖºâÀ¯¤Î»ý³À¤ËÂФ¹¤ë·üǰ¤¬½Ð¤Æ¤³¤Ê¤¤¤Î¡×¤È¤«¤½¤Ã¤ÁÊýÌ̤ÎÏäˤʤäƤ¤¤Þ¤·¤Æ¡¢¤¢¤ó¤Þ¤ê(¥ï¥·¤é¥¸¥ã¥Ñ¥ó¤Î¶âÍ»À¯ºö±¿±Ä¤Ë±Æ¶Á¤òÍ¿¤¨¤ëŪ¤Ê)¸½À¤Íø±×Ū¤ÎÏ䷤ˤϤʤäƤ¤¤Ê¤¤¤Ê¡¢¤È»×¤¤¤Þ¤·¤¿¤¬¼Ð¤áÆÉ¤ß¤Ê¤Î¤ÇÆÉ¤ßÍî¤È¤·¤Æ¤¿¤é¥´¥á¥ó¡£ ¡¦¤¸¤ã¤¢¸½¾õ¤Ï¤É¤¦¤¤¤¦Ç§¼±¤Ê¤Î¤«¡¢¤È¤¤¤¦¤Î¤¬ºÇ½é¤Î¼Áµ¿¤Ë¤¢¤ê¤Þ¤¹¤¬ ¤Æ¤ÊÌõ¤Ç¥Í¥¿¤Î½ÅÍ×À(¥¢¥¿¥¯¥·¤Î¶½Ì£)¤Ë´Õ¤ß¤Æ¸å²ó¤·¤Ë¤·¤¿¸½¾õǧ¼±¤Ë¤Ä¤¤¤Æ¤ÎºÇ½é¤Î¼Áµ¿¤Ç¤¹¤¬¡¢ ¡ØWith the pandemic getting worse, many countries are introducing new restrictions. Against this backdrop, what are your fears for the European economy?¡Ù ¤Á¤Ê¤ß¤ËºÇ½é¤Î¼ÁÌ䤬¤³¤ì¤Í¡£ ¡ØThe second wave of the pandemic in Europe, notably in France, and the resulting new restrictions are adding to the uncertainty and weighing on the recovery. Since the rebound we saw over the summer, the recovery has been uneven, uncertain and incomplete and now risks losing momentum. We will keep a close watch on indicators throughout the autumn. Our central scenario foresees euro area GDP declining by an average of 8% in 2020 and assumes partial and localised containment measures. If the situation deteriorates, our projections, which we will revise in December, will obviously be gloomier.¡Ù ºÇ¸å¤Ë¡ÖIf the situation deteriorates, our projections, which we will revise in December, will obviously be gloomier.¡×¤Ã¤Æ¤¢¤ê¤Þ¤¹¤·¡¢¤½¤â¤½¤âECB¤Î¥µ¥¤¥È¤ÎÊý¤ÇƲ¡¹¤È¡ÖRecovery risks losing momentum¡×¤Ã¤Æ¤Î¤¬¥È¥Ã¥×¤Ë¥µ¥à¥Í¤È¶¦¤Ë¤¢¤ëÌõ¤Ç¡¢¤³¤ì¤Ï¤â¤¦²¼Êý½¤ÀµÉ¬»ê¤È¤¤¤¦¾ðÀª¤Ë¤Ê¤Ã¤Æ¤¤¤ë¡¢¤È¤¤¤¦¤³¤È¤Ç¤¢¤ê¤Þ¤¹¤ë¡£ ¡ØBack in March, some people were hoping that the pandemic would be a short-lived shock. That is not the case. What long-term scars might this crisis leave behind?¡Ù ¼¡¤Î¼ÁÌä¤Ï¤³¤ÎÌäÂêĹ´ü²½¤¹¤ë¤è¤Í¤É¤¦¤Ê¤Î¤è¤ß¤¿¤¤¤Ê¼ÁÌ䤸¤ã¤Ê¡£ ¡ØJob losses are the most serious. They pose a risk for the social fabric, household income, demand and growth. Governments in the euro area need to be extremely mindful of this. We think it¡Çs essential that the fiscal safety nets that governments put in place during this crisis are not withdrawn too soon.¡Ù ¸ÛÍÑ¤Î¥í¥¹¤¬°ìÈÖ¿¼¹ï¡¢¤È¤¤¤¦¤³¤È¤Ç¡¢¤³¤ì¤¬¿§¡¹¤È°±Æ¶Á¤òÍ¿¤¨¤ë¤Î¤Ç¡¢¤³¤Î´íµ¡¤Î´Ö¤Ï¸ÛÍѤ˴ؤ¹¤ëºâÀ¯Åª¤Ê¥»¡¼¥Õ¥Æ¥£¡¼¥Í¥Ã¥È¤òÄ¥¤Ã¤Æ¤ª¤¯¤Î¤¬¥¨¥Ã¥»¥ó¥·¥ã¥ë¤À¡¢¤È¤¤¤¦Ç§¼±¤ò¼¨¤·¤Æ¤¤¤Þ¤·¤Æ¡¢¤½¤Î¼¡¤¬¤µ¤Ã¤°úÍѤ·¤¿Î®¤ì¤Ë¤Ê¤ê¤Þ¤¹¡£ ¡¦¡¦¡¦¡¦¡¦¡¦¤È¤¤¤¦¤³¤È¤Ç¡¢¤Þ¤¢Íפ¹¤ë¤Ëº£¤Î»Üºö¤Î¤ª¤«¤ï¤ê¤Ï¤·¤Þ¤¹¡¢¤È¤¤¤¦ÏäÀ¤¬¡¢¤É¤¦¸«¤Æ¤â¤³¤ì¤Ï¶âÍø¤òư¤«¤¹¤È¤¤¤¦ÏäˤϤʤé¤ó¤Ï¤º¤À¡¢¤È¾¡¼ê¤Ë¼«Ê¬¤Ç¤Þ¤È¤á¤Æ¤è¤·¤è¤·¥Þ¥¤¥Ê¥¹¿¼ËÙ¤Ï̵¤¤¤Ê¡¢¤È¾¡¼ê¤ËǼÆÀ¤·¤Þ¤·¤¿¤¬¡¢°ì¿Í¤è¤¬¤ê¤Î²ÄǽÀ¤Ï¤¢¤ëÅÀÊ¿¤Ë¤´ÍƼϤ¢¤ì¡£ ¤È¤¤¤¦¤³¤È¤ÇËÜÆü¤Ï¤³¤ÎÊդǴªÊÛ¡£
¤ªÂê¡Ö¼ãÅÄÉôÉûÁíºÛ¤¬À¯ÉܤȤζ¦Æ±À¼ÌÀ¤ò»ý¤Á½Ð¤¹¤È¤Ê/CBDC¤Ë´Ø¤¹¤ë·èºÑµ¡¹½¶ÉĹ¥¤¥ó¥¿¥Ó¥å¡¼µ»ö¤è¤ê¡×
2020/10/19¡Ê·î¡Ë08:05:14
¿§¡¹¤È¥¢¥ì¤Ç¤¹¤ÊÁêÊѤï¤é¤º¡£[³°Éô¥ê¥ó¥¯] ¥ß¥·¥¬¥ó½£Ãλö¤ò¡Ö·ºÌ³½ê¤ËÆþ¤ì¤í¡×¤Èȯ¸À 2020ǯ10·î18Æü 11»þ48ʬ ¤Ê¤ª·îÍˤʤΤÇ(??)¥í¥¤¥¿¡¼¤µ¤ó¤«¤éÆü¶äÍ׿Íȯ¸À¥Í¥¿2ËܤǴªÊۤǤ´¤¶¤ë¤è¡£ ¡»À¯ÉܤȤζ¦Æ±À¼ÌÀ¤ÎÏä˸ÀµÚ¤¹¤ë¼ãÅÄÉôÉûÁíºÛ¤ÎÈù̯¤Êµ»ö¤ò¸«¤Æ²þ¤á¤Æ¶¦Æ±À¼ÌÀ¤ò¸«¤ë´ë²è ¥Ø¥Ã¥É¥é¥¤¥ó¤À¤±¤ß¤Æ¤¤¤ë¤È²¿¤ÎÊÑů¤â¤Ê¤¤Êª·ï¤Ç¥ª¥â¥ó¥Ê¥¤¥ï¤È¤¤¤¦´¶¤¸¤Ç¤¹¤¬¡¢¼Â¤Ï¼¢Ì£¤¬¤¢¤ë¼ãÅÄÉô¤µ¤ó¤Îµ»ö¡£¥¤¥ó¥¿¥Ó¥å¡¼¤Ê¤Î¤«¥»¥ß¥Ê¡¼¤ß¤¿¤¤¤Ê¤Î¤ÇÃý¤Ã¤¿¤Î¤«¤¬Îɤ¯Ê¬¤«¤é¤ó½ñ¤Êý¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤¹¤¬¡£[³°Éô¥ê¥ó¥¯] ¸áÁ° Âê̾¤ÎÊý¤ÏÀµÄ¾¤É¤¦¤Ç¤â¤è¤¯¤ÆÃæ¿È¤¬Èù̯¤À¤Ã¤¿¤ê¤¹¤ë¤Î¤Ç¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡Ø[Åìµþ¡¡16Æü¡¡¥í¥¤¥¿¡¼] - Æü¶ä¤Î¼ãÅÄÉô¾»À¡ÉûÁíºÛ¤Ï16Æü¡¢Æü¶ä¤Ï·Êµ¤»É·ã¤ä±ß¹â¤Î¥¤¥ó¥Õ¥ì¤Ø¤Î°±Æ¶Á¤Î·Ú¸º¤Ë¸þ¤±¤Æ¶âÍ»À¯ºö¤ò°ìÃʤȴËϤ¹¤ëɬÍפ¬¤¢¤ë¤ÈȽÃǤ·¤¿¾ì¹ç¡¢³ÈÄ¥²Äǽ¤Ê¥Ä¡¼¥ë¤ä¥×¥í¥°¥é¥à¤ò¿¿ôÊÝͤ·¤Æ¤¤¤ë¤È½Ò¤Ù¤¿¡£¡Ù(¾åµURLÀè¤è¤ê¡¢°Ê²¼Æ±ÍÍ) ¤¢¤ë¤Î¤«¤è???¤È¤¤¤¦´¶¤¸¤Ê¤Î¤Ç¤¹¤¬¡¢¤É¤¦¤â°Ê²¼¤ÎÉôʬ¤ò¸«¤Æ¤¤¤ë¤ÈÈù̯¤ËÈù̯¤ÊÊ·°Ïµ¤¤¬Ìµ¤¤Ìõ¤Ç¤â¤Ê¤¤¡£ ¡ØÆü¶ä¤¬°ÙÂØ¥ì¡¼¥È¤òľÀÜÌÜɸ¤Ë¤¹¤ë¤³¤È¤Ï¤Ê¤¤¤¬¡¢°ÙÂØ¤Îư¤¤ÏÆüËÜ·ÐºÑ¤Ë¡Ö¶Ë¤á¤Æ½ÅÍפʡ×Í×ÁǤǡ¢Ãí°Õ¿¼¤¯¸«¤Æ¤¤¤ë¤È»ØÅ¦¡£¡Ö¥¤¥ó¥Õ¥ì¤Î¥À¥¤¥Ê¥ß¥¯¥¹¤¬°ÙÂØÆ°¸þ¤Ë¤è¤Ã¤Æ¤µ¤é¤Ë¿¯¿©¤µ¤ì¤¿¤ê¡¢¼å¤á¤é¤ì¤ë¤ÈȽÃǤ¹¤ì¤Ð¡¢À¯ºöŪÁ¼ÃÖ¤ò¼è¤ë¤³¤È¤ò¹Í¤¨¤ë¤Ù¤¤À¡×¤È¥»¥ß¥Ê¡¼¤Ç¸ì¤Ã¤¿¡£¡Ù ¤È¡¢¤³¤³¤Ç¤¤¤¤Ê¤ê°ÙÂØ¤¬½Ð¤Æ¤¯¤ë¤Î¤¬¥Ê¥ó¥¸¥ã¥½¥é´¶¤Ï¤¢¤Ã¤Æ¡¢¤¤¤ä¤½¤ì¤è¤ê¤ª¤Þ¤¤¤é¤Î¡Ö¥â¥á¥ó¥¿¥à¡×¤Ï¼ûµë¥®¥ã¥Ã¥×¤È´üÂÔ¥¤¥ó¥Õ¥ì¤À¤í¤¦¤È»×¤¤¤Þ¤¹¤·¡¢ÂçÂΤ«¤é¤·¤ÆÆüËܱߤÎÂХɥë(¤À¤±¸«¤Æ¤ì¤Ð¤è¤¤Ìõ¤Ç¤Ï¤Ê¤¤¤Î¤Ï¾µÃΤ·¤Æ¤¤¤Þ¤¹¤¬¤Þ¡¢¤³¤ÈÆü¶ä¤Î¶âÍ»À¯ºö¥Í¥¿¤Ë¤Ê¤ë¤È¥É¥ë±ß¤ÎÏä·¤«Ìµ¤¤¤Î¤Ç)Áê¾ì¤Ã¤ÆºÇ¶áÀ¸ÂÎÈ¿±þ¤¢¤ë¤ó¤«¤¤¤Ê¤È¤¤¤¦¾õ¶·¤Ç¤¹¤¬¤Ê¡£ ¡¦¡¦¡¦¡¦¡¦¤·¤«¤·¤Þ¤¢¥É¥ë±ß¤Ë´Ø¤·¤Æ¤Ï¤³¤³¤â¤È1ǯ¤È¤«¤¸¤ã¸ú¤«¤Ê¤¤¥¹¥Ñ¥ó¤Ç¡Ö¹½Â¤Åª¤Ë¸«¤¿¤é±ß¹â¤À¤í¡×¤È¸À¤ï¤ì¤Ê¤¬¤é¤â²¿»þ¤Þ¤Ç·Ð¤Ã¤Æ¤âư¤«¤ó¤È¤¤¤¦Áê¾ì¤Ç¡¢ÀµÄ¾¥¨¥Í¥ë¥®¡¼¤¬Î¯¤Þ¤Ã¤Æ¤¤¤ë¤Î¤«¤â¤ï¤«¤é¤ó¤È¤¤¤¦ÉԻ׵ĤÁ¤ã¤ó¤ÊÁê¾ì¤Ê¤Î¤Ç¤¹¤¬¡¢¤È¤ê¤¢¤¨¤º²¿¤«±ß¹â¤Ë¤Ö¤ÃÈô¤ó¤Ç¤·¤Þ¤¦¥ê¥¹¥¯¤ò¹Í¤¨¤Æ¤¤¤ë¡¢¤È¤¤¤¦¤Î¤ÏÇİ®¤·¤¿¡£ ¤·¤«¤·¤³¤³¤Ï¥ï¥í¥¿¡£ ¡ØÀѶËŪ¤Ê¶âÍ»´ËϤòÄ󾧤¹¤ë¼ãÅÄÉô»á¤Ï¡¢¡Ö¶âÍ»À¯ºö¤Î±¿±Ä¤Ë¤¢¤¿¤Ã¤Æ¤Ï³×¿·Åª¤Ç¤¢¤ëɬÍפ¬¤¢¤ë¡×¤Èȯ¸À¡£¡Ù ¥¸¥ã¥¹¥ß¥óÃãÊ®¤¤¤¿wwww¤É¤³¤¬³×¿·Åª¤ä¤Í¤ó¡¢Ëû¤Î»þ¤Ë¤ä¤Ã¤Æ¤¿¤Î¤ò¤Ò¤¿¤¹¤éÁý¤ä¤·¤¿¤À¤±¤¸¤ã¤Í¤¨¤«¤è¡£¤Þ¤¢¥Þ¥¤¥Ê¥¹¶âÍø¤Ï³×¿·Åª¤À¤¬¤¢¤ìECB¤È¤«¤¬Àè¤Ë¤ä¤Ã¤È¤ë¤·¡¢»°Áع½Â¤¤À¤Ã¤ÆSNB¤¬Àè¤Ë¤ä¤Ã¤È¤ë¤«¤é¤Ê¡£ ¡ØÄ¶´ËÏÂŪ¤Ê¶âÍ»À¯ºö¤òĹ´ü¤Ë¤ï¤¿¤ê°Ý»ý¤Ç¤¤ë¤³¤È¤¬¡¢¤³¤ì¤Þ¤Ç¤Î·Ð¸³¤Ç¼¨¤µ¤ì¤Æ¤¤¤ë¤È½Ò¤Ù¤¿¡£¡Ù ¤È¤¤¤¦¤Î¤â¹ó¤¯¤Æ¡¢¤¤¤ä¤ªÁ°¤é¤Î¥Þ¥Í¥¿¥ê¡¼¥Ù¡¼¥¹Ä¾Àþ°ìµ¤ÃÖʪÍýÏÀ¤¬Àµ¤·¤±¤ì¤Ð5ǯ¤¯¤é¤¤Á°¤Ë¤Ïʪ²ÁÌÜɸ2%¤òãÀ®¤·¤Æ¤¤¤ë¤ó¤À¤è¥¢¥Û¤¸¤ã¤Í¤¨¤«¤È¤¤¤¦É÷¾ð¤Ç¤´¤¶¤¤¤Þ¤·¤Æ¡¢¶âÍ»À¯ºö¤Çʪ²ÁÌÜɸ¤¬Ã£À®¤Ç¤¤ë¤·Â¾¤Î¤»¤¤¤Ë¤¹¤ë¤Î¤ÏÎɤ¯¤Ê¤¤¤Ã¤Æ¤ó¤À¤«¤é¡ÖĶ´ËÏÂŪ¤Ê¶âÍ»À¯ºö¤òĹ´ü¤Ë¤ï¤¿¤ê°Ý»ý¤Ç¤¤ë¡×¤Ã¤Æ»ö¤Ë¤Ê¤Ã¤Æ¤¤¤ë»þÅÀ¤Ç¤ªÁ°¤é¤ÎÇÔË̤ʤΡ¢Ê¬¤«¤Ã¤Æ¸À¤Ã¤Æ¤¿¤é¥¤¥ó¥Á¥¤Ç¤¹¤·Ê¬¤«¤Ã¤Æ¤¤¤Ê¤±¤ì¤Ð¤¿¤À¤Î(¼«¼çµ¬À©¤Ë¤è¤êÉú»ú)¡£ ¤È¤Þ¤¢¤¤¤Ä¤â¤Î¤è¤¦¤ÊÃÖʪ°ìÇÉ¥¯¥ª¥ê¥Æ¥£¤Ç¤´¤¶¤¤¤Þ¤¹¤¬¡¢²ø¤·¤²¤Ê¤Î¤Ï¤½¤Î¼¡¡£ ¡Ø¤¿¤À¡¢Ãæ±û¶ä¹Ô¤ËήưÀ¶¡µë¤Ï¤Ç¤¤Æ¤â¡¢¼ÂºÝ¤Î¾ÃÈñ¤Ï¤Ç¤¤Ê¤¤¤È»ØÅ¦¡£Æü¶ä¤ÈÀ¯Éܤ¬2013ǯ¤Ë¹ç°Õ¤·¤¿¶¦Æ±À¼ÌÀ¤Ï¡¢³Æ¹ñ¤ÎÃæ±û¶ä¹Ô¤ÈÀ¯Éܤδ֤ΡÖŬÀÚ¤Êʬ¶È¡×¤Î¤¢¤êÊý¤ò¹Í¤¨¤ë¾å¤Ç¶½Ì£¿¼¤¯Í±×¤Ê¼¨º¶¤¬¤¢¤ë¤È¤·¡¢¡Ö¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹´íµ¡¤ËÂн褷¡¢Å¬ÀÚ¤Êʬ¶È¤ò³Î¼Â¤Ë¤¹¤ë¤Ë¤Ï¡¢2013ǯ¤Î¶¦Æ±À¼ÌÀ¤Î¤è¤¦¤Ê¼è¤ê·è¤á¤ò³Æ¹ñÃæ±û¶ä¹Ô¤ÈÀ¯Éܤ¬¹ç°Õ¤¹¤ë¤³¤È¤¬É¬Íפˤʤ뤫¤â¤·¤ì¤Ê¤¤¡×¤È½Ò¤Ù¤¿¡£¡Ù ºÇ¶á¶âÍ»À¯ºö·èÄê²ñ¹ç¼ç¤Ê°Õ¸«¤Ë½Ð¤Ç¤¯¤ë(¤Î¤ÇµÄ»öÍ׻ݤˤâ½Ð¤ë)¡Ö¥¦¥£¥º¥³¥í¥Ê¤Î¶âÍ»À¯ºö¡×¤È¤«¤¤¤¦²¿¤Î°ÕÌ£¤¬¤¢¤ë¤Î¤«Îɤ¯Ê¬¤«¤é¤ó¤È¤¤¤¦¤«¡¢¤È¤ê¤¢¤¨¤º¥Ð¥º¥ï¡¼¥É»È¤Ã¤ÆÃÖ¤±¤Ð¤¤¤¤¤À¤í¤¦¤È¤¤¤¦°Â°×¤Ê¥¥ã¥Ã¥Á¥Õ¥ì¡¼¥º¤¬Ëè²ó½Ð¤Æ¤¯¤ë¤Î¤Ç¤¹¤¬¡¢°Æ¤ÎÄê²Ð¸µ¤Ï¤³¤Î¤ªÊý¤Ç¤·¤¿¤È¤¤¤¦½ê¤Ç¤¹¡£ ²¿¤«ºÇ½é¤Î¥Õ¥ì¡¼¥º¤È¼¡¤Î¥Õ¥ì¡¼¥º¤¬·Ò¤¬¤Ã¤Æ¤¤¤Ê¤¤¤Î¤Ç¤¹¤¬¡¢Æü¶ä¤ÈÀ¯ÉܤȤζ¦Æ±À¼ÌÀ¤Ã¤Æ¤½¤â¤½¤â7ǯ¤âÁ°¤Ê¤Î¤Ç¼ã¤¤½°¤À¤È¤½¤Î»þÅÀ¤Ç¶âÍø»Ô¾ì¥Ç¥Ó¥å¡¼¤È¤«¤·¤Æ¤¤¤Ê¤«¤Ã¤¿¤ê¤¹¤ë¤È¤¤¤¦»þÂå¤Ï±ó¤¯¤Ê¤Ã¤Æ¤·¤Þ¤¦¤Î¤Ç¤¹¤¬¡¢¤Þ¤¢ÃΤäƤë¿Í¤Ç¤â¤¦¤Ã¤«¤ê¤¹¤ë¤Î¤Ï¤³¤Î¶¦Æ±À¼ÌÀ¡¢¼Â¤ÏËû¤ÎºÇ¸å¤ÎºîÉʤȤʤê¤Þ¤¹¤Î¤Ç(ËûÉü³è¤·¤¿¤éÇ®¤¤¤Î¤ÇºÇ¸å¤ÎºîÉʤ¸¤ã¤Ê¤¯¤Ê¤Ã¤ÆÍߤ·¤¤¤ó¤À¤¬¤Þ¤¢ÌµÍý¤Ã¤·¤ç)¡¢¼Â¤Ï²¿µ¤¤ËËû¥¤¥º¥à¤¬ËäÉú¡¢¤â¤Ø¤Ã¤¿¤¯¤ì¤â̵¤¯¤Æ¸²ºß²½¤·¤Æ¤¤¤¿¤ê¤¹¤ë¤ó¤Ç¤¹¤è¤³¤ì¤¬¡£ ¤È¤¤¤¦¤³¤È¤Ç¤³¤³¤ÇÆÍÇ¡¶¦Æ±Ê¸½ñ¤ò°ú¤ÃÄ¥¤ê½Ð¤¹¡£[³°Éô¥ê¥ó¥¯] ̾Êí ¤Ë¤Ê¤Ã¤Æ¤¤¤Æ¡¢³Õν½¸¤á¤Æ¤ë¤À¤±¤¸¤ã¤ó¤È¤¤¤¦µ¤¤¬¤¹¤ë¤ó¤Ç¤¹¤±¤É¡¢¤Þ¤¢²¼¤Ë²ñµÄ¤Ö¤é²¼¤²¤ë¤Î¤ËÆâ³Õ¤Î²¼¤ËľÀܤ֤鲼¤²¤ë¤È¿§¡¹¤Ê°ÕÌ£¤ÇÅԹ礬°¤¤¤È¤«¤½¤¦¤¤¤¦»ö¤Ê¤ó¤Ç¤·¤ç¤¦¤«¤Í¤¨¡£¤Ê¤ó¤«Ææ¤Î²ñµÄ¤¬´ö¤Ä¤«¤¢¤ê¤Þ¤¹¤Ê(Îɤ¯Ê¬¤«¤Ã¤Æ¤¤¤Ê¤¤)¡£ ¤µ¤Æ¡¢¤Þ¤¢¤½¤¦¤¤¤¦Ìõ¤Ç¤è¤¯¸«¤ë¤È¤³¤Î¶¦Æ±À¼ÌÀ¤ÎÀ¯ÉܤÎÌò³ä¤Ã¤ÆÀ®Ä¹Î϶¯²½¤È¤¤¤¦¤«¤Þ¤¢ÍפÏÀøºßÀ®Ä¹Î¨¤ò¾å¤²¤Þ¤·¤ç¤¦Åª¤Ê¥µ¥à¥·¥ó¥°¤ÊÌ̤¬Â礤¤¤·¡¢¤ª¤Þ¤±¤Ë¤ï¤¶¤ï¤¶Ê¬¤«¤Á½ñ¤¤·¤Æ¥µ¥¹¥Æ¥¤¥Ê¥Ö¥ë¤ÊºâÀ¯¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤ë»þÅÀ¤Ç¡¢¤Ê¤ó¤«¤Á¤ç¤Ã¤Èº£¤Î¾õ¶·¤È°ã¤¯¤Í?¤È¤¤¤¦´¶¤¸¤Ç¤¹¤¬¡¢¼Â¤Ï¤³¤Î¶¦Æ±À¼ÌÀ¡¢½Ð¤¿»þ¤Ë¤ÏÌÞÏÀ¡ÖËû´èÄ¥¤Ã¤Æ¤ë¤¸¤ã¤ó¡×¤È¤¤¤¦¸À¤ï¤ìÊý¤ò°ìÉô¤Ç(¥¢¥¿¥¯¥·¤â)¤·¤Æ¤¤¤¿¤Î¤Ç¤¹¤¬¡¢Æü¶ä¤Î¹àÌܤäƳä¤È¤³¤¦Ëû¤Ê¤ó¤Ç¤¹¤è¤³¤ì¤¬¡¢¤È¿½¤·¤Þ¤¹¤Î¤Ï¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡Ø2.ÆüËܶä¹Ô¤Ï¡¢Êª²Á¤Î°ÂÄê¤ò¿Þ¤ë¤³¤È¤òÄ̤¸¤Æ¹ṉ̃·ÐºÑ¤Î·òÁ´¤ÊȯŸ¤Ë»ñ¤¹¤ë¤³¤È¤òÍýǰ¤È¤·¤Æ¶âÍ»À¯ºö¤ò±¿±Ä¤¹¤ë¤È¤È¤â¤Ë¡¢¶âÍ»¥·¥¹¥Æ¥à¤Î°ÂÄê³ÎÊݤò¿Þ¤ëÀÕ̳¤òÉé¤Ã¤Æ¤¤¤ë¡£¤½¤ÎºÝ¡¢Êª²Á¤Ïû´üŪ¤Ë¤ÏÍÍ¡¹¤ÊÍ×°ø¤«¤é±Æ¶Á¤ò¼õ¤±¤ë¤³¤È¤òƧ¤Þ¤¨¡¢»ý³²Äǽ¤Êʪ²Á¤Î°ÂÄê¤Î¼Â¸½¤òÌܻؤ·¤Æ¤¤¤ë¡£¡Ù °ìÃÊÍîÌܤǤϤ·¤é¤Ã¤È¡Ö»ý³²Äǽ¤Ê¡×¤È¤Ö¤Ã¤³¤ó¤Ç¤ª¤ê¤Þ¤·¤Æ¡¢²¿¤¬²¿¤Ç¤â2%¤ß¤¿¤¤¤ÊÏäˤʤäƤ¤¤Ê¤¤¤Î¤Ç¤¹¤¬¡¢¹¹¤ËÆóÃÊÍîÌܤ¬¶Ê¼Ô¡£ ¡ØÆüËܶä¹Ô¤Ï¡¢º£¸å¡¢ÆüËܷкѤζ¥ÁèÎϤÈÀ®Ä¹ÎϤζ¯²½¤Ë¸þ¤±¤¿Éý¹¤¤¼çÂΤμèÁȤοÊŸ¤Ëȼ¤¤»ý³²Äǽ¤Êʪ²Á¤Î°ÂÄê¤ÈÀ°¹çŪ¤Êʪ²Á¾å¾ºÎ¨¤¬¹â¤Þ¤Ã¤Æ¤¤¤¯¤Èǧ¼±¤·¤Æ¤¤¤ë¡£¤³¤Îǧ¼±¤ËΩ¤Ã¤Æ¡¢ÆüËܶä¹Ô¤Ï¡¢Êª²Á°ÂÄê¤ÎÌÜɸ¤ò¾ÃÈñ¼Ôʪ²Á¤ÎÁ°Ç¯Èæ¾å¾ºÎ¨¤Ç2%¤È¤¹¤ë¡£¡Ù >¤³¤Îǧ¼±¤ËΩ¤Ã¤Æ >¤³¤Îǧ¼±¤ËΩ¤Ã¤Æ >¤³¤Îǧ¼±¤ËΩ¤Ã¤Æ ¤³¤ÎÉôʬ¤¬»×¤¤¤Ã¤¤ê¶Ê¼Ô¤Ç¤·¤Æ¡¢¤³¤Îǧ¼±¤È¤Ï²¿¤¾¤ä¤È¸À¤Ã¤Æ¤·¤Þ¤¨¤Ð¡¢¤½¤ì¤ÏÁ°Ê¸¤Ë¤¢¤ë¡Öº£¸å¡¢ÆüËܷкѤζ¥ÁèÎϤÈÀ®Ä¹ÎϤζ¯²½¤Ë¸þ¤±¤¿Éý¹¤¤¼çÂΤμèÁȤοÊŸ¤Ëȼ¤¤»ý³²Äǽ¤Êʪ²Á¤Î°ÂÄê¤ÈÀ°¹çŪ¤Êʪ²Á¾å¾ºÎ¨¤¬¹â¤Þ¤Ã¤Æ¤¤¤¯¡×¤È¤¤¤¦¡Öǧ¼±¡×¤Ê¤Î¤Ç¤¢¤Ã¤Æ¡¢¤³¤Î¶¦Æ±À¼ÌÀ¤Ë¤ª¤±¤ë½ô³ë¹¦ÌÀ¤¸¤ã¤Ê¤«¤Ã¤¿Ëû¤Î櫤Ȥ¤¤¦¤Î¤Ï¡¢¤¢¤¯¤Þ¤Ç¤â2%¤Îʪ²ÁÌÜɸ¤È¤¤¤¦¤Î¤Ï¡Ö¤³¤Îǧ¼±¡×¤òÁ°Äó¤È¤·¤Æ¤¤¤ë¤³¤È¤ÊÌõ¤Ç¤·¤Æ¡¢¤Ç¤Ï¤½¤Îǧ¼±¤È¤Ï¤È¤Ê¤ë¤Èº£¿½¤·¾å¤²¤Þ¤·¤¿»ö¤Ë¤Ê¤ëÌõ¤Ç¤¹¡£ ¡¦¡¦¡¦¡¦¡¦¡¦¤È¤¤¤¦¤³¤È¤Ï¤Ç¤¹¤è¡¢¤½¤â¤½¤âÏÀ¤È¤·¤Æ¡ÖÆüËܷкѤζ¥ÁèÎϤÈÀ®Ä¹ÎϤζ¯²½¡×¤¬¿Ê¤Þ¤ó»ö¤Ë¤Ï¡Ö»ý³²Äǽ¤Êʪ²Á¤Î°ÂÄê¤ÈÀ°¹çŪ¤Êʪ²Á¾å¾ºÎ¨¡×¤È¤¤¤¦¤Î¤¬¡Ö¹â¤Þ¤Ã¤Æ¡×¤¤¤«¤Ê¤¤¡¢¤È¤¤¤¦Ê¸¾Ï¤Ë¤Ê¤Ã¤Æ¤ª¤ê¤Þ¤¹Ìõ¤Ç¤´¤¶¤¤¤Þ¤·¤Æ¡¢¤Ä¤Þ¤ê¤Ï¡Ö2%¤Îʪ²Á°ÂÄê¤ÎÌÜɸ¤È¤¤¤¦¤Î¤Ïºî¤Ã¤¿¤±¤É¡¢¤½¤ì¤Ã¤ÆÆüËܷкѤÎÀ®Ä¹ÎϤ¬¶¯²½¤µ¤ì¤ë¤Î¤¬Á°Äó¤Ç¤¹¤«¤é¤Í¡×¤È¤¤¤¦¤ªÏäò¤·¤Æ¤¤¤ëÌõ¤Ç¤¹¤èËû¤ÎÃÖ¤ÅÚ»º¤Ï¡£ ¤½¤Î°ìÊý¤ÇÀøºßÀ®Ä¹Î¨¤Ã¤Æ¤³¤Î7ǯÁ´Á³¥¢¥¬¥é¥ó¥Á²ñŤǤ¢¤ê¤Þ¤·¤Æ¡¢¶¥ÁèÎϤ¬¤É¤¦¤Î¤³¤¦¤Î¤È¤¤¤¦ÏäϺÇÁ᤹¤Ã¤«¤êÀ½Â¤¶È¤Ç¤â´°À®Éʤνê¤Ç¤Ï¥¹¥ë¡¼¥â¡¼¥É¤Ë¤Ê¤ë(¸Ä¿Í¤Î´¶ÁۤǤ¹)ÍÍͤÈÂçÁð¸¶ÉÔ²ÄÈò¤Ê¾õÂ֤ˤʤäƤª¤é¤ì¤ë¼¡Âè¤Ê¤Î¤Ç¤¢¤ê¤Þ¤·¤Æ¡¢²Ì¤¿¤·¤Æ¤½¤Î¤è¤¦¤Ê¾õ¶·¤Ç2%¤Îʪ²Á°ÂÄêÌÜɸ¤ò²¿¤Ç¤â¤¤¤¤¤«¤éãÀ®½Á!¤È¤¤¤¦¤Î¤¬Å¬ÀڤʤΤ«¡¢¤È¤¤¤¦¤³¤È¤Ë¤Ê¤ê¤Þ¤¹¤È¡¢¤³¤Á¤é¤Î¶¦Æ±À¼ÌÀ¤Ë¤è¤ë¤È¡¢ÊªÀ¨¤¤Àª¤¤¤Ç????¥Þ¡¼¥¯¤¬Èô¤Ó¸ò¤¦¡¢¤È¤Þ¤¢¤½¤Î¤è¤¦¤Ë¤Ê¤ëȦ¤Ê¤ó¤Ç¤¹¤è¤Í¡£ Á³¤ë¤Ë¡¢¹õ¤Á¤ã¤ó¤Ë¤Ê¤Ã¤Æ¤½¤³¤éÊÕ¤ò²ÚÎï¤Ë̵¤«¤Ã¤¿¤³¤È¤Ë¤·¤Æ¡¢¡Ö2%¤ÏÀ¤³¦É¸½à(¥¥ê¥Ã)¤Ê¤Î¤Ç²¿¤¬²¿¤Ç¤â2%ãÀ®¡×¤È¤«¤¤¤¦ÏäˤʤäƤ·¤Þ¤Ã¤¿Ìõ¤Ç¤´¤¶¤¤¤Þ¤¹(¤Ê¤ª¤³¤ÎÀ¼ÌÀ¤âÎɤ¯ÆÉ¤Þ¤Ê¤¤¤È¡Ö¾Íè¤ÎÀ®Ä¹Î϶¯²½¤¬Á°Äó¤Ç2%¤¬Å¬ÀÚ¡×¤È¤ÏÆÉ¤ß¤Ë¤¯¤¤·Á¤Ë¤·¤Æ¤¤¤ë¤·¡¢ÅöÌÌ1%¤ß¤¿¤¤¤Ê¤Î¤ò³°¤·¤¿¤Î¤ÏÏäϴÊñ¤Ç¡¢¤½¤¦¤·¤Ê¤¤¤Èľ¤°¤Ë°ÙÂØ»Ô¾ì¤¬È¿±þ¤¹¤ë¡¢¤È¤¤¤¦¶Ë¤á¤Æ¿È¤â³¸¤â¤Ê¤¤Íýͳ¤Ë¤è¤ë¤â¤Î¤Ç¤¹¤Ê)¤¬¡¢¤³¤ÎÀ¼ÌÀʸ¤Î¼ñ»Ý¤òÈ¿±Ç¤¹¤ë¤Î¤Ç¤¢¤ì¤Ð¡¢2%¤Ïû´üŪ¤ÊÌÜɸ¤Ç¤Ï¤Ê¤¯(¤¿¤À¤·Ã»´üŪ¤ËÆüËܷкѤÎÀ®Ä¹ÎϤ¬·àŪ¤Ë¹â¤Þ¤ë¤è¤¦¤Ç¤¢¤ì¤ÐÏäÏÊ̤À¤¬)´ÇÈĤȤ·¤Æ¤Ï·Ç¤²¤ë¤±¤ì¤É¤â¡¢¤¢¤¯¤Þ¤Ç¤â·ÐºÑ¤Î¼ÂÎϤò¹â¤á¤Ê¤¬¤éÌܻؤ·¤Æ¤¤¤¯ÃæÄ¹´ü¤ÎÌÜɸ¤Ë¤Ê¤ë¤ó¤Ç¤¹¤è¤Í¡Á¡£ ¡¦¡¦¡¦¡¦¡¦¤È¤¤¤¦¤³¤È¤Ê¤Î¤Ç¤¹¤¬¡¢¡ÖÁá´ü¤Ë¼Â¸½¡×¤È¤¤¤¦¤Î¤âÎɤ¯ÌäÂê¤Ë¤Ê¤ê¤Þ¤¹¤¬¡¢¤³¤ì¤Ï¼¡¤ÎÃÊÍ¤³¤Î¤è¤¦¤Êµ½Ò¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤«¤é¤Ê¤Î¤Ç¤¹¤è¡£¤Ä¤Þ¤êÂè»°ÃÊÍî¤Ï¡¢ ¡ØÆüËܶä¹Ô¤Ï¡¢¾åµ¤Îʪ²Á°ÂÄê¤ÎÌÜɸ¤Î²¼¡¢¶âÍ»´ËϤò¿ä¿Ê¤·¡¢¤³¤ì¤ò¤Ç¤¤ë¤À¤±Áá´ü¤Ë¼Â¸½¤¹¤ë¤³¤È¤òÌܻؤ¹¡£¤½¤ÎºÝ¡¢ÆüËܶä¹Ô¤Ï¡¢¶âÍ»À¯ºö¤Î¸ú²ÌÇȵڤˤÏÁê±þ¤Î»þ´Ö¤òÍפ¹¤ë¤³¤È¤òƧ¤Þ¤¨¡¢¶âÍ»Ì̤ǤÎÉԶѹդÎÃßÀѤò´Þ¤á¤¿¥ê¥¹¥¯Í×°ø¤òÅÀ¸¡¤·¡¢·ÐºÑ¤Î»ý³Ū¤ÊÀ®Ä¹¤ò³ÎÊݤ¹¤ë´ÑÅÀ¤«¤é¡¢ÌäÂ꤬À¸¤¸¤Æ¤¤¤Ê¤¤¤«¤É¤¦¤«¤ò³Îǧ¤·¤Æ¤¤¤¯¡£¡Ù ¤È¤Ê¤Ã¤Æ¤¤¤Þ¤¹¡£¸åȾ¤ÎÊý¤Ï2¤Ä¤ÎÃì¤Ë¤è¤ëÅÀ¸¡ºî¶È¤ÎÏäǤ¹¤¬¡¢ÂèÆóÃÊÍî¤Î½ñ¤Êý¤À¤ÈÃæÄ¹´üÌÜɸ¤Ë¤Ê¤é¤¶¤ë¤òÆÀ¤Ê¤¤È¦¤Ê¤Î¤Ç¤¹¤¬¡¢Âè»°ÃÊÍî¤Ç¡Ö¤Ç¤¤ë¤À¤±Áá´ü¤Ë¡×¤È¤¤¤¦¤Î¤òÆþ¤ì¤Æ¤¤¤ë¤Î¤¬¤½¤â¤½¤â¤ÎÌ·½â¤Ç¤¢¤Ã¤Æ¡¢¤À¤Ã¤¿¤éÀ¯ÉܤÎÊý¤âÀ®Ä¹Î϶¯²½¤ò¡Ö¤Ç¤¤ë¤À¤±Áá´ü¤Ë¡×¹Ô¤¨¤È¤¤¤¦Ïäˤʤë¤Î¤Ç¤¹¤¬¡¢¤´°ÆÆâ¤ÎÄ̤ê¤ÇÀ®Ä¹Î϶¯²½¤¬ÃÙ¡¹¤È¤·¤Æ¿Ê¤Þ¤óÃæ¤ÇÆü¶ä¤À¤±½ÐÍè¤ë¤À¤±Áá´ü¤Ë¼Â¸½¤È¤«½ÐÍè¤ëÌõ¤Ê¤¤¤¸¤ã¤ó¤È¤¤¤¦½ê¤Ç¤Ï¤¢¤ë¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢¤Þ¤¢¤³¤ÎÊÕ¤Îʸ¸À¤Ë̵Íý¤¬¤¢¤ë(²¿¤Ç̵Íý¤¬¤¢¤ë¤Î¤«¤È¸À¤¨¤Ð¤½¤é¤â¤¦À¯¼£¥Þ¥¿¡¼¤Ç¤¢¤ï¤ï¤ï¤ï)¤«¤é¹õ¤Á¤ã¤ó¤Ë¤Ê¤Ã¤Æ¡Ö²¿¤¬²¿¤Ç¤âãÀ®¡×¤È¤«¡Ö2ǯ¤Ç2%¹Ô¤«¤Ê¤«¤Ã¤¿¤éÉûÁíºÛ¤ò¼Ç¤¤¹¤ë¡×¤È¤¤¤¦¤è¤¦¤Ê°ÒÀª¤ÎÎɤ¤Ïäˤʤä¿¡¢¤È¤¤¤¦»ö¤Ç¤â¤¢¤ê¤Þ¤¹¤Í¡£ ¤Ê¤É¤È´û¤Ë¤´°ÆÆâ¤ÎÊý¤Ë¤Ï¡Ö¤½¤ó¤Ê¤Î¤Ï¤È¤Ã¤¯¤ÎÀΤËʬ¤«¤Ã¤È¤ë¤ï¡×¤È¤¤¤¦´¶¤¸¤Ç¤ª¤¸¤¤¤Á¤ã¤ó¤ÎÀÎÏäò¤·¤Æ¤ª¤ëÌõ¤Ç¤¹¤¬¡¢¼ãÅÄÉô¤µ¤ó¤Ï¤³¤Îµ»ö¤ÎºÇ¸å¤ÎÉôʬ(¤Þ¤Ç°úÍѤ¹¤ë¤ÈÁ´Ê¸°úÍѤˤʤäƤ·¤Þ¤¦¤Î¤Ç¤µ¤¹¤¬¤Ë¶²½Ì¤·¤Æ°úÍѤ·¤Þ¤»¤ó¤¬)¤Ç¤ÏÉûºîÍѤÀ¤Î¥¤¡¼¥ë¥É¥«¡¼¥Ö¤Î·Á¾õ¤À¤Î¤È¤¤¤¦¤è¤¦¤ÊÏäò¤·¤Æ¤¤¤Þ¤¹¤·¡¢¤½¤Î¾åËܿͤɤ³¤Þ¤ÇÇİ®¤·¤ÆÏäò¤·¤Æ¤¤¤ë¤Î¤«¤¬Ææ(ñ¤ËÀ¯ÉܤϺâÀ¯½Ð¤»!!¤È¤¤¤¦Ïäò¤·¤¿¤¤¤À¤±¤Ç¸ÀµÚ¤·¤Æ¤¤¤ë¡¢¤È¤¤¤¦»Äǰ¤Ê²ÄǽÀ¤âÂ礤¤Ë¤¢¤ë¤Î¤Ç¤Í¤¨)¤Ê¤Î¤Ç¤¹¤¬¡¢¶¦Æ±À¼ÌÀ¤ÎÏäò»ý¤Á½Ð¤·¤Æ¤¤Þ¤¹¤È¡¢¤³¤ì¼Â¤ÏËû¶àÀ½¤Îʪ·ï¤À¤Ã¤¿¤ê¤·¤Þ¤¹¤Î¤Ç¡¢º£¿½¤·¾å¤²¤¿¤è¤¦¤ÊËû¤Îæ«(櫤äƤâ¤ó¤Ç¤â¤Ê¤¤¤¬)¤¬Ä¥¤ê½ä¤é¤µ¤ì¤Æ¤¤¤ëÌõ¤Ç¤·¤Æ¡¢¤³¤Î¶¦Æ±À¼ÌÀ¤Ë¸ÀµÚ¤¹¤ë¤È¤¤¤¦¤Î¤Ï¡¢¼Â¤Ï¤½¤¦¤¤¤¦»ö¤ä¤¾¡¢¤È¤¤¤¦¤Î¤òʬ¤«¤Ã¤Æ¤Æ¸À¤Ã¤Æ¤ë¤Î¤«¤ï¤«¤Ã¤Æ¤Ê¤¤¤Ç¸À¤Ã¤Æ¤ë¤Î¤«¤ÏÅÆ¤â³Ñ¤È¤·¤Þ¤·¤Æ¤â¡¢¤Þ¤¢¿§¡¹¤ÈÌ£¤ï¤¤¤¬¤¢¤ëÏäǤ¹¤Î¤Ç²þ¤á¤ÆÉü½¬¤·¤Æ¤ß¤è¤¦¤¾¤È¤¤¤¦´ë²è¤Ë¤Ê¤Ã¤¿¤Î¤Ç¤¢¤ê¤Þ¤·¤¿¡£ #¤Þ¡¢¿¿°Õ¤ÎÄø¤ÏÎɤ¯Ê¬¤«¤é¤ó¤Ç¤¹¤±¤É ¡»Ë¿ÂçÀèÀ¸¤Î¥Ö¥ë¡¼¥à¥Ð¡¼¥°¥¤¥ó¥¿¥Ó¥å¡¼¤ÎÆü¤Ë¤³¤ó¤Ê¤Î¤¬¤¢¤Ã¤¿¤Î¤«(·èºÑµ¡¹½¶ÉĹ¥¤¥ó¥¿¥Ó¥å¡¼µ»ö) ¤³¤ó¤Ê¤Î¤¬¤¢¤Ã¤¿¤Î¤Í(¤¹¤¤¤Þ¤»¤ó¸«Íî¤È¤·¤Æ¤Þ¤·¤¿)¡£[³°Éô¥ê¥ó¥¯] ¸á¸å Ãæ¶ä¥Ç¥¸¥¿¥ëÄ̲ߡ¢È¯¹Ô¡¦ÊÝͳۤÎÀ©¸Â¤âÁªÂò»è=Æü¶ä·èºÑµ¡¹½¶ÉĹ ¡Ø[Åìµþ¡¡15Æü¡¡¥í¥¤¥¿¡¼] - Æü¶ä¤Î¿À»³°ìÀ®·èºÑµ¡¹½¶ÉŤÏ15Æü¡¢¥í¥¤¥¿¡¼¤Î¥¤¥ó¥¿¥Ó¥å¡¼¤Ç¡¢Ãæ±û¶ä¹Ô¥Ç¥¸¥¿¥ëÄ̲ß(CBDC)¤òȯ¹Ô¤¹¤ë¾ì¹ç¤Ë¤Ï̱´Ö¶ä¹Ô¤Î¸½¶âͶ⤫¤é¤Î¥·¥Õ¥È¤òÍÞÀ©¤¹¤ë¤¿¤á¤Ëȯ¹Ô³Û¤äÊÝͳۤ˾å¸Â¤òÀߤ±¤ë¤³¤È¤âÁªÂò»è¤Î1¤Ä¤À¤È½Ò¤Ù¤¿¡£¶âÍø¤Î¤¢¤ëͶâ¤ÈCBDC¤Î´Ö¤Ç»ñ¶â¥·¥Õ¥È¤¬À¸¤¸¤ë¤³¤È¤Ï¡¢¶âÍ»¥·¥¹¥Æ¥à¤Î°ÂÄê¾åÌäÂê¤À¤È¤·¤ÆCBDC¤Ø¤ÎÉÕÍø¤Ë´Ø¤¹¤ëµÄÏÀ¤Ë¸ÀµÚ¤¹¤ë°ìÊý¡¢¡Ö¶âÍ»À¯ºö¤Î¤¿¤á¤ËCBDC¤ÎÉÕÍø¤òÍøÍѤ¹¤ë¤È¤¤¤¦¹Í¤¨Êý¤Ç¤Ï¤Ê¤¤¡×¤È»ØÅ¦¡£¡ÖCBDC¤Ë´Ø¤¹¤ë¸¡Æ¤¤Ï¤¢¤¯¤Þ¤Ç·èºÑ¥·¥¹¥Æ¥à¤ò¤è¤êÎɤ¤¤â¤Î¤Ë¤¹¤ë¤¿¤á¤Ç¡¢¶âÍ»À¯ºö¤Ë»È¤¦¤¿¤á¤Ç¤Ï¤Ê¤¤¡×¤È¶¯Ä´¤·¤¿¡£¡Ù(¾åµURLÀè¤è¤ê¡¢°Ê²¼Æ±ÍÍ) ¤È¤¤¤¦¤³¤È¤ÇCBDC¤Ë¥Þ¥¤¥Ê¥¹ÉÕÍø¤Ç¤É¤¦¤Î¤³¤¦¤Î¤È¤¤¤¦ÅìµþÂç³Ø¤ÎÂçÀèÀ¸¤Ë¥¬¥Ã¥Ä¥êˤ·â¤·¤Æ¤¤¤ë¤Î¤¬ÁÇŨ¡£¤Á¤ç¤Ã¤ÈÀè¤ÎÊý¤Ç¤Ï»×¤¤¤Ã¤¤ê¡¢ ¡Ø¿À»³¶ÉĹ¤Ï¡Ö¶âÍ»À¯ºö¤Î¤¿¤á¤ËCBDC¤ÎÉÕÍø¤òÍøÍѤ¹¤ë¤È¤¤¤¦¹Í¤¨Êý¤Ç¤Ï¤Ê¤¤¡×¤È½Ò¤Ù¤¿¡£¼è¤êÁȤßÊý¿Ë¤Ç¶ä¹Ô·ô¤ÈCBDC¤Îʻ¸¤òÌÀµ¤·¤¿¤³¤È¤Ë¿¨¤ì¡Ö¶ä¹Ô·ô¤¬¤¢¤ë°Ê¾å¡¢CBDC¤Î¶âÍø¤ò¤É¤ó¤É¤ó²¼¤²¤ë¤³¤È¤Ç¡¢¥Þ¥¤¥Ê¥¹¶âÍø¤Î¿¼·¡¤ê¤ËÌòΩ¤Ä¤È¤Ï»×¤ï¤Ê¤¤¡×¤È¤·¤¿¡£¡Ù ¤È¤¢¤Ã¤Æ¥¤¥¤¥Ï¥Ê¥·¥À¥Ê¡¼¤È¤¤¤¦´¶¤¸¤Ç¤´¤¶¤¤¤Þ¤¹¤¬¡¢¤Þ¤¢¤½¤é¤½¤¦¤è¤È¤¤¤¦½ê¤Ç¤Ï¤¢¤ê¤Þ¤¹¡£ ¡¦¡¦¡¦¡¦¡¦¤Ê¤É¤È½ñ¤¤Ê¤¬¤é²èÌ̤ᦲ¼¤ò¸«¤ë¤È»þ´Ö¤¬¤¢¤Ð¤Ð¤Ð¤Ð¡¼¤Ë¤Ê¤Ã¤Æ¤¤¤ë»ö¤Ëµ¤¤¬ÉÕ¤¤¤¿¤Î¤Ç°Ê²¼´Êñ¤Ë¤³¤Î¥¤¥ó¥¿¥Ó¥å¡¼¤Ë¿¨¤ì¤Æ¤ß¤Þ¤¹¤¬¡£ ¡ØCBDC¤Î¸¡Æ¤¤ËÅö¤¿¤ê¡¢¿À»³¶ÉĹ¤Ï¡Ö̱´Ö¤Î¼è¤êÁȤߤä¶âÍ»Ãç²ðµ¡Ç½¤Ë°±Æ¶Á¤òÍ¿¤¨¤Ê¤¤¤³¤È¤¬½ÅÍספȻØÅ¦¡£¶ä¹ÔͶâ¤è¤êCBDC¤ÎÍøÊØÀ¤¬¹â¤¯¤Ê¤ë¤È¶ä¹ÔͶ⤬Â礤¯¸º¾¯¤·¤Æ¤·¤Þ¤¤¡¢¶ä¹Ô¤Î¿®ÍÑÁϤ¤¬ÍÞÀ©¤µ¤ì¤ë²ÄǽÀ¤¬¤¢¤ë¤¿¤á¡ÖCBDC¤Îȯ¹Ô³Û¡¦ÊÝͳۤËÀ©¸Â¤òÀߤ±¤ë¤Ê¤É¤·¤Æ¡¢CBDC¤Ø¤Î»ñ¶â¥·¥Õ¥È¤òÍÞÀ©¤¹¤ë¤³¤È¤Ï²Äǽ¤À¡×¤È½Ò¤Ù¡¢CBDC¤Îȯ¹Ô³Û¤äÊÝͳۤ˾å¸Â¤òÀߤ±¤ë¤³¤È¤â¡ÖÁªÂò»è¤Î°ì¤Ä¤Ç¤¢¤ê¡¢¤³¤ì¤«¤é¹Í¤¨¤ë¡£ÍøÊØÀ¤È¤Î¥È¥ì¡¼¥É¥ª¥Õ¤¬¤¢¤ê¡¢¿µ½Å¤Ë¸¡Æ¤¤·¤Æ¤¤¤¤¿¤¤¡×¤È¤·¤¿¡£¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢¤¢¤ó¤Þ¤êϪ¹ü¤Ê¸À¤¤Êý¤Ï¤·¤Æ¤¤¤Þ¤»¤ó¤¬¡¢¤Á¤ã¤ó¤È¡Ö¶ä¹Ô¤Î¿®ÍÑÁϤ¤¬ÍÞÀ©¤µ¤ì¤ë²ÄǽÀ¤¬¤¢¤ë¡×¤È¤¤¤¦¤Î¤â¿¨¤ì¤Æ¤ë¤¸¤ã¤ó¤È¤¤¤¦´¶¤¸¤ÇÃæ¡¹·ë¹½¤Ê¤Î¤Ç¤¹¤¬¡¢¤¿¤À¤Þ¤¢¤½¤ÎÁ°¤Î¿®ÍѼý½Ì¤Î¥ê¥¹¥¯¤Ë¤Ä¤¤¤Æ¤â¤¦¤Á¤ç¤Ã¤È¥¬¥Ã¥Ä¥êÀâÌÀ¤·¤Ê¤¤¤Èʬ¤«¤é¤ó¤Î¤È¤Á¤ã¤¤¤Þ¤¹¤«¤Í¤¨(ºÇ¸å¤Î½ê¤Çµ»öURL¤À¤±¤Ö¤Ã¤³¤à¤ª¤¸¤¤¤Á¤ã¤ó¤Î¤´°Õ¸«¤È¤«¤ò¸«¤ë¤Ë)¡£ ¡Ø¤Þ¤¿¡¢¡Ö̱´ÖͶâ¤Ë¤Ï¶âÍø¤¬¤Ä¤¯¤Î¤ËCBDC¤Ë¤Ï¤Ä¤«¤Ê¤¤¤È¤Ê¤Ã¤¿¾ì¹ç¡¢¶âÍø¤¬¾å¤¬¤ë¤È̱´ÖͶâ¤Ë»ñ¶â¤¬¥·¥Õ¥È¤¹¤ë¡£µÕ¤Ë̱´Ö¶âÍø¤¬²¼¤¬¤Ã¤¿¤È¤¤ËCBDC¤Ë»ñ¶â¤¬¥·¥Õ¥È¤¹¤ë¡¢¤È¤¤¤Ã¤¿¾õ¶·¤Ï¶âÍ»¥·¥¹¥Æ¥à¤Î°ÂÄê¤È¤¤¤¦´ÑÅÀ¤«¤éÌäÂ꤬¤¢¤ë¡×¤È»ØÅ¦¡£¡ÖCBDC¤ËÉÕÍø¤ò¤·¤Æ¡¢¤½¤ì¤òÊÑÆ°¤µ¤»¤¿Êý¤¬Îɤ¤¤È¤¤¤¦µÄÏÀ¤¬¤¢¤ë¡×¤È½Ò¤Ù¤¿¡£¡Ù ¤È¡¢¤³¤³¤âÈù̯¤ËÏäò¤º¤é¤·¤Æ¤ª¤ê¤Þ¤¹¤¬¡¢¤½¤â¤½¤âºòº£¤Î¼çÍ×¹ñ¤Ë¤ª¤±¤ëÌäÂêÅÀ¤È¤·¤Æ¡Ö¼«Á³Íø»ÒΨ¤ÎÄã²¼¡×¤È¤¤¤¦Â礤¤Ê¤ëÌäÂ꤬¤¢¤ëÌõ¤Ç¡¢¤½¤¦¤¤¤¦À¤¤ÎÃæ¤Ç¤¹¤È¤½¤â¤½¤âÏÀ¤È¤·¤Æ¶âÍø¿å½à¤¬Ä㤤¤ó¤Ç¤¹¤«¤é¡¢ÉáÄ̤Ë̱´ÖͶ⤫¤é¤Î¥·¥Õ¥È¤¬µ¯¤¤Æ¿®ÍѼý½Ì¤ª¤¤ë¤¸¤ã¤í¾ï¼±Åª¤Ë¹Í¤¨¤Æ¡¢¤È¤¤¤¦¤Î¤Ï¸À¤ï¤Ê¤¤¤ó¤Ç¤¹¤Í¤ï¤«¤ê¤Þ¤¹¡£ ¤Ç¤â¤Ã¤Æ¤Þ¤¢»þ´Ö¤â¥¢¥ì¤Ê¤Î¤Ç¤³¤ÎÊդˤ·¤Æ¤ª¤¤Þ¤¹¤¬¡¢¤È¤ê¤¢¤¨¤º¥í¥¤¥¿¡¼¤µ¤ó¤ÉËÜÌ¿¤ÎÊý¤Ç¥¤¥ó¥¿¥Ó¥å¡¼¤·¤Æ¤¤¤ëÃæ¤Ç¥Ö¥ë¡¼¥à¥Ð¡¼¥°¤ÏÅÏÊÕÀèÀ¸¤Î¥¤¥ó¥¿¥Ó¥å¡¼¤Ç¤¹¤«¤½¤¦¤Ç¤¹¤«¤È¤¤¤¦½ê¤Ç¡¢¥Ö¥ë¡¼¥à¥Ð¡¼¥°¤µ¤ó¤Ë¤Ï°ìÃʤÎʳµ¯¤ò´ê¤¤¤¿¤¤½ê¤Ç¤Ï¤¢¤ê¤Þ¤¹¤Ê¡£ ¤¢¤È¤³¤ì¤Ï¤â¤¦¤ª¤¸¤¤¤Á¤ã¤ó¤½¤í¤½¤í°ú¤Ã¹þ¤ó¤À¤éÇ¡²¿¤Ç¤¹¤«¤È¤·¤«¸À¤¤¤è¤¦¤Î¤Ê¤¤¿§¡¹¤Ê¥¹¥Ã¥È¥³¥É¥Ã¥³¥¤¥¤¥ó¥¿¥Ó¥å¡¼¤ÇÆÍ¤Ã¹þ¤àµ¤ÎϤâͯ¤«¤Ê¤¤¡¢¤È¤¤¤¦Äø¤Ç¤Ï¤¢¤ê¤Þ¤»¤ó¤¬»þ´Ö¤â̵¤¤¤Î¤ÇURL¤À¤±¡£[³°Éô¥ê¥ó¥¯]
¤ªÂê¡Ö¤¤¤Ä¤â¤ÎÀèÀ¸¤«¤é¤¤¤Ä¤â¤ÎÄ´»Ò¤Î¥¢¥ì¤¬½Ð¤¿¤Î¤ÇËÜÆü¤âCBDCÏäǴªÊÛ(¼«Ê¬¤Ç¤Ï¤¤¤Ã¤¿¤óÀ°Íý½ªÎ»)¡×
2020/10/16¡Ê¶â¡Ë08:02:48
¤³¤ì¤Ï¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦[³°Éô¥ê¥ó¥¯] 18:08ÇÛ¿® µ»öÃæ¤Ë¡ØÀ¾Â¼Âç¿Ã¤Ï¡ÖºÇ¶á¤Ç¤Ï²ñ¿©¤Ëȼ¤¦´¶À÷³ÈÂ礬¹¤¬¤Ã¤Æ¤¤¤ë¡×¤È¤Îǧ¼±¤ò¼¨¤·¡Ù¤Ã¤Æ¤¢¤ë¤¯¤é¤¤¤Ç¤¹¤«¤é¡¢ÌÀ¤é¤«¤ËÈôË÷¤¬Èô¤Ö¥ê¥¹¥¯¤¬¹â¤¤»þ´ÖÂӤǤ¢¤ë¤Î¤¬Ê¬¤«¤Ã¤Æ¤¤¤ë¿©»öÃæ¤Ë¼ó³Ý¤±ÀðÉ÷µ¡²ó¤·¤¿¤é¹¹¤Ë±óÊý¤ËÈôË÷¤ò¤Ð¤é¤Þ¤¯¤³¤È¤Ë¤Ê¤ê¤Þ¤¹¤¬¤¬¤¬¤¬¤¬¤¬¡£ ¤¤¤ä¡¼¡¢Ì±¼çÅÞÀ¯¸¢»þÂå¤Î¡Ö¥¬¥½¥ê¥ó¥×¡¼¥ë¡×(9ǯÁ°¤ÎÏäʤΤÇÃΤé¤Ê¤¤Êý¤Ï¥ì¥Ã¥Ä¸¡º÷)¤ò»×¤¤½Ð¤·¤Þ¤¹¤¬¡¢¥¬¥½¥×¡¼¤ÏÊ̤˼¹Ԥ·¤¿Ìõ¤Ç¤Ï¤Ê¤¤(¤½¤â¤½¤â´í¸±Êª´ØÏ¢¤ÎË¡ÎáŪ¤Ë½ÐÍè¤Ê¤¤¤À¤í)¤Î¤Ç¤¹¤¬¡¢ÀðÉ÷µ¡À¾Â¼Âç¿Ã¤Ï´ò¡¹¤È¤·¤Æ¼Â¹Ô¤·¤Æ¤ª¤é¤ì¤ë¤È¤¤¤¦¤Î¤¬°ìÃʤȥ¢¥ì¤À¤·¡¢¤½¤â¤½¤âÀ¾Â¼¤µ¤ó¤Ã¤Æ¥³¥í¥ÊÂкö¤ÎºÇ¹âÀÕǤ¼Ô¤Ç»ÊÎáÅã¤À¤Ã¤¿È¦¤Ê¤ó¤Ç¤¹¤±¤É¤½¤ÎÊý¤Ë¤·¤Æ¤³¤Îǧ¼±¤È¤Ï¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ #¤³¤ì¤Ï¤¤Ã¤È¥¤¥½¥¸¥óµÈ¼¤ËÂй³¤¹¤ë¥®¥ã¥°¤Ê¤ó¤Ç¤¹¤è¤Í!!!!!!! ¡»Ãæ±û¶ä¹Ô¥Ç¥¸¥¿¥ëÄ̲߻¨Ã̤Ϥʤª¤â³¤¯(¥Í¥¿¤¬Åê²¼¤µ¤ì¤¿¤Î¤Ç¥·¥ã¡¼¥Ê¥¤¥Ê¥¤) ¡¦CBDC¤Ç¸½¶â²ÝÀǤ·¤Æ¥Ç¥Õ¥ìæµÑ¤È¤«¥¬¥Ð¥¬¥Ð²á¤®¤Æ¸«¤Æ¤é¤ó¤Ê¤¤¤Î¤À¤¬ÅìÂç¶µ¼ø¤¬¸À¤¦¤È¤Ç¤¹¤Ê¤¢ ¥Æ¥é¥¢¥Û¥¹wwwww[³°Éô¥ê¥ó¥¯] 10:30 JST Åý·×¤ÎÏäò¤·¤Æ¤¤¤ëʬ¤Ë¤ÏÂçÊѤ˸æÍ¥½¨¤Ç¤¤¤é¤Ã¤·¤ã¤ë¤Î¤Ç¤¹¤¬¡¢¶âÍ»À¯ºö¤ÎÏäò¤¹¤ë¤È¤È¤ó¤Ç¤â¤Ê¤¤¥È¥ó¥Á¥ÏäòϢȯ¤¹¤ëÅÏÊÕÀèÀ¸¥¯¥ª¥ê¥Æ¥£¤Ç¤¹¤¬¡¢Æü¶ä¤Ë¤ª¤«¤ì¤Þ¤·¤Æ¤â¤³¤Î¥È¥ó¥Á¥À¯ºöÏÀ¤¬°ì¡¹¡ÖÆü¶ä½Ð¿È¤Î¡×¤ÈËí»ì¤òÉÕ¤±¤é¤ì¤Æ¤·¤Þ¤¦ÅÀ¤Ë´Ø¤·¤Æ¤ÏÀ½Â¤ÊªÀÕǤ¤È¤¤¤¦¤Î¤ò¤Á¤Ã¤¿¤¢´¶¤¸¤ÆÄº¤¯¤Ê¤ê¡¢Æü¶ä½Ð¿È¤Ã¤Æ¸À¤¦¤Ê¤È¤ªÅÁ¤¨¤¹¤ë¤Ê¤ê¤·¤¿Êý¤¬µ¹¤·¤¤¤ó¤Ç¤Ï¤Ê¤¤¤«¡¢¤È¤Þ¤¢»×¤¦½ê¤Ç¤¹¤¬(¸Ä¿Í¤Î´¶ÁۤǤ¹)°Ê²¼¾åµURLÀè¤Îµ»ö¤«¤é¡£ ¡ØÅÏÊÕ»á¤Ï13Æü¤Î¥¤¥ó¥¿¥Ó¥å¡¼¤Ç¡¢Æü¶ä¤¬Â絬ÌϤʶâÍ»´ËϤòŤ¯Â³¤±¤Æ¤â¥Ç¥Õ¥ìæµÑ¤¬¼Â¸½¤·¤Ê¤¤¤Î¤Ï¡Ö¶ä¹Ô·ô¤Î¶âÍø¤¬¥¼¥í¤È¤¤¤¦¤È¤³¤í¤ËÀ©ÅÙŪ¤ÊÀ©Ì󤬤¢¤ë¡×¤È»ØÅ¦¡£CBDC¤òƳÆþ¤·¤Æ¸½¶â¼«ÂΤ˥ޥ¤¥Ê¥¹¶âÍø¤òŬÍѤ¹¤ì¤Ð¡ÖÁ᤯»È¤ï¤Ê¤±¤ì¤Ð¤¤¤±¤Ê¤¤¤È»×¤¦¤Î¤Ç¼ûÍפλɷ㤬¤Ç¤¡¢¥Ç¥Õ¥ì¤â²ò·è¤Ç¤¤ë¡×¤È¼çÄ¥¤·¤¿¡£¡Ù(¾åµURLÀè¤è¤ê¡¢°Ê²¼Æ±ÍÍ) ¤Á¤çwwwwwwww¸½¶â²ÝÀÇ¥¥¿¥³¥ìwwwwwww ¤½¤â¤½¤âÏÀ¤È¤·¤ÆÄã¶âÍøÀ¯ºö¤Ã¤Æ¤Î¤Ï¼ÚÆþ¶âÍøÉéô¤ò²¼¤²¤ë¤³¤È¤Ë¤è¤Ã¤Æ¡¢Åê»ñ¤ÎºÎ»»¥Ý¥¤¥ó¥È¤ò°ú¤²¼¤²¤Æ¡¢¤½¤ì¤Ë¤è¤Ã¤Æ¿·µ¬(¤Ç¤âÄɲäǤâÎɤ¤¤±¤É)Åê»ñ¤òÂ¥¤¹¡¢¤È¤¤¤¦¡Ö¼ûÍפÎÁ°¼Ú¤ê¡×¤ò¹Ô¤Ã¤Æµï¤ë¡¢¤È¤¤¤¦É÷¤Ë¥¢¥¿¥¯¥·¤ÏÅìÂç¶µ¼øÍͤۤɤÎÃÎǽ¤Ï»ý¤Á¹ç¤ï¤»¤Æ¤ª¤ê¤Þ¤»¤ó¤¬¡¢¤½¤Î¤è¤¦¤ËÍý²ò¤·¤Æ¤ª¤ë¤ó¤Ç¤¹¤±¤É¡£ ¤Ç¤â¤Ã¤Æ¶âÍø¥Ð¥«¥¹¥«²¼¤²¤Æ¥¼¥í¤Ë¶á¤¤½ê¤Ë»ý¤Ã¤Æ¹Ô¤Ã¤Æ¡¢¤È¤¦¤ÎÀΤË̱´Ö¤ÎÇãÆþ¶âÍø¤Ê¤ó¤Æ¤Î¤â¤½¤ì¤³¤½Æ±¤¸¤è¤¦¤Ë¥¼¥í¶âÍø¤ä¤Ã¤Æ¤¤¤ë²¤ÊƤʤ󤫤è¤ê¤â´ðËÜŪ¤Ë¤ÏʪÀ¨¤¯Ä㤤¿å½à(¤¸¤ã¤Ê¤«¤Ã¤¿¤éËÜË®¤«¤é³¤³°¥¯¥ì¥¸¥Ã¥ÈÅê»ñ¤È¤«½Ð¤ó¤ï¤Ê)¤Ë¤Ê¤Ã¤Æ¤ª¤ê¤Þ¤·¤Æ¤â¼ûÍפ¬´µ¯¤Ç¤¤Ê¤¤¤«¤é¸½¶â¥Þ¥¤¥Ê¥¹¥Á¥ã¡¼¥¸¤·¤Æ¼ûÍפλɷã¤ò¹Ô¤¦¤Ã¤Æ¡¢¤Þ¤¢Ã¼Åª¤Ë¸À¤Ã¤Æ¤¢¤¿¤ª¤«¥ì¥Ù¥ë¤ÎÏäÀ¤·¡¢¤µ¤é¤Ë¤½¤â¤½¤âÏÀ¤Ê¤ó¤À¤¬¡¢¸½¶â²ÝÀǤäÆÍפ¹¤ë¤Ë̱´ÖÉôÌç¤ËÂФ¹¤ë¶¯Îõ¤Ê²ÝÀǤ·¤Æ¤ë¤Î¤ÈƱ¤¸Ïäǡ¢¤½¤ì¤ä¤Ã¤ÆËÜÅö¤ËÀè¿©¤¤¼ûÍפ¬È¯À¸¤¹¤ë¤Î¤«¤È¤¤¤¦½ê¤Þ¤ÇÆæ¥ª¥ÖÆæ¤À¤·¡¢¸½¶â¤¬²ÁÃͤÎÊݸ¼êÃʤȤ·¤ÆÉÔŬÀڤȤʤ俤顢¤½¤ì¤Ï¤É¤³¤«¤ÎïçÃͤߤ¿¤¤¤Ê¤Î¤¬¤¢¤Ã¤Æ¡¢ïçÃͱۤ¨¤ë¤È¸½¶â¤Ç·èºÑ¤·¤Ê¤¯¤Ê¤Ã¤Æ¶â¤À¤«Êƥɥë¤À¤«²¿¤À¤«¤ï¤«¤ê¤Þ¤»¤ó¤¬¡¢¤Ê¤ó¤«Ê̤Îʪ¤¬·èºÑ¤Ë»È¤ï¤ì¤ë¤À¤±¤ÎÏÃ¥¸¥ã¥ó¡¢¤È¤«»×¤¦Ìõ¤Ç¤¹¤è¡£ ¤Þ¤¢É´Êâ¾ù¤Ã¤ÆÅÏÊÕÂçÀèÀ¸¤Î¶Ä¤»¤Î¤è¤¦¤Ë¸½¶â²ÝÀǤ·¤ÆÉ½Ì̾åʪ²Á¤¬¾å¤¬¤Ã¤¿¤«¤é¤È¸À¤Ã¤Æ¡¢¤½¤ì¤ÏËÜÍè¤Î¹ṉ̃¸üÀ¸¾å˾¤Þ¤·¤¤·ÐºÑÀ®Ä¹¤Î·ë²Ì¤È¤·¤ÆÈ¯À¸¤·¤Æ¤¤¤ëʪ²Á¾å¾º¤Ê¤Î¤«¤È¤¤¤¦ÌäÂ꤬¤¢¤ë¤ï¤±¤Ç¤·¤Æ¡¢¥¢¥¸¥§¥ó¥À¤Î¥»¥Ã¥Æ¥£¥ó¥°¤Î»þÅÀ¤Ç¼êÃʤÈÌÜŪ¤ò¼è¤ê°ã¤¨¤Æ¤¤¤ë¡¢¤È¤¤¤¦³Ø¼ÔÂçÀèÀ¸¤Ã¤Ý¤¯¤ÆÎÞ¤¬¤Á¤ç¤Á¤çÀÚ¤ì¤Æ¤·¤Þ¤¤¤Þ¤¹¤Ê¡£ ¡ØÅÏÊÕ»á¤Ï¡¢Ãæ¹ñ¤¬¥Ç¥¸¥¿¥ë¿Í̱¸µ¤Îȯ¹Ô¤Ë¸þ¤±¤Æ´û¤Ë¼Â¾Ú¼Â¸³¤ËÆþ¤Ã¤Æ¤¤¤ëÃæ¤Ç¡ÖÆüËܤâ¤Ü¤ä¤Ü¤ä¤·¤Æ¤¤¤é¤ì¤Ê¤¤¡×¤È¤·¤¿¾å¤Ç¡¢¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹¤Î´¶À÷³ÈÂç¤Ç¡Ö¸½¶â¤Î»ÈÍѤò·ù¤¬¤ë¿Í¤âÁý¤¨¤Æ¤¤Æ¤¤¤ë¡£¤Þ¤µ¤Ë¥Ç¥¸¥¿¥ëÄÌ²ßÆ³Æþ¤Î¥Á¥ã¥ó¥¹¤À¡×¤È¸ì¤Ã¤¿¡£¡Ù ¤Ê¤Ë¤½¤Î²Ð»ö¾ìÅ¥ËÀ¤ß¤¿¤¤¤ÊȯÁÛ¡£°ÊÁ°¤âÅìÆüËÜÂç¿ÌºÒ¤Î»þ¤Ë¤³¤Îµ¡²ñ¤Ë¹ñºÄ°ú¤¼õ¤±¤òÆü¶ä¤Ë¤ä¤é¤»¤í¤È¤«¸À¤Ã¤Æ¤¿²Ð»ö¾ìÅ¥ËÀ¤ÊÊý¡¹(¥ê¥Õ¥ìÇɤäƤ¤¤¦¤ó¤Ç¤¹¤±¤É)¤¬¤¤¤Þ¤·¤¿¤±¤É¡¢¡Ö¤Þ¤µ¤Ë¥Ç¥¸¥¿¥ëÄÌ²ßÆ³Æþ¤Î¥Á¥ã¥ó¥¹¤À¡×¤È¤«²Ð»ö¾ìÅ¥ËÀÀº¿À¤òÀµÄ¾¤Ë¸ý¤Ë¤¹¤ëÊդ꤬¤â¤¦ÀµÄ¾¼Ô²á¤®¤ÆÎÞ¤¬¤Á¤ç¤Á¤ç¤¤ì¤Þ¤¹¡£ ¤È¤¤¤¦¤«¤Ç¤¹¤Í¡¢Î٤βȤ¬²¿¤«¤ä¤Ã¤Æ¤¤¤ë¤Î¤Ç¥¦¥Á¤â¥¦¥Á¤â¤Ã¤Æ»×Áۤȡ¢¼êÃʤÈÌÜŪ¤òº®Æ±¤·¤Æ¸½¶â²ÝÀǤò¤·¤¿¤¤¤Ã¤Æ¹½ÁÛ¤¬°Ëâ¹çÂΤ·¤¿¤è¤¦¤ÊÍý¶þ¥ª¥Ã¥¹¥ª¥Ã¥¹¤È¤¤¤¦½ê¤Ç¤Ï¤¢¤ë¤Î¤Ç¤¹¤¬¡¢ºòÆü¤È¤½¤ÎÁ°¤Ë¥Í¥¿¤Ë¤·¤Þ¤·¤¿¤è¤¦¤Ë¡¢¤½¤â¤½¤âÏÀ¤È¤·¤ÆCBDC¤ò¤Ö¤Ã¤³¤à¤È¤Ê¤ë¤È¡¢°ìÈÖ¤ÎÏÀÅÀ¤Ã¤Æ(ºòÆü°úÍѤ·¤¿ECB¥Ñ¥Í¥Ã¥¿Íý»ö¤ÎÀâÌÀ¤Ë¤¢¤ê¤Þ¤¹¤è¤¦¤Ë)½àÄ̲ߤǤ¢¤ë¤È¤³¤í¤Î¶ä¹ÔͶâ¤È¤Î¥³¥ó¥Õ¥ê¥¯¥È(ÆÃ¤Ëº£¤Î¤è¤¦¤Ë¥¯¥Ã¥½Ä㤤¶âÍø¤Î»þ¤Ê¤éÆÃ¤Ë)¤¬È¯À¸¤¹¤ëÌõ¤Ç¡¢¤½¤³¤ò²¿¤â¹Í¤¨¤Ê¤¤¤ÇƳÆþ¤·¤¿¤é¡¢¥¢¥ó¥À¡¼¥°¥é¥ó¥É¤Ê¤ª¶â¤È¤«Æ¿Ì¾¤ÇÈëÆ¿¤·¤Æ¤ª¤¤¿¤¤¤ª¶â¤È¤«¡¢¤½¤¦¤¤¤¦¤Î¤ò½ü¤±¤ÐͶâÄ̲ߤ«¤éÃæ±û¶ä¹ÔÅÅ»ÒÄ̲ߤؤÎÂ硹Ū¤Ê¥·¥Õ¥È¤¬È¯À¸¤·¤Æ¤·¤Þ¤¤¡¢Í¶âÄ̲ߤ¬¤Ö¤Ã¤³È´¤«¤ì¤Æ¤·¤Þ¤Ã¤¿¶âÍ»µ¡´Ø¤Ï¥Ð¥é¥ó¥¹¥·¡¼¥È¤ÎÈ¿ÂЦ¤ò¸º¤é¤µ¤Ê¤¤¤È¥Ð¥é¥ó¥¹¤·¤Ê¤¤¤Î¤Ç¤¹¤«¤é¡¢·ë²Ì¤È¤·¤Æ¤Ï¿®ÍѼý½Ì¤È¤«»ñ»º»Ô¾ì¤ÎµÞ·ã¤Ê¥·¥å¥ê¥ó¥¯¤¬È¯À¸¤¹¤ë¡¢¤È¤¤¤¦»ö¤Ë¤Ê¤ë¤È¤·¤«»×¤¨¤Ê¤¤¤ó¤Ç¤¹¤è¤Í¤¨¡£ ¤Ä¡¼¤³¤È¤Ç¡¢¤½¤â¤½¤âCBDC¤Ö¤Ã¤³¤à¤Ö¤Ã¤³¤Þ¤Ê¤¤¤È¤¤¤¦Ïäˤʤê¤Þ¤¹¤È¡¢¸½¶â²ÝÀǤÀ¥Ò¥ã¥Ã¥Û¡¼¥¤¤È¤«Ä¾¤°¤Ë·ÐºÑ³Ø¼ÔǾ¤ÎÊý¡¹¤¬È¿±þ¤¹¤ë¤è¤¦¤Ê¤Î¤Ç¤¹¤¬¡¢¤É¤¦¤â¤³¤¦·ÐºÑ³Ø¼Ô¤ÎÊý¡¹¤È¤¤¤¦¤Î¤Ï¿®ÍÑÁϤ¤À¤Î¶âÍ»Ãç²ðµ¡Ç½¤À¤Î¤È¤¤¤¦¤è¤¦¤ÊÀ¯ºöÇÈµÚ¥×¥í¥»¥¹¤ò¤¿¤À¤Î¥Ö¥é¥Ã¥¯¥Ü¥Ã¥¯¥¹¤«²¿¤«¤«¤È»×¤Ã¤Æ¤ª¤é¤ì¤ë¤ß¤¿¤¤¤Ç(¸Ä¿Í¤ÎʪÀ¨¤¤Êи«¤Ç¤¹)¡¢¥¤¥ó¥×¥Ã¥È¤È¥¢¥¦¥È¥×¥Ã¥È¤À¤±¸«¤Æ¤ë¤ó¤¸¤ã¤Í¤¨¤«¤³¤Î¥¹¥Ã¥È¥³¥É¥Ã¥³¥¤¤È¤¤¤¦´¶¤¸¤Ç¤·¤Æ¡¢¤¤¤ä¤À¤«¤éCBDC¤Ã¤Æ¤½¤Î¥Ö¥é¥Ã¥¯¥Ü¥Ã¥¯¥¹(¤¸¤ã¤Ê¤¤¤±¤É)¤ÎÃæ¿È¤¬ÊѲ½¤¹¤ë²ÄǽÀ¤òÈë¤á¤¿(¤È¤¤¤¦¤«Â¿Ê¬ÊѲ½¤·¤Æ¤·¤Þ¤¦)ʪÂΤʤΤǡ¢¤½¤Ã¤Á¤ÎÊý¤ò¤Þ¤º¤Ï¹Í¤¨¤Æ¤«¤éÏäò¤·¤í¤è¤È»×¤¤¤Þ¤¹¤·¡¢¤µ¤é¤Ë¥¢¥ì¤Ê¤Î¤ÏÅìµþÂç³Ø·ÐºÑ³ØÉô¶µ¼ø¤È¤«¤¤¤¦ÁÇÀ²¤é¤·¤¤¸ª½ñ¤ò¤ª»ý¤Á¤Ë¤Ê¤Ã¤Æ¤ª¤ê¤Þ¤¹¤È¡¢¤½¤é¤â¤¦À¤´Ö¤È¤·¤Æ¤Ï¤Ø¤Ø¡¼¤Ã¤ÆÊ¿Éú¤·¤Æ¤´ÀâÇÒݤ·¤Á¤ã¤¦¤«¤é¡¢CBDC¤Ç¥Ç¥Õ¥ì¤¬Ã¦µÑ¤Ç¤¤ë¤ó¤Ê¤é¤µ¤Ã¤µ¤ÈƳÆþ¤·¤ë!!!¤È¤«À¯¼£¤¬È½ÃǤ·¤Á¤ã¤Ã¤¿¤ê¤¹¤ë¤Î¤¬¥ª¥½¥í¥·¥¹¤ÊÌõ¤Ç¤¹¤è¡£¤¤¤ä¥Þ¥¸¤ÇW¶µ¼ø(¤³¤³¤ÇµÞ¤Ë¥¤¥Ë¥·¥ã¥ë¤Ë¤Ê¤ëw)¤Ë¤ª¤«¤ì¤Þ¤·¤Æ¤Ï¡¢¤ªÎ©¾ì¤È¤¤¤¦¤â¤Î¤òÊÛ¤¨¤Þ¤·¤Æ¡¢ÀìÌç³°¤Ç¥È¥ó¥Á¥È¯¸À¤·¤«¤Ç¤¤Ê¤¤¤è¤¦¤ÊʬÌî¤Ç°ì¡¹¤¤¤Ã¤Á¤ç³ú¤ß¤·¤ËÍè¤ë¤Î¥Þ¥¸¤Ç»ß¤á¤Æ¤¯¤ì¤Þ¤»¤ó¤«¤Í¤¨¡¢¤È»×¤¦¤Î¤Ç¤¹¤¬¡¢¤Þ¤¢³Ø¼Ô¤Ã¤Æ¤½¤¦¤¤¤¦¤â¤ó¤À¤Ã¤¿¤ê¤¹¤ë¤«¤é¤Ê¤¢¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦(ò©)¡£ ¤¤¤ä¤Þ¤¢·ÐºÑÅý·×¤ÎÏäȤ«¤ÇÁÇÀ²¤é¤·¤¤¸¦µæ¤È¶ÈÀÓ¤ò¾å¤²¤Æ¤ª¤é¤ì¤ë¤ó¤Ç¤¹¤«¤é¤½¤³¤ËäÆ¤Ã¤ÆÄº¤±¤ì¤Ð¤È»×¤¦¼¡Âè¤Ç¤·¤Æ¡¢¶âÍ»À¯ºöÏäò¤ª¤Ã¤Ñ¤¸¤á¤ë¤È¥¢¥ì¤ÇÅìÂç¶µ¼ø¤Ê¤é¥ï¥¤¤Ï¥¤¥§¡¼¥ëÂç³ØÌ¾ÍÀ¶µ¼ø¤¬Ì³¤Þ¤ë¤ï¤È¤«»×¤Ã¤Æ¤·¤Þ¤¦¤Î¤Ï¤Í¤¨¡£¤³¤ì¤¬ÅìµþÂç³Ø¤¸¤ã¤Ê¤¯¤ÆËÅç±àÁ¬ÅòÂç³Ø(¤¢¤¯¤Þ¤Ç¤âÈæÓÈɽ¸½¤ÇËÅç±à¤Ë¤âÁ¬Åò¤Ë¤â°äº¨¤¬¤¢¤ëÌõ¤Ç¤Ê¤¤¤Î¤Çǰ¤Î¤¿¤á)¤È¤«¤À¤Ã¤¿¤éÊ̤ËÊüÃ֥ץ쥤¤Ê¤ó¤Ç¤¹¤±¤É¤Í¡£ ¡¦CBDC¤ÈͶâÄ̲ߤΥ³¥ó¥Õ¥ê¥¯¥È¤Î¸å¤ËÍè¤ë¤â¤Î¤È¤·¤Þ¤·¤Æ¤Ï¡¦¡¦¡¦¡¦¡¦(ÌÑÁÛÊÔ) ¤µ¤Æ¤Þ¤¢¤½¤ó¤Ê¤³¤È¤ÇCBDC¤Ö¤Ã¤³¤ó¤À¤È¤¤ËͶ⤫¤é¤Î¥·¥Õ¥È¤¬Â硹Ū¤Ëµ¯¤¤¿¤é¤É¤Ê¤¤¤¹¤ó¤Ç¤·¤ç¤¦¤«¤Í¤¨¡¢¤È¤¤¤¦Ïäγ¤¤Ê¤ó¤Ç¤¹¤¬¡¢¤Þ¤¢À©Å٤κî¤êÊý¤Ë¤è¤Ã¤Æ¤Ï¡¢¤È¤¤¤¦¤«CBDC¤ò¤Û¤ó¤Î¾¯¤·¤À¤±¤·¤«È¯¹Ô¤·¤Ê¤¤¤·È¯¹Ô¸ÂÅÙÀߤ±¤ë¡¢¤È¤«¤À¤Ã¤¿¤é¥·¥Õ¥È¤Îµ¯¤¤è¤¦¤¬Ìµ¤¤¤Î¤«¤â¤·¤ì¤Þ¤»¤ó¤±¤ì¤É¤â¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¤È¤¤¤¦¤³¤È¤Ç¿ÍÍͤȻ¨Ã̤·¤Ê¤¬¤éƬ¤ÎÃæ¤ò¤³¤³¤ó¤È¤³¤íÀ°Íý¤·¤Æ¤¤¤¿¤Î¤ÇÀ°Íý¤·¤¿¤â¤Î¤òÀ°Íý¤·¤Ê¤¤¤Ç(¤ª¤¤)Êü½Ð¤·¤Æ¤ß¤ë¡£ ¤¨¡¼¤Ã¤È¤Þ¤º¤Ç¤¹¤Í¡¢CBDCȯ¹Ô¤·¤Þ¤¹¤Ç¤â¸ÂÄêŪ¤Ë¤·¤«½Ð¤·¤Þ¤»¤ó(¤½¤¦¤¤¤¨¤Ð¿½¤·Ëº¤ì¤Þ¤·¤¿¤¬¤³¤³¤Ç¤ÎCBDCÏäϸ½¶âÄ̲ߤÈÁê¸ßÊ䴰Ū¤Ê½ê°â¥ê¥Æ¡¼¥ëCBDC¤òÁÛÄꤷ¤Æ¤¤¤Þ¤¹)¡¢¤È¤¤¤¦¤³¤È¤Ë¤Ê¤ê¤Þ¤¹¤È¡¢¤½¤â¤½¤âÏÀ¤È¤·¤Æ¤½¤ÎCBDC¤Ë²¿¤Î°ÕÌ£¤¬¤¢¤ë¤ó¤À¤è¤È¤¤¤¦ÏäˤʤëÌõ¤Ç¤·¤Æ¡¢¤À¤Ã¤¿¤éº£¤Þ¤ÇÄ̤ê¤Ë̱´Ö¶ä¹Ô¤ËͶâÄ̲ߤòô¤ï¤»¤Æ¤ª¤±¤ÐÎɤ¤¤¸¤ã¤ó¤È¤¤¤¦ÏäÀ¤·¡¢¤Ê¤ó¤È¤«¥Ú¥¤¤ß¤¿¤¤¤Ê¤Î¤Ç²¿¤ÎÌäÂ꤬¤¢¤ê¤Þ¤¹¤Í¤ó¡¢¤È¤¤¤¦Ïäˤ·¤«»×¤¨¤ó¤Î¤è¡£ ¤È¤¤¤¦¤³¤È¤Ê¤Î¤Ç¸½ºß¤Î¶ä¹Ô·ô¤ÈƱÍͤˡ¢Ãæ±û¶ä¹ÔÅöºÂͶ⤫¤é¸½Ê§¤¤Í×ÀÁ¤¬¤¢¤ì¤Ðȯ¹Ô¤¹¤ë¡¢¤È¤¤¤¦¤è¤¦¤ÊÏäˤʤê¤Þ¤¹¤È¡¢Î㤨¤Ð°ìÈ̿ͤ¬¶ä¹ÔͶ⤫¤éCBDC¤Ø¤Î¾è´¹¤Ë¤Ä¤¤¤ÆÀ©¸Â¤ò¤·¤Æ¤â¡¢¶ä¹Ô·ô¤È¤¤¤¦È´¤±Æ»¤«¤é¥Û¥¤¥Û¥¤¤ÈCBDC¤Ë¾è¤ê´¹¤¨¤é¤ì¤Æ¤·¤Þ¤¤¤Þ¤¹¡¢¤È»×¤¤¤Þ¤¹¤Î¤Ç¡¢¼õưŪ¤Ëȯ¹Ô¤¹¤ë¤È¤¤¤¦¤³¤È¤Ë¤Ê¤ë¤È¡¢¤É¤¦¤·¤Æ¤âͶâÄ̲ߤÎÂçÉý¤Ê¥·¥å¥ê¥ó¥¯¤ÏÉÔ²ÄÈò¤À¤·¡¢¤½¤ì¤Ã¤ÆÃ»´üŪ¤Ë¤ÏʪÀ¨¤¤Àª¤¤¤Î¿®ÍѼý½Ì¤Ë¤Ä¤Ê¤¬¤ê¤Þ¤¹¤ï¡£ ¡¦¡¦¡¦¡¦¡¦¡¦¤È¤Ï¸À¤¤¤Þ¤·¤Æ¤â¡¢¶ä¹ÔͶ⤬CBDC¤ËÂФ·¤Æ¶¥ÁèŪ¤Ç¤¢¤ì¤Ð¶ä¹ÔͶâ¤Ï°Ý»ý¤µ¤ì¤ë¤«¤â¤·¤ì¤Ê¤¤¤Î¤Ç¤¹¤¬¡¢¤½¤Î»þ¤Ã¤Æ¤½¤ì¤³¤½¥×¥ì¥ß¥¢¥àÉÕ¤¤Î²¿¤È¤«¥¯¡¼¥Ý¥óIC¥«¡¼¥É¤ß¤¿¤¤¤ÊÏä¬É¬Íפˤʤ롢¤¹¤Ê¤ï¤Á¶âÍ»µ¡´Ø¤Î¥Õ¥¡¥ó¥Ç¥£¥ó¥°¥³¥¹¥È¤òÀ¹Âç¤Ë¾å¤²¤ë¤³¤È¤Ë¤Ê¤ëÌõ¤Ç¤¹¤èÆÃ¤Ëº£¤Î¤è¤¦¤Ê¼Â¼Á¥¼¥í¶âÍøÀ¯ºö¤Î»þ¤Ï¡£¤³¤ì¤¬¥À¥Ö¥ë¥Ç¥¸¥Ã¥È¤Ë¶á¤¤À¯ºö¶âÍø¿å½à¤Î¾õ¶·¤Ç¤¹¤È¡¢¸½¶âÊÝͤˤè¤ëµ¡²ñ»¼º¤¬¤Ç¤«¤¤¤È¤¤¤¦Ç§¼±¤«¤éͶâÄ̲ߤؤΥ·¥Õ¥È¤âµ¯¤ÆÀ¤ë(¤±¤É¾¼Ï¸å´ü¤«¤éÊ¿À®½é´ü¤Î»þ´ü¤Ç¤â¸½¶âÊÝͤε¡²ñ»¼º¤¬¤½¤³¤Þ¤Ç¥É¥é¥¤¥Ð¡¼¤Ë¤Ê¤êÆÀ¤Æ¤¤¤¿¤«¤È¤¤¤¦¤È¤½¤³¤Ï¿ʬ²ø¤·¤¤)¤Î¤Ç¤·¤ç¤¦¡£¤Æ¤Ê¤ï¤±¤ÇÀèÈ̥ͥ¿¤Ë¤·¤¿[³°Éô¥ê¥ó¥¯] ǯ 10 ·î (ÆüËܶä¹Ô²¾Ìõ) ¤Ë¤è¤ê¤Þ¤¹¤È¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ËÜʸ1¥Ú¡¼¥¸¡¢PDF¤À¤È2ËçÌܤβ¼¤ÎÊý¤«¤é¼¡¤Î¥Ú¡¼¥¸¤ÎÉôʬ¤Ç¤¹¡£ ¡ØCBDC ¤Î¶âÍ»°ÂÄê¾å¤Î´Þ°Õ¤Ï¡¢¿µ½Å¤Ë¸¡Æ¤¤µ¤ì¤ëɬÍפ¬¤¢¤ë¡£¼ç¤Ë2¤Ä¤Î·üǰ¤¬Â¸ºß¤¹¤ë¡£Âè1¤Ë¡¢¶âÍ»´íµ¡»þ¤Ë¤ª¤¤¤Æ¤Ï¡¢CBDC ¤Î¸ºß¤¬¤è¤êÂ絬ÌϤǵÞ®¤Ê¶ä¹Ô¤«¤é¤ÎƨÈò¤ò¤â¤¿¤é¤·¤¦¤ë¤È¤¤¤¦·üǰ¤Ç¤¢¤ê¡¢Âè2¤Ë¡¢¤è¤êÊ¿»þ¤Ë¤ª¤¤¤Æ¤Ï¡¢¥ê¥Æ¡¼¥ëͶ⤫¤é CBDC ¤Ø¤Î»ñ¶âήÆþ(¡Ö¶âÍ»Ãç²ðµ¡Ç½¤ÎÄã²¼¡×)¤Ë¤è¤ê¡¢¶ä¹Ô¤¬¤è¤ê¹â²Á¤ÇÉÔ°ÂÄê¤Ê»ñ¶âĴ㸻¤Ë°Í¸¤¹¤ë²ÄǽÀ¤¬¤¢¤ë¤È¤¤¤¦·üǰ¤Ç¤¢¤ë¡£¡Ù(¤³¤ÎÉôʬ¾åµURLÀè¤è¤ê¡¢°Ê²¼Æ±ÍÍ) ¤Ã¤ÆÏäΡÖÂè2¤Ë¡×¤«¤éÀè¤ÎÉôʬ¤ÎÏäǤ´¤¶¤¤¤Þ¤·¤Æ¡¢¡Ö¶âÍ»Ãç²ðµ¡Ç½¤ÎÄã²¼¡×¤È¥ª¥Ö¥é¡¼¥È¤ËÊñ¤ó¤Ç¤Ï¤¤¤Þ¤¹¤¬¡¢¤³¤ì¤Ã¤ÆÍ¶âÄ̲ߤ¬½àÄ̲߰·¤¤¤«¤é³ê¤êÍî¤Á¤Æ¡¢¤½¤Î²áÄø¤Ë¤ª¤¤¤Æ¿®ÍѼý½Ì¤¬µ¯¤³¤êÆÀ¤Þ¤¹¤è¡¢¤È¤¤¤¦³ä¤È¤È¤ó¤Ç¤â¤Ê¤¤ÏäΤ³¤È¤Ç¤¹¤·¡¢¡Ö¶ä¹Ô¤¬¤è¤ê¹â²Á¤ÇÉÔ°ÂÄê¤Ê»ñ¶âĴ㸻¤Ë°Í¸¤¹¤ë²ÄǽÀ¡×¤Ã¤Æ¤Î¤Ï¡¢Í¶âÄ̲ߤ¬µ¡Ç½¤·¤Ê¤¯¤Ê¤Ã¤Æ¡¢¶ä¹Ô¤Î¿®ÍÑÁϤ¤Ã¤Æ¤Î¤¬¥ï¡¼¥¯¤·¤Ë¤¯¤¯¤Ê¤ë¡¢¤È¤Ê¤ë¤È¤½¤é¶ä¹Ô¤¬º£¤Î¥Î¥ó¥Ð¥ó¥¯¤ß¤¿¤¤¤Ë¤Ê¤ë¤ï¤Ê¡¢¤È¤¤¤¦ÏäǤ´¤¶¤¤¤Þ¤¹¤¬¤Ê¡¢¤Ã¤Æ¤³¤È¤Ç¤¹¤è¤Í¡£ ¡Ø¤³¤¦¤·¤¿¥ê¥¹¥¯¤Ï¡¢¿Í¡¹¤Ë°ÂÁ´¤ÊÃæ±û¶ä¹Ô¥Þ¥Í¡¼¤òÍøÍѲÄǽ¤Ë¤¹¤ë¤³¤È(CBDC ¤Î¼çÌÜŪ)¤ËÆâºß¤¹¤ë¤â¤Î¤Ç¤¢¤ê¡¢CBDC ¤¬¿·¤¿¤Ê¹½Â¤ÌäÂê¤ò¤â¤¿¤é¤·¤¦¤ë¤È¤Ï¤¤¤¨¡¢¸½¶â¤Î¸ºß¤Ë¤è¤Ã¤Æ´û¤Ë¤ß¤é¤ì¤ë¤â¤Î¤Ç¤¢¤ë¡£CBDC ¤òȯ¹Ô¤¹¤ëºÝ¤Ë¤Ï»öÁ°¤Ë¡¢Ãæ±û¶ä¹Ô¤Ï½½Ê¬¤Ê¾ðÊó¤òÆÀ¤¿¤¦¤¨¤Ç¡¢¥ê¥¹¥¯¤¬ÆÃÄꤵ¤ì´ÉÍý²Äǽ¤Ç¤¢¤ë¤È¤¤¤¦È½ÃǤò¹Ô¤¦É¬Íפ¬¤¢¤ë¡£¤³¤ì¤Ë¤Ï¡¢CBDC ¤Î·ÐºÑ¤ª¤è¤Óµ¡Ç½¾å¤ÎÀ߷פËÁȤ߹þ¤Þ¤ì¤¿Êݸîºö¤È¡¢¤è¤ê¹ÈϤʶâÍ»¥·¥¹¥Æ¥à¾å¤ÎÀ¯ºö¤òŬÀÚ¤ËÁȤ߹ç¤ï¤»¤ë¤³¤È¤¬É¬Íפˤʤë²ÄǽÀ¤¬¤¢¤ë¡£°Õ¿Þ¤·¤Æ¤¤¤ë¤³¤È¤Ï¡¢¸ò´¹²ÄǽÀ¤ª¤è¤ÓÁê¸ß±¿ÍÑÀ¤Ê¤É¤òÄ̤¸¤¿¤â¤Î¤ò´Þ¤á¡¢¸øÅª¤Ê¥Þ¥Í¡¼¤È´è·òÀ¤Î¤¢¤ë̱´Ö¥Þ¥Í¡¼¤È¤Î¶¦Â¸¤¬°Ý»ý¤µ¤ì¤ë¤³¤È¤Ç¤¢¤ë¡£ËÜ¥°¥ë¡¼¥×¤Ï¡¢¤³¤ÎʬÌî¤Ë´Ø¤·¤Æ¹¹¤Ê¤ëºî¶È¤ò·×²è¤·¤Æ¤¤¤ë¡£¡Ù ¤È¤¤¤¦ÀâÌÀ¤ò¤·¤Æ¤¤¤Þ¤¹¤¬¡¢¤½¤ì¤Ï¸½¶â¤À¤«¤é¿§¡¹¤Ê¥³¥¹¥È¤ä¥ê¥¹¥¯¤¬¤¢¤ë¤Î¤Ç¥·¥Õ¥È¤¬µ¯¤¤Ê¤¤¤È¤¤¤¦¤À¤±¤ÎÏäǤ¢¤Ã¤Æ¡¢CBDC¤Ë¤·¤¿¤éͶâÄ̲ߤÈÊѤï¤é¤ó¤Î¤Ç¡¢¤è¤Û¤ÉÉáÃʻȤ¨¤Ê¤¤¤è¤¦¤Ë¤¹¤ë¤È¤«¤¸¤ã¤Ê¤¤¤È¥·¥Õ¥Èµ¯¤¤ë¤ÎÉÔ²ÄÈò¤À¤È»×¤¦¤ó¤Ç¤¹¤¬¡¢¤É¤¦¤¤¤¦¹©Éפ¬¤¢¤ë¤Î¤«¡¢¤È¤¤¤¦¤Î¤Ï¸«¤»¤ÆÄº¤¤¿¤¤¡¢¤Æ¤«ECB¤ÎCBDC¤´°Õ¸«ÌܰÂÈ¢¤Ë¥Ø¥¿¥¯¥½¤Ê±Ñºîʸ¤ò¤·¤Æ¤Ö¤Ã¤³¤ó¤Ç¤ß¤ë¤Î¤¬Îɤ¤¤Î¤«¤Ê???? ¡¦¡¦¡¦¡¦¡¦¡¦¡¦¤µ¤Æ¤½¤ÎÀè¤Î¤Ï¤Ê¤·¤Ë¤Ê¤ë¤ó¤Ç¤¹¤¬¡¢¤Þ¤¢Í¶âÄ̲ߤ«¤éCBDC¤Ø¤Î¥·¥Õ¥È¤ËºÝ¤·¤ÆÊѤʿ®ÍѼý½Ì¤È¤«¤Ë´Ø¤·¤Æ¤â³Æ¼ïÁ¼Ã֤ǥ¹¥à¡¼¥º¤Ë°Ü´É¤Ç¤¤¿¤È¤·¤Þ¤·¤Æ¤â¡¢¿®ÍÑÁϤ¤Î¤È¤³¤í¤É¤¦¤¹¤ë¤Î¤è¡¢¤È¤¤¤¦¤Î¤¬¤³¤ì¤Þ¤¿µ¤¤Ë¤Ê¤ë¤È¤³¤í¤Ç¤·¤Æ¡¢Íפ¹¤ë¤Ë¶ä¹Ô¤¬¥Î¥ó¥Ð¥ó¥¯¾õÂ֤ˤʤäƤ·¤Þ¤¤¤Þ¤¹¤È¡¢¿®ÍÑÁϤ¤ò¤¹¤ë¤³¤È¤Î¤Ç¤¤ë¼çÂΤäƺÇÁáÃæ±û¶ä¹Ô¤·¤«¥ª¥é¥ó¥¬¥Ê¤È¤¤¤¦ÏäˤʤäƤ·¤Þ¤¦Ìõ¤Ç¡¢Ãæ±û¶ä¹Ô¤¬Ä¾ÀÜ̱´Ö´ë¶È¤ä¤é½»Âð¥í¡¼¥ó¤ä¤é¤ä¤ëÌõ¤Ë¤â¹Ô¤«¤Ê¤¤¤«¤é¡¢º£¸å¤Ï̱´Ö¶âÍ»µ¡´Ø¤ËÍ»»ñ(Âå¤ï¤ê¶â¤ÏÆü¶äÅöºÂ¤ËÆþ¤Ã¤ÆÍè¤ëÌõ¤Ç¤¹¤«¤é¤½¤³¤«¤éCBDC¤Ë¿¶¤êÂØ¤¨¤Æ¤·¤Þ¤¨¤ÐÂ߽и¶»ñȯÀ¸)¤È¤¤¤¦»ö¤Ë¤Ê¤ë¤ó¤Ç¤·¤ç¤¦¤±¤ì¤É¤â¡¢¤½¤¦¤Ê¤Ã¤¿¾ì¹ç¤Ã¤Æ¡¢Ì±´Ö¶âÍ»µ¡´Ø¤ÎÂ߽Ф¬Â絬ÌϤËdz¤¨¤Æ¤·¤Þ¤Ã¤¿¾ì¹ç¡¢Ì±´Ö¶âÍ»µ¡´Ø¤Î¤¢¤Ð¤Ð¤Ð¤Ð¡¼¤¬¤½¤Î¤Þ¤ÞÃæ±û¶ä¹Ô¤Þ¤Ç¤É¥¹¥È¥ì¡¼¥È¤ËÇȵڤ·¤Æ¤¯¤ë¡¢¤È¤¤¤¦¤³¤È¤Ç¡¢CBDC¤ÎÀ¤³¦¤Ë¤Ê¤Ã¤Æ¶ä¹Ô¤Ë¤è¤ë¿®ÍÑÁϤ¤¬Ìµ¤¯¤Ê¤ë(¤Þ¤¿¤ÏĶ¸Â³¦Åª¤Ë¤Ê¤ë)¤È¤¤¤¦À¤¤ÎÃæ¤Ë¤Ê¤Ã¤¿¾ì¹ç¤Ã¤Æ¡¢¶âÍ»¥·¥¹¥Æ¥àÉ԰¤¬¤½¤Î¤Þ¤ÞÄ̲ߤËľ·â¤·¤Æ¡¢¶âÍ»´íµ¡¤¬ÄÌ²ß´íµ¡¤Þ¤Ç¹Ô¤Ã¤Æ¤·¤Þ¤¦¡¢¤È¤¤¤¦¤«¤Ê¤êÌÌÇò¤¤(ÌÌÇò¤¯¤Ê¤¤¤±¤É)̤Íè¤âÁÛÁü¤Ç¤¤ë¤ó¤Ç¤¹¤è¡£ ¤Þ¤¢¤½¤ó¤Ê¤³¤È¤ò¥´¥ê¥´¥ê¤È¹Í¤¨¤ë¤È¡Ö¤½¤â¤½¤â²¿¤ÇͶ⤬Ä̲ߤÎÇ¡¤¯°·¤¨¤ë¤ó¤Ç¤·¤¿¤Ã¤±?¡×¤È¤¤¤¦ÃÏÍë¤Ë㤹¤ë¤ó¤À¤í¤¦¤Ê¤¢¡¢¤ÈºòÆü¤ÎÏäγ¤¤Ç½ÅÊ£À®Ê¬¤¬Â¿¤«¤Ã¤¿¤è¤¦¤Êµ¤¤â¤·¤Þ¤¹(¤Ê¤Ë¤»¸½ºßǾÆâ¤Ç¤³¤Î¥Í¥¿¤ò²ó¤¹¤È¿§¡¹¤ÈÌÑÁÛ¥Õ¥¡¥ó¥¿¥¸¡¼¤Ë¤Ê¤ë¤â¤ó¤Ç¡¢´À)¤¬¡¢¤Þ¤¢CBDC¤ÎºÇÂç¤Î¥¥â¤Ã¤Æ¤½¤ÎÊÕ¤ê¤Î¶âÍ»¥·¥¹¥Æ¥àÏÀ¤Ê¤ó¤Ç¤¹¤Í¡¢¤È¤¤¤¦¤Î¤Ï¤Û¤Ü³Î¿®¤Ç¤¤¿¤³¤³¤â¤È¤ÎCBDCº×¤ê¤Ç¤·¤¿¡£ #¤È¤¤¤¦¤³¤È¤Ç´°Á´¤Ë¼ñÌ£¤Î»¨Ã̤ˤʤê¤Þ¤·¤ÆÀ¿¤Ë¶²½Ì¤Ç¤´¤¶¤¤¤Þ¤·¤¿
¤ªÂê¡ÖÃæ¶ä¥Ç¥¸¥¿¥ëÄ̲ߤÎÏÃÂ꤬ÉѽÐÃæ¤Ê¤Î¤ÇÌçÁ°¤Î¾®ÁΤ¬¾è¤Ã¤«¤Ã¤Æ¤ß¤ë´ë²è¡×
2020/10/15¡ÊÌÚ¡Ë08:05:44
¥¢¥¤¥ä¡¼![³°Éô¥ê¥ó¥¯] ¿··¿¥³¥í¥Ê¤ÇÈó¾ï»öÂÖÀë¸À ¥Ñ¥ê¤Ê¤É¤ÇÌë´Ö³°½Ð¶Ø»ß¤Ø 2020ǯ10·î15Æü 5»þ35ʬ ¡»Ãæ¶ä¥Ç¥¸¥¿¥ëÄ̲ߥͥ¿ÉѽФʤΤǤ¹¤¬¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¤³¤Î¥Ó¥Ã¥¯¥¦¥§¡¼¥Ö(??)¤Ï¥Í¥¿¤Ë¤¹¤ë¤·¤«Ìµ¤¤¤Ç¤¹¤Ê¡¢¤È¤¤¤¦¤³¤È¤Ç¡£ ¡¦¥ê¥â¡¼¥ÈG7¸å¤Î²ñ¸«¤Ç¤âʹ¤«¤ì¤Æ¤¤¤ë¤Î¤«[³°Éô¥ê¥ó¥¯] ¶¦Æ±µ¼Ô²ñ¸«¤Ë¤ª¤±¤ëÁíºÛȯ¸ÀÍ×»Ý ¡Ø¡ÚÌä¡ÛÀè¤Û¤É¡¢Ãæ±û¶ä¹Ô¥Ç¥¸¥¿¥ëÄ̲ߤˤĤ¤¤Æ¸ÀµÚ¤¬¤¢¤ê¤Þ¤·¤¿¤±¤ì¤É¤â¡¢º£¡¢Ãæ±û¶ä¹Ô¥Ç¥¸¥¿¥ëÄ̲ߤȤ¤¤¦¤È¡¢¥Ç¥¸¥¿¥ë¿Í̱¸µ¤Ê¤É¤¬Àè¹Ô¤·¤Æ¤¤¤ë¤«¤È»×¤¦¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢¤½¤¦¤¤¤Ã¤¿¤³¤È¤òÆÃ¤ËǰƬ¤ËÃÖ¤¤¤¿¤â¤Î¤Ç¤Ï¤Ê¤¤¤Ç¤·¤ç¤¦¤«¡£¡Ù ¤Ã¤Æ¤³¤ì¤À¤±½Ð¤µ¤ì¤ë¤È¥Ê¥ó¥¸¥ã¥é¥Û¥¤¤Ç¤¹¤¬¡¢²ñ¸«Í׻ݤޤÀ½Ð¤Æ¤Ê¤¤¤Ç¤¹¤±¤É¤½¤ÎÁ°¤ËËãÀ¸¤µ¤ó¤Î¼Áµ¿¤¬¤¢¤Ã¤¿¤ó¤Ç¤·¤ç¤¦¤Ê¡£ ¡Ø¡ÚÅú¡ÛCBDC¤½¤Î¤â¤Î¤Ë¤Ä¤¤¤Æ¤Ï¡¢BIS¤¬¼è¤êÅ»¤á¡¢¤¤¤¯¤Ä¤«¤ÎÃæ±û¶ä¹Ô¤¬²Ã¤ï¤Ã¤¿¸¦µæ¥°¥ë¡¼¥×¤Ç¡¢Êó¹ð½ñ¤òÄó½Ð¤·¤Þ¤·¤¿¡£¤½¤ì¤Ë¹ç¤ï¤»¤ÆÆüËܶä¹Ô¤â¡¢CBDC¤ËÂФ¹¤ëÆüËܶä¹Ô¤Î¥¹¥¿¥ó¥¹¤ò¼¨¤¹¤È¤¤¤¦°ÕÌ£¤Ç¡¢¡Ö¼è¤êÁȤßÊý¿Ë¡×¤ò¸øÉ½¤·¤Þ¤·¤¿¡£¡Ù ¤È¤¤¤¦¤Î¤¬¤³¤ÎÁ°¥Í¥¿¤Ë¤·¤¿ÅÛ¡£ ¡ØÆüËܶä¹Ô¤Ç¤Ï¡¢¸½»þÅÀ¤ÇCBDC¤òȯ¹Ô¤¹¤ë·×²è¤Ï¤Ê¤¤¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢º£¸å¤ÎÍÍ¡¹¤Ê´Ä¶ÊѲ½¤ËŪ³Î¤ËÂбþ¤Ç¤¤ë¤è¤¦¡¢¼Â¾Ú¼Â¸³¤Î¼Â»Ü¤ò´Þ¤á¤Æ¡¢¤·¤Ã¤«¤ê½àÈ÷¤·¤Æ¤¤¤¯¤³¤È¤¬½ÅÍפȹͤ¨¤Æ¤¤¤Þ¤¹¡£¡Ù ȯ¹Ô¤¹¤ë¤È¤¤ÎÌäÂêÅÀ¤Ë¤Ä¤¤¤Æ¤Ï²¼¤ÎÊý¤Ç¥Í¥¿¤Ë¤·¤Þ¤¹¡£ ¡Ø¤³¤¦¤·¤¿Ç§¼±¤Î¤â¤È¡¢ÆüËܶä¹Ô¤Ç¤Ï¡¢½¾Íè¤è¤ê¤â¤¤¤ï¤Ð°ìÃÊ¥®¥¢¤ò¾å¤²¤Æ¸¡Æ¤¤ò¿Ê¤á¤Æ¤ª¤ê¡¢Àè¤Û¤É¿½¤·¾å¤²¤¿¤è¤¦¤Ë¡¢ÆüËܶä¹Ô¤ò´Þ¤à¼çÍ×Ãæ¶ä¤Î¸¦µæ¥°¥ë¡¼¥×¤¬CBDC¤Ë´Ø¤¹¤ëÊó¹ð½ñ¤ò¸øÉ½¤·¤¿¤³¤È¤Ë¹ç¤ï¤»¤Æ¡¢CBDC¤Ë´Ø¤¹¤ë¼«¤é¤Î¡Ö¼è¤êÁȤßÊý¿Ë¡×¤ò¸øÉ½¤·¤¿¤È¤³¤í¤Ç¤¹¡£¡Ù ¤µ¤Ã¤Ê¹¤¤¤¿¡£ ¡Øº£²ó¤ÎG7¤Î¥¹¥Æ¡¼¥È¥á¥ó¥È¤Ç¤Ï¡¢Àè¤Û¤ÉËãÀ¸ÉûÁíÍý¤¬¸À¤ï¤ì¤¿¤è¤¦¤Ë¡¢ÆÃ¤ËÃæ±û¶ä¹Ô¤ÎCBDC¤È¤·¤ÆÉ¬Í×¤Ê 3 ¤Ä¤Î½ÅÍפʥݥ¤¥ó¥È¤ò¡¢¤Ï¤Ã¤¤ê¤È¼¨¤·¤Þ¤·¤¿¡£¡Ù ¤ó????[³°Éô¥ê¥ó¥¯] ¤«¹ñºâ̳Âç¿Ã¡¦Ãæ±û¶ä¹ÔÁíºÛ²ñµÄÀ¼ÌÀ(²¾Ìõ) (2020 ǯ 10 ·î 14 Æü)[³°Éô¥ê¥ó¥¯] G7 ºâ̳Âç¿Ã¡¦Ãæ±û¶ä¹ÔÁíºÛÀ¼ÌÀ(²¾Ìõ) (2020 ǯ 10 ·î 13 Æü) ¥°¥í¡¼¥Ð¥ë¥¹¥Æ¡¼¥Ö¥ë¥³¥¤¥ó(¥Õ¥§¥¤¥¹¥Ö¥Ã¥¯¤Î¥ê¥Ö¥é¹½Áۤߤ¿¤¤¤Ê¤ä¤Ä)¤ÎÏäϤ¢¤ë¤Î¤Ç¤¹¤¬Ãæ¶ä¥Ç¥¸¥¿¥ëÄ̲ߤˤϳΤ«¤Ë¸ÀµÚ¤¬¤¢¤ë¤ó¤À¤¬¤½¤¦¤¤¤¦ÏäˤʤäƤ¤¤Ê¤¤µ¤¤¬¤¹¤ë¡£¤Þ¤¢Ê̤ˤɤ¦¤Ç¤âÎɤ¤¤Á¤ã¤¢Îɤ¤¤Î¤Ç¤¹¤¬¡¢¤É¤ó¤ÊÏäˤʤäƤ¤¤¿¤Î¤Ç¤·¤ç¤¦¤«¤·¤é¡£ ¡ØG7¤À¤±¤Ç¤Ê¤¯Â¾¤Î¹ñ¤â¡¢CBDC¤òȯ¹Ô¤·¤è¤¦¤È¤¤¤¦¹ñ¤¬¤¢¤ë¤È¤¹¤ì¤Ð¡¢¤ä¤Ï¤êƱ¤¸¤è¤¦¤Ë¡¢Æ©ÌÀÀ¡¢Ë¡¤Î»ÙÇÛ¡¢¤½¤·¤Æ·òÁ´¤Ê·ÐºÑ¥¬¥Ð¥Ê¥ó¥¹¡¢¤È¤¤¤¦¤â¤Î¤òÈ÷¤¨¤¿·Á¤Çȯ¹Ô¤¹¤ëɬÍפ¬¤¢¤ê¡¢¤½¤¦¤Ç¤Ê¤¤¤È¡¢¹ñºÝ¶âÍ»¥·¥¹¥Æ¥à¤Ë¤â±Æ¶Á¤¬½Ð¤«¤Í¤Ê¤¤¤Ç¤¹¤·¡¢ÌäÂê¤òÀ¸¤º¤ë¤È¤¤¤¦ÅÀ¤òÃí°Õ´µ¯¤·¤¿¤â¤Î¤ÈÍý²ò¤·¤Æ¤¤¤Þ¤¹¡£¡Ù ¤È¤¤¤¦¤ªÏäʤΤǤ¹¤¬¡¢¤½¤â¤½¤âÏÀ¤È¤·¤Æ¡ÖÆ©ÌÀÀ¡¢Ë¡¤Î»ÙÇÛ¡¢¥¬¥Ð¥Ê¥ó¥¹¡×¤¬¥¬¥Ð¥¬¥Ð¤Ê¤â¤Î¤¬¶âÍ»¥·¥¹¥Æ¥à¾å¤ÎÄ̲ߤȤ·¤ÆÄÌÍѤ¹¤ë¤Î¤«¤È¤¤¤¦ÌäÂ꤬¤¢¤Ã¤Æ¡¢¤½¤¦¤¤¤¦¤Î¤ÏÄ®Æâ²ñ¤Î¶¦Ä̾¦ÉÊ·ô¤ß¤¿¤¤¤Ê¥È¡¼¥¯¥ó¤Ë²á¤®¤ó¤¸¤ã¤í¡¢¤È¤Ï»×¤¦¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢¤½¤¦¤Ï¸À¤¤¤Þ¤·¤Æ¤â¤½¤é¶â¥Õ¥¡¥ß¥ê¡¼¾Ú·ô¤Ç¤â¥Ó¥Ã¥È¥³¥¤¥ó¤Ç¤â·ë¹½¤ÊÀª¤¤¤Ç¥¢¥ì¤Ë¤Ê¤ëÌõ¤Ç¤¹¤«¤é¡¢Æþ¤ê¸ý¤Ç¥¬¥Á¥¬¥Á¤ä¤Ã¤Æ¤¤¤«¤ó¤È¤Í¡¢¤È¤¤¤¦¤Î¤Ïʬ¤«¤ê¤Þ¤¹¡£¤¿¤À¤Þ¤¢²¿¤È¿½¤·¤Þ¤¹¤«¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡¦¤Ç¤Þ¤¿Æü·Ð¤¬Èù̯¤Êµ»ö¤ò½ñ¤¤¤Æ¤¤¤ë¤è¤¦¤Ç¤¹¤¬[³°Éô¥ê¥ó¥¯] 5:00 ¡ØÃæ¹ñ¤Ø¤Î·üǰ¤ò¶¯¤¯¤Ë¤¸¤Þ¤»¤ëȯ¸À¤¬Á꼡¤¤¤ÀÇØ·Ê¤Ë¤Ï¡¢¥Ç¥¸¥¿¥ë¿Í̱¸µ¤¬¼ÂÍѲ½¤Ë¶á¤Å¤¤¤Æ¤¤¤ë¤È¤Îǧ¼±¤¬¤¢¤ë¡£¡Ù(¾åµURLÀèÆüËܷкѿ·Ê¹¥Í¥Ã¥Èµ»öÀè¤è¤ê°úÍÑ¡¢°Ê²¼Æ±ÍÍ) ¤Û¤¦¤Û¤¦¡£¤È¸À¤Ã¤Æ¤â¿Í̱¸µ¤Î¾ì¹ç¤Ï´û¤Ë(¥¢¥¿¥¯¥·¤ÏÂçÎ¦Ãæ¹ñ¤Ë¤Ï¤òƧ¤ßÆþ¤ì¤¿¤³¤È¤¬Ìµ¤¤¤Î¤ÇÃΤé¤ó¤±¤É¿ÍÍͤ«¤éʹ¤¤Þ¤¹¤È)¤½¤â¤½¤â¥Ç¥¸¥¿¥ë²½¤È¤¤¤¦¤«²¿¤È¤«¥Ú¥¤¤Î·èºÑ¤Ð¤Ã¤«¤ê¤È¤¤¤¦¤³¤È¤Î¤è¤¦¤Ç¤¹¤Î¤Ç¡¢¤Þ¤¢¤Í¡¢¤È¤Ï»×¤¤¤Þ¤¹¤¬¡¢¤¸¤ã¤¢¤½¤ì¤¬¼ÂÍѲ½¤·¤¿¤é¤É¤¦¤Ê¤ë¤Î¤«¡¢¤È¤¤¤¦ÏäǤ¹¤±¤É¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡Ø¹Åì¾Ê¿¼¥»¥ó(°úÍѼÔÃí:³°»ú¤Ê¤Î¤Ç¥«¥¿¥«¥Ê¤Ëľ¤·¤Þ¤·¤¿)»Ô¤Ç¤Ï12Æü¡¢»ÔÆâºß½»¤ÎÃæ¹ñ¿Í5Ëü¿Í¤¬»²²Ã¤¹¤ë¥Ç¥¸¥¿¥ë¿Í̱¸µ¤ÎÂ絬ÌϤʼ¾ڼ¸³¤¬»Ï¤Þ¤Ã¤¿¡£1¿Í200¸µ(Ìó3100±ß)¤º¤ÄÇۤꡢ¥¹¡¼¥Ñ¡¼¤ä°û¿©Å¹¤Ê¤ÉÌó3400¤Î¼ÂŹÊޤǤÎÇ㤤ʪ¤Ë»È¤¨¤ë¤è¤¦¤Ë¤·¤¿¡£¼ÂÍѲ½¤Ë¸þ¤±¤¿²ÝÂê¤òÄ´¤Ù¤Ä¤Ä¡¢2022ǯ¤ÎË̵þÅßµ¨¸ÞÎØ¤Þ¤Ç¤Ëȯ¹Ô¤¹¤ë·×²è¤À¡£¡Ù 200¸µ¤Ý¤Ã¤ÁÇۤäƼÂÍѲ½¤Î²ÝÂê¤È¤«¥Ð¥Ã¥«¥¸¥ã¥Í¡¼¥Î¤È¤¤¤¦´¶¤¸¤Ç¤·¤Æ¡¢¤½¤ìñ¤Ë¿¼¥»¥ó»Ô¶¦Ä̤ªÇãʪ·ô¤ÎÅŻҲ½¥×¥í¥¸¥§¥¯¥È¤È¤É¤³¤¬°ã¤¦¤ó¤À¤¬¤µ¤Ã¤Ñ¤êʬ¤«¤é¤ó¤Ã¤¹¤±¤É¡¢¤Þ¤¢¤É¤¦¤»Æü·Ð¤ÎÅÁ¤¨Êý¤â»¨¤À¤È»×¤¦(¸Ä¿Í¤ÎÊи«¤Ç¤¹)¤Î¤Ç¤³¤ÎÊդξܤ·¤¤»ñÎÁ(±Ñ¸ì¤¸¤ã¤Ê¤¤¤ÈÆÉ¤á¤Ê¤¤¤«¤é¿ʬ̵Íý¤Ê¤ó¤À¤¬w)¤òõ¤·¤Æ¤ß¤ë¤«¤È¤¤¤¦µ¤¤Ï¤¹¤ë(õ¤¹¤È¤Ï¸À¤Ã¤Æ¤Ê¤¤)¡£ ¡ØÆüÊÆ²¤¤Ï¥Ç¥¸¥¿¥ë¿Í̱¸µ¤¬Ãæ¹ñ¹ñÆâ¤Ç¤ÎÍøÍѤˤȤɤޤ餺¡¢Ëǰ׷èºÑ¤Ê¤É¤òÄ̤¸¤ÆÀ¤³¦Åª¤ËÉáµÚ¤·¡¢Â¸ºß´¶¤ò¹â¤á¤ë¤³¤È¤ò·Ù²ü¤·¤Æ¤¤¤ë¡£ÁêÂÐŪ¤Ë´ð¼´Ä̲ߤΥɥë¤ÎÃϰ̤¬Äã²¼¤¹¤ì¤Ð¡¢Êƹñ¤¬Å¨Âйñ¤Ë¥É¥ë¼è°ú¤ò¶Ø¤¸¤ë¤È¤¤¤Ã¤¿¶âÍ»À©ºÛ¤Î¸úÎϤâ¼å¤Þ¤ê¤«¤Í¤Ê¤¤¡£¡Ù ¤Ê¤¤¤Ê¤¤¤Ê¤¤¡£¤À¤Ã¤Æ¥Ç¥¸¥¿¥ë¿Í̱¸µ¤Ã¤Æ¤É¤³¤«¤é¤É¤¦¸«¤¿¤Ã¤ÆºÇ¸å¤ÎºÇ¸å¤ÏÃæ¹ñ¶¦»ºÅÞÀ¯ÉÜÍͤδÉÍý²¼¤Ë¤¢¤ëÌõ¤Ç¡¢¿Í̱¶¦Ï¹ñÀ¯ÉܤΰҸ÷¤ÎÆÏ¤¯ÈÏ°ÏÆâ¤Ç¤¢¤ì¤Ð¤½¤é¤â¤¦¥Ï¥Ï¡¼¥Ã¤Ã¤Æ¤Ê¤â¤ó¤ÇÄÌÍѤ·¤Æ¤â¡¢²¿¤«¤¢¤Ã¤¿¤é¤¢¤Ã¤µ¤ê¤È²¡¤µ¤¨¤é¤ì¤Æ¤·¤Þ¤¦¤è¤¦¤Ê¾õÂÖ¤Îʪ·ï¤À¡¢¤Èǧ¼±¤¹¤ëÊý¡¢¤È¤¤¤¦¤Î¤Ï¤¢¤¯¤Þ¤Ç¤â²¾Äê¤Î¸ºß¤Ç¤¢¤Ã¤Æ¤¤¤äÌÞÏÀ¾®À¸¤Ï¶¦»ºÅÞÀ¯ÉÜÍͤȤ¢¤í¤¦¤ªÊý¤¬¤½¤Î¤è¤¦¤Ê¤³¤È¤Ï¤·¤Þ¤»¤ó¤è¤È»×¤¤¤Þ¤¹¤¬(Ķ¥¦¥ë¥È¥éËÀÆÉ¤ß)¡¢¤Þ¤¢¤½¤¦¤¤¤¦Êý¤¬µï¤Þ¤¹¤È»Äǰ¤Ê¤¬¤é¹ñºÝÄ̲ߤȤ·¤Æ¤Ï¤Á¤ç¤Ã¤È¡¢¤È¤¤¤¦¤³¤È¤Ç¡¢¥í¡¼¥«¥ë¤Ê¤â¤Î¤Ëα¤Þ¤ëʬ¤Ë¤Ï¤Þ¤¢¾¡¼ê¤Ë¤É¤¦¤¾¤Ã¤Æ¤Ê¤â¤ó¤Ç¤¹¤ï¤Ê¡£ ¤½¤ì¤Ë¡ÖÊÆ¹ñ¤¬Å¨Âйñ¤Ë¥É¥ë¼è°ú¤ò¶Ø¤¸¤ë¤È¤¤¤Ã¤¿¶âÍ»À©ºÛ¤Î¸úÎϤâ¼å¤Þ¤ê¤«¤Í¤Ê¤¤¡×¤Ã¤Æ¤Î¤â´Ö¤ÎÈ´¤±¤¿ÏÀÅÀ¤Ç¡¢¤½¤ì°ìȯÌܤϸú¤¯¤«¤âÃΤì¤Þ¤»¤ó¤¬¡¢Êƹñ¤¬¤½¤ì¤òÍðȯ¤·¤¿¤é¡¢¤½¤ì¤³¤½¹ñºÝ·èºÑ¤¬¥É¥ëÎ¥¤ì¤òµ¯¤³¤¹¤À¤±¤ÎÏäǡ¢Âç¹ñÁê¼ê¤Ë¤Ö¤Ã¤³¤à¤È¤«¡¢ÃϰèÁ´ÂΤˤ֤䳤à¤È¤«¡¢¤½¤¦¤¤¤¦»ö¤ò¤ä¤Ã¤Æ¤¤¤ë¤ÈĹ´üŪ¤Ë¤Ï¤½¤ì¤Ë¤è¤Ã¤Æ¥É¥ë¤ÎήÄ̤ËÂФ¹¤ëÉ԰¤¬È¯À¸¤·¤Æ¼«Ê¬¤«¤é¾¡¼ê¤Ë´ð¼´Ä̲ߤ«¤éÍî¤Á¤ë¤È¤«¤¤¤¦¥ª¥â¥·¥í»ö°Æ¤Ë¤Ê¤Ã¤Æ¤·¤Þ¤¦¤ó¤¸¤ã¤Ê¤¤¤Î???¤È»×¤¦Ìõ¤Ç¤¹¤è¡£²¿¤À¤«¤Ê¤¢¤Ã¤Æ´¶¤¸¡£ ¤Ç¤Þ¤¢¿¼¥»¥ó»Ô¶¦Ḁ̈ǥ¸¥¿¥ë¤ªÇãʪ·ô3100±ß¤È¤«¤Ï¥Þ¥¸¤Ç¤É¤¦¤Ç¤âÎɤ¤¤Î¤Ç¤¹¤¬¡¢ÀèÈ̤ÎBIS¤ª¤è¤Ó¼çÍ×Ãæ¶ä¤Ë¤è¤ë¥Ç¥¸¥¿¥ëÄ̲ߤΥ¢¥ì¤Ë´Ø¤·¤Þ¤·¤Æ¤Ï¡¢¤Þ¤¢¤À¤¤¤¿¤¤âñ¤Ç¤â̵¤¤°Æ·ï¤Ï²¤½£¤«¤é¤Îˡ§Ä̤ê¤ËECB¤¬¥Î¥ê¥Î¥ê(¤Ë¸«¤¨¤ë)¥¹¥¿¥ó¥¹¤ò¸«¤»¤Æ¤¤¤ë¤Î¤Ç¡¢³Îǧ¤·¤È¤«¤Í¤Ð¤È»×¤Ã¤Æ¤¤¤¿¤é°Æ¤ÎÄê¤Ç¥Ñ¥Í¥Ã¥¿Àì̳Íý»ö¤¬¥Ç¥¸¥¿¥ë¥æ¡¼¥í¤Î·ï¤Ë¤Ä¤¤¤Æ¤ªÏäò¤·¤Æ¤¤¤¿¤Î¤Ç¤¢¤ê¤Þ¤·¤¿¡£¤È¤¤¤¦¤³¤È¤Ç°Ê²¼¥Ñ¥Í¥Ã¥¿¤µ¤ó¤Î¤ªÏ䫤顣 ¡»ECB¥Ñ¥Í¥Ã¥¿Íý»ö¤Î»ØÅ¦(¥Ç¥¸¥¿¥ë¥æ¡¼¥í¤È¤¤¤¦¤«CBDC¤Ë´Ø¤¹¤ëÏÀÅÀ¤ò¤Á¤ç¤Ã¤È¤À¤±À°Íý) ¤Á¤Ê¤ß¤Ë¤â¤·¤«¤¹¤ë¤È¥¢¥¿¥¯¥·¤â²áµî¥í¥°¤ÇCDBC¤È¤«½ñ¤¤¤¿¤³¤È¤¢¤ë¤«¤â¤·¤ì¤Þ¤»¤ó¤Ç¡¢¤³¤Îά¾Î¥Þ¥¸¤Ç³Ð¤¨¤Ë¤¯¤¤¤ó¤Ç¤¹¤¬¡¢¡Ö¥»¥ó¥È¥é¥ë¥Ð¥ó¥¯¤ÎCB¡×¤È¤«¡Ö¥Ð¥ó¥¯¤ÎB¡×¤È¤¤¤¦¤Î¤òƬ¤ËÉ⤫¤Ù¤ë¤è¤¦¤ËÎý½¬¤·¤Þ¤¹¤È¤¹¤ó¤Ê¤ê¡ÖCBDC¡×¤È½ñ¤¤¤¿¤ê¸À¤Ã¤¿¤ê¤Ç¤¤ë¤è¤¦¤Ë¤Ê¤ë¡¢¤È¤¤¤¦¥é¥¤¥Õ¥Ï¥Ã¥¯¤òȯÌÀ(¤¸¤ã¤Ê¤¤¤·Â¾¤Î¿Í¤â¹Í¤¨¤½¤¦¤Ç¤¹¤¬°ì±þ¥¢¥¿¥¯¥·¤¬¼«Ê¬¤Çºî¤Ã¤¿³Ð¤¨Êý¤Ç¤¹¡¢¾Ð)¤·¤¿¤Î¤ÇÀ§Èó¤´³èÍѤ¯¤À¤µ¤¤¡£ º£(º£Ä«¤Î»þÅÀ¤Ç)ECB¤Î¥µ¥¤¥È¤Ë¹Ô¤¯¤È¤³¤ì¤«¤é¥Í¥¿¤Ë¤¹¤ë¥Ç¥¸¥¿¥ë¥æ¡¼¥íȯ¸À¥ê¥ó¥¯¤¬¥È¥Ã¥×¤Ë¤¢¤ê¤Þ¤¹¡£[³°Éô¥ê¥ó¥¯] digital euro for the digital era Introductory statement by Fabio Panetta, Member of the Executive Board of the ECB, at the ECON Committee of the European Parliament Introductory statement¤Ã¤Æ¤¢¤ë¤«¤é¡¢¤³¤ì¤ÏÀèÈ̥ͥ¿¤Ë¤·¤¿BIS¤½¤Î¾¤Î¶¦Æ±Ê¸½ñ¤Ë´ØÏ¢¤·¤¿·ï¤ò²¤½£µÄ²ñ¤Î·ÐºÑ°Ñ°÷²ñ¤ËÊó¹ð¤¹¤ëºÝ¤Î¥¹¥Æ¡¼¥È¥á¥ó¥È¡¢¤È¤¤¤¦ºî¤ê¤Î¤è¤¦¤Ç¤¹¡£ ¡¦ºÇ½é¤ÎÊý¤ÏÆæ¤ËÄ̲ߤÎÎò»Ë¤À¤«¤ÎÏäò¤·¤Æ¤¤¤ë¤Î¤Ç¤É¤¦¤Ç¤âÎɤ¤¤Î¤Ç¤¹¤¬¥â¥ó¥´¥ë¤ÎÏ䬤¢¤Ã¤¿¤«¤é°úÍѤ¹¤ë¤ï ¡ØIn the provision of money by the sovereign, Europe can boast of a primacy dating back to ancient Greece[2] and the Roman era.[3] ¡Ù ¤É¤Ã¤«¤éÏäò»Ï¤á¤Æ¤ë¤ó¤À¤è¤È¤¤¤¦½ê¤Ç¤¹¤¬¡¢¸ÅÂ奮¥ê¥·¥ã¤ÎÄ̲ߤ˴ؤ·¤Æ¤ÏÆü¶ä¤Ë¤³¤ó¤Ê¥¹¥¿¥Ã¥Õ¥Ú¡¼¥Ñ¡¼¤¬¤¢¤ê¤Þ¤¹¤Î¤è(ËÜʸ¤Ï²¼µ¥ê¥ó¥¯Àè¤Ë¥ê¥ó¥¯¤¬¤¢¤ë¤«¤é¤½¤³¤«¤éÈô¤ó¤Ç¤¯¤À¤µ¤¤)¡£[³°Éô¥ê¥ó¥¯] search for sound money continued in the ¡Èdark¡É years of the High Middle Ages, despite the resumption of bartering; in the eighth century the monetary reform of Charlemagne spread out in many European countries.[4]¡Ù ¤È¡Ö·òÁ´¤ÊÄ̲ßÀ©Å١פ˴ؤ¹¤ëÎò»Ë¤ÎÏä¬Íè¤Þ¤·¤Æ¡¢ ¡ØThe evolution of money over the centuries and across different regions has reflected changes in economic life, in technology, and in societal beliefs and behaviours. When Marco Polo visited China in the 13th century, he was shocked to discover paper money, which we now know had already been used there for centuries. He called its creator a perfect ¡Èalchemist¡É.[5]¡Ù ÅìÊý¸«Ê¹Ï¿¤ËµºÜ¤µ¤ì¤Æ¤¤¤ë³ä¤ÈÍ̾¤Ê(Ȧ¤Î)¥¨¥Ô¥½¡¼¥É¥¥¿¥³¥ì¡£ ¡ØToday, digitalisation is spreading to all areas of our life, including the way we pay. So I do not expect anyone to find the idea of a digital currency as astonishing as Marco Polo found the idea of paper money.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¤³¤³¤ÇÏ䬤¹¤ÃÈô¤ó¤Ç¥Ç¥¸¥¿¥ë»þÂå¤Î¥Ç¥¸¥¿¥ëÄ̲ߡ¢¤È¤¤¤¦¤ªÂê¤ÎÉôʬ¤Ë¤Ê¤ë¤Î¤Ç¤·¤¿¡£¤Ç¤â¤Ã¤Æº£¤Ï¥Ú¡¼¥Ñ¡¼¥Þ¥Í¡¼¤Î¥æ¡¼¥í¤òήÄ̤µ¤»¤Æ¤¤¤Þ¤¹±¾¡¹¤ß¤¿¤¤¤ÊÏä¬Â³¤¤¤Æ¤Þ¤¹¤¬¤½¤ÎÊÕ¤òÈô¤Ð¤·¤Þ¤·¤Æ¡¢ ¡ØShould the need arise, we want to be ready to introduce a digital euro: a form of central bank money that would complement cash, not replace it.¡Ù ¥Ë¡¼¥º¤¬½Ð¤¿¤éƳÆþ²Äǽ¤Ç¤Ã¤»¡¢¤È¤ÏÂ礤¯½Ð¤¿¤Ê¥³¥Î¥ä¥í¡¼¤È»×¤¤¤Þ¤·¤¿¤¬¡¢¤È¤ê¤¢¤¨¤º¥Ç¥¸¥¿¥ë¥æ¡¼¥í¤ò»æÊ¾¤«¤é¥ê¥×¥ì¡¼¥¹¤¹¤ë¤Î¤Ç¤Ï¤Ê¤¯¤Æ¡¢Ê䴰Ū¤ÊΩ¾ì¤È¤·¤Æ¤Ö¤Ã¤³¤à¤³¤È¤Ï²Äǽ¡¢¤È¤«¤æ¤¦¤È¤ê¤Þ¤¹¡£ ¡ØTogether, these two types of money would be accessible to all, offering greater choice and easier access to ways of paying.¡Ù ¤Ã¤ÆÏäò¤·¤Æ¤¤¤Þ¤¹¤¬¡¢µ»½ÑŪ¤Ë¤Ö¤Ã¤³¤à¤Î¤¬²Äǽ¡¢¤È¤¤¤¦Ïäȡ¢¤½¤ì¤ò¼Ò²ñŪ¤ËƳÆþ¤·¤¿¾ì¹ç¤Ëµ¯¤¤ë¥×¥í¥³¥ó¤Ë¤Ä¤¤¤Æ¤Á¤ã¤ó¤È³Îǧ¤·¤Æ¡¢ÆÃ¤ËÂ礤ÊÌäÂê¤Ë¤Ê¤ê¤½¤¦¤Ê¤â¤Î¤òÄÙ¤·¤Æ¤ª¤¯¡¢¤È¤¤¤¦¤Î¤ÏÁ´¤¯¤ÎÊ̤μ¡¸µ¤ÎÏäǤ·¤Æ¡¢¤³¤Î¿Í¤¿¤Á¿·µ»½Ñ(À¯ºö¼êÃʤˤ·¤Æ¤â¤½¤ÎÊ·°Ïµ¤¤¬¤¢¤ë¤¬)¤À¤¼¥Ò¥ã¥Ã¥Ï¡¼¤ß¤¿¤¤¤ÊÏäˤʤë¤È¡¢µÞ¤ËÂ礤¯½Ð¤Æ¥×¥í¥³¥ó¤ÎÏäò¤·¤Ê¤¤¤È¤¤¤¦ÊÕ¤ê¤Ï¥ê¥¢½¼ÍÛ¥¥ã¤Î°¤¤ÊÊ(¸Ä¿Í¤ÎÊи«¤Ç¤¹)¡£ ¡ØAfter publishing our report on a digital euro on 2 October, we are now in a phase of listening and experimentation. Our exchange today is a key step in this phase and marks the launch of the ECB¡Çs public consultation.[6] I will come back to this consultation in a moment. But first I will outline the characteristics of a digital euro, as well as the advantages and the challenges it could present. I will also discuss some scenarios that could require the ECB to issue a digital euro.¡Ù ³Î¤«¤ËECB¤Î¥µ¥¤¥È¤Ë¤Ï 12 October 2020 PUBLIC CONSULTATION Digital euro: have your say! Like the euro we already use every day, the design of a digital euro should meet the needs of a broad range of users. That¡Çs why we want to hear the views of the public and of all interested stakeholders on the benefits and challenges of issuing a digital euro and on its possible design. ¤Ã¤Æ¤¢¤Ã¤Æ¡¢[³°Éô¥ê¥ó¥¯] is a digital euro?¡Ù¤Ã¤Æ½ê¤ËÆþ¤ë¡£ ¡ØWe already have an array of choices when it comes to retail payments: central bank money in the form of cash, commercial bank money - for example, digital bank deposits - and non-bank digital money (such as payment cards). What we do not have is a digital currency that is issued by the central bank and that we can use for all our daily transactions, including in e-commerce.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢¤¤¤¤Ê¤êºÇ½é¤Î½ê¤ËÀ¨¤¤ËäÉúÃÏÍë¤òËä¤á¹þ¤ó¤Ç¤¤¤ë¤Î¤Ç¤¹¤¬¡¢·èºÑ¤Ë»È¤ï¤ì¤ë¤â¤Î¤Ã¤Æº£¤Ï¡Ö¶ä¹Ô·ô¡×¡Ö¶ä¹ÔͶâ¡×¡Ö¥×¥ê¥Ú¥¤¥É¥«¡¼¥É¤ß¤¿¤¤¤Ê¶âÍ»µ¡´Ø¤¸¤ã¤Ê¤¤È¯¹ÔÂΤˤè¤ë¤â¤Î¡×¤È¤¢¤ëÌõ¤Ç¤·¤Æ¡¢º£¤Ï¥Ç¥¸¥¿¥ë¤ÊÃæ±û¶ä¹Ô¥Þ¥Í¡¼¤Ç¤¹¤Í¡¢¤È¤¤¤¦Ïäò¤·¤Æ¤ª¤ê¤Þ¤¹¡£ ¤Ä¤Þ¤ê¤Ç¤¹¤è¡¢¤³¤ì²¿¤¬ËäÉúÃÏÍ뤫¤È¸À¤¤¤Þ¤¹¤È¡¢¤Þ¤¢¸å¤ÎÊý¤Ç¤â½Ð¤Æ¤¤¤ë¤Î¤Ï½Ð¤Æ¤¤¤ë¤ó¤Ç¤¹¤±¤ì¤É¤â¡¢Íפ¹¤ë¤Ë¡Ö¶ä¹ÔͶâ¡×¤È¤¤¤¦½àÄ̲ߤ¬¤¢¤ê¤Þ¤¹¤±¤ì¤É¤â¡¢¥Ç¥¸¥¿¥ëÃæ±û¶ä¹Ô·ô¤¬½Ð¤Æ¤·¤Þ¤¦¤È¡¢¤³¤Î¶ä¹ÔͶâ¤È¤¤¤¦½àÄ̲ߤȤâ¤í¤Ë¥Ð¥Ã¥Æ¥£¥ó¥°¤·¤Æ¤·¤Þ¤¦¤ó¤Ç¤¹¤è¤Í¡£¤½¤¦¤Ê¤ë¤È¤É¤¦¤¤¤¦¤³¤È¤¬µ¯¤ÆÀ¤ë¤Î¤Ç¤·¤ç¤¦¡¢¤È¥¢¥¿¥¯¥·¤â̵¤¤Æ¬¤ò²¿Æü´Ö¤«Ç±¤Ã¤Æ¤ª¤Ã¤¿Ìõ¤Ç¤¹¤¬¤È¤ê¤¢¤¨¤º»×¤Ã¤¿¤â¤Î¤ò¸åÄø¡£ ¡ØA digital euro would fill this gap: it would be an electronic form of central bank money accessible to all citizens and firms - in other words, a digital equivalent of euro banknotes. It would provide costless access to a simple, risk-free and trusted digital means of payment, accepted throughout the euro area. In the digital era, it would preserve the public good that the euro provides to European citizens.¡Ù Îɤ¤»ö¤Å¤¯¤á¤ÎÏäò¤·¤Æ¤¤¤ë¤è¤¦¤Ç¤¹¤¬¡¢CBDC¤¬Â硹Ū¤ËήÄ̤¹¤ë¡¢¤È¤¤¤¦¤³¤È¤Ë¤Ê¤ê¤Þ¤¹¤È¡¢½àÄ̲ߤǤ¢¤ë¤È¤³¤í¤Î¶ä¹ÔͶ⤬°Ê²¼Æ±Ê¸¤Ê¾å¤Ë¡¢¤³¤³¤Ç¥Ñ¥Í¥Ã¥¿¤µ¤ó¤¬¸À¤Ã¤Æ¤¤¤ë¤è¤¦¤Ë¡¢CBDC¤¬¡Öcostless access to a simple, risk-free and trusted digital means of payment¡×¤À¤Ã¤¿¤ê¤¹¤ë¤È¡¢¤¤¤Þ¤Þ¤ÇÉáÄ̤˽àÄ̲߰·¤¤¤Ç³§¤¬»È¤Ã¤Æ¤¤¤¿¶ä¹ÔͶâ¤È¤Ï²¿¤¾¤ä¡¢¤È¤¤¤¦¿¼Ê¥¤Ê¤ë²ÝÂ꤬½Ð¤ë¤È»×¤¦¤Î¡£ ¡ØCompared with existing means of digital payments, a digital euro would provide added value in several ways.¡Ù ¤È¹¹¤ËÀëÅÁ¤·¤Æ¤¤¤ë¤Î¤À¤¬¥¨¥¨¥ó¥«¥¤¥Ê?¤³¤ÎÊÕ¤Ïή¤·¤Þ¤¹¤±¤É¡£ ¡ØFirst of all, it could be used for payments anywhere, by anyone and at any time - just like cash in the physical world.¡Ù ¡ØSecond, it would bring simplicity: a digital euro should be designed to be easy to understand, easy to use and easy to transfer. Regardless of its features or the technology it would be based on, people from all groups in society should be able to use it in their daily lives. This is because making a payment is about more than just exchanging money for goods and services: it is a form of social interaction made possible by money, which has been described as ¡Èthe most universal and most efficient system of mutual trust ever devised¡É[7].¡Ù ¡ØFinally, a digital euro would increase privacy in digital payments thanks to the involvement of the central bank, which - unlike private suppliers of payment services - has no commercial interests related to consumer data. Ensuring privacy is an essential element of modern democracies and part of our European values. Payments must also respect people¡Çs right to privacy in the digital era, and the design of a digital euro would have to respect this principle. This is a core aspect we will look at - indeed, we have already started exploring possible ways of enhancing privacy.[8]¡Ù 3ÈÖÌܤΡÖa digital euro would increase privacy in digital payments¡×¤Ï¤µ¤¹¤¬¤Ë¤³¤Î¥¦¥½¥Ä¥¤¬¤È»×¤Ã¤Æ¤·¤Þ¤¤¤Þ¤¹¤¬¡¢¤Ã¤Æ¤Î¤Ï¤³¤ì·ë¶É¤Î½ê»ñ¶â¤Î°Üư¤¬Á´ÉôÃæ±û¶ä¹Ô¤Ë¥¬¥é¥¹Ä¥¤ê¤Ë¤Ê¤Ã¤Æ¤·¤Þ¤¦Ìõ¤Ç¤¹¤«¤é¡¢¤½¤ì¤³¤½¥¸¥ã¥Ñ¥ó¤Ç¤âÀ¯¼£²ÈÀèÀ¸¤È¤«¤Ç¥Ç¥¸¥¿¥ëÄ̲ߤäƸÀ¤Ã¤Æ¤ë³§ÍÍÀ¯¼£»ñ¶â¤Î½ÐÆþ¤êÁ´ÉôÊ᪤µ¤ì¤Þ¤¹¤±¤ÉÂç¾æÉפǤ¹¤«¤È¤«¸À¤¤¤¿¤¯¤Ê¤Ã¤¿¤ê¤·¤Þ¤¹¤¬¡¢¤Þ¤¢¤½¤³¤òÀµÌÌÀڤäÆÈ¯¸À¤·¤Ê¤¤¤Î¤¬Ãæ¶ä¥¯¥ª¥ê¥Æ¥£¡£ ¡ØAt the same time, payments in a digital euro - just like any form of payment - would have to respect the rules on countering money laundering, the financing of terrorism and tax evasion. This would enable public authorities to combat any illegal activity more effectively.¡Ù ¤È¤Ï¸À¤Ã¤Æ¤â¥¢¥ó¥Á¥Þ¥Í¥í¥ó¤È¤«ÈȺá¼ý±×°ÜžËɻߡ¢¤È¤¤¤¦¤è¤¦¤ÊÁ°¸þ¤¤ÊÏäȤ·¤Æ¤Ï¿¨¤ì¤Æ¤ª¤¯ÏäǤ⤢¤ê¤Þ¤¹¤Î¤Ç¡¢¤Þ¤¢¤½¤ì¤Ï¤µ¤¹¤¬¤ËÆþ¤ì¤Æ¤Þ¤¹¤Í¡£ ¡ØTo summarise, the digital euro would still be a euro, only in digital form.¡Ù ¸«¤¿ÌܤϤ½¤¦¤À¤¬¼Â¤Ïñ½ã¤ÊÏäǤϤʤ¤¡¢¤È»×¤¦¤Î¤À¤¬¡£ ¡ØIt would both shape and promote the digitalisation of payments, while reducing the associated risks. This would in turn support the ongoing digitalisation and modernisation of the European economy.[9]¡Ù ¤Æ¤ÊÏäò¤·¤Æ¤¤¤Þ¤¹¤¬¡¢¼¡¤Î¡ØWhy might we need a digital euro?¡Ù¤È¤¤¤¦¾®¸«½Ð¤·¤ò¤¹¤ÃÈô¤Ð¤·¤Þ¤·¤Æ¡¢¡ØHow could a digital euro be introduced? Legal considerations and possible challenges¡Ù¤Ë¹Ô¤¤Þ¤¹¡£ ¡¦½àÄ̲ߤò¶îÃष¤Æ¤·¤Þ¤¦¥ê¥¹¥¯¤Ë¤Ä¤¤¤Æ¤Ï¥µ¥é¥Ã¤È¿¨¤ì¤Æ¤¤¤Þ¤¹¤¬Â¿Ê¬¼Â̳Ū¤Ë¤Ï°ìÈ֤Υ¢¥ì ¡ØA digital euro would raise legal, technological and policy questions that we need to address.¡Ù ¤µ¤Æ¤½¤ÎÌäÂê¤È¤Ï?¤È¤¤¤¦¤³¤È¤Ê¤Î¤Ç¤¹¤¬¡¢¿·µ¬¤Î¼è¤êÁȤߤÀ¤±¤ËºÇ½é¤«¤é¥Í¥¬¥Í¥¬È¯¸À¤ò¤·¤Ê¤¤¡¢¤È¤¤¤¦ÊÕ¤ê¤ÏÍΤÎÅìÀ¾¤òÌä¤ï¤ºÆÃ¹¶Àº¿À¤È¤¤¤¦¤Î¤Ï¤¢¤ë¤ó¤À¤Ê¤¢¤È¤«»×¤Ã¤¿¤ê»×¤ï¤Ê¤«¤Ã¤¿¤ê¤·¤Þ¤¹¡£ ¡ØLet me start with the legal basis. Today, only euro banknotes and coins are legal tender under EU primary law. This means they can be used to pay anywhere in the euro area.[12] Therefore, a key issue discussed in the report is the importance for a digital euro to have legal tender status. Indeed, central bank money is a public good. Euro banknotes fulfil the core function of providing people with risk-free central bank money. It is crucial to ensure that, as a form of public money, a digital euro enjoys universal reach and acceptance, as the legal tender status provides.¡Ù ˡΧŪ¤ÊΩ¤Á°ÌÃ֤ξ¤Ë¡¢¥¢¥¯¥»¥¹¥Õ¥ê¡¼¤Ç¤¢¤ê¡¢¥Ç¥¸¥¿¥ë¥Ç¥Ð¥¤¥É¤Ê¤É¤Î¤è¤¦¤ÊÌäÂê¤òµ¯¤³¤µ¤Ê¤¤¤è¤¦¤Ë¤¹¤ë¤³¤È¡¢¤È¤¤¤¦ÏäǤ¹¤Ê¡£ ¡ØThe introduction of a digital euro also raises technical challenges. Some are related to information technology and cyber risks, which will need to be managed effectively. Others are related to design choices. In this respect, we can leverage the experience gained in past projects that have put us at the frontier of payments.[13]¡Ù ¥µ¥¤¥Ð¡¼¥ê¥¹¥¯¤Ê¤É¤Îµ»½ÑŪ¤ÊÌäÂê¤Ë¤ª¤¤¤Æ¼ÂºÝ¤Ë¤ä¤Ã¤Æ¹Ô¤¯¤¦¤Á¤Ëº¤Æñ¤¬È¯À¸¤¹¤ë¤«¤âÃΤì¤Þ¤»¤ó¡¢¤È¤Ï¤Þ¤¢Åö¤¿¤êÁ°¤ÎÏäȸÀ¤Ã¤Æ¤·¤Þ¤¨¤Ð¤½¤ì¤Þ¤Ç¡¢¤Ç¤â¤Ã¤Æ¤³¤ÎÀâÌÀ¤Ç¤Ï¥µ¥é¥Ã¤Èή¤·¤Æ¤¤¤Þ¤¹¤¬¡¢º£²ó¤ÎÇòÈý¤Ï¤³¤Î¼¡¡£ ¡ØFinally, the design of a digital euro would have to be consistent with key policy objectives.¡Ù ¤µ¤Æ²¿¤Ç¤·¤ç¤¦? ¡ØIn particular, its design should address the possibility that investors could rapidly move significant amounts of bank deposits into a digital euro, with potential adverse effects on the banking sector and financial stability.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¤³¤³¡£¤Ä¤Þ¤ê¥Ç¥¸¥¿¥ëÄ̲ߤäƥâ¥í¤Ë½àÄ̲ߤǤ¢¤ë¶ä¹ÔͶâ¤È¥Ð¥Ã¥Æ¥£¥ó¥°¤·¤Þ¤¹¤·¡¢°ÂÁ´À¤È¤«¹Í¤¨¤¿¤é¤É¤ó¤Ê¶ä¹Ô¤À¤Ã¤Æ¤Á¤ã¤ó¤È¤·¤¿¹ñ¤ÎCBDC¤Ë¤ÏŨ¤ï¤Ê¤¤(¥¸¥ó¥Ð¥Ö¥¨¤È¤«¤À¤Ã¤¿¤éÊ̤衢¤È¤¤¤¦°ÕÌ£)Ìõ¤Ç¤·¤Æ¡¢¤½¤é¥¢¥¿¥¯¥·¤À¤Ã¤Æ¡Ö¶ä¹ÔͶⲼ¤í¤·¤Æ¥Ç¥¸¥¿¥ëÆüËܱߤ˾è¤ê´¹¤¨¤ë¤ï¡×¤È¤Ê¤Ã¤Æ¤·¤Þ¤¤¤Þ¤¹¤È¡¢¤³¤ì¤¬µ¯¤¤ë¤È²¿¤¬µ¯¤¤ë¤«¤È¸À¤¨¤ÐͶâή½Ð¤ÊÌõ¤Ç¤·¤Æ¡¢Í¶âή½Ð¤·¤Þ¤¹¤È¥Ð¥é¥ó¥¹¥·¡¼¥È¤ÎÈ¿ÂÐ¥µ¥¤¥É¤ò¸º¤é¤µ¤ó¤È¥¢¥«¥ó¤Î¤Ç¤¹¤¬¡¢¤½¤ì¤Ï²¿¤ò°ÕÌ£¤¹¤ë¤«¤È¤¤¤¦¤Î¤Ï¿½¤¹¤Þ¤Ç¤â¤¢¤ê¤Þ¤»¤ó¡¢¤È¤¤¤¦¤«½ñ¤¤¤Æ¤ë¤¦¤Á¤Ë¥¢¥ì¤¬¥¢¥ì¤Ë¤Ê¤Ã¤Æ¤¤¿¤Î¤Ç³§¤Þ¤Ç¸À¤ï¤ó¤ïwwww ¡ØWe are exploring design strategies to address this and other challenges, and we will assess them in depth. For instance, we could set the necessary incentives through the remuneration of digital euro holdings, to make sure the digital euro is an attractive means of payment, not a form of investment.[14]¡Ù ¤È¤¤¤¦¤³¤È¤Ê¤Î¤Ç¤¹¤¬¡¢¸½ºß¤À¤Ã¤Æ¶ä¹Ô·ô¤Îȯ¹Ô¤Ï¼õưŪ¤Ë¹Ô¤ï¤ì¤Æ¤¤¤ë¤Î¤Ë¡¢CBDC¤À¤±¾å¸ÂÀßÄê¤È¤«¤Ë¤Ê¤Ã¤¿¤é¡¢¶Ëü¤ÊÏòÁÃͤÎÊݸ¼êÃʤȤ·¤ÆCBDC¤Ë¥×¥ì¥ß¥¢¥àÉÕ¤¯(á±¤ËÆþ¤ì¤ÆÊݸ¤¹¤ë¤è¤ê¥³¥¹¥È¤¬°Â¤±¤ê¤ã¥×¥ì¥ß¥¢¥à¤òʧ¤¦¿Í¤¬¤¤¤Æ¤â¤ª¤«¤·¤¯¤Ê¤¤¡¢¤È¾¡¼ê¤ËÌÑÁÛ¤¬¹¤¬¤Ã¤Æ¤¤¤ë¥Õ¥¡¥ó¥¿¥¸¡¼À¤³¦¤ËȾʬƬ¤¬Æþ¤Ã¤Æ¤ª¤ê¤Þ¤¹ÅÀ¤´ÍƼϲ¼¤µ¤¤¤Þ¤»)¤È¤«¤Ë¤Ê¤Ã¤¿¤éÇ®¤¤¤ï¡¢¤È¤«¿§¡¹¤È¥Õ¥¡¥ó¥¿¥¸¡¼Ç¾¤Ë¤Ê¤ê²á¤®¤ë¤ÈÀ¸¶È¤Ëº¹¤·»Ù¤¨¤ë¤Î¤Ç(Âç±³)¤Þ¤¢¤³¤ÎÏäϤޤ¿¥Ü¥Á¥Ü¥ÁƬ¤Ò¤Í¤Ã¤Æ¤Ö¤Ã¤³¤ó¤Ç¤ß¤Þ¤¹¡£ ¤Ê¤ª¡¢¤³¤Î¥¹¥Æ¡¼¥È¥á¥ó¥È¤Ï°Ê²¼¡¢¡ØWhat next? Exploring design options, consulting the public and working together¡Ù¤Èº£¸å¤Î¥¹¥±¥¸¥å¡¼¥ë¤È¤«º£¿Ê¹ÔÃæ¤Î¼è¤êÁȤߤÎÏäò¤·¤Æ¡¢ºÇ¸å¤Ë¤Þ¤È¤á¤Ë¤Ê¤Ã¤Æ¤ª¤ê¤Þ¤¹¤ë¡£ ¤È¤¤¤¦½ê¤ÇËÜÆü¤Ï¤Þ¤¿¸½À¤Íø±×̵´Ø·¸¤Î¤Û¤Ü¼ñÌ£¤ÎÏäÇÀ¿¤Ë¿½¤·Ìõ¤´¤¶¤¤¤Þ¤»¤ó¡£ #û¹ñ¤À¤±¤Ï¥À¥¤¥Ê¥ß¥Ã¥¯¤Ëư¤¯¤Î¤Ç¤¹¤¬²¿¤»Ä¹´üºÄ¤Î¥«¥ì¥ó¥È¤¤¤Ä¤ß¤Æ¤âƱ¤¸Íø²ó¤ê¤À¤È¤Ä¤¤¤³¤Î¼ê¤ÎÏäËÁö¤Ã¤Æ¤·¤Þ¤¦¡¦¡¦¡¦¡¦¡¦
¤ªÂê¡ÖÆâ³Õ´±Ë¼»²Í¿¤Ë¥è¡¼¥¤¥ÁÀèÀ¸¤È¤Ê/¤¤¤í¤¤¤í¤Ê¥ê¥µ¡¼¥Á¤½¤Î¾¤¬Æü¶ä¤«¤é½Ð¤Æ¤¤¤ë¤Î¤Ç¤Þ¤È¤á¤Æ¥Í¥¿¤Ë¤¹¤ë¡×
2020/10/14¡Ê¿å¡Ë08:07:31
¤³¤ì¤¬ÂçÂÎÂè°ìÊó¤ß¤¿¤¤¤ÇºÇ½ªÅª¤Ë¤ÏÄɲÃͽ»»¤Ë¤Ê¤ê¤Þ¤·¤¿¤¬¡£[³°Éô¥ê¥ó¥¯] 12»þ16ʬ ¤Á¤çwwwwww¤ª¤Þwwwwwwwww ¤È¤¤¤¦¤³¤È¤Ç¤â¤Ï¤ä¾Ð¤Ã¤Æ¤·¤Þ¤¦¤·¤«¤Ê¤¤¤Î¤Ç¤¹¤¬¡¢¤¤¤ä¡¼¤Þ¤µ¤«¥Ï¥Þ¥³¡¼ÂçÀèÀ¸Æâ³Õ»²Í¿¤ÎÊý¤¬¥Þ¥·¤À¤Ã¤¿¤È¤«»×¤¦»þÂ夬¤³¤ó¤Ê°ì½Ö¤ÇÍè¤ë¤È¤Ï¡¢¤È¤¤¤¦´¶¤¸¤Ç¤´¤¶¤¤¤Þ¤¹¤Ê¡£ ¤Þ¤¢¥Í¥¿¤Ë¤¹¤ë¤Î¤â¥¢¥Û¥¯¥µ¥¤¤Î¤ÇºÇ¶á¤Ï»º·ÐÅÅÇÈÍá¤È¤«¤·¤Æ¤Þ¤»¤ó¤Ç¤·¤¿¤±¤ì¤É¤â¡¢¶Ú°ÍýÏÀ¤Î¥Ç¥Ñ¡¼¥È(³°°ÙÆÃ²ñË䢶â¤È¤«¡¢¥Ð¥é¥ó¥¹¥·¡¼¥È¤È¤«¸À¤¤¤Ê¤¬¤é´¹²ÁÉÔǽ¤Îʪ¤ò»ñ»º°·¤¤¤·¤Æ¼Ú¶â¾¯¤Ê¤¤¤È¤«¸À¤¤½Ð¤·¤¿¤ê¤È¤«)¤ÎÇ¡¤¯¶Ú°ÍýÏÀ¤ò¼¡¡¹¤È·«¤ê½Ð¤¹¥è¡¼¥¤¥ÁÂçÀèÀ¸¤¬ÂçÅоì¤È¤«¡¢¥Ï¥Þ¥³¡¼ÂçÀèÀ¸¤âÂç³µ¤Ç¤·¤¿¤±¤ì¤É¤â¡¢¤Þ¤µ¤«¤³¤³¤Ç¥è¡¼¥¤¥ÁÀèÀ¸¤È¤Ï¤Á¤ç¤Ã¤È¤â¤¦¤Í¤È¤¤¤¦´¶¤¸¤Ç¤¹¤¬¡¢¤Þ¤¢¤è¤¯¤è¤¯¹Í¤¨¤Æ¤ß¤ì¤Ð¶Ú°¤È¸À¤Ã¤Æ¤·¤Þ¤¨¤Ð¤Õ¤ë¤µ¤È(°Ê²¼¼«¼çµ¬À©)¡£ ¤È¤¤¤¦¤³¤È¤Ç¤³¤³¤«¤é¤ÎºâÀ¯½Ðư¤ÏÆü¶ä¤¬¹ñºÄ¤ò¹ØÆþ¤¹¤ì¤ÐºÄ̳¤¬¥Á¥ã¥é¤Ë¤Ê¤ë¤Î¤Ç²¿¤ÎÌäÂê¤â¤Ê¤¤¤È¤¤¤¦¥à¥¬¥ÙÂçÅýÎΤâÁðÍդα¢¤Ç¥Ë¥Ã¥³¥ê¤µ¤ì¤ëÍýÏÀ¤¬Åо줷¤Æ³Ú¤·¤¤»ö¤Ë¤Ê¤ë¤ó¤Ç¤¹¤Í¤ï¤«¤ê¤Þ¤¹¡£¤Ç¤â¤Ã¤Æ¸ùÀÓ¤ò¾Î¤¨¤é¤ì¤¿¥è¡¼¥¤¥ÁÀèÀ¸¼¡¤ÏËÜÅıÙϺÀèÀ¸¤ÎÀ×ÌܤòÁ곤·¤Æ¥¹¥¤¥¹Âç»È¤Ë¤Ê¤é¤ì¤Þ¤·¤Æ¡¢¤Ç¤â¤Ã¤Æ¥¹¥¤¥¹¤È¸À¤¨¤Ð(°Ê²¼Çúȯ²»¤Î°Ù¤ËݼèÉÔǽ)¡£ ¤·¤Ã¤«¤·¤Þ¤¢²¿¤Ç¤¹¤Ê¡¢¤³¤Ã¤Á¤ÎË¿¿Í»ö¤ÎÊý¤â¡¦¡¦¡¦¡¦¡¦¡¦¡¦[³°Éô¥ê¥ó¥¯] 18»þ43ʬ ¤Þ¤À¤Þ¤ÀÆÍ¤ÃÄ¥¤ë¤è¤¦¤Ê¤Î¤Ç¤¹¤¬¡¢ºÇ½é¤Î¡ÖÈ¿ÂФ¹¤ë¿Í¤Ïº¸Á«¡×ȯ¸À¤Î»þÅÀ¤Ç¥ä¥Ù¡¼¤«¤Ê¤È¤Ï»×¤¤¤Þ¤·¤¿¤¬¡¢¥Ö¥é¥Õ¤Ç¤â²¿¤Ç¤â¤Ê¤¯¤Æ¥¬¥Á¤Î¶¯¸¢¥¹¥¿¥ó¥¹¤Ç¹Ô¤¤Þ¤¹¤È¡¢¤½¤ì¤Ã¤Æ°ìö¤Ä¤Þ¤º¤¤¤¿»þ¤Ëµ°Æ»½¤Àµ¤¹¤ë¤É¤³¤í¤«¥É¥ó¥É¥ó°ÕÃϤˤʤäÆñ޿ʤ·¤Æ¤·¤Þ¤¦¤È¤¤¤¦É÷¾ð¤Ç¤´¤¶¤¤¤Þ¤·¤Æ¡¢¤³¤ÎÄ´»Ò¤Ç¤¹¤Èíµ¤¯¢ªÃ¯¤â»ØÅ¦¤·¤Ê¤¤¢ªÌäÂ꤬Â礤¯¤Ê¤ë¢ªÃ¯¤â»ØÅ¦¤·¤Ê¤¤¤Î¤Ç¹¹¤ËÌäÂ꤬Â礤¯¤Ê¤ë¢ªµ¤¤¬ÉÕ¤±¤ÐÆÍ¤ÃÄ¥¤ë¤·¤«¤Ê¤¯¤Ê¤ë¢ªÄ¶¿·À±ÂçÇúȯ¡¢¤È¤¤¤¦¥ª¥â¥·¥íŸ³«¤¬ÂÔ¤Á¼õ¤±¤Æ¤¤¤ë¤Ë100ËÅç±à¤È¸À¤Ã¤¿½ê¤Ç¤´¤¶¤¤¤Þ¤¹¤Ê¡£ ¡¦¡¦¡¦¡¦¡¦¡¦¤¤¤ä¥Þ¥¸¤Ç²¿¤Ç¼óÈÉ»ØÌ¾¤Î¸å¤Ë¤µ¤Ã¤µ¤ÈÎ×»þ²ñ¾·½¸¤·¤ÆËÁƬ²ò»¶¤·¤Ê¤«¤Ã¤¿¤Î¤è¤È¤¤¤¦´¶¤¸¤Ç¤·¤Æ¡¢Åö½é¤ÎÀª¤¤¤Î¤Þ¤Þ¤Ç½ä¹Ô±¿Å¾¤·¤Æ¤ì¤ÐÎɤ¤¤â¤Î¤ò¡¢ÌµÂ̤ʽê¤ÇÄ¥¤êÀÚ¤ëÆ¯¤¼Ô¤ò¤ä¤Ã¤Á¤Þ¤¤¤Þ¤·¤¿¤Ê¤¢¤È¤¤¤¦´¶¤¸¤Ç¤Ï¤¢¤ê¤Þ¤¹¤ë¡£ ¤Þ¤¢ºòÆü½Ð¤Æ¤¿Ë¿¿Í»ö¤ÎÊý¤Ï¤³¤Î°Æ·ïÌÌÇò¥Í¥¿¤Ë¤Ê¤ë¤Þ¤Ç»þ´Ö¤¬Â¿¾¯³Ý¤«¤ë¤«¤â¤·¤ì¤Þ¤»¤ó¤·¡¢¤½¤â¤½¤âÆâ³Õ»²Í¿¤¬²¿¤ò¸À¤Ã¤Æ¤â´Ø·¸¤Ê¤¤¤Ã¤Ä¡¼Àâ¤â¤À¤¤¤Ö¤¢¤ë¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢±ä¡¹¤È°ú¤ÃÄ¥¤Ã¤Æ¤ª¤ê¤Þ¤¹Ë¿¿Í»ö¤È¤«¤³¤ÎÄ´»Ò¤Ç̵Â̤ËÁ´¥Ä¥Ã¥Ñ¤·¤Æ¤É¤Ê¤¤¤¹¤ó¤Í¤ó¤È»×¤¦¤Î¤Ç¤¢¤ê¤Þ¤¹¤ë¡£ ¤È¤Ï¸À¤¤¤Þ¤·¤Æ¤â¤¿¤Ö¤ó¥¬¡¼¥¹¡¼ÁíÍý¡¢À¯¸¢È¯Âľ¸å¤À¤È¤¤¤¦¤Î¤Ë´û¤Ë¼þ¤ê¤Î³§¤µ¤ó¤¬Á´ÉôÂÀ¸Ý»ý¤Á¤Ç´Å¤¤¸ÀÍդǿʸÀ¤Ï¤¹¤ì¤É¤âï¤â¶ì¸À¤ÏÄ褵¤Ê¤¤¡¢¤È¤¤¤¦À¯¸¢½é´ü¤Ê¤Î¤Ë²¿¸Î¤«Ëö´ü¾É¾õ¤Ë¤Ê¤Ã¤Æ¤ª¤ë¤Î¤Ç¤Ï¤Ê¤¤¤«¡¢¤È´í×ü¤¹¤ë¤È¤³¤í¤Ç¤Ï¤´¤¶¤¤¤Þ¤·¤Æ¡¢¤â¤·¤½¤Î°¤¤ÁÛÁü¤¬Åö¤¿¤Ã¤Æ¤¤¤ë¤È¤Ê¤ê¤Þ¤¹¤È¡¢¤³¤ì¤Ï´Ö°ã¤¤¤òľ¤»¤º¤Ë¿§¡¹¤Ê¤â¤Î¤ò´¬¤¹þ¤ó¤ÇÂçÇúȯ±ê¾å¤ÎÌܤ⤢¤ë¤Ç¡¢¤È¤«¤½¤ó¤ÊƬ¤ÎÂÎÁष¤¿Êý¤¬Îɤ¤¤Î¤«¤â¡¢¤È»×¤¦¤è¤¦¤Ë¤Ê¤Ã¤Æ¤·¤Þ¤¤¤Þ¤·¤¿¤È¤µ(¤È¤¤¤¦¤Î¤¬¥Õ¥é¥°¤Ë¤Ê¤Ã¤Æ¤¯¤ì¤ì¤Ð¤è¤¤¤Î¤Ç¤¹¤¬¡¦¡¦¡¦¡¦)¡£ ¤½¤ì¤«¤é¿Í»ö°Æ·ï¤Á¤ã¤¤¤Þ¤¹¤¬¤³¤ì¤â¤¢¤ë¤ó¤Ç¤¹¤è¤Í¤¨¡£[³°Éô¥ê¥ó¥¯] > ²Ï°æÉ׺ÊÇã¼ý»ö·ï¸øÈ½ ¸øÈ½¤Î¿Ê¹Ô¤È¶¦¤ËÃæ¹ñ¿·Ê¹¼Ò(ËܼҹÅç)¹¹¤Ë¥Î¥ê¥Î¥ê¤ÇÆæ¤Î½¼¼Â¤Ã¤×¤êwww ¡»¶âÍ»µ¡´Ø(¤¿¤À¤·Æü¶äÅöºÂͶâ¼è°úÀè)¤Î¥Æ¥ì¥ï¡¼¥¯¾õ¶·¤Ë´Ø¤·¤Æ¤Þ¤È¤á¤¿FSRÊ̺ý¤È¤¤¤¦ÊѤï¤ê¼ïÅоì[³°Éô¥ê¥ó¥¯] ¥¢¥ó¥±¡¼¥ÈÄ´ºº·ë²Ì¤«¤é ¡½ 2020ǯ10·î13Æü ÆüËܶä¹Ô¶âÍ»µ¡¹½¶É ¤Þ¤¢¤³¤Á¤é¤ÎÍ׻ݤÎÊý¤Ï¤¢¤ó¤Þ¤êÆÇ¤Ë¤âÌô¤Ë¤â¤Ê¤é¤Ê¤¤É½¸½¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤¹¤¬¡¢ ¡ØÍ׻ݡ٠¡Ø¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹¤Î´¶À÷³ÈÂç¤ò¼õ¤±¡¢´¶À÷³ÈÂç¤òËɻߤ¹¤ë´ÑÅÀ¤«¤éÀ¯Éܤè¤ê¥Æ¥ì¥ï¡¼¥¯Åù¤Î¿ä¿Ê¤¬¸Æ¤Ó¤«¤±¤é¤ì¡¢¤³¤ì¤Ëȼ¤¤ºßÂð¶Ð̳¤ÎÍøÍѤϵÞ®¤Ë³È¤¬¤Ã¤Æ¤¤¤ë¡£¡Ù ¤Ï¤¤¡£ ¡ØÆüËܶä¹Ô¤Ï¡¢º£ÈÌ¡¢ÅöºÂͶâ¼è°úÀè¶âÍ»µ¡´ØÅù¤Î¤¦¤Á239Àè¤òÂоݤˡ¢¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹¤Î´¶À÷³ÈÂçÁ°¸å¤Ë¤ª¤±¤ëºßÂð¶Ð̳¤Î¼Â»Ü¾õ¶·¤ä¥·¥¹¥Æ¥à¡¦¥»¥¥å¥ê¥Æ¥£Ì̤ÎÂкö¡¦²ÝÂêÅù¤Ë¤Ä¤¤¤ÆÄ´ºº¤¹¤ë¤¿¤á¡¢¥¢¥ó¥±¡¼¥È¤ò¼Â»Ü¤·¤¿¡£¡Ù ¤Û¤¦¤Û¤¦¡£ ¡Ø¥¢¥ó¥±¡¼¥È·ë²Ì¤ò¤ß¤ë¤È¡¢º£²ó¤Î´¶À÷³ÈÂç¤ò¼õ¤±¤Æ¡¢¶âÍ»µ¡´Ø¤Ë¤ª¤¤¤Æ¤âºßÂð¶Ð̳¤ÎƳÆþ¤¬Â礤¯¿ÊŸ¤·¤¿¤³¤È¤¬³Îǧ¤µ¤ì¤¿¡£¤Þ¤¿¡¢¥·¥¹¥Æ¥àÌ̤Ǥϡ¢ºßÂð¶Ð̳ÍѤβñ¼ÒÂßͿüËö¤ÎÄɲÃĴã¤ä¥·¥¹¥Æ¥à¤ÎǽÎÏÁý¶¯¤Ê¤É¡¢ÍÍ¡¹¤ÊÂкö¤¬¼Â»Ü¤µ¤ì¤Æ¤¤¤¿¤Û¤«¡¢º£¸å¤âºßÂð¶Ð̳´ØÏ¢¤Î¥·¥¹¥Æ¥àǽÎÏÁý¶¯¤ò¿Þ¤ëÀ褬¾¯¤Ê¤«¤é¤º¤ß¤é¤ì¤¿¡£¡Ù ¡Ø°ìÊý¡¢¥»¥¥å¥ê¥Æ¥£Ì̤Ǥϡ¢²ñ¼ÒÂßͿüËö¤Î¥»¥¥å¥ê¥Æ¥£Âкö¤Ï³µ¤ÍŬÀڤ˼»ܤµ¤ì¤Æ¤¤¤¿¤¬¡¢ºßÂð¶Ð̳¤Ç¤ÎÍøÍѤ¬ ǧ¤á¤é¤ì¤¿»äÍÑüËö¤Î¥»¥¥å¥ê¥Æ¥£Âкö¤Ë²þÁ±¤Î;ÃϤ¬¤ß¤é¤ì¤¿¤Û¤«¡¢Web²ñµÄ¥µ¡¼¥Ó¥¹¤ÎÍøÍѤËÅö¤¿¤Ã¤Æ¡¢ ±¿Íѥ롼¥ë¤ÎºöÄê¤Ê¤ÉÂÎÀ©À°È÷¤¬É¬ÍפÊÅÀ¤¬¤ß¤é¤ì¤¿¡£¡Ù ¤È¤¢¤Ã¤µ¤êÌ£¤Ç¤·¤«½ñ¤¤¤Æ¤¤¤Ê¤¤¤Î¤Ç¤¹¤¬¡¢ËÜʸ¤ò¸«¤ë¤È³ä¤È¥ª¥â¥í¥¤¤Î¤Ç¸åÄø¡£ ¡ØºßÂð¶Ð̳¤Î³èÍѤ¬º£¸å¤â¿Ê¤ó¤Ç¤¤¤¯¤È¹Í¤¨¤é¤ì¤ëÃæ¡¢¶âÍ»µ¡´Ø¶È̳¤ò°ÂÄêŪ¤Ë±¿±Ä¤·¤Æ¤¤¤¯¤¿¤á¤Ë¤Ï¡¢¤³¤¦¤·¤¿Æ°¤¤Ë¹ç¤ï¤»¤Æ¥»¥¥å¥ê¥Æ¥£Âкö¤âŬÀڤ˹Ԥ¦É¬Íפ¬¤¢¤ë¡£ÆüËܶä¹Ô¤È¤·¤Æ¤Ï¡¢¶âÍ»µ¡´Ø¤¬ºßÂð¶Ð̳´Ä¶¤ÎÀ°È÷¤ä¥·¥¹¥Æ¥à¡¦¥»¥¥å¥ê¥Æ¥£Ì̤μè¤êÁȤߤò¿Ê¤á¤Æ¤¤¤¯¤¦¤¨¤Ç¡¢ËÜ¥¢¥ó¥±¡¼¥È·ë²Ì¤¬³èÍѤµ¤ì¤ë¤³¤È¤ò´üÂÔ¤¹¤ë¤È¤È¤â¤Ë¡¢¹Íºº¡¦¥â¥Ë¥¿¥ê¥ó¥°¡¢³Æ¼ï¥»¥ß¥Ê¡¼Åù¤òÄ̤¸¤Æ¡¢¤½¤¦¤·¤¿¼è¤êÁȤߤò¸å²¡¤·¤·¤Æ¤¤¤¯Êý¿Ë¤Ç¤¢¤ë¡£¡Ù ¤è¤¯¤è¤¯¹Í¤¨¤Æ¤ß¤ì¤ÐCBDC¤â¤½¤¦¤Ç¤¹¤¬¡¢²¼¼ê¤Ë2%ʪ²ÁÌÜɸ¤ÎãÀ®¤¬¤É¤¦¤Î¤³¤¦¤Î¤È¤«¡¢Êª²Á¤ÎÏäò¥«¥Ã¥È¤·¤¿¹Ö±éÅù¤ò¤Ö¤Ã¤³¤ó¤À¤é¥Ä¥Ã¥³¥ß¤¬Í褿¤Î¤Ç¥·¥ã¡¼¥Í¡¼¥Ê¡¼¤Èʪ²ÁÌÜɸ¤ÎÏäò¤Þ¤¿Æþ¤ì¤À¤¹¤È¤«¡¢¤½¤¦¤¤¤¦¤è¤¦¤Ê¥«¥·¥å¥«¥êÁíºÛ¤ÎÌÓȱʤߤÎÉÔÌӤʻö¤ò¤ä¤Ã¤Æ¤¤¤ë¤è¤ê¤Ï¡¢¤³¤¦¤¤¤¦¶È̳·Ñ³´ØÏ¢¤ÎÏäò¤·¤Æ¤¤¤¿Êý¤¬¾¯¤Ê¤¯¤È¤âÊѤʥĥ峥ߤò¼õ¤±¤ëÏäǤϤʤ¤¤Ç¤¹¤«¤½¤¦¤Ç¤¹¤«¡£ ¤Þ¤¢¤³¤Î»þ¤ËÌÀ¤é¤«¤Ë¥È¥ó¥Á¥¤Ê»ö¤ò¤·¤Æ¤¤¤ë¾ì¹ç¤Ï¤Þ¤¢¥É¥¦¥É¥¦¤Ã¤Æ¤ä¤ë¤Î¤Ï¥¨¥¨¤«¤âÃΤì¤Þ¤»¤ó¤±¤É¡¢¤À¤¤¤¿¤¤Åö¶ÉÍͤλÅÍͤȤ·¤Æ¡¢µ¤¤¬ÉÕ¤¯¤È¶âÍ»µ¡´Ø¤Î¥Æ¥ì¥ï¡¼¥¯Âбþ¤ËÂФ·¤ÆÈ¤¤Î¾å¤²²¼¤²¤Þ¤Çʸ¶ç¤ò¸À¤¤½Ð¤·¤Æ¤´»ØÆ³¤ò¤¹¤ë¡¢¤È¤¤¤¦¤Î¤¬ËèÅÙ¤ÎÅö¶É¥¯¥ª¥ê¥Æ¥£(¸Ä¿Í¤ÎÀ¹Âç¤ÊÊи«¤Ç¤¹)¤È¤¤¤¦È´¤¤¬¤¿¤¤°Õ¼±¤¬¤¢¤ë¥¢¥¿¥¯¥·¤Ê¤Î¤Ç¡¢¡Ö¹Íºº¡¦¥â¥Ë¥¿¥ê¥ó¥°¡¢³Æ¼ï¥»¥ß¥Ê¡¼Åù¤òÄ̤¸¤Æ¡¢¤½¤¦¤·¤¿¼è¤êÁȤߤò¸å²¡¤·¤·¤Æ¤¤¤¯Êý¿Ë¤Ç¤¢¤ë¡£¡×¤Ã¤Æ¤Î¤âÄø¡¹¤Ë¤·¤Æ¤¤¤¿¤À¤«¤Ê¤¤¤È¡¢¤È¤Ï»×¤¤¤Þ¤·¤¿¡£ ËÜʸ¤Ï¤³¤Á¤é¡£[³°Éô¥ê¥ó¥¯] ¥¨¥³¥Î¥ß¥Ã¥¯¡¦¥µ¥×¥é¥¤¥º»Ø¿ô(Economic Surprise Index:ES)¡Ù¤Ã¤Æ¾®¸«½Ð¤·¤Î½ê¤Ç¤¹¤¬¡¢ ¡ØScotti (2016 )¤Ï¡¢¥¨¥³¥Î¥ß¥¹¥È¤Ë¤è¤ë·ÐºÑ»ØÉ¸¤Î»öÁ°Í½Â¬ÃͤȼÂÀÓÃͤÎЪΥ¡¢¤¹¤Ê¤ï¤Áͽ¬¸íº¹¤òÍѤ¤¤Æ¡¢ES »Ø¿ô¤ò¹½ÃÛ¤·¤¿¡£»ÈÍѤ¹¤ë¥Ç¡¼¥¿¤Ï¡¢Êƹñ¤Ç¤Ï¡¢GDP¡¢¹Û¹©¶ÈÀ¸»º¡¢¸ÛÍѼԿô¡¢¾®Çä¶ÈÇä¾å¹â¡¢ISM À½Â¤¶È»Ø¿ô¡¢¸Ä¿Í½êÆÀ¤Î6ÊÑ¿ô¡¢ÆüËܤǤϡ¢GDP¡¢¹Û¹©¶ÈÀ¸»º¡¢¼º¶ÈΨ¡¢¾®Çä¶ÈÇä¾å¹â¡¢Ã»´Ñ¤Î¶È¶·È½ÃÇ DI ¤Î5ÊÑ¿ô¤Ç¤¢¤ë¡£¥¨¥³¥Î¥ß¥¹¥È¤Îͽ¬Ãͤϡ¢Bloomberg ¤Ç¸øÉ½¤µ¤ì¤Æ¤¤¤ë³Æ¥¨¥³¥Î¥ß¥¹¥È¤Îͽ¬ÃÍ(·ÐºÑ»ØÉ¸¸øÉ½Ä¾Á°¤ÎÃÍ)¤ÎÃæ±ûÃͤò»ÈÍѤ¹¤ë¡£¡Ù ¤Ç¤â¤Ã¤ÆËÜʸ16¥Ú¡¼¥¸(PDF18ËçÌÜ)¤Ë¡Ø3-5.·ë²Ì¤Î¤Þ¤È¤á ¡Ù¤Ã¤Æ¤Î¤¬¤¢¤Ã¤Æ¡¢ES¤Ë´Ø¤·¤Æ¤Ï¡¢ ¡Ø¤Þ¤¿¡¢ES »Ø¿ô¤¬¼«Á³ºÒ³²¤Ê¤É¶Ë¤á¤ÆÆÍȯŪ¤Ê¹ñÆâȯ¤Î¥¤¥Ù¥ó¥È¤Ë¤Î¤ßÈ¿±þ¤·¡¢·Êµ¤ÊÑÆ°¤Ø¤ÎÀâÌÀÎϤ¬Ä㤤¡£¤³¤Î¤³¤È¤Ï¡¢»Ø¿ô¤ÎºîÀ®¤Ë¹ñÆâ´ØÏ¢¤Î»ØÉ¸¤·¤«»ÈÍѤ·¤Æ¤¤¤Ê¤¤¤³¤È¤¬¸¶°ø¤È¤Ê¤Ã¤Æ¤¤¤ë²ÄǽÀ¤¬¤¢¤ë¡£ ¡Ù ¤Ã¤Æ¤¢¤ë¤Î¤Ç¤¹¤¬¡¢¤³¤ì¤Ï¤â¤·¤«¤·¤Æ¹ñÆâ¤Î¥¨¥³¥Î¥ß¥¹¥È¤Îͽ¬Ãͤ¬Àµ³ÎÌµÈæ¤Ê¤Î¤Ç´ðËÜŪ¤Ë¶Ë¤á¤ÆÆÍȯŪ¤Ê»þ°Ê³°¤Ë¥µ¥×¥é¥¤¥º¤Ë¤Ê¤é¤Ê¤¯¤Æ¡¢¤½¤Î·ë²Ì·ÐºÑÉԳμÂÀ¤È´ØÏ¢¤·¤Ê¤¤¡¢¤È¤«¤½¤¦¤¤¤¦¤³¤È¤Ê¤Î¤Ç¤·¤ç¤¦¤«???²¿¤«ÆÉ¤ßÊý¤ÏÎɤ¯Ê¬¤«¤é¤Ê¤«¤Ã¤¿¤Î¤Ç¤¹¤¬(¤Ã¤Æ¤½¤Î¾õÂ֤ǥͥ¿¤Ë¤¹¤ë¤Ê¤ÈÅܤé¤ì¤½¤¦¤Ç¤¹¤¬)¡¢¤Ê¤ó¤«¤È¤ê¤¢¤¨¤º¶½Ì£ËܰÌŪ¤Ë¤ÏʪÀ¨¤¯ÌÌÇò¤«¤Ã¤¿¤Î¤Ç¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¤Þ¤¢¥µ¥×¥é¥¤¥º¤È¸À¤¨¤Ð¶âÍ»À¯ºö¤¤¤ä²¿¤Ç¤â¤¢¤ê¤Þ¤»¤ó¡£ ¡»¤»¤Ã¤«¤¯¥Æ¥¥¹¥È¥Þ¥¤¥Ë¥ó¥°¤¹¤ë¤Ê¤é¤Ä¤¤¤Ç¤Ë¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¤µ¤é¤Ë¤³¤ó¤Ê¤Î¤â¡£[³°Éô¥ê¥ó¥¯] ¤Ë¤ª¤±¤ë¥Ç¥£¥¹¥¯¥í¡¼¥¸¥ã¡¼¤ÎÆâÍÆ¤äµ¬À©Êѹ¹¤Î¸ú²Ì¤Ë´Ø¤¹¤ëÍÍѤÊÃ諤òÆÀ¤é¤ì¤¿¤³¤È¤ÏËܹƤι׸¥¤Ç¤¢¤ë¡£ÆÃ¤Ë¡¢ËܹƤΥƥ¥¹¥È¡¦¥Þ¥¤¥Ë¥ó¥°¤Î¼êË¡¤òÍѤ¤¤¿Åý·×Ū¤ÊʬÀϤˤè¤ê¡¢¶È¼ï¤äÇä¾å¹â¤Ë¤è¤Ã¤Æ MD&A ¤Î¥Ç¥£¥¹¥¯¥í¡¼¥¸¥ã¡¼¤Î½¼¼ÂÅÙ¤¬°Û¤Ê¤ë¤³¤È¤ä¡¢2018 ǯ¤Î¾ÏΩ¤ÆÊѹ¹¤Ë¤è¤Ã¤ÆÆÃÄê¤Î¶È¼ï¤Ë¤ª¤¤¤Æ MD&A ¤Î¥Ç¥£¥¹¥¯¥í¡¼¥¸¥ã¡¼ÆâÍÆ¤¬¸þ¾å¤·¤Æ¤¤¤ë¤³¤È¤¬ÌÀ¤é¤«¤Ë¤Ê¤Ã¤¿¡£ËܹƤˤè¤ê¡¢ËܹƤÇÍѤ¤¤¿¥Æ¥¥¹¥ÈʬÀϤμêË¡¤¬¡¢¤³¤ÎʬÌî¤Ë¤ª¤±¤ë¼Â¾Ú¸¦µæ¤Ë¤È¤Ã¤ÆÍÍѤǤ¢¤ë¤³¤È¤¬¼¨¤µ¤ì¤¿¡£¡Ù ¤À¤½¤¦¤Ç¤¹¤¬¡¢¤É¤¦¤ä¤Ã¤ÆÊ¬ÀϤ¹¤ë¤Î¤«¡¢¤È¤¤¤¦Êդ꤬ËÜʸ4¥Ú¡¼¥¸(PDF¤Î6ËçÌÜ)¤Î¡Ø2 ʬÀϼêË¡¡Ù¤Ë¤¢¤ê¤Þ¤·¤Æ¡¢¤½¤ÎÀè¤Î¥Ç¡¼¥¿Ê¬ÀϤηë²Ì¤ÎÊÕ¤ê¤ËÍè¤Þ¤¹¤È·×»»¼°¤È¿Þɽ¤À¤é¤±¤Ç»à¤Í¤ë(¥¢¥¿¥¯¥·¤Î¾ì¹ç)¤Î¤Ç¤¹¤¬¡¢³µÇ°Åª¤Ê¤È¤³¤í¤Ï¤Þ¤¢²¿¤È¤Ê¤¯¤ï¤«¤é¤ó¤Ç¤â¤Ê¤¤´¶¤¸¤Ç½ñ¤¤¤Æ¤¤¤¿¤À¤¤¤Æ¤¤¤ë¤Î¤Ç¡¢¤Ê¤ë¤Û¤É¤Í¤¨¤È»×¤¤¤Ê¤¬¤éÆÉ¤ß¿Ê¤á¤ë¤³¤È¤Ï°ì±þ¤Ç¤¤ë(»×¤Ã¤¿¤È¤Ï¸À¤Ã¤¿¤¬Íý²ò¤·¤¿¤È¤Ï¸À¤Ã¤Æ¤¤¤Ê¤¤)¤«¤Ê¤È¤Ï¡£ ¡¦¡¦¡¦¡¦¡¦¡¦¤Ç¤Þ¤¢¥¢¥¿¥¯¥·¤Î»ö¤À¤«¤é¥ª¥Á¤¬²¿¤Ê¤Î¤«¤Ï¤ª»¡¤·¤ÎÄ̤ê¤Ê¤Î¤Ç¤¹¤¬¡¢ÍÊó¤Î¥Æ¥¥¹¥ÈʬÀϤ¹¤ë¤ó¤Ç¤·¤¿¤é¤Ð¡¢Å¸Ë¾¥ì¥Ý¡¼¥È¤Î¥Æ¥¥¹¥ÈʬÀϤȤ«¤ò¹Ô¤Ã¤Æ¤¤¤¿¤À¤¤¤Æ¡¢¼Â¾ÚʬÀϤò¤·¤ÆÄº¤¤¿¤¯Â¸¤¸¤Þ¤¹¤·¡¢¤½¤Î¾ì¹ç¤Ë¡Ö·Ð±Ä¼Ô¤¬¼«¼çŪ¤Ë¾Í踫Ä̤·¤ò³«¼¨¤¹¤ëÇÞÂΤȤ·¤Æ¡¢MD&A¤¬°ìÄê¤ÎÌò³ä¤ò²Ì¤¿¤·¤Æ¤¤¤ë¤³¤È¤ò¼¨¤·¤Æ¤¤¤ë¡£¡×¤ß¤¿¤¤¤ÊʬÀÏ·ë²Ì¤¬½Ð¤ë¤Î¤«¤É¤¦¤«¡¢¤È¤¤¤¦¤Î¤¬Èó¾ï¤Ë¶½Ì£¿¼¤¤¤Î¤Ç¡¢¥ì¥Ã¥ÄʬÀÏ!¤È¤¤¤¦¤³¤È¤Ç¤è¤í¤·¤¯¤ª´ê¤¤¿½¤·¾å¤²¤¿¤¯Â¸¤¸¤Þ¤¹¤Ç¤¹¡¢¤Ï¤¤¡£ ¤È¤¤¤¦¤³¤Îʪ·ï¤ÈÊÌ·ï¤Ç¤¹¤¬¡¢ÀèÈ̱ÑʸÈǤÎÊý¤Ç¤³¤ó¤Ê¤Î¤¬½Ð¤Æ¤Þ¤·¤¿¡£[³°Éô¥ê¥ó¥¯] Impact of COVID-19 on US Consumer Spending: Quantitative Analysis Using High-Frequency State-Level Data October 8, 2020 Á´Ê¸¤Ï¤³¤Á¤é¡¢¤Ã¤ÆÆü¶ä¥ì¥Ó¥å¡¼¥·¥ê¡¼¥º¤â±Ñ¸ìÈǤäƤ¢¤ë¤Î¤«[³°Éô¥ê¥ó¥¯] Impact of COVID-19 on US Consumer Spending: Quantitative Analysis Using High-Frequency State-Level Data ¼Â¤Ï¤³¤Îʪ·ï¡¢ÆüËܸìÈǤÎÊý¤¬Àè¤Ë½Ð¤Æ¤¤¤Þ¤·¤Æ¡¢[³°Éô¥ê¥ó¥¯] ¸ÅÂåÁ¬²ß¤Ë´Ø¤¹¤ëÍý²½³ØÅª¸¦µæ¡½¡½¡Ö¹ÄÄ«½½ÆóÁ¬¡×¤Î±ôƱ°ÌÂÎÈæÊ¬ÀϤª¤è¤Ó¶â°ÁÈÀ®Ê¬ÀÏ¡½¡½ (2002ǯ¤Îʪ·ï¤Ç¤¹) ¡»CPÇãÆþ¼ÒºÄÇãÆþ¤Ã¤Æ¤¤¤Ä¤Þ¤Ç¤ª¤«¤ï¤êÁ¼Ãַѳ¤¹¤ëÀѤê¤Ç¤¹¤«¤Í¤¨ ºòÆü¤ÎCPÇãÆþ[³°Éô¥ê¥ó¥¯] 9,384 5,999 -0.038 -0.021 35.8 ¤â¤Ï¤ä¢¥3.8bpÂÀÚ¤ê¤È¤«¤ò¸«¤Æ¤âÉáÄ̤Υ졼¥È°Ì¤Ë»×¤Ã¤Æ¤·¤Þ¤¦ÄøÅ٤ˤϥѥó¥Á¥É¥é¥ó¥«¡¼¤Î¥¢¥¿¥¯¥·¤¬¤¤¤ë¤Î¤Ç¤¹¤¬¡¢¤³¤ì̱´ÖºÄ̳¤ò¥Þ¥¤¥Ê¥¹Íø²ó¤ê¤Ç¹ØÆþ¤·¤Æ¤¤¤ë¤ó¤Ç¤¹¤«¤é¡¢¥´¥ê¥´¥ê¸À¤Ã¤Æ¤·¤Þ¤¨¤ÐÆÃÄê´ë¶È¤ËÊä½õ¶â¤À¤·¤Æ¤¤¤ë¤è¤¦¤Ê¤â¤ó¤Ë¤Ê¤Ã¤Æ¤·¤Þ¤¤¤Þ¤¹¤è¤Í(¤À¤«¤é¤µ¤¹¤¬¤ÎÆü¶ä¤â¥×¥é¥¤¥Þ¥ê¡¼¤ÇÇ㤦¤È¤Ï¸À¤¤½Ð¤µ¤Ê¤¤)¤È¤«»×¤¦¼¡Âè¤Ç¤¹¤¬¡¢¥Ù¡¼¥¹¥ì¡¼¥È¤¬¥Þ¥¤¥Ê¥¹¤À¤«¤é»Ô¾ì¶âÍøÊ¤À¤Ã¤¿¤é¥¨¥¨¥ä¥ó¤È¤«¡¢¤Þ¤¢¥Þ¥¤¥Ê¥¹¶âÍø¤È¤¤¤¦¤Î¤Ï¿§¡¹¤ÈÆæ¤ÎÏÀÅÀ¤òÅê²¼¤·¤Æ¤¯¤ì¤Þ¤¹¤Ê¡£ ¤Á¤ç¤Ã¤ÈÁ°¤Ç¤¹¤¬Àè½µ²ÐÍˤμҺÄÇãÆþ1-3ǯ[³°Éô¥ê¥ó¥¯] 5,739 3,001 -0.045 -0.039 76.2 °ú¤Â³¤¤³¤Á¤é¤ÏÂоݴü´Ö¤ÎJGBÍø²ó¤ê¤è¤ê¤è¤ê¤âÄ㤤¤Î¤ÏÇã¤ï¤Ê¤¤¹¶·â¤ò¤·¤Æ¤ª¤ê¤Þ¤¹¤¬¡¢¤½¤ì¤Ç¤â¤Þ¤¢¥Þ¥¤¥Ê¥¹¡£¤È¤¤¤¦¤«´°Á´¤Ë¥Þ¥¤¥Ê¥¹¥ì¡¼¥È´·¤ì¤·¤Æ¤·¤Þ¤Ã¤ÆÊ̤˶䫤ʤ¤¤Î¤¬²æ¤Ê¤¬¤éÈᤷ¤¤¤Î¤Ç¤¹¤¬¡¢¤·¤«¤·¤Þ¤¢GoTo¥¥ã¥ó¥Ú¡¼¥ó¤¸¤ã¤Ê¤¤¤Ç¤¹¤±¤É¡¢¤³¤ì¤â¥À¥é¥À¥é¤È¤ª¤«¤ï¤êÁ¼ÃÖ¤ò³¤±¤Æ¤·¤Þ¤¦¤È¤¤¤¦¤Î¤Ï¡¢»ñ¸»¤ÎŬÀµÇÛʬ¤È¤«¡¢¥Þ¡¼¥±¥Ã¥È¤Î²Á³Êȯ¸«µ¡Ç½¤ÎÁÓ¼º¤È¤«¡¢¤¤¤í¤ó¤Ê¤â¤Î¤ò¥·¥ã¥ÖÄÒ¤±¤Ë¤·¤Æ¤Þ¤Ç¼Â»Ü¤¹¤ë¤â¤Î¤Ê¤Î¤«¡¢¤È¤¤¤¦¤Î¤ò¤Á¤Ã¤¿¤¢¿¿ÌÌÌܤ˹ͤ¨¤ÆÍߤ·¤¤¤Î¤Ç¤¹¤¬¡¢Áí¤Æ¤ÎÁ¼ÃÖ¤¬¡Ö°ìÅٻϤá¤ë¤È½Ð¸ýÀ¯ºö¤¬Ìµ¤¤¡×¤È¤¤¤¦ÍÍͤǤ·¤Æ¡¢ÂçÂΤ«¤é¤·¤Æ4·îËö¤Ë¡Ö9·îËö¤Þ¤Ç¡×¤È¸À¤Ã¤ÆÆ³Æþ¤·¤¿Á¼ÃÖ¤ò5·î¤Î20Æü¤À¤«²¿¤À¤«¤ËȾǯ±äŤ¹¤ë¾å¤ËÇØ·ÊÀâÌÀ¤â¤Ê¤¤¤È¤«(¤·¤«¤â¸å¤«¤é¸«¤¨¤¿¤Î¤Ïñ¤Ë¡Ö¿··¿¥³¥í¥Ê¥ª¥Ú¥Ñ¡¼¥È2¤Ë¤ò¹ç¤ï¤»¤ë¡×¤À¤±¤Ë¤·¤«¸«¤¨¤Ê¤¤ÀâÌÀ¤À¤±¤Ç¤¢¤Ã¤¿)¡¢¤È¤Ë¤«¤¯¤³¤¦¤¤¤¦¥ì¡¼¥È¤Ë´Ø¤·¤Æ¤â¤Á¤ã¤ó¤È¡Ö¥ê¥¹¥¯¥×¥ì¥ß¥¢¥à¤Ï¤¤¤¯¤é¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤Ç¤·¤ç¤¦¤«¡×¤È¤«¾åµ¤Î¤è¤¦¤ÊÍ¥½¨¤ÊʬÀϤòÂô»³¤ä¤Ã¤Æ¤¤¤ë¤ó¤Ç¤¹¤«¤é¡¢Ê¬ÀϤ·¤Æ¤ß¤Æ¤¯¤À¤µ¤¤¤Ê¤ª´ê¤¤¤·¤Þ¤¹¤ª´ê¤¤¤·¤Þ¤¹¡¢¤ÈÆæ¤ÎȬ¤ÄÅö¤¿¤ê¤Î¥¢¥¿¥¯¥·¡£ ¤È¤¤¤¦½ê¤Ç°úÍÑÂç²ñ¤Ç¤·¤¿¤¬º£Ä«¤Ï¤³¤ÎÊդǴªÊÛ¡£
¤ªÂê¡ÖLIBOR°Ü¹Ô¥Í¥¿¤Ï¤À¤ó¤À¤ó¥Í¥¿¤ÎÊü½ÐÉÑÅپ徺¤·¤Æ¤Þ¤¹¤Í/¤½¤Î¾¿§¡¹¤È»¨ÃÌ¥á¥â¤Ç¶²½Ì¤Ç¤¹¡×
2020/10/13¡Ê²Ð¡Ë07:57:22
¤ó????[³°Éô¥ê¥ó¥¯] ¸áÁ° Æü¶ä¡¢ÄɲôËϤÎÍѰդ⡡¥³¥í¥ÊÂбþ¤Ç¤Ê¤ª¼êÃÊ=¹õÅÄÁíºÛ ¡Ø[Åìµþ¡¡12Æü¡¡¥í¥¤¥¿¡¼] - Æü¶ä¤Î¹õÅÄÅìɧÁíºÛ¤Ï12Æü¡¢¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹¤Î¥Ñ¥ó¥Ç¥ß¥Ã¥¯(À¤³¦ÅªÂçή¹Ô)¤Ë¤è¤ë·ÐºÑŪÂÇ·â¤ò´ËϤ¹¤ë¼êÃʤ¬¿Ô¤¤¿¤ï¤±¤Ç¤Ï¤Ê¤¤¤È¤·¡¢ÄɲÃŪ¤Ê¶âÍ»´ËÏÂÁ¼ÃÖ¤ò¹Ö¤¸¤ëÍѰդ¬¤¢¤ë¤³¤È¤ò¶¯Ä´¤·¤¿¡£¡Ù(¾åµURLÀè¤è¤ê¡¢°Ê²¼Æ±ÍÍ) ¡Ö¹ñºÝ¶âÍ»¶¨²ñ(IIF)¼çºÅ¤Î¥ª¥ó¥é¥¤¥ó¥»¥ß¥Ê¡¼¡×¤À¤½¤¦¤Ç¤¹¤¬¡¢¤½¤¦¤¤¤ä¤½¤¦¤¤¤¦¥¤¥Ù¥ó¥È¤Ë½Ð¤ë¤Î¤È¤«¤¤¤¦¤Î¤¢¤Ã¤¿¤Ê¤È»×¤Ã¤¿¤¬¡¢¤µ¤¹¤¬¤Ë»Ï¶È»þ´ÖÁ°¤Ë¤âÄø¤¬¤¢¤ë¤Î¤Ç±ÑʸÈǤâÆüËܸìÈǤˤ⥢¥Ã¥×¤µ¤ì¤Æ¤¤¤Ê¤¤¤Î¤Ç¥í¥¤¥¿¡¼¤Á¤ã¤ó¤Îµ»ö¤ò¸«¤ë¤·¤«¤Ê¤¤¤Ê¡¢¤È»×¤Ã¤¿¤¬¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡Ø¤½¤Î¾å¤Ç¡¢¡ÖÆü¶ä¤ÏÀ¯ºö¥Ä¡¼¥ë¤ò»È¤¤²Ì¤¿¤·¤¿¤ï¤±¤Ç¤Ï¤Ê¤¯¡¢(¿··¿¥³¥í¥Ê´¶À÷¾É¤Ë¤è¤ëÂÇ·â¤Ë)Âй³¤¹¤ë¤¿¤á¤Î¿¤¯¤ÎÀ¯ºö¥Ä¡¼¥ë¤ò»ý¤Ã¤Æ¤¤¤ë¡£¼Â»Ü¤¹¤Ù¤Á¼ÃÖ¤ò¸¡Æ¤¤¹¤ë¾å¤Ç¡¢¤ï¤ì¤ï¤ì¤Ï½ÀÆð¤«¤Ä³×¿·Åª¤À¡×¤È¸ì¤Ã¤¿¡£¡Ù ¤Á¤çwwwww ¤¨¡¼¤Ã¤È¡¢¤Þ¤µ¤«¤È¤Ï»×¤¤¤Þ¤¹¤¬¡ÖÎ×»þÁ¼Ã֡פαäŤò¤¹¤ë¤Î¤¬ÄɲôËϤȤ«¸À¤¦¤Î¤Ç¤·¤ç¤¦¤«¡£ ËèÅ٤Τ褦¤Ë¥Í¥Á¥Í¥Á¤È¤³¤ì¤ò¸À¤¦¤Î¿ʬºÄ·ô¼¶¹¤·(¤ª¤¤)¤È¸À¤¨¤É¤â¥¢¥¿¥¯¥·¤·¤«¤¤¤Ê¤¤¤ÈÊÑÂÖ²¾Ì̤ò¼«É餷¤Æ¤ª¤ê¤Þ¤¹¤¬¤Þ¤¿¿½¤·¾å¤²¤Þ¤¹¤È¡¢5·î22Æü¤Ë¿··¿¥³¥í¥Ê¥ª¥Ú¥Ñ¡¼¥È2(¸µ¡¹¤Î¥Ñ¡¼¥È1¤È¹çÂΤ·¤Æ¿··¿¥³¥í¥Ê¥ª¥Ú¤È¤Ê¤ê¤Þ¤·¤¿¤¬)¤ÎƳÆþ¤È¶¦¤Ë¡¢4·îMPM¤Ç¤Ö¤Ã¤³¤ó¤À¼ÒºÄÇãÆþÅù¤ÎÎ×»þÁ¼Ã֤ˤĤ¤¤Æ´ü¸Â¤ò±äŤ·¤Æ¤¤¤Þ¤·¤¿¤±¤ì¤É¤â(À¼ÌÀʸ¤Î2.»ñ»ºÇãÆþ¤ìÊý¿Ë¤Î¹àÈÖ2¤Ë¤¢¤ë´ü¸Â¤¬¤·¤é¤Ã¤È±äĹ¤Ë¤Ê¤Ã¤Æ¤¤¤¿)¡¢¤³¤Î»þ¤ÏÄɲôËϤ¸¤ã¤Ê¤¤¤È¤¤¤¦·úÉÕ¤±¤Ë¤Ê¤Ã¤Æ¤¤¤¿¤È¸¤¸¤Þ¤¹¤¬¡¢¤¤¤Ä¤«¤éÄɲôËϰ·¤¤¤Ë¤Ê¤Ã¤¿¤ó¤Ç¤·¤ç¤¦¤«¡£[³°Éô¥ê¥ó¥¯] IBOR¥Õ¥©¡¼¥ë¥Ð¥Ã¥¯¡¦¥×¥í¥È¥³¥ë¤Ø¤Î¹ÈϤ«¤ÄŬ»þ¤ÎÈã½Ú¤ò¿ä¾©¡×¤Î¸øÉ½¤Ë¤Ä¤¤¤Æ 2020ǯ10·î12Æü ÆüËܶä¹Ô ¡Ø¶âÍ»°ÂÄêÍý»ö²ñ(FSB)¤Ï¡¢10·î9Æü¡¢¡ÖISDA IBOR¥Õ¥©¡¼¥ë¥Ð¥Ã¥¯¡¦¥×¥í¥È¥³¥ë¤Ø¤Î¹ÈϤ«¤ÄŬ»þ¤ÎÈã½Ú¤ò¿ä¾©¡×(¸¶Âê:FSB encourages broad and timely adherence to the ISDA IBOR Fallbacks Protocol)¤ÈÂꤹ¤ë¥×¥ì¥¹¡¦¥ê¥ê¡¼¥¹¤ò¸øÉ½¤·¤Þ¤·¤¿¡£¡Ù ¤Û¤¦¡£ ¡ØËܥץ쥹¡¦¥ê¥ê¡¼¥¹¤Ï¡¢¹ñºÝ¥¹¥ï¥Ã¥×¡¦¥Ç¥ê¥Ð¥Æ¥£¥Ö¥º¶¨²ñ(ISDA)¤¬IBOR(¶ä¹Ô´Ö¼è°ú¶âÍø)»²¾È¥Ç¥ê¥Ð¥Æ¥£¥Ö·ÀÌó¤Ë´Ø¤¹¤ëIBOR¥Õ¥©¡¼¥ë¥Ð¥Ã¥¯¡¦¥×¥í¥È¥³¥ë(°Ê²¼¡¢¡Ö¥×¥í¥È¥³¥ë¡×)¤òƳÆþ¤¹¤ë¤¿¤á¡¢10·î9Æü¤Ë¥×¥í¥È¥³¥ë¤ª¤è¤ÓIBOR¥Õ¥©¡¼¥ë¥Ð¥Ã¥¯¡¦¥µ¥×¥ë¥á¥ó¥È¤Î¸øÉ½¤Ë¸þ¤±¤ÆÀ¼ÌÀ¤òȯ½Ð¤·¤¿¤³¤È¤ò¡¢FSB¤¬´¿·Þ¤¹¤ë¤â¤Î¤Ç¤¹¡£»Ô¾ì»²²Ã¼Ô¤Ï¡¢¤³¤Î¥×¥í¥È¥³¥ë¤ËÈã½Ú(adhere)¤¹¤ë¤³¤È¤Ë¤è¤ê¡¢ISDA½àµò¤Î¥Ç¥ê¥Ð¥Æ¥£¥Ö¤Ë·¸¤ëLIBOR°Ü¹Ô¥×¥í¥»¥¹¤ò±ß³ê¤Ë¿Ê¤á¤ë¤³¤È¤¬¤Ç¤¤ë¤è¤¦¤Ë¤Ê¤ê¤Þ¤¹¡£¡Ù ¤Û¤¦¤Û¤¦¤Û¤¦¡£ ¡Ø¾ÜºÙ¤Ë¤Ä¤¤Þ¤·¤Æ¤Ï¡¢°Ê²¼¤ò¤´Í÷¤¯¤À¤µ¤¤¡£¡Ù ¤È¤¢¤Ã¤ÆFSB¤Î¥×¥ì¥¹¥ê¥ê¡¼¥¹¤ËÆü¶ä¤Á¤ã¤ó¤Î²¾Ìõ¤¬¤Ä¤¤¤Æ¤¤¤ë¤Î¤Ç°Âľ¤Ë²¾ÌõÉÕ¤òÆÉ¤à¡£[³°Éô¥ê¥ó¥¯] ǯ 10 ·î 9 Æü ¶âÍ»°ÂÄêÍý»ö²ñ¤Ï¡¢ISDA IBOR ¥Õ¥©¡¼¥ë¥Ð¥Ã¥¯¡¦¥×¥í¥È¥³¥ë¤Ø¤Î¹ÈϤ«¤ÄŬ»þ¤ÎÈã½Ú¤ò¿ä¾© ¤ª¡¼¤Î¡¼Ê¸»ú¤Ó¤Ã¤Á¤ê¤ÇPDF2Ëç¤â¤¢¤ë¤¬¤Ê¡£ ¡Ø¶âÍ»°ÂÄêÍý»ö²ñ(FSB)¤Ï¡¢¹ñºÝ¥¹¥ï¥Ã¥×¡¦¥Ç¥ê¥Ð¥Æ¥£¥Ö¥º¶¨²ñ(ISDA)¤Ë¤è¤ë¡¢IBOR(¶ä¹Ô´Ö¼è°ú¶âÍø)»²¾È¥Ç¥ê¥Ð¥Æ¥£¥Ö·ÀÌó¤Ë´Ø¤¹¤ë IBOR ¥Õ¥©¡¼¥ë¥Ð¥Ã¥¯¡¦¥×¥í¥È¥³¥ë(°Ê²¼¡¢¡Ö¥×¥í¥È¥³¥ë¡×)¤ª¤è¤Ó IBOR ¥Õ¥©¡¼¥ë¥Ð¥Ã¥¯¡¦¥µ¥×¥ë¥á¥ó¥È(°Ê²¼¡¢¡Ö¥µ¥×¥ë¥á¥ó¥È¡×)¤Îº£¸å¤Î³«»Ï¤Ë¸þ¤±¤¿ËÜÆü¤ÎÀ¼ÌÀ¤ò´¿·Þ¤¹¤ë¡£¡Ù ¡ØFSB ¤Ï¡¢±Æ¶Á¤ò¼õ¤±¤ë¤¹¤Ù¤Æ¤Î¶âÍ»µ¡´Ø¤ª¤è¤ÓÈó¶âÍ»´ë¶È¤Ë¤è¤ë¡¢¥×¥í¥È¥³¥ë¤Î¹ÈϤ«¤ÄÁá´ü¤ÎÈã½Ú¤ò¶¯¤¯¿ä¾©¤¹¤ë¡£¥×¥í¥È¥³¥ë¤Î¹ÈϤ«¤ÄÁá´ü¤ÎÈã½Ú¤Ï¡¢LIBOR(¥í¥ó¥É¥ó¶ä¹Ô´Ö¼è°ú¶âÍø)¤ÎÁ´Ä̲ߤˤª¤±¤ë¥Ç¥ê¥Ð¥Æ¥£¥Ö¤Î°Ü¹Ô¤Î¼çÍפʸ¶Æ°ÎϤˤʤꡢ2021 ǯËö¤Þ¤Ç¤Î¶âÍø»ØÉ¸¤Î°Ü¹Ô¤Ë¤ª¤±¤ë½ÅÍפʰìÊâ¤È¤Ê¤ë¡£¡Ù ¡ØLIBOR ¤«¤é¤Î°Ü¹Ô¤Ï G20 ¤ÎÍ¥Àè²ÝÂê¤Ç¤¢¤ê¡¢¥°¥í¡¼¥Ð¥ë¤Ê¶âÍ»¥·¥¹¥Æ¥à¤ò¶¯²½¤¹¤ë¤¿¤á¤ÎÉԲķç¤Êºî¶È¤Ç¤¢¤ë¡£FSB ¤Ï¡¢¤¹¤Ù¤Æ¤ÎË¡°è¤Ë¤ª¤±¤ë´ë¶È¤¬¡¢Å¬Àڤʾì¹ç¤Ë¤Ï IBORs ¤Ø¤Î°Í¸¤òÄ㸺¤·¡¢¤È¤ê¤ï¤± 2021 ǯËö¤Þ¤Ç¤Ë LIBOR ¤Ø¤Î»Ä¤µ¤ì¤¿°Í¸¤ò¼è¤ê½ü¤¯¤¿¤á¤Ë¡¢¼èÁȤߤò·Ñ³¤¹¤Ù¤¤È¤Î¹Í¤¨¤ò²þ¤á¤ÆÉ½ÌÀ¤¹¤ë¡£¡Ù ²¿¤ÇLIBOR¤òÇѻߤ¹¤ë¤È¶âÍ»¥·¥¹¥Æ¥à¤¬¶¯²½¤µ¤ì¤ë¤Î¤«¤µ¤Ã¤Ñ¤ê°ÕÌ£¤¬¥ï¥«¥é¥ó¥Á²ñĹ¤Ê¤Î¤Ç¤´¤¶¤¤¤Þ¤¹¤¬¡¢¤Ê¤ó¤«¤â¤¦¿ä¿Ê¤¹¤ëÊý¤â¤¹¤Ã¤«¤ê¥Ò¥ã¥Ã¥Ï¡¼¥â¡¼¥É¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤Î¤ÏÇİ®¤·¤¿¡£ ¡Ø¤³¤Î°ì´Ä¤È¤·¤Æ¡¢»Ô¾ì»²²Ã¼Ô¤Ï¡¢IBOR ¤ä¾¤Î¶âÍø»ØÉ¸¤¬¹±µ×Ū¤Ë¸øÉ½Ää»ß¤È¤Ê¤Ã¤¿¾ì¹ç¤ËŬÍѤµ¤ì¤ë¥Õ¥©¡¼¥ë¥Ð¥Ã¥¯¤Î¼è·è¤á¤òÍý²ò¤·¡¢¤³¤¦¤·¤¿¾ì¹ç¤ËÀ¸¤¸ÆÀ¤ë¿¼¹ï¤Ê»Ô¾ì¤Îº®Íð¤òËɤ°¾å¤Ç¡¢¤³¤ì¤é¤Î¼è·è¤á¤Ë½½Ê¬¤Ê´è·òÀ¤ò³ÎÊݤ¹¤ë¤³¤È¤¬¿ä¾©¤µ¤ì¤ë¡£¡Ù ¡Ø¥×¥í¥È¥³¥ë¤È ISDA ¤Î¥Õ¥©¡¼¥ë¥Ð¥Ã¥¯¤Ë´Ø¤¹¤ëʸ¸À¤Ï¡¢ÂçȾ¤Î¥Ç¥ê¥Ð¥Æ¥£¥Ö·ÀÌó¤Ë¥Õ¥©¡¼¥ë¥Ð¥Ã¥¯¾ò¹à¤òƳÆþ¤·¡¢¥Õ¥©¡¼¥ë¥Ð¥Ã¥¯¾ò¹à¤¬È¯Æ°¤µ¤ì¤¿ºÝ¡¢IBOR ¥¨¥¯¥¹¥Ý¡¼¥¸¥ã¡¼¤ò¥ê¥¹¥¯¡¦¥Õ¥ê¡¼¡¦¥ì¡¼¥È(RFR)¤ËϢư¤¹¤ë¤â¤Î¤ËÃÖ¤´¹¤¨¤ë¤¿¤á¤Î¡¢Â¨ºÂ¤ËÍøÍѲÄǽ¤Ê¼êÃʤòÄ󶡤¹¤ë¡£¡Ù ¤È¤¤¤¦¤³¤È¤Ç°Ê²¼Â³¤¯¤ó¤Ç¤¹¤¬¡¢¥¢¥¿¥¯¥·¤âÊ̤ˤ³¤ì¾Ü¤·¤¤Ìõ¤Ç̵¤¤¤Î¤Ç¤½¤ÎÊÕ¤ÏÀìÌç²È¤Î¤ªÊý¤Ëʹ¤¯¤·¤«¤Ê¤¤(¤Î¤â¥¢¥ì¤À¤«¤éÊÙ¶¯¤Ï¤·¤Æ¤Þ¤¹¤±¤É¤Í)¤Î¤Ç¤¹¤¬¡¢ISDA¤Î¥Õ¥©¡¼¥ë¥Ð¥Ã¥¯¤Ö¤Ã¤³¤ó¤Ç¤ª¤¯¤ÈISDA¥Ù¡¼¥¹¤Î·ÀÌ󤷤Ƥ¤¤ì¤ÐLIBOR°Ü¹Ô¤ÎºÝ¤Ë¸ò¾Ä¾å¼ê¤¯¹Ô¤«¤Ê¤¯¤Æ°Ü¹Ô¤Ç¤¤Þ¤»¤ó¤Ç¤·¤¿¤È¤«¤½¤¦¤¤¤¦¤Î¤¬¥»¡¼¥Õ¤Ë¤Ê¤ë¤È¤«¤½¤¦¤¤¤¦¥¢¥ê¥¬¥¿¥ä¤ÊÏäˤʤë¤Î¤Ç¤·¤ç¤¦¤«??²¿¤«¹ñÆâ¤ÎË¡µ¬Åª¤Ë¤½¤ì¥À¥á¤½¤¦¤Ê´¶¤¸¤¬¤¹¤ë¤ó¤Ç¤¹¤±¤É¤Í¤¨¡¢¤Ê¤É¤È¤½¤¦¤¤¤¦¤Î¤¬µ¤¤Ë¤Ê¤ë¡£ ¤Ä¡¼¤«¤Ç¤¹¤Í¡¢¤½¤â¤½¤âÏÀ¤È¤·¤ÆLIBOR̵¤¯¤Ê¤ê¤Þ¤¹¤Ã¤ÆÏäÎÃæ¤Ç¡¢ÅöÁ³¤Ê¤¬¤éLIBOR¥Ù¡¼¥¹¤Ç¤Î·ÀÌó¤È¤«¤¬¤¢¤Ã¤¿¾ì¹ç¡¢¿·»ØÉ¸¤È¤Î¥È¥é¥ó¥¸¥·¥ç¥ó¤É¤¦¤¹¤ë¤Î¤Î½ê¤ÇÍø³²¤Ï¤É¤¦¤·¤Æ¤â¤Ö¤Ä¤«¤ë¤Î¤Ç¡¢¥¥á¤Ï¥¥á¡¢¤Ç²¡¤·Ä̤»¤ë¤Î¤«¤È¤¤¤¦¤È¤³¤ì¤Þ¤¿¥à¥Ä¥«¥·¥ä¤ÊÃæ(¤À¤«¤é¤³¤½Â礤ʴط¸¼Ô¤Ç¶ä¹Ô¤¸¤ã¤Ê¤¤¿Í㤬¤ï¤ó¤µ¤«¥ï¡¼¥¥ó¥°¤Ë¸Æ¤Ð¤ì¤Æ¤¤¤ë¤ó¤Ç¤·¤ç¤¦¤±¤ì¤É¤â)¡¢ºÇ½ªÅª¤Ë°Ü¹Ô¤Ç¤¤Ê¤¤Éôʬ¤Ë´Ø¤·¤Æ¤É¤¦¤¹¤ë¤Î¤«¡¢¤È¤¤¤¦ÏäˤĤ¤¤Æ¤ÏÁáµÞ¤Ë²¿¤«¥Ø¥Ã¥¸¤·¤Æ¤ª¤«¤Ê¤¤¤È¡¢°Ü¹Ô´Ö¤Ë¹ç¤ï¤Ê¤¤Ãæ¤Ç¤½¤Î¤Þ¤ÞÃè¤ËÉ⤤¤Æ¤·¤Þ¤¦¤È¤¢¤Ð¤Ð¤Ð¤Ð¡¼¤Ë¤âÄø¤¬¤¢¤ëÌõ¤À¤·¡¢¤½¤³¤ò¤¬¤Ã¤Á¤êôÊݤ¹¤ë¤Ë¤Ï¤ä¤Ï¤êË¡Îá¤Ê¤êÀ¯Îá¤Ê¤ê¤Î¼êÅö¤Æ¤ò¤·¤Æ¤ª¤¤¤¿Êý¤¬°ÂÁ´¤¸¤ã¥Í¡¼¥Î¤È»×¤¦¤Î¤À¤¬¡¢¤µ¤Æ¤É¤¦¤Ê¤ë¤³¤È¤ä¤é¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ °Ê²¼ÀѤ߻Ĥ·¥Í¥¿¤ò½¦¤Ã¤Æ²ó¤ë´ë²è(¤¹¤¤¤Þ¤»¤ó¤¹¤¤¤Þ¤»¤ó)¡£ ¡»¥Þ¥¯¥í²Ã»»ÈæÎ¨¤Ï¥³¥í¥Ê¥ª¥Ú¤Î2ÇÜ2Çܤǥ¸¥ã¥ó¥¸¥ã¥ó²¼¤¬¤ë¤Î´¬[³°Éô¥ê¥ó¥¯] ǯ 10 ·îÀѤߴü´Ö:20.5% ¤³¤ì¤Ë¤è¤ê¡¢ÆüËܶä¹ÔÅöºÂͶâ¤Î¤¦¤Á¡¢¥Þ¥¤¥Ê¥¹¶âÍø¤¬Å¬ÍѤµ¤ì¤ëÀ¯ºö¶âÍø»Ä¹â(¶âÍ»µ¡´Ø´Ö¤ÇºÛÄê¼è°ú¤¬¹Ô¤ï¤ì¤¿¤È²¾Äꤷ¤¿¶â³Û)¤Ï¡¢5Ãû±ßÄøÅ٤Ȥʤ븫¹þ¤ß¤Ç¤¹¡£¡Ù ¤Þ¤¢ÀèÈ̤â¤Þ¤¿¥ª¥Ú¤Ë¤è¤ë¥Þ¥¯¥í²Ã»»¥Ü¡¼¥Ê¥¹¤¬³ÈÂ礷¤Æ¤¤¤ë¤Î¤Ç¡¢´ðÁûĹâ¤Ë³Ý¤±¤ë³Ý¤±Ìܤ¬²¼¤¬¤ë¤Î¤ÏÃפ·Êý¤Ê¤·¤È¤¤¤¦½ê¤Ç¤Ï¤¢¤ë¤Î¤Ç¤¹¤¬¡¢¤½¤ì¤Ë¤·¤Þ¤·¤Æ¤â¡¢ 2020 ǯ6·îÀѤߴü´Ö:28.5% 2020 ǯ7·îÀѤߴü´Ö:31.5% 2020 ǯ8·îÀѤߴü´Ö:29.0% 2020 ǯ9·îÀѤߴü´Ö:24.0% 2020 ǯ 10 ·îÀѤߴü´Ö:20.5% ¤Ã¤Æ¤ÊÌõ¤Ç¡¢¥³¥í¥Ê¥ª¥ÚÍøÍÑÀ仿ÂçÂ¥¿ÊÂоÝÀèÀ仿Âç³ÈÂ礬¸ù¤òÁÕ¤·¤Æ¥Þ¥¯¥í²Ã»»¤Î³Ý¤±Ìܤ¬7·î°Ê¹ß¤Ï¸º¾¯¤¹¤ë°ìÊý¤Ç¤·¤«¤â¤Þ¤¢¤³¤³2¤«·î¤ÎÍî¤Á¤Ã¤×¤ê¤¿¤ë¤ä¤â¤¦²¿¤Ç¤·¤ç¤¦¤È¤¤¤¦´¶¤¸¤Ê¤Î¤Ç¤¹¤¬¡¢´°Á´ºÛÄê¸å¤Î¥Þ¥¤¥Ê¥¹¶âÍøÅ¬ÍѻĹâ5Ãû±ß¤ÏÊѤï¤é¤ó¤È¤¤¤¦ÏäǤϤ¢¤ë¤Î¤Ç¤¹¤¬¡¢¥³¥í¥Ê¥ª¥ÚÅù¤Ç¥Þ¥¯¥í²Ã»»¥Ü¡¼¥Ê¥¹¤ò¥Ð¥ó¥Ð¥ó»¶ÉÛ¤·¤¿·ë²Ì¤³¤¦¤¤¤¦·Á¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤È¤¤¤¦¤³¤È¤Ç¤¢¤ê¤Þ¤·¤Æ¡¢¤¨¡¼¤Ã¤È¤¹¤¤¤Þ¤»¤ó¥Þ¥¤¥Ê¥¹¶âÍøÀ¯ºö¤¬½ÅÍפʸú²Ì¤òȯ´ø¤·¤Æ¤¤¤ë¤ó¤À¤Ã¤¿¤éÊ̤˥³¥í¥Ê¥ª¥Ú¤Ç¤Î¥Þ¥¯¥í²Ã»»¥Ü¡¼¥Ê¥¹¤È¤«Íפë¤Î¤«¤è¤È¤¤¤¦Àâis¤¢¤ëÌõ¤Ç¤·¤Æ¡¢¤Þ¤¢¥Þ¥¤¥Ê¥¹¶âÍøÀ¯ºö¼«ÂΤÎÉÔÌÓ¤µ¤È¤¤¤¦¤Î¤¬Îɤ¯Ê¬¤«¤ê¤Þ¤¹¤Ê¤¢¤È»×¤¤¤Þ¤·¤¿¡¢¤È¤¤¤Ä¤â¤Î°ÂÖ¡£ ¤·¤«¤·¤Þ¤¢²¿¤Ç¤¹¤Ê¡¢3¤«·î¤Ç¥Þ¥¯¥í²Ã»»¤Î³Ý¤±ÌÜ10%¤âºï¤é¤ì¤Æ¤·¤Þ¤¤¤Þ¤¹¤È¡¢¤â¤È¤â¤È´ðÁûĹâ»ý¤Ã¤Æ¤¤¤Ê¤¤¿Í¤Ï³Ý¤±ÌܤÁ¤ç¤Ã¤Èư¤¤¤Æ¤â¸íº¹¤Ç¤¹¤¬¡¢´ðÁûĹ⤬Â礤¯¤Æ¡¢¤«¤Ä¥³¥í¥Ê¥ª¥Ú¤È¤«¤Ë¤¢¤ó¤Þ¤êÆþ¤ì¤ë¤â¤Î¤¬Ìµ¤«¤Ã¤¿¤ê¤¹¤ë¤È»×¤¤¤Ã¤¤êⲴ󤻿©¤é¤¦Ïäˤʤäơ¢¤Þ¤¢¿ÍÍͤβû¶ñ¹ç¤ÎÏäÀ¤«¤é¤è¡¼Ê¬¤«¤é¤ó¤Ç¤¹¤±¤ì¤É¤â¡¢¤½¤ó¤Ê¤ªÊý¤¬¤¤¤é¤Ã¤·¤ã¤¤¤Þ¤·¤¿Æü¤Ë¤Ï¤´½¥½ýÍͰʳ°¤Î¸ÀÍÕ¤¬»×¤¤¤Ä¤¤Þ¤»¤ó¤Ç¤¹¤ï¡¢¥Ê¥à¥Ê¥à¥Ê¥à¡£ ¡»BEI¤Í¤¨¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¤Á¤ç¤Ã¤ÈÁ°¤Ë¤³¤ó¤Ê¤Î¤¬½Ð¤Æ¤Þ¤·¤¿¡£[³°Éô¥ê¥ó¥¯] Ê¿ÅÄ¡¡¾Ä 2020 ǯ 9 ·î ¤Þ¤¢²¿¤È¿½¤·¤Þ¤¹¤«¤Ç¤¹¤Í¡¢¤½¤¦¿½¤·¾å¤²¤Æ¤·¤Þ¤¦¤È¸«¤â³¸¤â̵¤¤¤Î¤«¤âÃΤì¤Þ¤»¤ó¤±¤ì¤É¤â¡¢´ðËÜŪ¤Ëµ¡´ØÅê»ñ²È¤Ã¤Æ¥¤¥ó¥Õ¥ì¥ê¥¹¥¯Éôʬ¤Ï¡¢¤½¤Îµ¡´ØÅê»ñ²È¤Ë»ñ¶â¤òͶâ¤Ê¤êÊݸ±¾¦Éʤʤê¤ß¤¿¤¤¤Ê·Á¤Çͤ±¤Æ¤¤¤ëÊý¤Î½ê¤¬¼è¤Ã¤Æ¤¤¤ë¤â¤Î¤Ê¤Î¤Ç¡¢¤½¤â¤½¤âÏÀ¤È¤·¤Æ¥×¥í¥Ñ¡¼¤Ç¤½¤ó¤Ê¤ËCPI¤ÎÊÑÆ°¤ò¥ê¥¹¥¯¥Ø¥Ã¥¸¤»¤Ë¤ã¤¢¤Ê¤é¤ó¤È¤¤¤¦»ö¤Ã¤Æ¤¤¤¦¤Î¤Ï¡¢¥Ý¡¼¥È¤ÎÃæ¤Î¥¹¥Ñ¥¤¥¹¤È¤·¤Æ°ìÉô¿ÍͲ½¤Î°ì´Ä¤ÇÆþ¤ì¤ë¤Î¤Ï¤Þ¤¢Í¤ë¤È¤Ï»×¤¦¤Î¤Ç¤¹¤¬¡¢Ê̤˳ô¼°¤Ç¤â¤½¤ì¤³¤½ÉÔÆ°»º¤Ç¤â¡¢¥¤¥ó¥Õ¥ìÂбþ¤¹¤ë¥¢¥»¥Ã¥È¥¯¥é¥¹¤Ã¤ÆÂ¾¤Ë¤â¤¢¤ë¤ó¤Ç¤¹¤è¤Í¡£ ¤â¤Á¤í¤óºÄ·ô¤À¤±¤Ë¤·¤«Åê»ñ(Í»»ñ¤â´Þ¤à)¤·¤Ê¤¤¤Ç¡¢¥¤¥ó¥Õ¥ì¥ê¥¹¥¯¥Ø¥Ã¥¸¤·¤í¤È¸À¤ï¤ì¤¿¤éʪ²ÁϢư¹ñºÄ¤È¸À¤¦»ö¤Ë¤Ê¤ë¤ó¤Ç¤·¤ç¤¦¤±¤ì¤É¤â¡¢ÉáÄ̤Ͼ¤Î¥¢¥»¥Ã¥È¥¯¥é¥¹¤Ç¥Ø¥Ã¥¸¤·¤¿Êý¤¬¸úΨÎɤ¤¤ó¤¸¤ã¥Í¡¼¥Î(ʪ¹ñ¤ÏBEI¤Îʬ¤À¤±¸ÇÄêÍøÉպĤè¤êÌÜÀè¤ÎÍø²ó¤ê°¤¤¤·)¤È»×¤¦¤Î¤è¡£ ¤Æ¤ÊÌõ¤Ç¤·¤Æ¡¢¤Þ¤¢BEI¤Ç»Ô¾ì¤Î¥¤¥ó¥Õ¥ì´üÂÔ¤òʬÀϤ¹¤ë¤Ã¤ÆÊ¬ÀϤȤ·¤Æ¤ÏʪÀ¨¤¯ÌÌÇò¤¤¤È¤¤¤¦¤Î¤ÏÎɤ¯Ê¬¤«¤ë¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢¤¦¡¼¤ó¤³¤Î¤È¤¤¤¦´¶¤¸¤Ç¤´¤¶¤¤¤Þ¤·¤Æ¡¢¤½¤ì¤è¤ê¤âÉáÄ̤˸ÇÄêÍøÉպĤΥ¤¡¼¥ë¥É¥«¡¼¥Ö¤Î¼çÀ®Ê¬Ê¬ÀϤÀ¤«²¿¤À¤«Îɤ¯¸ÀÍÕ¤¬Ê¬¤«¤Ã¤Æ¤¤¤Þ¤»¤ó¤¬¡¢¥«¡¼¥Ö·ÁÀ®¤ÎÃæ¤Ç(¤¿¤Ö¤ó¥«¡¼¥Ö¤Î¥¹¥Ê¥Ã¥×¥·¥ç¥Ã¥È¤ò¼è¤ë¤è¤ê¤â´üÃæ¤ÎÊѲ½¤ËÃåÌܤ·¤¿Êý¤¬Îɤ¤¤è¤¦¤Êµ¤¤¬¤¹¤ë¤±¤É¥¢¥¿¥¯¥·¤Ï¤½¤¦¤¤¤¦ÃÎǽ¤Ï̵¤¤¤Î¤ÇÎɤ¯Ê¬¤«¤é¤ó)»Ô¾ì¤Î´üÂÔ¥¤¥ó¥Õ¥ì¤Î¿ä°Ü¤ò¸«¤Æ¤¤¤¯¤ß¤¿¤¤¤ÊÊý¤¬¡¢¤½¤Ã¤Á¤ÎÊý¤¬»²²Ã¼Ô¤Î¸ü¤ß¤â»Ô¾ì¤Î¸ü¤ß¤â¤¢¤ë¤À¤±¤Ë¡¢¤è¤êÎɤ¤¤â¤Î¤¬¤È¤ì¤ë¤ó¤¸¤ã¤Ê¤¤¤«¤Ê¤¢¤È»×¤¦¤Î¤Ç¤¹¤¬¤É¤¦¤Ã¤¹¤«¤Í¡£ ¤Þ¤¢¤³¤ì¤Ï¤³¤ì¤Ç¤ªÏäȤ·¤Æ¤Ï¥ª¥â¥í¥¤¤Î¤À¤¬¡¢²¿¤»¤½¤¦¤¤¤¦¤³¤È¤Çʪ²ÁϢư¹ñºÄ»Ô¾ì¼«Âλ²²Ã¼Ô¤Î¸ü¤ß¤È¤¤¤¦¤«¥Ð¥é¥¨¥Æ¥£¤¬¥¤¥Þ¥¤¥Á¤µ¤ó¤À¤È»×¤¦¤Î¤Ç¡¢¤½¤ì¤è¤ê¤Ï¤¤¤í¤ó¤ÊÊý¤¬»²²Ã¤·¤Æ¤¤¤ëÊý¤¬Ê¬ÀÏÂоݤˤʤë¤ó¤¸¤ã¤Ê¤¤¤«¤Ê¡£¤È»×¤¤¤Þ¤·¤¿¤¬¡¢¤è¤¯¤è¤¯¹Í¤¨¤Æ¤ß¤ì¤Ðº£¤ÏYCC¤ä¤Ã¤Æ¤¤¤ë¤ó¤Ç¤¹¤«¤é¸ÇÄêÍøÉպĤΥ¤¡¼¥ë¥É¥«¡¼¥ÖʬÀϤò¤ä¤Ã¤Æ¤âÆü¶äÇãÆþÍ×°ø¤Ð¤Ã¤«¤ê¤Ë¤Ê¤Ã¤Æ¤·¤Þ¤¦¡¢¤È¤¤¤¦Èᤷ¤¤¤³¤È¤Ëµ¤¤¬ÉÕ¤¤¤¿¤Î¤Ç¤Þ¤¢¤¿¤À¤Î»¨Ã̤Ǥ´¤¶¤¤¤Þ¤·¤¿¡£ #BEI¤È¸À¤¨¤ÐÃÖʪ»Õ¾¢¤Ç¤¹¤«¤½¤¦¤Ç¤¹¤«www ¡»ËÜÅö¤Ï¥Þ¥¯¥é¤ÊÏäʤó¤À¤¬¤¢¤Þ¤ê¤Î¥°¥À¥°¥À¿¶¤ê¤ËµÇ°¥á¥â¤ò»Ä¤·¤Æ¤ª¤¯¤Î¤âÎɤ¤¤«¤È(³Ø½Ñ²ñµÄ¤Î¥¢¥ì) ¤³¤ì¤Þ¤¿»¨Ã̤Ĥ¤¤Ç¤Ê¤ó¤Ç¤¹¤±¤É¤Í¡£ ²¿¤Ç¤³¤ó¤Ê¤É¤¦¤Ç¤â¤¤¤¤°Æ·ï¤Ç¥°¥À¥°¥À¤ÈÀ¯¼£»ñ¸»¤ò¾ÃÌפ¹¤ë¤Î¤Ç¤·¤ç¤¦¤«¡£[³°Éô¥ê¥ó¥¯]
¤ªÂê¡ÖCBDC¥Í¥¿ÅоìÅоì!!!!(ÌÜÀè¤ÎÏäǤϰìÀÚ¤´¤¶¤¤¤Þ¤»¤ó¤¬)¡×
2020/10/12¡Ê·î¡Ë08:07:45
²¿¤ÇµÞ¤Ëº£Æü¤Î¥Ë¥å¡¼¥¹¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤ó¤À????[³°Éô¥ê¥ó¥¯] 3ǯ9¤«·î¤Ö¤ê ¿··¿¥³¥í¥Ê±Æ¶Á¤« 2020ǯ10·î12Æü 4»þ20ʬ ¡ØÆüËܷкѤÏÁ´ÂΤΡּûÍספ¬¡Ö¶¡µëÎϡפò²¼²ó¤ê¡¢3ǯ9¤«·î¤Ö¤ê¤Ë¼ûÍ×ÉÔ¤ξõÂ֤ˤʤäƤ¤¤ë¤È¤¤¤¦¿ä·×¤òÆü¶ä¤¬¤Þ¤È¤á¤Þ¤·¤¿¡£ÀìÌç²È¤Ï¡Ö¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹¤Î±Æ¶Á¤ò¼õ¤±¤ÆÊª²Á¤¬²¼¤¬¤ë·¹¸þ¤Ë¤¢¤ë¤³¤È¤ò¼¨¤·¤Æ¤¤¤ë¡×¤È»ØÅ¦¤·¤Æ¤¤¤Þ¤¹¡£¡Ù(¾åµURLÀè¤è¤ê) Æâ³ÕÉÜÈǤÎÏäʤé¤Þ¤Àʬ¤«¤ë¤Î¤Ç¤¹¤¬¡¢Æü¶äÈǤäƽФ¿¤Î¤¬¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦[³°Éô¥ê¥ó¥¯] 5Æü ¥Ç¡¼¥¿ [XLSX 33KB] 2020ǯ10·î 5Æü ¿Þɽ [PDF 99KB] ¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¤Ê¤¼1½µ´Ö·Ð²á¤·¤Æ¤«¤é¥Ë¥å¡¼¥¹¤Ë¤Ê¤ë¤Î¤ä¤é¡£¤È¸À¤Ã¤Æ¤ë¥¢¥¿¥¯¥·¤â¥Í¥¿¤Î¾Ã²½¤¬Äɤ¤¤Ä¤«¤Ê¤¤¤Î¤À¤«¤é¿Í¤Î»ö¤Ï¸À¤¨¤Ê¤¤(¤¤¤ä¤½¤ÎÏÀÅÀ¤Ï¤ª¤«¤·¤¤)¡£ ¤³¤ì½Ð¤¿Ä¾¸å¤¸¤ã¤Ê¤¯¤ÆËº¤ì¤¿º¢¤ËÆÍÇ¡¹ñ±Ä¥Ë¥å¡¼¥¹¤Î¥Í¥¿¤È¤·¤Æ½Ð¤Æ¤¤¿¡¢¤È¤¤¤¦¤Î¤Ë¤Ï²¿¤é¤«¤Î¥¢¥ì¤ò´¶¤¸¤ë¤Î¤Ç¤¹¤¬µ¤¤Ë¤·¤¹¤®¤Ç¤¹¤«¤Í¤¨¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡»Ãæ¶ä¥Ç¥¸¥¿¥ëÄ̲ߥͥ¿¥¥¿¥³¥ì ¶âÍˤϤ³¤ó¤Ê¤Î¤¬¤Ö¤Ã¤³¤Þ¤ì¤Æ¤ª¤ê¤Þ¤·¤¿¤¾¤Ê¡£[³°Éô¥ê¥ó¥¯] ǯ 10 ·î ½Ð¤·¤Æ¤¤¤ë¿Í¤Î¤ªÌ¾Á°¤ÏºÇ½é¤Î¥Ú¡¼¥¸¤Ë¤¢¤ê¤Þ¤¹¤è¤¦¤Ë¡¢ ¥«¥Ê¥À¶ä¹Ô ²¤½£Ãæ±û¶ä¹Ô ÆüËܶä¹Ô ¥¹¥¦¥§¡¼¥Ç¥ó¡¦¥ê¥¯¥¹¥Ð¥ó¥¯ ¥¹¥¤¥¹¹ṉ̃¶ä¹Ô ¥¤¥ó¥°¥é¥ó¥É¶ä¹Ô Ϣˮ½àÈ÷À©ÅÙÍý»ö²ñ ¹ñºÝ·èºÑ¶ä¹Ô ¤À¤½¤¦¤Ç¤¹¤Ë¤ã¡£¤µ¤Ã¤È¼Ð¤áÆÉ¤ß¤·¤Æ¤ß¤ë¡£ ¡ØÇطʡ٤Ȥ¤¤¦¾®¸«½Ð¤·¤À¤«¤é¥Ð¥Ã¥¯¥°¥é¥¦¥ó¥É¤Ã¤ÆÅۤǤ¹¤Ê¡£ ¡Ø2020 ǯ 1 ·î¡¢ËÜ¥°¥ë¡¼¥×¤Ï¡¢Ãæ±û¶ä¹Ô¥Ç¥¸¥¿¥ëÄ̲ß(CBDC)¤ÎʬÀϤò¶¦Í¤·È¯Å¸¤µ¤»¤ë¤¿¤á¡¢ÁíºÛ㤫¤é¤Î»Ø¼¨¤ò¼õ¤±¤ÆÈ¯Â¤·¤¿¡£¡Ù ¤Û¤Û¤¦¡£ ¡Ø¥Þ¥Í¡¼¤ËÂФ¹¤ë¿®Ç§¤ÎÊÝÁ´¡¢Êª²Á¤Î°ÂÄê¡¢¶¯¿Ù¤Ê·èºÑ¥¤¥ó¥Õ¥é¤Î³ÎÊݤϡ¢Ãæ±û¶ä¹Ô¤¬¸ø¶¦¤Î¸üÀ¸¤ò»Ù¤¨¤ë¤¿¤á¤ÎÃæ³ËŪ¤Ê¼êË¡¤Ë´Þ¤Þ¤ì¤ë¡£Ãæ±û¶ä¹Ô¤Ï¡¢¸ø¶¦À¯ºö¾å¤ÎÌÜŪ¤ò¿ë¹Ô¤¹¤ëÀøºßŪ¤Ê¼êÃʤȤ·¤Æ¡¢¤³¤ì¤Þ¤Ç¤â CBDC ¤Ø¤Î´Ø¿´¤ò¿¼¤á¤Æ¤¤¿¡£¤µ¤é¤Ë¡¢Âµö¤Î¶âÍ»¡¢µ»½Ñ¡¢¼Ò²ñ¤Î¹ÈϤÊÊѲ½¤Ë²Ã¤¨¡¢Âµö¤Î¥³¥í¥Ê´íµ¡¤ÎȯÀ¸¤Ë¤è¤ê¡¢CBDC ¤Ë´Ø¤¹¤ë¸¦µæ¤ä¼Â¾Ú¼Â¸³¤Ë¤«¤«¤ë¿ä¿ÊÎϤϹâ¤Þ¤Ã¤Æ¤¤¤ë¡£¡Ù ¤Û¡¼¤ó(¤¤¤Ä¤â¥Ë¥³¥Ë¥³¸½¶âʧ¤¤¤Ê¤Î¤Ç¼Â´¶¤¬Ìµ¤¤¥¢¥¿¥¯¥·)¡£ ¡ØËÜÊó¹ð½ñ¤Ï¡¢Éý¹¤¤¼çÂΤ¬ÍøÍѲÄǽ¤Ê¡Ö°ìÈÌÍøÍÑ·¿CBDC¡×(Ãæ±û¶ä¹Ô¤ÎľÀÜŪ¤ÊÉéºÄ¤È¤·¤Æ¡¢¤½¤Î¹ñ¤ÎÄ̲߷ú¤Æ¤ÇÄ󶡤µ¤ì¤ëÅÅ»ÒŪ¤Ê·èºÑ¼êÃÊ)¤Ë¾ÇÅÀ¤ò¤¢¤Æ¤ë¡£¡Ù ľ¸å¤Ë½Ð¤Æ¤¤Þ¤¹¤¬¡¢¥Û¡¼¥ë¥»¡¼¥ë·¿CBDC¤Ã¤Æ¤Î¤â¤¢¤Ã¤Æ¡¢¤½¤¤¤Ä¤Î¾ì¹ç¤Ã¤ÆÃæ±û¶ä¹ÔÅöºÂͶ⤬´û¤ËÅŻҲ½¤µ¤ì¤Æ¤¤¤ëÌõ¤Ç¤¹¤«¤é¡¢¤Þ¤¢¤½¤³¤Þ¤Ç¶Ëü¤ÊÊѲ½¤¬¤¢¤ë¤«¤È¤¤¤¦¤È¤½¤ì¤Ï¤½¤ì¤È¤¤¤¦Ïäˤʤê¤Þ¤¹¤Î¤Ç¡¢ÌäÂê¤Ï¸½¶âÂåÂØ¤È¤Ê¤ëÊý¤ÎÃæ¶ä¥Ç¥¸¥¿¥ëÄ̲ߡ¢¤Ê¤ó¤Ç¤¹¤è¤Í¡£ ¡Ø¶âÍ»µ¡´Ø¤ËÍøÍѤ¬¸Â¤é¤ì¤ë¡Ö¥Û¡¼¥ë¥»¡¼¥ë·¿ CBDC¡×¤âÃæ±û¶ä¹Ô¤¬ÀѶËŪ¤Ë¸¡¾Ú¤ò¹Ô¤Ã¤Æ¤¤¤ëʬÌî¤Ç¤¢¤ë¤¬¡¢¤½¤Îµ¡²ñ¤ä²ÝÂê¡¢¥ê¥¹¥¯¤Ï°Û¤Ê¤ë¡£ËÜÊó¹ð½ñ¤Ï¡¢²¾¤Ë°ìÈÌÍøÍÑ·¿ CBDC ¤òȯ¹Ô¤¹¤ë¾ì¹ç¤Î¡¢¤½¤Î³èÍÑÊýË¡¡¢²ÝÂê¡¢µ¡²ñ¤Ë¤Ä¤¤¤ÆÀ°Íý¤¹¤ë¡£ËÜÊó¹ð½ñ¤Ï¡¢À°Íý¤ò¹Ô¤¦¤â¤Î¤Ç¤¢¤ê¡¢ËÜ¥°¥ë¡¼¥×¤Ë»²²Ã¤·¤Æ¤¤¤ëÃæ±û¶ä¹Ô¤¬¡¢ÀѶËŪ¤Ëȯ¹Ô¤ò¸¡Æ¤¤·¤Æ¤¤¤ë¤³¤È¤ò°ÕÌ£¤·¤Ê¤¤¡£¡Ù ÃǤê¤òÆþ¤ì¤Æ¤¤¤ë¤Î¤¬¤ªÞ¯Íî¡£¤È¤¤¤¦¤«ÆÃ¤ËFED¤È¤«CBDC¤Ë°Ü¹Ô¤¹¤ë¥á¥ê¥Ã¥È¤ËÂФ·¤Æ¼º¤¦¤â¤Î¤¬Âç¿ù¤Î¤è¤¦¤Êµ¤¤¬¤¹¤ë¤ó¤Ç¤¹¤è¤Í¡£ ³¤¤Þ¤·¤ÆÄ´»Ò¤Ë¤Î¤Ã¤Æ¡Ø¼çÍ×¥á¥Ã¥»¡¼¥¸¡Ù¤ò°úÍÑ¡£ ¡ØCBDC ¤Îȯ¹Ô¤ª¤è¤ÓÀ߷פϡ¢³ÆË¡°è¤¬¡¢°ÂÁ´¤Ê·èºÑ¼êÃʤÎÄ󶡤òÄ̤¸¡¢CBDC ¤¬¤¤¤«¤Ë¸ø¶¦À¯ºö¾å¤ÎÌÜŪ¤ò»Ù¤¨¤é¤ì¤ë¤«¤òɾ²Á¤·¤¿¤¦¤¨¤Ç·èÄꤹ¤Ù¤¤Ç¤¢¤ë¡£¡Ù ¤É¤³¤«¤Î¹ñ¤Ç¤Ï¤Þ¡¼¤¿¼êÃʤòÌÜŪ²½¤·¤Æ¥Ç¥¸¥¿¥ë²½¤À¤Î¤Ê¤ó¤À¤Î¤È¤«¸À¤Ã¤Æ¤¤¤ëÀ¯Éܤ¬¤¢¤ê¤Þ¤¹¤¬¡¢¤½¤â¤½¤â²¿¤Î¤¿¤á¤ËƳÆþ¤¹¤ë¤Î¤«¡¢¤È¤¤¤¦»ö¤ò¤Á¤ã¤ó¤ÈƧ¤Þ¤¨¤Ê¤¤¤Ç¡Ö¿·¤·¤¤µ»½Ñ¤À¤«¤éÆþ¤ì¤ë¡×Àè¤Ë¤¢¤ê¤(Ƭ¤¬ÃæÅÓȾü¤ËÎɤ¯¤ÆºÂ³Ø¤Ð¤Ã¤«¤ê¤·¤Æ¤¤¤ë¤È¤½¤¦¤¤¤¦»ö¤Ë¤Ê¤ê¤¬¤Á)¤Ç¤Ö¤Ã¤³¤Þ¤Ê¤¤¤è¤¦¤Ë¤·¤ÆÄº¤¤¿¤¤¤â¤Î¤Ç¤¹¡£ ¡Ø°ÂÄê¤Ë´Ø¤¹¤ëÃæ±û¶ä¹Ô¤Ë¶¦Ä̤Υޥó¥Ç¡¼¥È¤Ï¡¢¤¢¤é¤æ¤ë CBDC ¤Ë¤è¤Ã¤Æ¡¢Ãæ±û¶ä¹Ô¤Î¸½ºß¤Îµ¡Ç½¤¬¡¢´û¸¤Î¥Þ¥ó¥Ç¡¼¥È¤ÎÃæ¤Ç¿Ê²½¤¹¤ë¤³¤È¤ò¼¨¤¹¡£³èÍÑÊýË¡¡¢´û¸¤Î¶âÍ»¡¦·ÐºÑ¹½Â¤¤ª¤è¤ÓˡŪÏÈÁȤߤÏ¿ÍͤǤ¢¤ê¡¢¤³¤ì¤Ë¤è¤ê¡¢CBDC ¤ÎÀ߷פâ¿ÍͤǤ¢¤ë¡£ÆÃ¤Ë¡¢¶âÍ»À¯ºö¤Ï¡¢¹ñÆâ¤Îʸ̮¤Ë´ð¤Å¤¤¤¿¹ñÆâ¤Î·èÄê»ö¹à¤Ç¤¢¤ë¡£CBDC ¤Î¶âÍ»À¯ºö¤ËÂФ¹¤ë´Þ°Õ¤ÏËÜÊó¹ð½ñ¤Î¾ÇÅÀ¤Ç¤Ï¤Ê¤¤¤¬¡¢Ãæ±û¶ä¹Ô¤Î·Ñ³Ū¤Ê¸¦µæÊ¬Ìî¤Ç¤¢¤ë¡£¡Ù ¤Ä¤Þ¤ê°ìΧŪ¤Ê¤â¤Î¤¬½ÐÍè¤ë¤È¤«¤½¤¦¤¤¤¦¤³¤È¤Ë¤ÏÀ®¤é¤ó¤È(µ»½Ñ¾å¤Ï¤É¤¦¤»Æ±¤¸¤Ë¤Ê¤ë¤Ë¤»¤è)¡£ ¡ØËÜ¥°¥ë¡¼¥×¤Ç¤Ï¡¢¾åµ¤ÎÅÀ¤òƧ¤Þ¤¨¡¢¸¡Æ¤¤Î»Ø¿Ë¤È¤Ê¤ê¡¢¸ø¶¦À¯ºö¾å¤ÎÌÜŪ¤ò»Ù¤¨¤ë¡¢CBDC ¤Ë¤«¤«¤ë´ðËÜŪ¤Ê¸¶Â§¤ÈÆÃÀ¤ò¼¨¤·¤¿(¿Þɽ1)¡£¡Ù ¥±¥Ä¤ÎÊý¤Ë¿Þɽ¤È¤¤¤¦Ì¾Á°¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤¹¤¬¡¢¤¿¤À¤Î²Õ¾ò½ñ¤¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤À¤±¤ÎÉôʬ¤¬¤¢¤ê¤Þ¤¹¤Î¤ÇŽ¤í¤¦¤È»×¤¨¤ÐŽ¤ì¤½¤¦¤Ç¤¹¤¬¤Á¤ç¤Ã¤È̵Â̤Ë¿¤¯¤Ê¤ê¤½¤¦¤Ê¤Î¤Ç¥Ñ¥¹¡£ ¡Ø¤³¤Î¹ç°Õ¤òÁ°Äó¤Ë¤¹¤ë¤È¡¢Ãæ±û¶ä¹Ô´Ö¤Ë¤Ï¡¢º£¸å¤Î¹ñºÝŪ¤Ê¶¨Ä´¡¢Ãθ«¤Î¶¦Í¡¢¼Â¾Ú¼Â¸³¤Ë¤Ä¤¤¤ÆÂ¿¤¯¤Î¶¦Ä̤δؿ´¤¬Â¸ºß¤¹¤ë¡£´ðËܸ¶Â§¤Ï¡¢¤¢¤é¤æ¤ëË¡°è¤Ë¤ª¤¤¤Æ¡¢CBDC ¤ò¿Ê¤á¤ë¸¡Æ¤¤ò¹Ô¤¦ºÝ¤Ë¤Ï¡¢°ìÄê¤ÎÍ×·ï¤òËþ¤¿¤¹É¬Íפ¬¤¢¤ë¤³¤È¤ò¶¯Ä´¤·¤Æ¤¤¤ë¡£¶ñÂÎŪ¤Ë¤Ï¡¢CBDC ¤Îȯ¹Ô¤¬¡¢Êª²Á¤ä¶âÍ»¥·¥¹¥Æ¥à¤Î°ÂÄê¤ò»¤Ê¤ï¤Ê¤¤¤³¤È¡¢¥¤¥Î¥Ù¡¼¥·¥ç¥ó¤ä¸úΨÀ¤òÂ¥¿Ê¤·¤Ä¤Ä¡¢´û¸¤Î¾¤Î·ÁÂ֤Υޥ͡¼¤È¶¦Â¸¤·¡¢Êä´°¤·¤¦¤ë¤³¤È¤Ç¤¢¤ë¡£¡Ù CBDC¤¬¤ª¤Ã¤Ñ¤¸¤Þ¤Ã¤¿¾ì¹ç¡¢Ì±´Ö¶ä¹Ô¤Î¿®ÍÑÁϤ¤Ã¤Ä¡¼¤«Â߽Фˤè¤Ã¤ÆÈ¯À¸¤¹¤ë¥Þ¥Í¡¼(¤Ä¤Þ¤ê¶ä¹Ô¤Î½ñµ¤Î¥Ú¥ó¤Ë¤è¤Ã¤ÆÈ¯À¸¤¹¤ëͶâ¤Î¤³¤È¤Ç¤¹¤Ê)¤È¤Î¥³¥ó¥Õ¥ê¥¯¥È¤¬µ¯¤¤ë¤Î¤«¤É¤¦¤«¤È¤«¡¢¤¿¤Ö¤ó¤½¤ÎÊդϴðËÜÃæ¤Î´ðËܤǤȤ䯤ÎÀΤ˲ò·è¤·¤Æ¤¤¤ëÏÀÅÀ¤À¤È»×¤¦¤Î¤Ç¤¹¤¬¡¢¤½¤¦¤¤¤¦¤½¤â¤½¤âÏÀ¤Î½ê¤«¤éÎɤ¯Ê¬¤«¤Ã¤Æ¤ª¤ê¤Þ¤»¤ó¥¢¥¿¥¯¥·(°ì±þÀÑÆÉËܤ¬¤¢¤Ã¤ÆÆÉ¤ó¤Ç¤¤¤ë¤Î¤Ç¤¹¤¬)¡£ ¡Ø¤³¤ì¤é¤ÎÍ×·ï¤ò·ø³Î¤ËËþ¤¿¤·¡¢ËÜ¥°¥ë¡¼¥×¤¬¼¨¤¹ÆÃÀ¤òÈ÷¤¨¤ë CBDC ¤Ï¡¢Ãæ±û¶ä¹Ô¤¬¸ø¶¦À¯ºö¾å¤ÎÌÜŪ¤ò¿ë¹Ô¤¹¤ë¤¿¤á¤Î½ÅÍפʼêÃʤȤʤë²ÄǽÀ¤¬¤¢¤ë¡£¡Ù ¤Û¤¦¤Û¤¦¡£ ¡Ø³ÆË¡°è¤Î¾õ¶·¤ËΩµÓ¤·¡¢¥ê¥¹¥¯¤¬½½Ê¬¤Ë¹îÉþ¤µ¤ì¤ì¤Ð¡¢CBDC ¤Ï·èºÑ¤Î¶¯¿ÙÀ¡¢¸úΨÀ¡¢ÊñÀÝÀ¡¢¥¤¥Î¥Ù¡¼¥·¥ç¥ó¤Î¹¹¤Ê¤ëÂ¥¿Ê¤Ë»ñ¤¹¤ë¡£¸½¶â»ÈÍѤÎÄã²¼¤ä¥Ç¥¸¥¿¥é¥¤¥¼¡¼¥·¥ç¥ó¤¬¿ÊŸ¤¹¤ëË¡°è¤Ç¤Ï¡¢CBDC ¤Ï¤Þ¤¿¡¢Ãæ±û¶ä¹Ô¥Þ¥Í¡¼¤Ø¤Î¥¢¥¯¥»¥¹¤ò°Ý»ý¤·¡¢¤½¤ÎÍøÊØÀ¤ò¹â¤á¤ë½ÅÍפÊÌò³ä¤ò²Ì¤¿¤·¤¦¤ë¡£ÍøÊØÀ¤ÈÍøÍѲÄǽÀ¤òÈ÷¤¨¤¿ CBDC ¤Ï¡¢Ì±´Ö¥Þ¥Í¡¼¤Î°ÂÁ´À¤¬Ä㤤¾ì¹ç¤Ë¤Ï¡¢¤½¤ÎÂåÂØ¤È¤·¤Æ¤ÎÌò³ä¤â²Ì¤¿¤¹¤³¤È¤¬¤Ç¤¤ë¡£¤µ¤é¤Ë¡¢Ëܺî¶È¤Ë´ØÍ¿¤·¤¿Á´¤Æ¤ÎÃæ±û¶ä¹Ô¤Ï¡¢¸½¶â¤òÄ󶡤·¡¢¥¢¥¯¥»¥¹¤ò°Ý»ý¤·Â³¤±¤ë¤³¤È¤òÌ󫤹¤ë¡£¡Ù ¤È¤¤¤¦¤Î¤ÏÎɤ¤¤ó¤À¤¬¡¢¤³¤Îľ¸å¤Ë¤¢¤ê¤Þ¤¹¤è¤¦¤Ë¡¢¾åµ¤ÎÏÀÅÀ¤òÉßÞ§¤·¤Æ¤·¤Þ¤¦¤È¤½¤â¤½¤âͶâ¶âÍ»µ¡´Ø¤Î¸ºß°ÕµÁ¤È¤Ï²¿¤¾¤ä¤È¤¤¤¦¤³¤È¤Ë¤Ê¤Ã¤Æ¤·¤Þ¤Ã¤Æ¡¢Í¶â¶âÍ»µ¡´Ø¤Î¿®ÍÑÁϤ¤È¤Î¥³¥ó¥Õ¥ê¥¯¥È¤¬µ¯¤¤ë¤È»×¤¦Ìõ¤Ç¤·¤Æ¡¢°Ê²¼¤½¤ÎµºÜ¤¬¤¢¤ë¡£ ¡ØCBDC ¤Î¶âÍ»°ÂÄê¾å¤Î´Þ°Õ¤Ï¡¢¿µ½Å¤Ë¸¡Æ¤¤µ¤ì¤ëɬÍפ¬¤¢¤ë¡£¼ç¤Ë2¤Ä¤Î·üǰ¤¬Â¸ºß¤¹¤ë¡£¡Ù ¥¥¿¥³¥ì¡£ ¡ØÂè1¤Ë¡¢¶âÍ»´íµ¡»þ¤Ë¤ª¤¤¤Æ¤Ï¡¢CBDC ¤Î¸ºß¤¬¤è¤êÂ絬ÌϤǵÞ®¤Ê¶ä¹Ô¤«¤é¤ÎƨÈò¤ò¤â¤¿¤é¤·¤¦¤ë¤È¤¤¤¦·üǰ¤Ç¤¢¤ê¡¢¡Ù ¤½¤é¤½¤¦¤è¡£ ¡ØÂè2¤Ë¡¢¤è¤êÊ¿»þ¤Ë¤ª¤¤¤Æ¤Ï¡¢¥ê¥Æ¡¼¥ëͶ⤫¤é CBDC ¤Ø¤Î»ñ¶âήÆþ(¡Ö¶âÍ»Ãç²ðµ¡Ç½¤ÎÄã²¼¡×)¤Ë¤è¤ê¡¢¶ä¹Ô¤¬¤è¤ê¹â²Á¤ÇÉÔ°ÂÄê¤Ê»ñ¶âĴ㸻¤Ë°Í¸¤¹¤ë²ÄǽÀ¤¬¤¢¤ë¤È¤¤¤¦·üǰ¤Ç¤¢¤ë¡£¡Ù ÉáÄ̤˹ͤ¨¤ÆCBDC¤¬¸½¶âƱÅùʪ¤Ê¤Î¤ËÂФ·¤Æ¶ä¹ÔͶâ¤Ï¶ä¹Ô¤ÎºÄ̳¤Ê¤ó¤À¤«¤é¡¢À¸³è»ñ¶â°Ê³°¤ÏÁ´ÉôCBDC¤Ë¤Ö¤Ã¤³¤ß¤Ë¹Ô¤¯¤ó¤¸¤ã¤Ê¤¤¤Ç¤¹¤«¤Í¤¨¡¢¤½¤é¤Þ¤¢¶âÍø5%¤È¤«ÉÕ¤¯¤Ê¤éÏäÏÊ̤Ǥ·¤ç¤¦¤¬¡¢¤È¤Þ¤¢¤½¤¦¤¤¤¦ÏäǤ¹¤Ê¡£ ¡Ø¤³¤¦¤·¤¿¥ê¥¹¥¯¤Ï¡¢¿Í¡¹¤Ë°ÂÁ´¤ÊÃæ±û¶ä¹Ô¥Þ¥Í¡¼¤òÍøÍѲÄǽ¤Ë¤¹¤ë¤³¤È(CBDC ¤Î¼çÌÜŪ)¤ËÆâºß¤¹¤ë¤â¤Î¤Ç¤¢¤ê¡¢CBDC ¤¬¿·¤¿¤Ê¹½Â¤ÌäÂê¤ò¤â¤¿¤é¤·¤¦¤ë¤È¤Ï¤¤¤¨¡¢¸½¶â¤Î¸ºß¤Ë¤è¤Ã¤Æ´û¤Ë¤ß¤é¤ì¤ë¤â¤Î¤Ç¤¢¤ë¡£¡Ù ¤ª¤¤wwwww¤Á¤ç¤Ã¤ÈÂÔ¤Æwwwwww¸½¶â¤ÏÌǼº¥ê¥¹¥¯¤ÈÅðÆñ¥ê¥¹¥¯¤¬¤¢¤Ã¤Æ¡¢¤½¤Î¥ê¥¹¥¯¤Ë´Ø¤ï¤ë¸«¤¨¤ëÈñÍÑ(Í¢Á÷ÊÝ´É¥³¥¹¥È)¤È¸«¤¨¤Ê¤¤ÈñÍѤ¬¤¢¤ë¤«¤é¸½¶â¤ËÂåÂØ¤µ¤ì¤Ê¤¤¤À¤±¤À¤í¤¦²¿¤Á¤å¤¦»¨¤ÊÏ䷤Ȥë¤Í¤ó¡£ ¡ØCBDC ¤òȯ¹Ô¤¹¤ëºÝ¤Ë¤Ï»öÁ°¤Ë¡¢Ãæ±û¶ä¹Ô¤Ï½½Ê¬¤Ê¾ðÊó¤òÆÀ¤¿¤¦¤¨¤Ç¡¢¥ê¥¹¥¯¤¬ÆÃÄꤵ¤ì´ÉÍý²Äǽ¤Ç¤¢¤ë¤È¤¤¤¦È½ÃǤò¹Ô¤¦É¬Íפ¬¤¢¤ë¡£¤³¤ì¤Ë¤Ï¡¢CBDC ¤Î·ÐºÑ¤ª¤è¤Óµ¡Ç½¾å¤ÎÀ߷פËÁȤ߹þ¤Þ¤ì¤¿Êݸîºö¤È¡¢¤è¤ê¹ÈϤʶâÍ»¥·¥¹¥Æ¥à¾å¤ÎÀ¯ºö¤òŬÀÚ¤ËÁȤ߹ç¤ï¤»¤ë¤³¤È¤¬É¬Íפˤʤë²ÄǽÀ¤¬¤¢¤ë¡£¡Ù ²¿¤Î¤³¤Ã¤Á¤ã? ¡Ø°Õ¿Þ¤·¤Æ¤¤¤ë¤³¤È¤Ï¡¢¸ò´¹²ÄǽÀ¤ª¤è¤ÓÁê¸ß±¿ÍÑÀ¤Ê¤É¤òÄ̤¸¤¿¤â¤Î¤ò´Þ¤á¡¢¸øÅª¤Ê¥Þ¥Í¡¼¤È´è·òÀ¤Î¤¢¤ë̱´Ö¥Þ¥Í¡¼¤È¤Î¶¦Â¸¤¬°Ý»ý¤µ¤ì¤ë¤³¤È¤Ç¤¢¤ë¡£ËÜ¥°¥ë¡¼¥×¤Ï¡¢¤³¤ÎʬÌî¤Ë´Ø¤·¤Æ¹¹¤Ê¤ëºî¶È¤ò·×²è¤·¤Æ¤¤¤ë¡£¡Ù ¤Þ¤¢¤¤¤Ä¤â¥Ë¥³¥Ë¥³¸½¶â¤½¤Î¾ì¸Â¤ê¤ª¤¸¤µ¤ó¤ÎÊ諤«¤âÃΤì¤ó¤±¤É¡¢´ðËÜŪ¤Ë°ÂÁ´¤ÊCBDC½ÐÍ褿¤é²ÁÃͤÎÊݴɼêÃʤÏÁ´Éô¤½¤Ã¤Á¤Ë¤Ö¤Ã¤³¤à¤ï(¤È°ÒÀª¤è¤¯¸À¤¦¤Û¤ÉÊݴɤ¹¤ë²ÁÃÍ»ý¤Ã¤Æ¤Ê¤¤¤À¤í¤Ã¤Æ¤ä¤«¤Þ¤·¤¤¤ïwww)¤È»×¤¤¤Þ¤¹(¸Ä¿Í¤Î¤«¤Ê¤êÊФ俸«²ò¤Ç¤¹)¡£ ¡ØCBDC ¤Îȯ¹Ô¤Ï¡¢¥¯¥í¥¹¥Ü¡¼¥À¡¼¤Î´Þ°Õ¤òͤ¹¤ë¡£¹ñºÝ¶¨Ä´¤Ë¤è¤ê¡¢³Æ¹ñ CBDC ´Ö¤Î°Üž¤Ë¤ª¤±¤ë°Õ¿Þ¤»¤¶¤ë¾ãÊɤòͽ¤á²óÈò¤Ç¤¤ë²ÄǽÀ¤¬¤¢¤ë¡£G20 ¤Î¥¯¥í¥¹¥Ü¡¼¥À¡¼Á÷¶â¤Î²þÁ±¤Ë´Ø¤¹¤ë¥í¡¼¥É¥Þ¥Ã¥×¤Ë¤Ï¡¢CBDC ¤ÎÀ߷פ˹ñºÝŪ¤Ê¦Ì̤ò´ª°Æ¤¹¤ëºî¶È¤â´Þ¤Þ¤ì¤ë¡£ËÜ¥°¥ë¡¼¥×¤Ë´ØÍ¿¤·¤¿Ãæ±û¶ä¹Ô¤ª¤è¤Ó¹ñºÝ·èºÑ¶ä¹Ô¤Ï¡¢¤³¤¦¤·¤¿¶¨Ä´¤Ë¤ª¤¤¤ÆÀѶËŪ¤ÊÌò³ä¤òô¤¦¡£¡Ù ¥¯¥í¥¹¥Ü¡¼¥À¡¼¤È¸À¤¨¤Ð¥³¥ë¥ì¥¹¶ä¹Ô¥ê¥¹¥È¸«¤Ê¤¬¤é¤³¤ÎÀè¤À¤ÈÁ÷¶â¤¬Á᤯Ã夯Ȧ¤È¤«¤ä¤Ã¤Æ¤¤¤¿»þÂ夬²û¤«¤·¤¤¤Î¤Ç¤¹¤¬¡¢¤³¤ÎÊÕ¤ê¤Ï»à¤Ì¤Û¤ÉÊѤï¤Ã¤Æ¤¤¤ë¤ó¤Ç¤·¤ç¤¦¤Ê¤¢¡£ ¡Ø¹¹¤Ê¤ë¸¡Æ¤¤ò¹Ô¤¦¤¿¤á¤Ë¤Ï¡¢¼Â̳Ū¤ÊÀ¯ºöʬÀϤä¼Â¾Ú¼Â¸³¤Ø¤Î¥³¥ß¥Ã¥È¥á¥ó¥È¤ò·Ñ³Ū¤Ë¿¼¤á¤Æ¤¤¤¯Æ°¤¤¬É¬ÍפȤʤ롣¤³¤¦¤·¤¿Æ°¤¤Ï´û¤Ë»Ï¤Þ¤Ã¤Æ¤¤¤ë¤¬¡¢(·èºÑ¤ä¥Þ¥Í¡¼¤Ë´ØÏ¢¤¹¤ë)µ»½Ñ¤Î¥¤¥Î¥Ù¡¼¥·¥ç¥ó¤Î¥¹¥Ô¡¼¥É¤òƧ¤Þ¤¨¤ì¤Ð¡¢¶¨Ä´Åª¤Ë¼Â¾Ú¼Â¸³¤ò¿Ê¤á¤Æ¤¤¤¯¤³¤È¤ÎÍ¥ÀèÅ٤Ϲ¹¤Ë¹â¤Þ¤ë¡£¡Ù ̱´Ö¤Ç¾¡¼ê¤Ë¼«Á°¤Î·èºÑ¥µ¡¼¥Ó¥¹¤Ç¥¯¥í¥¹¥Ü¡¼¥À¡¼·èºÑ¤µ¤ì¤Á¤ã¤Ã¤¿¤ê¤¹¤ë¤ÈÊ᪤Ǥ¤Ê¤¯¤Ê¤ë¤È¤«¡¢¤½¤Ã¤Á¤ÎÏäò·üǰ¤·¤Æ¤¤¤ë¤ó¤Ç¤·¤ç¤¦¤«¤Í¤¨¡¢¤Ê¤ó¤Æ¤³¤È¤Ï»×¤Ã¤¿¤ê»×¤ï¤Ê¤«¤Ã¤¿¤ê¡£°Ê²¼Ï䬱䡹¤È³¤¤Þ¤·¤Æ¥ª¥â¥í¥¤¤Î¤Ç¤¹¤±¤ì¤É¤â(¤¿¤À¤·¥¢¥¿¥¯¥·¤ÏÁǿͤʤΤÇÀµÄ¾Îɤ¯Ê¬¤«¤é¤Ê¤¤¤ÇÆÉ¤ó¤Ç¤¤¤ë²ÄǽÀ¤¬¹â¤¤)¡¢¤Þ¤¢¸«¤Æ¤Ä¤«¤¢¤µ¤¤¡£ ¤³¤Á¤é¤ÏÍ×ÌóÈǤǤ·¤Æ¡¢ËÜ¥Á¥ã¥ó¤Ï¤³¤ì¡£[³°Éô¥ê¥ó¥¯] bank digital currencies: foundational principles and core features º£²ó¤Ï¶¦Æ±¥×¥í¥¸¥§¥¯¥È¤Ê¤À¤±¤Ë¿ʬ³Æ¹ñÃæ¶äƱ»þȯɽ¤Ê¤ó¤Ç¤·¤ç¤¦¤Í¡£¤Ç¤â¤Ã¤Æ³Æ¹ñ¸ìÌõ¤âƱ»þȯɽ¤Ê¤Î¤«¤Ê(¾¹ñ¤Î¥µ¥¤¥È¤Ï¸«¤Æ¤¤¤Ê¤¤)¡£ ¡¦Æü¶ä¤Î¼è¤êÁȤߤˤĤ¤¤Æ¤Î¸øÉ½¤â¤¢¤ë¤Î¤À¤¬CBDC¤È¶âÍ»µ¡´Ø¤Î¿®ÍÑÁϤ¤Î´Ø·¸¤¬Îɤ¯Ê¬¤«¤é¤ó¤«¤Ã¤¿[³°Éô¥ê¥ó¥¯] Bank Digital Currency:°Ê²¼¡ÖCBDC¡×)¤ËÂФ¹¤ë¼Ò²ñ¤Î¥Ë¡¼¥º¤¬µÞ·ã¤Ë¹â¤Þ¤ë²ÄǽÀ¤â¤¢¤ë¡£ÆüËܶä¹Ô¤Ç¤Ï¡¢¸½»þÅÀ¤ÇCBDC¤òȯ¹Ô¤¹¤ë·×²è¤Ï¤Ê¤¤¤¬¡¢·èºÑ¥·¥¹¥Æ¥àÁ´ÂΤΰÂÄêÀ¤È¸úΨÀ¤ò³ÎÊݤ¹¤ë´ÑÅÀ¤«¤é¡¢º£¸å¤ÎÍÍ¡¹¤Ê´Ä¶ÊѲ½¤ËŪ³Î¤ËÂбþ¤Ç¤¤ë¤è¤¦¡¢¤·¤Ã¤«¤ê½àÈ÷¤·¤Æ¤ª¤¯¤³¤È¤¬½ÅÍפǤ¢¤ë¤È¹Í¤¨¤Æ¤¤¤ë¡£¤³¤¦¤·¤¿Ç§¼±¤Î¤â¤È¡¢º£ÈÌ¡¢¸Ä¿Í¤ä´ë¶È¤ò´Þ¤àÉý¹¤¤¼çÂΤÎÍøÍѤòÁÛÄꤷ¤¿¡Ö°ìÈÌÍøÍÑ·¿CBDC¡×¤Ë¤Ä¤¤¤Æ¡¢ÆüËܶä¹Ô¤Î¼è¤êÁȤßÊý¿Ë¤ò¼¨¤¹¤³¤È¤È¤·¤¿¡£¡Ù ¤Æ¤ÊÌõ¤Ç¡¢ ¡Ø1.CBDC¤òƳÆþ¤¹¤ë¾ì¹ç¤Ë´üÂÔ¤µ¤ì¤ëµ¡Ç½¤ÈÌò³ä¡Ù ¡ØCBDC¤Ë¤Ï¡¢¡Ö¥Û¡¼¥ë¥»¡¼¥ë·¿CBDC¡×¤È¡Ö°ìÈÌÍøÍÑ·¿CBDC¡×¤Î2¤Ä¤Î·ÁÂÖ¤¬¤¢¤ë¤¬¡¢¤ï¤¬¹ñ¤Ë¤ª¤¤¤Æ°ìÈÌÍøÍÑ·¿CBDC¤òƳÆþ¤¹¤ë¾ì¹ç¤Ë´üÂÔ¤µ¤ì¤ëµ¡Ç½¤äÌò³ä¤È¤·¤Æ¤Ï¡¢°Ê²¼¤Î¤è¤¦¤Ê¤â¤Î¤¬¹Í¤¨¤é¤ì¤ë¡£¡Ù ¤Þ¤¢°ÒÀª¤ÎÎɤ¤ÏäÏÊ̤ˤɤ¦¤Ç¤â¤è¤¤¤Î¤Ç¤¹¤±¤É¤Í¡£ ¡Ø(1)¸½¶â¤ÈʤַèºÑ¼êÃÊ¤ÎÆ³Æþ ÅöÌÌ¡¢¸½¶â¤ÎήÄ̤¬Â礤¯¸º¾¯¤¹¤ë²ÄǽÀ¤Ï¹â¤¯¤Ê¤¤¤¬¡¢²¾¤Ë¾Íè¡¢¤½¤¦¤·¤¿¾õ¶·¤¬À¸¤¸¡¢°ìÊý¤Ç̱´Ö¤Î¥Ç¥¸¥¿¥ë¥Þ¥Í¡¼¤¬¸½¶â¤Î»ý¤Äµ¡Ç½¤ò½½Ê¬¤ËÂåÂØ¤Ç¤¤Ê¤¤¾ì¹ç¤Ë¤Ï¡¢¸½¶â¤ÈʤַèºÑ¼êÃʤȤ·¤Æ¡¢°ìÈÌÍøÍÑ·¿CBDC¤òÄ󶡤¹¤ë¤³¤È¤¬¹Í¤¨¤é¤ì¤ë¡£¤Ê¤ª¡¢¸½¶â¤ËÂФ¹¤ë¼ûÍפ¬¤¢¤ë¸Â¤ê¡¢ÆüËܶä¹Ô¤Ï¡¢¸½¶â¤Î¶¡µë¤Ë¤Ä¤¤¤Æ¤âÀÕǤ¤ò¤â¤Ã¤ÆÂ³¤±¤Æ¤¤¤¯¡£¡Ù ¤Ã¤Æ»ö¤À¤¬ÉáÄ̤˹ͤ¨¤¿¤éCBDC¤ËÀ¹Âç¤Ë¥·¥Õ¥È¤¹¤ë¤È»×¤¦¤ó¤À¤¬¡¢ÆÃ¤Ë²ÁÃͤÎÊݸ¼êÃʤȤ·¤ÆÍÍÑ(½ü¤¯¥¢¥ó¥À¡¼¥°¥é¥¦¥ó¥É·Ï)¤¹¤®¤À¤íÃæ¶äÅŻҥޥ͡¼¡£ ¡Ø(2)̱´Ö·èºÑ¥µ¡¼¥Ó¥¹¤Î¥µ¥Ý¡¼¥È ¸½¶â¤ÎήÄ̤¬¸º¾¯¤¹¤ë»öÂÖ¤¬À¸¤¸¤Ê¤¤¾ì¹ç¤Ë¤ª¤¤¤Æ¤â¡¢·èºÑ¥·¥¹¥Æ¥àÁ´ÂΤΰÂÄêÀ¡¦¸úΨÀ¤ò¹â¤á¤ë´ÑÅÀ¤«¤éɬÍפǤ¢¤ì¤Ð¡¢Ì±´Ö·èºÑ¥µ¡¼¥Ó¥¹¤ò¥µ¥Ý¡¼¥È¤¹¤ë¤¿¤á¤ËCBDC¤òȯ¹Ô¤¹¤ë¤³¤È¤¬Å¬ÀڤȤʤë²ÄǽÀ¤¬¤¢¤ë¡£¡Ù ????? ¡Ø(3)¥Ç¥¸¥¿¥ë¼Ò²ñ¤Ë¤Õ¤µ¤ï¤·¤¤·èºÑ¥·¥¹¥Æ¥à¤Î¹½ÃÛ ¤³¤ì¤é¤Ë²Ã¤¨¡¢¤è¤ê¹¤¤´ÑÅÀ¤«¤é¡¢ÆüËܶä¹Ô¤¬CBDC¤òȯ¹Ô¤·¤¿¤¦¤¨¤Ç¡¢Ì±´Ö»ö¶È¼Ô¤ÎÁϰչ©Éפˤè¤êÍÍ¡¹¤Ê¥µ¡¼¥Ó¥¹¤ò¾å¾è¤»¤·¤ÆÄ󶡤¹¤ë¤³¤È¤Ê¤É¤¬¡¢¥Ç¥¸¥¿¥ë¼Ò²ñ¤Ë¤Õ¤µ¤ï¤·¤¤°ÂÄêŪ¡¦¸úΨŪ¤Ê·èºÑ¥·¥¹¥Æ¥à¤Î¹½Ãۤ˷Ҥ¬¤ë²ÄǽÀ¤â¹Í¤¨¤é¤ì¤ë¡£¡Ù ¤½¤¦¤¤¤¦¼êÃʤÈÌÜŪ¤¬º®Æ±¤·¤¿¤è¤¦¤Ê¸À¤¤Êý¤Ï¹¥¤¤¸¤ã¤Ê¤¤¤ó¤À¤è¤Ê¤¢(¸Ä¿Í¤Î´¶ÁۤǤ¹)¡£ ¤Ç¤â¤Ã¤Æ¼¡¤ÎÉôʬ¤Ç¤¹¤¬¡¢¡Ø2.CBDC¤¬¶ñÈ÷¤¹¤Ù¤´ðËÜŪ¤ÊÆÃÀ¡Ù¤Ã¤Æ¤Ê¤Ã¤Æ¤¤¤ëÃæ¤Ç¤·¤é¤Ã¤È½ÅÍפʤ³¤È¤¬½ñ¤¤¤Æ¤¢¤ë¤è¤¦¤Ë»×¤¨¤Þ¤·¤¿¡£ ¡Ø°ìÈÌÍøÍÑ·¿CBDC¤òȯ¹Ô¤¹¤ë¾ì¹ç¡¢Ãæ±û¶ä¹Ô¤È̱´ÖÉôÌç¤Ë¤è¤ë·èºÑ¥·¥¹¥Æ¥à¤ÎÆóÁع½Â¤¤ò°Ý»ý¤¹¤ë¤³¤È¤¬Å¬Åö¤Ç¤¢¤ë¡£¤¹¤Ê¤ï¤Á¡Ö´ÖÀÜ·¿¡×¤Îȯ¹Ô·ÁÂÖ¤¬´ðËܤȤʤ롣 ´ÖÀÜ·¿¤Îȯ¹Ô·ÁÂ֤Τâ¤È¤Ç¡¢°ìÈÌÍøÍÑ·¿CBDC¤òȯ¹Ô¤¹¤ë¾ì¹ç¤Ë¤Ï¡¢µ¡Ç½Ì̤䥷¥¹¥Æ¥àÌ̤ǡ¢°Ê²¼¤Î¤è¤¦¤Ê´ðËÜŪÆÃÀ¤ò¶ñÈ÷¤¹¤ëɬÍפ¬¤¢¤ë¤È¹Í¤¨¤é¤ì¤ë¡£¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢¤³¤ìËÜʸ¤ÎÊý¤Ë¿Þɽ¤¬¤¢¤ë¤Î¤Ç¤¹¤±¤É¡¢Æü¶ä¤ÎÁÛÄꤷ¤Æ¤¤¤ë¿Þ¤Ç¤¹¤È¡¢Æü¶ä¤ÏCBDC¤Ïȯ¹Ô¤¹¤ë¤±¤ì¤É¤â¡¢°ìÈÌ¥ê¥Æ¡¼¥ë¤ÏÆü¶ä¤ËľÀܸýºÂ¤òÀߤ±¤ë¤Î¤Ç¤Ï¤Ê¤¯¤Æ¡¢¶âÍ»µ¡´Ø¤Ë¸ýºÂ¤ò»ý¤Ã¤Æ¡¢¤½¤Î¸ýºÂ¤ÇCBDC¤òÍøÍѤ¹¤ë¡¢¤Ã¤ÆÏäˤʤäƤ¤¤ë¤Î¤Ç¤¹¤Ê¡£ ¤Ç¤â¤Ã¤Æ°Ê²¼¤ÎÉôʬ¤Ç¥¤¥Þ¥¤¥Á¤½¤³¤Î²òÀ⤬̵¤¤¤Î¤Ç¤µ¤Ã¤Ñ¤êÎɤ¯Ê¬¤«¤é¤ó¤Î¤Ç¤¹¤¬¡¢¤³¤Î¾ì¹ç¶âÍ»µ¡´Ø¤ÎºÄ̳¤È¤·¤Æ¤ÎÍÂÃù¶â¤ÈCBDC¸ýºÂ¤Ã¤Æ¤Î¤ÏÊÌʪ¤Ë¤Ê¤ë¤È¤¤¤¦»ö¤À¤È»×¤¦¤Î¤Ç¤¹¤¬¡¢¤½¤¦¤Ê¤ê¤Þ¤¹¤È½¾Íè¤Ï¶ä¹Ô¤¬¶â¤òÂߤ·¤Þ¤¹¤È¡¢¶ä¹Ô¤ÎÂ߽жâ¤È¶ä¹Ô¤ÎͶ⤬ξ·ú¤Æ¤ÇȯÀ¸¤·¤Æ¡¢¶ä¹Ô¤«¤é¶â¤ò¼Ú¤ê¤¿ºÄ̳¼Ô¤Ï¤½¤ÎͶâ¤ò²¿¤«¤Î¤ª»Ùʧ¤¤¤Ë»È¤Ã¤Æ·èºÑ¤ÎÍøÍѤ˶¡¤·¤Æ¤¤¤¿(»È¤¦¤«¤é¼Ú¤ê¤ë¤Î¤Ç¤¹¤«¤é¤Í)¡¢¤È¤Þ¤¢¤½¤¦¤¤¤¦»ö¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤·¤Æ¡¢¤Þ¤µ¤·¤¯¤½¤ì¤¬¿®ÍÑÁϤ¤ÎÀ¤³¦¤Ç¡¢¼Â¤Ï¤³¤ì¤Ë¤è¤Ã¤Æ¥Þ¥Í¡¼¤¬ÁϽФµ¤ì¤Æ¤¤¤¿¤ê¤·¤¿¤Î¤Ç¤¹¤¬¡¢¶ä¹Ô¤¬Â߽жâ¤Çºî¤ì¤ë¤Î¤Ï¤¢¤¯¤Þ¤Ç¤â¼«¹ÔÉéºÄ¤Ç¤¢¤Ã¤ÆCBDC¤Ç¤Ï¤Ê¤¤È¦¤Ê¤Î¤Ç(¤Ç¤¤¿¤éÍý¶þ¤¬¤ª¤«¤·¤¤)¡¢¤µ¤Æ¤½¤¦¤Ê¤Ã¤¿¾ì¹ç¤É¤¦¤Ê¤ë¤Î¡¢¤È¤¤¤¦¤Î¤¬¤µ¤Ã¤¿½¤·¾å¤²¤¿¿®ÍÑÁϤ¤È¤Î¥³¥ó¥Õ¥ê¥¯¥È¤ÎÏäˤʤë¤È»×¤¦¤ó¤Ç¤¹¤è¡£ ¤½¤ÎÊդϤɤ¦¤¤¤¦À°Íý¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤Î¤Ç¤·¤ç¤¦¤«¡¢¤È¤¤¤¦¤Î¤¬¾ï¡¹µ¿Ìä¤Ç¤·¤Æ¡¢¤¤¤ä¤½¤¦¤Ï¤Ê¤é¤Ê¤¤¤È¤¤¤Ã¤Æ¤·¤Þ¤¨¤Ð¤½¤ì¤Þ¤Ç¤Ê¤ó¤Ç¤¹¤¬¡¢¥¢¥¿¥¯¥·¤Î¤è¤¦¤Ë¤¤¤Ä¤â¥Ë¥³¥Ë¥³¸½¶âʧ¤¤¤Ç¤½¤Î¾ì¤Ç·èºÑ¤Î¥Õ¥¡¥¤¥Ê¥ê¥Æ¥£¡¼¤¬Ã夯¤Î¤¬Âç¹¥¤¤È¤¤¤¦¥¦¥ë¥È¥é¥³¥ó¥µ¥Ð¿Í´Ö¤È¤·¤Æ¤Ï¡¢¶ä¹Ô¤«¤é¶â¼Ú¤ê¤Æ¤âCBDC¤Ë¤Ê¤é¤Ê¤¤¤È¤Ï²ø¤·¤«¤é¤ó(»ÅÊý¤Ê¤¤¤Î¤Ç¤¹¤¬)!¥à¥¡¼¥Ã!!¤È¤«¸À¤¤¤½¤¦¤Ê°´¨¡£ #¤½¤¦¤¤¤äϫƯ´ð½àË¡¤À¤«¤Ë¡ÖµëÍ¿¤Î¸½¶âʧ¤¤¤Î¸¶Â§¡×¤¬¤¢¤Ã¤Æ¡¢¶ä¹ÔͶâ¸ýºÂ¤Ø¤Î¿¶¤ê¹þ¤ßʧ¤¤¤Ï¤¢¤¯¤Þ¤Ç¤âÎã³°¤È¤¤¤¦¤Î¤¬¤¢¤Ã¤¿¤È»×¤¦¤Î¤À¤¬¡¢CBDC¤Ë¤Ê¤Ã¤¿»þ¤ËͶâ¸ýºÂ¿¶¤ê¹þ¤ßʧ¤¤¤ÇÎɤ¤¤Î¤«¡¢CBDCʧ¤¤¤Ë¤Ê¤ë¤Î¤Ç¤Ï¤Ê¤¤¤«¡¢¤È¤«¿§¡¹¤È¹Í¤¨¤ë¤È»×¹Í¤Î¼ù³¤¤ËÆþ¤ê¹þ¤ó¤Ç¤·¤Þ¤¤¤Þ¤¹¤Ê ¤È¤¤¤¦¤³¤È¤Ç¡¢¤½¤ÎÀè¤Ï¤á¤ó¤É¤¤¤«¤é¾®¸«½Ð¤·¤À¤±°úÍѤ·¤Þ¤¹¤¬¡¢ 2.CBDC¤¬¶ñÈ÷¤¹¤Ù¤´ðËÜŪ¤ÊÆÃÀ (1)¥æ¥Ë¥Ð¡¼¥µ¥ë¥¢¥¯¥»¥¹ (2)¥»¥¥å¥ê¥Æ¥£ (3)¶¯¿ÙÀ (4)¨»þ·èºÑÀ (5)Áê¸ß±¿ÍÑÀ 3.¹Íθ¤¹¤Ù¤¥Ý¥¤¥ó¥È (1)ʪ²Á¤Î°ÂÄê¤ä¶âÍ»¥·¥¹¥Æ¥à¤Î°ÂÄê¤È¤Î´Ø·¸ (2)¥¤¥Î¥Ù¡¼¥·¥ç¥ó¤ÎÂ¥¿Ê (3)¥×¥é¥¤¥Ð¥·¡¼¤Î³ÎÊݤÈÍøÍѼԾðÊó¤Î¼è°·¤¤ (4)¥¯¥í¥¹¥Ü¡¼¥À¡¼·èºÑ¤È¤Î´Ø·¸ 4.º£¸å¤Î¼è¤êÁȤßÊý¿Ë (1)¼Â¾Ú¼Â¸³ (2)À©ÅÙÀß·×Ì̤θ¡Æ¤ (3)Æâ³°´Ø·¸¼Ô¤È¤ÎÏ¢·È ¤Ã¤Æ¤¢¤ê¤Þ¤·¤Æ¡¢¤½¤Î¸å¤Ë¹¹¤ËËÜʸ¤ß¤¿¤¤¤Ê´¶¤¸¤Ç±ä¡¹¤È¤¢¤ê¤Þ¤¹¡£º£¥¢¥¿¥¯¥·¤¬¥¦¥À¥¦¥À¿½¤·¾å¤²¤¿¶âÍ»µ¡´Ø¤Î¿®ÍÑÁϤ¤È¤Î¥³¥ó¥Õ¥ê¥¯¥È¤Ë´Ø¤·¤Æ¤Ï¡¢¶²¤é¤¯¤³¤³¤ÎÃæ¤Ç¤Ï¡¢¡Ø3.¹Íθ¤¹¤Ù¤¥Ý¥¤¥ó¥È¡Ù¤Î¡Ø(1)ʪ²Á¤Î°ÂÄê¤ä¶âÍ»¥·¥¹¥Æ¥à¤Î°ÂÄê¤È¤Î´Ø·¸¡Ù¤Î½ê¤Ë¡¢ ¡Ø(1)ʪ²Á¤Î°ÂÄê¤ä¶âÍ»¥·¥¹¥Æ¥à¤Î°ÂÄê¤È¤Î´Ø·¸ CBDC¤òƳÆþ¤¹¤ë¾ì¹ç¤Ë¤Ï¡¢¶âÍ»À¯ºö¤Î͸úÀ¤ä¶âÍ»¥·¥¹¥Æ¥à¤Î°ÂÄêÀ¤Î´ÑÅÀ¤«¤é¡¢CBDC¤Îµ¡Ç½Í×·ï¤ä·ÐºÑŪ¤ÊÀß·×(ȯ¹Ô³Û¡¦ÊÝͳۤÎÀ©¸Â¤äÉÕÍø¤ÎÍ̵Åù)¤Ë¤Ä¤¤¤Æ¤Ï¿µ½Å¤Ê¹Íθ¤¬É¬ÍפǤ¢¤ë¡£¡Ù ¤È¤¤¤¦¤Î¤¬¤¢¤Ã¤Æ¡¢Ì±´ÖͶ⤬Â硹Ū¤ËCBDC¤Ë¥·¥Õ¥È¤¹¤ë¤È¤«¡¢¶âÍ»µ¡´Ø¤Î¿®ÍÑÁϤ¼«ÂΤ¬Á˳²¤µ¤ì¤ë(Âß½Ð¤ÇÆþ¤Ã¤ÆÍè¤ë¤Î¤Ï¶ä¹ÔÉéºÄ¤È¤·¤Æ¤ÎͶ⤸¤ã¤Ê¤¯¤ÆCBDC¤À¤í¾ï¼±Åª¤Ë¹Í¤¨¤Æ¡¢¤È¤«¸À¤¦»ö¤Ë¤Ê¤ë¤È¡¢¤½¤â¤½¤â¿®ÍÑÁϤ¼«ÂΤ¬½ÐÍè¤Ê¤¤(¤½¤Îʬ¶âÍ»µ¡´Ø¤ÏCBDC¤òĴ㤷¤Ê¤¤¤È¤¤¤±¤Ê¤¯¤Ê¤ë¤Î¤Ç¡¢¶ä¹Ô¤¬¥Î¥ó¥Ð¥ó¥¯²½¤¹¤ë)¤È¤¤¤¦¤³¤È¤Ë¤Ê¤ë¤Î¤Ç)¤È¤«¤¤¤¦¤Î¤ò¤É¤¦Èò¤±¤ë¤Î¤«¡¢¤È¤¤¤¦ÏäϤ³¤ÎÊդǤ·¤Æ¤¤¤ë¤Î¤«¤·¤é¡¢¤È¤Ï»×¤¤¤Þ¤¹¡£ ¤³¤Á¤é¤Ç¤¹¤¬ËÜʸ¤Ï¡¢[³°Éô¥ê¥ó¥¯]
¤³¤Î¥µ¥¤¥È¤ÎÆâÍÆ¤Ï¡¢¾ðÊó¤ÎÄ󶡤òÌÜŪ¤È¤·¤¿¤â¤Î¤Ç¡¢Åê»ñ´«Í¶¤òÌÜŪ¤È¤·¤¿¤â¤Î¤Ç¤Ï¤¢¤ê¤Þ¤»¤ó¡£Åê»ñ¤Ë´Ø¤¹¤ëºÇ½ª·èÃǤÏɬ¤ºÆÉ¼Ô¤´¼«¿È¤Ç¹Ô¤Ã¤Æ¤¯¤À¤µ¤¤¡£·ÇºÜ¤¹¤ëÆâÍÆ¤Ë¤Ä¤¤¤Æ¤ÏËüÁ´¤ò´ü¤·¤Æ¤ª¤ê¤Þ¤¹¤¬¡¢ÆâÍÆ¤Î´°Á´À¡¢¿®ØáÀ¤òÊݾڤ¹¤ë¤â¤Î¤Ç¤Ï¤Ê¤¯¤³¤ì¤é¤Î¾ðÊó¤Ë¤è¤Ã¤ÆÀ¸¤¸¤¿Â»³²¤Ë¤Ä¤¤¤ÆÅö¼Ò¤Ï°ìÀÚ¤ÎÀÕǤ¤òÉ餤¤Þ¤»¤ó¤Î¤Çͽ¤á¤´Î»¾µ´ê¤¤¤Þ¤¹¡£
¡¡¡¡¡¡ ¡¡¡¡¡¡
Copyright (c) 2004FPeye,Co. Ltd. All rights reserved.
²èÁüµÚ¤Óʸ¾Ï¤Î̵ÃÇžºÜ¤Ï¸Ç¤¯¤ªÃǤꤷ¤Þ¤¹¡£