{"id":44315,"date":"2026-04-09T16:56:53","date_gmt":"2026-04-09T16:56:53","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/44315\/"},"modified":"2026-04-09T16:56:53","modified_gmt":"2026-04-09T16:56:53","slug":"bnp%e3%83%91%e3%83%aa%e3%83%90%e3%81%af%e3%80%8c%e7%b1%b3%e3%82%a4%e3%83%b3%e3%83%95%e3%83%ac%e3%81%af%e4%be%9d%e7%84%b6%e3%81%a8%e3%81%97%e3%81%a6%e9%9c%80%e8%a6%81%e4%b8%bb%e5%b0%8e%e3%81%a0","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/jp-asia\/live-updates\/44315\/","title":{"rendered":"BNP\u30d1\u30ea\u30d0\u306f\u300c\u7c73\u30a4\u30f3\u30d5\u30ec\u306f\u4f9d\u7136\u3068\u3057\u3066\u9700\u8981\u4e3b\u5c0e\u3060\u304c\u3001\u30b3\u30ed\u30ca\u5f8c\u306e\u30d4\u30fc\u30af\u304b\u3089\u5f71\u97ff\u306f\u548c\u3089\u3044\u3067\u3044\u308b\u300d\u3068\u6307\u6458"},"content":{"rendered":"

BNP\u30d1\u30ea\u30d0\u306e\u5206\u6790\u306b\u3088\u308b\u3068\u3001\u7c73\u56fd\u306e\u30a4\u30f3\u30d5\u30ec\uff08\u7269\u4fa1\u4e0a\u6607\uff09\u306f\u5f15\u304d\u7d9a\u304d\u300c\u9700\u8981\uff08\u6d88\u8cbb\u3084\u6295\u8cc7\u306a\u3069\u306e\u5f37\u3055\uff09\u300d\u304c\u6700\u5927\u306e\u8981\u56e0\u3060\u304c\u3001\u30b3\u30ed\u30ca\u5f8c\u306e\u30d4\u30fc\u30af\u6642\u307b\u3069\u306e\u62bc\u3057\u4e0a\u3052\u529b\u306f\u5f31\u307e\u3063\u3066\u3044\u308b\u3002\u5206\u6790\u3067\u306f\u3001\u7c73\u5546\u52d9\u7701\u306e\u7d4c\u6e08\u5206\u6790\u5c40\uff08BEA\uff09\u306e\u30c7\u30fc\u30bf\u3092\u7528\u3044\u3001\u30b5\u30f3\u30d5\u30e9\u30f3\u30b7\u30b9\u30b3\u9023\u9280\u304cA.\u30b7\u30e3\u30d4\u30ed\u6c0f\u306b\u3088\u308a\u958b\u767a\u3057\u305f\u624b\u6cd5\uff08\u30a4\u30f3\u30d5\u30ec\u3092\u300c\u9700\u8981\u8981\u56e0\u300d\u3068\u300c\u4f9b\u7d66\u8981\u56e0\u300d\u306b\u5206\u3051\u3066\u5bc4\u4e0e\u5ea6\u3092\u63a8\u8a08\u3059\u308b\u65b9\u6cd5\uff09\u3067\u3001\u30a4\u30f3\u30d5\u30ec\u3092\u9700\u8981\u3068\u4f9b\u7d66\u306e\u5bc4\u4e0e\u306b\u5206\u89e3\u3057\u305f\u3002<\/p>\n

\u305d\u306e\u7d50\u679c\u3001\u4f9b\u7d66\u306e\u5bc4\u4e0e\u306f2022\u5e74\u3088\u308a\u4f4e\u3044\u3082\u306e\u306e\u3001\u306a\u304a\u6b8b\u3063\u3066\u304a\u308a\u30012018\uff5e19\u5e74\u9803\u306e\u6c34\u6e96\u306b\u8fd1\u3044\u3002\u4f9b\u7d66\u9762\u306e\u5727\u529b\u304c\u7d9a\u304f\u80cc\u666f\u3068\u3057\u3066\u3001\u95a2\u7a0e\uff08\u8f38\u5165\u54c1\u306b\u304b\u304b\u308b\u7a0e\uff09\u3001\u6295\u5165\u30b3\u30b9\u30c8\uff08\u539f\u6750\u6599\u30fb\u90e8\u54c1\u30fb\u8f38\u9001\u306a\u3069\u306e\u8cbb\u7528\uff09\u306e\u4e0a\u6607\u3001\u7d0d\u671f\u306e\u9577\u671f\u5316\uff08\u4f9b\u7d66\u5074\u306e\u9045\u308c\uff09\u304c\u6319\u3052\u3089\u308c\u3001\u5236\u7d04\u306f\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u6642\u306e\u95a2\u7a0e\u5f15\u304d\u4e0a\u3052\u4ee5\u964d\u3001\u3084\u3084\u5f37\u307e\u3063\u305f\u3068\u3057\u305f\u3002<\/p>\n

Demand And Supply Components<\/h3>\n

\u9700\u8981\u306e\u5bc4\u4e0e\u306f\u4f9b\u7d66\u3092\u4e0a\u56de\u3063\u3066\u304a\u308a\u3001\u6d88\u8cbb\u304c\u5e95\u5805\u304f\u3001\u30b3\u30ed\u30ca\u5f8c\u306b\u5f37\u304b\u3063\u305f\u72b6\u6cc1\u3068\u6574\u5408\u7684\u3060\u3002\u4e00\u65b9\u3067\u3001\u8db3\u5143\u6570\u30ab\u6708\u306f\u52b4\u50cd\u5e02\u5834\uff08\u96c7\u7528\u74b0\u5883\uff09\u306e\u5f31\u307e\u308a\u3068\u3068\u3082\u306b\u3001\u9700\u8981\u306e\u52e2\u3044\u304c\u920d\u5316\u3057\u305f\u3068\u3082\u6307\u6458\u3057\u305f\u3002<\/p>\n

2026\u5e744\u6708\u6642\u70b9\u3067\u3001\u30a4\u30f3\u30d5\u30ec\u3092\u52d5\u304b\u3059\u8981\u56e0\u306f\u660e\u78ba\u306b\u5909\u5316\u3057\u3066\u3044\u308b\u30022025\u5e74\u306e\u591a\u304f\u306e\u671f\u9593\u306f\u5f37\u3044\u9700\u8981\u304c\u4e2d\u5fc3\u3060\u3063\u305f\u304c\u3001\u305d\u306e\u5f71\u97ff\u306f\u5f31\u307e\u308a\u3064\u3064\u3042\u308b\u4e00\u65b9\u3001\u30a4\u30f3\u30d5\u30ec\u306f\u4e0b\u304c\u308a\u306b\u304f\u3044\u3002\u76f4\u8fd1\u306e3\u6708\u306e\u30b3\u30a2PCE\uff08\u5909\u52d5\u306e\u5927\u304d\u3044\u98df\u54c1\u30fb\u30a8\u30cd\u30eb\u30ae\u30fc\u3092\u9664\u3044\u305f\u500b\u4eba\u6d88\u8cbb\u652f\u51fa\u7269\u4fa1\u6307\u6570\u3002\u7c73\u56fd\u3067\u91cd\u8996\u3055\u308c\u308b\u57fa\u8abf\u30a4\u30f3\u30d5\u30ec\u6307\u6a19\uff09\u306f3.1%\u3068\u9ad8\u6b62\u307e\u308a\u3057\u3001\u4f9b\u7d66\u5074\u306e\u554f\u984c\u304c\u60f3\u5b9a\u4ee5\u4e0a\u306b\u7269\u4fa1\u3092\u62bc\u3057\u4e0a\u3052\u3066\u3044\u308b\u3053\u3068\u3092\u793a\u3057\u305f\u3002<\/p>\n

\u4f9b\u7d66\u5236\u7d04\uff08\u4f5c\u308b\u30fb\u904b\u3076\u30fb\u8abf\u9054\u3059\u308b\u80fd\u529b\u306e\u4e0d\u8db3\uff09\u306f2018\uff5e19\u5e74\u9803\u306b\u8fd1\u3044\u5f62\u3067\u76ee\u7acb\u3061\u59cb\u3081\u3066\u3044\u308b\u30023\u6708\u306eISM\u88fd\u9020\u696d\u6307\u6570\uff08\u7c73\u4f9b\u7d66\u7ba1\u7406\u5354\u4f1a\u304c\u516c\u8868\u3059\u308b\u666f\u6cc1\u611f\u8abf\u67fb\uff09\u3067\u3082\u3001\u652f\u6255\u4fa1\u683c\u6307\u6570\uff08\u4f01\u696d\u304c\u652f\u6255\u3046\u4ed5\u5165\u308c\u4fa1\u683c\u306e\u4e0a\u6607\u5727\u529b\uff09\u304c\u4e88\u60f3\u5916\u306b\u4e0a\u632f\u308c\u3057\u3001\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u306e\u7d0d\u671f\uff08\u4f9b\u7d66\u696d\u8005\u306e\u7d0d\u5165\u306b\u8981\u3059\u308b\u6642\u9593\uff09\u304c2\u30ab\u6708\u9023\u7d9a\u3067\u60aa\u5316\uff08\u9577\u671f\u5316\uff09\u3057\u305f\u3002\u8cbf\u6613\u6469\u64e6\u306e\u7d99\u7d9a\u3068\u6295\u5165\u30b3\u30b9\u30c8\u306e\u4e0a\u6607\u304c\u3001\u91d1\u878d\u653f\u7b56\uff08\u5229\u4e0a\u3052\u30fb\u5229\u4e0b\u3052\uff09\u3060\u3051\u3067\u306f\u4e0b\u3052\u306b\u304f\u3044\u30a4\u30f3\u30d5\u30ec\u306e\u4e0b\u652f\u3048\u8981\u56e0\u306b\u306a\u3063\u3066\u3044\u308b\u3053\u3068\u3092\u793a\u3059\u3002<\/p>\n

Market Trading Implications<\/h3>\n

\u3053\u306e\u72b6\u6cc1\u306f\u3001\u52b4\u50cd\u5e02\u5834\u304c\u3088\u3046\u3084\u304f\u51b7\u3048\u59cb\u3081\u305f\u5c40\u9762\u3068\u91cd\u306a\u308b\u3002\u76f4\u8fd1\u306e\u96c7\u7528\u7d71\u8a08\u3067\u306f\u96c7\u7528\u5897\u52a0\u304c\u920d\u5316\u3057\u3001\u5931\u696d\u7387\u304c4.2%\u306b\u4e0a\u6607\u3057\u305f\u3002\u9700\u8981\u306e\u5f31\u307e\u308a\u304c\u9032\u3080\u4e00\u65b9\u3067\u3001\u4f9b\u7d66\u4e3b\u5c0e\u306e\u30a4\u30f3\u30d5\u30ec\u304c\u7c98\u308b\u305f\u3081\u3001\u7c73\u9023\u90a6\u6e96\u5099\u5236\u5ea6\u7406\u4e8b\u4f1a\uff08FRB\uff09\u306f\u96e3\u3057\u3044\u5224\u65ad\u3092\u8feb\u3089\u308c\u3001\u7b2c2\u56db\u534a\u671f\u306e\u5229\u4e0b\u3052\u306e\u53ef\u80fd\u6027\u306f\u4f4e\u4e0b\u3059\u308b\u3002<\/p>\n

\u30c8\u30ec\u30fc\u30c0\u30fc\u306b\u3068\u3063\u3066\u306f\u3001\u4e0d\u78ba\u5b9f\u6027\u304c\u9ad8\u3044\u74b0\u5883\u3067\u306f\u91d1\u5229\u306e\u5909\u52d5\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u306b\u6ce8\u76ee\u3057\u3084\u3059\u3044\u3002FRB\u306f\u69d8\u5b50\u898b\u306b\u306a\u308a\u3084\u3059\u3044\u4e00\u65b9\u3001\u6307\u6a19\u306e\u632f\u308c\u304c\u5927\u304d\u304f\u306a\u308b\u306a\u3089\u3001SOFR\u5148\u7269\uff08\u62c5\u4fdd\u4ed8\u304d\u7fcc\u65e5\u7269\u8abf\u9054\u91d1\u5229\uff1dSOFR\u3092\u53c2\u7167\u3059\u308b\u91d1\u5229\u5148\u7269\uff09\u30aa\u30d7\u30b7\u30e7\u30f3\uff08\u5c06\u6765\u3001\u4e00\u5b9a\u6761\u4ef6\u3067\u58f2\u8cb7\u3067\u304d\u308b\u6a29\u5229\uff09\u306f\u6709\u52b9\u306b\u306a\u308a\u5f97\u308b\u3002\u91d1\u5229\u306e\u65b9\u5411\u3067\u306f\u306a\u304f\u3001\u5909\u52d5\u306e\u62e1\u5927\u306b\u8ced\u3051\u308b\u3053\u3068\u3067\u3001\u4eca\u5f8c\u6570\u9031\u9593\u306e\u5e02\u5834\u306e\u8ff7\u3044\u304b\u3089\u53ce\u76ca\u6a5f\u4f1a\u3092\u72d9\u3046\u8003\u3048\u65b9\u3060\u3002<\/p>\n

\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\uff08\u6e80\u671f\u5225\u306e\u91d1\u5229\u306e\u4e26\u3073\uff09\u306b\u3082\u6a5f\u4f1a\u304c\u3042\u308b\u3002\u30a4\u30f3\u30d5\u30ec\u304c\u7c98\u308b\u305f\u3081FRB\u304c\u9ad8\u91d1\u5229\u3092\u7dad\u6301\u3059\u308b\u4e00\u65b9\u3001\u666f\u6c17\u304c\u5f31\u542b\u3080\u306a\u3089\u3001\u30ab\u30fc\u30d6\u306e\u30d5\u30e9\u30c3\u30c8\u5316\uff08\u9577\u77ed\u91d1\u5229\u5dee\u306e\u7e2e\u5c0f\uff09\u3084\u9006\u30a4\u30fc\u30eb\u30c9\uff08\u77ed\u671f\u91d1\u5229\u304c\u9577\u671f\u91d1\u5229\u3092\u4e0a\u56de\u308b\u72b6\u614b\uff09\u304c\u9032\u307f\u3084\u3059\u3044\u3002\u77ed\u671f\u91d1\u5229\u304c\u9ad8\u6b62\u307e\u308a\u3057\u3001\u9577\u671f\u91d1\u5229\u304c\u666f\u6c17\u4e0d\u5b89\u3067\u4f4e\u4e0b\u3059\u308b\u5c55\u958b\u3092\u898b\u8fbc\u3080\u30dd\u30b8\u30b7\u30e7\u30f3\u306b\u5999\u5473\u304c\u3042\u308b\u3002<\/p>\n

\u3053\u306e\u80cc\u666f\u306e\u3082\u3068\u3001\u682a\u5f0f\u5e02\u5834\u306e\u4e88\u60f3\u5909\u52d5\u7387\uff08\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u304b\u3089\u9006\u7b97\u3055\u308c\u308b\u5c06\u6765\u306e\u5909\u52d5\u898b\u901a\u3057\uff09\u306f\u76f8\u5bfe\u7684\u306b\u5272\u5b89\u306b\u898b\u3048\u308b\u3002VIX\uff08S&P500\u306e\u4e88\u60f3\u5909\u52d5\u7387\u6307\u6570\uff09\u304c18\u8fd1\u8fba\u3067\u63a8\u79fb\u3059\u308b\u4e2d\u3001FRB\u304c\u666f\u6c17\u6e1b\u901f\u4e0b\u3067\u3082\u9ad8\u91d1\u5229\u3092\u9577\u304f\u7dad\u6301\u3057\u3066\u3057\u307e\u3046\u300c\u653f\u7b56\u30df\u30b9\u300d\u306e\u30ea\u30b9\u30af\u3092\u5341\u5206\u306b\u7e54\u308a\u8fbc\u3093\u3067\u3044\u306a\u3044\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002\u30d8\u30c3\u30b8\uff08\u640d\u5931\u3092\u6291\u3048\u308b\u4fdd\u967a\uff09\u3068\u3057\u3066\u306e\u9632\u5fa1\u7b56\u3084\u3001\u5909\u52d5\u7387\u6025\u4e0a\u6607\u3078\u306e\u5099\u3048\u304c\u6709\u52b9\u306b\u306a\u308a\u5f97\u308b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u7c73\u30a4\u30f3\u30d5\u30ec\u3001\u9700\u8981\u4e3b\u5c0e\u306f\u7d9a\u304f\u304c\u52e2\u3044\u920d\u5316\u3002\u4f9b\u7d66\u5236\u7d04\u304c\u518d\u6d6e\u4e0a\u3057\u30b3\u30a2PCE3.1%\u9ad8\u6b62\u307e\u308a\u3002\u95a2\u7a0e\u30fb\u6295\u5165\u30b3\u30b9\u30c8\u30fb\u7d0d\u671f\u60aa\u5316\u304c\u58c1\u3001FRB\u5229\u4e0b\u3052\u5f8c\u305a\u308c\u3067\u91d1\u5229\u30fb\u30dc\u30e9\u306b\u5546\u6a5f\u3002<\/p>\n","protected":false},"author":116,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[40],"tags":[],"class_list":["post-44315","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/jp-asia\/wp-json\/wp\/v2\/posts\/44315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/jp-asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/jp-asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/jp-asia\/wp-json\/wp\/v2\/users\/116"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/jp-asia\/wp-json\/wp\/v2\/comments?post=44315"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/jp-asia\/wp-json\/wp\/v2\/posts\/44315\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/jp-asia\/wp-json\/wp\/v2\/media?parent=44315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/jp-asia\/wp-json\/wp\/v2\/categories?post=44315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/jp-asia\/wp-json\/wp\/v2\/tags?post=44315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}