{"id":44360,"date":"2026-04-09T20:08:38","date_gmt":"2026-04-09T20:08:38","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/44360\/"},"modified":"2026-04-09T20:08:38","modified_gmt":"2026-04-09T20:08:38","slug":"%e3%82%b3%e3%83%a1%e3%83%ab%e3%83%84%e9%8a%80%e8%a1%8c%e3%80%81%e3%83%9d%e3%83%bc%e3%83%a9%e3%83%b3%e3%83%89%e4%b8%ad%e9%8a%80%e3%81%af%e9%87%91%e5%88%a9%e3%82%92%e6%8d%ae%e3%81%88%e7%bd%ae%e3%81%8f","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/jp-asia\/live-updates\/44360\/","title":{"rendered":"\u30b3\u30e1\u30eb\u30c4\u9280\u884c\u3001\u30dd\u30fc\u30e9\u30f3\u30c9\u4e2d\u9280\u306f\u91d1\u5229\u3092\u636e\u3048\u7f6e\u304f\u3079\u304d\u3000\u30a4\u30e9\u30f3\u60c5\u52e2\u306b\u3088\u308b\u539f\u6cb9\u30b7\u30e7\u30c3\u30af\u3067\u5229\u4e0b\u3052\u5c40\u9762\u5165\u308a\u304c\u9045\u308c\u308b\u53ef\u80fd\u6027"},"content":{"rendered":"

\u30b3\u30e1\u30eb\u30c4\u9280\u884c\u306f\u3001\u30dd\u30fc\u30e9\u30f3\u30c9\u56fd\u7acb\u9280\u884c\uff08NBP\uff09\u304c\u653f\u7b56\u91d1\u5229\u3092\u636e\u3048\u7f6e\u304f\u3068\u898b\u8fbc\u3080\u3002\u30a4\u30e9\u30f3\u60c5\u52e2\u306b\u4f34\u3046\u30a8\u30cd\u30eb\u30ae\u30fc\u4fa1\u683c\u306e\u6025\u9a30\u304c\u3001\u5148\u6708\u307e\u3067\u7d9a\u3044\u3066\u3044\u305f\u5229\u4e0b\u3052\u5c40\u9762\u3092\u4e2d\u65ad\u3055\u305b\u305f\u305f\u3081\u3060\u3002\u540c\u884c\u306b\u3088\u308c\u3070\u3001\u4ed6\u306e\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u898b\u65b9\u3082\u3001\u4e2d\u671f\u7684\u306b\u91d1\u5229\u306f\u6a2a\u3070\u3044\u304c\u4e2d\u5fc3\u3068\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n

\u5831\u544a\u66f8\u306f\u3001\u539f\u6cb9\u4fa1\u683c\u304c\u77ed\u671f\u9593\u3067\u4ee5\u524d\u306e\u6c34\u6e96\u306b\u623b\u308b\u53ef\u80fd\u6027\u306f\u4f4e\u304f\u3001\u91d1\u878d\u7de9\u548c\u306e\u4f59\u5730\u3092\u72ed\u3081\u3066\u3044\u308b\u3068\u6307\u6458\u3059\u308b\u3002\u5229\u4e0b\u3052\u306f\u3001\u539f\u6cb9\u304c1\u30d0\u30ec\u30eb70\u30c9\u30eb\u3092\u4e0b\u56de\u3089\u306a\u3044\u9650\u308a\u60f3\u5b9a\u3057\u306b\u304f\u3044\u3068\u3057\u3066\u304a\u308a\u3001\u73fe\u6642\u70b9\u3067\u306f\u305d\u306e\u30b7\u30ca\u30ea\u30aa\u3092\u4e88\u60f3\u3057\u3066\u3044\u306a\u3044\u3002<\/p>\n

Policy Outlook Under Energy Shock<\/h3>\n

\u653f\u5e9c\u306e\u7dca\u6025\u7d4c\u6e08\u5bfe\u7b56\uff08\u4f8b\uff1a\u71c3\u6599\u4fa1\u683c\u306e\u4e0a\u9650\u8a2d\u5b9a\uff09\u306f\u5f53\u9762\u7dad\u6301\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3068\u3044\u3046\u3002\u3053\u3046\u3057\u305f\u5bfe\u7b56\u306f\u3001\u672c\u6765\u306f\u91d1\u878d\u653f\u7b56\u306e\u5224\u65ad\u6750\u6599\u3068\u306a\u308b\u4fa1\u683c\u306e\u52d5\u304d\uff08\u4fa1\u683c\u30b7\u30b0\u30ca\u30eb\uff09\u3092\u3086\u304c\u3081\u5f97\u308b\u3068\u3082\u8ff0\u3079\u3066\u3044\u308b\u3002<\/p>\n

\u30b3\u30e1\u30eb\u30c4\u9280\u884c\u306f\u3001\u91d1\u878d\u653f\u7b56\u304c\u901a\u5e38\u306e\u666f\u6c17\u5faa\u74b0\u3067\u306f\u306a\u304f\u3001\u8ca1\u653f\u9762\u306e\u7de9\u548c\u7b56\uff08\u653f\u5e9c\u652f\u51fa\u3084\u88dc\u52a9\u91d1\u306a\u3069\uff09\u3067\u4e00\u90e8\u304c\u76f8\u6bba\u3055\u308c\u305f\u5730\u653f\u5b66\u30b7\u30e7\u30c3\u30af\u306b\u53cd\u5fdc\u3057\u3066\u3044\u308b\u3068\u307f\u308b\u3002\u305d\u306e\u7d50\u679c\u3001\u73fe\u72b6\u3067\u306fNBP\u306f\u653f\u7b56\u91d1\u5229\u3092\u636e\u3048\u7f6e\u304f\u3068\u4e88\u60f3\u3059\u308b\u3002<\/p>\n

\u30a4\u30e9\u30f3\u3067\u306e\u6700\u8fd1\u306e\u885d\u7a81\u306b\u8d77\u56e0\u3059\u308b\u30a8\u30cd\u30eb\u30ae\u30fc\u4fa1\u683c\u30b7\u30e7\u30c3\u30af\u306f\u3001\u30dd\u30fc\u30e9\u30f3\u30c9\u306e\u91d1\u878d\u653f\u7b56\u306e\u524d\u63d0\u3092\u5927\u304d\u304f\u5909\u3048\u305f\u3002\u5148\u6708\u307e\u3067\u7d9a\u3044\u3066\u3044\u305fNBP\u306e\u5229\u4e0b\u3052\u5c40\u9762\u306f\u6025\u505c\u6b62\u3057\u305f\u3002\u3053\u308c\u306f\u3001\u30dd\u30fc\u30e9\u30f3\u30c9\u4e2d\u592e\u7d71\u8a08\u5c40\uff08GUS\uff09\u304c\u767a\u8868\u3057\u305f2026\u5e743\u6708\u30c7\u30fc\u30bf\u3067\u3001\u7dcf\u5408\u30a4\u30f3\u30d5\u30ec\u7387\uff08\u30d8\u30c3\u30c9\u30e9\u30a4\u30f3\uff1d\u98df\u54c1\u3084\u30a8\u30cd\u30eb\u30ae\u30fc\u3092\u542b\u3080\u6d88\u8cbb\u8005\u7269\u4fa1\u306e\u4f38\u3073\uff09\u304c\u71c3\u6599\u8cbb\u306e\u6025\u9a30\u3092\u4e3b\u56e0\u306b5.1%\u3078\u518d\u52a0\u901f\u3057\u305f\u3053\u3068\u304b\u3089\u3082\u88cf\u4ed8\u3051\u3089\u308c\u308b\u3002<\/p>\n

\u3053\u308c\u3092\u53d7\u3051\u3001\u30dd\u30fc\u30e9\u30f3\u30c9\u91d1\u5229\u306e\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\uff08\u91d1\u878d\u6d3e\u751f\u5546\u54c1\uff09\u5e02\u5834\u3067\u306f\u898b\u901a\u3057\u306e\u4fee\u6b63\u304c\u9032\u3093\u3067\u3044\u308b\u3002\u5c06\u6765\u306e\u91d1\u5229\u3092\u4e8b\u524d\u306b\u6c7a\u3081\u308b\u5951\u7d04\u3067\u3042\u308b\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u30fb\u30a2\u30b0\u30ea\u30fc\u30e1\u30f3\u30c8\uff08FRA\uff09\u306f\u30012026\u5e74\u521d\u306b\u5c11\u306a\u304f\u3068\u30820.50%\uff0850\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\u3001bp\uff09\u306e\u5229\u4e0b\u3052\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u305f\u304c\u3001\u8db3\u5143\u3067\u306f\u53cd\u8ee2\u3057\u3001\u5e74\u5185\u306e\u5229\u4e0b\u3052\u898b\u8fbc\u307f\u306a\u3057\u3092\u793a\u3057\u3066\u3044\u308b\u3002\u5e02\u5834\u306f\u3001NBP\u304c\u653f\u7b56\u91d1\u5229\u3092\u5f53\u97625.25%\u3067\u636e\u3048\u7f6e\u304f\u3068\u306e\u898b\u65b9\u3092\u5f37\u3081\u3066\u3044\u308b\u3002<\/p>\n

Market Positioning And Watch Levels<\/h3>\n

\u91d1\u878d\u653f\u7b56\u306f\u30d6\u30ec\u30f3\u30c8\u539f\u6cb9\u4fa1\u683c\u306b\u5f37\u304f\u5de6\u53f3\u3055\u308c\u308b\u69cb\u56f3\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u30d6\u30ec\u30f3\u30c8\u539f\u6cb9\u306f\u73fe\u57281\u30d0\u30ec\u30eb98\u30c9\u30eb\u524d\u5f8c\u3067\u63a8\u79fb\u3057\u3066\u3044\u308b\u3002\u3053\u306e\u3088\u3046\u306b\u5916\u90e8\u8981\u56e0\uff08\u30a8\u30cd\u30eb\u30ae\u30fc\u4fa1\u683c\uff09\u306b\u53cd\u5fdc\u305b\u3056\u308b\u3092\u5f97\u306a\u3044\u72b6\u614b\u306f\u3001\u4e16\u754c\u306e\u4e2d\u592e\u9280\u884c\u304c\u540c\u69d8\u306e\u30b7\u30e7\u30c3\u30af\u306b\u5bfe\u5fdc\u3057\u305f2022\u5e74\u3092\u60f3\u8d77\u3055\u305b\u308b\u3002\u3053\u306e\u5c40\u9762\u3067\u306f\u3001\u4e2d\u592e\u9280\u884c\u304c\u30cf\u30c8\u6d3e\uff08\u5229\u4e0b\u3052\u3084\u7de9\u548c\u306b\u524d\u5411\u304d\uff09\u3078\u8ee2\u3058\u308b\u52d5\u304d\u3092\u898b\u8fbc\u3080\u3079\u304d\u3067\u306f\u306a\u3044\u3002<\/p>\n

\u3053\u306e\u305f\u3081\u3001\u30dd\u30fc\u30e9\u30f3\u30c9\u91d1\u5229\u304c\u9ad8\u6b62\u307e\u308a\u3059\u308b\u524d\u63d0\u3067\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u304c\u5408\u7406\u7684\u3060\u3068\u3044\u3046\u3002\u5177\u4f53\u4f8b\u3068\u3057\u3066\u3001\u30dd\u30fc\u30e9\u30f3\u30c9\u91d1\u5229\u30b9\u30ef\u30c3\u30d7\uff08\u91d1\u5229\u306e\u56fa\u5b9a\u3068\u5909\u52d5\u3092\u4ea4\u63db\u3059\u308b\u53d6\u5f15\uff09\u3067\u300c\u56fa\u5b9a\u91d1\u5229\u3092\u53d7\u3051\u308b\u300d\uff08\u53d7\u3051\u56fa\u5b9a\uff1d\u91d1\u5229\u4f4e\u4e0b\u3067\u5229\u76ca\u304c\u51fa\u3084\u3059\u3044\uff09\u6226\u7565\u3084\u3001\u30a2\u30a6\u30c8\u30fb\u30aa\u30d6\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\uff08\u73fe\u72b6\u306e\u6c34\u6e96\u304b\u3089\u96e2\u308c\u305f\u884c\u4f7f\u6761\u4ef6\uff09\u306e\u30da\u30a4\u30e4\u30fc\u30fb\u30b9\u30ef\u30d7\u30b7\u30e7\u30f3\uff08\u5c06\u6765\u3001\u56fa\u5b9a\u6255\u3044\u30fb\u5909\u52d5\u53d7\u3051\u306e\u30b9\u30ef\u30c3\u30d7\u306b\u5165\u308b\u6a29\u5229\u3002\u91d1\u5229\u4e0a\u6607\u306b\u5099\u3048\u308b\u30aa\u30d7\u30b7\u30e7\u30f3\uff09\u3092\u58f2\u308b\u3053\u3068\u3067\u3001\u5229\u4e0a\u3052\u30ea\u30b9\u30af\u304c\u5c0f\u3055\u3044\u3053\u3068\u306b\u8ced\u3051\u308b\u624b\u6cd5\u3092\u6319\u3052\u308b\u3002\u30ba\u30ed\u30c1\u306f\u5024\u52d5\u304d\u304c\u8352\u3044\u4e00\u65b9\u3001\u30bf\u30ab\u6d3e\uff08\u5229\u4e0a\u3052\u30fb\u5f15\u304d\u7de0\u3081\u306b\u524d\u5411\u304d\uff09\u59ff\u52e2\u306eNBP\u304c\u30e6\u30fc\u30ed\uff0f\u30ba\u30ed\u30c1\uff08EUR\/PLN\uff09\u306e\u4e0b\u652f\u3048\u6750\u6599\u3068\u306a\u308a\u30014.35\u4ed8\u8fd1\u3067\u63a8\u79fb\u3057\u3084\u3059\u3044\u3068\u3057\u3066\u3044\u308b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

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