{"id":44622,"date":"2026-04-13T21:36:59","date_gmt":"2026-04-13T21:36:59","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/44622\/"},"modified":"2026-04-13T21:36:59","modified_gmt":"2026-04-13T21:36:59","slug":"%e3%83%89%e3%82%a4%e3%83%84%e9%8a%80%e8%a1%8c%ef%bc%9aecb%e3%81%af3%e6%9c%88%e3%81%ab%e6%94%bf%e7%ad%96%e9%87%91%e5%88%a9%e3%82%92%e6%8d%ae%e3%81%88%e7%bd%ae%e3%81%8d%e3%80%8125bp%e5%88%a9%e4%b8%8a","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/jp-asia\/live-updates\/44622\/","title":{"rendered":"\u30c9\u30a4\u30c4\u9280\u884c\uff1aECB\u306f3\u6708\u306b\u653f\u7b56\u91d1\u5229\u3092\u636e\u3048\u7f6e\u304d\u300125bp\u5229\u4e0a\u3052\u30922\u56de\u4e88\u60f3\u3000\u5e02\u5834\u306f\u4e2d\u7acb\u6c34\u6e96\u306e\u9810\u91d1\u91d1\u52292\uff05\u3092\u7e54\u308a\u8fbc\u307f"},"content":{"rendered":"

\u6b27\u5dde\u4e2d\u592e\u9280\u884c\uff08ECB\uff09\u306f3\u6708\u3001\u4e3b\u8981\u653f\u7b56\u91d1\u5229\u3092\u636e\u3048\u7f6e\u3044\u305f\u3002\u9810\u91d1\u91d1\u5229\uff08\u9280\u884c\u304cECB\u306b\u8cc7\u91d1\u3092\u9810\u3051\u308b\u969b\u306e\u91d1\u5229\uff09\u306f2.0%\u3067\u3001\u666f\u6c17\u3092\u904e\u71b1\u3082\u51b7\u3084\u3057\u3082\u3057\u306a\u3044\u300c\u4e2d\u7acb\u6c34\u6e96\u300d\u3068\u3057\u3066\u6271\u308f\u308c\u3066\u3044\u308b\u3002<\/p>\n

\u30c9\u30a4\u30c4\u9280\u884c\u306e\u30a8\u30b3\u30ce\u30df\u30b9\u30c8\u306f\u73fe\u5728\u30010.25%\uff0825bp\uff1d\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\u3001\u91d1\u5229\u306e\u5358\u4f4d\u30671bp\u306f0.01%\uff09\u306e\u5229\u4e0a\u3052\u30926\u6708\u30689\u6708\u306b2\u56de\u5b9f\u65bd\u3059\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002\u5e02\u5834\u306f\u3059\u3067\u306b\u3053\u306e2\u56de\u306e\u5229\u4e0a\u3052\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u308b\u3002<\/p>\n

Market Pricing And Rate Path<\/h3>\n

\u5e74\u672b\u307e\u3067\u306b\u5e02\u5834\u306f\u7d0466bp\u306e\u8ffd\u52a0\u5f15\u304d\u7de0\u3081\u3092\u7e54\u308a\u8fbc\u3080\u3002\u3053\u308c\u306f3\u56de\u76ee\u306e\u5229\u4e0a\u3052\u306e\u78ba\u7387\u304c64%\u7a0b\u5ea6\u3042\u308b\u3053\u3068\u3092\u793a\u3059\u3002<\/p>\n

\u30a8\u30b3\u30ce\u30df\u30b9\u30c8\u306f\u30e6\u30fc\u30ed\u570f\u306e2026\u5e74\u6210\u9577\u7387\u898b\u901a\u3057\u30921.1%\u304b\u30890.5%\u306b\u5f15\u304d\u4e0b\u3052\u305f\u3002\u30a8\u30cd\u30eb\u30ae\u30fc\u4fa1\u683c\u306e\u4e0a\u6607\u3068\u5f31\u3044\u7d4c\u6e08\u6307\u6a19\u3092\u8981\u56e0\u306b\u6319\u3052\u3066\u3044\u308b\u3002<\/p>\n

\u30e6\u30fc\u30ed\u570f\u306e2026\u5e74\u30a4\u30f3\u30d5\u30ec\u7387\u306f2.8%\u3068\u4e88\u6e2c\u3055\u308c\u3066\u3044\u308b\u3002\u30c9\u30a4\u30c4\u306e\u8ca1\u653f\u653f\u7b56\uff08\u653f\u5e9c\u652f\u51fa\u3084\u6e1b\u7a0e\u306a\u3069\uff09\u304c\u30e6\u30fc\u30ed\u570f\u5168\u4f53\u306e\u4e0b\u652f\u3048\u306b\u306a\u308a\u5f97\u308b\u3068\u3082\u6307\u6458\u3055\u308c\u305f\u3002<\/p>\n

\u8a18\u4e8b\u306fAI\u30c4\u30fc\u30eb\u3092\u7528\u3044\u3066\u4f5c\u6210\u3055\u308c\u3001\u7de8\u96c6\u8005\u304c\u78ba\u8a8d\u3057\u305f\u3068\u3055\u308c\u308b\u3002<\/p>\n

Trading Implications And Risk Scenarios<\/h3>\n

ECB\u306f\u96e3\u3057\u3044\u5c40\u9762\u306b\u3042\u308b\u3002\u30a4\u30f3\u30d5\u30ec\u6291\u5236\u306e\u305f\u3081\u5e74\u5185\u306b2\u56de\u306e\u5229\u4e0a\u3052\u304c\u898b\u8fbc\u307e\u308c\u308b\u4e00\u65b9\u3001\u666f\u6c17\u6e1b\u901f\u304c\u9bae\u660e\u3067\u3001\u5229\u4e0a\u3052\u306f\u6210\u9577\u306b\u3068\u3063\u3066\u30ea\u30b9\u30af\u3068\u306a\u308b\u3002\u5e02\u5834\u306f6\u6708\u30689\u6708\u306e\u540425bp\u5f15\u304d\u4e0a\u3052\u3092\u3059\u3067\u306b\u7e54\u308a\u8fbc\u3093\u3067\u3044\u308b\u3002<\/p>\n

\u30e6\u30fc\u30ed\u570f\u306e3\u6708\u30a4\u30f3\u30d5\u30ec\u7387\u306f2.4%\u3067\u3001\u76ee\u6a19\u306e2%\u3092\u4e0a\u56de\u308a\u5229\u4e0a\u3052\u306e\u6839\u62e0\u306b\u306a\u308b\u3002\u305f\u3060\u3001\u666f\u6c17\u306e\u5148\u884c\u6307\u6a19\u3067\u3042\u308b\u4f01\u696d\u666f\u6cc1\u611f\u8abf\u67fb\u306f\u5f31\u3044\u3002\u305f\u3068\u3048\u3070\u8cfc\u8cb7\u62c5\u5f53\u8005\u666f\u6c17\u6307\u6570\uff08PMI\uff1d\u4f01\u696d\u306e\u8cfc\u8cb7\u62c5\u5f53\u8005\u3078\u306e\u8abf\u67fb\u3067\u300150\u3092\u4e0a\u56de\u308b\u3068\u62e1\u5927\u3001\u4e0b\u56de\u308b\u3068\u7e2e\u5c0f\u3092\u793a\u3059\uff09\u3067\u306f\u3001\u88fd\u9020\u696d\u304c47.1\u3068\u7e2e\u5c0f\u570f\u3060\u3063\u305f\u3002\u3053\u3046\u3057\u305f\u5f31\u3044\u6307\u6a19\u306f\u3001ECB\u304c\u91d1\u878d\u5f15\u304d\u7de0\u3081\uff08\u5229\u4e0a\u3052\u306a\u3069\u3067\u8cc7\u91d1\u7e70\u308a\u3092\u5f15\u304d\u7de0\u3081\u308b\u653f\u7b56\uff09\u3092\u6b63\u5f53\u5316\u3057\u306b\u304f\u304f\u3057\u30010.5%\u6210\u9577\u898b\u901a\u3057\u306e\u9054\u6210\u3082\u96e3\u3057\u304f\u3059\u308b\u3002<\/p>\n

ECB\u306f2022\u5e74\u306e\u30a4\u30f3\u30d5\u30ec\u6025\u9a30\u3067\u5bfe\u5fdc\u304c\u5f8c\u624b\u306b\u56de\u308a\u3001\u5927\u5e45\u306a\u5229\u4e0a\u3052\u3092\u8feb\u3089\u308c\u305f\u7d4c\u7def\u304c\u3042\u308b\u3002\u3053\u306e\u8a18\u61b6\u304c\u3001\u4fe1\u8a8d\uff08\u5e02\u5834\u304b\u3089\u306e\u4fe1\u7528\uff09\u7dad\u6301\u306e\u305f\u3081\u5f37\u3044\u59ff\u52e2\u3092\u53d6\u308a\u3084\u3059\u304f\u3057\u3066\u3044\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002\u6700\u5927\u306e\u61f8\u5ff5\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u304c\u300c\u5b9a\u7740\u300d\uff08\u3044\u3063\u305f\u3093\u4e0a\u304c\u3063\u305f\u7269\u4fa1\u4e0a\u6607\u304c\u7fd2\u6163\u5316\u3057\u4e0b\u304c\u308a\u306b\u304f\u304f\u306a\u308b\u3053\u3068\uff09\u3057\u3066\u518d\u71c3\u3059\u308b\u3053\u3068\u3067\u3001\u77ed\u671f\u306e\u666f\u6c17\u60aa\u5316\u3092\u4f34\u3063\u3066\u3082\u6291\u3048\u8fbc\u307f\u305f\u3044\u610f\u56f3\u304c\u3042\u308b\u3002<\/p>\n

\u3053\u306e\u5bfe\u7acb\u69cb\u56f3\u3092\u8e0f\u307e\u3048\u308b\u3068\u3001\u666f\u6c17\u306e\u5f31\u3055\u304b\u3089ECB\u304c\u60f3\u5b9a\u3088\u308a\u65e9\u304f\u5229\u4e0a\u3052\u3092\u505c\u6b62\u3059\u308b\u5c55\u958b\u306b\u5099\u3048\u308b\u6226\u7565\u304c\u8981\u70b9\u3068\u306a\u308b\u3002\u5177\u4f53\u7b56\u3068\u3057\u3066\u306f\u3001\u91d1\u5229\u30b9\u30ef\u30c3\u30d7\uff08\u91d1\u5229\u3092\u56fa\u5b9a\u3068\u5909\u52d5\u3067\u4ea4\u63db\u3059\u308b\u53d6\u5f15\uff09\u306a\u3069\u306e\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\uff08\u91d1\u878d\u6d3e\u751f\u5546\u54c1\uff09\u3084\u3001\u30e6\u30ea\u30dc\u30fc\uff08Euribor\uff1d\u30e6\u30fc\u30ed\u570f\u306e\u9280\u884c\u9593\u53d6\u5f15\u3067\u53c2\u7167\u3055\u308c\u308b\u91d1\u5229\uff09\u306b\u9023\u52d5\u3059\u308b\u5148\u7269\uff08\u5c06\u6765\u306e\u4fa1\u683c\u3092\u4eca\u6c7a\u3081\u308b\u53d6\u5f15\uff09\u3092\u7528\u3044\u3001\u5e02\u5834\u304c9\u6708\u5229\u4e0a\u3052\u306e\u7e54\u308a\u8fbc\u307f\u3092\u5916\u3059\u5c40\u9762\u3067\u306e\u53ce\u76ca\u3092\u72d9\u3046\u3002<\/p>\n

\u70ba\u66ff\u5e02\u5834\u3067\u306f\u30e6\u30fc\u30ed\u306b\u3082\u6a5f\u4f1a\u304c\u3042\u308b\u3002ECB\u304c\u666f\u6c17\u3092\u512a\u5148\u3057\u3066\u5229\u4e0a\u3052\u3092\u6b62\u3081\u308c\u3070\u3001\u30e6\u30fc\u30ed\u306f\u5bfe\u30c9\u30eb\u3067\u4e0b\u843d\uff08\u5f31\u542b\u307f\uff09\u3057\u5f97\u308b\u3002\u30c8\u30ec\u30fc\u30c0\u30fc\u306fEUR\/USD\u306e\u30d7\u30c3\u30c8\u30aa\u30d7\u30b7\u30e7\u30f3\uff08\u4e00\u5b9a\u4fa1\u683c\u3067\u58f2\u308b\u6a29\u5229\u3002\u76f8\u5834\u4e0b\u843d\u3067\u4fa1\u5024\u304c\u4e0a\u304c\u308b\uff09\u3092\u691c\u8a0e\u3057\u3001\u30e6\u30fc\u30ed\u5b89\u3067\u5229\u76ca\u3092\u5f97\u308b\u72d9\u3044\u3068\u306a\u308b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

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