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For Ecb Policy<\/h3>\n<p>\u4eca\u56de\u306e\u52d5\u304d\u306f\u3001\u6b27\u5dde\u4e2d\u592e\u9280\u884c\uff08ECB\uff1a\u30e6\u30fc\u30ed\u570f\u306e\u4e2d\u592e\u9280\u884c\uff09\u304c\u793a\u3057\u3066\u304d\u305f\u5229\u4e0b\u3052\uff08\u653f\u7b56\u91d1\u5229\u3092\u4e0b\u3052\u308b\u3053\u3068\uff09\u65b9\u5411\u306e\u898b\u901a\u3057\u306b\u9006\u98a8\u3068\u306a\u308b\u3002\u5e02\u5834\u306f\u590f\u307e\u3067\u306e\u5229\u4e0b\u3052\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u305f\u304c\u3001\u305d\u306e\u6642\u671f\u306f\u898b\u76f4\u3057\u3092\u8feb\u3089\u308c\u308b\u3002\u4eca\u5f8c\u306eECB\u95a2\u4fc2\u8005\u767a\u8a00\u306f\u3001\u3088\u308a\u614e\u91cd\u3001\u3064\u307e\u308a\u30bf\u30ab\u6d3e\uff08\u91d1\u878d\u5f15\u304d\u7de0\u3081\u5bc4\u308a\u306e\u59ff\u52e2\uff09\u5bc4\u308a\u306b\u306a\u308a\u3084\u3059\u3044\u3002<\/p>\n<p>\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\uff08\u5148\u7269\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306a\u3069\u306e\u6d3e\u751f\u5546\u54c1\uff09\u3067\u306f\u3001\u30c9\u30a4\u30c4\u56fd\u50b5\uff08Bund\uff1a\u30c9\u30a4\u30c4\u56fd\u50b5\u306e\u4ee3\u8868\u9298\u67c4\uff09\u5148\u7269\u306a\u3069\u6b27\u5dde\u56fd\u50b5\u306b\u300c\u58f2\u308a\u300d\uff08\u30b7\u30e7\u30fc\u30c8\uff1a\u4fa1\u683c\u4e0b\u843d\u3092\u898b\u8fbc\u3080\u53d6\u5f15\uff09\u3067\u81e8\u3080\u898b\u65b9\u304c\u51fa\u3084\u3059\u3044\u3002\u6307\u6a19\u3068\u306a\u308b\u30c9\u30a4\u30c410\u5e74\u91d1\u5229\u306f\u3053\u306e\u6750\u6599\u30678\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\uff08bp\uff1a\u91d1\u5229\u306e\u5358\u4f4d\u30021bp\uff1d0.01\uff05\uff09\u4e0a\u6607\u3057\u3066\u304a\u308a\u3001ECB\u653f\u7b56\u898b\u901a\u3057\u306e\u518d\u8a55\u4fa1\u3067\u4e00\u6bb5\u3068\u4e0a\u304c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u30022022\u5e74\u306b\u3082\u3001PPI\u306e\u4e0a\u6607\u304c\u305d\u306e\u5f8c\u306e\u5927\u5e45\u5229\u4e0a\u3052\uff08\u653f\u7b56\u91d1\u5229\u3092\u4e0a\u3052\u308b\u3053\u3068\uff09\u306e\u524d\u89e6\u308c\u3068\u306a\u3063\u305f\u5c40\u9762\u304c\u3042\u3063\u305f\u3002<\/p>\n<p>\u682a\u5f0f\u3067\u306f\u3001\u30d5\u30e9\u30f3\u30b9CAC40\u306a\u3069\u306b\u4e0b\u62bc\u3057\u5727\u529b\u304c\u610f\u8b58\u3055\u308c\u308b\u3002\u6295\u5165\u30b3\u30b9\u30c8\uff08\u751f\u7523\u306b\u5fc5\u8981\u306a\u8cbb\u7528\uff09\u306e\u4e0a\u6607\u3068\u300c\u9ad8\u91d1\u5229\u304c\u9577\u671f\u5316\u300d\uff08higher for longer\uff1a\u91d1\u5229\u304c\u9ad8\u3044\u307e\u307e\u7d9a\u304f\u898b\u901a\u3057\uff09\u304c\u4f01\u696d\u306e\u5229\u76ca\u7387\u3092\u5727\u8feb\u3057\u3084\u3059\u3044\u3002\u6b27\u5dde\u682a\u6307\u6570ETF\uff08\u4e0a\u5834\u6295\u8cc7\u4fe1\u8a17\uff09\u3067\u30d7\u30c3\u30c8\u30aa\u30d7\u30b7\u30e7\u30f3\uff08\u4e00\u5b9a\u4fa1\u683c\u3067\u58f2\u308b\u6a29\u5229\u3002\u4e0b\u843d\u306b\u5099\u3048\u308b\u624b\u6bb5\uff09\u3092\u8cb7\u3046\u3053\u3068\u306f\u30015\u301c6\u6708\u306e\u4e0b\u843d\u306b\u5099\u3048\u308b\u30d8\u30c3\u30b8\uff08\u640d\u5931\u3092\u6291\u3048\u308b\u5bfe\u7b56\uff09\u306b\u306a\u308a\u5f97\u308b\u3002\u30b3\u30b9\u30c8\u4e0a\u6607\u306e\u5f71\u97ff\u3092\u53d7\u3051\u3084\u3059\u3044\u306e\u306f\u3001\u666f\u6c17\u654f\u611f\u306e\u5de5\u696d\u682a\u3068\u3001\u4e00\u822c\u6d88\u8cbb\u8ca1\uff08\u6d88\u8cbb\u8005\u306e\u88c1\u91cf\u3067\u8cb7\u308f\u308c\u308b\u88fd\u54c1\u30fb\u30b5\u30fc\u30d3\u30b9\uff09\u30bb\u30af\u30bf\u30fc\u3060\u3002<\/p>\n<p>\u4eca\u56de\u306e\u30a4\u30f3\u30d5\u30ec\u6307\u6a19\u306f\u3001\u5e02\u5834\u306e\u4e0d\u78ba\u5b9f\u6027\u3068\u5024\u52d5\u304d\u306e\u5927\u304d\u3055\u3092\u9ad8\u3081\u3084\u3059\u3044\u3002\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08\u4fa1\u683c\u5909\u52d5\u306e\u5927\u304d\u3055\uff09\u306e\u4e0a\u6607\u304c\u898b\u8fbc\u307e\u308c\u3001Euro 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