{"id":46113,"date":"2026-04-30T21:59:59","date_gmt":"2026-04-30T21:59:59","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/46113\/"},"modified":"2026-04-30T21:59:59","modified_gmt":"2026-04-30T21:59:59","slug":"%e3%83%96%e3%83%ac%e3%82%bc%e3%82%b9%e3%82%ad%e6%b0%8f%ef%bc%9aecb%e3%81%af%e9%87%91%e5%88%a9%e6%8d%ae%e3%81%88%e7%bd%ae%e3%81%8d%e3%80%81%e3%83%a6%e3%83%bc%e3%83%ad%e5%9c%8f%e3%81%aegdp%e4%bd%8e","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/jp-asia\/live-updates\/46113\/","title":{"rendered":"\u30d6\u30ec\u30bc\u30b9\u30ad\u6c0f\uff1aECB\u306f\u91d1\u5229\u636e\u3048\u7f6e\u304d\u3001\u30e6\u30fc\u30ed\u570f\u306eGDP\u4f4e\u8ff7\u30fb\u30a4\u30f3\u30d5\u30ec\u307e\u3061\u307e\u3061\u30fb\u4fe1\u7528\u74b0\u5883\u306e\u5f15\u304d\u7de0\u307e\u308a\u3067\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u61f8\u5ff5\u304c\u5f37\u307e\u308b\u4e2d"},"content":{"rendered":"

\u6b27\u5dde\u4e2d\u592e\u9280\u884c\uff08ECB\uff09\u306f\u3001\u30e6\u30fc\u30ed\u570f\u3067\u300c\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\uff08\u666f\u6c17\u304c\u5f31\u3044\u306e\u306b\u7269\u4fa1\u304c\u4e0a\u304c\u308b\u72b6\u614b\uff09\u300d\u30ea\u30b9\u30af\u304c\u9ad8\u307e\u308b\u4e2d\u3067\u3082\u3001\u653f\u7b56\u91d1\u5229\u3092\u636e\u3048\u7f6e\u3044\u305f\u3002\u58f0\u660e\u3067\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u5727\u529b\uff08\u7269\u4fa1\u4e0a\u6607\u306e\u52e2\u3044\uff09\u304c\u5f37\u307e\u308b\u4e00\u65b9\u3001\u666f\u6c17\u306b\u5bfe\u3059\u308b\u4e0b\u632f\u308c\u30ea\u30b9\u30af\uff08\u60f3\u5b9a\u3088\u308a\u60aa\u5316\u3059\u308b\u53ef\u80fd\u6027\uff09\u304c\u5897\u3057\u3066\u3044\u308b\u3068\u6307\u6458\u3057\u305f\u3002<\/p>\n

\u76f4\u8fd1\u306e\u7d71\u8a08\u3067\u306f\u3001\u7b2c1\u56db\u534a\u671f\u306eGDP\uff08\u56fd\u5185\u7dcf\u751f\u7523\uff1d\u56fd\u5168\u4f53\u306e\u751f\u7523\u30fb\u6240\u5f97\u306e\u5408\u8a08\uff09\u306e\u4f38\u3073\u304c\u5e02\u5834\u4e88\u60f3\u3092\u4e0b\u56de\u3063\u305f\u3002\u30a4\u30f3\u30d5\u30ec\uff08\u7269\u4fa1\u4e0a\u6607\u7387\uff09\u306e\u30b5\u30a4\u30f3\u306f\u307e\u3061\u307e\u3061\u3067\u3001\u30c9\u30a4\u30c4\u3067\u306f\u7dcf\u5408\u30a4\u30f3\u30d5\u30ec\u7387\uff08\u98df\u54c1\u30fb\u30a8\u30cd\u30eb\u30ae\u30fc\u3092\u542b\u3080\u5168\u4f53\uff09\u304c\u4e0a\u304c\u308b\u4e00\u65b9\u3001\u30b3\u30a2\u30a4\u30f3\u30d5\u30ec\u7387\uff08\u4fa1\u683c\u5909\u52d5\u306e\u5927\u304d\u3044\u98df\u54c1\u30fb\u30a8\u30cd\u30eb\u30ae\u30fc\u3092\u9664\u304d\u3001\u57fa\u8abf\u7684\u306a\u7269\u4fa1\u3092\u307f\u308b\u6307\u6a19\uff09\u306f\u4f4e\u4e0b\u3057\u305f\u3002<\/p>\n

Stagflation Risks And Mixed Inflation Signals<\/h3>\n

ECB\u306f\u3001\u9280\u884c\u8cb8\u51fa\u8abf\u67fb\uff08Bank Lending Survey\uff1d\u9280\u884c\u304c\u878d\u8cc7\u6761\u4ef6\u3084\u8cb8\u51fa\u9700\u8981\u3092\u3069\u3046\u898b\u3066\u3044\u308b\u304b\u306e\u8abf\u67fb\uff09\u3092\u8e0f\u307e\u3048\u3001\u878d\u8cc7\u57fa\u6e96\uff08\u501f\u308a\u624b\u306b\u6c42\u3081\u308b\u6761\u4ef6\uff09\u304c\u53b3\u683c\u5316\u3057\u3001\u8cb8\u51fa\u9700\u8981\uff08\u4f01\u696d\u3084\u5bb6\u8a08\u304c\u501f\u308a\u305f\u3044\u610f\u6b32\uff09\u304c\u5f31\u3044\u3053\u3068\u306b\u3082\u8a00\u53ca\u3057\u305f\u3002\u3053\u3046\u3057\u305f\u72b6\u6cc1\u306f\u3001\u7269\u4fa1\u5727\u529b\u304c\u6b8b\u308b\u4e00\u65b9\u3067\u666f\u6c17\u6e1b\u901f\u304c\u9032\u3080\u61f8\u5ff5\u3092\u5f37\u3081\u308b\u3002<\/p>\n

\u8a18\u4e8b\u306f\u3001ECB\u304c2011\u5e74\u306b\u5b9f\u65bd\u3057\u305f\u5229\u4e0a\u3052\uff08\u653f\u7b56\u91d1\u5229\u306e\u5f15\u304d\u4e0a\u3052\uff09\u306b\u89e6\u308c\u3001\u5f53\u6642\u306f\u30a4\u30f3\u30d5\u30ec\u5bfe\u5fdc\u3068\u3057\u3066\u5c0e\u5165\u3055\u308c\u305f\u304c\u3001\u305d\u306e\u5f8c\u30e6\u30fc\u30ed\u570f\u306e\u666f\u6c17\u505c\u6ede\u304c\u6df1\u307e\u308b\u5c40\u9762\u3068\u91cd\u306a\u3063\u305f\u3068\u3057\u3066\u3044\u308b\u3002<\/p>\n

\u5831\u544a\u306f\u3001\u57df\u5916\u8981\u56e0\u306b\u3088\u308b\u4f9b\u7d66\u30b7\u30e7\u30c3\u30af\uff08\u6226\u4e89\u30fb\u30a8\u30cd\u30eb\u30ae\u30fc\u4f9b\u7d66\u5236\u7d04\u306a\u3069\u3001\u56fd\u5185\u666f\u6c17\u3068\u306f\u5225\u306e\u8981\u56e0\u3067\u4f9b\u7d66\u304c\u6e1b\u308a\u7269\u4fa1\u304c\u62bc\u3057\u4e0a\u304c\u308b\u4e8b\u614b\uff09\u306e\u6700\u4e2d\u306b\u5229\u4e0a\u3052\u3092\u884c\u3046\u3053\u3068\u3078\u653f\u7b56\u5f53\u5c40\u304c\u614e\u91cd\u306b\u306a\u308a\u3084\u3059\u3044\u3068\u8ff0\u3079\u305f\u3002\u3042\u308f\u305b\u3066\u3001ECB\u306e\u7269\u4fa1\u5b89\u5b9a\u306e\u8cac\u52d9\uff08\u30a4\u30f3\u30d5\u30ec\u3092\u6291\u3048\u8cfc\u8cb7\u529b\u3092\u5b88\u308b\u5f79\u5272\uff09\u306b\u8a00\u53ca\u3057\u3064\u3064\u3001\u666f\u6c17\u5f8c\u9000\uff08\u666f\u6c17\u306e\u60aa\u5316\uff09\u3092\u6df1\u3081\u308b\u3053\u3068\u3078\u306e\u8b66\u6212\u611f\u3082\u793a\u3057\u305f\u3002<\/p>\n

ECB\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u6291\u5236\u3068\u5f31\u3044\u666f\u6c17\u306e\u4e0b\u652f\u3048\u306e\u9593\u3067\u96e3\u3057\u3044\u9078\u629e\u3092\u8feb\u3089\u308c\u3066\u304a\u308a\u3001\u5f53\u9762\u306f\u69d8\u5b50\u898b\u59ff\u52e2\u3092\u7d9a\u3051\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3002\u76f4\u8fd1\u30c7\u30fc\u30bf\u3067\u306f\u3001\u30e6\u30fc\u30ed\u570f\u306e2026\u5e741\u301c3\u6708\u671fGDP\u306f\u524d\u671f\u6bd40.1%\u5897\u306b\u3068\u3069\u307e\u3063\u305f\u4e00\u65b9\u30013\u6708\u306e\u7dcf\u5408\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u30a8\u30cd\u30eb\u30ae\u30fc\u4fa1\u683c\u306e\u4e0a\u6607\u3092\u53d7\u3051\u30663.5%\u3078\u5c0f\u5e45\u4e0a\u6607\u3057\u305f\u3002\u305f\u3060\u3001ECB\u304c\u91cd\u8996\u3059\u308b\u30b3\u30a2\u30a4\u30f3\u30d5\u30ec\u7387\u306f2.8%\u3078\u4f4e\u4e0b\u3057\u3001\u5229\u4e0a\u3052\u5224\u65ad\u3092\u4e00\u6bb5\u3068\u96e3\u3057\u304f\u3057\u3066\u3044\u308b\u3002<\/p>\n

Market Implications For Rates FX And Equities<\/h3>\n

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\u3053\u306e\u614e\u91cd\u59ff\u52e2\u306f\u3001\u30e6\u30fc\u30ed\uff08EUR\uff09\u306b\u4e0b\u62bc\u3057\u5727\u529b\u3068\u306a\u308a\u3084\u3059\u3044\u3002\u7279\u306b\u3001\u3088\u308a\u5f37\u786c\uff08\u5f15\u304d\u7de0\u3081\u5bc4\u308a\uff09\u306a\u4e2d\u9280\u304c\u6b8b\u308b\u901a\u8ca8\u306b\u5bfe\u3057\u3066\u5f31\u542b\u307f\u3084\u3059\u3044\u3002\u7c73\u9023\u90a6\u6e96\u5099\u5236\u5ea6\u7406\u4e8b\u4f1a\uff08FRB\uff09\u304c\u300c\u9ad8\u91d1\u5229\u3092\u9577\u304f\u7dad\u6301\uff08higher for longer\uff1d\u91d1\u5229\u3092\u9ad8\u3044\u6c34\u6e96\u3067\u9577\u671f\u9593\u7dad\u6301\uff09\u300d\u3059\u308b\u59ff\u52e2\u3092\u793a\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u91d1\u5229\u5dee\uff08\u7c73\u6b27\u306e\u653f\u7b56\u91d1\u5229\u306e\u5dee\uff09\u306e\u62e1\u5927\u304c\u898b\u8fbc\u307e\u308c\u3001\u7c73\u30c9\u30eb\uff08USD\uff09\u306e\u76f8\u5bfe\u7684\u306a\u9b45\u529b\u304c\u9ad8\u307e\u308a\u3084\u3059\u3044\u3002\u30c8\u30ec\u30fc\u30c0\u30fc\u306f\u3001EUR\/USD\u306e\u30d7\u30c3\u30c8\u30aa\u30d7\u30b7\u30e7\u30f3\uff08\u4e00\u5b9a\u4fa1\u683c\u3067\u58f2\u308b\u6a29\u5229\uff1d\u4e0b\u843d\u306b\u5099\u3048\u308b\u624b\u6bb5\uff09\u306e\u8cfc\u5165\u3092\u9078\u629e\u80a2\u3068\u307f\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002<\/p>\n

\u682a\u5f0f\u5e02\u5834\u3067\u306f\u3001\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u30ea\u30b9\u30af\u304c\u91cd\u8377\u3068\u306a\u308a\u3001\u4e3b\u8981\u6307\u6570\u306e\u4e0a\u5024\u3092\u6291\u3048\u3084\u3059\u3044\u3002\u6307\u6570\u306e\u5c06\u6765\u5909\u52d5\u898b\u901a\u3057\u3092\u793a\u3059\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u304b\u3089\u9006\u7b97\u3057\u305f\u4e88\u60f3\u5909\u52d5\u7387\uff09\u3082\u9ad8\u6b62\u307e\u308a\u3057\u3084\u3059\u304f\u3001\u65b9\u5411\u6027\u3092\u5f53\u3066\u306b\u3044\u304f\u53d6\u5f15\u3088\u308a\u3001\u5024\u52d5\u304d\uff08\u5909\u52d5\uff09\u3092\u6d3b\u7528\u3059\u308b\u6226\u7565\u304c\u76f8\u5bfe\u7684\u306b\u6709\u52b9\u306b\u306a\u308a\u3084\u3059\u3044\u3002<\/p>\n

2026\u5e744\u6708\u4e0a\u65ec\u306e\u6700\u65b0\u306e\u9280\u884c\u8cb8\u51fa\u8abf\u67fb\u3067\u306f\u3001\u4f01\u696d\u5411\u3051\u306e\u878d\u8cc7\u57fa\u6e96\u304c3\u56db\u534a\u671f\u9023\u7d9a\u3067\u53b3\u683c\u5316\u3057\u305f\u3053\u3068\u3082\u78ba\u8a8d\u3055\u308c\u305f\u3002\u3053\u306e\u300c\u4fe1\u7528\u53ce\u7e2e\uff08\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30b9\u30af\u30a4\u30fc\u30ba\uff1d\u8cb8\u3057\u6e0b\u308a\u3067\u8cc7\u91d1\u304c\u56de\u308a\u306b\u304f\u304f\u306a\u308b\u72b6\u614b\uff09\u300d\u306f\u666f\u6c17\u306b\u81ea\u7136\u306a\u30d6\u30ec\u30fc\u30ad\u3092\u304b\u3051\u3001\u4e2d\u592e\u9280\u884c\u304c\u8ffd\u52a0\u3067\u5f15\u304d\u7de0\u3081\u306a\u304f\u3066\u3082\u666f\u6c17\u3092\u51b7\u3084\u3059\u529b\u306b\u306a\u308a\u5f97\u308b\u3002\u4f9b\u7d66\u8981\u56e0\u3067\u7269\u4fa1\u304c\u62bc\u3057\u4e0a\u3052\u3089\u308c\u3066\u3044\u308b\u5c40\u9762\u3067\u3001ECB\u304c\u8ffd\u52a0\u5f15\u304d\u7de0\u3081\uff08\u5229\u4e0a\u3052\u306a\u3069\uff09\u306b\u6975\u3081\u3066\u614e\u91cd\u306b\u306a\u308b\u3068\u306e\u898b\u65b9\u3092\u88dc\u5f37\u3059\u308b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

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