{"id":46305,"date":"2026-05-04T17:52:49","date_gmt":"2026-05-04T17:52:49","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/46305\/"},"modified":"2026-05-04T17:52:49","modified_gmt":"2026-05-04T17:52:49","slug":"bny%e3%81%ae%e3%83%9c%e3%83%96%e3%83%bb%e3%82%b5%e3%83%99%e3%83%bc%e3%82%b8%e6%b0%8f%ef%bc%9aecb%e3%81%af6%e6%9c%88%e5%88%a9%e4%b8%8b%e3%81%92%e3%82%92%e7%a4%ba%e5%94%86%e3%80%81%e8%8b%b1%e4%b8%ad","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/jp-asia\/live-updates\/46305\/","title":{"rendered":"BNY\u306e\u30dc\u30d6\u30fb\u30b5\u30d9\u30fc\u30b8\u6c0f\uff1aECB\u306f6\u6708\u5229\u4e0b\u3052\u3092\u793a\u5506\u3001\u82f1\u4e2d\u9280\u306f\u3088\u308a\u660e\u78ba\u306a\u8a3c\u62e0\u3092\u5f85\u3061\u59ff\u52e2\u8ee2\u63db"},"content":{"rendered":"

ECB\uff08\u6b27\u5dde\u4e2d\u592e\u9280\u884c\uff09\u306f4\u6708\u4f1a\u5408\u5f8c\u306e\u767a\u8a00\u304b\u3089\u30016\u6708\u306b\u653f\u7b56\u91d1\u5229\u3092\u52d5\u304b\u3059\uff08\u5229\u4e0b\u3052\u3092\u542b\u3080\uff09\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3002\u3053\u308c\u306b\u5bfe\u3057BOE\uff08\u82f1\u4e2d\u9280\uff09\u306f\u3001\u91d1\u5229\u3092\u636e\u3048\u7f6e\u3044\u305f\u307e\u307e\u3001\u7269\u4fa1\u306e\u843d\u3061\u7740\u304d\u304c\u7d9a\u304f\u3068\u3044\u3046\u8ffd\u52a0\u78ba\u8a8d\u3092\u5f85\u3063\u3066\u3044\u308b\u3002<\/p>\n

\u4eca\u56de\u306e\u30e1\u30c3\u30bb\u30fc\u30b8\u306f\u3001\u5f93\u6765\u306e\u300c\u91d1\u878d\u653f\u7b56\u306f\u826f\u3044\u4f4d\u7f6e\u306b\u3042\u308b\uff08\u5f53\u9762\u306f\u73fe\u72b6\u7dad\u6301\u3067\u3088\u3044\uff09\u300d\u3068\u3044\u3046\u59ff\u52e2\u304b\u3089\u306e\u8ee2\u63db\u3092\u793a\u3059\u3002\u30e6\u30fc\u30ed\u570f\u3068\u82f1\u56fd\u306e\u6e29\u5ea6\u5dee\u306f\u3001\u5e74\u672b\u306b\u304b\u3051\u305f\u30e6\u30fc\u30ed\u570f\u91d1\u5229\u306e\u5e02\u5834\u4e88\u60f3\uff08\u5c06\u6765\u306e\u91d1\u5229\u6c34\u6e96\u306e\u7e54\u308a\u8fbc\u307f\uff09\u306b\u5f71\u97ff\u3059\u308b\u3068\u307f\u3089\u308c\u308b\u3002<\/p>\n

Policy Divergence Outlook<\/h3>\n

\u30ce\u30eb\u30a6\u30a7\u30fc\u4e2d\u9280\uff08Norges Bank\uff09\u3068\u30b9\u30a6\u30a7\u30fc\u30c7\u30f3\u4e2d\u9280\uff08\u30ea\u30af\u30b9\u30d0\u30f3\u30af\uff09\u306e\u4eca\u5f8c\u306e\u5224\u65ad\u306b\u3082\u6ce8\u76ee\u304c\u96c6\u307e\u308b\u3002\u5e02\u5834\u3067\u306f\u4e21\u56fd\u3068\u3082\u5e74\u672b\u307e\u3067\u306b\u8907\u6570\u56de\u306e\u5229\u4e0a\u3052\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u308b\u3002<\/p>\n

\u30ea\u30af\u30b9\u30d0\u30f3\u30af\u306b\u3064\u3044\u3066\u306f\u30013\u6708\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u5f31\u304f\u3001CPI\uff08\u6d88\u8cbb\u8005\u7269\u4fa1\u6307\u6570\u3001\u5bb6\u8a08\u304c\u8cb7\u3046\u54c1\u76ee\u306e\u4fa1\u683c\u5909\u5316\uff09\u3068CPI-F\uff08\u4f4f\u5b85\u30ed\u30fc\u30f3\u91d1\u5229\u306e\u5f71\u97ff\u3092\u9664\u3044\u305fCPI\u3001\u57fa\u8abf\u7269\u4fa1\u3092\u307f\u308b\u6307\u6a19\uff09\u304c\u524d\u6708\u6bd4\u3067\u3044\u305a\u308c\u3082\u4f4e\u4e0b\u3057\u305f\u3002\u3053\u306e\u305f\u3081\u30014\u6708\u4e2d\u65ec\u307e\u3067\u306b\u300c\u5f15\u304d\u7de0\u3081\uff08\u5229\u4e0a\u3052\uff09\u4e88\u60f3\u300d\u304c0.50\uff05\u30dd\u30a4\u30f3\u30c8\u8fd1\u304f\u4e0b\u65b9\u4fee\u6b63\u3055\u308c\u305f\u3002<\/p>\n

\u305d\u306e\u5f8c\u3001\u505c\u6226\u3092\u3081\u3050\u308b\u4e0d\u900f\u660e\u611f\u304b\u3089\u4e88\u60f3\u306f\u4e00\u90e8\u623b\u3057\u305f\u3002\u8a18\u4e8b\u306f\u3001\u30ea\u30af\u30b9\u30d0\u30f3\u30af\u306f\u4eca\u5e74\u306f\u52d5\u304b\u306a\u3044\uff08\u653f\u7b56\u5909\u66f4\u3057\u306a\u3044\uff09\u898b\u901a\u3057\u3067\u3001\u4eca\u5f8c\u306e\u5c40\u9762\u3067\u306fNOK\u2013SEK\uff08\u30ce\u30eb\u30a6\u30a7\u30fc\u30af\u30ed\u30fc\u30cd\u3068\u30b9\u30a6\u30a7\u30fc\u30c7\u30f3\u30af\u30ed\u30fc\u30ca\u306e\u70ba\u66ff\uff09\u5dee\u304c\u3088\u308a\u660e\u78ba\u306b\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u3057\u3066\u3044\u308b\u3002<\/p>\n

Derivatives Strategy Implications<\/h3>\n

2025\u5e74\u306e\u5206\u6790\u3092\u632f\u308a\u8fd4\u308b\u3068\u3001ECB\u3068BOE\u306e\u653f\u7b56\u306e\u9055\u3044\uff08\u653f\u7b56\u4e56\u96e2\uff09\u304c\u4f9d\u7136\u3068\u3057\u3066\u6700\u5927\u306e\u30c6\u30fc\u30de\u3060\u3002ECB\u306f2025\u5e746\u6708\u306b\u5229\u4e0b\u3052\u5c40\u9762\u306b\u5165\u308a\u3001\u4ed6\u306e\u4e2d\u592e\u9280\u884c\u3088\u308a\u5148\u884c\u3057\u305f\u3002\u73fe\u5728\u3082\u7d9a\u304f\u653f\u7b56\u30ae\u30e3\u30c3\u30d7\u306f\u3001\u91d1\u5229\u30fb\u901a\u8ca8\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\uff08\u5148\u7269\u3084\u30aa\u30d7\u30b7\u30e7\u30f3\u306a\u3069\u306e\u6d3e\u751f\u5546\u54c1\uff09\u3067\u306e\u6a5f\u4f1a\u306b\u306a\u308a\u5f97\u308b\u3002<\/p>\n

ECB\u306f\u7de9\u548c\u3092\u7d9a\u3051\u308b\u898b\u65b9\u304c\u512a\u52e2\u3060\u3002\u30e6\u30fc\u30ed\u570f\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306f2.3%\u307e\u3067\u920d\u5316\u3057\u3001\u56db\u534a\u671fGDP\u6210\u9577\u7387\u30820.1%\u3068\u4f4e\u8ff7\u3057\u3066\u3044\u308b\u3002\u30c8\u30ec\u30fc\u30c0\u30fc\u306f\u3001EURIBOR\u5148\u7269\uff08\u30e6\u30fc\u30ed\u570f\u77ed\u671f\u91d1\u5229\u306b\u9023\u52d5\u3059\u308b\u5148\u7269\uff09\u3092\u5bfe\u8c61\u306b\u3057\u305f\u30aa\u30d7\u30b7\u30e7\u30f3\uff08\u5c06\u6765\u3001\u3042\u3089\u304b\u3058\u3081\u6c7a\u3081\u305f\u6761\u4ef6\u3067\u58f2\u8cb7\u3067\u304d\u308b\u6a29\u5229\uff09\u3067\u3001\u5229\u4e0b\u3052\u30da\u30fc\u30b9\u304c\u5e02\u5834\u306e\u60f3\u5b9a\u3088\u308a\u901f\u304f\u7e54\u308a\u8fbc\u307e\u308c\u308b\u5c40\u9762\u306b\u5099\u3048\u308b\u9078\u629e\u80a2\u304c\u3042\u308b\u3002\u3053\u308c\u306fECB\u304c\u666f\u6c17\u306e\u3066\u3053\u5165\u308c\u3092\u91cd\u8996\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u53cd\u6620\u3059\u308b\u3002<\/p>\n

\u4e00\u65b9\u3001BOE\u306f\u56fd\u5185\u30a4\u30f3\u30d5\u30ec\u304c\u7c98\u7740\u7684\u3067\u3001\u76f4\u8fd1\u30672.8%\u3068\u306a\u3063\u305f\u3053\u3068\u304b\u3089\u614e\u91cd\u59ff\u52e2\u3092\u5d29\u3057\u3066\u3044\u306a\u3044\u3002\u3053\u306e\u653f\u7b56\u5dee\u304c\u7d9a\u304f\u306a\u3089\u3001\u82f1\u56fd\u3068\u30e6\u30fc\u30ed\u570f\u306e\u77ed\u671f\u91d1\u5229\u5dee\uff08\u77ed\u671f\u91d1\u5229\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\uff09\u3092\u72d9\u3046\u53d6\u5f15\u306e\u5999\u5473\u306f\u6b8b\u308b\u3002SONIA\u5148\u7269\uff08\u82f1\u56fd\u306e\u7fcc\u65e5\u7269\u91d1\u5229\u30d9\u30fc\u30b9\u306e\u6307\u6a19\u306b\u9023\u52d5\uff09\u3068EURIBOR\u5148\u7269\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\u62e1\u5927\u3092\u898b\u8fbc\u3080\u6226\u7565\u306f\u691c\u8a0e\u306b\u5024\u3059\u308b\u3002<\/p>\n

\u5317\u6b27\u3067\u3082\u30012025\u5e74\u306b\u6307\u6458\u3057\u305f\u4e56\u96e2\u304c\u9855\u5728\u5316\u3057\u3001\u30ce\u30eb\u30a6\u30a7\u30fc\u30af\u30ed\u30fc\u30cd\u306f\u30b9\u30a6\u30a7\u30fc\u30c7\u30f3\u30af\u30ed\u30fc\u30ca\u3092\u5927\u304d\u304f\u4e0a\u56de\u3063\u305f\u3002\u30ce\u30eb\u30a6\u30a7\u30fc\u306f\u666f\u6c17\u306e\u5e95\u5805\u3055\u304b\u3089\u4e2d\u9280\u304c\u69d8\u5b50\u898b\uff08\u636e\u3048\u7f6e\u304d\uff09\u3092\u7d9a\u3051\u305f\u4e00\u65b9\u3001\u30b9\u30a6\u30a7\u30fc\u30c7\u30f3\u306f\u3088\u308a\u7a4d\u6975\u7684\u306a\u7de9\u548c\u3092\u8feb\u3089\u308c\u305f\u3002\u73fe\u5728\u306e\u7126\u70b9\u306f\u65b9\u5411\u6027\u3088\u308a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08\u4fa1\u683c\u5909\u52d5\u306e\u5927\u304d\u3055\uff09\u3067\u3001\u653f\u7b56\u306e\u60f3\u5b9a\u5916\u304c\u3042\u308c\u3070NOK\/SEK\u304c\u6025\u5909\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002<\/p>\n

\u4e2d\u592e\u9280\u884c\u306e\u9053\u7b4b\u304c\u5206\u304b\u308c\u308b\u4e2d\u3001\u70ba\u66ff\u5e02\u5834\u306e\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\u3055\u308c\u308b\u5c06\u6765\u306e\u5909\u52d5\u4e88\u60f3\uff09\u3001\u7279\u306bEUR\/GBP\u306f\u4f1a\u5408\u524d\u5f8c\u306b\u4e0a\u6607\u3057\u3084\u3059\u3044\u3002\u60f3\u5b9a\u4ee5\u4e0a\u306e\u5024\u52d5\u304d\u306b\u5099\u3048\u3066\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u8cb7\u3046\uff08\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u652f\u6255\u3044\u3001\u5909\u52d5\u62e1\u5927\u3067\u5229\u76ca\u3092\u72d9\u3046\uff09\u6226\u7565\u306f\u5408\u7406\u7684\u3060\u3002\u65b9\u5411\u3092\u65ad\u5b9a\u305b\u305a\u3001\u4e0d\u78ba\u5b9f\u6027\u304b\u3089\u53ce\u76ca\u6a5f\u4f1a\u3092\u5f97\u3089\u308c\u308b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u300c\u5229\u4e0b\u3052\u5148\u884c\u300dECB\u3068\u614e\u91cdBOE\u3001\u653f\u7b56\u6e29\u5ea6\u5dee\u304c\u5e02\u5834\u3092\u63fa\u3089\u3059\u3002\u5317\u6b27\u3067\u3082\u5206\u5c90\u3001NOK\/SEK\u3084EUR\/GBP\u306f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u4e0a\u6607\u3002\u91d1\u5229\u30b9\u30d7\u30ec\u30c3\u30c9\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u6226\u7565\u306b\u5999\u5473\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-46305","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\/46305","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=46305"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/jp-asia\/wp-json\/wp\/v2\/posts\/46305\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/jp-asia\/wp-json\/wp\/v2\/media?parent=46305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/jp-asia\/wp-json\/wp\/v2\/categories?post=46305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/jp-asia\/wp-json\/wp\/v2\/tags?post=46305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}