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USD\/JPY\u306f\u6728\u66dc\u65e5\u306b\u5c0f\u5e45\u4e0b\u843d\u3057\u3001\u7c73\u30c9\u30eb\u5b89\u304c\u5186\u3092\u4e0b\u652f\u3048\u3057\u305f\u3002\u30c9\u30eb\u5186\u306f162.45\u8fd1\u8fba\u3067\u53d6\u5f15\u3055\u308c\u300140\u5e74\u3076\u308a\u9ad8\u5024\u570f\u306b\u63a5\u8fd1\u3057\u305f\u6c34\u6e96\u3092\u7dad\u6301\u3059\u308b\u4e00\u65b9\u3001\u5e02\u5834\u306f\u6771\u4eac\u304c\u70ba\u66ff\u5e02\u5834\u3067\u884c\u52d5\u306b\u51fa\u308b\u30ea\u30b9\u30af\u306b\u5f15\u304d\u7d9a\u304d\u654f\u611f\u3060\u3063\u305f\u3002\u904e\u53bb\u306b\u652f\u63f4\u3068\u307f\u3089\u308c\u305f\u5c40\u9762\u306f\u3044\u305a\u308c\u3082\u77ed\u547d\u306b\u7d42\u308f\u3063\u3066\u304a\u308a\u3001\u901a\u8ca8\u306f\u65e5\u672c\u306e\u4f4e\u91d1\u5229\u3084\u8ca1\u653f\u898b\u901a\u3057\u306e\u60aa\u5316\u3068\u3044\u3063\u305f\u69cb\u9020\u7684\u5727\u529b\u306b\u3088\u3063\u3066\u4f9d\u7136\u3068\u3057\u3066\u4e0a\u5024\u306e\u91cd\u3044\u5c55\u958b\u3068\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n

\u7c73\u56fd\u3068\u30a4\u30e9\u30f3\u306e\u6226\u95d8\u518d\u71c3\u3067\u539f\u6cb9\u4fa1\u683c\u304c\u4e0a\u6607\u3057\u3001\u30db\u30eb\u30e0\u30ba\u6d77\u5ce1\u3092\u901a\u3058\u305f\u7269\u6d41\u6df7\u4e71\u3078\u306e\u61f8\u5ff5\u304c\u9ad8\u307e\u3063\u305f\u3053\u3068\u3067\u3001\u539f\u6cb9\u4e3b\u5c0e\u306e\u30a4\u30f3\u30d5\u30ec\u61f8\u5ff5\u304c\u5186\u306e\u9006\u98a8\u306b\u62cd\u8eca\u3092\u304b\u3051\u305f\u3002\u8f38\u5165\u30a8\u30cd\u30eb\u30ae\u30fc\u3078\u306e\u4f9d\u5b58\u5ea6\u304c\u9ad8\u3044\u65e5\u672c\u306b\u3068\u3063\u3066\u3001\u539f\u6cb9\u9ad8\u306f\u901a\u8ca8\u306e\u4e0b\u62bc\u3057\u8981\u56e0\u3068\u306a\u308a\u5f97\u308b\u4e00\u65b9\u3001\u30a4\u30f3\u30d5\u30ec\u5727\u529b\u306f\u91d1\u878d\u5f15\u304d\u7de0\u3081\u89b3\u6e2c\u3082\u5f37\u3081\u3066\u3044\u308b\u3002\u5e02\u5834\u3067\u306f9\u6708\u306e\u7c73\u9023\u90a6\u6e96\u5099\u5236\u5ea6\u7406\u4e8b\u4f1a\uff08FRB\uff09\u5229\u4e0a\u3052\u78ba\u7387\u309263%\u3068\u7e54\u308a\u8fbc\u307f\u3001\u7c73\u30c9\u30eb\u6307\u6570\uff08DXY\uff09\u306f\u65e5\u4e2d\u5b89\u5024100.79\u3092\u4ed8\u3051\u305f\u5f8c\u3001101.00\u8fd1\u8fba\u3067\u63a8\u79fb\u3057\u305f\u3002\u65e5\u9280\u306f\u6b63\u5e38\u5316\u306b\u5411\u304b\u3046\u3082\u306e\u306e\u3001\u5f15\u304d\u7de0\u3081\u30da\u30fc\u30b9\u306e\u9045\u3055\u304b\u3089\u65e5\u7c73\u91d1\u5229\u5dee\u306f\u306a\u304a\u7dad\u6301\u3055\u308c\u3066\u3044\u308b\u3002<\/p>\n

Market Tension at 40-Year Highs and the Risk of Intervention<\/h3>\n

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\u65e5\u672c\u306e\u5f53\u5c40\u8005\u306f\u53e3\u5148\u4ecb\u5165\u306e\u983b\u5ea6\u3092\u5897\u3084\u3057\u3001\u300c\u6975\u3081\u3066\u9ad8\u3044\u7dca\u5f35\u611f\u300d\u3092\u3082\u3063\u3066\u5e02\u5834\u3092\u6ce8\u8996\u3057\u3066\u3044\u308b\u3068\u8b66\u544a\u3057\u3066\u3044\u308b\u30022022\u5e74\u672b\u306e\u5b9f\u5f3e\u4ecb\u5165\u524d\u306b\u3082\u540c\u69d8\u306e\u8b66\u544a\u304c\u898b\u3089\u308c\u3001\u305d\u306e\u969b\u306f\u30c9\u30eb\u5186\u304c1\u65e5\u30675\u5186\u8d85\u4e0b\u843d\u3057\u305f\u3002\u305f\u3068\u3048\u5f71\u97ff\u304c\u4e00\u6642\u7684\u3067\u3082\u3001\u3053\u306e\u53ef\u80fd\u6027\u3092\u7121\u8996\u3059\u308b\u30c8\u30ec\u30fc\u30c0\u30fc\u306f\u5927\u304d\u306a\u4e0b\u65b9\u30ea\u30b9\u30af\u306b\u3055\u3089\u3055\u308c\u308b\u3002<\/p>\n

Interest Rate Differentials, Oil Prices, and Strategy Outlook<\/h3>\n

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\u307e\u305f\u3001\u7c73\u56fd\u3068\u30a4\u30e9\u30f3\u306e\u5bfe\u7acb\u518d\u71c3\u3092\u7e54\u308a\u8fbc\u307f\u3001WTI\u539f\u6cb9\u5148\u7269\u306f\u518d\u30731\u30d0\u30ec\u30eb\uff1d95\u30c9\u30eb\u3092\u4e0a\u56de\u3063\u305f\u3002\u65e5\u672c\u306f\u30a8\u30cd\u30eb\u30ae\u30fc\u306e90%\u4ee5\u4e0a\u3092\u8f38\u5165\u306b\u4f9d\u5b58\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u539f\u6cb9\u9ad8\u306f\u7d4c\u6e08\u3078\u306e\u5b9f\u8cea\u7684\u306a\u300c\u7a0e\u300d\u3068\u3057\u3066\u4f5c\u7528\u3057\u3001\u5186\u306e\u91cd\u3057\u3068\u306a\u308b\u3002\u3053\u306e\u5730\u653f\u5b66\u30ea\u30b9\u30af\u306f\u3001\u30c9\u30eb\u5186\u306e\u4e0a\u6607\u3092\u652f\u3048\u308b\u6750\u6599\u3092\u3055\u3089\u306b\u4e0a\u7a4d\u307f\u3059\u308b\u3002<\/p>\n

\u5e02\u5834\u304c9\u6708\u306eFRB\u8ffd\u52a0\u5229\u4e0a\u3052\u78ba\u7387\u309263%\u3068\u7e54\u308a\u8fbc\u3080\u306a\u304b\u3001\u91d1\u878d\u653f\u7b56\u306e\u65b9\u5411\u6027\u306e\u4e56\u96e2\u306f\u7d99\u7d9a\u3059\u308b\u898b\u8fbc\u307f\u3060\u3002\u3053\u306e\u30bf\u30ab\u6d3e\u59ff\u52e2\u306f\u7c73\u30c9\u30eb\u306e\u4e0b\u5024\u3092\u5f37\u56fa\u306b\u3057\u3001DXY\u3092101.00\u8d85\u3067\u4e0b\u652f\u3048\u3057\u3066\u3044\u308b\u3002\u3057\u305f\u304c\u3063\u3066\u3001FRB\u307e\u305f\u306f\u65e5\u9280\u306e\u5927\u5e45\u306a\u65b9\u91dd\u5909\u66f4\u304c\u306a\u3044\u9650\u308a\u3001\u30c9\u30eb\u5186\u306e\u6301\u7d9a\u7684\u306a\u6025\u843d\u306f\u8d77\u3053\u308a\u306b\u304f\u3044\u3002<\/p>\n

\u3053\u3046\u3057\u305f\u76f8\u53cd\u3059\u308b\u529b\u5b66\u3092\u8e0f\u307e\u3048\u3001\u6025\u5909\u52d5\u30ea\u30b9\u30af\u3092\u53d6\u308a\u8fbc\u3080\u305f\u3081\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u6226\u7565\u3092\u691c\u8a0e\u3057\u3066\u3044\u308b\u3002\u30c9\u30eb\u5186\u306e\u77ed\u671f\u30fb\u30a2\u30a6\u30c8\u30fb\u30aa\u30d6\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\uff08OTM\uff09\u306e\u30d7\u30c3\u30c8\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u8cfc\u5165\u3059\u308b\u3053\u3068\u306f\u3001\u4ecb\u5165\u306e\u53ef\u80fd\u6027\u306b\u5099\u3048\u308b\u3046\u3048\u3067\u59a5\u5f53\u306a\u30dd\u30b8\u30b7\u30e7\u30cb\u30f3\u30b0\u3060\u3068\u8003\u3048\u308b\u3002\u3053\u306e\u624b\u6cd5\u306f\u30ea\u30b9\u30af\u3092\u9650\u5b9a\u3057\u3064\u3064\u3001\u6771\u4eac\u304c\u5f37\u786c\u306b\u884c\u52d5\u3057\u305f\u5834\u5408\u306b\u5927\u304d\u306a\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u3089\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002<\/p>\n\n\n\n

\u4eca\u3059\u3050\u53d6\u5f15\u3092\u59cb\u3081\u307e\u3057\u3087\u3046 \u2014 VT Markets\u306e\u30ea\u30a2\u30eb\u53e3\u5ea7\u3092\u958b\u8a2d\u3059\u308b\u306b\u306f\u3053\u3061\u3089<\/a>\u3092\u30af\u30ea\u30c3\u30af\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"

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