{"id":196,"date":"2025-09-10T08:02:16","date_gmt":"2025-09-09T23:02:16","guid":{"rendered":"https:\/\/blackfire.work\/invest\/?p=196"},"modified":"2025-09-10T08:02:18","modified_gmt":"2025-09-09T23:02:18","slug":"%e7%b1%b3%e5%9b%bd%e3%81%ae%e5%b9%b4%e6%ac%a1%e9%9b%87%e7%94%a8%e7%b5%b1%e8%a8%88%e6%94%b9%e5%ae%9a%e5%80%a4%e3%81%8c%e5%a4%a7%e3%81%8d%e3%81%8f%e4%b8%8b%e6%8c%af%e3%82%8c%e3%81%97%e3%81%9f%e3%81%ae","status":"publish","type":"post","link":"https:\/\/blackfire.work\/invest\/?p=196","title":{"rendered":"\u7c73\u56fd\u306e\u5e74\u6b21\u96c7\u7528\u7d71\u8a08\u6539\u5b9a\u5024\u304c\u5927\u304d\u304f\u4e0b\u632f\u308c\u3057\u305f\u306e\u306b\u5e02\u5834\u306f\u7121\u53cd\u5fdc\uff1f\uff11\uff10\u6708\u306e\u30e2\u30eb\u30ac\u30f3\u3068\u30d0\u30f3\u30ab\u30e1\u306e\u6c7a\u7b97\u306b\u6ce8\u76ee"},"content":{"rendered":"\n<p>\u306a\u3093\u304b\u60aa\u6750\u6599\u3092\u898b\u306a\u3044\u3088\u3046\u306b\u3057\u3066\u308b\u3088\u3046\u306a\u76f8\u5834&#8230;..<\/p>\n\n\n\n<p>\u3053\u3053\u3089\u8fba\u304c\u30d0\u30d6\u30eb\u3092\u611f\u3058\u308b\u3002<\/p>\n\n\n\n<p>\u554f\u984c\u306f\u3044\u3064\u5f3e\u3051\u308b\u304b\u3060\u3057\u3001\u3088\u304f\u3088\u304f\u8003\u3048\u3066\u307f\u308b\u3068\u3053\u306e\u4e0b\u65b9\u4fee\u6b63\u306e\u5927\u304d\u3055\u7684\u306b\u30de\u30c3\u30b1\u30f3\u30bf\u30fc\u30d5\u30a1\u30fc\u3055\u3093\u304c\u30af\u30d3\u306b\u306a\u308b\u306e\u7d0d\u5f97\u3068\u8a00\u308f\u3056\u308b\u8ca0\u3048\u306a\u3044\u3093\u3060\u3051\u3069\u3001\u305d\u3053\u3089\u3078\u3093\u3082\u5e02\u5834\u53c2\u52a0\u8005\u306f\u3082\u3046\u5fd8\u308c\u307e\u3057\u305f\u3068\u8a00\u308f\u3093\u3070\u304b\u308a\u306e\u7121\u8996\u3063\u3077\u308a<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-twitter\"><blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"ja\" dir=\"ltr\">\u304a\u306f\u3088\u3046\u3054\u3056\u3044\u307e\u3059\u3002<br><br>\u4eca\u65e5\u306f\u30b4\u30fc\u30eb\u30c9\u306e\u5206\u6790\u3092\u3053\u306e\u307e\u307e\u8f09\u305b\u3061\u3083\u3044\u307e\u3059\ud83d\ude04<br>XAUUSD \u4eca\u65e5\u306e\u8003\u5bdf\u2193\u2193\u2193<br><br>\u7c73\u96c7\u7528\u7d71\u8a08\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u6539\u5b9a\u304c\u767a\u8868\u3055\u308c\u3066\u4e71\u9ad8\u4e0b\u3002<br>\u975e\u8fb2\u696d\u90e8\u9580\u96c7\u7528\u8005\u6570(\u5e74\u6b21\u6539\u5b9a)<br>\u7d50\u679c\uff1a-91.1\u4e07\u4eba<br>\u4e88\u60f3\uff1a-62.8\u4e07\u4eba\u2026 <a href=\"https:\/\/t.co\/Dzh1nOXmbC\">pic.twitter.com\/Dzh1nOXmbC<\/a><\/p>&mdash; \u6850\u539f \u30c9\u30eb\u5186\u30fb\u30b4\u30fc\u30eb\u30c9\u30fb\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3Trader (@syo_fxbtc) <a href=\"https:\/\/twitter.com\/syo_fxbtc\/status\/1965543700370444472?ref_src=twsrc%5Etfw\">September 9, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/div>\n<\/div><\/figure>\n\n\n\n<p>\u305d\u3057\u3066\u3053\u306e\u4e0b\u65b9\u4fee\u6b63\u5024\u304c\u78ba\u5b9a\u3059\u308b\uff12\uff10\uff12\uff16\u5e74\uff12\u6708\u306b\u3001\u3053\u306e\u534a\u671f\u306e\u6539\u5b9a\u5024\u3068\u76f8\u9055\u306a\u304b\u3063\u305f\u3068\u3059\u308c\u3070\u3001\uff12\uff10\uff12\uff14\u5e74\u306e\u96c7\u7528\u8005\u6570\u304c\u6bce\u6708\uff18\u4e07\u4eba\u304f\u3089\u3044\u6c34\u5897\u3057\u3068\u3044\u3046\u304b\u4e0d\u6cd5\u79fb\u6c11\u3068\u30c0\u30d6\u30eb\u30ef\u30fc\u30af\u30c8\u30ea\u30d7\u30eb\u30ef\u30fc\u30af\u306e\u4eba\u306e\u4e8c\u91cd\u8a08\u4e0a\u3067\u5b9f\u4f53\u7d4c\u6e08\u3068\u7570\u306a\u308b\u6570\u5b57\u3092\u51fa\u3057\u3066\u305f\u3053\u3068\u306b\u306a\u308b\u306e\u3067\u3001FRB\u306e\u91d1\u5229\u5224\u65ad\u306b\u5927\u304d\u304f\u8aa4\u3063\u305f\u5f71\u97ff\u3092\u53ca\u307c\u3057\u3066\u305f\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<p>\u3064\u307e\u308a\uff12\uff10\uff12\uff13\u5e74\u304f\u3089\u3044\u304b\u3089\u7c73\u56fd\u306e\u96c7\u7528\u306f\u920d\u5316\u3057\u3066\u3044\u305f\u3068\u3044\u3046\u3053\u3068\u304c\u610f\u56f3\u7684\u304b\u69cb\u9020\u7684\u306b\u308f\u304b\u3089\u306a\u3044\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u305f\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p>\n\n\n\n<p>FRB\u306e\u5229\u4e0b\u3052\u5224\u65ad\u306f\u9045\u3059\u304e\u305f\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u9ad8\u3059\u304e\u308b\u91d1\u5229\u306f\u9280\u884c\u30bb\u30af\u30bf\u30fc\u306e\u6709\u4fa1\u8a3c\u5238\u306e\u542b\u307f\u640d\u3092\u5927\u304d\u304f\u3057\u3066\u3057\u307e\u3063\u3066\u3044\u308b\u3001\u3076\u3063\u3061\u3083\u3051\u7c73\u56fd\u50b5\u306e\u4fa1\u683c\u304c\u4e0b\u304c\u308a\u7d9a\u3051\u3066\u4e3b\u8981\u306a\u9280\u884c\u304c\u640d\u5931\u3092\u8a08\u4e0a\u3057\u305f\u3089\u9280\u884c\u306e\u8ca1\u52d9\u60aa\u5316\u3092\u61f8\u5ff5\u3055\u308c\u3066\u682a\u4fa1\u306f\u5927\u66b4\u843d\u3059\u308b\u3053\u3068\u304c\u4e88\u60f3\u3055\u308c\u308b\u3002<\/p>\n\n\n\n<p>\u7279\u306b\u65e5\u672c\u3068\u4e2d\u56fd\u306f\u7c73\u56fd\u50b5\u3092\u5927\u91cf\u306b\u4fdd\u6709\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u8ca1\u653f\u304c\u5927\u304d\u304f\u60aa\u5316\u3059\u308b\u3053\u3068\u3092\u61f8\u5ff5\u3055\u308c\u3001\u5e02\u5834\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u306f\u5927\u304d\u3068\u601d\u308f\u308c\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-twitter\"><blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"ja\" dir=\"ltr\">\u4eca\u591c23\u6642\u3001\u96c7\u7528\u7d71\u8a08\u306e\u5e74\u6b21\u6539\u5b9a\u304c\u767a\u8868\u3002\u30d6\u30eb\u30fc\u30e0\u30d0\u30fc\u30b0\u306b\u306f\u300c\u6700\u5927100\u4e07\u4eba\u6e1b\u3082\u300d\u306e\u8a18\u4e8b\u304c<br><br>\u6628\u5e74\u306e\u4e8b\u524d\u8a18\u4e8b\u306b\u3082\u300c100\u4e07\u4eba\u6e1b\u3082\u300d<br>\u219223\u6642\u306b\u767a\u8868\u3055\u308c\u305a\u30a2\u30eb\u30b4\u66b4\u8d70\u30011.1\u5186\u306e\u6025\u9a30<br>\u219230\u5206\u5f8c\u767a\u8868\u300181.8\u4e07\u4eba\u6e1b<br><br>\u5b89\u7530\u4f50\u548c\u5b50\u3055\u3093<a href=\"https:\/\/twitter.com\/Street_Insights?ref_src=twsrc%5Etfw\">@Street_Insights<\/a> \u306b\u3088\u308b\u4eca\u56de\u306e\u6539\u5b9a\u306e\u30dd\u30a4\u30f3\u30c8\u3082\u305c\u3072\uff01<a href=\"https:\/\/t.co\/Ggb7LIuXI8\">https:\/\/t.co\/Ggb7LIuXI8<\/a> <a href=\"https:\/\/t.co\/ldLHBmPsx0\">pic.twitter.com\/ldLHBmPsx0<\/a><\/p>&mdash; \u9ad8\u57ce\u6cf0\uff5cFX\u30b3\u30ec\u30af\u30c6\u30a3\u30d6 (@takagifx) <a href=\"https:\/\/twitter.com\/takagifx\/status\/1965209145742950424?ref_src=twsrc%5Etfw\">September 9, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/div>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">X day\u306f\uff12\uff10\uff12\uff15\u5e74\uff11\uff10\u301c\uff11\uff12\u6708\uff1f<\/h2>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u7c73\u56fd\u50b5\u306e\u4fa1\u683c\u4e0b\u843d\u304c\u7d9a\u304d\u3001\u7c73\u56fd\u306e\u4e3b\u8981\u306a\u9280\u884c\uff08\u4f8b\uff1a\u30d0\u30f3\u30af\u30fb\u30aa\u30d6\u30fb\u30a2\u30e1\u30ea\u30ab\u3084\u30e2\u30eb\u30ac\u30f3\u30fb\u30b9\u30bf\u30f3\u30ec\u30fc\uff09\u304c\u305d\u306e\u542b\u307f\u640d\u3092\u8a08\u4e0a\u3059\u308b\u30bf\u30a4\u30df\u30f3\u30b0\u3084\u4f1a\u8a08\u4e0a\u306e\u7406\u7531\u306b\u3064\u3044\u3066\u3001\u4ee5\u4e0b\u306b\u8a73\u3057\u304f\u89e3\u8aac\u3057\u307e\u3059\u3002 ### 1. \u7c73\u56fd\u50b5\u306e\u4fa1\u683c\u4e0b\u843d\u306b\u3088\u308b\u542b\u307f\u640d\u306e\u8a08\u4e0a\u30bf\u30a4\u30df\u30f3\u30b0 \u7c73\u56fd\u50b5\u306e\u4fa1\u683c\u4e0b\u843d\u306b\u3088\u308b\u542b\u307f\u640d\u304c\u9280\u884c\u306e\u8ca1\u52d9\u8af8\u8868\u306b\u53cd\u6620\u3055\u308c\u308b\u30bf\u30a4\u30df\u30f3\u30b0\u306f\u3001\u9280\u884c\u304c\u4fdd\u6709\u3059\u308b\u7c73\u56fd\u50b5\u306e\u4f1a\u8a08\u4e0a\u306e\u5206\u985e\u3068\u3001\u9069\u7528\u3055\u308c\u308b\u4f1a\u8a08\u57fa\u6e96\uff08\u4e3b\u306b\u7c73\u56fd\u4f1a\u8a08\u57fa\u6e96\uff1aUS GAAP\uff09\u306b\u3088\u3063\u3066\u7570\u306a\u308a\u307e\u3059\u3002\u4ee5\u4e0b\u306b\u5177\u4f53\u7684\u306a\u30b1\u30fc\u30b9\u3092\u6319\u3052\u307e\u3059\u3002 #### (1) \u4fdd\u6709\u76ee\u7684\u306b\u3088\u308b\u4f1a\u8a08\u5206\u985e \u9280\u884c\u304c\u4fdd\u6709\u3059\u308b\u7c73\u56fd\u50b5\u306f\u3001\u901a\u5e38\u3001\u4ee5\u4e0b\u306e3\u3064\u306e\u30ab\u30c6\u30b4\u30ea\u30fc\u306b\u5206\u985e\u3055\u308c\u307e\u3059\uff1a &#8211; **\u58f2\u8cb7\u76ee\u7684\uff08Trading Securities\uff09**\uff1a\u77ed\u671f\u7684\u306a\u58f2\u8cb7\u3067\u5229\u76ca\u3092\u5f97\u308b\u76ee\u7684\u3067\u4fdd\u6709\u3002\u6642\u4fa1\u8a55\u4fa1\u3055\u308c\u3001\u542b\u307f\u640d\u76ca\u306f\u5373\u5ea7\u306b\u640d\u76ca\u8a08\u7b97\u66f8\uff08P\/L\uff09\u306b\u53cd\u6620\u3055\u308c\u308b\u3002\u7c73\u56fd\u50b5\u4fa1\u683c\u304c\u4e0b\u843d\u3059\u308c\u3070\u3001\u542b\u307f\u640d\u306f\u76f4\u3061\u306b\u8a08\u4e0a\u3055\u308c\u308b\u3002 &#8211; **\u6e80\u671f\u4fdd\u6709\u76ee\u7684\uff08Held-to-Maturity, HTM\uff09**\uff1a\u6e80\u671f\u307e\u3067\u4fdd\u6709\u3059\u308b\u610f\u56f3\u3067\u4fdd\u6709\u3002\u539f\u5247\u3068\u3057\u3066\u53d6\u5f97\u539f\u4fa1\u3067\u8a55\u4fa1\u3055\u308c\u3001\u4fa1\u683c\u4e0b\u843d\u306b\u3088\u308b\u542b\u307f\u640d\u306f\u8ca1\u52d9\u8af8\u8868\u306b\u53cd\u6620\u3055\u308c\u306a\u3044\u3002\u305f\u3060\u3057\u3001\u6e1b\u640d\uff08\u4fa1\u5024\u304c\u8457\u3057\u304f\u4f4e\u4e0b\u3057\u3001\u56de\u5fa9\u304c\u898b\u8fbc\u307e\u308c\u306a\u3044\u5834\u5408\uff09\u304c\u767a\u751f\u3057\u305f\u5834\u5408\u306b\u306f\u3001\u640d\u5931\u3092\u8a08\u4e0a\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002 &#8211; **\u305d\u306e\u4ed6\u6709\u4fa1\u8a3c\u5238\uff08Available-for-Sale, AFS\uff09**\uff1a\u58f2\u8cb7\u76ee\u7684\u3067\u3082\u6e80\u671f\u4fdd\u6709\u3067\u3082\u306a\u3044\u4e2d\u9593\u7684\u306a\u5206\u985e\u3002\u6642\u4fa1\u8a55\u4fa1\u3055\u308c\u3001\u542b\u307f\u640d\u76ca\u306f\u7d14\u8cc7\u7523\u306e\u4e00\u90e8\uff08\u305d\u306e\u4ed6\u306e\u5305\u62ec\u5229\u76ca\uff1aOCI\uff09\u306b\u8a08\u4e0a\u3055\u308c\u308b\u3002\u640d\u76ca\u8a08\u7b97\u66f8\u3078\u306e\u53cd\u6620\u306f\u3001\u58f2\u5374\u6642\u307e\u305f\u306f\u6e1b\u640d\u304c\u78ba\u5b9a\u3057\u305f\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u767a\u751f\u3059\u308b\u3002 #### (2) \u542b\u307f\u640d\u8a08\u4e0a\u306e\u30bf\u30a4\u30df\u30f3\u30b0 &#8211; **\u58f2\u8cb7\u76ee\u7684\u306e\u5834\u5408**\uff1a\u5e02\u5834\u4fa1\u683c\u306e\u4e0b\u843d\u304c\u5373\u5ea7\u306b\u640d\u76ca\u8a08\u7b97\u66f8\u306b\u53cd\u6620\u3055\u308c\u308b\u305f\u3081\u3001\u7c73\u56fd\u50b5\u4fa1\u683c\u304c\u4e0b\u843d\u3059\u308b\u305f\u3073\u306b\u542b\u307f\u640d\u304c\u8a08\u4e0a\u3055\u308c\u308b\uff08\u56db\u534a\u671f\u6c7a\u7b97\u3054\u3068\u306a\u3069\uff09\u3002 &#8211; **\u6e80\u671f\u4fdd\u6709\u76ee\u7684\u306e\u5834\u5408**\uff1a\u4fa1\u683c\u4e0b\u843d\u306b\u3088\u308b\u542b\u307f\u640d\u306f\u901a\u5e38\u8a08\u4e0a\u3055\u308c\u306a\u3044\u304c\u3001\u4ee5\u4e0b\u306e\u5834\u5408\u306b\u8a08\u4e0a\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\uff1a &#8211; **\u6e1b\u640d\u306e\u8a8d\u8b58**\uff1a\u7c73\u56fd\u50b5\u306e\u4fa1\u5024\u304c\u8457\u3057\u304f\u4f4e\u4e0b\u3057\u3001\u5143\u672c\u56de\u53ce\u304c\u56f0\u96e3\u3068\u5224\u65ad\u3055\u308c\u305f\u5834\u5408\uff08\u4f8b\uff1a\u7c73\u56fd\u653f\u5e9c\u306e\u30c7\u30d5\u30a9\u30eb\u30c8\u30ea\u30b9\u30af\u304c\u73fe\u5b9f\u7684\u306b\u306a\u308b\u5834\u5408\u3001\u305f\u3060\u3057\u3053\u308c\u306f\u6975\u3081\u3066\u307e\u308c\uff09\u3002 &#8211; **\u58f2\u5374\u306e\u6c7a\u5b9a**\uff1a\u6e80\u671f\u4fdd\u6709\u76ee\u7684\u306e\u50b5\u5238\u3092\u58f2\u5374\u3059\u308b\u65b9\u91dd\u306b\u5909\u66f4\u3057\u305f\u5834\u5408\u3001\u6642\u4fa1\u8a55\u4fa1\u306b\u79fb\u884c\u3057\u3001\u542b\u307f\u640d\u304c\u640d\u76ca\u8a08\u7b97\u66f8\u306b\u8a08\u4e0a\u3055\u308c\u308b\u3002 &#8211; 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**FRB\u306e\u91d1\u878d\u653f\u7b56**\uff1a2025\u5e749\u6708\u6642\u70b9\u3067\u3001FRB\u306f\u653f\u7b56\u91d1\u5229\u30924.25\u301c4.50%\u306b\u636e\u3048\u7f6e\u3044\u3066\u304a\u308a\u3001\u5229\u4e0b\u3052\u89b3\u6e2c\u304c\u5f37\u307e\u3063\u3066\u3044\u308b\uff08\u3001\uff09\u3002\u3057\u304b\u3057\u3001\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u95a2\u7a0e\u653f\u7b56\u3084\u8ca1\u653f\u8d64\u5b57\u62e1\u5927\u61f8\u5ff5\u306b\u3088\u308a\u3001\u9577\u671f\u91d1\u5229\uff08\u4f8b\uff1a10\u5e74\u7269\u7c73\u56fd\u50b5\u5229\u56de\u308a\uff09\u304c\u4e0a\u6607\u3057\u3001\u50b5\u5238\u4fa1\u683c\u304c\u4e0b\u843d\u3059\u308b\u30ea\u30b9\u30af\u304c\u3042\u308b\uff08\u3001\uff09\u3002\u91d1\u5229\u4e0a\u6607\u304c\u7d9a\u3051\u3070\u3001\u56db\u534a\u671f\u6c7a\u7b97\uff08\u4f8b\uff1a2025\u5e7410-12\u6708\u671f\uff09\u3067\u542b\u307f\u640d\u304c\u9855\u5728\u5316\u3059\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3002[](https:\/\/www.jtg-sec.co.jp\/bond\/contents\/merit-of-buy-t-strips.htm)[](https:\/\/www.bloomberg.co.jp\/news\/articles\/2025-09-04\/T22HRYGOT0JX00)[](https:\/\/www.bloomberg.co.jp\/news\/articles\/2025-04-04\/SU6F1TT1UM0W00) &#8211; **\u5e02\u5834\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3**\uff1a\u95a2\u7a0e\u653f\u7b56\u3084\u5730\u653f\u5b66\u7684\u30ea\u30b9\u30af\u306b\u3088\u308b\u5e02\u5834\u306e\u6df7\u4e71\u304c\u50b5\u5238\u5e02\u5834\u306e\u5909\u52d5\u6027\u3092\u9ad8\u3081\u3001\u542b\u307f\u640d\u306e\u8a08\u4e0a\u3092\u4fc3\u3059\u53ef\u80fd\u6027\u304c\u3042\u308b\uff08\uff09\u3002[](https:\/\/www.bloomberg.co.jp\/news\/articles\/2025-04-16\/SUS3Z5T1UM0W00) &#8211; **\u9280\u884c\u306e\u6226\u7565\u5909\u66f4**\uff1a\u30d0\u30f3\u30af\u30fb\u30aa\u30d6\u30fb\u30a2\u30e1\u30ea\u30ab\u3084\u30e2\u30eb\u30ac\u30f3\u30fb\u30b9\u30bf\u30f3\u30ec\u30fc\u304c\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u8abf\u6574\u3057\u3001\u6e80\u671f\u4fdd\u6709\u76ee\u7684\u306e\u7c73\u56fd\u50b5\u3092\u58f2\u5374\u3059\u308b\u5834\u5408\u3001\u542b\u307f\u640d\u304c\u640d\u76ca\u8a08\u7b97\u66f8\u306b\u53cd\u6620\u3055\u308c\u308b\u3002 ### 2. \u30d0\u30f3\u30af\u30fb\u30aa\u30d6\u30fb\u30a2\u30e1\u30ea\u30ab\u3084\u30e2\u30eb\u30ac\u30f3\u30fb\u30b9\u30bf\u30f3\u30ec\u30fc\u304c\u542b\u307f\u640d\u3092\u8a08\u4e0a\u3059\u308b\u4f1a\u8a08\u4e0a\u306e\u7406\u7531 \u30d0\u30f3\u30af\u30fb\u30aa\u30d6\u30fb\u30a2\u30e1\u30ea\u30ab\u3084\u30e2\u30eb\u30ac\u30f3\u30fb\u30b9\u30bf\u30f3\u30ec\u30fc\u304c\u7c73\u56fd\u50b5\u306e\u542b\u307f\u640d\u3092\u8a08\u4e0a\u3059\u308b\u969b\u306e\u4f1a\u8a08\u4e0a\u306e\u7406\u7531\u306f\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u8981\u56e0\u306b\u57fa\u3065\u304d\u307e\u3059\uff1a #### (1) \u4f1a\u8a08\u57fa\u6e96\uff08US GAAP\uff09\u306b\u57fa\u3065\u304f\u8a55\u4fa1\u30eb\u30fc\u30eb &#8211; **FASB ASC 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**\u58f2\u5374\u306b\u3088\u308b\u5b9f\u73fe\u640d**\uff1a\u6e80\u671f\u4fdd\u6709\u76ee\u7684\u306e\u50b5\u5238\u3092\u58f2\u5374\u3059\u308b\u5834\u5408\u3001\u542b\u307f\u640d\u304c\u5b9f\u73fe\u640d\u3068\u3057\u3066\u640d\u76ca\u8a08\u7b97\u66f8\u306b\u8a08\u4e0a\u3055\u308c\u308b\u3002\u9280\u884c\u304c\u6d41\u52d5\u6027\u78ba\u4fdd\u3084\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u518d\u69cb\u7bc9\u306e\u305f\u3081\u306b\u7c73\u56fd\u50b5\u3092\u58f2\u5374\u3059\u308b\u3068\u3001\u542b\u307f\u640d\u304c\u8868\u9762\u5316\u3059\u308b\u3002 &#8211; **\u898f\u5236\u8cc7\u672c\u3078\u306e\u5f71\u97ff**\uff1a\u9280\u884c\u306f\u30d0\u30fc\u30bc\u30ebIII\u306a\u3069\u306e\u898f\u5236\u306b\u57fa\u3065\u304d\u3001\u8cc7\u672c\u6bd4\u7387\u3092\u7dad\u6301\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002\u305d\u306e\u4ed6\u6709\u4fa1\u8a3c\u5238\u306e\u542b\u307f\u640d\u306f\u3001OCI\u3092\u901a\u3058\u3066\u81ea\u5df1\u8cc7\u672c\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u305f\u3081\u3001\u8cc7\u672c\u4e0d\u8db3\u3092\u9632\u3050\u305f\u3081\u306b\u640d\u5931\u8a08\u4e0a\u3084\u8cc7\u7523\u58f2\u5374\u3092\u884c\u3046\u5834\u5408\u304c\u3042\u308b\u3002 #### (3) \u30d0\u30f3\u30af\u30fb\u30aa\u30d6\u30fb\u30a2\u30e1\u30ea\u30ab\u3084\u30e2\u30eb\u30ac\u30f3\u30fb\u30b9\u30bf\u30f3\u30ec\u30fc\u7279\u6709\u306e\u8981\u56e0 &#8211; **\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u69cb\u6210**\uff1a\u30d0\u30f3\u30af\u30fb\u30aa\u30d6\u30fb\u30a2\u30e1\u30ea\u30ab\u306f\u5546\u696d\u9280\u884c\u3068\u3057\u3066\u3001\u6bd4\u8f03\u7684\u591a\u984d\u306e\u7c73\u56fd\u50b5\u3092\u6e80\u671f\u4fdd\u6709\u76ee\u7684\u3067\u4fdd\u6709\u3057\u3066\u3044\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3002\u4e00\u65b9\u3001\u30e2\u30eb\u30ac\u30f3\u30fb\u30b9\u30bf\u30f3\u30ec\u30fc\u306f\u6295\u8cc7\u9280\u884c\u696d\u52d9\u304c\u4e2d\u5fc3\u3067\u3001\u58f2\u8cb7\u76ee\u7684\u306e\u7c73\u56fd\u50b5\u4fdd\u6709\u304c\u591a\u3044\u53ef\u80fd\u6027\u304c\u3042\u308b\uff08\uff09\u3002\u305d\u306e\u305f\u3081\u3001\u30e2\u30eb\u30ac\u30f3\u30fb\u30b9\u30bf\u30f3\u30ec\u30fc\u306f\u4fa1\u683c\u4e0b\u843d\u306e\u5f71\u97ff\u3092\u5373\u5ea7\u306b\u640d\u76ca\u8a08\u7b97\u66f8\u3067\u53d7\u3051\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3002[](https:\/\/www.bloomberg.co.jp\/news\/articles\/2025-04-07\/SUCLF9DWX2PS00) &#8211; **\u5e02\u5834\u74b0\u5883\u3078\u306e\u5bfe\u5fdc**\uff1a\u30e2\u30eb\u30ac\u30f3\u30fb\u30b9\u30bf\u30f3\u30ec\u30fc\u306e\u30a2\u30ca\u30ea\u30b9\u30c8\u306f\u30012025\u5e74\u306b\u666f\u6c17\u5f8c\u9000\u30ea\u30b9\u30af\u3084\u95a2\u7a0e\u653f\u7b56\u306e\u5f71\u97ff\u3092\u6307\u6458\u3057\u3066\u304a\u308a\uff08\uff09\u3001\u3053\u308c\u304c\u50b5\u5238\u5e02\u5834\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u9ad8\u3081\u3001\u542b\u307f\u640d\u8a08\u4e0a\u306e\u5fc5\u8981\u6027\u3092\u5897\u3059\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002[](https:\/\/www.bloomberg.co.jp\/news\/articles\/2025-04-07\/SUCLF9DWX2PS00) &#8211; **<span class=\"swl-marker mark_orange\">\u6c7a\u7b97\u767a\u8868\u306e\u30bf\u30a4\u30df\u30f3\u30b0**\uff1a\u4e21\u9280\u884c\u306f\u56db\u534a\u671f\u6c7a\u7b97\uff08\u4f8b\uff1a2025\u5e7410\u6708\u767a\u8868\u306eQ3\u6c7a\u7b97\uff09\u3067\u6709\u4fa1\u8a3c\u5238\u306e\u8a55\u4fa1\u3092\u884c\u3044\u3001\u542b\u307f\u640d\u3092\u8a08\u4e0a\u3059\u308b\u3002\u30e2\u30eb\u30ac\u30f3\u30fb\u30b9\u30bf\u30f3\u30ec\u30fc\u306f\u6295\u8cc7\u9280\u884c\u90e8\u9580\u306e\u624b\u6570\u6599\u53ce\u5165\u898b\u901a\u3057\u3092\u4e0b\u65b9\u4fee\u6b63\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u3001\u7c73\u56fd\u50b5\u306e\u542b\u307f\u640d\u304c\u8ca1\u52d9\u306b\u8ffd\u52a0\u306e\u5727\u529b\u3092\u304b\u3051\u308b<\/span>\uff08\uff09\u3002[](https:\/\/www.bloomberg.co.jp\/news\/articles\/2025-04-07\/SUCLF9DWX2PS00) ### 3. \u88dc\u8db3\uff1a2025\u5e74\u306e\u5e02\u5834\u74b0\u5883\u3068\u30ea\u30b9\u30af &#8211; **\u91d1\u5229\u52d5\u5411**\uff1a2025\u5e747\u6708\u6642\u70b9\u3067\u300110\u5e74\u7269\u7c73\u56fd\u50b5\u5229\u56de\u308a\u306f4.3%\u53f0\u3092\u7dad\u6301\uff08\uff09\u3002\u3055\u3089\u306a\u308b\u91d1\u5229\u4e0a\u6607\u306f\u50b5\u5238\u4fa1\u683c\u306e\u4e0b\u843d\u3092\u52a0\u901f\u3055\u305b\u3001\u542b\u307f\u640d\u3092\u5897\u52a0\u3055\u305b\u308b\u3002[](https:\/\/www.jtg-sec.co.jp\/bond\/contents\/merit-of-buy-t-strips.htm) &#8211; **\u70ba\u66ff\u30ea\u30b9\u30af**\uff1a\u65e5\u672c\u304b\u3089\u898b\u308b\u3068\u3001\u5186\u5b89\u9032\u884c\u306f\u7c73\u56fd\u50b5\u306e\u5186\u5efa\u3066\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u304c\u3001\u5186\u9ad8\u306b\u8ee2\u3058\u308b\u3068\u70ba\u66ff\u5dee\u640d\u304c\u542b\u307f\u640d\u3092\u5897\u5e45\u3059\u308b\uff08\u3001\uff09\u3002[](https:\/\/www.a-tm.co.jp\/top\/securities\/bond\/)[](https:\/\/knowledge-art.co.jp\/invest\/us-bonds-stop\/) &#8211; 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\u3054\u53c2\u8003\u307e\u3067\u306b\u3001\u5177\u4f53\u7684\u306a\u9280\u884c\u306e\u8ca1\u52d9\u72b6\u6cc1\u3084\u4fdd\u6709\u50b5\u5238\u306e\u8a73\u7d30\u306f\u3001\u5404\u793e\u306e\u56db\u534a\u671f\u5831\u544a\u66f8\uff0810-Q\uff09\u3084\u5e74\u6b21\u5831\u544a\u66f8\uff0810-K\uff09\u3067\u78ba\u8a8d\u3067\u304d\u307e\u3059\u3002\u307e\u305f\u3001\u6700\u65b0\u306e\u5e02\u5834\u52d5\u5411\u306b\u3064\u3044\u3066\u306f\u3001\u30d6\u30eb\u30fc\u30e0\u30d0\u30fc\u30b0\u3084\u91d1\u878d\u5e81\u306e\u516c\u958b\u60c5\u5831\uff08\uff09\u3092\u53c2\u7167\u3059\u308b\u3068\u3088\u3044\u3067\u3057\u3087\u3046\u3002[](https:\/\/disclosure2dl.edinet-fsa.go.jp\/searchdocument\/pdf\/S100N52V.pdf)<\/p>\n<\/blockquote>\n\n\n\n\n","protected":false},"excerpt":{"rendered":"<p>\u306a\u3093\u304b\u60aa\u6750\u6599\u3092\u898b\u306a\u3044\u3088\u3046\u306b\u3057\u3066\u308b\u3088\u3046\u306a\u76f8\u5834&#8230;.. \u3053\u3053\u3089\u8fba\u304c\u30d0\u30d6\u30eb\u3092\u611f\u3058\u308b\u3002 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[&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"swell_btn_cv_data":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false,"_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-196","post","type-post","status-publish","format-standard","hentry","category-blog"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"jetpack-related-posts":[],"jetpack_shortlink":"https:\/\/wp.me\/pgzkxA-3a","_links":{"self":[{"href":"https:\/\/blackfire.work\/invest\/index.php?rest_route=\/wp\/v2\/posts\/196","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blackfire.work\/invest\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blackfire.work\/invest\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blackfire.work\/invest\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blackfire.work\/invest\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=196"}],"version-history":[{"count":1,"href":"https:\/\/blackfire.work\/invest\/index.php?rest_route=\/wp\/v2\/posts\/196\/revisions"}],"predecessor-version":[{"id":197,"href":"https:\/\/blackfire.work\/invest\/index.php?rest_route=\/wp\/v2\/posts\/196\/revisions\/197"}],"wp:attachment":[{"href":"https:\/\/blackfire.work\/invest\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blackfire.work\/invest\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blackfire.work\/invest\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}