{"id":204,"date":"2025-09-13T11:13:29","date_gmt":"2025-09-13T02:13:29","guid":{"rendered":"https:\/\/blackfire.work\/invest\/?p=204"},"modified":"2025-09-13T11:13:31","modified_gmt":"2025-09-13T02:13:31","slug":"%e3%83%8d%e3%83%83%e3%83%88%e9%8a%80%e8%a1%8c%e3%81%ae%e5%a4%a7%e5%b9%85%e6%b8%9b%e7%9b%8a%e3%81%8c%e8%a9%b1%e9%a1%8c%e3%81%ab%e3%80%81%e9%8a%80%e8%a1%8c%e3%81%ae%e3%82%bc%e3%83%ad%e9%87%91%e5%88%a9","status":"publish","type":"post","link":"https:\/\/blackfire.work\/invest\/?p=204","title":{"rendered":"\u30cd\u30c3\u30c8\u9280\u884c\u306e\u5927\u5e45\u6e1b\u76ca\u304c\u8a71\u984c\u306b\u3001\u9280\u884c\u306e\u30bc\u30ed\u91d1\u5229\u30e2\u30c7\u30eb\u53ce\u76ca\u30b7\u30b9\u30c6\u30e0\u304c\u8ee2\u63db\u3059\u308b\u304b\u3082"},"content":{"rendered":"\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\">\u30cd\u30c3\u30c8\u9280\u884c\u306e\u5927\u5e45\u6e1b\u76ca\u30ad\u30bf\u30fc\u30fc\uff01<br>\u307c\u304f\u3001\u8a00\u3044\u307e\u3057\u305f\u3088\u306d\uff1f\u304a\u5206\u304b\u308a\u3044\u305f\u3060\u3051\u305f\u3060\u308d\u3046\u304b\uff08\u30c9\u30e4\u9854 <a href=\"https:\/\/t.co\/0IfEbu1Ua0\">https:\/\/t.co\/0IfEbu1Ua0<\/a> <a href=\"https:\/\/t.co\/L0PNyG1lBT\">pic.twitter.com\/L0PNyG1lBT<\/a><\/p>&mdash; moja\ud83e\uddda\u200d\u2640\ufe0f (@moja99758134) <a href=\"https:\/\/twitter.com\/moja99758134\/status\/1966509393199177978?ref_src=twsrc%5Etfw\">September 12, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/div>\n<\/div><\/figure>\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\">\u9006\u306b\u5730\u65b9\u306e\u4fe1\u91d1\u306a\u3093\u304b\u306e\u9810\u8cb8\u7387\u304c50%\u5207\u3063\u3066\u3044\u305f\u3088\u3046\u306a\u3068\u3053\u308d\u306f\u6f64\u3044\u307e\u3059\u308f\u306d\u3002\u4eca\u56de\u306e\u5229\u4e0a\u3052\u3001\u6240\u8b02\u300c\u91d1\u5229\u3042\u308b\u4e16\u754c\u300d\u306f\u5b9f\u8cea\u7684\u306a\u5730\u57df\u91d1\u878d\u6a5f\u95a2\u306e\u6551\u6e08\u304c\u72d9\u3044\u3060\u3063\u305f\u3093\u3058\u3083\u306a\u3044\u304b\u3068\u3002\u4f8b\u3048\u3070\u3053\u3053\u3068\u304b <a href=\"https:\/\/t.co\/rHUOuGKbmX\">pic.twitter.com\/rHUOuGKbmX<\/a><\/p>&mdash; moja\ud83e\uddda\u200d\u2640\ufe0f (@moja99758134) <a href=\"https:\/\/twitter.com\/moja99758134\/status\/1904888397019164709?ref_src=twsrc%5Etfw\">March 26, 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>\u30bc\u30ed\u91d1\u5229\u30e2\u30c7\u30eb\u304c\u5d29\u58ca\u3067\u3001\u6b7b\u306b\u4f53\u3060\u3063\u305f\u9280\u884c\u304c\u5fa9\u6d3b\uff1f\u305d\u308c\u3068\u3082\u30bc\u30ed\u91d1\u5229\u6642\u4ee3\u306b\u8cb7\u3044\u8fbc\u3093\u3060\u30cf\u30a4\u30a4\u30fc\u30eb\u30c9\u50b5\u304c\u66b4\u843d\u3057\u3066\u5fa9\u6d3b\u3059\u308b\u524d\u306b\u7834\u7dbb\uff1f<\/p>\n\n\n\n<p>\u30cf\u30a4\u30a4\u30fc\u30eb\u30c9\u50b5\u306e\u5927\u91cf\u58f2\u5374\u304c\u4eca\u5f8c\u304f\u308b\u304b\u3082\u3057\u308c\u306a\u3044\uff1f<\/p>\n\n\n\n<p>\u4eca\u5f8c\u304c\u6c17\u306b\u306a\u308a\u307e\u3059\u306d\u3002<\/p>\n\n\n\n<p><strong>\u7834\u7dbb\u3057\u305d\u3046\u306a\u9280\u884c\u306b\u5171\u901a\u3059\u308b\u53ce\u76ca\u30b7\u30b9\u30c6\u30e0\u306e\u7279\u5fb4<\/strong>\u7834\u7dbb\u306e\u5371\u6a5f\u306b\u76f4\u9762\u3057\u3066\u3044\u308b\u9280\u884c\uff08\u7279\u306b\u5730\u57df\u9280\u884c\u3084\u4e2d\u5c0f\u898f\u6a21\u306e\u9280\u884c\uff09\u306e\u591a\u304f\u306f\u3001\u4f1d\u7d71\u7684\u306a\u53ce\u76ca\u69cb\u9020\u306b\u904e\u5ea6\u306b\u4f9d\u5b58\u3057\u3064\u3064\u3001\u73fe\u4ee3\u306e\u4f4e\u91d1\u5229\u74b0\u5883\u3084\u5e02\u5834\u5909\u52d5\u306b\u8106\u5f31\u306a\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u3092\u63a1\u7528\u3057\u3066\u3044\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u53ce\u76ca\u30b7\u30b9\u30c6\u30e0\u306f\u3001\u4e3b\u306b\u9810\u91d1\u3068\u8cb8\u51fa\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\uff08\u5229\u3056\u3084\uff09\u3092\u57fa\u76e4\u3068\u3057\u3001\u975e\u4f1d\u7d71\u7684\u306a\u53ce\u5165\u6e90\uff08\u4f8b: \u6295\u8cc7\u3084\u624b\u6570\u6599\u30d3\u30b8\u30cd\u30b9\uff09\u3078\u306e\u30b7\u30d5\u30c8\u304c\u30ea\u30b9\u30af\u3092\u5897\u5927\u3055\u305b\u3066\u3044\u307e\u3059\u3002\u4ee5\u4e0b\u3067\u306f\u3001\u6700\u8fd1\u306e\u4e8b\u4f8b\uff08\u4f8b: 2023\u5e74\u306e\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\uff08SVB\uff09\u3084\u30b7\u30b0\u30cd\u30c1\u30e3\u30fc\u30fb\u30d0\u30f3\u30af\u306e\u7834\u7dbb\u3001\u6b27\u7c73\u306e\u5730\u57df\u9280\u884c\u306e\u8106\u5f31\u6027\uff09\u3092\u57fa\u306b\u3001\u5171\u901a\u3059\u308b\u53ce\u76ca\u30b7\u30b9\u30c6\u30e0\u306e\u7279\u5fb4\u3092\u8aac\u660e\u3057\u307e\u3059\u3002\u3053\u308c\u3089\u306f\u3001\u53ce\u76ca\u306e\u5b89\u5b9a\u6027\u3092\u6b20\u304d\u3001\u5916\u90e8\u30b7\u30e7\u30c3\u30af\uff08\u91d1\u5229\u4e0a\u6607\u3084\u9810\u91d1\u6d41\u51fa\uff09\u3067\u6025\u901f\u306b\u60aa\u5316\u3057\u3084\u3059\u3044\u70b9\u304c\u5171\u901a\u3057\u3066\u3044\u307e\u3059\u3002<strong>1.&nbsp;\u4f1d\u7d71\u7684\u306a\u5229\u3056\u3084\u4e2d\u5fc3\u306e\u53ce\u76ca\u30e2\u30c7\u30eb\uff08Net Interest Margin: NIM\u4f9d\u5b58\uff09<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u6982\u8981<\/strong>: \u9280\u884c\u306e\u4e3b\u306a\u53ce\u76ca\u6e90\u306f\u3001\u9810\u91d1\u91d1\u5229\u3068\u8cb8\u51fa\u91d1\u5229\u306e\u5dee\uff08\u5229\u3056\u3084\uff09\u3067\u3059\u3002\u4f4e\u91d1\u5229\u6642\u4ee3\u3067\u306f\u3053\u306e\u5dee\u304c\u7e2e\u5c0f\u3057\u3084\u3059\u304f\u3001\u53ce\u76ca\u304c\u5727\u8feb\u3055\u308c\u307e\u3059\u3002\u7834\u7dbb\u30ea\u30b9\u30af\u306e\u9ad8\u3044\u9280\u884c\u306f\u3001\u3053\u306e\u30e2\u30c7\u30eb\u306b\u904e\u5ea6\u306b\u4f9d\u5b58\u3057\u3001\u591a\u89d2\u5316\u304c\u4e0d\u5341\u5206\u306a\u5834\u5408\u304c\u591a\u3044\u3067\u3059\u3002<\/li>\n\n\n\n<li><strong>\u5171\u901a\u306e\u7279\u5fb4\u3068\u30ea\u30b9\u30af<\/strong>:\n<ul class=\"wp-block-list\">\n<li>\u4f4e\u91d1\u5229\u74b0\u5883\u4e0b\u3067\u5229\u3056\u3084\u304c\u8584\u304f\u306a\u308a\u3001\u53ce\u76ca\u529b\u304c\u4f4e\u4e0b\u3002\u91d1\u5229\u4e0a\u6607\u6642\u306b\u306f\u3001\u8cc7\u7523\uff08\u8cb8\u51fa\u3084\u50b5\u5238\uff09\u306e\u4fa1\u5024\u304c\u4e0b\u843d\u3057\u3001\u640d\u5931\u304c\u767a\u751f\u3002<\/li>\n\n\n\n<li>\u4f8b: SVB\u306e\u5834\u5408\u3001\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u304b\u3089\u306e\u9810\u91d1\u3092\u4f4e\u5229\u3067\u96c6\u3081\u3001\u305d\u308c\u3092\u9577\u671f\u56fd\u50b5\u3084\u4f4f\u5b85\u30ed\u30fc\u30f3\u62c5\u4fdd\u8a3c\u5238\uff08MBS\uff09\u306b\u6295\u8cc7\u3057\u3066\u5229\u3056\u3084\u3092\u7a3c\u3050\u30e2\u30c7\u30eb\u3067\u3057\u305f\u3002\u3057\u304b\u3057\u30012022-2023\u5e74\u306e\u91d1\u5229\u6025\u4e0a\u6607\u3067\u50b5\u5238\u4fa1\u5024\u304c\u6025\u843d\u3057\u3001\u672a\u5b9f\u73fe\u640d\u5931\u304c\u81a8\u5f35\u3002\u9810\u91d1\u6d41\u51fa\uff08\u53d6\u308a\u4ed8\u3051\u9a12\u304e\uff09\u3067\u6d41\u52d5\u6027\u304c\u67af\u6e07\u3057\u3001\u7834\u7dbb\u306b\u81f3\u308a\u307e\u3057\u305f\u3002<\/li>\n\n\n\n<li>\u65e5\u672c\u3067\u306e\u985e\u4f3c\u4f8b: \u5730\u9280\uff08\u5730\u65b9\u9280\u884c\uff09\u306e\u591a\u304f\u304c\u3001\u4f4e\u91d1\u5229\u306b\u3088\u308b\u5229\u3056\u3084\u7e2e\u5c0f\u3067\u53ce\u76ca\u60aa\u5316\u30022023\u5e74\u306e\u30e9\u30f3\u30ad\u30f3\u30b0\u3067\u306f\u3001\u7d14\u5229\u76ca\u5897\u52a0\u7387\u304c\u4f4e\u3044\u5730\u9280\uff08\u4f8b: \u4e5d\u5dde\u30fb\u56db\u56fd\u5730\u57df\u306e\u9280\u884c\uff09\u304c\u8106\u5f31\u3068\u6307\u6458\u3055\u308c\u3066\u3044\u307e\u3059\u3002 \u3053\u308c\u3089\u306e\u9280\u884c\u306f\u3001\u4eba\u53e3\u6e1b\u5c11\u5730\u57df\u306e\u8cb8\u51fa\u306b\u4f9d\u5b58\u3057\u3001\u4ee3\u66ff\u53ce\u76ca\u6e90\u304c\u5c11\u306a\u3044\u3002<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u306a\u305c\u7834\u7dbb\u3057\u3084\u3059\u3044\u304b<\/strong>: \u5229\u3056\u3084\u30e2\u30c7\u30eb\u306f\u5b89\u5b9a\u3057\u3066\u3044\u308b\u306f\u305a\u3067\u3059\u304c\u3001\u91d1\u5229\u5909\u52d5\u306b\u654f\u611f\u3002FDIC\u306e\u5206\u6790\u3067\u306f\u3001\u7834\u7dbb\u9280\u884c\u306e\u591a\u304f\u304c\u8cc7\u7523\u640d\u5931\u306e\u4e0a\u6607\u3068\u975e\u30b3\u30a2\u8cc7\u91d1\uff08\u9ad8\u30b3\u30b9\u30c8\u306e\u501f\u5165\uff09\u4f9d\u5b58\u3092\u4f34\u3044\u3001\u57fa\u672c\u7684\u306a\u53ce\u76ca\u57fa\u76e4\u304c\u5f31\u4f53\u5316\u3057\u3066\u3044\u307e\u3059\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>2.&nbsp;\u6295\u8cc7\u30fb\u8a3c\u5238\u5316\u4e2d\u5fc3\u306e\u975e\u4f1d\u7d71\u53ce\u76ca\u30e2\u30c7\u30eb\uff08Fee-based or Trading Income\u4f9d\u5b58\uff09<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u6982\u8981<\/strong>: \u4f1d\u7d71\u7684\u306a\u8cb8\u51fa\u3092\u8d85\u3048\u3001\u6295\u8cc7\u9280\u884c\u696d\u52d9\uff08\u8a3c\u5238\u6295\u8cc7\u3001\u8a3c\u5238\u5316\u3001\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\uff09\u3084\u624b\u6570\u6599\u30d3\u30b8\u30cd\u30b9\uff08\u4fdd\u967a\u8ca9\u58f2\u3001\u8cc7\u7523\u904b\u7528\uff09\u3092\u53ce\u76ca\u6e90\u3068\u3059\u308b\u30e2\u30c7\u30eb\u3002\u53ce\u76ca\u6027\u3092\u9ad8\u3081\u308b\u305f\u3081\u306b\u63a1\u7528\u3055\u308c\u307e\u3059\u304c\u3001\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u3002<\/li>\n\n\n\n<li><strong>\u5171\u901a\u306e\u7279\u5fb4\u3068\u30ea\u30b9\u30af<\/strong>:\n<ul class=\"wp-block-list\">\n<li>\u975e\u5229\u606f\u53ce\u5165\uff08\u6295\u8cc7\u53ce\u76ca\u3084\u624b\u6570\u6599\uff09\u306e\u5272\u5408\u304c\u5927\u304d\u304f\u3001\u5e02\u5834\u5909\u52d5\u306b\u6652\u3055\u308c\u308b\u3002\u5371\u6a5f\u6642\u306b\u306f\u3053\u308c\u304c\u9006\u52b9\u679c\u3068\u306a\u308a\u3001\u53ce\u76ca\u304c\u6025\u6e1b\u3002<\/li>\n\n\n\n<li>\u4f8b: \u6b27\u7c73\u306e\u6295\u8cc7\u5fd7\u5411\u9280\u884c\uff08\u4f8b: \u30b7\u30b0\u30cd\u30c1\u30e3\u30fc\u30fb\u30d0\u30f3\u30af\uff09\u306f\u3001\u6697\u53f7\u8cc7\u7523\u3084\u30c6\u30c3\u30af\u95a2\u9023\u306e\u6295\u8cc7\u3067\u624b\u6570\u6599\u3092\u7a3c\u304e\u307e\u3057\u305f\u304c\u30012023\u5e74\u306e\u5e02\u5834\u4e0b\u843d\u3067\u640d\u5931\u62e1\u5927\u3002\u7814\u7a76\u3067\u306f\u3001\u6295\u8cc7\u9280\u884c\u30e2\u30c7\u30eb\u306f\u5371\u6a5f\u671f\u306b\u30b7\u30b9\u30c6\u30e0\u30ea\u30b9\u30af\u3092\u9ad8\u3081\u3001\u7834\u7dbb\u78ba\u7387\u3092\u4e0a\u6607\u3055\u305b\u308b\u3068\u6307\u6458\u3055\u308c\u3066\u3044\u307e\u3059\u3002 \u307e\u305f\u3001SVB\u306e\u3088\u3046\u306b\u30d9\u30f3\u30c1\u30e3\u30fc\u878d\u8cc7\u3068\u50b5\u5238\u6295\u8cc7\u3092\u7d44\u307f\u5408\u308f\u305b\u305f\u30e2\u30c7\u30eb\u306f\u3001\u77ed\u671f\u9810\u91d1\u3068\u9577\u671f\u8cc7\u7523\u306e\u30df\u30b9\u30de\u30c3\u30c1\uff08Duration Mismatch\uff09\u304c\u81f4\u547d\u50b7\u3068\u306a\u308a\u307e\u3059\u3002<\/li>\n\n\n\n<li>\u65e5\u672c\u3067\u306e\u985e\u4f3c\u4f8b: 1990\u5e74\u4ee3\u306e\u30d0\u30d6\u30eb\u5d29\u58ca\u6642\u3001\u591a\u304f\u306e\u9280\u884c\u304c\u4e0d\u52d5\u7523\u878d\u8cc7\u3084\u8a3c\u5238\u6295\u8cc7\u306b\u4f9d\u5b58\u3057\u3001\u8cb8\u51fa\u91d1\u5229\u306e\u4e0a\u6607\u3068\u8cc7\u7523\u4fa1\u5024\u4e0b\u843d\u3067\u7834\u7dbb\u3002\u8fd1\u5e74\u3082\u3001\u5730\u9280\u306e\u53ce\u76ca\u4f4e\u4e0b\u3067\u300c\u8981\u3089\u306a\u3044\u9280\u884c\u300d\u30e9\u30f3\u30ad\u30f3\u30b0\u306b\u6319\u304c\u308b\u884c\u306f\u3001\u6295\u8cc7\u53ce\u76ca\u306e\u5909\u52d5\u6027\u304c\u9ad8\u3044\u3002<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\u306a\u305c\u7834\u7dbb\u3057\u3084\u3059\u3044\u304b<\/strong>: ScienceDirect\u306e\u7814\u7a76\u306b\u3088\u308b\u3068\u3001\u6a5f\u80fd\u7684\u591a\u89d2\u5316\uff08\u6295\u8cc7\u30fb\u624b\u6570\u6599\u30d3\u30b8\u30cd\u30b9\uff09\u306e\u9ad8\u3044\u9280\u884c\u306f\u77ed\u671f\u7684\u306b\u53ce\u76ca\u3092\u5b89\u5b9a\u3055\u305b\u308b\u304c\u3001\u9577\u671f\u7684\u306b\u30ea\u30b9\u30af\u304c\u5897\u5927\u3002\u5371\u6a5f\u6642\u306b\u306f\u3001\u6295\u8cc7\u640d\u5931\u304c\u53ce\u76ca\u5168\u4f53\u3092\u5d29\u58ca\u3055\u305b\u307e\u3059\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>3.&nbsp;\u975e\u30b3\u30a2\u8cc7\u91d1\u4f9d\u5b58\u306e\u8cc7\u91d1\u8abf\u9054\u30e2\u30c7\u30eb\uff08Uninsured Deposits or Wholesale Funding\uff09<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u6982\u8981<\/strong>: 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2023\u5e74\u306e\u7c73\u4e2d\u5805\u9280\u884c\u7834\u7dbb\uff08SVB\u3001First Republic\uff09\u3067\u306f\u3001\u672a\u4fdd\u967a\u9810\u91d1\u306e\u5272\u5408\u304c40-90%\u3068\u9ad8\u304f\u3001\u9810\u91d1\u6d41\u51fa\u304c\u9023\u9396\u3002NRI\u306e\u5206\u6790\u3067\u306f\u3001\u3053\u308c\u304c\u7c73\u9280\u5168\u4f53\u306e\u8106\u5f31\u6027\u3092\u793a\u3059\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002 \u307e\u305f\u3001\u6b27\u5dde\u306e\u5730\u57df\u9280\u884c\u3082\u3001\u5378\u58f2\u8cc7\u91d1\u4f9d\u5b58\u3067\u91d1\u5229\u4e0a\u6607\u6642\u306b\u30b3\u30b9\u30c8\u5897\u5927\u3002<\/li>\n\n\n\n<li>\u65e5\u672c\u3067\u306e\u985e\u4f3c\u4f8b: 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FDIC\u306e\u30ec\u30d3\u30e5\u30fc\u3067\u306f\u3001\u7834\u7dbb\u9280\u884c\u306e\u5171\u901a\u70b9\u3068\u3057\u3066\u3001\u975e\u30b3\u30a2\u8cc7\u91d1\u306e\u5897\u52a0\u3068\u8cc7\u7523\u640d\u5931\u306e\u60aa\u5316\u304c\u6319\u3052\u3089\u308c\u307e\u3059\u3002\u91d1\u5229\u4e0a\u6607\u3067\u8cc7\u91d1\u30b3\u30b9\u30c8\u304c\u8df3\u306d\u4e0a\u304c\u308a\u3001\u53ce\u76ca\u304c\u30de\u30a4\u30ca\u30b9\u306b\u8ee2\u3058\u308b\u3002<\/li>\n<\/ul>\n\n\n\n\n","protected":false},"excerpt":{"rendered":"<p>\u30bc\u30ed\u91d1\u5229\u30e2\u30c7\u30eb\u304c\u5d29\u58ca\u3067\u3001\u6b7b\u306b\u4f53\u3060\u3063\u305f\u9280\u884c\u304c\u5fa9\u6d3b\uff1f\u305d\u308c\u3068\u3082\u30bc\u30ed\u91d1\u5229\u6642\u4ee3\u306b\u8cb7\u3044\u8fbc\u3093\u3060\u30cf\u30a4\u30a4\u30fc\u30eb\u30c9\u50b5\u304c\u66b4\u843d\u3057\u3066\u5fa9\u6d3b\u3059\u308b\u524d\u306b\u7834\u7dbb\uff1f 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