{"id":973,"date":"2026-09-02T15:12:39","date_gmt":"2026-09-02T06:12:39","guid":{"rendered":"https:\/\/www.kobayashiyoko-com.jp\/column\/?p=973"},"modified":"2026-09-02T15:12:41","modified_gmt":"2026-09-02T06:12:41","slug":"gold-price-usd-jpy","status":"publish","type":"post","link":"https:\/\/www.kobayashiyoko-com.jp\/column\/gold-price-usd-jpy\/","title":{"rendered":"\u91d1\u4fa1\u683c\u3068\u30c9\u30eb\u5186\u306e\u95a2\u4fc2\u3092\u89e3\u8aac\uff01\u5186\u5b89\u3067\u91d1\u304c\u4e0a\u304c\u308b\u4ed5\u7d44\u307f\u3068\u6295\u8cc7\u5224\u65ad\u3078\u306e\u6d3b\u304b\u3057\u65b9"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\u300c\u5186\u5b89\u306b\u306a\u308b\u3068\u91d1\u4fa1\u683c\u304c\u4e0a\u304c\u308b\u3068\u805e\u3044\u305f\u3051\u3069\u3001\u306a\u305c\u305d\u3046\u306a\u308b\u306e\u304b\u4ed5\u7d44\u307f\u304c\u3088\u304f\u5206\u304b\u3089\u306a\u3044\u300d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u300c\u30c9\u30eb\u5efa\u3066\u3068\u5186\u5efa\u3066\u3001\u3069\u3061\u3089\u306e\u91d1\u4fa1\u683c\u3092\u898b\u3066\u5224\u65ad\u3059\u308c\u3070\u3044\u3044\u306e\u304b\u8ff7\u3063\u3066\u3044\u308b\u300d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e0a\u8a18\u306e\u3088\u3046\u306a\u7591\u554f\u3092\u6301\u3063\u3066\u3044\u308b\u65b9\u3082\u591a\u3044\u306e\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91d1\u4fa1\u683c\u3068\u30c9\u30eb\u5186\u306e\u95a2\u4fc2\u306f\u3001<b><span class=\"swl-marker mark_yellow\">\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u306b\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u3092\u639b\u3051\u305f\u6570\u5024<\/span><\/b>\u3067\u6c7a\u307e\u308b\u3068\u3044\u3046\u8a08\u7b97\u69cb\u9020\u304c\u51fa\u767a\u70b9\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5186\u5b89\u304c\u9032\u3080\u3068\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u304c\u5909\u308f\u3089\u306a\u304f\u3066\u3082\u5186\u5efa\u3066\u4fa1\u683c\u306f\u62bc\u3057\u4e0a\u3052\u3089\u308c\u308b\u305f\u3081\u3001<b><span class=\"swl-inline-color has-swl-deep-01-color\">\u70ba\u66ff\u306e\u52d5\u304d<\/span><\/b>\u304c\u91d1\u6295\u8cc7\u306e\u640d\u76ca\u306b\u76f4\u7d50\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_announce wp-block-paragraph\">\u305f\u3060\u3057\u3001\u5186\u5b89\u3060\u304b\u3089\u3068\u3044\u3063\u3066\u91d1\u4fa1\u683c\u304c\u5fc5\u305a\u4e0a\u304c\u308b\u308f\u3051\u3067\u306f\u306a\u304f\u3001\u7c73\u56fd\u91d1\u5229\u306e\u6025\u9a30\u3084\u30ea\u30b9\u30af\u30aa\u30d5\u306e\u5c40\u9762\u3067\u306f\u9006\u306e\u52d5\u304d\u304c\u898b\u3089\u308c\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u52d5\u304f\u4ed5\u7d44\u307f\u304b\u3089\u3001\u9006\u76f8\u95a2\u304c\u5d29\u308c\u308b\u5c40\u9762\u3001<b>\u7c73\u56fd\u91d1\u5229\u30fb\u30a4\u30f3\u30d5\u30ec\u30fb\u5730\u653f\u5b66\u30ea\u30b9\u30af<\/b>\u3068\u3044\u3046\u8907\u5408\u8981\u56e0\u307e\u3067\u9806\u306b\u89e3\u8aac\u3059\u308b\u904b\u3073\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3042\u308f\u305b\u3066\u3001\u30c9\u30eb\u5186\u306e\u52d5\u304d\u3092\u58f2\u8cb7\u5224\u65ad\u306b\u6d3b\u304b\u3059\u8003\u3048\u65b9\u3084\u3001\u70ba\u66ff\u30ea\u30b9\u30af\u3092\u30d8\u30c3\u30b8\u3059\u308b\u624b\u6bb5\u306b\u3064\u3044\u3066\u3082\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u70ba\u66ff\u3068\u91d1\u4fa1\u683c\u306e\u9023\u52d5\u6027\u3092\u8ad6\u7406\u3068\u3057\u3066\u628a\u63e1\u3057\u3001<b><span class=\"swl-marker mark_yellow\">\u58f2\u8cb7\u5224\u65ad\u306e\u7cbe\u5ea6\u3092\u9ad8\u3081\u308b<\/span><\/b>\u3053\u3068\u306b\u5f79\u7acb\u3066\u3066\u3044\u305f\u3060\u3051\u308c\u3070\u5e78\u3044\u3067\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-onborder_ttl2\"><div class=\"cap_box_ttl\"><span>\u3053\u306e\u8a18\u4e8b\u3067\u308f\u304b\u308b\u3053\u3068<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li><a href=\"#jpy-gold-price-mechanism\">\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306f\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u00d7\u70ba\u66ff\u30ec\u30fc\u30c8\u306e\u639b\u3051\u7b97\u3067\u6c7a\u307e\u308b\u4ed5\u7d44\u307f<\/a><\/li>\n\n\n\n<li><a href=\"#gold-dollar-inverse-correlation-reasons\">\u91d1\u3068\u30c9\u30eb\u304c\u9006\u76f8\u95a2\u306b\u306a\u308a\u3084\u3059\u30443\u3064\u306e\u69cb\u9020\u7684\u306a\u7406\u7531<\/a><\/li>\n\n\n\n<li><a href=\"#yen-depreciation-gold-price-mechanism\">\u5186\u5b89\u304c\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u3092\u62bc\u3057\u4e0a\u3052\u308b\u30e1\u30ab\u30cb\u30ba\u30e0\u3068\u5177\u4f53\u7684\u306a\u6570\u5024\u4f8b<\/a><\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<h2 id=\"jpy-gold-price-mechanism\" class=\"wp-block-heading\">\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306f\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u3068\u70ba\u66ff\u30ec\u30fc\u30c8\u306e\u639b\u3051\u7b97\u3067\u6c7a\u307e\u308b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u91d1\u6295\u8cc7\u3067\u640d\u76ca\u304c\u6c7a\u307e\u308b\u4ed5\u7d44\u307f\u3092\u7406\u89e3\u3059\u308b\u306b\u306f\u3001<b><span class=\"swl-marker mark_yellow\">\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u3069\u306e\u3088\u3046\u306b\u8a08\u7b97\u3055\u308c\u308b\u304b<\/span><\/b>\u3092\u628a\u63e1\u3059\u308b\u3053\u3068\u304c\u51fa\u767a\u70b9\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u56fd\u969b\u5e02\u5834\u3067\u53d6\u5f15\u3055\u308c\u308b\u91d1\u306e\u4fa1\u683c\u306f<b><span class=\"swl-inline-color has-swl-deep-01-color\">\u30c9\u30eb\u5efa\u3066<\/span><\/b>\u3067\u8868\u793a\u3055\u308c\u307e\u3059\u304c\u3001\u65e5\u672c\u3067\u91d1\u3092\u58f2\u8cb7\u3059\u308b\u969b\u306e\u4fa1\u683c\u306f\u305d\u306e\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u306b\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u3092\u639b\u3051\u5408\u308f\u305b\u305f\u6570\u5024\u3067\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-onborder_ttl2\"><div class=\"cap_box_ttl\"><span>\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306e\u8a08\u7b97\u69cb\u9020\u3068\u70ba\u66ff\u306e\u5f71\u97ff<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li><a href=\"#gold-usd-standard\">\u56fd\u969b\u91d1\u4fa1\u683c\u306f\u30c9\u30eb\u5efa\u3066\u3067\u53d6\u5f15\u3055\u308c\u308b\u306e\u304c\u4e16\u754c\u6a19\u6e96<\/a><\/li>\n\n\n\n<li><a href=\"#jpy-price-calculation\">\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306f\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u306b\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u3092\u639b\u3051\u3066\u7b97\u51fa\u3059\u308b<\/a><\/li>\n\n\n\n<li><a href=\"#yen-depreciation-effect\">\u540c\u3058\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u3067\u3082\u5186\u5b89\u306b\u306a\u308b\u3068\u5186\u5efa\u3066\u4fa1\u683c\u306f\u62bc\u3057\u4e0a\u3052\u3089\u308c\u308b<\/a><\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u8a08\u7b97\u69cb\u9020\u3092\u77e5\u3063\u3066\u304a\u304f\u3068\u3001\u91d1\u4fa1\u683c\u304c\u52d5\u3044\u305f\u3068\u304d\u306b\u300c\u70ba\u66ff\u304c\u539f\u56e0\u306a\u306e\u304b\u3001\u56fd\u969b\u76f8\u5834\u304c\u539f\u56e0\u306a\u306e\u304b\u300d\u3092\u533a\u5225\u3057\u3066\u5224\u65ad\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u70ba\u66ff\u3068\u56fd\u969b\u76f8\u5834\u3068\u3044\u3046<b>2\u3064\u306e\u5909\u6570<\/b>\u304c\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u305f\u3081\u3001\u3069\u3061\u3089\u304b\u4e00\u65b9\u3060\u3051\u3092\u898b\u3066\u3044\u308b\u3068\u76f8\u5834\u306e\u52d5\u304d\u3092\u8aa4\u8aad\u3059\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u4e0b\u3067\u306f\u3001\u56fd\u969b\u91d1\u4fa1\u683c\u306e\u4ed5\u7d44\u307f\u304b\u3089\u5186\u5efa\u3066\u4fa1\u683c\u306e\u8a08\u7b97\u65b9\u6cd5\u3001\u5186\u5b89\u5c40\u9762\u3067\u306e\u4fa1\u683c\u5909\u52d5\u307e\u3067\u9806\u306b\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"gold-usd-standard\" class=\"wp-block-heading\">\u56fd\u969b\u91d1\u4fa1\u683c\u306f\u30c9\u30eb\u5efa\u3066\u3067\u53d6\u5f15\u3055\u308c\u308b\u306e\u304c\u4e16\u754c\u6a19\u6e96<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u56fd\u969b\u5e02\u5834\u3067\u53d6\u5f15\u3055\u308c\u308b\u91d1\u306e\u4fa1\u683c\u306f\u3001<b><span class=\"swl-inline-color has-swl-deep-01-color\">\u7c73\u30c9\u30eb\u5efa\u3066<\/span><\/b>\u3067\u8868\u793a\u3055\u308c\u308b\u306e\u304c\u4e16\u754c\u7684\u306a\u6163\u7fd2\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u5546\u54c1\u53d6\u5f15\u6240\uff08COMEX\uff09\u3084\u30ed\u30f3\u30c9\u30f3\u8cb4\u91d1\u5c5e\u5e02\u5834\u5354\u4f1a\uff08LBMA\uff09\u304c\u4e3b\u8981\u306a\u53d6\u5f15\u306e\u5834\u3067\u3042\u308a\u3001\u3053\u3053\u3067\u5f62\u6210\u3055\u308c\u305f\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u304c\u4e16\u754c\u306e\u91d1\u76f8\u5834\u306e\u57fa\u6e96\u3068\u3057\u3066\u6a5f\u80fd\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91d1\u4fa1\u683c\u306e\u5358\u4f4d\u306f<b><span class=\"swl-inline-color has-swl-deep-01-color\">\u30c8\u30ed\u30a4\u30aa\u30f3\u30b9<\/span><\/b>\uff08\u7d0431.1\u30b0\u30e9\u30e0\uff09\u3067\u3001\u30cb\u30e5\u30fc\u30b9\u3084\u6295\u8cc7\u60c5\u5831\u30b5\u30a4\u30c8\u3067\u300c\u91d1\u4fa1\u683c\u304c1\u30c8\u30ed\u30a4\u30aa\u30f3\u30b9\u3042\u305f\u308a2,300\u30c9\u30eb\u300d\u3068\u5831\u3058\u3089\u308c\u308b\u5834\u5408\u3001\u3053\u306e\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u3092\u6307\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box\"><div class=\"cap_box_ttl\"><span>\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u306e\u57fa\u672c\u60c5\u5831<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>\u4e3b\u8981\u53d6\u5f15\u6240\uff1a\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u5546\u54c1\u53d6\u5f15\u6240\uff08COMEX\uff09\u30fb\u30ed\u30f3\u30c9\u30f3\u8cb4\u91d1\u5c5e\u5e02\u5834\u5354\u4f1a\uff08LBMA\uff09<\/li>\n\n\n\n<li>\u4fa1\u683c\u5358\u4f4d\uff1a\u30c8\u30ed\u30a4\u30aa\u30f3\u30b9\uff08\u7d0431.1\u30b0\u30e9\u30e0\uff09<\/li>\n\n\n\n<li>\u57fa\u8ef8\u901a\u8ca8\u30c9\u30eb\u3067\u4fa1\u683c\u304c\u6c7a\u307e\u308b\u69cb\u9020\u304c\u4e16\u754c\u6a19\u6e96\u3068\u3057\u3066\u5b9a\u7740<\/li>\n\n\n\n<li>\u56fd\u969b\u76f8\u5834\u306e\u78ba\u8a8d \u2192 \u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u3001\u58f2\u8cb7\u640d\u76ca\u306e\u78ba\u8a8d \u2192 \u5186\u5efa\u3066\u4fa1\u683c\u3092\u53c2\u7167<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c9\u30eb\u304c\u57fa\u8ef8\u901a\u8ca8\u3068\u3057\u3066\u4e16\u754c\u306e\u8cbf\u6613\u30fb\u91d1\u878d\u53d6\u5f15\u306b\u5e83\u304f\u4f7f\u308f\u308c\u3066\u3044\u308b\u305f\u3081\u3001\u91d1\u3082\u30c9\u30eb\u5efa\u3066\u3067\u4fa1\u683c\u304c\u6c7a\u307e\u308b\u69cb\u9020\u304c\u5b9a\u7740\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u65e5\u672c\u306e\u91d1\u53d6\u5f15\u6240\u3084\u8cb4\u91d1\u5c5e\u696d\u8005\u304c\u63d0\u793a\u3059\u308b\u5186\u5efa\u3066\u4fa1\u683c\u306f\u3001\u3053\u306e\u30c9\u30eb\u5efa\u3066\u56fd\u969b\u4fa1\u683c\u3092\u51fa\u767a\u70b9\u3068\u3057\u3066\u7b97\u51fa\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u56fd\u969b\u76f8\u5834\u306e\u52d5\u304d\u3092\u628a\u63e1\u3057\u305f\u3044\u3068\u304d\u306f<b>\u30c9\u30eb\u5efa\u3066\u4fa1\u683c<\/b>\u3092\u3001\u5b9f\u969b\u306e\u58f2\u8cb7\u640d\u76ca\u3092\u78ba\u8a8d\u3057\u305f\u3044\u3068\u304d\u306f<b>\u5186\u5efa\u3066\u4fa1\u683c<\/b>\u3092\u53c2\u7167\u3059\u308b\u3068\u3044\u3046\u4f7f\u3044\u5206\u3051\u3092\u610f\u8b58\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<h3 id=\"jpy-price-calculation\" class=\"wp-block-heading\">\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306f\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u306b\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u3092\u639b\u3051\u3066\u7b97\u51fa\u3059\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306f\u3001\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u306b\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u3092\u639b\u3051\u5408\u308f\u305b\u308b\u3053\u3068\u3067\u7b97\u51fa\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8a08\u7b97\u5f0f\u3092\u5177\u4f53\u7684\u306a\u6570\u5024\u3067\u793a\u3059\u3068\u3001\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u304c1\u30c8\u30ed\u30a4\u30aa\u30f3\u30b9<b>2,000\u30c9\u30eb<\/b>\u3001\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u304c<b>1\u30c9\u30eb150\u5186<\/b>\u306e\u5834\u5408\u3001\u5186\u5efa\u3066\u4fa1\u683c\u306f1\u30c8\u30ed\u30a4\u30aa\u30f3\u30b9\u3042\u305f\u308a<b>30\u4e07\u5186<\/b>\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table min_width20_ is-all-centered\"><table style=\"--swl-cell1-width:;font-size:13px;\"><thead><tr><th>\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\uff081\u30aa\u30f3\u30b9\uff09<\/th><th>\u30c9\u30eb\u5186\u30ec\u30fc\u30c8<\/th><th>\u5186\u5efa\u3066\u4fa1\u683c\uff081\u30aa\u30f3\u30b9\uff09<\/th><\/tr><\/thead><tbody><tr><th>2,000\u30c9\u30eb<\/th><td>150\u5186<\/td><td>300,000\u5186<\/td><\/tr><tr><th>2,000\u30c9\u30eb<\/th><td>160\u5186<\/td><td>320,000\u5186\uff08+6.7%\uff09<\/td><\/tr><tr><th>2,000\u30c9\u30eb<\/th><td>140\u5186<\/td><td>280,000\u5186\uff08\u22126.7%\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u304c\u5909\u308f\u3089\u306a\u304f\u3066\u3082\u3001<b><span class=\"swl-marker mark_yellow\">\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u304c\u5909\u52d5\u3059\u308c\u3070\u5186\u5efa\u3066\u4fa1\u683c\u306f\u9023\u52d5\u3057\u3066\u52d5\u304f<\/span><\/b>\u70b9\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u8a08\u7b97\u69cb\u9020\u304c\u3042\u308b\u305f\u3081\u3001\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306f\u56fd\u969b\u91d1\u76f8\u5834\u3068\u30c9\u30eb\u5186\u76f8\u5834\u3068\u3044\u30462\u3064\u306e\u5909\u6570\u306b\u540c\u6642\u306b\u5f71\u97ff\u3092\u53d7\u3051\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u56fd\u969b\u76f8\u5834\u304c\u6a2a\u3070\u3044\u3067\u3082\u5186\u5b89\u304c\u9032\u3081\u3070\u5186\u5efa\u3066\u4fa1\u683c\u306f\u4e0a\u6607\u3057\u3001\u9006\u306b\u56fd\u969b\u76f8\u5834\u304c\u4e0a\u6607\u3057\u3066\u3044\u3066\u3082\u6025\u6fc0\u306a\u5186\u9ad8\u304c\u9032\u3081\u3070\u5186\u5efa\u3066\u4fa1\u683c\u304c\u4e0b\u843d\u3059\u308b\u30b1\u30fc\u30b9\u3082\u8d77\u3053\u308a\u5f97\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_announce wp-block-paragraph\">\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306e\u5909\u52d5\u8981\u56e0\u3092\u56fd\u969b\u76f8\u5834\u3060\u3051\u306b\u7d5e\u3063\u3066\u5224\u65ad\u3059\u308b\u3068\u3001\u70ba\u66ff\u5909\u52d5\u306b\u3088\u308b\u640d\u76ca\u3092\u898b\u843d\u3068\u3059\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u65e5\u672c\u3067\u91d1\u6295\u8cc7\u3092\u884c\u3046\u969b\u306f\u3001\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u3068\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u306e\u4e21\u65b9\u3092\u5b9a\u671f\u7684\u306b\u78ba\u8a8d\u3059\u308b\u7fd2\u6163\u3092\u3064\u3051\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 id=\"yen-depreciation-effect\" class=\"wp-block-heading\">\u540c\u3058\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u3067\u3082\u5186\u5b89\u306b\u306a\u308b\u3068\u5186\u5efa\u3066\u4fa1\u683c\u306f\u62bc\u3057\u4e0a\u3052\u3089\u308c\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u5909\u308f\u3089\u306a\u3044\u72b6\u6cc1\u3067\u3082\u3001<b><span class=\"swl-inline-color has-swl-deep-01-color\">\u5186\u5b89<\/span><\/b>\u304c\u9032\u884c\u3059\u308b\u3068\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306f\u4e0a\u6607\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5148\u307b\u3069\u306e\u8a08\u7b97\u5f0f\u3067\u78ba\u8a8d\u3059\u308b\u3068\u3001\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u304c2,000\u30c9\u30eb\u306e\u307e\u307e\u3001\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u304c150\u5186\u304b\u3089<b>160\u5186<\/b>\u306b\u52d5\u3044\u305f\u5834\u5408\u3001\u5186\u5efa\u3066\u4fa1\u683c\u306f30\u4e07\u5186\u304b\u308932\u4e07\u5186\u3078\u3068\u7d04<b>6.7%<\/b>\u4e0a\u6607\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u4e0a\u6607\u5206\u306f\u30c9\u30eb\u5efa\u3066\u56fd\u969b\u76f8\u5834\u306e\u5909\u52d5\u3067\u306f\u306a\u304f\u3001\u7d14\u7c8b\u306b<b><span class=\"swl-marker mark_yellow\">\u5186\u5b89\u306b\u3088\u308b\u62bc\u3057\u4e0a\u3052\u52b9\u679c<\/span><\/b>\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5186\u5b89\u5c40\u9762\u3067\u306f\u91d1\u306e\u56fd\u969b\u4fa1\u683c\u304c\u4e0a\u304c\u3063\u3066\u3044\u306a\u304f\u3066\u3082\u3001\u65e5\u672c\u5186\u3067\u8a08\u7b97\u3057\u305f\u8cc7\u7523\u4fa1\u5024\u304c\u5897\u52a0\u3059\u308b\u305f\u3081\u3001\u65e5\u672c\u306e\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u91d1\u306f\u70ba\u66ff\u5909\u52d5\u306e\u6069\u6075\u3092\u53d7\u3051\u3084\u3059\u3044\u8cc7\u7523\u3068\u3044\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-shadow\"><div class=\"cap_box_ttl\"><span>\u5186\u5b89\u30fb\u5186\u9ad8\u305d\u308c\u305e\u308c\u306e\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u3078\u306e\u5f71\u97ff<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list is-style-check_list -list-under-dashed\">\n<li>\u5186\u5b89\u304c\u9032\u3080 \u2192 \u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u304c\u6a2a\u3070\u3044\u3067\u3082\u5186\u5efa\u3066\u4fa1\u683c\u306f\u4e0a\u6607<\/li>\n\n\n\n<li>\u5186\u9ad8\u304c\u9032\u3080 \u2192 \u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u304c\u4e0a\u6607\u3057\u3066\u3044\u3066\u3082\u5186\u5efa\u3066\u4fa1\u683c\u304c\u4f38\u3073\u60a9\u3080\u30fb\u4e0b\u843d\u3059\u308b\u5834\u5408\u3042\u308a<\/li>\n\n\n\n<li>\u5224\u65ad\u306e\u57fa\u672c\uff1a\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u3068\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u306e\u4e21\u65b9\u3092\u5e38\u306b\u78ba\u8a8d\u3059\u308b<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u65b9\u3067\u3001\u5186\u9ad8\u306b\u8ee2\u3058\u305f\u5834\u5408\u306f\u9006\u306e\u73fe\u8c61\u304c\u8d77\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u304c\u4e0a\u6607\u3057\u3066\u3044\u3066\u3082\u3001\u5186\u9ad8\u306e\u9032\u884c\u5e45\u304c\u5927\u304d\u3051\u308c\u3070\u5186\u5efa\u3066\u4fa1\u683c\u304c\u4f38\u3073\u60a9\u3080\u3001\u3042\u308b\u3044\u306f\u4e0b\u843d\u3059\u308b\u3068\u3044\u3046\u5c40\u9762\u3082\u751f\u3058\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_point wp-block-paragraph\">\u5186\u5b89\u30fb\u5186\u9ad8\u3069\u3061\u3089\u306e\u5c40\u9762\u3067\u3082\u3001\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u3068\u70ba\u66ff\u30ec\u30fc\u30c8\u306e\u4e21\u65b9\u3092\u628a\u63e1\u3059\u308b\u3053\u3068\u3067\u3001\u5186\u5efa\u3066\u640d\u76ca\u306e\u5909\u52d5\u8981\u56e0\u3092\u5207\u308a\u5206\u3051\u3066\u5224\u65ad\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306e\u52d5\u304d\u3092\u6b63\u78ba\u306b\u8aad\u3080\u306b\u306f\u3001\u56fd\u969b\u76f8\u5834\u306e\u5909\u52d5\u3068\u70ba\u66ff\u5909\u52d5\u3092\u5206\u3051\u3066\u6349\u3048\u308b\u3053\u3068\u3092\u610f\u8b58\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<h2 id=\"gold-dollar-inverse-correlation-reasons\" class=\"wp-block-heading\">\u91d1\u3068\u30c9\u30eb\u304c\u9006\u76f8\u95a2\u306b\u306a\u308a\u3084\u3059\u3044\u80cc\u666f\u306b\u3042\u308b3\u3064\u306e\u7406\u7531<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u91d1\u4fa1\u683c\u3068\u30c9\u30eb\u306e\u9593\u306b\u306f\u3001\u6b74\u53f2\u7684\u306b<b><span class=\"swl-marker mark_yellow\">\u9006\u76f8\u95a2\u306e\u95a2\u4fc2\u304c\u6210\u308a\u7acb\u3061\u3084\u3059\u3044<\/span><\/b>\u3068\u3044\u3046\u7279\u5fb4\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3060\u3057\u3001\u3053\u308c\u306f\u5358\u306a\u308b\u5076\u7136\u3067\u306f\u306a\u304f\u3001\u91d1\u306e\u6210\u308a\u7acb\u3061\u3084\u5e02\u5834\u53c2\u52a0\u8005\u306e\u884c\u52d5\u539f\u7406\u306b\u6839\u3056\u3057\u305f<b>\u69cb\u9020\u7684\u306a\u7406\u7531<\/b>\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-onborder_ttl2\"><div class=\"cap_box_ttl\"><span>\u91d1\u3068\u30c9\u30eb\u306e\u9006\u76f8\u95a2\u304c\u751f\u307e\u308c\u308b3\u3064\u306e\u69cb\u9020\u7684\u80cc\u666f<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li><a href=\"#gold-dollar-history\">\u91d1\u306f\u30c9\u30eb\u306e\u4ee3\u66ff\u8cc7\u7523\u3068\u3057\u3066\u4f4d\u7f6e\u3065\u3051\u3089\u308c\u3066\u304d\u305f\u6b74\u53f2\u304c\u3042\u308b<\/a><\/li>\n\n\n\n<li><a href=\"#dollar-strength-gold-demand\">\u30c9\u30eb\u9ad8\u5c40\u9762\u3067\u306f\u91d1\u306e\u5272\u9ad8\u611f\u304c\u5f37\u307e\u308a\u9700\u8981\u304c\u843d\u3061\u3084\u3059\u3044<\/a><\/li>\n\n\n\n<li><a href=\"#us-rate-gold-price\">\u7c73\u56fd\u91d1\u5229\u306e\u4e0a\u6607\u304c\u91d1\u306e\u4fdd\u6709\u30b3\u30b9\u30c8\u3092\u9ad8\u3081\u3066\u4fa1\u683c\u3092\u62bc\u3057\u4e0b\u3052\u308b<\/a><\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u9006\u76f8\u95a2\u304c\u751f\u307e\u308c\u308b\u80cc\u666f\u3092\u7406\u89e3\u3057\u3066\u304a\u304f\u3068\u3001\u30c9\u30eb\u306e\u52d5\u304d\u304b\u3089\u91d1\u4fa1\u683c\u306e\u65b9\u5411\u6027\u3092\u3042\u308b\u7a0b\u5ea6\u8aad\u307f\u89e3\u304f\u624b\u304c\u304b\u308a\u3068\u306a\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u4e0b\u306e3\u3064\u306eH3\u3067\u306f\u3001\u4ee3\u66ff\u8cc7\u7523\u3068\u3057\u3066\u306e\u6b74\u53f2\u30fb\u30c9\u30eb\u9ad8\u6642\u306e\u5272\u9ad8\u611f\u30fb\u7c73\u56fd\u91d1\u5229\u3068\u306e\u95a2\u4fc2\u3068\u3044\u30463\u3064\u306e\u8ef8\u304b\u3089\u305d\u306e\u69cb\u9020\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"gold-dollar-history\" class=\"wp-block-heading\">\u91d1\u306f\u30c9\u30eb\u306e\u4ee3\u66ff\u8cc7\u7523\u3068\u3057\u3066\u4f4d\u7f6e\u3065\u3051\u3089\u308c\u3066\u304d\u305f\u6b74\u53f2\u304c\u3042\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u91d1\u3068\u30c9\u30eb\u306e\u9006\u76f8\u95a2\u306f\u3001\u91d1\u878d\u5e02\u5834\u306b\u304a\u3051\u308b\u9577\u5e74\u306e\u6163\u884c\u3068\u3057\u3066\u5b9a\u7740\u3057\u3066\u304d\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b><span class=\"swl-inline-color has-swl-deep-01-color\">\u30d6\u30ec\u30c8\u30f3\u30a6\u30c3\u30ba\u5354\u5b9a<\/span><\/b>\u3067\u306f\u3001\u30c9\u30eb\u3092\u57fa\u8ef8\u901a\u8ca8\u3068\u3057\u3064\u3064\u3082\u91d1\u3068\u306e\u4ea4\u63db\u6bd4\u7387\u3092\u56fa\u5b9a\u3059\u308b\u4ed5\u7d44\u307f\u304c\u63a1\u7528\u3055\u308c\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b><span class=\"swl-inline-color has-swl-deep-01-color\">\u30cb\u30af\u30bd\u30f3\u30fb\u30b7\u30e7\u30c3\u30af<\/span><\/b>\u3067\u305d\u306e\u91d1\u30c9\u30eb\u4ea4\u63db\u304c\u505c\u6b62\u3055\u308c\u305f\u5f8c\u3082\u3001\u5e02\u5834\u53c2\u52a0\u8005\u306e\u9593\u3067\u306f\u300c\u30c9\u30eb\u306e\u4fa1\u5024\u304c\u4e0b\u304c\u308b\u5c40\u9762\u3067\u306f\u91d1\u3092\u8cb7\u3046\u300d\u3068\u3044\u3046\u884c\u52d5\u30d1\u30bf\u30fc\u30f3\u304c\u5f15\u304d\u7d99\u304c\u308c\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-inner\"><div class=\"cap_box_ttl\"><span>\u91d1\u3068\u30c9\u30eb\u306e\u9006\u76f8\u95a2\u3092\u751f\u3093\u3060\u6b74\u53f2\u7684\u7d4c\u7def<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li><strong>\u30d6\u30ec\u30c8\u30f3\u30a6\u30c3\u30ba\u5354\u5b9a<\/strong>\uff1a\u30c9\u30eb\u3092\u57fa\u8ef8\u901a\u8ca8\u3068\u3057\u3001\u91d1\u3068\u306e\u4ea4\u63db\u6bd4\u7387\u3092\u56fa\u5b9a<\/li>\n\n\n\n<li><strong>\u30cb\u30af\u30bd\u30f3\u30fb\u30b7\u30e7\u30c3\u30af<\/strong>\uff1a\u91d1\u30c9\u30eb\u4ea4\u63db\u505c\u6b62\u5f8c\u3082\u300c\u30c9\u30eb\u5b89\uff1d\u91d1\u8cb7\u3044\u300d\u306e\u884c\u52d5\u30d1\u30bf\u30fc\u30f3\u304c\u7d99\u627f<\/li>\n\n\n\n<li>\u73fe\u5728\u3082\u6a5f\u95a2\u6295\u8cc7\u5bb6\u30fb\u4e2d\u592e\u9280\u884c\u304c\u30c9\u30eb\u8cc7\u7523\u3092\u6e1b\u3089\u3059\u969b\u306b\u91d1\u3092\u7a4d\u307f\u5897\u3059\u50be\u5411\u304c\u7d99\u7d9a<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u6163\u884c\u304c\u7a4d\u307f\u91cd\u306a\u3063\u305f\u7d50\u679c\u3001<b>\u30c9\u30eb\u5b89\u30fb\u91d1\u9ad8<\/b>\u3068\u3044\u3046\u9023\u52d5\u304c\u76f8\u5834\u306e\u901a\u5ff5\u3068\u3057\u3066\u6839\u4ed8\u3044\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u73fe\u5728\u3067\u3082\u6a5f\u95a2\u6295\u8cc7\u5bb6\u3084\u4e2d\u592e\u9280\u884c\u304c\u30c9\u30eb\u8cc7\u7523\u306e\u6bd4\u91cd\u3092\u4e0b\u3052\u308b\u969b\u306b\u91d1\u3092\u7a4d\u307f\u5897\u3059\u52d5\u304d\u3092\u3068\u308b\u305f\u3081\u3001\u30c9\u30eb\u3068\u91d1\u306f\u5f15\u304d\u7d9a\u304d\u53cd\u5bfe\u65b9\u5411\u306b\u52d5\u304d\u3084\u3059\u3044\u50be\u5411\u304c\u7d9a\u3044\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_point wp-block-paragraph\">\u91d1\u3068\u30c9\u30eb\u306e\u9006\u76f8\u95a2\u306f\u6b74\u53f2\u7684\u306a\u6163\u884c\u306b\u88cf\u4ed8\u3051\u3089\u308c\u3066\u3044\u308b\u305f\u3081\u3001\u5358\u7d14\u306a\u4fa1\u683c\u306e\u9023\u52d5\u3088\u308a\u5d29\u308c\u306b\u304f\u3044\u69cb\u9020\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91d1\u6295\u8cc7\u3092\u691c\u8a0e\u3059\u308b\u969b\u306f\u3001\u3053\u306e\u6b74\u53f2\u7684\u80cc\u666f\u3092\u5ff5\u982d\u306b\u7f6e\u3044\u305f\u3046\u3048\u3067\u30c9\u30eb\u306e\u52d5\u5411\u3092\u89b3\u5bdf\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<h3 id=\"dollar-strength-gold-demand\" class=\"wp-block-heading\">\u30c9\u30eb\u9ad8\u5c40\u9762\u3067\u306f\u91d1\u306e\u5272\u9ad8\u611f\u304c\u5f37\u307e\u308a\u9700\u8981\u304c\u843d\u3061\u3084\u3059\u3044<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c9\u30eb\u9ad8\u304c\u9032\u3080\u5c40\u9762\u3067\u306f\u3001\u30c9\u30eb\u4ee5\u5916\u306e\u901a\u8ca8\u3092\u6301\u3064\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u91d1\u306e\u8cfc\u5165\u30b3\u30b9\u30c8\u304c\u5b9f\u8cea\u7684\u306b\u4e0a\u6607\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91d1\u306f<b>\u30c9\u30eb\u5efa\u3066<\/b>\u3067\u56fd\u969b\u53d6\u5f15\u3055\u308c\u308b\u305f\u3081\u3001\u30c9\u30eb\u304c\u5f37\u304f\u306a\u308b\u3068\u540c\u3058\u91cf\u306e\u91d1\u3092\u8cb7\u3046\u305f\u3081\u306b\u3088\u308a\u591a\u304f\u306e\u81ea\u56fd\u901a\u8ca8\u304c\u5fc5\u8981\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30a4\u30f3\u30c9\u3084\u4e2d\u56fd\u306a\u3069\u91d1\u306e\u5b9f\u9700\u304c\u5927\u304d\u3044\u56fd\u3067\u306f\u3001\u81ea\u56fd\u901a\u8ca8\u5b89\u3068\u30c9\u30eb\u9ad8\u304c\u91cd\u306a\u308b\u3068\u8cfc\u8cb7\u610f\u6b32\u304c\u843d\u3061\u3084\u3059\u304f\u3001<b><span class=\"swl-marker mark_yellow\">\u9700\u8981\u306e\u6e1b\u5c11\u304c\u91d1\u4fa1\u683c\u306e\u4e0b\u62bc\u3057\u5727\u529b<\/span><\/b>\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u307e\u305f\u3001\u30c9\u30eb\u9ad8\u306e\u5c40\u9762\u3067\u306f\u7c73\u56fd\u7d4c\u6e08\u306e\u5f37\u3055\u3092\u80cc\u666f\u306b\u30c9\u30eb\u8cc7\u7523\u306e\u9b45\u529b\u304c\u9ad8\u307e\u308b\u305f\u3081\u3001\u8cc7\u91d1\u304c\u30c9\u30eb\u5efa\u3066\u50b5\u5238\u3084\u682a\u5f0f\u306b\u5411\u304b\u3044\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u76f8\u5bfe\u7684\u306b\u5229\u56de\u308a\u3092\u751f\u307e\u306a\u3044\u91d1\u306e\u4fdd\u6709\u512a\u5148\u5ea6\u304c\u4e0b\u304c\u308a\u3001\u58f2\u308a\u304c\u51fa\u3084\u3059\u3044\u72b6\u614b\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_announce wp-block-paragraph\">\u30c9\u30eb\u9ad8\u3068\u91d1\u5b89\u306e\u9023\u52d5\u306f\u3042\u304f\u307e\u3067\u50be\u5411\u3067\u3042\u308a\u3001\u5730\u653f\u5b66\u30ea\u30b9\u30af\u306e\u9ad8\u307e\u308a\u3084\u6025\u6fc0\u306a\u30a4\u30f3\u30d5\u30ec\u5c40\u9762\u3067\u306f\u30c9\u30eb\u9ad8\u3068\u91d1\u9ad8\u304c\u540c\u6642\u306b\u9032\u3080\u30b1\u30fc\u30b9\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c9\u30eb\u9ad8\u3060\u304b\u3089\u91d1\u3092\u58f2\u308b\u3068\u3044\u3046\u5358\u7d14\u306a\u5224\u65ad\u306f\u907f\u3051\u3001\u4ed6\u306e\u8981\u56e0\u3068\u5408\u308f\u305b\u3066\u72b6\u6cc1\u3092\u78ba\u8a8d\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 id=\"us-rate-gold-price\" class=\"wp-block-heading\">\u7c73\u56fd\u91d1\u5229\u306e\u4e0a\u6607\u304c\u91d1\u306e\u4fdd\u6709\u30b3\u30b9\u30c8\u3092\u9ad8\u3081\u3066\u4fa1\u683c\u3092\u62bc\u3057\u4e0b\u3052\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u7c73\u56fd\u306e\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308b\u3068\u3001\u91d1\u4fa1\u683c\u306b\u306f\u4e0b\u62bc\u3057\u5727\u529b\u304c\u304b\u304b\u308a\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91d1\u306f\u5229\u5b50\u3084\u914d\u5f53\u3092\u751f\u307e\u306a\u3044\u8cc7\u7523\u3067\u3042\u308b\u305f\u3081\u3001\u91d1\u5229\u304c\u9ad8\u3044\u74b0\u5883\u3067\u306f\u7c73\u56fd\u50b5\u306a\u3069\u306e\u5229\u56de\u308a\u8cc7\u7523\u3068\u6bd4\u8f03\u3057\u305f\u3068\u304d\u306e<b><span class=\"swl-marker mark_yellow\">\u76f8\u5bfe\u7684\u306a\u9b45\u529b\u304c\u4f4e\u4e0b<\/span><\/b>\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5177\u4f53\u7684\u306b\u306f\u3001<b><span class=\"swl-inline-color has-swl-deep-01-color\">\u5b9f\u8cea\u91d1\u5229<\/span><\/b>\uff08\u540d\u76ee\u91d1\u5229\u304b\u3089\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u5dee\u3057\u5f15\u3044\u305f\u6c34\u6e96\uff09\u304c\u4e0a\u6607\u3059\u308b\u307b\u3069\u3001\u91d1\u3092\u4fdd\u6709\u3057\u7d9a\u3051\u308b\u3053\u3068\u306e\u6a5f\u4f1a\u640d\u5931\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box\"><div class=\"cap_box_ttl\"><span>\u5b9f\u8cea\u91d1\u5229\u3068\u91d1\u4fa1\u683c\u306e\u95a2\u4fc2<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list is-style-check_list -list-under-dashed\">\n<li>\u5b9f\u8cea\u91d1\u5229 \uff1d \u540d\u76ee\u91d1\u5229 \u2212 \u30a4\u30f3\u30d5\u30ec\u7387<\/li>\n\n\n\n<li>\u5b9f\u8cea\u91d1\u5229\u304c\u4e0a\u6607 \u2192 \u91d1\u306e\u6a5f\u4f1a\u640d\u5931\u304c\u62e1\u5927 \u2192 \u91d1\u4fa1\u683c\u306b\u4e0b\u62bc\u3057\u5727\u529b<\/li>\n\n\n\n<li>\u5b9f\u8cea\u91d1\u5229\u304c\u4f4e\u4e0b\u30fb\u30de\u30a4\u30ca\u30b9 \u2192 \u91d1\u306e\u76f8\u5bfe\u7684\u9b45\u529b\u304c\u4e0a\u6607 \u2192 \u91d1\u4fa1\u683c\u306b\u4e0a\u6607\u5727\u529b<\/li>\n\n\n\n<li>\u53c2\u7167\u6307\u6a19\uff1a\u7c7310\u5e74\u56fd\u50b5\u5229\u56de\u308a\u3068\u30d6\u30ec\u30fc\u30af\u30fb\u30a4\u30fc\u30d6\u30f3\u30fb\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u5dee<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">2022\u5e74\u306b<b>FRB<\/b>\u304c\u6025\u901f\u306a\u5229\u4e0a\u3052\u3092\u9032\u3081\u305f\u5c40\u9762\u3067\u306f\u3001\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u5e74\u9593\u3092\u901a\u3058\u3066\u4e0b\u843d\u57fa\u8abf\u3092\u305f\u3069\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u6642\u671f\u306f\u5730\u653f\u5b66\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u72b6\u614b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u91d1\u4fa1\u683c\u304c\u4f38\u3073\u60a9\u3093\u3060\u305f\u3081\u3001\u300c\u306a\u305c\u6709\u4e8b\u306a\u306e\u306b\u91d1\u304c\u4e0a\u304c\u3089\u306a\u3044\u306e\u304b\u300d\u3068\u7591\u554f\u3092\u6301\u3063\u305f\u65b9\u3082\u591a\u304b\u3063\u305f\u306f\u305a\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91d1\u5229\u4e0a\u6607\u304c\u91d1\u4fa1\u683c\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u306e\u5927\u304d\u3055\u306f\u3001<b>\u5b9f\u8cea\u91d1\u5229\u306e\u6c34\u6e96<\/b>\u3092\u5b9a\u671f\u7684\u306b\u78ba\u8a8d\u3059\u308b\u3053\u3068\u3067\u628a\u63e1\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7c7310\u5e74\u56fd\u50b5\u5229\u56de\u308a\u3068\u30a4\u30f3\u30d5\u30ec\u671f\u5f85\u306e\u5dee\u3068\u3057\u3066\u7b97\u51fa\u3055\u308c\u308b<b><span class=\"swl-inline-color has-swl-deep-01-color\">\u30d6\u30ec\u30fc\u30af\u30fb\u30a4\u30fc\u30d6\u30f3\u30fb\u30a4\u30f3\u30d5\u30ec\u7387<\/span><\/b>\u3092\u53c2\u7167\u3057\u306a\u304c\u3089\u3001\u91d1\u5229\u74b0\u5883\u306e\u5909\u5316\u3092\u8ffd\u3044\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h2 id=\"yen-depreciation-gold-price-mechanism\" class=\"wp-block-heading\">\u5186\u5b89\u304c\u9032\u3080\u3068\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u4e0a\u304c\u308b\u30e1\u30ab\u30cb\u30ba\u30e0\u3092\u56f3\u5f0f\u3067\u6574\u7406\u3059\u308b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5186\u5b89\u304c\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u3092\u62bc\u3057\u4e0a\u3052\u308b\u4ed5\u7d44\u307f\u306f\u3001\u524d\u30bb\u30af\u30b7\u30e7\u30f3\u3067\u89e6\u308c\u305f<b><span class=\"swl-inline-color has-swl-deep-01-color\">\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u00d7\u30c9\u30eb\u5186\u30ec\u30fc\u30c8<\/span><\/b>\u3068\u3044\u3046\u8a08\u7b97\u5f0f\u306b\u76f4\u63a5\u7531\u6765\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u639b\u3051\u7b97\u306e\u69cb\u9020\u4e0a\u3001\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u304c\u6a2a\u3070\u3044\u3067\u3082<b><span class=\"swl-marker mark_yellow\">\u5186\u5b89\u304c\u9032\u3080\u3060\u3051\u3067\u5186\u5efa\u3066\u4fa1\u683c\u306f\u4e0a\u6607<\/span><\/b>\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-onborder_ttl2\"><div class=\"cap_box_ttl\"><span>\u5186\u5b89\u304c\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u3092\u52d5\u304b\u3059\u4ed5\u7d44\u307f\u3068\u5b9f\u4f8b<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li><a href=\"#dollar-yen-impact\">\u30c9\u30eb\u5186\u304c1\u5186\u52d5\u304f\u3068\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306f\u304a\u3088\u305d\u6570\u767e\u5186\u5358\u4f4d\u3067\u5909\u52d5\u3059\u308b<\/a><\/li>\n\n\n\n<li><a href=\"#2022-yen-depreciation-gold\">2022\u5e74\u306e\u6025\u901f\u306a\u5186\u5b89\u5c40\u9762\u3067\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u6700\u9ad8\u5024\u3092\u66f4\u65b0\u3057\u305f\u7d4c\u7def<\/a><\/li>\n\n\n\n<li><a href=\"#double-boost-effect\">\u5186\u5b89\u3068\u91d1\u306e\u30c9\u30eb\u5efa\u3066\u4e0a\u6607\u304c\u91cd\u306a\u308b\u3068\u5186\u5efa\u3066\u4fa1\u683c\u306f\u4e8c\u91cd\u306b\u62bc\u3057\u4e0a\u3052\u3089\u308c\u308b<\/a><\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u9006\u306b\u3001\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u304c\u4e0a\u6607\u3057\u3066\u3044\u308b\u5c40\u9762\u3067\u5186\u5b89\u3082\u540c\u6642\u306b\u9032\u884c\u3059\u308b\u3068\u3001\u5186\u5efa\u3066\u4fa1\u683c\u3078\u306e\u62bc\u3057\u4e0a\u3052\u52b9\u679c\u306f\u4e8c\u91cd\u306b\u50cd\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u30bb\u30af\u30b7\u30e7\u30f3\u3067\u306f\u3001\u70ba\u66ff\u306e\u52d5\u304d\u304c\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3092\u3001\u5177\u4f53\u7684\u306a\u6570\u5024\u3084\u5b9f\u969b\u306e\u76f8\u5834\u5c40\u9762\u3092\u4ea4\u3048\u306a\u304c\u3089\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91d1\u6295\u8cc7\u306e\u640d\u76ca\u3092\u6b63\u78ba\u306b\u628a\u63e1\u3059\u308b\u306b\u306f\u3001\u300c\u3069\u3061\u3089\u306e\u8981\u56e0\u304c\u4fa1\u683c\u3092\u52d5\u304b\u3057\u3066\u3044\u308b\u306e\u304b\u300d\u3092\u533a\u5225\u3059\u308b\u8996\u70b9\u304c\u6b20\u304b\u305b\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<h3 id=\"dollar-yen-impact\" class=\"wp-block-heading\">\u30c9\u30eb\u5186\u304c1\u5186\u52d5\u304f\u3068\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306f\u304a\u3088\u305d\u6570\u767e\u5186\u5358\u4f4d\u3067\u5909\u52d5\u3059\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u304c1\u5186\u5909\u52d5\u3057\u305f\u3068\u304d\u3001\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u3069\u306e\u7a0b\u5ea6\u52d5\u304f\u304b\u306f\u3001\u305d\u306e\u3068\u304d\u306e\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u306e\u6c34\u6e96\u306b\u3088\u3063\u3066\u6c7a\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8a08\u7b97\u306e\u4ed5\u7d44\u307f\u306f\u5358\u7d14\u3067\u3001\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\uff081\u30c8\u30ed\u30a4\u30aa\u30f3\u30b9\uff09\u306b\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u3092\u639b\u3051\u305f\u6570\u5024\u304c\u5186\u5efa\u3066\u4fa1\u683c\u306e\u57fa\u6e96\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">1\u30c8\u30ed\u30a4\u30aa\u30f3\u30b9\u306f\u7d04<b>31.1\u30b0\u30e9\u30e0<\/b>\u3067\u3059\u306e\u3067\u30011\u30b0\u30e9\u30e0\u3042\u305f\u308a\u306e\u5186\u5efa\u3066\u4fa1\u683c\u306f\u300c<b>\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u00f731.1\u00d7\u30c9\u30eb\u5186\u30ec\u30fc\u30c8<\/b>\u300d\u3068\u3044\u3046\u5f0f\u3067\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u304c1\u30aa\u30f3\u30b9<b>2,000\u30c9\u30eb<\/b>\u306e\u6c34\u6e96\u306b\u3042\u308b\u5834\u5408\u30011\u30b0\u30e9\u30e0\u3042\u305f\u308a\u306e\u5186\u5efa\u3066\u4fa1\u683c\u306f\u304a\u3088\u305d64.3\u30c9\u30eb\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u72b6\u614b\u3067\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u304c1\u5186\u5186\u5b89\u65b9\u5411\u306b\u52d5\u304f\u3068\u30011\u30b0\u30e9\u30e0\u3042\u305f\u308a\u306e\u5186\u5efa\u3066\u4fa1\u683c\u306f\u7d04<b>64\u5186\u4e0a\u6607<\/b>\u3059\u308b\u8a08\u7b97\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table min_width20_ is-all-centered\"><table style=\"--swl-cell1-width:;font-size:13px;\"><thead><tr><th>\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\uff081\u30aa\u30f3\u30b9\uff09<\/th><th>1\u5186\u5186\u5b89\u6642\u306e1\u30b0\u30e9\u30e0\u3042\u305f\u308a\u4e0a\u6607\u984d<\/th><\/tr><\/thead><tbody><tr><th>2,000\u30c9\u30eb\u6c34\u6e96<\/th><td>\u7d0464\u5186\u4e0a\u6607<\/td><\/tr><tr><th>2,500\u30c9\u30eb\u6c34\u6e96<\/th><td>\u7d0480\u5186\u4e0a\u6607<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u304c<b>2,500\u30c9\u30eb<\/b>\u6c34\u6e96\u307e\u3067\u4e0a\u6607\u3057\u3066\u3044\u308b\u5c40\u9762\u3067\u306f\u3001\u540c\u30581\u5186\u306e\u5186\u5b89\u3067\u30821\u30b0\u30e9\u30e0\u3042\u305f\u308a\u7d04<b>80\u5186<\/b>\u306e\u4e0a\u6607\u306b\u76f8\u5f53\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_announce wp-block-paragraph\">\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u304c\u9ad8\u3044\u6c34\u6e96\u306b\u3042\u308b\u307b\u3069\u30011\u5186\u306e\u70ba\u66ff\u5909\u52d5\u304c\u5186\u5efa\u3066\u4fa1\u683c\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u306f\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002\u5186\u5b89\u5c40\u9762\u3067\u306e\u91d1\u6295\u8cc7\u3067\u306f\u3001\u70ba\u66ff\u5909\u52d5\u306e\u611f\u5fdc\u5ea6\u304c\u5e73\u6642\u3088\u308a\u9ad8\u307e\u3063\u3066\u3044\u308b\u70b9\u3092\u5ff5\u982d\u306b\u7f6e\u3044\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3064\u307e\u308a\u3001\u73fe\u5728\u306e\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u306e\u6c34\u6e96\u3092\u628a\u63e1\u3057\u3066\u304a\u304f\u3053\u3068\u304c\u3001<b><span class=\"swl-marker mark_yellow\">\u70ba\u66ff\u5909\u52d5\u30ea\u30b9\u30af\u3092\u898b\u7a4d\u3082\u308b<\/span><\/b>\u3046\u3048\u3067\u4e0d\u53ef\u6b20\u306a\u4f5c\u696d\u3067\u3059\u3002<\/p>\n\n\n\n<h3 id=\"2022-yen-depreciation-gold\" class=\"wp-block-heading\">2022\u5e74\u306e\u6025\u901f\u306a\u5186\u5b89\u5c40\u9762\u3067\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u6700\u9ad8\u5024\u3092\u66f4\u65b0\u3057\u305f\u7d4c\u7def<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">2022\u5e74\u306f\u3001\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306e\u52d5\u304d\u3092\u7406\u89e3\u3059\u308b\u3046\u3048\u3067\u683c\u597d\u306e\u4e8b\u4f8b\u3092\u63d0\u4f9b\u3057\u305f\u5e74\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u5e74\u3001<b><span class=\"swl-inline-color has-swl-deep-01-color\">FRB<\/span><\/b>\u304c\u6025\u901f\u306a\u5229\u4e0a\u3052\u3092\u9032\u3081\u305f\u3053\u3068\u3067\u3001\u30c9\u30eb\u9ad8\u304c\u4e16\u754c\u898f\u6a21\u3067\u9032\u884c\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c9\u30eb\u304c\u5f37\u304f\u306a\u308b\u5c40\u9762\u3067\u306f\u901a\u5e38\u3001\u91d1\u306e\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u306f\u4e0b\u843d\u5727\u529b\u3092\u53d7\u3051\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9f\u969b\u306b2022\u5e74\u306e\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u306f\u3001\u5e74\u521d\u306e1\u30aa\u30f3\u30b9<b>1,800\u30c9\u30eb\u53f0<\/b>\u304b\u3089\u4e00\u6642<b>1,600\u30c9\u30eb\u53f0<\/b>\u307e\u3067\u4e0b\u843d\u3059\u308b\u5834\u9762\u304c\u3042\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-shadow\"><div class=\"cap_box_ttl\"><span>2022\u5e74\u306e\u5186\u5b89\u3068\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306e\u52d5\u304d<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\uff1a1,800\u30c9\u30eb\u53f0 \u2192 \u4e00\u66421,600\u30c9\u30eb\u53f0\u306b\u4e0b\u843d<\/li>\n\n\n\n<li>\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\uff1a115\u5186\u524d\u5f8c \u2192 10\u6708\u306b150\u5186\u53f0\u3092\u7a81\u7834\uff08\u7d0430%\u5186\u5b89\uff09<\/li>\n\n\n\n<li>\u5186\u5efa\u3066\u91d1\u4fa1\u683c\uff1a\u30c9\u30eb\u5efa\u3066\u4e0b\u843d\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u5f53\u6642\u306e\u6700\u9ad8\u5024\u3092\u66f4\u65b0<\/li>\n\n\n\n<li>\u6559\u8a13\uff1a\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u3068\u5186\u5efa\u3066\u4fa1\u683c\u306f\u9006\u65b9\u5411\u306b\u52d5\u304f\u3053\u3068\u304c\u3042\u308b<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u3068\u3053\u308d\u304c\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306f\u540c\u3058\u671f\u9593\u306b\u4e0a\u6607\u3092\u7d9a\u3051\u3001\u5f53\u6642\u306e\u6700\u9ad8\u5024\u3092\u66f4\u65b0\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u80cc\u666f\u306b\u3042\u3063\u305f\u306e\u306f\u3001\u6b74\u53f2\u7684\u306a\u901f\u5ea6\u3067\u9032\u3093\u3060\u5186\u5b89\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2022\u5e74\u521d\u982d\u306b<b>1\u30c9\u30eb115\u5186\u524d\u5f8c<\/b>\u3060\u3063\u305f\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u306f\u3001\u540c\u5e7410\u6708\u306b\u4e00\u6642<b>150\u5186\u53f0<\/b>\u3092\u7a81\u7834\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u304c\u4e0b\u304c\u3063\u3066\u3082\u3001\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u304c115\u5186\u304b\u3089150\u5186\u3078\u3068<b><span class=\"swl-marker mark_yellow\">\u7d0430%\u5186\u5b89\u65b9\u5411\u306b\u52d5\u3044\u305f<\/span><\/b>\u3053\u3068\u3067\u3001\u5186\u5efa\u3066\u4fa1\u683c\u306f\u5927\u5e45\u306b\u62bc\u3057\u4e0a\u3052\u3089\u308c\u305f\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_point wp-block-paragraph\">2022\u5e74\u306e\u4e8b\u4f8b\u306f\u3001\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u3068\u5186\u5efa\u3066\u4fa1\u683c\u304c\u9006\u65b9\u5411\u306b\u52d5\u304f\u3053\u3068\u304c\u3042\u308b\u73fe\u5b9f\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u56fd\u969b\u76f8\u5834\u3060\u3051\u3092\u898b\u3066\u3044\u308b\u3068\u3001\u5186\u5efa\u3066\u3067\u306e\u640d\u76ca\u3092\u898b\u8aa4\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u7d4c\u7def\u306f\u3001\u5186\u5efa\u3066\u3067\u91d1\u6295\u8cc7\u3092\u3059\u308b\u5834\u5408\u306b\u70ba\u66ff\u306e\u52d5\u304d\u3092\u7121\u8996\u3067\u304d\u306a\u3044\u7406\u7531\u3092\u7aef\u7684\u306b\u793a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"double-boost-effect\" class=\"wp-block-heading\">\u5186\u5b89\u3068\u91d1\u306e\u30c9\u30eb\u5efa\u3066\u4e0a\u6607\u304c\u91cd\u306a\u308b\u3068\u5186\u5efa\u3066\u4fa1\u683c\u306f\u4e8c\u91cd\u306b\u62bc\u3057\u4e0a\u3052\u3089\u308c\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u6700\u3082\u5927\u304d\u304f\u4e0a\u6607\u3059\u308b\u306e\u306f\u3001<b><span class=\"swl-marker mark_yellow\">\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u306e\u4e0a\u6607\u3068\u5186\u5b89\u304c\u540c\u6642\u306b\u9032\u884c<\/span><\/b>\u3059\u308b\u5c40\u9762\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8a08\u7b97\u5f0f\u306e\u69cb\u9020\u4e0a\u3001\u639b\u3051\u7b97\u306e\u4e21\u65b9\u306e\u8981\u7d20\u304c\u5897\u52a0\u3059\u308b\u305f\u3081\u3001\u5186\u5efa\u3066\u4fa1\u683c\u3078\u306e\u5f71\u97ff\u306f\u5358\u7d14\u306a\u8db3\u3057\u7b97\u3067\u306f\u306a\u304f\u4e57\u6570\u7684\u306b\u50cd\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5177\u4f53\u7684\u306a\u6570\u5024\u3067\u78ba\u8a8d\u3057\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u304c1\u30aa\u30f3\u30b9<b>2,000\u30c9\u30eb<\/b>\u3001\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u304c<b>130\u5186<\/b>\u306e\u72b6\u614b\u3092\u57fa\u6e96\u3068\u3059\u308b\u3068\u30011\u30b0\u30e9\u30e0\u3042\u305f\u308a\u306e\u5186\u5efa\u3066\u4fa1\u683c\u306f\u7d04<b>8,360\u5186<\/b>\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u304b\u3089\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u304c<b>2,500\u30c9\u30eb<\/b>\u306b\u4e0a\u6607\u3057\u3001\u540c\u6642\u306b\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u304c<b>150\u5186<\/b>\u306b\u52d5\u3044\u305f\u5834\u5408\u30011\u30b0\u30e9\u30e0\u3042\u305f\u308a\u306e\u5186\u5efa\u3066\u4fa1\u683c\u306f\u7d04<b>12,056\u5186<\/b>\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-inner\"><div class=\"cap_box_ttl\"><span>\u4e8c\u91cd\u62bc\u3057\u4e0a\u3052\u52b9\u679c\u306e\u6570\u5024\u4f8b<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>\u57fa\u6e96\uff1a\u30c9\u30eb\u5efa\u30662,000\u30c9\u30eb \u00d7 130\u5186 \uff1d 1\u30b0\u30e9\u30e0\u7d048,360\u5186<\/li>\n\n\n\n<li>\u5909\u5316\u5f8c\uff1a\u30c9\u30eb\u5efa\u30662,500\u30c9\u30eb \u00d7 150\u5186 \uff1d 1\u30b0\u30e9\u30e0\u7d0412,056\u5186<\/li>\n\n\n\n<li>\u4e0a\u6607\u7387\uff1a\u7d0444%\uff08\u30c9\u30eb\u5efa\u3066\u4e0a\u660725%\uff0b\u70ba\u66ff\u5909\u52d515%\u306e\u5358\u7d14\u5408\u8a08\u3092\u4e0a\u56de\u308b\uff09<\/li>\n\n\n\n<li>\u9006\u30d1\u30bf\u30fc\u30f3\uff1a\u5186\u9ad8\uff0b\u30c9\u30eb\u5efa\u3066\u4e0b\u843d\u304c\u91cd\u306a\u308b\u3068\u640d\u5931\u3082\u4e8c\u91cd\u306b\u81a8\u3089\u3080<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u57fa\u6e96\u5024\u304b\u3089\u7d04<b>44%\u306e\u4e0a\u6607<\/b>\u3067\u3001\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u306e\u4e0a\u6607\u7387\uff08\u7d0425%\uff09\u3068\u30c9\u30eb\u5186\u306e\u5909\u52d5\u7387\uff08\u7d0415%\uff09\u3092\u305d\u308c\u305e\u308c\u5358\u72ec\u3067\u8a08\u7b97\u3057\u305f\u5834\u5408\u306e\u5408\u8a08\u3092\u4e0a\u56de\u308b\u6c34\u6e96\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u4e8c\u91cd\u62bc\u3057\u4e0a\u3052\u52b9\u679c\u306f\u3001\u5186\u5efa\u3066\u3067\u91d1\u3092\u4fdd\u6709\u3057\u3066\u3044\u308b\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u5927\u304d\u306a\u5229\u76ca\u6a5f\u4f1a\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u65b9\u3067\u3001\u5186\u9ad8\u3068\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u4e0b\u843d\u304c\u540c\u6642\u306b\u8d77\u304d\u308b\u3068\u3001\u640d\u5931\u3082\u540c\u69d8\u306b\u4e8c\u91cd\u306b\u81a8\u3089\u3080\u70b9\u306b\u306f\u5341\u5206\u306a\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u76f8\u5834\u74b0\u5883\u3092\u5224\u65ad\u3059\u308b\u969b\u306f\u3001<b>\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u306e\u65b9\u5411\u6027<\/b>\u3068<b>\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u306e\u30c8\u30ec\u30f3\u30c9<\/b>\u3092\u5225\u3005\u306b\u78ba\u8a8d\u3057\u305f\u3046\u3048\u3067\u3001\u4e21\u8005\u306e\u7d44\u307f\u5408\u308f\u305b\u3068\u3057\u3066\u8003\u3048\u308b\u7fd2\u6163\u3092\u3064\u3051\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<h2 id=\"inverse-correlation-breakdown\" class=\"wp-block-heading\">\u9006\u76f8\u95a2\u304c\u5d29\u308c\u308b\u5c40\u9762\u3068\u5186\u5b89\u306a\u306e\u306b\u91d1\u4fa1\u683c\u304c\u4e0b\u304c\u308b\u30b1\u30fc\u30b9<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5186\u5b89\u304c\u9032\u3081\u3070\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u4e0a\u304c\u308b\u3068\u3044\u3046\u95a2\u4fc2\u306f\u3001\u5e38\u306b\u6210\u7acb\u3059\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u5927\u304d\u304f\u4e0b\u843d\u3059\u308b\u5c40\u9762\u3067\u306f\u3001<b><span class=\"swl-marker mark_yellow\">\u5186\u5b89\u306b\u3088\u308b\u62bc\u3057\u4e0a\u3052\u52b9\u679c\u3092\u6253\u3061\u6d88\u3057\u3066<\/span><\/b>\u3057\u307e\u3046\u305f\u3081\u3001\u5186\u5efa\u3066\u4fa1\u683c\u3082\u4e0b\u304c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-onborder_ttl2\"><div class=\"cap_box_ttl\"><span>\u9006\u76f8\u95a2\u304c\u5d29\u308c\u308b3\u3064\u306e\u30d1\u30bf\u30fc\u30f3<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li><a href=\"#risk-off-dollar-gold\">\u30ea\u30b9\u30af\u30aa\u30d5\u6642\u306b\u30c9\u30eb\u3068\u91d1\u304c\u540c\u6642\u306b\u8cb7\u308f\u308c\u308b\u5c40\u9762\u304c\u8d77\u304d\u308b\u3053\u3068\u304c\u3042\u308b<\/a><\/li>\n\n\n\n<li><a href=\"#us-rate-surge-gold-drop\">\u7c73\u56fd\u91d1\u5229\u304c\u6025\u9a30\u3059\u308b\u3068\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u4e0b\u843d\u3057\u3066\u5186\u5b89\u52b9\u679c\u3092\u6253\u3061\u6d88\u3059<\/a><\/li>\n\n\n\n<li><a href=\"#geopolitical-risk-correlation\">\u5730\u653f\u5b66\u30ea\u30b9\u30af\u3084\u91d1\u878d\u5371\u6a5f\u3067\u306f\u901a\u5e38\u306e\u76f8\u95a2\u30d1\u30bf\u30fc\u30f3\u304c\u4e00\u6642\u7684\u306b\u5d29\u308c\u3084\u3059\u3044<\/a><\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u9006\u76f8\u95a2\u304c\u5d29\u308c\u308b\u4e3b\u306a\u30d1\u30bf\u30fc\u30f3\u306f\u3001<b><span class=\"swl-inline-color has-swl-deep-01-color\">\u30ea\u30b9\u30af\u30aa\u30d5<\/span><\/b>\u306b\u3088\u308b\u30c9\u30eb\u8cb7\u3044\u30fb\u7c73\u56fd\u91d1\u5229\u306e\u6025\u9a30\u30fb\u5730\u653f\u5b66\u30ea\u30b9\u30af\u306b\u3088\u308b\u76f8\u5834\u6df7\u4e71\u306e3\u3064\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u308c\u3089\u306e\u5c40\u9762\u3067\u306f\u300c\u5186\u5b89\uff1d\u91d1\u4fa1\u683c\u4e0a\u6607\u300d\u3068\u3044\u3046\u5358\u7d14\u306a\u8aad\u307f\u65b9\u304c\u901a\u7528\u3057\u306a\u304f\u306a\u308b\u305f\u3081\u3001\u76f8\u5834\u74b0\u5883\u3092<b>\u8907\u5408\u7684\u306b\u898b\u308b\u8996\u70b9<\/b>\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_announce wp-block-paragraph\">\u5186\u5b89\u30c8\u30ec\u30f3\u30c9\u3060\u3051\u3092\u6839\u62e0\u306b\u91d1\u306e\u8cb7\u3044\u3092\u5224\u65ad\u3059\u308b\u3068\u3001\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u306e\u6025\u843d\u5c40\u9762\u3067\u640d\u5931\u304c\u62e1\u5927\u3059\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"risk-off-dollar-gold\" class=\"wp-block-heading\">\u30ea\u30b9\u30af\u30aa\u30d5\u6642\u306b\u30c9\u30eb\u3068\u91d1\u304c\u540c\u6642\u306b\u8cb7\u308f\u308c\u308b\u5c40\u9762\u304c\u8d77\u304d\u308b\u3053\u3068\u304c\u3042\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u30ea\u30b9\u30af\u30aa\u30d5\u5c40\u9762\u3067\u306f\u3001\u30c9\u30eb\u3068\u91d1\u304c\u540c\u6642\u306b\u8cb7\u308f\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u901a\u5e38\u3001\u30c9\u30eb\u9ad8\u306f\u91d1\u4fa1\u683c\u3092\u62bc\u3057\u4e0b\u3052\u308b\u65b9\u5411\u306b\u50cd\u304d\u307e\u3059\u304c\u3001\u4e16\u754c\u7684\u306a\u682a\u4fa1\u6025\u843d\u3084\u91d1\u878d\u4e0d\u5b89\u304c\u9ad8\u307e\u308b\u3068\u3001\u6295\u8cc7\u5bb6\u304c<b><span class=\"swl-marker mark_yellow\">\u5b89\u5168\u8cc7\u7523\u3078\u4e00\u6589\u306b\u8cc7\u91d1\u3092\u79fb\u3059<\/span><\/b>\u52d5\u304d\u304c\u8d77\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u3068\u304d\u3001\u30c9\u30eb\u3082\u91d1\u3082\u540c\u6642\u306b\u9700\u8981\u304c\u9ad8\u307e\u308b\u305f\u3081\u3001\u9006\u76f8\u95a2\u306e\u95a2\u4fc2\u304c\u4e00\u6642\u7684\u306b\u5d29\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box\"><div class=\"cap_box_ttl\"><span>\u30ea\u30b9\u30af\u30aa\u30d5\u5c40\u9762\u3067\u306e\u78ba\u8a8d\u6307\u6a19<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list is-style-check_list -list-under-dashed\">\n<li>VIX\u6307\u6570\uff08\u6050\u6016\u6307\u6570\uff09\u306e\u6025\u4e0a\u6607\u3092\u78ba\u8a8d\u3059\u308b<\/li>\n\n\n\n<li>\u682a\u5f0f\u5e02\u5834\u306e\u6025\u843d\u5e45\u3068\u30c9\u30eb\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306e\u52d5\u304d\u3092\u4f75\u305b\u3066\u898b\u308b<\/li>\n\n\n\n<li>\u91d1\u306e\u77ed\u671f\u4e0b\u843d\u306f\u30ea\u30b9\u30af\u30aa\u30d5\u521d\u52d5\u306e\u4e00\u6642\u7684\u73fe\u8c61\u3067\u3042\u308b\u3053\u3068\u304c\u591a\u3044<\/li>\n\n\n\n<li>\u30b3\u30ed\u30ca\u30b7\u30e7\u30c3\u30af\uff082020\u5e743\u6708\uff09\u304c\u5178\u578b\u4e8b\u4f8b\uff1a\u91d1\u4e0b\u843d\u5f8c\u306b\u6025\u53cd\u767a<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">2020\u5e743\u6708\u306e<b><span class=\"swl-inline-color has-swl-deep-01-color\">\u30b3\u30ed\u30ca\u30b7\u30e7\u30c3\u30af<\/span><\/b>\u521d\u671f\u304c\u305d\u306e\u5178\u578b\u3067\u3001\u682a\u5f0f\u5e02\u5834\u304c\u6025\u843d\u3059\u308b\u306a\u304b\u3067\u30c9\u30eb\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u304c\u6025\u4e0a\u6607\u3059\u308b\u3068\u540c\u6642\u306b\u3001\u91d1\u4fa1\u683c\u3082\u30c9\u30eb\u5efa\u3066\u3067\u4e0b\u843d\u3059\u308b\u5834\u9762\u304c\u3042\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3060\u3057\u3001\u3053\u306e\u5c40\u9762\u3067\u306f\u91d1\u306e\u4e0b\u843d\u306f\u77ed\u671f\u7684\u306b\u3068\u3069\u307e\u308b\u3053\u3068\u304c\u591a\u304f\u3001\u305d\u306e\u5f8c\u306e\u30c9\u30eb\u5b89\u8ee2\u63db\u3068\u3068\u3082\u306b\u91d1\u4fa1\u683c\u304c\u6025\u53cd\u767a\u3059\u308b\u30d1\u30bf\u30fc\u30f3\u304c\u7e70\u308a\u8fd4\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30ea\u30b9\u30af\u30aa\u30d5\u76f8\u5834\u3067\u306f\u3001\u30c9\u30eb\u5186\u306e\u52d5\u304d\u3060\u3051\u3067\u306a\u304f\u682a\u5f0f\u5e02\u5834\u306e\u52d5\u5411\u3084<b>VIX\u6307\u6570\uff08\u6050\u6016\u6307\u6570\uff09<\/b>\u3092\u4f75\u305b\u3066\u78ba\u8a8d\u3059\u308b\u3053\u3068\u304c\u5224\u65ad\u306e\u7cbe\u5ea6\u3092\u9ad8\u3081\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5186\u5b89\u304c\u9032\u3093\u3067\u3044\u3066\u3082\u3001\u3053\u3046\u3057\u305f\u5c40\u9762\u3067\u306f\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u4e0b\u62bc\u3057\u3055\u308c\u308b\u305f\u3081\u3001\u5186\u5efa\u3066\u4fa1\u683c\u306e\u52d5\u304d\u304c\u920d\u304f\u306a\u3063\u305f\u308a\u9006\u884c\u3057\u305f\u308a\u3059\u308b\u70b9\u3092\u899a\u3048\u3066\u304a\u3044\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<h3 id=\"us-rate-surge-gold-drop\" class=\"wp-block-heading\">\u7c73\u56fd\u91d1\u5229\u304c\u6025\u9a30\u3059\u308b\u3068\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u4e0b\u843d\u3057\u3066\u5186\u5b89\u52b9\u679c\u3092\u6253\u3061\u6d88\u3059<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u7c73\u56fd\u306e\u9577\u671f\u91d1\u5229\u304c\u6025\u9a30\u3059\u308b\u5c40\u9762\u3067\u306f\u3001\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u5927\u304d\u304f\u4e0b\u843d\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91d1\u306f<b>\u5229\u606f\u3092\u751f\u307e\u306a\u3044\u8cc7\u7523<\/b>\u3067\u3042\u308b\u305f\u3081\u3001\u7c73\u56fd\u50b5\u306a\u3069\u306e\u5229\u56de\u308a\u304c\u4e0a\u6607\u3059\u308b\u3068\u3001\u6295\u8cc7\u5bb6\u306f\u91d1\u3092\u58f2\u3063\u3066\u5229\u56de\u308a\u306e\u3042\u308b\u8cc7\u7523\u3078\u8cc7\u91d1\u3092\u79fb\u3059\u52d5\u304d\u304c\u5f37\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u58f2\u308a\u5727\u529b\u304c\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u3092\u62bc\u3057\u4e0b\u3052\u3001\u5186\u5b89\u306b\u3088\u308b\u62bc\u3057\u4e0a\u3052\u52b9\u679c\u3092\u4e0a\u56de\u308b\u3068\u3001\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u3082\u4e0b\u843d\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2022\u5e74\u306e<b><span class=\"swl-inline-color has-swl-deep-01-color\">FRB<\/span><\/b>\u306b\u3088\u308b\u6025\u901f\u306a\u5229\u4e0a\u3052\u5c40\u9762\u304c\u305d\u306e\u597d\u4f8b\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u3068\u304d\u3001\u30c9\u30eb\u5186\u306f1\u30c9\u30eb115\u5186\u53f0\u304b\u3089150\u5186\u53f0\u307e\u3067\u5186\u5b89\u304c\u6025\u9032\u3057\u307e\u3057\u305f\u304c\u3001\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u306f\u30d4\u30fc\u30af\u304b\u3089<b>\u7d0420%\u4e0b\u843d<\/b>\u3057\u305f\u305f\u3081\u3001\u5186\u5efa\u3066\u4fa1\u683c\u306e\u4e0a\u6607\u5e45\u306f\u9650\u5b9a\u7684\u306b\u3068\u3069\u307e\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_announce wp-block-paragraph\">\u300c\u5186\u5b89\u304c\u7d9a\u3044\u3066\u3044\u308b\u304b\u3089\u91d1\u306f\u4e0a\u304c\u308b\u306f\u305a\u300d\u3068\u3044\u3046\u601d\u3044\u8fbc\u307f\u306f\u3001\u91d1\u5229\u74b0\u5883\u304c\u5909\u5316\u3059\u308b\u5c40\u9762\u3067\u5927\u304d\u306a\u5224\u65ad\u30df\u30b9\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002FRB\u306e\u653f\u7b56\u91d1\u5229\u306e\u65b9\u5411\u6027\u306f\u5fc5\u305a\u78ba\u8a8d\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7c73\u56fd\u306e<b><span class=\"swl-marker mark_yellow\">\u5b9f\u8cea\u91d1\u5229\u304c\u4e0a\u6607\u3057\u3066\u3044\u308b\u304b\u3069\u3046\u304b<\/span><\/b>\u3092\u5b9a\u671f\u7684\u306b\u78ba\u8a8d\u3059\u308b\u3053\u3068\u304c\u3001\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u306e\u65b9\u5411\u6027\u3092\u8aad\u3080\u4e0a\u3067\u6709\u52b9\u3067\u3059\u3002<\/p>\n\n\n\n<h3 id=\"geopolitical-risk-correlation\" class=\"wp-block-heading\">\u5730\u653f\u5b66\u30ea\u30b9\u30af\u3084\u91d1\u878d\u5371\u6a5f\u3067\u306f\u901a\u5e38\u306e\u76f8\u95a2\u30d1\u30bf\u30fc\u30f3\u304c\u4e00\u6642\u7684\u306b\u5d29\u308c\u3084\u3059\u3044<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5730\u653f\u5b66\u30ea\u30b9\u30af\u3084\u91d1\u878d\u5371\u6a5f\u304c\u767a\u751f\u3057\u305f\u5834\u5408\u3001\u91d1\u4fa1\u683c\u306f\u901a\u5e38\u306e\u70ba\u66ff\u3068\u306e\u76f8\u95a2\u30d1\u30bf\u30fc\u30f3\u304b\u3089\u5916\u308c\u305f\u52d5\u304d\u3092\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6226\u4e89\u30fb\u30c6\u30ed\u30fb\u91d1\u878d\u6a5f\u95a2\u306e\u7d4c\u55b6\u5371\u6a5f\u3068\u3044\u3063\u305f\u7a81\u767a\u7684\u306a\u30ea\u30b9\u30af\u30a4\u30d9\u30f3\u30c8\u3067\u306f\u3001\u6295\u8cc7\u5bb6\u306e\u884c\u52d5\u304c\u901a\u5e38\u306e\u8ad6\u7406\u304b\u3089\u96e2\u308c\u3001<b><span class=\"swl-marker mark_yellow\">\u8cc7\u7523\u306e\u4fdd\u5168\u3092\u6700\u512a\u5148\u306b\u3057\u305f\u58f2\u8cb7<\/span><\/b>\u304c\u96c6\u4e2d\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u3068\u304d\u91d1\u306f<b>\u6709\u4e8b\u306e\u8cc7\u7523<\/b>\u3068\u3057\u3066\u6025\u8cb7\u3044\u3055\u308c\u308b\u4e00\u65b9\u3001\u30c9\u30eb\u3082\u5b89\u5168\u901a\u8ca8\u3068\u3057\u3066\u9700\u8981\u304c\u9ad8\u307e\u308b\u305f\u3081\u3001\u4e21\u8005\u304c\u540c\u65b9\u5411\u306b\u52d5\u304f\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-shadow\"><div class=\"cap_box_ttl\"><span>\u5730\u653f\u5b66\u30ea\u30b9\u30af\u767a\u751f\u6642\u306e\u91d1\u4fa1\u683c\u30d1\u30bf\u30fc\u30f3<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li><strong>\u6709\u4e8b\u306e\u6025\u8cb7\u3044<\/strong>\uff1a\u5b89\u5168\u8cc7\u7523\u3068\u3057\u3066\u77ed\u671f\u9593\u3067\u5927\u304d\u304f\u4e0a\u6607\uff08\u4f8b\uff1a\u30a6\u30af\u30e9\u30a4\u30ca\u4fb5\u653b\u76f4\u5f8c\u306b200\u30c9\u30eb\u8d85\u4e0a\u6607\uff09<\/li>\n\n\n\n<li><strong>\u7dca\u5f35\u7de9\u548c\u3067\u6025\u843d<\/strong>\uff1a\u30ea\u30b9\u30af\u30a4\u30d9\u30f3\u30c8\u304c\u843d\u3061\u7740\u304f\u3068\u4e0a\u6607\u5206\u304c\u6025\u901f\u306b\u5dfb\u304d\u623b\u3055\u308c\u308b\u30b1\u30fc\u30b9\u3042\u308a<\/li>\n\n\n\n<li><strong>\u91d1\u878d\u5371\u6a5f\u521d\u52d5<\/strong>\uff1a\u6d41\u52d5\u6027\u78ba\u4fdd\u306e\u305f\u3081\u306b\u91d1\u304c\u58f2\u3089\u308c\u4e00\u6642\u6025\u843d\uff08\u4f8b\uff1a\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u76f4\u5f8c\uff09<\/li>\n\n\n\n<li><strong>\u9577\u671f\u7684\u306b\u306f\u4e0a\u6607<\/strong>\uff1a\u5371\u6a5f\u5f8c\u306e\u91cf\u7684\u7de9\u548c\u5c40\u9762\u3067\u9577\u671f\u4e0a\u6607\u30c8\u30ec\u30f3\u30c9\u306b\u8ee2\u63db\u3059\u308b\u50be\u5411<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u307e\u305f\u3001\u91d1\u878d\u5371\u6a5f\u306e\u521d\u52d5\u3067\u306f\u6d41\u52d5\u6027\u78ba\u4fdd\u306e\u305f\u3081\u306b\u91d1\u304c\u58f2\u3089\u308c\u3001\u4fa1\u683c\u304c\u6025\u843d\u3059\u308b\u30b1\u30fc\u30b9\u3082\u904e\u53bb\u306b\u78ba\u8a8d\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2008\u5e74\u306e<b><span class=\"swl-inline-color has-swl-deep-01-color\">\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af<\/span><\/b>\u76f4\u5f8c\u306b\u306f\u3001\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u4e00\u6642\u7684\u306b\u5927\u5e45\u4e0b\u843d\u3057\u305f\u5f8c\u3001\u305d\u306e\u5f8c\u306e\u91cf\u7684\u7de9\u548c\u3092\u53d7\u3051\u3066\u9577\u671f\u4e0a\u6607\u30c8\u30ec\u30f3\u30c9\u3078\u8ee2\u63db\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3046\u3057\u305f\u5c40\u9762\u3067\u306e\u4fa1\u683c\u5909\u52d5\u306f\u77ed\u671f\u9593\u306b\u5927\u304d\u304f\u632f\u308c\u308b\u305f\u3081\u3001\u5730\u653f\u5b66\u30ea\u30b9\u30af\u304c\u9ad8\u307e\u3063\u3066\u3044\u308b\u6642\u671f\u306b\u58f2\u8cb7\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3092\u8a08\u308b\u3053\u3068\u306f\u96e3\u6613\u5ea6\u304c\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_point wp-block-paragraph\">\u7a81\u767a\u7684\u306a\u30ea\u30b9\u30af\u30a4\u30d9\u30f3\u30c8\u6642\u306e\u4fa1\u683c\u5909\u52d5\u306f\u77ed\u671f\u7684\u306a\u6b6a\u307f\u3067\u3042\u308b\u3053\u3068\u304c\u591a\u304f\u3001\u91d1\u306e\u9577\u671f\u7684\u306a\u4fa1\u5024\u4fdd\u5168\u6a5f\u80fd\u306f\u5909\u308f\u308a\u307e\u305b\u3093\u3002\u77ed\u671f\u306e\u6025\u843d\u306b\u904e\u5270\u53cd\u5fdc\u305b\u305a\u3001\u4fdd\u6709\u76ee\u7684\u3092\u78ba\u8a8d\u3057\u305f\u3046\u3048\u3067\u5224\u65ad\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h2 id=\"gold-price-complex-factors\" class=\"wp-block-heading\">\u7c73\u56fd\u91d1\u5229\u30fb\u30a4\u30f3\u30d5\u30ec\u30fb\u5730\u653f\u5b66\u30ea\u30b9\u30af\u304c\u91d1\u4fa1\u683c\u3092\u52d5\u304b\u3059\u8907\u5408\u8981\u56e0<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5186\u5b89\u30fb\u5186\u9ad8\u3068\u3044\u3046\u70ba\u66ff\u306e\u52d5\u304d\u3060\u3051\u304c\u91d1\u4fa1\u683c\u3092\u5de6\u53f3\u3059\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u305d\u306e\u3082\u306e\u3092\u52d5\u304b\u3059\u8981\u56e0\u3068\u3057\u3066\u3001<b><span class=\"swl-inline-color has-swl-deep-01-color\">\u5b9f\u8cea\u91d1\u5229<\/span><\/b>\u30fb<b><span class=\"swl-inline-color has-swl-deep-01-color\">\u30a4\u30f3\u30d5\u30ec\u7387<\/span><\/b>\u30fb<b><span class=\"swl-inline-color has-swl-deep-01-color\">\u5730\u653f\u5b66\u30ea\u30b9\u30af<\/span><\/b>\u306e3\u3064\u304c\u8907\u5408\u7684\u306b\u4f5c\u7528\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-onborder_ttl2\"><div class=\"cap_box_ttl\"><span>\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u3092\u52d5\u304b\u30593\u3064\u306e\u8907\u5408\u8981\u56e0<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li><a href=\"#real-interest-rate-gold\">\u5b9f\u8cea\u91d1\u5229\u304c\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308b\u3068\u91d1\u306e\u76f8\u5bfe\u7684\u306a\u9b45\u529b\u304c\u9ad8\u307e\u308b<\/a><\/li>\n\n\n\n<li><a href=\"#inflation-gold-demand\">\u30a4\u30f3\u30d5\u30ec\u5c40\u9762\u3067\u306f\u5b9f\u7269\u8cc7\u7523\u3068\u3057\u3066\u306e\u91d1\u9700\u8981\u304c\u4e16\u754c\u7684\u306b\u5897\u52a0\u3059\u308b<\/a><\/li>\n\n\n\n<li><a href=\"#geopolitical-risk-gold\">\u6709\u4e8b\u3084\u5730\u653f\u5b66\u30ea\u30b9\u30af\u306e\u9ad8\u307e\u308a\u304c\u5b89\u5168\u8cc7\u7523\u3068\u3057\u3066\u306e\u91d1\u8cb7\u3044\u3092\u52a0\u901f\u3055\u305b\u308b<\/a><\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u308c\u30893\u8981\u56e0\u306f\u305d\u308c\u305e\u308c\u72ec\u7acb\u3057\u3066\u91d1\u4fa1\u683c\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u540c\u6642\u306b\u8907\u6570\u304c\u91cd\u306a\u308b\u3053\u3068\u3067\u76f8\u5834\u306e\u52d5\u304d\u304c\u5927\u304d\u304f\u306a\u308b\u70b9\u304c\u7279\u5fb4\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u70ba\u66ff\u306e\u52d5\u5411\u3068\u5408\u308f\u305b\u3066\u3053\u306e3\u8981\u56e0\u3092\u628a\u63e1\u3057\u3066\u304a\u304f\u3068\u3001\u91d1\u4fa1\u683c\u304c\u6025\u5909\u3057\u305f\u969b\u306b\u300c\u4f55\u304c\u539f\u56e0\u3067\u52d5\u3044\u305f\u306e\u304b\u300d\u3092\u5224\u65ad\u3059\u308b\u6750\u6599\u304c\u5897\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5186\u5b89\u5c40\u9762\u3067\u3082\u91d1\u4fa1\u683c\u304c\u601d\u3046\u3088\u3046\u306b\u4e0a\u304c\u3089\u306a\u3044\u5834\u9762\u3084\u3001\u5186\u9ad8\u3067\u3082\u91d1\u304c\u8cb7\u308f\u308c\u308b\u5834\u9762\u304c\u751f\u3058\u308b\u80cc\u666f\u306b\u306f\u3001\u3053\u3046\u3057\u305f\u8907\u5408\u8981\u56e0\u304c\u7d61\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"real-interest-rate-gold\" class=\"wp-block-heading\">\u5b9f\u8cea\u91d1\u5229\u304c\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308b\u3068\u91d1\u306e\u76f8\u5bfe\u7684\u306a\u9b45\u529b\u304c\u9ad8\u307e\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9f\u8cea\u91d1\u5229\u3068\u306f\u3001<b>\u540d\u76ee\u91d1\u5229\u304b\u3089\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u5dee\u3057\u5f15\u3044\u305f\u6570\u5024<\/b>\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7c73\u56fd\u306e\u5b9f\u8cea\u91d1\u5229\u304c\u4f4e\u4e0b\u3057\u3066<b>\u30de\u30a4\u30ca\u30b9\u570f<\/b>\u306b\u5165\u308b\u3068\u3001\u7c73\u56fd\u50b5\u306a\u3069\u306e\u5229\u4ed8\u304d\u8cc7\u7523\u3092\u4fdd\u6709\u3057\u3066\u3044\u3066\u3082\u5b9f\u8cea\u7684\u306a\u30ea\u30bf\u30fc\u30f3\u304c\u76ee\u6e1b\u308a\u3059\u308b\u305f\u3081\u3001\u5229\u606f\u3092\u751f\u307e\u306a\u3044\u91d1\u306e<b><span class=\"swl-marker mark_yellow\">\u76f8\u5bfe\u7684\u306a\u9b45\u529b\u304c\u9ad8\u307e\u308a\u307e\u3059<\/span><\/b>\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91d1\u5229\u3092\u751f\u307e\u306a\u3044\u8cc7\u7523\u3067\u3042\u308b\u91d1\u306f\u3001\u5b9f\u8cea\u91d1\u5229\u304c\u9ad8\u3044\u5c40\u9762\u3067\u306f\u4e0d\u5229\u306b\u306a\u308a\u3084\u3059\u304f\u3001\u9006\u306b\u5b9f\u8cea\u91d1\u5229\u304c\u4f4e\u3044\u30fb\u30de\u30a4\u30ca\u30b9\u306e\u5c40\u9762\u3067\u306f\u6bd4\u8f03\u7684\u6709\u5229\u306a\u8cc7\u7523\u3068\u3057\u3066\u4f4d\u7f6e\u3065\u3051\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-inner\"><div class=\"cap_box_ttl\"><span>\u5b9f\u8cea\u91d1\u5229\u3068\u91d1\u4fa1\u683c\u306e\u65b9\u5411\u6027\u307e\u3068\u3081<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list is-style-check_list -list-under-dashed\">\n<li>\u5b9f\u8cea\u91d1\u5229\u304c\u4f4e\u4e0b\u30fb\u30de\u30a4\u30ca\u30b9\u570f \u2192 \u91d1\u306e\u76f8\u5bfe\u7684\u9b45\u529b\u304c\u4e0a\u6607 \u2192 \u4e0a\u6607\u5727\u529b<\/li>\n\n\n\n<li>\u5b9f\u8cea\u91d1\u5229\u304c\u4e0a\u6607 \u2192 \u5229\u4ed8\u304d\u8cc7\u7523\u304c\u6709\u5229 \u2192 \u91d1\u306b\u4e0b\u62bc\u3057\u5727\u529b<\/li>\n\n\n\n<li>2020\u5e74\u30b3\u30ed\u30ca\u798d\uff1a\u5927\u898f\u6a21\u7de9\u548c\u3067\u5b9f\u8cea\u91d1\u5229\u304c\u5927\u5e45\u30de\u30a4\u30ca\u30b9 \u2192 \u91d1\u304c2,000\u30c9\u30eb\u8d85<\/li>\n\n\n\n<li>2022\u5e74\u5229\u4e0a\u3052\u5c40\u9762\uff1a\u5b9f\u8cea\u91d1\u5229\u6025\u4e0a\u6607 \u2192 \u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u4e0b\u843d\u57fa\u8abf<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">2020\u5e74\u306e\u30b3\u30ed\u30ca\u798d\u3067FRB\u304c\u5927\u898f\u6a21\u306a\u91d1\u878d\u7de9\u548c\u3092\u5b9f\u65bd\u3057\u305f\u969b\u3001\u7c73\u56fd\u306e\u5b9f\u8cea\u91d1\u5229\u304c\u5927\u5e45\u306a\u30de\u30a4\u30ca\u30b9\u306b\u6c88\u307f\u3001\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u304c<b>1\u30c8\u30ed\u30a4\u30aa\u30f3\u30b92,000\u30c9\u30eb<\/b>\u3092\u8d85\u3048\u308b\u6c34\u6e96\u307e\u3067\u4e0a\u6607\u3057\u305f\u306e\u306f\u3001\u3053\u306e\u95a2\u4fc2\u3092\u793a\u3059\u5178\u578b\u7684\u306a\u4e8b\u4f8b\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u65b9\u30012022\u5e74\u4ee5\u964d\u306bFRB\u304c\u6025\u901f\u306b\u5229\u4e0a\u3052\u3092\u9032\u3081\u305f\u5c40\u9762\u3067\u306f\u5b9f\u8cea\u91d1\u5229\u304c\u6025\u4e0a\u6607\u3057\u3001\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u306f\u4e0b\u62bc\u3057\u5727\u529b\u3092\u53d7\u3051\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_announce wp-block-paragraph\">\u5b9f\u8cea\u91d1\u5229\u3068\u91d1\u4fa1\u683c\u306e\u95a2\u4fc2\u306f\u4e2d\u9577\u671f\u7684\u306a\u50be\u5411\u3067\u3042\u308a\u3001\u77ed\u671f\u7684\u306b\u306f\u9006\u306e\u52d5\u304d\u304c\u751f\u3058\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002FRB\u306e\u653f\u7b56\u767a\u8868\u76f4\u5f8c\u306a\u3069\u3001\u5e02\u5834\u306e\u671f\u5f85\u5024\u304c\u6025\u5909\u3059\u308b\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u306f\u7279\u306b\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">FRB\u306e\u653f\u7b56\u91d1\u5229\u306e\u65b9\u5411\u6027\u3068\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u63a8\u79fb\u3092\u5408\u308f\u305b\u3066\u78ba\u8a8d\u3059\u308b\u3053\u3068\u3067\u3001\u5b9f\u8cea\u91d1\u5229\u304c\u3069\u3061\u3089\u306b\u52d5\u304f\u304b\u3092\u8aad\u3080\u624b\u304c\u304b\u308a\u306b\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<h3 id=\"inflation-gold-demand\" class=\"wp-block-heading\">\u30a4\u30f3\u30d5\u30ec\u5c40\u9762\u3067\u306f\u5b9f\u7269\u8cc7\u7523\u3068\u3057\u3066\u306e\u91d1\u9700\u8981\u304c\u4e16\u754c\u7684\u306b\u5897\u52a0\u3059\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u30a4\u30f3\u30d5\u30ec\u3068\u306f\u3001\u7269\u4fa1\u304c\u7d99\u7d9a\u7684\u306b\u4e0a\u6607\u3057\u3066<b><span class=\"swl-inline-color has-swl-deep-01-color\">\u901a\u8ca8\u306e\u8cfc\u8cb7\u529b<\/span><\/b>\u304c\u4f4e\u4e0b\u3059\u308b\u72b6\u614b\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u901a\u8ca8\u306e\u4fa1\u5024\u304c\u76ee\u6e1b\u308a\u3059\u308b\u5c40\u9762\u3067\u306f\u3001\u4fa1\u5024\u306e\u4fdd\u5b58\u624b\u6bb5\u3068\u3057\u3066\u91d1\u304c\u6ce8\u76ee\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91d1\u306f\u63a1\u6398\u91cf\u306b\u7269\u7406\u7684\u306a\u4e0a\u9650\u304c\u3042\u308a\u3001\u4e2d\u592e\u9280\u884c\u304c\u5897\u5237\u3067\u304d\u308b\u7d19\u5e63\u3068\u306f\u7570\u306a\u308a\u3001<b><span class=\"swl-marker mark_yellow\">\u4f9b\u7d66\u91cf\u3092\u4eba\u70ba\u7684\u306b\u5897\u3084\u305b\u306a\u3044<\/span><\/b>\u3068\u3044\u3046\u6027\u8cea\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u5e0c\u5c11\u6027\u304c\u3001\u30a4\u30f3\u30d5\u30ec\u6642\u306b\u91d1\u3092\u5b9f\u7269\u8cc7\u7523\u3068\u3057\u3066\u9078\u597d\u3059\u308b\u52d5\u304d\u3092\u4e16\u754c\u7684\u306b\u751f\u307f\u51fa\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box\"><div class=\"cap_box_ttl\"><span>\u30a4\u30f3\u30d5\u30ec\u3068\u91d1\u4fa1\u683c\u306e\u95a2\u4fc2\u3092\u8aad\u30803\u3064\u306e\u30dd\u30a4\u30f3\u30c8<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>\u91d1\u306f\u4f9b\u7d66\u91cf\u3092\u4eba\u70ba\u7684\u306b\u5897\u3084\u305b\u306a\u3044\u5e0c\u5c11\u6027\u3092\u6301\u3061\u3001\u30a4\u30f3\u30d5\u30ec\u30d8\u30c3\u30b8\u3068\u3057\u3066\u6a5f\u80fd<\/li>\n\n\n\n<li>1970\u5e74\u4ee3\u306e\u30aa\u30a4\u30eb\u30b7\u30e7\u30c3\u30af\u6642\u306b\u9ad8\u30a4\u30f3\u30d5\u30ec\u3068\u91d1\u4fa1\u683c\u4e0a\u6607\u304c\u9023\u52d5\u3057\u305f\u6b74\u53f2\u7684\u4e8b\u4f8b\u3042\u308a<\/li>\n\n\n\n<li>\u30a4\u30f3\u30d5\u30ec\u9032\u884c \u2192 FRB\u304c\u5229\u4e0a\u3052\u5bfe\u5fdc \u2192 \u5b9f\u8cea\u91d1\u5229\u4e0a\u6607\u304c\u91d1\u306e\u4e0a\u5024\u3092\u6291\u3048\u308b\u69cb\u9020\u306b\u6ce8\u610f<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">1970\u5e74\u4ee3\u306e\u7c73\u56fd\u3067\u306f\u3001\u30aa\u30a4\u30eb\u30b7\u30e7\u30c3\u30af\u306b\u8d77\u56e0\u3059\u308b\u9ad8\u30a4\u30f3\u30d5\u30ec\u304c\u7d9a\u3044\u305f\u6642\u671f\u306b\u91d1\u4fa1\u683c\u304c\u5927\u5e45\u306b\u4e0a\u6607\u3057\u3001<b>\u30a4\u30f3\u30d5\u30ec\u30d8\u30c3\u30b8<\/b>\u3068\u3057\u3066\u306e\u91d1\u306e\u6a5f\u80fd\u304c\u5e83\u304f\u8a8d\u8b58\u3055\u308c\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3060\u3057\u3001\u30a4\u30f3\u30d5\u30ec\u304c\u9032\u3080\u5c40\u9762\u3067\u306fFRB\u304c\u5229\u4e0a\u3052\u3067\u5bfe\u5fdc\u3059\u308b\u3053\u3068\u304c\u591a\u304f\u3001\u5229\u4e0a\u3052\u306b\u3088\u308b\u5b9f\u8cea\u91d1\u5229\u306e\u4e0a\u6607\u304c\u91d1\u4fa1\u683c\u306e\u4e0a\u5024\u3092\u6291\u3048\u308b\u65b9\u5411\u306b\u50cd\u304f\u305f\u3081\u3001\u30a4\u30f3\u30d5\u30ec\u5358\u72ec\u3067\u91d1\u4fa1\u683c\u304c\u4e00\u65b9\u5411\u306b\u52d5\u304f\u3068\u306f\u9650\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_point wp-block-paragraph\">\u30a4\u30f3\u30d5\u30ec\u7387\u30fb\u5b9f\u8cea\u91d1\u5229\u30fbFRB\u306e\u653f\u7b56\u30b9\u30bf\u30f3\u30b9\u306e3\u70b9\u3092\u540c\u6642\u306b\u78ba\u8a8d\u3059\u308b\u7fd2\u6163\u3092\u3064\u3051\u308b\u3068\u3001\u91d1\u4fa1\u683c\u306e\u65b9\u5411\u6027\u3092\u3088\u308a\u7cbe\u5ea6\u9ad8\u304f\u8aad\u3081\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30a4\u30f3\u30d5\u30ec\u304c\u52a0\u901f\u3057\u3066\u3044\u308b\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u5229\u4e0a\u3052\u306b\u3088\u3063\u3066\u6291\u5236\u3055\u308c\u3064\u3064\u3042\u308b\u306e\u304b\u3092\u533a\u5225\u3057\u3066\u5224\u65ad\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 id=\"geopolitical-risk-gold\" class=\"wp-block-heading\">\u6709\u4e8b\u3084\u5730\u653f\u5b66\u30ea\u30b9\u30af\u306e\u9ad8\u307e\u308a\u304c\u5b89\u5168\u8cc7\u7523\u3068\u3057\u3066\u306e\u91d1\u8cb7\u3044\u3092\u52a0\u901f\u3055\u305b\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><b><span class=\"swl-inline-color has-swl-deep-01-color\">\u5730\u653f\u5b66\u30ea\u30b9\u30af<\/span><\/b>\u3068\u306f\u3001\u7279\u5b9a\u306e\u5730\u57df\u306b\u304a\u3051\u308b\u653f\u6cbb\u7684\u30fb\u8ecd\u4e8b\u7684\u306a\u7dca\u5f35\u304c\u4e16\u754c\u7d4c\u6e08\u3084\u91d1\u878d\u5e02\u5834\u306b\u4e0e\u3048\u308b\u30ea\u30b9\u30af\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6226\u4e89\u30fb\u30c6\u30ed\u30fb\u5927\u898f\u6a21\u306a\u653f\u6cbb\u7684\u6df7\u4e71\u304c\u751f\u3058\u308b\u3068\u3001\u682a\u5f0f\u3084\u65b0\u8208\u56fd\u901a\u8ca8\u306a\u3069\u30ea\u30b9\u30af\u8cc7\u7523\u304b\u3089\u8cc7\u91d1\u304c\u6d41\u51fa\u3057\u3001\u76f8\u5bfe\u7684\u306b\u5b89\u5168\u3068\u307f\u306a\u3055\u308c\u308b\u8cc7\u7523\u306b\u8cc7\u91d1\u304c\u96c6\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91d1\u306f\u3053\u306e\u300c\u5b89\u5168\u8cc7\u7523\u300d\u306e\u4ee3\u8868\u683c\u3068\u3057\u3066\u9577\u5e74\u6a5f\u80fd\u3057\u3066\u304a\u308a\u3001\u6709\u4e8b\u306e\u969b\u306b<b><span class=\"swl-marker mark_yellow\">\u77ed\u671f\u9593\u3067\u5927\u304d\u304f\u8cb7\u308f\u308c\u308b\u50be\u5411<\/span><\/b>\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2022\u5e742\u6708\u306e\u30ed\u30b7\u30a2\u306b\u3088\u308b\u30a6\u30af\u30e9\u30a4\u30ca\u4fb5\u653b\u76f4\u5f8c\u3001\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u306f\u6570\u9031\u9593\u3067<b>1\u30c8\u30ed\u30a4\u30aa\u30f3\u30b9\u3042\u305f\u308a200\u30c9\u30eb\u8d85<\/b>\u4e0a\u6607\u3057\u3001\u5730\u653f\u5b66\u30ea\u30b9\u30af\u304c\u73fe\u5b9f\u5316\u3057\u305f\u3068\u304d\u306e\u91d1\u306e\u53cd\u5fdc\u901f\u5ea6\u3092\u793a\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3060\u3057\u3001\u5730\u653f\u5b66\u30ea\u30b9\u30af\u306b\u3088\u308b\u91d1\u4fa1\u683c\u306e\u4e0a\u6607\u306f\u3001\u7dca\u5f35\u304c\u7de9\u548c\u3055\u308c\u308b\u3068\u6025\u901f\u306b\u5dfb\u304d\u623b\u3055\u308c\u308b\u30b1\u30fc\u30b9\u3082\u591a\u304f\u3001\u77ed\u671f\u7684\u306a\u6025\u9a30\u306b\u4e57\u308d\u3046\u3068\u3059\u308b\u30bf\u30a4\u30df\u30f3\u30b0\u306e\u5224\u65ad\u306f\u96e3\u3057\u3044\u5c40\u9762\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_announce wp-block-paragraph\">\u6709\u4e8b\u306e\u969b\u306e\u91d1\u8cb7\u3044\u306f\u611f\u60c5\u7684\u306a\u52d5\u304d\u3092\u4f34\u3046\u3053\u3068\u304c\u591a\u304f\u3001\u4fa1\u683c\u304c\u6025\u9a30\u3057\u305f\u5f8c\u306b\u7dca\u5f35\u304c\u548c\u3089\u3050\u3068\u6025\u843d\u3059\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002\u5730\u653f\u5b66\u30ea\u30b9\u30af\u3092\u7406\u7531\u306b\u9ad8\u5024\u3067\u8cb7\u3044\u5897\u3059\u5224\u65ad\u306f\u614e\u91cd\u306b\u884c\u3063\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5730\u653f\u5b66\u30ea\u30b9\u30af\u3092\u91d1\u306e\u58f2\u8cb7\u5224\u65ad\u306b\u7d44\u307f\u8fbc\u3080\u5834\u5408\u306f\u3001\u77ed\u671f\u7684\u306a\u4fa1\u683c\u5909\u52d5\u306b\u632f\u308a\u56de\u3055\u308c\u305a\u3001\u4e2d\u9577\u671f\u306e\u4fdd\u6709\u65b9\u91dd\u3068\u5207\u308a\u96e2\u3057\u3066\u8003\u3048\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<h2 id=\"dollar-yen-gold-timing\" class=\"wp-block-heading\">\u30c9\u30eb\u5186\u3092\u4f7f\u3063\u3066\u91d1\u306e\u58f2\u8cb7\u30bf\u30a4\u30df\u30f3\u30b0\u3092\u5224\u65ad\u3059\u308b\u5b9f\u8df5\u7684\u306a\u8003\u3048\u65b9<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u70ba\u66ff\u306e\u52d5\u304d\u3092\u8aad\u3080\u3053\u3068\u306f\u3001\u91d1\u6295\u8cc7\u306e\u58f2\u8cb7\u30bf\u30a4\u30df\u30f3\u30b0\u3092\u5224\u65ad\u3059\u308b\u3046\u3048\u3067\u6709\u52b9\u306a\u624b\u304c\u304b\u308a\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b><span class=\"swl-inline-color has-swl-deep-01-color\">\u30c9\u30eb\u5186\u30ec\u30fc\u30c8<\/span><\/b>\u304c\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306b\u76f4\u63a5\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u4ee5\u4e0a\u3001\u70ba\u66ff\u30c8\u30ec\u30f3\u30c9\u306e\u65b9\u5411\u6027\u3068\u8ee2\u63db\u306e\u5146\u5019\u3092\u628a\u63e1\u3057\u3066\u304a\u304f\u3053\u3068\u306f\u3001\u6f20\u7136\u3068\u3057\u305f\u611f\u899a\u3067\u306f\u306a\u304f<b><span class=\"swl-marker mark_yellow\">\u6839\u62e0\u306e\u3042\u308b\u5224\u65ad<\/span><\/b>\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-onborder_ttl2\"><div class=\"cap_box_ttl\"><span>\u30c9\u30eb\u5186\u3092\u6d3b\u7528\u3057\u305f\u91d1\u306e\u58f2\u8cb7\u5224\u65ad4\u3064\u306e\u89b3\u70b9<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li><a href=\"#yen-depreciation-gold-price\">\u5186\u5b89\u30c8\u30ec\u30f3\u30c9\u304c\u7d9a\u304f\u5c40\u9762\u306f\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306e\u9ad8\u6b62\u307e\u308a\u304c\u7d9a\u304d\u3084\u3059\u3044<\/a><\/li>\n\n\n\n<li><a href=\"#yen-appreciation-sell-signal\">\u5186\u9ad8\u306b\u8ee2\u3058\u308b\u5146\u5019\u304c\u51fa\u305f\u30bf\u30a4\u30df\u30f3\u30b0\u306f\u58f2\u5374\u3092\u691c\u8a0e\u3059\u308b\u76ee\u5b89\u306b\u306a\u308b<\/a><\/li>\n\n\n\n<li><a href=\"#dollar-yen-price-comparison\">\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u3068\u5186\u5efa\u3066\u4fa1\u683c\u3092\u4e26\u3079\u3066\u78ba\u8a8d\u3059\u308b\u3068\u5224\u65ad\u306e\u7cbe\u5ea6\u304c\u4e0a\u304c\u308b<\/a><\/li>\n\n\n\n<li><a href=\"#frb-policy-gold-indicator\">FRB\u306e\u5229\u4e0a\u3052\u30fb\u5229\u4e0b\u3052\u65b9\u91dd\u306e\u5909\u5316\u306f\u91d1\u4fa1\u683c\u306e\u5148\u884c\u6307\u6a19\u3068\u3057\u3066\u6a5f\u80fd\u3059\u308b<\/a><\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3060\u3057\u3001\u70ba\u66ff\u3060\u3051\u3092\u898b\u3066\u58f2\u8cb7\u3092\u6c7a\u3081\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u306e\u6c34\u6e96\u3084<b>FRB\u306e\u91d1\u878d\u653f\u7b56\u306e\u65b9\u5411\u6027<\/b>\u3082\u5408\u308f\u305b\u3066\u78ba\u8a8d\u3059\u308b\u3053\u3068\u3067\u3001\u5224\u65ad\u306e\u6839\u62e0\u304c\u539a\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u4e0b\u306e4\u3064\u306e\u89b3\u70b9\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u3053\u3068\u3067\u3001\u76f8\u5834\u74b0\u5883\u3092\u591a\u89d2\u7684\u306b\u8aad\u3080\u67a0\u7d44\u307f\u304c\u6574\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"yen-depreciation-gold-price\" class=\"wp-block-heading\">\u5186\u5b89\u30c8\u30ec\u30f3\u30c9\u304c\u7d9a\u304f\u5c40\u9762\u306f\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306e\u9ad8\u6b62\u307e\u308a\u304c\u7d9a\u304d\u3084\u3059\u3044<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5186\u5b89\u30c8\u30ec\u30f3\u30c9\u304c\u6301\u7d9a\u3057\u3066\u3044\u308b\u5c40\u9762\u3067\u306f\u3001\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u6a2a\u3070\u3044\u3067\u3042\u3063\u3066\u3082\u5186\u5efa\u3066\u4fa1\u683c\u306f\u9ad8\u3044\u6c34\u6e96\u3092\u7dad\u6301\u3057\u3084\u3059\u3044\u72b6\u614b\u304c\u7d9a\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u306b\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u3092\u639b\u3051\u305f\u6570\u5024\u304c\u5186\u5efa\u3066\u4fa1\u683c\u3067\u3042\u308b\u4ee5\u4e0a\u3001\u30ec\u30fc\u30c8\u304c\u9ad8\u6b62\u307e\u308a\u3057\u3066\u3044\u308b\u9593\u306f<b>\u4fa1\u683c\u306e\u4e0b\u62bc\u3057\u5727\u529b\u304c\u50cd\u304d\u306b\u304f\u3044<\/b>\u69cb\u9020\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9f\u969b\u306b<b>2022\u5e74\u304b\u30892024\u5e74<\/b>\u306b\u304b\u3051\u3066\u306e\u5186\u5b89\u5c40\u9762\u3067\u306f\u3001\u56fd\u969b\u76f8\u5834\u306e\u52d5\u304d\u3068\u306f\u5225\u306b\u3001\u5186\u5b89\u52b9\u679c\u3060\u3051\u3067\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u62bc\u3057\u4e0a\u3052\u3089\u308c\u308b\u5834\u9762\u304c\u7e70\u308a\u8fd4\u3057\u898b\u3089\u308c\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u5c40\u9762\u3067\u91d1\u3092\u4fdd\u6709\u3057\u3066\u3044\u308b\u5834\u5408\u3001\u70ba\u66ff\u5dee\u76ca\u3068\u91d1\u4fa1\u683c\u4e0a\u6607\u306e\u4e21\u65b9\u304c\u91cd\u306a\u3063\u3066\u8a55\u4fa1\u984d\u304c\u81a8\u3089\u3080\u305f\u3081\u3001<b><span class=\"swl-marker mark_yellow\">\u542b\u307f\u76ca\u304c\u7a4d\u307f\u4e0a\u304c\u308a\u3084\u3059\u3044<\/span><\/b>\u72b6\u614b\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u65b9\u3067\u3001\u5186\u5b89\u304c\u9577\u671f\u5316\u3059\u308b\u307b\u3069\u300c\u3069\u3053\u304b\u3067\u5186\u9ad8\u306b\u8ee2\u3058\u308b\u30ea\u30b9\u30af\u300d\u3082\u5927\u304d\u304f\u306a\u308b\u70b9\u306f\u610f\u8b58\u3057\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5186\u5b89\u30c8\u30ec\u30f3\u30c9\u306e\u7d99\u7d9a\u3092\u78ba\u8a8d\u3059\u308b\u969b\u306f\u3001\u30c9\u30eb\u5186\u306e\u79fb\u52d5\u5e73\u5747\u7dda\u306e\u65b9\u5411\u6027\u3084\u65e5\u7c73\u91d1\u5229\u5dee\u306e\u63a8\u79fb\u3092\u5b9a\u671f\u7684\u306b\u30c1\u30a7\u30c3\u30af\u3059\u308b\u7fd2\u6163\u3092\u3064\u3051\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_point wp-block-paragraph\">\u5186\u5b89\u30c8\u30ec\u30f3\u30c9\u304c\u7d9a\u304f\u5c40\u9762\u306f\u3001\u91d1\u306e\u4fdd\u6709\u30b3\u30b9\u30c8\u3092\u5909\u3048\u305a\u306b\u5186\u5efa\u3066\u8a55\u4fa1\u984d\u304c\u81ea\u7136\u306b\u4e0a\u6607\u3057\u3084\u3059\u3044\u74b0\u5883\u3067\u3059\u3002<\/p>\n\n\n\n<h3 id=\"yen-appreciation-sell-signal\" class=\"wp-block-heading\">\u5186\u9ad8\u306b\u8ee2\u3058\u308b\u5146\u5019\u304c\u51fa\u305f\u30bf\u30a4\u30df\u30f3\u30b0\u306f\u58f2\u5374\u3092\u691c\u8a0e\u3059\u308b\u76ee\u5b89\u306b\u306a\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5186\u9ad8\u3078\u306e\u8ee2\u63db\u304c\u59cb\u307e\u308b\u5c40\u9762\u3067\u306f\u3001\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u5909\u308f\u3089\u306a\u304f\u3066\u3082\u5186\u5efa\u3066\u4fa1\u683c\u304c\u4e0b\u843d\u306b\u5411\u304b\u3046\u305f\u3081\u3001\u4fdd\u6709\u3057\u3066\u3044\u308b\u91d1\u306e\u8a55\u4fa1\u984d\u304c\u76ee\u6e1b\u308a\u3059\u308b\u30ea\u30b9\u30af\u304c\u751f\u3058\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5186\u9ad8\u8ee2\u63db\u306e\u5146\u5019\u3068\u3057\u3066\u5b9f\u52d9\u4e0a\u3088\u304f\u53c2\u7167\u3055\u308c\u308b\u306e\u306f\u3001<b><span class=\"swl-marker mark_yellow\">\u65e5\u7c73\u91d1\u5229\u5dee\u306e\u7e2e\u5c0f\u30fbFRB\u306e\u5229\u4e0b\u3052\u89b3\u6e2c\u306e\u9ad8\u307e\u308a\u30fb\u65e5\u9280\u306e\u5229\u4e0a\u3052\u59ff\u52e2\u306e\u5909\u5316<\/span><\/b>\u306e3\u70b9\u3067\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-shadow\"><div class=\"cap_box_ttl\"><span>\u5186\u9ad8\u8ee2\u63db\u306e3\u3064\u306e\u30b7\u30b0\u30ca\u30eb<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list is-style-check_list -list-under-dashed\">\n<li>\u65e5\u7c73\u91d1\u5229\u5dee\u306e\u7e2e\u5c0f\u304c\u59cb\u307e\u3063\u3066\u3044\u308b<\/li>\n\n\n\n<li>FRB\u306e\u5229\u4e0b\u3052\u89b3\u6e2c\u304c\u5e02\u5834\u3067\u9ad8\u307e\u3063\u3066\u3044\u308b<\/li>\n\n\n\n<li>\u65e5\u9280\u306e\u5229\u4e0a\u3052\u59ff\u52e2\u306e\u5909\u5316\u304c\u5831\u3058\u3089\u308c\u3066\u3044\u308b<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u308c\u3089\u306e\u30b7\u30b0\u30ca\u30eb\u304c\u91cd\u306a\u308a\u59cb\u3081\u305f\u30bf\u30a4\u30df\u30f3\u30b0\u306f\u3001\u4fdd\u6709\u3059\u308b\u91d1\u306e\u58f2\u5374\u3092\u691c\u8a0e\u3059\u308b\u3072\u3068\u3064\u306e\u76ee\u5b89\u3068\u3057\u3066\u6a5f\u80fd\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3060\u3057\u3001\u5146\u5019\u304c\u51fa\u3066\u304b\u3089\u5b9f\u969b\u306b\u5186\u9ad8\u304c\u9032\u3080\u307e\u3067\u306e\u30bf\u30a4\u30e0\u30e9\u30b0\u306f\u4e00\u5b9a\u3067\u306f\u306a\u304f\u3001\u5e02\u5834\u306e\u601d\u60d1\u304c\u5148\u884c\u3057\u3066\u52d5\u304f\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_announce wp-block-paragraph\">\u5146\u5019\u3092\u78ba\u8a8d\u3057\u3066\u304b\u3089\u5373\u5ea7\u306b\u58f2\u5374\u3092\u5224\u65ad\u3059\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u8907\u6570\u306e\u6307\u6a19\u304c\u540c\u3058\u65b9\u5411\u3092\u793a\u3057\u3066\u3044\u308b\u304b\u3069\u3046\u304b\u3092\u78ba\u304b\u3081\u3066\u304b\u3089\u884c\u52d5\u306b\u79fb\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u58f2\u5374\u3092\u691c\u8a0e\u3059\u308b\u969b\u306f\u3001\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306e\u6c34\u6e96\u3060\u3051\u3067\u306a\u304f\u3001\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u304c\u3069\u306e\u7a0b\u5ea6\u306e\u6c34\u6e96\u306b\u3042\u308b\u304b\u3082\u540c\u6642\u306b\u78ba\u8a8d\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u304c\u4f9d\u7136\u3068\u3057\u3066\u4e0a\u6607\u30c8\u30ec\u30f3\u30c9\u306b\u3042\u308b\u5834\u5408\u3001\u5186\u9ad8\u306b\u3088\u308b\u4e0b\u62bc\u3057\u3092\u4e00\u5b9a\u7a0b\u5ea6\u76f8\u6bba\u3057\u3066\u304f\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u305f\u3081\u3001\u58f2\u308a\u6025\u304c\u305a\u306b\u72b6\u6cc1\u3092\u898b\u6975\u3081\u308b\u5224\u65ad\u3082\u9078\u629e\u80a2\u306b\u5165\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"dollar-yen-price-comparison\" class=\"wp-block-heading\">\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u3068\u5186\u5efa\u3066\u4fa1\u683c\u3092\u4e26\u3079\u3066\u78ba\u8a8d\u3059\u308b\u3068\u5224\u65ad\u306e\u7cbe\u5ea6\u304c\u4e0a\u304c\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u91d1\u306e\u58f2\u8cb7\u3092\u5224\u65ad\u3059\u308b\u969b\u306b\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u3060\u3051\u3092\u898b\u3066\u3044\u308b\u3068\u3001\u70ba\u66ff\u306e\u5f71\u97ff\u3092\u898b\u843d\u3068\u3059\u6050\u308c\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9006\u306b\u5186\u5efa\u3066\u4fa1\u683c\u3060\u3051\u3092\u8ffd\u3063\u3066\u3044\u308b\u3068\u3001\u56fd\u969b\u76f8\u5834\u306e\u5b9f\u614b\u3092\u628a\u63e1\u3067\u304d\u305a\u3001\u4fa1\u683c\u5909\u52d5\u306e\u539f\u56e0\u304c<b><span class=\"swl-marker mark_yellow\">\u70ba\u66ff\u306b\u3042\u308b\u306e\u304b\u91d1\u81ea\u4f53\u306e\u9700\u7d66\u306b\u3042\u308b\u306e\u304b<\/span><\/b>\u3092\u533a\u5225\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e2\u3064\u3092\u4e26\u3079\u3066\u78ba\u8a8d\u3059\u308b\u7fd2\u6163\u3092\u3064\u3051\u308b\u3068\u3001\u300c\u30c9\u30eb\u5efa\u3066\u3067\u4e0b\u843d\u3057\u3066\u3044\u308b\u306e\u306b\u5186\u5b89\u3067\u5186\u5efa\u3066\u304c\u4e0a\u6607\u3057\u3066\u3044\u308b\u300d\u3068\u3044\u3063\u305f\u72b6\u6cc1\u3092\u6b63\u78ba\u306b\u8aad\u307f\u53d6\u308c\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" data-cell1-fixed=\"sp\" class=\"wp-block-table min_width20_ is-all-centered\"><table style=\"--table-width:800px;--swl-cell1-width:;font-size:13px;\"><thead><tr><th>\u30c9\u30eb\u5efa\u3066\u4fa1\u683c<\/th><th>\u5186\u5efa\u3066\u4fa1\u683c<\/th><th>\u4e3b\u306a\u539f\u56e0<\/th><th>\u30ea\u30b9\u30af\u306e\u6027\u8cea<\/th><\/tr><\/thead><tbody><tr><th>\u6a2a\u3070\u3044\u30fb\u4e0b\u843d<\/th><td>\u4e0a\u6607<\/td><td>\u5186\u5b89\u304c\u4e3b\u56e0<\/td><td>\u5186\u9ad8\u8ee2\u63db\u3067\u6025\u843d\u30ea\u30b9\u30af\u3042\u308a<\/td><\/tr><tr><th>\u4e0a\u6607<\/th><td>\u4e0a\u6607<\/td><td>\u56fd\u969b\u9700\u8981\uff0b\u5186\u5b89<\/td><td>\u4e0a\u6607\u306b\u4e00\u5b9a\u306e\u6839\u62e0\u3042\u308a<\/td><\/tr><tr><th>\u4e0a\u6607<\/th><td>\u6a2a\u3070\u3044\u30fb\u4e0b\u843d<\/td><td>\u5186\u9ad8\u304c\u76f8\u6bba<\/td><td>\u70ba\u66ff\u30ea\u30b9\u30af\u304c\u640d\u76ca\u3092\u5727\u8feb<\/td><\/tr><tr><th>\u4e0b\u843d<\/th><td>\u4e0b\u843d<\/td><td>\u56fd\u969b\u9700\u8981\u4f4e\u4e0b\uff0b\u5186\u9ad8<\/td><td>\u4e8c\u91cd\u306e\u4e0b\u62bc\u3057\u5727\u529b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u5177\u4f53\u7684\u306b\u306f\u3001\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u304c\u6a2a\u3070\u3044\u307e\u305f\u306f\u4e0b\u843d\u3057\u3066\u3044\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u5186\u5efa\u3066\u4fa1\u683c\u304c\u4e0a\u6607\u3057\u3066\u3044\u308b\u5834\u5408\u3001\u305d\u306e\u4e0a\u6607\u306e\u4e3b\u56e0\u306f<b><span class=\"swl-inline-color has-swl-deep-01-color\">\u70ba\u66ff<\/span><\/b>\u3067\u3042\u308b\u3068\u5224\u65ad\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u5834\u5408\u3001\u5186\u9ad8\u306b\u8ee2\u3058\u305f\u77ac\u9593\u306b\u5186\u5efa\u3066\u4fa1\u683c\u304c\u6025\u843d\u3059\u308b\u30ea\u30b9\u30af\u3092\u62b1\u3048\u305f\u72b6\u614b\u3067\u3042\u308b\u3053\u3068\u3092\u8a8d\u8b58\u3057\u3066\u304a\u304f\u3079\u304d\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u65b9\u3001\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u3068\u5186\u5efa\u3066\u4fa1\u683c\u304c\u4e21\u65b9\u3068\u3082\u4e0a\u6607\u3057\u3066\u3044\u308b\u5c40\u9762\u306f\u3001\u56fd\u969b\u7684\u306a\u91d1\u9700\u8981\u306e\u9ad8\u307e\u308a\u3068\u5186\u5b89\u304c\u91cd\u306a\u3063\u3066\u3044\u308b\u72b6\u614b\u3067\u3042\u308a\u3001\u4fa1\u683c\u306e\u4e0a\u6607\u306b\u4e00\u5b9a\u306e\u6839\u62e0\u304c\u3042\u308b\u3068\u5224\u65ad\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2\u3064\u306e\u4fa1\u683c\u3092\u4e26\u3079\u3066\u898b\u308b\u3053\u3068\u3067\u3001\u4fdd\u6709\u30ea\u30b9\u30af\u306e\u6027\u8cea\u3092\u300c<b>\u70ba\u66ff\u30ea\u30b9\u30af\u4e3b\u4f53\u304b\u3001\u91d1\u4fa1\u683c\u30ea\u30b9\u30af\u4e3b\u4f53\u304b<\/b>\u300d\u306b\u5206\u3051\u3066\u628a\u63e1\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 id=\"frb-policy-gold-indicator\" class=\"wp-block-heading\">FRB\u306e\u5229\u4e0a\u3052\u30fb\u5229\u4e0b\u3052\u65b9\u91dd\u306e\u5909\u5316\u306f\u91d1\u4fa1\u683c\u306e\u5148\u884c\u6307\u6a19\u3068\u3057\u3066\u6a5f\u80fd\u3059\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><b><span class=\"swl-inline-color has-swl-deep-01-color\">FRB\u306e\u91d1\u878d\u653f\u7b56<\/span><\/b>\u306e\u65b9\u5411\u6027\u306f\u3001\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u306b\u5bfe\u3057\u3066\u6570\u30f6\u6708\u5358\u4f4d\u3067\u5148\u884c\u3057\u3066\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5229\u4e0a\u3052\u5c40\u9762\u3067\u306f\u7c73\u56fd\u306e\u5b9f\u8cea\u91d1\u5229\u304c\u4e0a\u6607\u3057\u3001\u5229\u606f\u3092\u751f\u307e\u306a\u3044\u91d1\u306e\u4fdd\u6709\u30b3\u30b9\u30c8\u304c\u76f8\u5bfe\u7684\u306b\u9ad8\u307e\u308b\u305f\u3081\u3001\u91d1\u3078\u306e\u8cc7\u91d1\u6d41\u5165\u304c\u920d\u5316\u3057\u3066<b>\u4fa1\u683c\u304c\u4e0b\u62bc\u3057\u3055\u308c\u3084\u3059\u304f<\/b>\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9006\u306b\u3001\u5229\u4e0b\u3052\u8ee2\u63db\u304c\u898b\u8fbc\u307e\u308c\u308b\u5c40\u9762\u3067\u306f\u5b9f\u8cea\u91d1\u5229\u306e\u4f4e\u4e0b\u304c\u4e88\u60f3\u3055\u308c\u3001\u91d1\u3078\u306e\u8cc7\u91d1\u79fb\u52d5\u304c\u6d3b\u767a\u306b\u306a\u308b\u3053\u3068\u3067\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u304c\u4e0a\u6607\u3057\u3084\u3059\u3044\u74b0\u5883\u3068\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9f\u969b\u306b2019\u5e74\u306eFRB\u5229\u4e0b\u3052\u8ee2\u63db\u6642\u30842022\u5e74\u4ee5\u964d\u306e\u5229\u4e0a\u3052\u5c40\u9762\u3067\u306f\u3001\u653f\u7b56\u5909\u66f4\u306e\u767a\u8868\u524d\u5f8c\u306b\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u5927\u304d\u304f\u52d5\u304f\u5834\u9762\u304c\u8907\u6570\u56de\u3042\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">FRB\u306e\u65b9\u91dd\u5909\u5316\u3092\u628a\u63e1\u3059\u308b\u306b\u306f\u3001<b><span class=\"swl-marker mark_yellow\">FOMC\u306e\u58f0\u660e\u6587\u3084\u8b70\u4e8b\u9332\u3001FRB\u8b70\u9577\u306e\u767a\u8a00\u5185\u5bb9<\/span><\/b>\u3092\u5b9a\u671f\u7684\u306b\u78ba\u8a8d\u3059\u308b\u3053\u3068\u304c\u6709\u52b9\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_point wp-block-paragraph\">FOMC\u306e\u4f1a\u5408\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u306f\u5e748\u56de\u516c\u8868\u3055\u308c\u3066\u304a\u308a\u3001\u4f1a\u5408\u524d\u5f8c\u306e\u5e02\u5834\u306e\u53cd\u5fdc\u3092\u89b3\u5bdf\u3059\u308b\u3060\u3051\u3067\u3082\u91d1\u4fa1\u683c\u306e\u65b9\u5411\u6027\u3092\u8aad\u3080\u8a13\u7df4\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5229\u4e0a\u3052\u30fb\u5229\u4e0b\u3052\u306e\u65b9\u91dd\u5909\u5316\u3092\u65e9\u3081\u306b\u628a\u63e1\u3059\u308b\u3053\u3068\u3067\u3001\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u3078\u306e\u5f71\u97ff\u304c\u51fa\u308b\u524d\u306b\u4fdd\u6709\u65b9\u91dd\u3092\u898b\u76f4\u3059\u6642\u9593\u7684\u306a\u4f59\u88d5\u304c\u751f\u307e\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">FRB\u306e\u52d5\u5411\u3068\u30c9\u30eb\u5186\u306e\u52d5\u304d\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u78ba\u8a8d\u3059\u308b\u7fd2\u6163\u3092\u6301\u3064\u3053\u3068\u3067\u3001\u58f2\u8cb7\u5224\u65ad\u306e\u6839\u62e0\u3092\u3088\u308a\u78ba\u304b\u306a\u3082\u306e\u306b\u3057\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h2 id=\"faq-gold-dollar-yen\" class=\"wp-block-heading\">\u91d1\u4fa1\u683c\u3068\u30c9\u30eb\u5186\u306e\u95a2\u4fc2\u306b\u95a2\u3059\u308b\u3088\u304f\u3042\u308b\u8cea\u554f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u91d1\u4fa1\u683c\u3068\u30c9\u30eb\u5186\u306e\u95a2\u4fc2\u306b\u3064\u3044\u3066\u3001\u8aad\u8005\u304b\u3089\u7279\u306b\u591a\u304f\u5bc4\u305b\u3089\u308c\u308b\u7591\u554f\u3092\u307e\u3068\u3081\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-onborder_ttl2\"><div class=\"cap_box_ttl\"><span>\u91d1\u4fa1\u683c\u3068\u30c9\u30eb\u5186\u306b\u95a2\u3059\u308b\u3088\u304f\u3042\u308b\u8cea\u554f<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li><a href=\"#yen-appreciation-gold-price\">\u5186\u9ad8\u306b\u306a\u308b\u3068\u91d1\u4fa1\u683c\u306f\u5fc5\u305a\u4e0b\u304c\u308a\u307e\u3059\u304b\uff1f<\/a><\/li>\n\n\n\n<li><a href=\"#forex-hedge-gold\">\u91d1\u6295\u8cc7\u3067\u70ba\u66ff\u30ea\u30b9\u30af\u3092\u30d8\u30c3\u30b8\u3059\u308b\u65b9\u6cd5\u306f\u3042\u308a\u307e\u3059\u304b\uff1f<\/a><\/li>\n\n\n\n<li><a href=\"#usd-jpy-gold-price-reference\">\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u3068\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306f\u3069\u3061\u3089\u3092\u898b\u308c\u3070\u3044\u3044\u3067\u3059\u304b\uff1f<\/a><\/li>\n\n\n\n<li><a href=\"#us-interest-rate-gold\">\u7c73\u56fd\u91d1\u5229\u304c\u4e0b\u304c\u308b\u3068\u91d1\u4fa1\u683c\u306f\u4e0a\u304c\u308a\u307e\u3059\u304b\uff1f<\/a><\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u5186\u9ad8\u30fb\u5186\u5b89\u3068\u91d1\u4fa1\u683c\u306e\u9023\u52d5\u6027\u3001\u70ba\u66ff\u30ea\u30b9\u30af\u3078\u306e\u5bfe\u51e6\u6cd5\u3001\u30c9\u30eb\u5efa\u3066\u30fb\u5186\u5efa\u3066\u306e\u3069\u3061\u3089\u3092\u53c2\u7167\u3059\u3079\u304d\u304b\u306a\u3069\u3001<b><span class=\"swl-marker mark_yellow\">\u6295\u8cc7\u5224\u65ad\u306e\u5834\u9762\u3067\u8ff7\u3044\u3084\u3059\u3044\u30dd\u30a4\u30f3\u30c8<\/span><\/b>\u3092\u4e2d\u5fc3\u306b\u53d6\u308a\u4e0a\u3052\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8a18\u4e8b\u672c\u6587\u3067\u89e6\u308c\u305f\u5185\u5bb9\u3092\u88dc\u8db3\u3057\u306a\u304c\u3089\u3001\u5b9f\u969b\u306e\u58f2\u8cb7\u5224\u65ad\u306b\u5f79\u7acb\u3064\u5f62\u3067\u56de\u7b54\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"yen-appreciation-gold-price\" class=\"wp-block-heading\">\u5186\u9ad8\u306b\u306a\u308b\u3068\u91d1\u4fa1\u683c\u306f\u5fc5\u305a\u4e0b\u304c\u308a\u307e\u3059\u304b\uff1f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5186\u9ad8\u304c\u9032\u3093\u3067\u3082\u3001\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u4e0b\u304c\u308b\u30b1\u30fc\u30b9\u3070\u304b\u308a\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306f<b>\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u306b\u30c9\u30eb\u5186\u30ec\u30fc\u30c8\u3092\u639b\u3051\u305f\u6570\u5024<\/b>\u3067\u6c7a\u307e\u308b\u305f\u3081\u3001\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u306e\u52d5\u304d\u306b\u3088\u3063\u3066\u306f\u5186\u9ad8\u306e\u5f71\u97ff\u3092\u76f8\u6bba\u3059\u308b\u30b1\u30fc\u30b9\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3068\u3048\u3070\u3001\u7c73\u56fd\u306e<b><span class=\"swl-inline-color has-swl-deep-01-color\">\u5b9f\u8cea\u91d1\u5229<\/span><\/b>\u304c\u4f4e\u4e0b\u3057\u3066\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u5927\u5e45\u306b\u4e0a\u6607\u3057\u3066\u3044\u308b\u5c40\u9762\u3067\u306f\u3001\u5186\u9ad8\u304c\u9032\u3093\u3067\u3044\u3066\u3082\u5186\u5efa\u3066\u4fa1\u683c\u304c\u4e0a\u6607\u306b\u8ee2\u3058\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9006\u306b\u3001\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u304c\u6a2a\u3070\u3044\u306e\u307e\u307e\u6025\u6fc0\u306a\u5186\u9ad8\u304c\u9032\u884c\u3057\u305f\u5834\u5408\u306f\u3001\u5186\u5efa\u3066\u4fa1\u683c\u304c\u62bc\u3057\u4e0b\u3052\u3089\u308c\u308b\u65b9\u5411\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u300c\u5186\u9ad8\uff1d\u91d1\u4fa1\u683c\u304c\u4e0b\u304c\u308b\u300d\u3068\u3044\u3046\u5358\u7d14\u306a\u7b49\u5f0f\u3067\u306f\u306a\u304f\u3001<b><span class=\"swl-marker mark_yellow\">\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u3068\u70ba\u66ff\u30ec\u30fc\u30c8\u306e\u4e21\u65b9<\/span><\/b>\u306e\u5909\u5316\u5e45\u3092\u6bd4\u8f03\u3057\u3066\u5224\u65ad\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_announce wp-block-paragraph\">\u5186\u9ad8\u5c40\u9762\u3067\u3082\u5730\u653f\u5b66\u30ea\u30b9\u30af\u306e\u9ad8\u307e\u308a\u3084\u7c73\u56fd\u91d1\u5229\u306e\u6025\u4f4e\u4e0b\u304c\u91cd\u306a\u308b\u3068\u3001\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u304c\u6025\u9a30\u3057\u3066\u5186\u5efa\u3066\u4fa1\u683c\u304c\u4e0a\u6607\u3059\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u70ba\u66ff\u306e\u65b9\u5411\u3060\u3051\u3067\u58f2\u8cb7\u3092\u5224\u65ad\u3059\u308b\u3068\u3001\u76f8\u5834\u306e\u5b9f\u614b\u3068\u4e56\u96e2\u3059\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 id=\"forex-hedge-gold\" class=\"wp-block-heading\">\u91d1\u6295\u8cc7\u3067\u70ba\u66ff\u30ea\u30b9\u30af\u3092\u30d8\u30c3\u30b8\u3059\u308b\u65b9\u6cd5\u306f\u3042\u308a\u307e\u3059\u304b\uff1f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u70ba\u66ff\u30ea\u30b9\u30af\u3092\u6291\u3048\u306a\u304c\u3089\u91d1\u6295\u8cc7\u3092\u884c\u3046\u624b\u6bb5\u306e\u4e00\u3064\u304c\u3001<b><span class=\"swl-inline-color has-swl-deep-01-color\">\u70ba\u66ff\u30d8\u30c3\u30b8\u4ed8\u304d\u91d1\u30d5\u30a1\u30f3\u30c9<\/span><\/b>\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u70ba\u66ff\u30d8\u30c3\u30b8\u3068\u306f\u3001\u5186\u3068\u30c9\u30eb\u306e\u4ea4\u63db\u30ec\u30fc\u30c8\u3092\u3042\u3089\u304b\u3058\u3081\u56fa\u5b9a\u3059\u308b\u3053\u3068\u3067\u3001\u5186\u5b89\u30fb\u5186\u9ad8\u306b\u3088\u308b\u640d\u76ca\u306e\u5909\u52d5\u3092\u6291\u3048\u308b\u4ed5\u7d44\u307f\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u70ba\u66ff\u30d8\u30c3\u30b8\u4ed8\u304d\u306e\u91d1\u30d5\u30a1\u30f3\u30c9\u3092\u9078\u3076\u3068\u3001\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u306e\u5909\u52d5\u3060\u3051\u304c\u640d\u76ca\u306b\u53cd\u6620\u3055\u308c\u308b\u305f\u3081\u3001\u70ba\u66ff\u306e\u52d5\u304d\u306b\u5de6\u53f3\u3055\u308c\u306b\u304f\u3044\u904b\u7528\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-inner\"><div class=\"cap_box_ttl\"><span>\u70ba\u66ff\u30d8\u30c3\u30b8\u3042\u308a\u30fb\u306a\u3057\u306e\u6bd4\u8f03<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li><strong>\u30d8\u30c3\u30b8\u3042\u308a<\/strong>\uff1a\u70ba\u66ff\u5909\u52d5\u306e\u5f71\u97ff\u3092\u6291\u5236\u3002\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u306e\u5909\u52d5\u306e\u307f\u304c\u640d\u76ca\u306b\u53cd\u6620\u3002\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u304c\u767a\u751f<\/li>\n\n\n\n<li><strong>\u30d8\u30c3\u30b8\u306a\u3057<\/strong>\uff1a\u5186\u5b89\u5c40\u9762\u3067\u306f\u70ba\u66ff\u5dee\u76ca\u3082\u4eab\u53d7\u3067\u304d\u308b\u3002\u5186\u9ad8\u8ee2\u63db\u6642\u306f\u70ba\u66ff\u640d\u304c\u52a0\u308f\u308b<\/li>\n\n\n\n<li>\u5186\u5b89\u30c8\u30ec\u30f3\u30c9\u304c\u7d9a\u304f\u5c40\u9762\u3067\u306f\u30d8\u30c3\u30b8\u306a\u3057\u304c\u76f8\u5bfe\u7684\u306b\u6709\u5229\u306b\u306a\u308a\u3084\u3059\u3044<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3060\u3057\u3001\u70ba\u66ff\u30d8\u30c3\u30b8\u306b\u306f<b><span class=\"swl-marker mark_yellow\">\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u304c\u640d\u76ca\u3092\u62bc\u3057\u4e0b\u3052\u308b<\/span><\/b>\u8981\u56e0\u306b\u306a\u308b\u305f\u3081\u3001\u5186\u5b89\u5c40\u9762\u3067\u306f\u70ba\u66ff\u5dee\u76ca\u3092\u4eab\u53d7\u3067\u304d\u306a\u3044\u70b9\u3092\u7406\u89e3\u3057\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_announce wp-block-paragraph\">\u70ba\u66ff\u30d8\u30c3\u30b8\u4ed8\u304d\u5546\u54c1\u306f\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u304c\u640d\u76ca\u3092\u62bc\u3057\u4e0b\u3052\u308b\u8981\u56e0\u3067\u3059\u3002\u5186\u5b89\u30c8\u30ec\u30f3\u30c9\u304c\u7d9a\u304f\u5c40\u9762\u3067\u306f\u3001\u30d8\u30c3\u30b8\u306a\u3057\u5546\u54c1\u3068\u6bd4\u8f03\u3057\u3066\u76f8\u5bfe\u7684\u306b\u4e0d\u5229\u306b\u306a\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u70ba\u66ff\u30ea\u30b9\u30af\u3092\u53d6\u308b\u304b\u6291\u3048\u308b\u304b\u306f\u3001\u904b\u7528\u671f\u9593\u3084\u76f8\u5834\u74b0\u5883\u306e\u898b\u901a\u3057\u306b\u3088\u3063\u3066\u5909\u308f\u308a\u307e\u3059\u3002\u81ea\u5206\u306e\u6295\u8cc7\u76ee\u7684\u3068\u7167\u3089\u3057\u5408\u308f\u305b\u3066\u5546\u54c1\u3092\u9078\u3073\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 id=\"usd-jpy-gold-price-reference\" class=\"wp-block-heading\">\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u3068\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306f\u3069\u3061\u3089\u3092\u898b\u308c\u3070\u3044\u3044\u3067\u3059\u304b\uff1f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u76ee\u7684\u306b\u3088\u3063\u3066\u53c2\u7167\u3059\u3079\u304d\u4fa1\u683c\u304c\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u56fd\u969b\u7684\u306a\u91d1\u76f8\u5834\u306e\u6c34\u6e96\u3084\u3001\u91d1\u4fa1\u683c\u305d\u306e\u3082\u306e\u306e\u5f37\u5f31\u3092\u5224\u65ad\u3057\u305f\u3044\u5834\u5408\u306f<b><span class=\"swl-inline-color has-swl-deep-01-color\">\u30c9\u30eb\u5efa\u3066\u4fa1\u683c<\/span><\/b>\u3092\u78ba\u8a8d\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c9\u30eb\u5efa\u3066\u4fa1\u683c\u306f\u4e16\u754c\u5171\u901a\u306e\u57fa\u6e96\u3067\u3042\u308a\u3001\u7c73\u56fd\u91d1\u5229\u30fb\u30a4\u30f3\u30d5\u30ec\u30fb\u5730\u653f\u5b66\u30ea\u30b9\u30af\u3068\u3044\u3063\u305f\u91d1\u56fa\u6709\u306e\u6750\u6599\u304c\u53cd\u6620\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p 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wp-block-paragraph\">\u4e21\u65b9\u306e\u4fa1\u683c\u3092\u4e26\u884c\u3057\u3066\u78ba\u8a8d\u3059\u308b\u3053\u3068\u3067\u3001\u300c\u5186\u5efa\u3066\u4fa1\u683c\u304c\u4e0a\u6607\u3057\u3066\u3044\u308b\u539f\u56e0\u304c\u70ba\u66ff\u304b\u3001\u56fd\u969b\u76f8\u5834\u306e\u4e0a\u6607\u304b\u300d\u3092\u533a\u5225\u3067\u304d\u307e\u3059\u3002\u5224\u65ad\u306e\u7cbe\u5ea6\u3092\u4e0a\u3052\u308b\u305f\u3081\u306b\u3001\u4e8c\u3064\u306e\u4fa1\u683c\u3092\u7fd2\u6163\u7684\u306b\u898b\u6bd4\u3079\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 id=\"us-interest-rate-gold\" class=\"wp-block-heading\">\u7c73\u56fd\u91d1\u5229\u304c\u4e0b\u304c\u308b\u3068\u91d1\u4fa1\u683c\u306f\u4e0a\u304c\u308a\u307e\u3059\u304b\uff1f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u7c73\u56fd\u91d1\u5229\u306e\u4f4e\u4e0b\u306f\u3001\u30c9\u30eb\u5efa\u3066\u91d1\u4fa1\u683c\u306e<b>\u4e0a\u6607\u8981\u56e0<\/b>\u306b\u306a\u308a\u3084\u3059\u3044\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91d1\u306f\u5229\u5b50\u3092\u751f\u307e\u306a\u3044\u8cc7\u7523\u3067\u3042\u308b\u305f\u3081\u3001\u56fd\u50b5\u306a\u3069\u306e\u5229\u56de\u308a\u304c\u4e0b\u304c\u308b\u3068\u76f8\u5bfe\u7684\u306b\u91d1\u306e\u4fdd\u6709\u30b3\u30b9\u30c8\u304c\u4f4e\u4e0b\u3057\u3001\u9700\u8981\u304c\u9ad8\u307e\u308a\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7279\u306b\u3001\u540d\u76ee\u91d1\u5229\u304b\u3089\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u5dee\u3057\u5f15\u3044\u305f<b><span class=\"swl-inline-color 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