{"id":13855,"date":"2023-02-12T17:54:25","date_gmt":"2023-02-13T01:54:25","guid":{"rendered":"https:\/\/www.jinmei.org\/blog\/?p=13855"},"modified":"2023-02-12T17:54:26","modified_gmt":"2023-02-13T01:54:26","slug":"2022%e5%b9%b4%e8%b3%87%e7%94%a3%e9%81%8b%e7%94%a8%e3%83%ac%e3%83%93%e3%83%a5%e3%83%bc","status":"publish","type":"post","link":"https:\/\/www.jinmei.org\/blog\/2023\/02\/12\/13855","title":{"rendered":"2022\u5e74\u8cc7\u7523\u904b\u7528\u30ec\u30d3\u30e5\u30fc"},"content":{"rendered":"<p>\u4f8b\u5e74\u3001\u6b63\u6708\u306b\u524d\u5e74\u306e\u53ce\u652f\u3092\u5143\u306b\u5bb6\u8a08\u3092\u898b\u76f4\u3057\u3066\u3001\u3064\u3044\u3067\u306b\u8cc7\u7523\u904b\u7528\u72b6\u6cc1\u3082\u78ba\u8a8d\u3059\u308b\u3053\u3068\u306b\u3057\u3066\u3044\u308b\u3002\u904e\u53bb\u306e\u4f8b\u306b\u306a\u3089\u3063\u3066\u4eca\u5e74\u3082\u305d\u306e\u7d50\u679c\u3092\u307e\u3068\u3081\u3066\u307f\u305f\u3002<\/p>\n<h3>\u904b\u7528\u8cc7\u7523\u5168\u4f53\u306e\u72b6\u6cc1<\/h3>\n<p>2022\u5e74\u306e\u904b\u7528\u5229\u56de\u308a(\u5185\u90e8\u53ce\u76ca\u7387\u3067\u8a08\u7b97)\u306f-16.20%\u3002\u9ad8\u30a4\u30f3\u30d5\u30ec\u3068\u5229\u4e0a\u3052\u3001\u305d\u308c\u3089\u306b\u4f34\u3046\u682a\u5f0f\u3084\u50b5\u5238\u4fa1\u683c\u306e\u5927\u5e45\u4e0b\u843d\u3067\u6563\u3005\u306a\u4e00\u5e74\u3060\u3063\u305f\u5e02\u5834\u306e\u72b6\u6cc1\u306b\u5408\u308f\u305b\u3066\u3001\u7b46\u8005\u306e\u904b\u7528\u6210\u7e3e\u3082\u60e8\u61ba\u305f\u308b\u3082\u306e\u3067\u3042\u3063\u305f\u3002Great Recession\u306e2008\u5e74\u306b\u8a18\u9332\u3057\u305f-19.18%\u306b\u6b21\u3044\u3067\u904e\u53bb\u4e8c\u756a\u76ee\u306b\u60aa\u3044\u7d50\u679c\u3067\u3042\u308b\u3002\u6570\u5341\u5e74\u3076\u308a\u3068\u306a\u308b\u30a4\u30f3\u30d5\u30ec\u304c\u5e74\u9593\u3092\u901a\u3058\u3066\u6301\u7d9a\u3057\u305f(<a href=\"https:\/\/www.bls.gov\/news.release\/archives\/cpi_12132022.htm\">2022\u5e7411\u6708\u6642\u70b9<\/a>\u3067\u306e\u524d\u5e74\u540c\u6708\u6bd4headline\/core\u7269\u4fa1\u306f\u305d\u308c\u305e\u308c+7.1%\u3001+6.0%)\u3053\u3068\u3092\u8003\u3048\u308b\u3068\u3001\u5b9f\u8cea\u3067\u306f\u904e\u53bb\u6700\u60aa\u3068\u8a00\u3063\u3066\u3082\u3044\u3044\u3060\u308d\u3046\u3002<\/p>\n<p>\u904b\u7528\u958b\u59cb\u306e2002\u5e74\u304b\u3089\u306e\u901a\u7b97\u5229\u56de\u308a\u306f4.81%\u3002\u904e\u53bb3\u5e74\u306e\u7570\u5e38\u306a\u307b\u3069\u306e\u597d\u6210\u7e3e\u306b\u3088\u308b\u300c\u8caf\u91d1\u300d\u306e\u304a\u304b\u3052\u304b\u3001\u901a\u7b97\u5229\u56de\u308a\u306e\u843d\u3061\u8fbc\u307f\u304c\u3053\u306e\u7a0b\u5ea6\u3067\u6e08\u3093\u3060\u306e\u306f\u4e0d\u5e78\u4e2d\u306e\u5e78\u3044\u3068\u3044\u3048\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002<\/p>\n<p><!--more--><br \/>\n\u4ee5\u4e0b\u306e\u30b0\u30e9\u30d5\u306f\u3001\u4f8b\u5e74\u306b\u306a\u3089\u3063\u30662007\u5e74\u672b\u4ee5\u964d\u306e\u6bce\u5e74\u672b\u306e\u904b\u7528\u8cc7\u7523\u6b8b\u9ad8\u306e\u63a8\u79fb\u3092\u8868\u3057\u305f\u3082\u306e(2007\u5e74\u5206\u30921\u3068\u3057\u305f\u3068\u304d\u306e\u76f8\u5bfe\u5024)\u3002<\/p>\n<p class=\"mainimage\"><img decoding=\"async\" src=\"\/image\/20230204\/balance22.png\" alt=\"\" width=\"480\"><\/p>\n<p>2021\u5e74\u306b\u7d9a\u304d\u300122\u5e74\u3082\u3084\u3084\u4f8b\u5916\u7684\u306a\u8af8\u4e8b\u60c5\u304c\u3042\u308a\u3001net\u3067\u306e\u904b\u7528\u6295\u5165\u984d\u304c\u304b\u306a\u308a\u5c11\u306a\u304b\u3063\u305f\u3053\u3068\u3082\u3042\u3063\u3066\u3001\u7dcf\u6b8b\u9ad8\u306f2020\u5e74\u672b\u9803\u307e\u3067\u5dfb\u304d\u623b\u3055\u308c\u3066\u3057\u307e\u3063\u305f\u3002<\/p>\n<h3>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u3068\u8cc7\u7523\u30af\u30e9\u30b9\u3054\u3068\u306e\u6210\u7e3e<\/h3>\n<p>\u4ee5\u4e0b\u306f\u4e3b\u306a\u8cc7\u7523\u30af\u30e9\u30b9\u3054\u3068\u304a\u3088\u3073\u904b\u7528\u8cc7\u7523\u5168\u4f53\u306e2022\u5e74\u5229\u56de\u308a\u3092\u307e\u3068\u3081\u305f\u3082\u306e(\u524d\u8005\u306f\u7a0e\u5f15\u304d\u524d\u30ea\u30bf\u30fc\u30f3\u3001\u5f8c\u8005\u306f\u73fe\u6642\u70b9\u3067\u652f\u6255\u3063\u3066\u3044\u308b\u7a0e\u91d1(\u307b\u3068\u3093\u3069\u306f\u914d\u5f53\u306b\u5bfe\u3059\u308b\u3082\u306e)\u3092\u5dee\u3057\u5f15\u3044\u305f\u5f8c\u306e\u30ea\u30bf\u30fc\u30f3)\u3002<\/p>\n<p class=\"mainimage\"><img decoding=\"async\" src=\"\/image\/20230204\/perf22.png\" alt=\"\" width=\"480\"><\/p>\n<p>\u300c\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u300d\u3082\u904e\u53bb\u3068\u540c\u69d8\u306b\u3001\u8cc7\u7523\u30af\u30e9\u30b9\u5225\u306b\u306f<a href=\"https:\/\/investor.vanguard.com\/mutual-funds\/profile\/performance\/vtsax\">VTSAX<\/a>\u3001<a href=\"https:\/\/investor.vanguard.com\/mutual-funds\/profile\/performance\/vtmgx\">VTMGX<\/a>\u3001<a href=\"https:\/\/investor.vanguard.com\/mutual-funds\/profile\/performance\/vemax\">VEMAX<\/a>\u3001<a href=\"https:\/\/investor.vanguard.com\/mutual-funds\/profile\/performance\/vgslx\">VGSLX<\/a>\u3001<a href=\"https:\/\/investor.vanguard.com\/mutual-funds\/profile\/performance\/vbtlx\">VBTLX<\/a>\u3092\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa(PF)\u5168\u4f53\u306b\u5bfe\u3057\u3066\u306f\u30d0\u30e9\u30f3\u30b9\u30d5\u30a1\u30f3\u30c9\u306e<a href=\"https:\/\/investor.vanguard.com\/mutual-funds\/profile\/performance\/vasgx\">VASGX<\/a>\u3092\u63a1\u7528\u3057\u3066\u3044\u308b(VASGX\u306e\u5834\u5408\u306f\u5206\u914d\u3078\u306e\u7a0e\u5f15\u304d\u5f8c\u30ea\u30bf\u30fc\u30f3)\u3002<\/p>\n<p>\u7c73\u56fd\u682a\u5f0f\u306b\u3064\u3044\u3066\u306f\u30012022\u5e74\u306f\u58f2\u5374\u3084(\u5206\u914d\u306e\u518d\u6295\u8cc7\u3092\u9664\u304d)\u8cb7\u3044\u5897\u3057\u304c\u4e00\u5207\u306a\u304b\u3063\u305f\u305f\u3081\u3001\u8cc7\u7523\u306e\u5185\u8a33(fund)\u304c\u307b\u307c\u540c\u4e00\u3067\u3042\u308b\u3053\u3068\u304b\u3089\u3001\u5f53\u7136\u306e\u3088\u3046\u306b\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u307b\u307c\u540c\u4e00\u306e\u7d50\u679c\u3068\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n<p>(\u7c73\u56fd\u3092\u9664\u304f)\u5148\u9032\u56fd\u3068\u65b0\u8208\u56fd\u306e\u682a\u5f0f\u306e\u30ea\u30bf\u30fc\u30f3\u306b\u898b\u3089\u308c\u308b\u30ba\u30ec\u306e\u539f\u56e0\u306f\u7d30\u304b\u304f\u8ffd\u6c42\u3057\u3066\u306f\u3044\u306a\u3044\u304c\u30012021\u5e74\u3068\u540c\u3058\u304f\u3001\u5b9f\u969b\u306b\u4fdd\u6709\u3057\u3066\u3044\u308bfund\u3068\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306efund(\u304a\u3088\u3073\u305d\u308c\u305e\u308c\u306e\u5bfe\u8c61index)\u306b\u82e5\u5e72\u9055\u3044\u304c\u3042\u308b\u3053\u3068\u3068\u3001\u3053\u306e2\u3064\u306e\u30af\u30e9\u30b9\u306b\u307e\u305f\u304c\u308b\u5f62\u306b\u306a\u308bfund(<a href=\"https:\/\/investor.vanguard.com\/etf\/profile\/overview\/vt\">VTIAX<\/a>)\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u305d\u308c\u305e\u308c\u306e\u30af\u30e9\u30b9\u306b\u5206\u914d\u3059\u308b\u65b9\u6cd5\u304c\u5c11\u3057\u3044\u3044\u52a0\u6e1b\u3067\u3042\u308b\u3053\u3068\u304c\u539f\u56e0\u3067\u306f\u306a\u3044\u304b\u3068\u601d\u308f\u308c\u308b\u3002\u5b9f\u969b\u3001\u5148\u9032\u56fd\u3068\u65b0\u8208\u56fd\u306e\u7d50\u679c\u3092\u5408\u7b97\u3057\u305f\u30ea\u30bf\u30fc\u30f3\u306f-16.35%\u3001<a href=\"https:\/\/investor.vanguard.com\/investment-products\/mutual-funds\/profile\/vfwax#performance-fees\">VFWAX<\/a>\u306e\u30ea\u30bf\u30fc\u30f3\u304c-15.50%\u306a\u306e\u3067\u3001\u307e\u3060\u5dee\u306f\u3042\u308b\u3082\u306e\u306e\u6982\u306d\u540c\u7a0b\u5ea6\u306e\u7d50\u679c\u3068\u3044\u3048\u305d\u3046\u3067\u3042\u308b(\u65b0\u8208\u56fd\u3068\u305d\u308c\u4ee5\u5916\u306e\u6bd4\u7387\u304cVFWAX\u3068\u7b46\u8005\u3068\u3067\u9055\u3046\u3067\u3042\u308d\u3046\u3053\u3068\u3060\u3051\u3092\u53d6\u3063\u3066\u3082\u5dee\u304c\u51fa\u308b\u306e\u306f\u81ea\u7136\u3067\u3042\u308b)\u3002<\/p>\n<p>REIT\u306b\u3064\u3044\u3066\u306f\u3001\u591a\u5c11\u306e\u8aa4\u5dee\u306f\u3042\u308b\u304c\u307b\u307c\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u540c\u7b49\u3060\u3063\u305f\u30022021\u5e74\u307e\u3067\u306e\u8aa4\u5dee\u306e\u4e00\u56e0\u3060\u3063\u305f\u3068\u601d\u308f\u308c\u308b\u300c\u306a\u3069\u300d\u306e\u90e8\u5206\u30922022\u5e748\u6708\u306b\u89e3\u6d88\u3057(\u306a\u304a\u3001\u3053\u308c\u306b\u4f34\u3044\u3001\u4eca\u56de\u3088\u308a\u3053\u306e\u8cc7\u7523\u30af\u30e9\u30b9\u540d\u304b\u3089\u300c\u306a\u3069\u300d\u3092\u6d88\u3057\u3066\u3044\u308b)\u3001\u8cc7\u7523\u306e\u4e2d\u8eab\u304c\u307b\u307c\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u540c\u3058\u306b\u306a\u3063\u305f\u3053\u3068\u3082\u5bc4\u4e0e\u3057\u3066\u3044\u308b\u3068\u8003\u3048\u3089\u308c\u308b\u3002<\/p>\n<p>\u4eca\u56de\u3001\u3082\u3063\u3068\u3082\u8208\u5473\u6df1\u3044\u306e\u306f\u50b5\u6a29(\u304a\u3088\u3073fixed income)\u30af\u30e9\u30b9\u306e\u5dee\u3060\u308d\u3046\u3002\u3053\u306e\u30af\u30e9\u30b9\u306f\u3001\u3082\u3068\u3082\u3068\u8cc7\u7523\u306e\u5185\u5bb9\u304c\u300c\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u300d\u304b\u3089\u5927\u5e45\u306b\u4e56\u96e2\u3057\u3066\u3044\u308b(\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u304c\u3044\u308f\u3086\u308b\u300c\u50b5\u6a29\u300d\u306efund\u3067maturity\u3082\u4e2d\u671f\u3067\u3042\u308b\u306e\u306b\u5bfe\u3057\u3001\u7b46\u8005\u306fhigh-yield savins, I-bond\u3084\u65e5\u672c\u306b\u6b8b\u3057\u305f\u5b9a\u671f\u9810\u91d1\u306a\u3069\u3082\u3053\u3053\u306b\u542b\u3081\u3066\u3044\u308b\u4e0a\u306b\u3001\u50b5\u6a29fund\u3082\u3053\u3053\u6570\u5e74\u306f\u77ed\u671f\u306e\u3082\u306e\u9650\u5b9a\u3067\u904b\u7528\u3057\u3066\u3044\u305f)\u306e\u3067\u3001\u30ea\u30bf\u30fc\u30f3\u306e\u76f4\u63a5\u6bd4\u8f03\u306b\u3082\u5927\u3057\u305f\u610f\u5473\u306f\u306a\u3044\u306e\u3060\u304c\u30012022\u5e74\u306b\u3064\u3044\u3066\u306f\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e<a href=\"https:\/\/investor.vanguard.com\/investment-products\/mutual-funds\/profile\/vbtlx#performance-fees\">VBTLX<\/a>\u304c-13.16%\u306e\u5927\u5e45\u4e0b\u843d\u3067\u3042\u3063\u305f\u306e\u306b\u5bfe\u3057\u3066\u7b46\u8005\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3067\u306f\u3054\u304f\u308f\u305a\u304b\u306a\u304c\u3089\u30d7\u30e9\u30b9\u3067\u3042\u308a\u3001\u5927\u5dee\u304c\u3064\u304f\u3068\u3044\u3046\u7d50\u679c\u306b\u306a\u3063\u305f\u3002VBTLX\u304c\u50b5\u6a29\u30af\u30e9\u30b9\u3068\u3057\u3066\u306f\u7570\u5e38\u306a\u307b\u3069\u306b\u60aa\u6210\u7e3e\u3060\u3063\u305f\u306e\u306f\u3001\u6025\u6fc0\u306b\u9032\u3093\u3060\u91d1\u5229\u4e0a\u6607\u306b\u3088\u308b\u50b5\u5238\u4fa1\u683c\u306e\u4e0b\u843d\u306b\u3088\u308b\u3082\u306e\u3060\u308d\u3046\u3002\u4e00\u65b9\u3001\u7b46\u8005\u306e\u300c\u50b5\u6a29\u30fbfixed\u300d\u8cc7\u7523\u306e\u30ea\u30bf\u30fc\u30f3\u304c\u76f8\u5bfe\u7684\u306b\u975e\u5e38\u306b\u826f\u304b\u3063\u305f\u306e\u306f\u30012022\u5e74\u552f\u4e00\u306e\u52dd\u3061\u7d44\u3068\u8a00\u3048\u308b<a href=\"https:\/\/www.treasurydirect.gov\/savings-bonds\/i-bonds\/\">I bond<\/a>(I bond\u3060\u3051\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u8a08\u7b97\u3059\u308b\u30687.28%\u306b\u306a\u308b)\u304c\u76f8\u5f53\u5272\u5408\u542b\u307e\u308c\u3066\u3044\u308b\u3053\u3068\u304c\u4e3b\u8981\u56e0\u3068\u601d\u308f\u308c\u308b\u3002\u9006\u306b\u3044\u3046\u3068\u3001I bond\u306e\u6d3b\u8e8d\u306b\u3082\u95a2\u308f\u3089\u305a\u304b\u308d\u3046\u3058\u3066\u30d7\u30e9\u30b9\u3068\u3044\u3046\u7d50\u679c\u306b\u3068\u3069\u307e\u3063\u3066\u3044\u308b\u306e\u306f\u3001\u4fdd\u6709\u4e2d\u306e\u4e2d\u671f\u50b5\u6a29fund\u306e\u5024\u4e0b\u304c\u308a\u3084\u3001\u8d85\u5186\u5b89\u5316\u306b\u3088\u308b\u5186\u5efa\u3066\u8cc7\u7523\u306e\u30c9\u30eb\u5efa\u3066\u3067\u306e\u4fa1\u5024\u4e0b\u843d\u304c\u76f8\u5f53\u53b3\u3057\u304b\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308d\u3046\u3002<\/p>\n<p>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u3067\u306f\u30012021\u5e74\u306b\u7d9a\u304d\u300c\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u300d\u306eVASGX\u3092\u82e5\u5e72\u306a\u304c\u3089\u4e0a\u56de\u3063\u305f\u3002\u3068\u306f\u3044\u3048\u3001<a href=\"https:\/\/www.jinmei.org\/blog\/2019\/01\/06\/13257\">2018\u5e74<\/a>\u3068\u540c\u69d8\u3001\u5168\u4f53\u542b\u3081\u307b\u307c\u3059\u3079\u3066\u306e\u30af\u30e9\u30b9\u306e\u8cc7\u7523\u304c\u4e0b\u843d\u3059\u308b\u4e2d\u3001\u300c\u4e0b\u843d\u5e45\u304c\u30de\u30b7\u3060\u3063\u305f\u300d\u3068\u3044\u3046\u5f62\u306a\u306e\u3067\u3001\u76ee\u7cde\u304c\u9f3b\u7cde\u3092\u7b11\u3063\u3066\u3044\u308b\u3088\u3046\u306a\u7d50\u679c\u3067\u306f\u3042\u308b\u3002\u305f\u3060\u3057\u3001\u3053\u308c\u3067\u904e\u53bb5\u5e74\u4e2d3\u56de\u306f\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3092\u8d85\u3048\u308b\u7d50\u679c\u3068\u306a\u308a\u3001\u904e\u53bb5\u5e74\u306e\u7d2f\u7a4d\u5e74\u7387\u30ea\u30bf\u30fc\u30f3\u30825.22%\u5bfe3.75%\u3067\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u8d85\u3048\u300110\u5e74\u3067\u30825.18%\u5bfe6.73%\u3068\u3001\u5dee\u3092\u7e2e\u3081\u3066\u304d\u3066\u306f\u3044\u308b(\u3044\u305a\u308c\u3082\u5206\u914d\u306e\u7a0e\u5f15\u304d\u5f8c\u306e\u30ea\u30bf\u30fc\u30f3\u3001\u305f\u3060\u3057\u7b46\u8005\u306e\u5834\u5408\u5c11\u306a\u304f\u306a\u3044\u90e8\u5206\u3092\u7a0e\u512a\u9047\u53e3\u5ea7\u5185\u306e\u8cc7\u7523\u304c\u5360\u3081\u3066\u3044\u308b\u306e\u3067\u3001\u3053\u306e\u6bd4\u8f03\u306f\u5b8c\u5168\u306bfair\u3067\u306f\u306a\u3044)\u3002\u5927\u304d\u306a\u50be\u5411\u3068\u3057\u3066\u898b\u308b\u3068\u3001VASGX\u306e\u3053\u308c\u307e\u3067\u306e\u597d\u6210\u7e3e\u304c\u7c73\u682a\u5f0f\u306e\u300c\u4e00\u4eba\u52dd\u3061\u300d\u72b6\u614b\u3060\u3063\u305f\u904e\u53bb10\u5e74\u307b\u3069\u306e\u72b6\u6cc1\u3092\u53cd\u6620\u3057\u3066\u3044\u305f\u306e\u306b\u5bfe\u3057\u3066\u3001\u7c73\u682a\u5f0f\u3082\u3055\u3059\u304c\u306b\u3053\u308c\u307e\u3067\u306e\u52e2\u3044\u3092\u5931\u3063\u3066\u300c\u5e73\u5747\u3078\u306e\u56de\u5e30\u300d\u304c\u8d77\u3053\u308a\u59cb\u3081\u3066\u3044\u308b\u5146\u5019\u3068\u3082\u601d\u3048\u306a\u304f\u3082\u306a\u3044\u3002\u4eca\u5f8c5-10\u5e74\u304f\u3089\u3044\u306b\u3069\u3046\u306a\u3063\u3066\u3044\u304f\u304b\u304c\u8208\u5473\u6df1\u3044\u3068\u3053\u308d\u3067\u3042\u308b\u3002<\/p>\n<h3>\u8cc7\u7523\u914d\u5206\u72b6\u6cc1\u30682023\u5e74\u306e\u904b\u7528\u8a08\u753b<\/h3>\n<p>\u4e0b\u306e\u30b0\u30e9\u30d5\u306f2022\u5e74\u672b\u306b\u304a\u3051\u308b\u7b46\u8005\u306e\u904b\u7528\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u5185\u8a33\u3092\u3001\u76ee\u6a19(target)\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u4e26\u3079\u3066\u8868\u3057\u305f\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n<p class=\"mainimage\"><img decoding=\"async\" src=\"\/image\/20230204\/portfolio22.png\" alt=\"\" width=\"480\"><\/p>\n<p>\u82e5\u5e72\u306e\u4e56\u96e2\u306f\u3042\u308b\u3082\u306e\u306e\u3001\u5168\u4f53\u3068\u3057\u3066\u306f\u307b\u307c\u76ee\u6a19\u901a\u308a\u306e\u914d\u5206\u3068\u306a\u3063\u3066\u3044\u308b\u30022023\u5e74\u306f\u3001\u3068\u304d\u3069\u304d\u306e\u6642\u4fa1\u3092\u78ba\u8a8d\u3057\u3064\u3064\u3001\u65b0\u898f\u8cfc\u5165\u5206\u3067\u6b6a\u307f\u3092\u8abf\u6574\u3059\u308b\u7a0b\u5ea6\u306e\u30ea\u30d0\u30e9\u30f3\u30b9\u3067\u3088\u3055\u305d\u3046\u3067\u3042\u308b\u3002<\/p>\n<p>\u904e\u53bb\u6570\u5e74\u540c\u69d8\u30012023\u5e74\u3082\u7a0e\u512a\u9047\u53e3\u5ea7\u3078\u306e\u62e0\u51fa\u3060\u3051\u3067\u904b\u7528\u53ef\u80fd\u984d\u3092\u4f7f\u3044\u5207\u3063\u3066\u3057\u307e\u3044\u305d\u3046\u306a\u898b\u8fbc\u307f(\u3080\u3057\u308d\u8ab2\u7a0e\u53e3\u5ea7\u306e\u8cc7\u7523\u3092\u4e00\u90e8\u652f\u51fa\u306b\u3042\u3066\u3066\u5b9f\u8cea\u7684\u306b\u8ab2\u7a0e\u2192\u512a\u9047\u53e3\u5ea7\u3068\u3044\u3046\u30ea\u30d0\u30e9\u30f3\u30b9\u3092\u3059\u308b\u5f62\u306b\u306a\u308b\u304b\u3082\u3057\u308c\u306a\u3044)\u306a\u306e\u3060\u304c\u3001I bond\u3060\u3051\u306f\u4eca\u5e74\u3082\u8cfc\u5165\u3059\u308b\u3064\u3082\u308a\u3067\u3042\u308b\u300210\u5e74\u8d85\u304f\u3089\u3044\u306e\u671f\u9593\u4fdd\u6709\u3059\u308b\u3060\u308d\u3046\u3053\u3068\u3092\u8003\u3048\u308c\u3070\u73fe\u6642\u70b9\u3067\u306e\u9ad8\u5229\u56de\u308a\u3082\u7d50\u5c40\u8aa4\u5dee\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u3001\u72b6\u6cc1\u306b\u95a2\u308f\u3089\u305a\u6bce\u5e74\u8cb7\u3046\u3053\u3068\u306b\u306f\u3057\u3066\u3044\u308b\u3057\u3001\u3068\u308a\u3042\u3048\u305a\u4eca\u5f8c\u534a\u5e74\u304f\u3089\u3044\u306e\u9593\u306bI bond\u3088\u308a\u512a\u308c\u305f\u30ea\u30b9\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u30d0\u30e9\u30f3\u30b9(\u30ea\u30b9\u30af\u306f\u4e8b\u5b9f\u4e0a\u307b\u307c\u30bc\u30ed)\u3092\u6301\u3064\u904b\u7528\u5bfe\u8c61\u304c\u73fe\u308c\u308b\u3068\u306f\u3068\u3066\u3082\u601d\u3048\u306a\u3044\u3053\u3068\u304b\u3089\u3001\u4f55\u3088\u308a\u3082\u512a\u5148\u3057\u3066\u8cb7\u3046\u3079\u304d\u3060\u308d\u3046\u3002\u5b9f\u969b\u4e0a\u306f\u3001\u73fe\u5728\u4fdd\u6709\u3057\u3066\u3044\u308b\u77ed\u671fmuni bond fund\u304b\u3089\u306e\u30ea\u30d0\u30e9\u30f3\u30b9\u3068\u3044\u3046\u5f62\u306b\u306a\u308b\u3060\u308d\u3046\u3002<\/p>\n<p>\u65b0\u898f\u8cfc\u5165\u5206\u3067\u306f\u3001\u305d\u308d\u305d\u308d\u4e2d\u671f\u7a0b\u5ea6\u306e\u50b5\u6a29fund\u3092\u8cb7\u3044\u5897\u3057\u3059\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u4eca\u5f8c\u3069\u3053\u307e\u3067\u91d1\u5229\u304c\u4e0a\u304c\u308b\u304b\u306f\u3001\u3072\u3069\u304f\u66c7\u3063\u3066\u3044\u308b\u7b46\u8005\u306e\u6c34\u6676\u7389\u306b\u306f\u307e\u3063\u305f\u304f\u6620\u3089\u306a\u3044\u306e\u3067\u308f\u304b\u3089\u306a\u3044\u304c\u3001\u904e\u53bb\u6570\u5e74\u306e\u7570\u5e38\u306a\u4f4e\u91d1\u5229\u3068\u6761\u4ef6\u304c\u9055\u3046\u3053\u3068\u3060\u3051\u306f\u78ba\u304b\u306a\u306e\u3067\u3001\u307b\u307c\u77ed\u671f\u9650\u5b9a\u3060\u3063\u305f\u3053\u308c\u307e\u3067\u306e\u904b\u7528\u59ff\u52e2\u3092\u5909\u3048\u3066\u3082\u826f\u3044\u6642\u671f\u306e\u3088\u3046\u306b\u601d\u308f\u308c\u308b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4f8b\u5e74\u3001\u6b63\u6708\u306b\u524d\u5e74\u306e\u53ce\u652f\u3092\u5143\u306b\u5bb6\u8a08\u3092\u898b\u76f4\u3057\u3066\u3001\u3064\u3044\u3067\u306b\u8cc7\u7523\u904b\u7528\u72b6\u6cc1\u3082\u78ba\u8a8d\u3059\u308b\u3053\u3068\u306b\u3057\u3066\u3044\u308b\u3002\u904e\u53bb\u306e\u4f8b\u306b\u306a\u3089\u3063\u3066\u4eca\u5e74\u3082\u305d\u306e\u7d50\u679c\u3092\u307e\u3068\u3081\u3066\u307f\u305f\u3002 \u904b\u7528\u8cc7\u7523\u5168\u4f53\u306e\u72b6\u6cc1 2022\u5e74\u306e\u904b\u7528\u5229\u56de\u308a(\u5185\u90e8\u53ce\u76ca\u7387\u3067\u8a08\u7b97)\u306f-16.20%\u3002\u9ad8\u30a4\u30f3\u30d5\u30ec\u3068\u5229\u4e0a\u3052\u3001\u305d\u308c\u3089\u306b\u4f34\u3046\u682a\u5f0f\u3084\u50b5\u5238\u4fa1\u683c\u306e\u5927\u5e45\u4e0b\u843d\u3067\u6563\u3005\u306a\u4e00\u5e74\u3060\u3063\u305f\u5e02\u5834\u306e\u72b6\u6cc1\u306b\u5408\u308f\u305b\u3066\u3001\u7b46\u8005\u306e\u904b\u7528\u6210\u7e3e\u3082\u60e8\u61ba\u305f\u308b\u3082\u306e\u3067\u3042\u3063\u305f\u3002Great Recession\u306e2008\u5e74\u306b\u8a18\u9332\u3057\u305f-19.18%\u306b\u6b21\u3044\u3067\u904e\u53bb\u4e8c\u756a\u76ee\u306b\u60aa\u3044\u7d50\u679c\u3067\u3042\u308b\u3002\u6570\u5341\u5e74\u3076\u308a\u3068\u306a\u308b\u30a4\u30f3\u30d5\u30ec\u304c\u5e74\u9593\u3092\u901a\u3058\u3066\u6301\u7d9a\u3057\u305f(2022\u5e7411\u6708\u6642\u70b9\u3067\u306e\u524d\u5e74\u540c\u6708\u6bd4headline\/core\u7269\u4fa1\u306f\u305d\u308c\u305e\u308c+7.1%\u3001+6.0%)\u3053\u3068\u3092\u8003\u3048\u308b\u3068\u3001\u5b9f\u8cea\u3067\u306f\u904e\u53bb\u6700\u60aa\u3068\u8a00\u3063\u3066\u3082\u3044\u3044\u3060\u308d\u3046\u3002 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