кѥ˥塼

޸Ρкѥ˥塼̤ưͻ֥Ǥϵ岹Ȳ˻ߤΤúи󾧤ޤиӽиȤϰ㤤ޤߤʴ㤤ΤǤ

2008ǯ11

Υ˥塼ɤߤޤ

ʪҤȯԤCP(ޡ롦ڡѡˤϢ
㤤äƤ餦Ȥ

äޤ͡

Ϣ䤬CP㤤٤ߤȤȼΤäǤ
٤ѤơܴȤϢ䤫餪ڤ뤳Ȥˤ
ʤơš

áäǤʤäȤǤ

˥ꥫζͻƥϲƤޤäΤǤ͡


ԾϡƤޤ

ΰФΤ褦ˡޡåȤĤޤȡ󤫤Ⱦʤ
Ƥޤ͡

ȤȤǡμäƤ롣


CPϡɤ餬ꥹ⤤ΤǤ礦

Ť˹ͤȡꥹ⤤ȻפΤǤ

Ǥ⡢CPμϡϢ䤬ʤȼࡼΩʤ
ʤäƤΤǤ


ϡϢCP㤤٤ˤĤơĴ٤Ƥߤޤ礦

NYϢΥȤѤޤ


1Why is the Federal Reserve establishing the CPFF?

ֲΡϢϡCPFFߤΤ

CP㤤٤ϡCPFFȸƤФƤޤ

ܸǡ֤ԡդäաפȤǤƤӤޤ礦


The commercial paper market has been under
considerable strain in recent weeks as money
market mutual funds and other investors, themselves
often facing liquidity pressures, have become
increasingly reluctant to purchase commercial
paper, especially at longer-dated maturities.

CPԾϡǶζĥ֤ˤ롣ޥ͡ޡåȤΥߥ塼
奢ե󥺤¾ȤήưΰϤľ̤CPä
֤ĹCPιˤĤƱסöŪˤʤäƤ뤫Ǥ


As a result, an increasingly high percentage of
outstanding commercial paper must now be refinanced
each day, interest rates on longer-term commercial
paper have increased significantly, and the volume
of outstanding commercial paper has declined. 

֤η̡¿CPڤ괹졢ĹCPΨ
ϵ޾徺CPȯԻĹϸƤ

A large share of outstanding commercial paper
is issued or sponsored by financial intermediaries,
and their difficulties placing commercial paper
have reduced their ability to meet the credit
needs of businesses and households.

ȯԤ줿CP¿ϡͻؤ𤷤Ƥꡢζͻ
CPꤵФȤ񤷤ʤäƤ뤿ˡȤȷפλ
ȤǤʤʤäƤ

 


2What is the purpose of the CPFF?

CPFFŪϡ


The purpose of the CPFF is to enhance the liquidity
of the commercial paper market by increasing the
availability of term commercial paper funding to
issuers and by providing greater assurance to both
issuers and investors that firms will be able to
roll over their maturing commercial paper.

CPFFŪϡȯԼԤФCPˤĴãβǽ礭
뤳ȤˤäơơȯԼԤȤФ Ҥ
褿CPڤ괹뤳Ȥǽˤ뤳ȤݾڤƤ뤳Ȥ
äơCPԾήư뤳ȤǤ

These steps should contribute to an overall
improvement of conditions in credit markets.

֤֤ϡζͻԾŪʲ˴ͿǤ


3How will the CPFF work?

CPFFϡɤΤ褦˺ѤΤ

The CPFF will provide a liquidity backstop to U.S.
issuers of commercial paper through a special purpose
vehicle (SPV) that will purchase eligible three-month
unsecured and asset-backed commercial paper from
eligible issuers using financing provided by the Federal
Reserve Bank of New York.

CPFFϡŪҤ̤ơƹCPȯԼԤήưٱ
ԤŪҤϡŬͭ3Τ̵ôݤCPڤ
ͭôݤCPŬͭȯԼԤ롣Ŭͭ
ȯԼԤȤϡNYϢ䤫ͻƤȯԼԤǤ

The SPV will hold the commercial paper until
maturity and will use the proceeds from maturing
commercial paper and other assets of the SPV to
repay its loan from the New York Fed.

ŪҤCPޤͭ褿CPֺѻ
¾λ񻺤ˤĤƤϡNYϢ䤫μλʧ˽ƤΤ

 

4When will the CPFF become operational?

CPFFϡĶ̳򳫻ϤΤ

The CPFF will become operational on October
27, 2008.

2008ǯ1027


5What issuers will be eligible to sell commercial
paper to the SPV?

ŪҤФơCPŬͭȯԼԤ
ϡ

Only U.S. issuers of commercial paper, including
U.S. issuers with a foreign parent, are eligible to sell
commercial paper to the SPV. A U.S. issuer is
an entity organized under the laws of the United States
or a political subdivision or territory thereof or is a U.S.
branch of a foreign bank.

ƹCPȯԼԤΤߤŪҤCPʤͭ뤬
ȯԼԤˤϡȤƹˡͤޤࡣƹȯԼԤȤϡ
ˡΧˤΩ줿ˡͤǤꡢϳԤƹŹ
Ǥ
 

6May investors sell outstanding commercial paper
to the SPV?

ȤϡŪҤͭCP뤳ȤǤ

No.  The SPV will only purchase commercial paper
from issuers. 

֤ǤʤŪҤϡȯԼԤCPΤߤǤ


7. How will the New York Fed determine the maximum
amount of a single issuers commercial paper that
the SPV may own at one time?

NYϢϡġȯԼԤCPȯԳۤθ٤ɤΤ褦ˤƷ
ꤹΤŪҤ٤ͭ뤳ȤǤȤ
̣Ǥθ٤Ǥ뤬


 Upon registration with the CPFF, the issuer will
be required to certify the maximum amount of U.S.
dollar-denominated commercial paper it had
on any day between January 1 and August 31, 2008. 
The New York Fed retains the right to verify that
maximum amount.

CPFFϿ˺ݤȯԼԤϡ2008ǯ1831ޤǤδ֤ˤ
ƥɥƤCPκۤǧ뤳Ȥ롣
NYϢ
ϡκǹۤΤ븢ͭ


8. At what price will the SPV purchase commercial
paper?

ŪҤϡCPɤäդΤ


 The commercial paper purchased by the SPV will be
discounted based on a rate equal to a spread over
the three-month overnight index swap (OIS) rate
on the day of purchase.  The SPV will not purchase
interest-bearing commercial paper.  The spread for
unsecured commercial paper will be 100 basis points
per annum and the spread for ABCP will be 300 basis
points per annum.  For unsecured commercial paper,
a 100 basis points per annum unsecured credit surcharge
must be paid on each trade execution date. 

ŪҤˤä㤤CPϡˤ
Ψϡ3OIS졼ȤФ륹ץåɤƱ褦
ˤ롣ŪҤϡդCPϹʤ̵ôCP
Ф륹ץåɤϡ100١ݥȤȤôդCPΥץå
300١ݥȤȤ
 


9 Over what time period will the SPV operate?

ŪҤϡĤޤ㤤ԤΤ


The SPV will begin purchasing commercial paper
on October 27, 2008, and will cease purchasing
commercial paper on April 30, 2009, unless the Board
of Governors of the Federal Reserve System extends
the CPFF. 

2008ǯ1027˶̳򳫻ϤϢ̤ηĤ򤷤ʤ
¤ꡢ2009ǯ430˶̳λ

 

 

 

ȤΤˡ񤷤äˤʤäƤޤޤ


ءʪFRB餪ڤ뤳ȤǤΤȻפä
å򤪴ꤤޤ

͵blog󥭥󥰤

Υȥ꡼ϤƤʥ֥åޡɲ

ʥȥǼ餷ޤ

󡢽ϻԤäơɤˤԤΤäƤޤ

˽¿οͤΤʤǤ礦ϰ
ͤϡΤäƤޤפޤ


ɤǤ礦

ҥȤϡԤǤĤޤꡢƱϰ¸ߤƤȤȤ

ϻԤ˻̾ζԤ˽ȬԤޤϤɤ¸
ߤƤǤ礦

ϻԤ⽽ȬԤɤäΤäƤͤϡȳطԤǤ礦


ϻԤϡ츩˽ߤȬԤϡĹ긩˽ߤƤ

Ǥϡδ츩ˤ뽽ϻԤȴԤϡɤ餬礭Τ

ФͤϡäѤȳطԤȤϸοͤ
ǯǤ礦

ϻԤȴԤǤϡϻԤŪ礭ΤǤ

Ǥ⡢ΡϸοͤǤʤΤˡǯϡϻԤ礭
ʬΤǤ礦

졢ϻȤȬȤֹ椬̾ˤĤƤԤϡΤ
ΩɤʶԤǤ뤳Ȥ¬뤫Ǥ

ΤΩɤʶԤǡ˽ߤΤȤСԤȤ
ȤǤ

ϸʳǤϡۤ̾٤Ϥʤ⤷ޤ󤬡ϸǤ
Ū̾٤ؤޤ

äؤ󡢤ƤʤΤǤ


֤Ǥ⡢ԤԤʤΡ

ǤϡԤȸƤФ뤳Ȥ⤢褦ǤΤˤϡ
ԶԤȸƤФޤά϶Ǥ

Ǥ顢Ԥˤ⡢϶϶䤬櫓Ǥ

֤ʤΡǤ⡢ԤǤ뤳Ȥϴְ㤤ʤΤǤ硩

ϤΩɤʶԤǤǤ⡢ǯޤǤϡ߶ԤȸƤФ
ޤ

СǶϡ߶ԤȤΤܤˤʤʤäʡȤ
ޤ󤫡

߶Ԥϡɤ˹ԤäΤǤ礦

Х֥Τǡ줿ΤǤ礦

ǤϤʤΤǤ

¤ϡХ֥뤬뤽߶ԤȸƤФƤ
ϡƤ̶Ԥž줿ΤǤ

ȤȤǡǯϡ϶䤬߶ԤȸƤФƤȤ
褯ΤäƤޤ

ơ߶ԤȸƤФΤԡפȤϾФʷ
äƤȤΤäƤΤǤ

ˡ̤οͤϡ߶ԤȤ̵ԲҤȸƤФ¸
ߤǤäȤΤäƤΤǤ

ĤޤꡢϡƱԤȸƤФ¸ߤˤʤäƤƤ⡢Τϡ
̵ԲҤϸΩɤʡֶԡפȤ㤤äΤǤ


Ǥ⡢䤬ä򤹤뤫Ȥäơ̵ԲҤ߶Ԥ
󤸤Ƥ櫓ǤϤʤΤǤ

ͤˤϿͤ줾䤬ޤ

ȿƱǤ

ȤǤΩޤ

澮Ȥ⤢ꡢٴȤ⤢뤫椬ΩƤΤǤ


ʤΤǤ

߶Ԥϡ߶ԤǤäʬθȯ
䤹äΤǤ

षԤˤäƤʤƤߤ䤹ʤɤäơ
Ԥ̵ǶŤ߶Ԥʤ鼫ʬ˹äƤ
פäƤҤ󤬤ϤǤ


ʤΤˡͻɤ߶Ԥΰ̶žȤȤ
äƤޤäΤǤ⤦ǯäǤš


졢餯־ʿڡ礭ʤáפǤäǽΤ

ݡɤϡ礭ʿڡפȤͤƤ⤷ޤ

ʤȤäƤ⡢߶ԤηбĿؤϡ֤ȡ

̾ɤˤ⡢줫ϡԤȽ񤱤뤷

ʤŷ䤹

ʤơ

Ǥ⡢߶ԡפֶԡפ̾ѤȡɤƤؿӤ
ʤʤޤ

äơԤʤΤšȡ

̾ѤäȤơʤ񻺵Ϥ礭ʤ
ǤʤƯ԰󤿤μ⤯ʤǤ⤢ޤ


դˡҤΩ줫ߤСƱԤʤΤˡʤ󤫶ԤȤ
ƤνŤߤ˷礱͡ʤƻפƤޤޤ


ǡ϶β˰֤ΤϡѶˤΰġ

ѶˤϡѶˤΤޤޡ

ɤĤޤϤ褦ʥ顼Ѥ餺Ÿ
Ȥο礤ڤˤ櫓Ǥ

ȤȤǡ϶̾Ѥä߶ԤΰĤˤϡ
бĴĶԤƤΤǤ

ơ϶̾Ѥ˥Х֥뤬ȯޤ

ϥ֡ˤΤäơưˤޤ

¸ΤΤȤꡢХ֥뤬Ƥ϶ηбĤϰ쵤˰
ƤޤäΤǤ

ΤʤԤȤơбĴĶѶ줷ʤäƤ

顢϶ޤ᤿Τǡ9ˤϡ1/3
ֻˤʤäƤΤǤ

Ԥϡ2001ǯ120ߤθŪƤäƤޤ
ɡײ̤˶ӤʤäȤ顢ǯ7ͻ
ɤ̳̿ƤΤǤ

Ǥ⡢̿򤷤ȤäơֻˤʤΤǤ⤢ޤ

Ρֶ̳̿פʤɡ̣ʤ󡪤Ǥ

顢;͵ԤˡְƤäƤפȤ
äƤΤ⤷ޤ


ϡǿ¿ߤޤ

Ǥ⡢ʤȤ򤷤Ƥ⡢ʤʤбƤβϸƤʤ
ΤǤ

ɡȴŪʲפ˼꤬ĤʤǤ


ϡꥫΤ褦˥ɥ饤˲ҡʶԡˤ˽ФơбĤ
Ū軰ԤǤԤ褦ʵޤ



ܤϡѤ餺ŪʼˡǡԤδĻƳԤäƤ
Τʡȴå򤪴ꤤޤ

͵blog󥭥󥰤

Υȥ꡼ϤƤʥ֥åޡɲ

9ִη軻ȯɽˤʤäƤޤ

пʹϡ⡢ޤ»1.5ߡפ󤸤Ƥޤɤ
פФ⡢ޤ»ܤƤΤǤ


1.5ߤδޤ»ȤΤϡҾǤϤޤ


⤬ȯɽߤƤߤޤ礦

֡ȾñΤ񻺤58 1,142 ߤǯ
٤3774 ߸ޤ

Ĵã̤Ǥϡ¶Ĺ38 3,118 ߤȤʤꡤӺȯԻĹ
5311 ߤȤʤޤ

̤Ǥϡ߽жĹ87,447 ߡͭڷĹ32
9,602 ߤȤʤޤ

»׾ˤĤޤƤϡƹ񥵥֥ץ饤Ȥͻ
κ𤬳礷Ūʥꥹ˴ŤݼŪʺ̳
ԤäƤޤڷΤʤʲȤʤ
Ȥͭڷθ»ˤ»׾夷Ȥ
ʤꡤоפǯƱ1,300 ߸205 ߡ»
ƤȾפȾ1,309 ߸104 ߤȤʤޤ
ޤ̳פ599 ߡ¼̳פ40 ߤȤʤޤ

 

񻺤58ߤ⤢ΤǤ͡Ǥͻؤ

ǡ⤽Ȥʤɤ¶⤬Ϥȹ
Ϣ̤ƺǽŪ˽ȤߤˤʤäƤ
Ǥ

¤ˤγۡ38ߤˤȡ

ΰƽ줿⤬ɤȤƤ뤫Ȥߤȡ
߽жϡϤ87鲯ߤ˲᤮33߶᤯ͭڷʤɤ˱
ѤƤȤΤǤ


ͭڷ

Ƕᡢθդʹȡ԰¤ˤʤޤ󤫡

Ǥ͡ŪʶͻȯĤķԾ줬
Ĥʤ˽Ƥ뤫Ǥ

ǡ⤬ͭͭڷˤĤơޤ»15鲯ߤ
ȯƤȤΤǤ

Ƭ򲥤줿褦ʻפ

Ǥ⡢Ťˤʤɬפޤ

ޤ»1.5ߤʹ´ݤˤʤͤ¿Ȼפޤ
ŤˡŤˡš


ȤΤϡˤο̤꿮ƤɤȤ
Ǥ

1.5ߤϡʤǤ»Ѥʤ顢ष
ͭ񤤤ȻפʤȤʤ⤷ʤǤ

Ρפΰ֤ϡɤʤäƤΤǤ礦

Ǥ졢ưչĤɾˡǤ

פäƤߤƤߤȡΤ褦ޤ


֡ºݤ㤬ˤƾʤưչĤˤĤƤϡԾ
ʤȤߤʤʤˤȽǤбļԤιŪʸѤ
˴ŤŪ˻ꤵ줿ۤȤƤ롣η̡Ծ
ʤȤӤơͭڷ5,759ä
¾ͭڷɾ۶3,965äǶ񻺤1,794
߸


פˡϡưչĤˤĤƤϡԾʤ
ʤˤäȤȤǤơη̡ޤ»
3965߾ʤʤäƤȡ

ȤȤǤСδޤ»ϡƱ褦ɾ
С2߶ᤤޤ»ȯƤȤȤǤ

ί©ФǤ

ˡѤʤȻפФޤ

ꥫνҤΥեˡᥤȥեǥޥå˸Ū⤬
ޤƻʤ줿Ȥ⤬θҤ
ҺĤ55ʬۤͭƤȤ󤸤Ƥޤ͡

ʬϤɤʤäΤǤ礦

λߤȡμҺĤͭۤϡ35鲯ߤ
ɤȤʤäƤޤۤϡʧäƤޤäȤȤǤ͡

ǡμҺĤˤϡޤ»ȯƤʤ褦Ǥ

ƹܤݾڤƤƤ뤪Ǥ


⤷եˡᥤȥեǥޥåþƤ顢ˤȤǤ
ȤˤʤäƤȤȤǤ


ޤˤƤ⡢ʤ»ФƤ⡣

⡢58ߤ񻺤ͭʤ顢߽ФϡϤ9١

ʬͭڷαѤ˲󤷤Ƥ櫓Ǥ顢إåե
ɤߤʤȤ򤷤ƤȤƤ⤷礦ʤǤ礦

ΡϡΤ¸ߤΤȡ

ӿ建ʤǤϥȥåפޤؤʤ顢ͻˤĤƤ¤Ȥ
ʤ褦Ĺ̳Ȥϡ

ơʤʤȡޤ񤫤⤬줽ʵۤǤ

 

бĤ˼ԤΤǤСʤǤ٤Ȥ
å򤪴ꤤޤ

͵blog󥭥󥰤




 

ޤޤ2008ɼޤѤߤǤʤءꤤ


ޤˡޤޤ2008ο򤪴ꤤƤޤ
ޤǡַкѥ˥塼ߡפΥߥ͡Ȥޤ


ǡšͤá

ɼȤȤʡ

Ϥȡ


ȤȤǡɼΤۤɤꤤޤ

ǡɼλޤ

 

褺ɼΥڡľԡ


http://www.mag2.com/events/mag2year/2008/


ȡ褺ޤɼФƤޤ͡


ΰ˽ФƤΤ֢˥塼硡


ǡ΢򥯥åȡΥߥ͡Ȥ줿ޥꥹȥåפ
Ƥޤ

ơ4ܤˡַкѥ˥塼ߡפޤ

򥯥åƲ


ǡ˥塼ʳˤ⤿礬ޤ¾
ɼΤʤˤϡ⥯åɬפϤޤ

⤷¾ˤɼޥСΥޥ̾򥯥å
ɼǤޤ

 


ơޤ˰ܤޤ

ޤǤ

Ȥޤ

΢򥯥åȡ֢˥塼/кѥ˥塼ߡ
ȽФƤޤΤǡ򥯥åƲ



ˡͳ󤬽ФƤޤ

פäȤΤȤ򤴵


ơΥ᡼륢ɥ쥹Ʋ

ǡǸɼ򥯥åСɼϽǤ


ͤǤ


ݤʤȤˤƿޤ

ǡݤ򤪤뤫ˡޤޤץ쥼Ȥ򤢤ȸ
Ƥޤ

ΥӥˤǻȤ륯500ʬ100̾

2008ǯιԥåʹ10̾͡


ɼޤꤤޤ


ɼˤƤ꤬Ȥޤ


Υȥ꡼ϤƤʥ֥åޡɲ

ϡFRBλĥΤä򤷤Ȼפޤ

Ǥ⡢ˡ

ޤˡޤޤ2008ο򤪴ꤤƤޤ
ޤǡַкѥ˥塼ߡפΥߥ͡Ȥޤ


ǡšͤá

ɼȤȤʡ

Ϥȡ


ȤȤǡɼΤۤɤꤤޤ

ǡɼλޤ

 

褺ɼΥڡľԡ


http://www.mag2.com/events/mag2year/2008/


ȡ褺ޤɼФƤޤ͡


ΰ˽ФƤΤ֢˥塼硡


ǡ΢򥯥åȡΥߥ͡Ȥ줿ޥꥹȥåפ
Ƥޤ

ơ4ܤˡַкѥ˥塼ߡפޤ

򥯥åƲ


ǡ˥塼ʳˤ⤿礬ޤ¾
ɼΤʤˤϡ⥯åɬפϤޤ

⤷¾ˤɼޥСΥޥ̾򥯥å
ɼǤޤ

 


ơޤ˰ܤޤ

ޤǤ

Ȥޤ

΢򥯥åȡ֢˥塼/кѥ˥塼ߡ
ȽФƤޤΤǡ򥯥åƲ



ˡͳ󤬽ФƤޤ

פäȤΤȤ򤴵


ơΥ᡼륢ɥ쥹Ʋ

ǡǸɼ򥯥åСɼϽǤ


ͤǤ


ݤʤȤˤƿޤ

ǡݤ򤪤뤫ˡޤޤץ쥼Ȥ򤢤ȸ
Ƥޤ

ΥӥˤǻȤ륯500ʬ100̾

2008ǯιԥåʹ10̾͡


ɼޤꤤޤ


ɼˤƤ꤬Ȥޤ


ǤϡFRBλĥä򤷤Ȼפޤ

пʹɤȡFRBλ񻺵Ϥϡ꡼ޥ֥饶
þ9ܻǤ9鲯ɥäΤ2Ⱦ
ˤϡ22鲯ɥˤޤĥȤޤ


褺Ǥ

ξFRBȤϡΤȤǤ礦

FRBϡFederal Reserve BoardάǡϢˮΤ
Ǥ硩

褯ΤäƤޤ͡

֤äؤ

Ǥ⡢Ѥ˴ޤ󤫡

Ϣˮ񤬡񻺤ͭʤơ

ϢˮȤΤϥꥫԤΤȤǤ硣
顢ʤ

̩ˤΤǤСϤޤǤǤäơ
ζԤ̤¸ߤϤǤ

̣礤ϡƹԤͭ񻺤ĥƤ
ȤǤ顢FRBϢ̣뤳Ȥˤʤޤ

ơϢϡ12϶Ϣ䤫鹽Ƥޤ

Ϣ䡢ѸDzȤΤǤ礦

ϢϡFRBȸޤ

֤졢衣FRBϡϢΤȤʤΤǤ硩

ξΡFRBϡFederal Reserve BanksΤȤؤΤǤ


٤äǶ̤Ǥ

Ǥ⡢ΤäƤǡϡפȤ㤦




ǤϡϢλ񻺤ǤɤƤĥƤΤǤ

֤ϡͻΤˡϢ䤬ڷ㤤äꡢ
߽ФäƤ뤫Ǥ硩


֤褫ä

ǤϡǼ䡣

ɤơ߽Ф䤹Ȼ񻺤ΤǤ礦

褺Ԥ˹ͤޤ礦

ԤĿͤ¶򽸤ᡢΰ߽Ф˲󤷤
Ȥޤ

񻺤ϡΤǤ礦

㤨С100ߤҤ󤫤¶⤷Ƥ餤Τ30ߤ߽
˲󤷤Ȥޤ

ɤǤ礦

֤顢30ʬ񻺤ȤˤʤΤǤϡ


Ǥ⡢¶100ߤ򸽶⤷ƤäȤ顢100
ߤȤƶˤ¸ߤλǡ񻺤˸100
ߤ׾夵ޤ

ơ30ߤ߽Ф˲󤵤ȡ⤬70ߤ˸ꡢ
߽жȤ񻺤30ȯǡۤѲϤ
󡣡ʤξϡ߽Ф¹ԤꤷƤޤ

ֻ񻺤ʤΡ

ԤξˤϡΤ褦ˤǤϻ񻺤뤳ȤϤ
ޤ

Ǥ⡢ԤϡԤȤϰ㤤ޤ줬ҥȤǤ

ԤԤˤߤФȡԤΥХ󥹥
ȤϡɤѲǤ礦

֤顢Ȥ񻺤߽жѤΤǤ

ޤԤԤΤߤФˤϡ
ȤԤԤͭ¶¡ʽ
¶¡ˤ˻򿶤뤳ȤŪǤ礦
θ¶ϡԤˤȤäƻ񻺤ʤΤǤ礦


¤ϡȤΤϡԤμѾڽߤʤΤǤǤ
顢ԤˤȤäƸϡĤˤʤޤ¶⡢
Ԥ¤äƤ¶Ǥ顢ĤǤ

ȤȤǡԤϡԤˤߤФȡĤ
ȤȤˤʤޤθ֤ȤƻԤФ
ж⤬Ʊäޤ


ĺǤ礦


֤ʤ󤫥ޥ

ǤϡԤ100ߤڤ뤳ȤƤߤƲ

ΥХ󥹥ȤϡɤѲǤ礦

֤ڶ⤬100ΤǤ硩

Ǥ

֤Τ褦ʡš

Ԥ100߼ڤС100ߤˤ뤫
¶¤100ߤޤϤǤ

ȤȤǡĤ100äޤƱ˻񻺤⡢
⤫뤤¶η100ΤǤ


ǡ⤷ɤǤ⤪ڤȤСڶ⤬
ѤߤäƤޤƱ˻񻺤ѤߤȤȤǤ

ƼڶѤ߽ŤͤȤΤϡ;͵ʤȤ
礦顢μڤꤿ⤬긵˻Ĥ뤳ȤʤΤǡ񻺤
Ȥ´ʤΤǤ

ˤƤ⥢ꥫϢϡΤ褦ˤĤ䤹Ȥ
äƻ񻺤䤷ƤȤȤǤ

Ǥ顢Ϣλ񻺤ĥƤȤȤϡĤĥ
ƤΤ򤹤٤Ǥ

֤ɤääƤ뤫顢ץ饹ޥʥȤǤ
͡


꤬ΤǤ

֤ɤȡ

ĤޤꡢϢͭ񻺤μǤ

⤷Ϣ䤬ߤФλԤǤС߽ФǤ
դȤϤʤǤ礦Ǥ⡢⤷߽λԤˤ󤷤
š

ˡϢϡԤͭƤޤޤʻ񻺤㤤
Ƥޤ

ΤʤˤϡʤĤʤʤä褦ʾڷ⤢ޤ

̻ȲҤȯԤCPƤޤ

ǡCP̳ԤˤʤäƤޤäš


ȤȤǡϢϡꥫηкѳɻ񻺤ݽΤ褦
ۤ򺣲̤ƤΤǤ

ɻ񻺤ԤϢ˰ܤСԤκ̳η
ˤΩޤ

ȿ̡ϢλƤΰϿʤȤ櫓Ǥ


ȤȤǡ椬ϢλƤΰ˷ǰϤ
ƤΤǤ


ɥ¤ʤǽޤ



ϢλĥͳʬäȤå򤪴ꤤ


͵blog󥭥󥰤

Υȥ꡼ϤƤʥ֥åޡɲ

ƹ񤬡ޤƤɲäηккǤФޤ

ơɲöͻк77ߡסС1126ˤȤޤ

ͻк

ͻȤΤǤСʤȤʤƤǤΤǤ
ͻкȤȡɤʤΤʤΤǤ礦

פäƵɤǤߤȡư֥ػ󡢰
쥸åȥɤΥʤɤٱ礹ΤǤȤƤޤ

졢ݡ륽̳ĹڤƤޤ͡

ɻ񻺤㤤ϸ̤¤Ƥꡢषԥ
ɤٱ礹ʵθ̤顢ȸäƤޤ

ǡεϤ8000ɥ롢ܱߤ77ߤǤ顢ʵ
Ǥ뤳Ȥʬޤ

Ǥ⡢줬ɤơֶͻкפˤʤΤǤ礦

⤦褯ɤǤߤޤ礦


֤ϡFRBȯɽȤޤĤޤϢ䤬ͻʤ
򤹤ȤΤǤ

ܤɻ񻺤㤤Ȥ櫓ǤϤޤ󡣤Ǥ顢ֶ
ͻкפȤʤäƤΤǤ礦


ǡۤ8000ɥǤ6000ɥôݾڷ
佻ʤɤκĸ㤤Τ˻ȤĤ2000ɥǾ
ԥʤɤôݤˤȯԤôݾڷͭԤͻ񤹤
Ȥޤ


ա󡢤Ȥ

ȡ


Ǥ⡢ޥ褯ʬޤ͡

ȤȤǡFRBΥץ쥹꡼ߤƤߤޤ礦


The Federal Reserve Board on Tuesday
announced the creation of the Term Asset-Backed
Securities Loan Facility (TALF), a facility that will
help market participants meet the credit needs of
households and small businesses by supporting
the issuance of asset-backed securities (ABS)
collateralized by student loans, auto loans, credit
card loans, and loans guaranteed by the Small
Business Administration (SBA).


FRBϡôݾڷͻ١TALF)ߤɽ
٤ϡ澮ȶɡSBA)ݾڤػ󡢼ư֥
󡢥쥸åȥɥʤɤôݤˤôݾڷABS)ȯ
Ԥٱ礹뤳ȤˤꡢԾ컲üԤȷפ澮Ȥλˡ
Ȥ褦ȤΤǤ

Under the TALF, the Federal Reserve Bank
of New York (FRBNY) will lend up to $200
billion on a non-recourse basis to holders of
certain AAA-rated ABS backed by newly and
recently originated consumer and small business
loans.

֤ͻ١TALF)βNYϢϡ2000ɥޤǡ
ԥ侮ϥӥͥ줿ȥץAγդ
ĤôݾڷͭԤФΥ󡦥ꥳ١ǻ
ͻ񤹤


 The FRBNY will lend an amount equal to
the market value of the ABS less a haircut and
will be secured at all times by the ABS. 

NYϢϡôݾڷλԾۤޤͻԤ
򺹤ôݾڷˤäôݤ
Ȥ


The U.S. Treasury Department--under the
Troubled AssetsRelief Program (TARP) of
the Emergency Economic Stabilization Act
of 2008--will provide $20 billion of credit
protection to the FRBNY in connection with
the TALF.

ֺ̳ʤϡ۵޷кѰ경ˡɻ񻺵ߺѷײTARP)˴
λôݾڷͻ٤˴ϢơNYϢФĸݸ
Τ200ɥͿ


ά

New issuance of ABS declined precipitously
in September and came to a halt in October.
At the same time, interest rate spreads on AAA-rated
tranches of ABS soared to levels well outside the
range of historical experience, reflecting unusually
high risk premiums.

ֻôݾڷοȯԤϡ9˵޸10ˤϻߤޤäƤޤ
  ƱˡǶΥꥹץߥΰ۾ʳȿǤơȥ
Aλôݾڷζץåɤߤʤã
Ƥ

The ABS markets historically have funded
a substantial share of consumer credit and
SBA-guaranteed small business loans. 

ֻôݾڷϡŪˤߤơԿѤ澮ȶɤݾ
դϥӥͥʬˤĤƻ󶡤Ƥ

Continued disruption of these markets could
significantly limit the availability of credit to
households and small businesses and thereby
contribute to further weakening of U.S. economic
activity. 

֤ΥޡåȤ³֤ˤȡȷפ澮Ȥ
ⷫ˻پ褷ƹηʵסޤ뤳Ȥˤʤ

The TALF is designed to increase credit
availability and support economic activity by
facilitating renewed issuance of consumer and
small business ABS at more normal interest
rate spreads.

ֻôݾڷͻ٤ϡ⤦Ȼפǡ
Եڤ澮ȤλôݾڷȯԤǤ褦ˤ뤳Ȥ¥ʤ
뤳Ȥˤäơⷫкѳưٱ礹뤳ȤŪȤ
ΤǤ

 

դդšʬäƤ褦ʵޤ͡


ԤٴȤηбļԤϡԥ伫ư֥󡢤
˥쥸åȥɤΥѤޤ줬ǶѤǤʤ
äƤΤǤ͡

ΤȤС̤˽졢ڷˤ
Ȥ䤹뤳ȤˤäƻβޤäƤ櫓Ǥ
ѽ̤ơڷʤʤäƤ뤫Ǥ

ȤȤǡڷͭƤȡϡ
ͭƤ⤤ȤȤNYϢ䤬ͻ򤷤ƾ夲褦Ȥ
ΤǤ


NYϢ䤫ͻΤϡĿͤǤäƤˡͤǤäƤ⹽
ʤFRBϸäƤޤôݾڷͭƤ
ͤ˸¤ȤϸäƤޤ


⤦ϢϡïˤǤ⤪ߤƤޤ櫓Ǥ͡

ĿͤǤ⤤ΤǤäơ


ʤȡҶعɤǤҲʤζʽƤ
ɬפǤ礦

ȤΤ⡢ԤϡԤζԤǤäơ˼
뤬̤λȲҤĿͤͻ򤷤ꡢ¶򽸤뤳
ϤʤƤ뤫Ǥ


ȤǡTALFtϡtermǤꡢͻ񤬰֤ͻǤ
Ȥ򼨤Ƥޤ

ǡŪˤϡ1ǯ֤ͻȤƤΤǤ

ޤͻϡΥ󡦥ꥳ١ǤȤƤޤΤǡ
ڤꤿͤϡôݤСڤꤿֺѤ뤳
ʤ櫓Ǥ


̤ơTALF̤ΤǤ礦

TALFϡɤɤΡ

ȤդȤǤ⡢ɤǤޤ礦

 

˲Ǥ⤢ʡȻפäå򤪴ꤤޤ

͵blog󥭥󥰤

Υȥ꡼ϤƤʥ֥åޡɲ

䡼ѤʤȤˤʤäƤޤ͡

꡼ޥ֥饶þAIGϹˤߺѤ줿
ǡ⤦ΤȤˤ϶äʤʤޤƹǰ֤Ǥ
ԤǤ륷ƥ롼פߺѤ뤳Ȥˤʤޤ


¤ϡƥФƤϡ1029ˡ250ɥλȯɽ
줿ФǤ

줫ޤ1ФʤΤˡʻ֤ˤʤäƤΤǤ

ǡϡ200ɥɲ뤦ƥ
3060ɥɻ񻺤ˤĤơ»ȯˡܤ
ݾڤȤƤˤʤäƤΤǤ

äϺ٤ʤޤ3060ɥɻ񻺤ˤĤơ褺ƥ
290ɥ»Ԥθȯ»ˤĤơ1
ϥƥôĤ9ܤôȤΤǤ

ȤȤǡܤƥͭɻ񻺤㤤äƱ
ʸ̤ΤǤ

ޤݾڤǤ顢ܤôȯǤʤΤǤ
ˤƤ3060ɥˤɻ񻺤ݾڤȤϡ
ҾʤȤǤϤޤ

ꥫζͻƥϡ˲ƤޤäΤǤ礦


ϡˤȤɤޤޤ

¤ϡƥϡ12鲯ɥ񻺤ͭƤȤ

Ĥޤꡢ100ߤĶ뵬Ϥ񻺤ꡢΤʤˤ
Ƥ񻺤ޤޤƤ뤳ȤͽۤƤΤ


ҤäȤ顢ޤޤɲäεߺѺȯɽǽʤˤ
⤢餺ȤȤǤ

ݤݤäǤ


Ǥ⡢ɤơť켰бˤʤäƤΤǤ礦͡

1250ɥλȯɽݡΤ褦ʤȤͽ
ۤǤʤäΤǤ礦


Ի׵ĤȤ褦ޤ


ˡݡ륽̳ĹϡĤɻ񻺤㤤ϡ
ߺѺȤƸ̤ԤǤԤؤλ¾ˤϡ
伫ư֥󡢤뤤ϥ쥸åȲҤεߺѤΤ˻
ȤɽФǤ͡


Υƥͭɻ񻺤Фݾڤϡɻ񻺤
㤤ȡ¼ŪˤƱΤǤ

ܤϲͤƤΤ

ϲͤƤʤΤ

Ȥ⡢ܤʤǡϤ뵤򼺤äƤ
Τ


ƥߺѤΥ˥塼ǡƹǤϳƤޤ
̯äǤ

ƹǰ礭ʶԤǤ륷ƥ˵ߺѤȤ˥塼
ˡƹ̱ϡǤϤɤˤ¤ФΤǺǤ褦
ޤ


ꥫζͻϡʾ˹󤤤ʡȺפäå
ꤤޤ

͵blog󥭥󥰤

Υȥ꡼ϤƤʥ֥åޡɲ

ĤǤ2ڤä֥åΤǤAPECǾ
Ǥϡ̤˼ͳԾкѤ黿Ƥޤ

So I want to talk today about how to do that and
I want to focus -- and I think we ought to focus our
efforts on three great forces for economic growth:
free markets, free trade, and free people.

ֻϡǡˤƤ뤫ˤĤä򤷤ơ
桹ϡкĹˤȤäƤ3Ĥ礭ʸưϤ˾Ƥ٤
ȡϹͤ롣ϡͳԾǤꡢͳǰפǤꡢͳ
ʿ͡Ǥ


First, our nations must maintain confidence in
the power of free markets.

ˡƹϡͳԾϤФ뿮ݻʤФʤ


Now, I know in the wake of the financial crisis,
free markets have been under very harsh criticism
from the left and from the right.

ֺ䡢ͳԾϡͻȯ㤫⤽Ʊ㤫
⸷Ƚˤ餵Ƥ뤳ȤϾΤƤ

It's true the free market system is not perfect.
It can be subject to excesses and abuse. As we've
seen in recent months, there are times when
government intervention is essential to restart
frozen markets and to protect overall economic
health.

ֳΤ˼ͳԾ쥷ƥϴڤǤϤʤˤϹԤ
⤢롣Ƥ褦ˡĤԾƳ뤿
ˡ뤤Ϸк̤η뤿ܤβɬԲ
ʤȤ⤢


Yet it is also essential that nations resist
the temptation to overcorrect by imposing
regulations that would stifle innovation and
choke off growth.

֤ƹ񤬡Υ١˳ꡢкĹ©Ƥ
Ƥޤ褦ʲʵͶǤ˾ʤȤޤפʤȤǤ

The verdict of history is unmistakable:
The greater threat to prosperity is not too
little government involvement in the market
-- it is too much.

ˤȽǤˤϴְ㤤ʤ˱ɤؤ˸Ȥʤ礭װ
ϡܤλԾؤδͿʤ뤳ȤǤϤʤ¿뤳ȤǤ


Over the decades, the free market system
has proved the most efficient way and the just
way of structuring an economy.

ֲǯˤϤꡢͳԾ쥷ƥϡкѤۤǤŪ
ˡǤ뤳ȤƤͳԾ쥷ƥळޤ˷кѤ
ۤʤʤΤǤ


Free markets offer people the freedom
to choose where they work and what they want;
offers people the opportunity to buy or sell
products as they see fit; gives people the dignity
that comes with profiting from their and their hard
work.

ּͳԾϡ͡ˡɤƯƲߤ뤫򤹤뼫
ͳͿ롣ʬ˹äΤääꤹ뵡Ϳ
롣ơϤº򴶤뤳Ȥǽˤº
פȼ


Free markets provide the incentives to lead
to prosperity -- the incentive to work, to innovate,
to save and invest wisely, and to create jobs for
others.

ּͳԾϡ˱ɤƳ󥻥ƥ֤Ϳ롣ƯͶפ
Ͷߤ񤹤Ͷ¾ͤΤ˸Ѥ¤
ͶǤ

And as millions of people pursue these incentives
together, whole societies benefit.

֤ơɴͤο͡Υ󥻥ƥ֤򶦤ɤᡢ
ҲΤä

No region of the world demonstrates the power
of free markets more vividly than the Asia Pacific.

֥ʿϰ⤳μͳԾϤ餫ˤϰ
ϡˤʤ

Free markets helped Japan grow into the world's
second-largest economy. Free markets helped
South Korea make itself one of the most technologically
advanced nations on Earth. Free markets helped
Chile triple its economy and cut its poverty rate
by more than two-thirds over the past two decades.
And last year, free market policies helped make
Peru's economy the second-fastest rowing in APEC.

ּͳԾϡܤηк˲夲ͳԾ
ϡڹϵǺǤ⵻ϤʤΰĤˤͳԾ
ϡ20ǯ֤ǡηкѵϤ3ܤˤϺΨ2/3ʾ︺
ȤʤäǯͳԾϡڥ롼ηкѤAPEC2
ܤ˹Ĺ뤲ˤ

 


ե꡼ޡåȡСС

ȤǤ


Υ֥åΤǤ륢ꥫϡԾкѤθ
Ȥȿ褦򼡤鼡ǤФƤ櫓Ǥ

ͻƱΤλΤȤϤä㤷ƤޤϢ
ݸҤ¾ûͻԾ򥳥ȥ뤷ƤΤǤ

Ǥ顢ΩϡͳʻԾ줬Ȥϸ
ޤ

ܤδȵߺѤϡԤ˸¤餺ڷҡݸҡƼ
ưֻȤˤޤǵڤǤޤ


ޤ餳֥åΤͳԾкѤʤȡš
ȻפΤ⤷ޤ


¤˹ԤʤƤ뤳ȤȡԡƤ礭ʥå
ˤϡäĶ򡹤򴶤ޤ


ʤؤä餸ʤȡȤʤƤäƤ
ʤΤǤ礦͡


ꥫ衼åѤ⡢Ȥˤϳ̤θԤäƤꡢ
¦礭䤨󤻤Ƥޤ

Ǥ⡢ʤȤ֤Ȥơꥫ衼åѤ⡢ܤ⡢
ե꡼ޡåȡФȶǤΤǤ

 

󡢼ͳԾкѤȸСॹߥιפФ
פޤ

ͰͤפƹưƤ⡢ָפƳ
ƼҲϤɤ֤˻ȸޤ͡


ॹߥϡͳǰפ餷⤤Ȥפ


Ǥ⡢ΥॹߥǤͳǰפ⤤ΤϤΤ
ʤΤǤΰǡιʪ͢ͳˤĤ
ϡʤȤäƤΤǤ


ѹ񤬡ιʪ͢ǧ᤿ȤƤ⡢ʪϽŤƿĥ
Τǡäơ͢⤫뤫顢ʤ礷̤͢줳
ȤˤϤʤʤäơѹȤͿƶ϶ˤƾ
¿Ƥȡ

 

áŪʰոǤ͡

ʪ͢ͳǧƤ⡢ѹȤˤϤۤɱƶͿ
뤳Ȥʤ¿ʤơš


Ǥ⡢ոʹȡ¿ޤʹ֤餷ơ

ॹߥι⤦Τꤿϡ᡼ޥ
߲

 

ꥫϡɤƤʤ˼ͳԾкѤڤˤΤ
Ȼפäå򤪴ꤤޤ

͵blog󥭥󥰤

Υȥ꡼ϤƤʥ֥åޡɲ

ᥬХ󥯤³ơԤ9ַ軻ȯɽˤʤäƤ
ޤ

ɤʷ̤¸ΤǤ

ʤԤ27ԤֻˤʤäȤޤ


ʤȡ20ǯۤܤʤǤʤäȤǤ

Τ

ϡԤϡ٤Τä?

⤢ޤ

ȤǤϤޤ


ԤֻˤʤʤɡݤƸˤǤʤȤۤιդ
ΤǤ

ֻˤʤäʤɤȯɽơդˤǤʤä顢ɤ
Τȡ

ǰԤȴɤˤäΤǤ


Ǥ顢ֻϡʤȤƤ򤱤ʤФʤʤ

ïäơֻˤʤäʤȯɽʤǤ͡

顢ѤʤѤʹפ򤷤ֻˤʤʤ褦
ΤǤ

ҤäȤ顢ʴᤤΤä⤷ޤ

Ǥ⡢ʴ򤷤Ƥ⡢դˤʤϤޤȻפäΤǤ



ΤǤ顢⤢ä餫ȶԤֻ
ȯɽ뤳Ȥ˰´˻Τ򴶤ΤǤ


Ǥ⡢Ϥݤʤ


1ԤֻȡȳǤޤˤʤꡢϴʤ
šȱΩIJǽޤ줷Ƥ87ԤΤ
27ԤֻȤȤˤʤСǤϤʤȡ

⤦ⶲɬפʤš



ˤƤ⡢ʤˤԤηбƤƤΤ

ǤθкѤΤˤꡢкѤڤ
뤳Ȥ˵٤ǤϤޤ

ޤǤΥӥͥǥפڤäƸľȤƤ
ΤǤϤʤǤ礦


줫äƤޤԤη軻Ǥ33ζ
ԤפŬѤߤͤǺķɾԤä
ޤ

ΡưչĤɾäǤ

ȤȤǡӥɾСֻζԤä
ȸޤ

֤ϿǤ

 

ԤɺĸȾ褦ؤᡢ
̳פ򶯲뤳ȤޤԤʤϰͻ
ؤˤĤƤϡбƤޤޤ

ɡϰͻؤηбƤϡ10ǯ١Ѳ
ʤȤȤǤ

Х޼ΤǤϤޤ󤬡

ϰͻؤϡ󥸤ɬפʵޤ

 

ζԤϡʤ˷бƤƤΤӤä
Ȥϡå򤪴ꤤޤ

͵blog󥭥󥰤

Υȥ꡼ϤƤʥ֥åޡɲ

ꥫγᤷޤ

NYϡ494ɥᤷơ8000ɥޤ

ɤơ

Ǥ⡢̳Ĺޤäȡ

ï

ͽۤƤͤǤNYϢۤΥȥʡǤ

Ǥ⡢̳ĹޤäȤ餤ǡʤ˳˱ƶ
ͿΤǤ礦

Ϥ䡢ԲǽǤϤʤΤǤ礦

ϤȤơȥʡȤϡɤͤʤΤǤ礦

ǯ47С

㤤Ǥ͡

1988ǯ˺̳ʤ˰ܤä塢1999ǯˤϡݴطôμˤ
äȤޤ

졢椬ǤС̳ȤȤǤ͡

ʡΩɤʥݥȤʸ11ǯ֤ǤʤΤǤ顢äѤ
ꥫϰ㤤ޤ

⤬ؤδνϡ֤礦פȻפäƤΤǤϤʤǤ礦

ο͡ߤȡܸؤȤޤ

ˡߵƹȴۤ˶̳Ȥ⤢ޤ

ǤΥȥʡǤ

ȤϤäƤ⡢ˤϲΤȤʬˤʤʤ⤷ޤ
󤬡ο͡ΤѴκäȻפΤǤˤ褯
ä򤷤ƤƤޤ

֥ȥʡǤšʤơ

ϡľä򤷤ȤϤޤǤݤμοͤ
˽ФƤޤ

λɤѷäƤƤΤǤ礦͡

Ѵ߻ٱΤѰդǤΤʤ¦˳ǧƤ
Ǥ礦

ˤƤ⡢δνȤǤʤΤ˺̳äˤʤ
Ǥ

餯ͻμǤʤط뤯ޤνп
ȤȤǡޤǤΥ륹ȥ꡼ȽпȤκ̳äȤϰ㤦
Ԥ줿ΤǤ礦


ޤñʤĿŪۤǤš֥ȥʡǤšפܸ
äƤƤ餤Ǥ顢ܿͤȤƤϰϤޤ

줫顢ܤȤδط˿ϤƤѴ򤷤Ϥ


Ȥǡڥ롼dzAPECβĤΤ׿ͤ
äƤޤ

ܤϡڥ롼Υ륷ΤȲ̤д򸫤
ޤϡڥ롼ȤСե긵ΤΤȤפФ
Ƥޤޤ

ɤƤΤǤ礦

եΰ󤵤뤳Ȥʤڥ롼¦ȷкѶϤä
ʤΤϡɤǼޤ͡

Ϥȡڥ롼ˬ줿֥åΤϡäפ1֤⤫
Υա󥿥ʸն޹˹ȼʤȲ̤Ƥޤ

顢֥åΤȲ̤򤷤ƤšȤפ⤢ޤ
ƹŻ뤹DZФƤ褦ˤ
ޤ

ȤǼԤޤ͡

ˤؤ餺ζͻߥåȤܤɽ褦ˡ
ܤΤˤФȸ³櫓Ǥ


ƹϡХ˰ܹԸϡܤߴߤ
Ǥ礦

Ǥ⡢ҥ꡼᤬̳ĹˤʤΤǤСޤ¿ϴԤǤ
ʤ褦ʵ⤷ޤ

ܤϡޥޡˤ˿͵򤵤줿֤ΥޥޤΤ褦ʤ
ΤʤΤǤ礦



ءȥʡ͡ʤƻפäå򤪴ꤤޤ

͵blog󥭥󥰤

Υȥ꡼ϤƤʥ֥åޡɲ

Ƥޤ

إåեɤδ꤬ƽۤơⲼߤޤäȻפ
ƤΤǤNYϡ5ǯ8ΰͤȤʤäƤޤ

444ɥ벼ơ7552ɥˡ

ԾǤ⡢ʿѤ7500Ƥޤ

γβϡϤإåեɤδˤͳ
櫓ˤϤʤ褦Ǥ

ηкѤΰ꿼ˤʤäƤȤȿǤȼߤ٤
Ǥ礦

ơμηкѤΰξħӥå꡼

GMʥͥ⡼ˤȤեɡϥ饤顼Ȥ
СǯĤ㤤ˤϡꥫȿǤξħΤ褦
˵Ƥޤ

ǡꥫȸСͳԾкѤι

ȤþˤʤäƤ⡢񤬵ߺѤ뤳Ȥʤɤʤš
Ƥޤ

ˡܤߺѤμ򺹤٤뤳ȤäƤ⡢Ͽѥ
ƥΤ˿ʱƶڤܤȤͽۤȡ

ĤޤꡢԤˤĤƤϡѥƥ򶲤졢񤬵ߺѤ
ФȤʤȤϸʤȤƤ⡢̤λȲҤξ
ϡߺѤʤɤʤȳפäƤޤ


줬Ǥӥå3CEOǤ·äơIJǹͻ
ƤǤϤޤ󤫡

3Ҥ250ɥ۵ͻ񤷤Ƥ졪ȡ

ߺѤ٤ͳʳäƤޤ

Ƥʤ̤μȼԤФ뤾

ǼäƤޤ

Ҥ춭˴٤äΤϡͻΤ


ʤȤäƤޤȿʤۤʤɤɤˤ⸫ޤ

ˡοͤǯޤǡñ̡10٤μ
ƤȸƤޤ

ˡ亮ȥ뤿餬Ȥä̼ʤϡץ饤١
ȡåȡ

ʤȤˤİȽӤƤޤ


ޤˤƤߺѤ򤹤뤫ɤФȤʤäƤޤä
褦Ǥ

ҤäȤ顢ץ֥˻ˡ11ˤŬѿ;
ʤƤޤ⤷ޤ

ʤȡ٤ϡ꡼ޥ󥷥åʤ̡ӥå꡼åȸ
Ф֤뤫⤷ޤ

ꥫξԤϡۤΤҤϤ᤿褦Ǥ

⤳⡢ΨˤƵԤ뤵
ʤʤäƤ뤫Ǥ


ǡηкѤΰħ⤦Ĥλɸʤε
Ǥ

NYʪʤȤȤ50ɥꡢ49ɥǤ
ޤޤ

7ˤϡ147ɥդƤʤǤǤ礦1/3
ˤޤƤޤäȤˤʤޤ

졢Ǥ㤹ޤ󤫡

ʹкѤꥻåꤹ뤫Ȥäơ

ηкѤޤȸμפ夯ʤǤ礦

Ǥ顢ʤ줹װˤʤΤǤޤ

Ǥ⡢ʤȻ¦⡢̤¤褦ȤǤ礦顢
ۤɰĴҤǸʤȤΤϡǤϤʤ
򤷤Ť餤ݤʤΤǤ


Ǥ⡢¤ˤϡƲƤޤ

θʤΤǤ礦

굡⤬Ƥ˸ʪԾ줫तȤȤ
ͳǤ礦ǤǤޤ

ϡ帶ʤ㲼뤳Ȥ򶲤줿ڤ㲼ꥹ
إå뤿ʪԾäƤ뤫˳ʤޤ

ǡȤޤ롣

ȡסꥹإåʤ롣

顢ޤ롢۴ĤȯƤΤȻפޤ


ƱǤޤ

ϲƤ֡

Ǥ⡢˹ʤʤǤΤʤСޤ򤭤äȿ
žϤǤ


ˤƤ⡢ʤʤ˲ʤïͽۤ
Ȼפå򤪴ꤤޤ

͵blog󥭥󥰤

Υȥ꡼ϤƤʥ֥åޡɲ

ΥڡΥȥåץ