кѥ˥塼

޸Ρкѥ˥塼̤ưͻ֥Ǥϵ岹Ȳ˻ߤΤúи󾧤ޤиӽиȤϰ㤤ޤߤʴ㤤ΤǤ

2012ǯ02

AIJˤǯüʹϡﳲä̾ʤɤ餫ˤƤޤƥӤΰϼ¤˾

ϡǤ⤫ȸۤ󤸤Τˡ

ˡʹޤơޥߤAIJηбĿؤФɵڤλɤŤ

1800ߤΤ⤬üƤʤ顢ˤʤǽ⤢ŤʤƽǼǤʤäơ¦򤷤ƤȤǧƤǤϤʤ

ܤб⥤ޥͻģϡޤǤбԽʬΤμ괺ưƤ롣ϫƯʤбϡɤǼʤ

ͭԤΰոʹơƤޤǤ˰ոޤȤʤơäƤΤȡܼʬäƤʤ̿ⴶʤ

βפžηդǼȤȸäϡΡˤĤưڤʤΤ

ǯü˽ʬбǤơɤưβפ¸ǤȤΤ

ȤǡAIJǯü˴ؤƤϡȤǯôԤϥץǤʤ顢ɤƻݤä˾äƤޤäȤȽʹΤǤŤǤ⡢İƤߤȡѤǤäΤʬΤǤ

Ǥϡλݤä˾äƤޤäΤ

ϡ˳ƴȤѤƤǯ¿ѤΩ­ȯƤǤΤǤ

㤨С꡼ޥ󥷥åθ塢˽Ȥθ塢˽ŤΤ褦ʤȤ뤿Ӥ»ȯǯۤäƤäƤΤǤ100ߤʤФʤΩ⤬˽Ⱦʬʤʤäȡ

⤷ǯѤΩǤä顢ɤޤ礦

ǯϡĹŪʻǰμ¤ʱѤ˿ݤ٤顢Ĥ񤹤٤ȹͤޤ

ΤˡǯѤΩ­ȯƤʤʤ顢ƻ֤Ȥ⤷ޤ󡣤Ѥ»ȯƤޤäƤ롢ȡʤΤ˹Ĥ񤷤ơǯ1򲼲뤫⤷ʤˤɤ­뤳ȤǤǤ礦

ʤС¿ꥹ⤯Ƥ⤤꤬ԤǤˡܤȤΤǤϤʤǤ礦

ĤޤꡢﳲäȤΤʤˤϡ»᤽ȤơݤäķӤĤȤ⤢ΤǤ

ˡ⤽ǯͽΨϴꤵƤ뤫¸ΤǤ礦

ʤΤǤ5.5ȤΥλȤƤʤݤ뤳ȤƤΤǤ25ǯۤä顢ǽǤäΤǤ礦ϡݤΤؤ̵äǤΤǤ

5.5ȤΨľȤܤϤʤ줳˻ϤޤǤäΤǤ

Ǥϡθľ򤷤ʤΤ

ͽΨ⤱й⤤ۤɡ̱ϰ¿ǯ館뤳ȤǤȿФΨ㤱㤤ۤɡ館ǯ⤬ʤʤäƤޤΤǤ

ѤСΨ⤱й⤤ۤɡǼݸϾʤƺѤࡢȡ

ĤޤꡢζľݸȿǤȤʤСݸϤ٤ܤ˹⤯ʤäƤޤΤǤʤй̱ݸλʧݤ褦ˤʤǤ礦ݸ夲뤳ȤǤʤСٵ뤹ǯ˰ʤΤǤ

Ĥޤꡢ5.5ͽΨ뤳ȤˤʤС̱Ǽݸΰ夲뤫ϡٵ뤵ǯθۤ;ʤ뤳ȤˤʤΤǤʤй̱ǼʤǤ礦

ǡäƹ̱ǼʤʬäƤ뤫顢̱λٻ򼺤ʤȹͤȤΤȤ̱ˤͦʤơȤǤ뤫ϫƯʤͤ̿ӼƤΤǤ

ϡβפžηդǼȤߤȸäΤǤ顢ͽΨθľǸǼդ٤ǤΤǤ򤷤ʤǤơβפʤΤ

5.5ȤΥ줷ͽΨʤɤ뤫顢̵ǤȼԤķھäƤޤΤǤ

ɤ礦ھβ˼Ȥߤ


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ǡϡܾڷȶΥȤǤžܥߥǽޤΤǡ׿ˤĤƤϡʬǺƳǧξѤƲ


Ǥ

RCMѥʳˡ Ūǯ⡡5175ߡ
̥꿮ʳˡŪǯ⥼
߷ڷʳˡŪǯ⥼
ITC٥ȥȡѡȥʡʳˡ Ūǯ⡡1 20
٥ȥȡѡȥʡʳˡŪǯ⡡6134ߡ
ī饤եåȥޥͥȡʳˡŪǯ136 3307
åȥޥͥȡʳˡŪǯ 15296
ȥޥåʳˡŪǯ⡡6 19
å⥢ѥʳˡŪǯ⥼
Хǥ꿮ʳˡŪǯ⥼
ޥǥɥХʳˡŪǯ⡡6 17
ǥѥʳ                            Ūǯ 64 2329
ʰʾ12ҡ

饤󥹡С󥹥ʳ                    Ūǯ 715365
ǥ󡦥ԥʳˡŪǯ⡡675
ꥳåȥޥͥȡʳˡŪǯ⥼
ʳˡŪǯ⡡1 6
褷ڷʳˡŪǯ⥼
褷ʳˡŪǯ 1184
٥꿮ʳˡŪǯ 381350
󡦥åȡޥͥȡʳˡŪǯ⡡8 216ߡ
Ȭھڷʳ                                    Ūǯ⥼
ȥ󡦥󥿡ʥʥ롦ޥ͡ȡ
  ѥˡԡƥߥƥåɡŪǯ 725468ߡ
AIJʳˡ Ūǯ1201861
HSBC꿮ʳˡŪǯ⥼
HCåȥޥͥȡʳˡŪǯ 341891
ʰʾ13ҡ

AIFAMåȥޥͥȡʳˡ Ūǯ⡡2 357
SMBCڷʳ                                    Ūǯ⡡238
SBIåȥޥͥȡʳˡ Ūǯ⡡1 4
ԥåѡȥʡʳˡŪǯ  443
FXinvest advisers ʳ                            Ūǯ⥼
FGIԥ롦ѡȥʡʳˡ Ūǯ⥼
ʳMAM Ūǯ⥼
MFS٥ȥȡޥͥȡʳˡ Ūǯ 79   4178
MUʳˡŪǯ119 4161
OIMʳˡ Ūǯ  2     20
ʳˡŪǯ⥼
åȥޥͥȡʳˡŪǯ 14     98
å٥ȥȡʳˡŪǯ⥼
ʰʾ13ҡ

ޥȡʳˡŪǯ⥼
ԥ륢åȥޥͥȡʳˡŪǯ  2      9
ԥ롦󥿡ʥʥʳˡŪǯ 35   3081
ǥڷʳˡŪǯ 13  148
K2ɥХ㥢ѥʳˡŪǯ⡡9322
ʳ˥ȥԥ롦ѡȥʡŪǯ 11     62
ɥޥ󡦥ååȡޥͥȡʳˡŪǯ105 7034
꿮ʳˡŪǯ⥼
ʰʾ8ҡ

狼꿮ʳˡŪǯ⥼
ʳGCIåȡޥͥȡ Ūǯ 20197
ʳGCSAM Ūǯ⥼
GCM٥ȥġʳˡ Ūǯ⡡4256
JP륬󡦥åȡޥͥȡʳˡŪǯ22012152
ߥåȥޥͥȡʳˡŪǯ⥼
JAICåȡޥͥȡʳˡŪǯ⥼
ʥԥ롦󥿡ʥʥ롦
ߥƥåŹŪǯ⥼
ѥ󡦥륹ޥͥȾڷʳˡŪǯ⥼
ѥ󥪥륿ʥƥ־ڷʳˡŪǯ⥼
ڷ꿮ʳˡŪǯ 431621
ʰʾ11ҡ

󤭤󥢥åȥޥͥ꿮ʳˡŪǯ⡡3 713
꿮ʳˡŪǯ⥼
٥ȥȡޥͥȡʳˡŪǯ 32 435
ץ쥯åȡޥͥȡʳ            Ūǯ 18 225
ʳ˥åĥ٥ȥȥޥʥȡŪǯ  211
ơȡȥ꡼ȡХ롦ɥХʳ˻Ūǯ 233041
ơȡȥ꡼ȡХ롦ޡåʳ˻Ūǯ⡡121
ѡåȡޥͥȡʳˡŪǯ 17 420
åȥޥͥȡŪǯ 14 348
ͧԡʳˡŪǯ⡡52637
»ݥѥܶåȥޥͥȡʳˡŪǯ 321322
ʰʾ11ҡ

DIAMåȥޥͥȡʳˡŪǯ219 10499
ʳ                                    Ūǯ⡡282ߡ
¾ڷʳˡŪǯ⥼
¾ڷʳˡŪǯ 17 319
½꿮ʳˡŪǯ192 11891
ʳ¥եɡ󥵥ƥ󥰡Ūǯ 27 273
ʳˡŪǯ 32 550
Ф󥢥åȥޥͥȡʳˡŪǯ⡡117
楢åȥޥͥȡʳˡŪǯ⥼
ʰʾ9ҡ

濮ԡʳˡŪǯ⥼
䥢åȥޥͥȡʳˡŪǯ⡡220
T&Dåȥޥͥȡʳˡ Ūǯ 443504
TFM Asset Management AG Ūǯ⥼
TTХ롦åȥޥͥȡʳˡŪǯ 13 260
T.ץ饤󥿡ʥʥ롦
ߥƥåŹŪǯ 16 653
ɥåȡޥͥȡʳˡŪǯ 23 440
쳤åȥޥͥȡʳˡŪǯ⥼
奢åȥޥͥ꿮ʳˡŪǯ238 15618
ȥ西åȥޥͥȡʳˡŪǯ 831765
 ʰʾ10ҡ

ʥƥåȡޥͥȡʳˡŪǯ 351498
ʳˡŪǯ⥼
21åȥޥͥȡʳˡŪǯ⡡440
åȥޥͥȡʳˡŪǯ 893052
ХåסʳˡŪǯ  110ߡ
˥ååȥޥͥȡʳˡŪǯ344 14714
ܥХ塼٥ʳˡŪǯ⥼
˥塼ߥԥʳˡŪǯ  1 4
˥塼ССޥʳˡŪǯ 37     442
ʰʾ9ҡ

濮ԡʳˡŪǯ 13 139
ϢåȥޥͥȡʳˡŪǯ  273
Ρ󡦥ȥ饹ȡХ롦٥ȥġʳ˻Ūǯ 12 950
¼åȥޥͥȡʳ                        Ūǯ307 10694
¼ʳˡŪǯ⥼
¼ԡʳˡŪǯ⡡7141
¼եɡꥵɡƥΥʳˡŪǯ 18 1496
¼ưʳˡŪǯ 17375
¼ץ饤١ȡƥԥʳˡŪǯ⡡6 66
ʰʾ9ҡ

ѥ֥å٥ȥġʳˡŪǯ 54 1329
ѥʥ˥åڥ󥷥եɥޥͥȡʳˡŪǯ⡡6 2523
Ф󤻤꿮ʳˡŪǯ⡡19
BNPѥХ٥ȥȡѡȥʡʳˡ Ūǯ114 2218
BNY󡦥åȡޥͥȡѥʳ     Ūǯ 21482
BFCåȥޥͥȡʳˡ Ūǯ 70693
PCAåȡޥͥȡʳˡ Ūǯ⥼
ڷʳˡŪǯ⥼
ԥ꿮ʳˡŪǯ 22369
ΩʳˡŪǯ 56 4002
ʰʾ10ҡ

ӥСԥ롦ޥͥȡʳˡŪǯ⡡5210
ҤӤڷʳˡŪǯ⥼
ԥॳѥߥƥåɡŪǯ 97 8690
ʳ˥ե֥                          Ūǯ⥼
եͥååȡޥͥȡʳˡŪǯ⡡5112
եǥƥ꿮ʳˡŪǯ 86 3592
եΥ֥٥ȥġʳˡŪǯ⡡4 37
ٹ̿ʳˡŪǯ 12 1334
ʪåȥޥͥȡʳˡŪǯ⡡3267
ץ饶åȥޥͥȡʳˡŪǯ 17103
ʰʾ10ҡ

ʳ˥ץʥ॰֥åȥޥ͡
ѥ󡡡Ūǯ 15      262
֥ååѥʳˡŪǯ260  25967
ե󥯥󡦥ƥץȥ󡦥٥ʳ      Ūǯ⡡8147
ץ󥷥ѥ롦Х롦٥ʳˡŪǯ  5122
֥롼٥åȡޥͥȡ
󥿡ʥʥ롦ߥƥåɡŪǯ⥼
ץǥ󥷥롦٥ȥȡޥͥȡ
ѥʳˡŪǯ⡡1 43
٥꿮ʳ                          Ūǯ 22965
٥ӥ塼åȡޥͥȡʳˡŪǯ 34538
إ󡦥ȥ⥢ѥʳˡŪǯ 41756
ۥ饤󡦥åȡ󥿡ʥʥʳˡŪǯ⥼
ʰʾ10ҡ

ޥ륹ȥ󥢥åȥޥͥȡʳˡŪǯ⥼
ޥ˥饤աåȡޥͥȡʳˡŪǯ⡡2 34ߡ
ޥͥå륿ʥƥ֡٥ȥġʳ    Ūǯ⥼
ߤۥ٥ڷʳˡŪǯ⥼
ߤۥХ륪륿ʥƥ֥٥ȥġʳˡŪǯ⥼
ߤ۾ڷʳˡŪǯ⥼
ߤۿԡʳˡŪǯ⡡2 3838
ߤ꿮ʳ                              Ūǯ 75 2521
潻ͧåȥޥͥȡʳˡŪǯ245 9144
ɩåȥޥͥȡʳˡŪǯ 39452
ɩUFJ꿮ʳˡ Ūǯ⥼
ɩUFJ륬󡦥졼ڷʳˡ Ūǯ⡡8 34
;ڷʳˡŪǯ⥼
ߥ졼ʳˡŪǯ⥼
Millennium Capital Management Asia LimitedŪǯ⥼
  ࡼ饤ȥԥʳˡŪǯ⥼
ĥåȥޥͥȡʳˡŪǯ148 7409
åĥ顼åȡޥͥȡʳ              Ūǯ⡡4267
륬󡦥졼åȡޥͥ꿮ʳ˻Ūǯ 72 1978
ʰʾ19ҡ

桼ӡХ롦åȡޥͥȡʳ˻Ūǯ 73 2152
UBP٥ȥġʳˡ Ūǯ⡡3 27
ʳ˥桼ѥ󡦥ݥ졼              Ūǯ⥼
ʳ˥業ޥͥȡɡꥵŪǯ⥼
ʥƥå꿮ʳˡŪǯ⡡7132
ʥƥåɥɾڷʳˡŪǯ⥼
ʰʾ6ҡ

ŷ꿮ʳˡŪǯ⥼
饶ɡѥ󡦥åȡޥ͡ȡʳˡŪǯ 61 3075
å롦٥ȥȡʳ                      Ūǯ 59 3524
饯꿮ʳˡŪǯ⡡1 89
쥪ԥʳˡŪǯ⡡3 41
åᥤ󡦥åȡޥͥȡʳˡŪǯ 20 1729
Сǥꥨإʳ          Ūǯ⡡1103
ʰʾ7ҡ


167


եɱѶ
åȥǥʳˡŪǯ⡡4 19
ԥʳˡŪǯ⡡1 12
Х󥯥ɥХʳˡŪǯ⥼
ʳ˥ե
´ʳ
ܥ󥸥륺٥ȥȡʳ
ʳHIKARIץ饤١ȡƥ
ʳ˥եååץåȥޥͥ
ʰʾ8ҡˡ


ǤȡưϢѶȡ
롦åȡޥͥȡʳ
ԥ롦٥ȥȡɥХʳ
ʳ˥륻å
ƥåȡɥХʳ
ȥ饹ѡȥʡʳ
եåȥޥͥȡʳ
ASAåȥޥͥȡʳ
ʳAS-SZKi
ʳ˥ࡦեɡޥͥ
ʳ˥ޥå
SBIơȥޥͥȡʳ
SPCåȥޥͥȡʳ
ʳ˥ॱԥޥͥ
LCRưʳ
åưʳ
ʰʾ15ҡ

GALILEO JAPANʳ
ԥ륢ɥХʳ
åޥ󡦥ɡեɡåȥޥͥȡʳ
åʳ
֥ʡեɡޥͥȡѥ󡦥ߥƥå
KW Investmentʳ
ͥǥɥХʳ
ʳ˸ԥޥͥȡʳ
ưʳ
ʳ˥ԥ롦ɥХ
ʰʾ10ҡ

륺ѥʳ
åȥޥ͡ȡʳ
ʳGCM
åסեɡޥͥȡʳ
ѥ󥢥åȥȥ饹ȡʳ
ץ쥯ưʳ
ưʳ
奢ɡԥ롦٥ȥȡޥͥȡʳ
ʰʾ8ҡ

ɡꥢƥޥͥȡʳ
åȡ󡦥ԥ롦ޥ͡ȡʳ
ȥ饹ȡꥢƥʳ
ʳ˥ƥǥӡѡȥʡ
ưԥ롦ޥͥȡʳ
ưʳ
ԥޥͥȡʳ
ʪưʳ
ȡåȡɥХʳ
ʳ˥ȥåץȥ꡼AM
ʰʾ10ҡ

ϥåȥޥͥȡʳ
ʳܥХ롦٥ȥ
¼ư٥ȥȡޥͥȡʳ
ʰʾ3ҡ

Vermilion Capital Managementʳ
ʳ˥ϥեååȥޥ͡
BMSåȥޥͥȡʳ
ʳBIZ
ʳ˥ҥ塼ޥå
եȥ֥饶ʳ
եɥꥨ󡦥롦ʳ
եƥååȥޥͥȡʳ
ʳ˥եԥޥͥ
ץǥ󥷥롦ꥢ륨ơȡ٥ѥʳ
ץեɡ٥ȥȡޥͥȡʳ
إ륹ޥͥȥѡȥʡʳ
ʰʾ12ҡ

ʳ˥ޥåꥢƥ
ʪꥢƥޥͥȡʳ
ưʳ
ɩϽʳ
ӥưʳ
ʰʾ5ҡ

ľưʳ
ʳ˥˥եɡԥ롦ѥ
ʳ˥ꥪ󥵥ƥ
ʳ˥쥬ԥ
One World Asset Managementʳ
ʰʾ5ҡ

68


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AIJηǡǯ¦ˤǤȤȽʹΤǤųΤˡҤνȰǯθ¤ȤǤ뤳ȤפСǤΤϤΤȤǤɤǤäƤդΤϾФǤϤʤΤǤ礦

äơѤǼԤʤäϡȡԡݡˤäƤ뤫ǤˡҤФƤϡͻģˤȴĤǤǤ顣ޤ餳ޤǤ263ҤΰƸ뤳ȤˤΤǤ

ȤǡΥ֥ɤDzäƤΤʤˤϡؤʪͽϡ굡ʤɤǤǤƤʤʰͤ⤤ΤǤŤơȤϤ褯ʬΤǤŤ˹ͤС߹ꥹ򤹤뤿ȤϤߤʤ뤳ȤҤ¤ǤʤΤǤ

Ǥ⡢䤬򲿲󷫤֤Ƥ⡢餯ǤʤǤ礦Ǥϡ򼨤ޤ礦㤨СǯΤȡΥޡͭ̾ܤιҶҤǼҺĤȯԤƤȤޤơμڶϥɥƤǤä˱߷ƥ١ǤθʧۤǤƤޤߤۤɶʤʤäȤơͽɥƤκ̳߷Ƥκ̳θ򴹤Ȥޤ礦Ū˸С̲ߥåפȸޤơξ硢ߤåץ졼Ȥ¤ʤ뤳ȤҤƤΤǤ

ĤޤꡢβҤϤͻؤοФ˱ơ̲ߥåפԤȤˤΤǤ㤨Сλ1ɥ=250ߤǤäΤˡ7ǯˤ1ɥ180ߤǤ줾̲ߤ򴹤ޤ礦ȡ򴹳ۤϡҺĤ˸ܤ˹碌뤳ȤˤΤǤ

ޤߤŪ˶ʤȤͽۤƤȤƤ⡢ޤ1ɥ뤬180ߤοˤޤDZ߹ˤʤȤϹͤʤäβҤϡοФȤƤ̥Ū˻פƥå׷ΤǤ

ºݼҺĤθܤԤ7ǯˤʤäƤߤȡ1ɥ180ߤɤ150ߤ⤯ʤäƤȡ

ĤޤꡢβҤإꥹ򤷤褦ȤΤϻ¤Ǥꡢºݡإꥹ򤷤ȤǤƱˡå׷ФʤСܤνԤϡ߷ƥ١ǤߤѤ˾ʤʤäƤΤǤ顢̤ȤưإꥹäƤΤǤ

áϿʹ礭夲줿ΤǤ

ˡĤƤ¢ʤ餱ʤۤɤΥץ饤ɤäƤܶȶͤ⡢ɤν٤ƤޤäǤϤʤǤ

˸СεؤǤĤäơ򤷤»

ǡAIJλ˴ؤơƴȤôԤϸդƤΤǤޤǤ򴶤ƤʤȤʤΤǤ礦

Ǥ⤦С֤οͤΤʤǤ礦ο¿Ѷˤ修ȹΤʤˤϡڷҤΥ륹ȡ˾褻ơѥꥹʾʤ˼Ф»򤳤Ƥ㤬ΤǤΤʤǤ礦

ĤޤꡢΥץǤ뿮ѶˤʤɤǤ٤ΤǤ顢߲Ҥ䱿ҤǯôԤ٤줿ȤƤ⡢;դʤΤǤϤʤȡ

⤽Υݥˤդ路褦˸ǤʤŤ⤽μʤ顢ȤǤȼԤȤǤ顣

ǡȤȼԤΤ򿮤顢äݤפʤơ

ȼԤȸäƤ⡢ΩɤʿԤ𤷤ƱѤ¹ԤƤ褦Ǥ⤢ŤˡȼԤˤ϶ͻģδä򤷤ŰϡOBƽƤǡ

ޤõдǤ⤢ǤˡAIJ˱ѤȤȽƤȤǯⱿѤξߤȡۤ򤳤βҤǤƤΤǤϤʤΤǤʤȤǤϡѡ١

ƤƱʡ

Don't put all your eggs in one basket.

ƱХåȤƤƤȡλƤޤ줬Τǡʬޤ礦ȤζʤΤǤޤζϺ¼äƤȸΤǤ

Թι

ˤƤ⡢AIJ򼺤äƤޤäΤơ򼺤äȤФǤΤ

ϡAIJľ˸äƤ顢ۤɤǤϤʤäȻפΤǤβҤϡץΤˤ˥ꥹι⤤Ѥ򿴳ݤޤȡơĴҤȤˤϥ󥬥٤ޤ»ʤƤȤ⤢ޤȡ

ǤβҤϵλ¤󤸤᤬ΤǤ10ǯ֤250αѼӤ򼨤Ƥʤơ

ǤϡơβҤϡɤʱˤפǤΤ

륹ȥ꡼ȤϡΤ褦󤸤ƤΤǤĹθդǤ

Our profits will not depend on rises or falls in the market.

We will achieve our goal through a strategy that employs highly sophisticated financial technology, selling high and buying low.

 ۤʤȤäƤΤȡ

ǡܾڷȶΥȤˤѲȤΤꡢˤϡβҤαά񤫤ƤΤǤ

ů

ʹԾϡϲʤ̡ޤǤΤ褦ʹ⤤ĹԤˤʤäƤꡢޤкѤΥХ벽οŸˤƹкѤƱĴޤꡢ跿ʬˤꥹڸ̤㸺Ƥޤ

Ҥϡ⳰γķʤŪ񻺤ؤ֥륿ʥƥֱѡפò뤳ȤˤꡢԾ˺ʤмספΡְݡפܻؤޤ

ά

мפɵڡפȡְŪפγݡפȤդĤ̿򡢡ʤˤ뱿ѡάˤ¸ޤ

225ץά濴ˡķʤˤ뱿ѡʻԾʤʤȤЪΥѤ͡ʺʤɡˤļפݤƤޤ

ꥹˤĤƤϡȼ˳ȯMIؿפʤɤȤơ¿ŪʴŰ줷ƹԤޤ

ޥʬˤ̤⤢ΤǤפŪѼˡǤ롢ĤؤؤϹԤʤȸäƤΤǤǤϡ겿򤹤Τ

ǡäƤΤϡ֥륿ʥƥ֤αѤǤפȡ

ΤΤ褦ʥѸȤȡѤôԤϡ䤬ǤʤʤäƤޤΤǤǤ⡢ʤȤʤƤdzʹȡ

Ǥ⡢ץ򤹤ȤȤϡ˵󤲤ΥޡβҤäȤƱǤ顢򤹤뤳Ȥ⤢»򤹤뤳Ȥ⤢롢ȡޤԸΨ100ᤤäȻפФǤ礦ΤǤߤСï»ʤġΥǤߤС»򤹤ͤ򤹤ͤФƤ롢ȡ

Ǥ⡢βҤϡľˤ褦ʤȤ򤷤ʤäФ꤫мספʤɤȤդޤѤŤǤ⡢ޤޤǤʤϷڤ⤷ޤ

βҤäȤϡλ꿮DZѤơѤμ֤֥åܥåƤޤäȤʤΤǤĤޤꡢ꿮ǡƩݤǤʤ顢ǤαѼӤĥǤ롢ȡ

ˤƤ⡢ǯαѤϰǤΤǡϥꥹι⤤Ѥϲ򤹤٤ǤΤǤ

ޤ263ҤѲҤΰƸԤ뤳Ȥˤʤޤε˴ȤǯôԤͤľǤ礦





ҤˤϡջΤ⤢Ȼפå򤪴ꤤפޤ

͵blog󥭥󥰤
Υȥ꡼ϤƤʥ֥åޡɲ

2000߶ᤤ⤬üƤޤäΤˡƥӤΰ϶ˤ̣ʤΤǤ

ﳲäƤΤ澮ϤδȤǯǤ뤫顩AIJߤʤ顩Ȥ⤤ʤ顩

3߻郎ȤˤϡʤοͤܤΤˡ

Ϥ600ܤϤΤǤ餪βͤäƤȤϤ2000ߤȤΤϿҾʿǤϤʤΤǤޤͤܿͤ2000ߤļ줿ΤƱۤɤΰ̣ΤǤ顣

ˤƤ⡢ƥӤ俷ʹϲθ褦ˤƻʤ

ϡޤȸäƤΤοƤʤǤ礦Ȥޤ礦

ĹҤȤƲⰭȤ򤷤ƤʤȤἺʤȤΤǤСƲȻ¤Ҥ٤٤ǤϤʤΤǤ礦¤ˤϲäʤ

ϡڷпȤȤҲ𤵤Ƥޤޤ¼ǤϤʤǤ¼εԻŹ䷧ܻŹиĿͱĶǼӤ󤲤ȡ

ޤȳ˾ܤͤʤ顢ʹƻפǤ礦ĿͱĶȤСƬ­DzԤȤפǤϤʤΤȡʿͤɤơ¾ҤǤϼ¸ԲǽʱѼӤ󤲤뤳ȤǤΤȡ

ˤƤ⡢AIJϡ̤˰Ȥ򤷤ǤϤʤȤ٤Ǥ褦ʤΤǤΤʤСAIJΥȤϤȸ³22ޤǷǺܤƤ뤫Ǥ

λȤΤäȤߤƤߤޤ礦

22񡣡֤ϡ2010ǯ12010ǯ12ޤǡ2011ǯ328ФƤ롢ȡ

4̾ѿ8̾12̾

ä12̾ѤΤǡѤ˸ΨϤΤǤ

ϡΤ122ǯ⤬118ѻ񻺤ϡΤ3902ߡǯ⤬1821ߡ

ο߼оɽϤɤʤäƤǤ礦

񻺹57885ߡ1304ߡ

񻺤6߶᤯ΤĤϤä1300ߤʤơʤȸǤбĤǤΤǤ礦ʤФκۤν񻺤ϡ56ߤۤɤˤʤΤǤ

Ǥ⡢ȽǤƤϤޤ󡣻񻺤ƤߤƤߤޤ礦

⡦¶⤬16820ߡơ̤⤬32892ߡ

ɤ3߰ʾΤ⤬̤ˤʤäƤΤǤ礦ľäƤ뤪ΩڤǤʤΤǤ̤ʤΤǤ

ϡ»׷׻

̳ʤɤαĶȼפ79ɴߡơͷʤɤαĶѤ348ɴߡ27ߤαĶ»Ǥ⡢Ķȳפ334ɴߤ⤢ꡢоפ65ɴߤι

ޤˤƤ⡢»׷׻AIJ伫ȤΤΤǤΤǡɤįƤƤ⡢ѤǤ줿⤬ɤʼפ󤲤ȤȤʬʤΤǤ

פΤǤAIJȤηȻפΤǤСǤ줿αѼӤϤäȼ٤ȻפΤǤ

Ρ2000߶ᤤ⤬üƤޤäΤȡѤ˼ԤƷ򳫤ΤϡǤϤʤ¾Ӥ˻ȤäƤޤäΤȡ

ˤ⹴餺η˴ؤƤϡ祤ʤʹβ⤬ΩĤΤǤ

ϡɤȸСѤǤǯ¦ץȤʤΤ顢ȡ
ơɤδƻˤ³롢ȡ

ΤˡѤǤ̡»ȯƤ⡢ǯ¦ʸ򤤤ǤʤΤϸ§ΤȤꡣ

Ǥ⡢󡢴ǯ¦ϡѤη»ФȤФƶäƤΤǤϤʤΤǤˡ⤽ü1800ߤۤɤͳˤĤơ¦ϲˤäƤʤΤǤǤϤʤϡ1800ߤΤ⤬üƤޤäȤˤĤơκޤۤäƤΤȡơϿ¬ǤαѼӤ˴ؤ򤷤ƤȸȤʸäƤΤǤ

줫ɤǤˤĤƤǤ鲿ޤɤǤˤĤϤʤΤǤ
ޤǤʬäˤС⤦ʤ餳AIJαѼӤˤĤƤϵ󤻤ƤΤˡɤιư٤줿ΤȤȤǤΤǤ̣ǻϡư۵Ĥ򾧤ƤΤǤ

¦ϡޤAIJαѼӤˤĤƵʤäΤ٤
פΤǤ⤷ͤȤʤȤΤǤСǽ餫ȤĤоݤˤ٤ǤϤʤΤǤĤоݤˤƤʤοͰͽƤʤ顢ȤʤǤϤʤʤɤȤ٤ΤǤȸäƤΤǤ



ɤǤˤäȻפå򤪴ꤤפޤ

͵blog󥭥󥰤
Υȥ꡼ϤƤʥ֥åޡɲ

AIJ䤬ǯ⤫¤ä2000ߤۤɤλ9ۤɤüƤޤäȤơ̳̿᤬ޤ

Τۤɤ⤬üޤ줿ޤޤʤΤǤΤʤСڷпȤμĹʤ顣

AIJȤϤɤʲҤʤΤȸСȤ10ǯ֤ۤɤ245ۤɤιפ夲ƤΤȡ꡼ޥ󥷥åθ⡢ѼӤޥʥˤʤ뤳ȤϤʤäȡ

ޤ䤿äʹȡʤΡפȵʤΤǤ

٤줿ΤϤɤʲҤȸС澮Ϥδǯ⤬ήʤΤȤ

졢ˤȤäƤϸȤ٤ʡ츩ȥåǯⱿѤƤȡˡѥܥåȤͭ̾ʰŵ⡣ƤޤȾƳθΥɥХƥȤ⡢ȡ

ˤƤ⡢ǯθ񤬤ʤʤäƤޤﳲȤϤɤΤȿۤˤʤΤǤŵϡAIJ˱ѤƤʬΤ2̤ǤꡢޤɥХƥȤ5ȤȤǡλˤäƷŪʥ᡼뤳ȤϤʤȡ

Ǥ⡢ǤäƤAIJ򿮤ƤȤǯôԤʤɤϼʬѤƤ뤳ȤǤ礦

ˤƤ⡢δطԤϡAIJαѼӤ򿮤ƤޤäΤȤϻפʤäΤ

ǤͤƤߤ顢ꥫˤƤ⡢Сʡɡޥɥջˤ뤳ڤ礭ʺ郎äΤǤơﳲԤΤʤˤϡ椬ͭ̾ʴȤ¿ޤޤƤ
äѤꡢäˤϤĤäƤޤΤǤ礦

ˡ㤨澮ϤδȤ餹СƱѤǤƤҤΤʤŪͭ̾Ȥ̾ϢͤƤСơAIJɤθĤƤʹСAIJΤޤǤαѼӤ򿮤ȤƤ⡢ʬ˲ἺϤʤȡ

Ǥϡ⤽ͻģڷƻѰϡAIJαѼӤˤĤԿ˻פȤϤʤäΤ

¤ϡηˤĤơ륹ȥ꡼ȥ㡼ʥ뤬̣¤Ҳ𤷤ƤΤǤ

ʤȡդҤAIJαѼӤˤĤơ̾ؤʤäΤΡ󤲤쥿ܵҤۤƤΤȡ

Japanese credit rater Rating & Investment Information Inc. warned in a 2009 newslettertoclients that AIJ had "unnaturally stable returns" despite a down market.

줬ʤԼ˰ꤷѼӤƤ

Although AIJ wasn't named in the newsletter, the description given was enough to identify it for most pension-industry experts, says Hidekazu Nagamori, the managing director in charge of the newsletter.

AIJ̾ؤƤʤΤΡǯطԤʤAIJΤȤȤ狼

The warning came a year after AIJ, which has a staff of 12 employees, had been ranked No. 1 by Japanese pension funds in a customer-satisfaction survey conducted by R&I. Bankers familiar with the investment industry say AIJ was known among bigger asset managers for boasting consistently high returns.

ǯطԤδ֤ǤϡAIJܵ­٥ʥСˤʤꡢ1ǯ˷ٹȯ줿

䡢פΤǤAIJȤΤɴҤʤñʤҤǤäơΩĤۤɤμӤ򼨤ƤʤäȤΤǤСɤդ뵤⤷ʤΤǤΤ褦˴ǯδطԤδ֤ǤѤͭ̾¸ߤǤꡢ¾ߤʤѼӤ򼨤Ƥơ⤽αˡޥʤɤDzϤѤΤǤȤ¤⤢äΤǤ顢ɤäѶŪˤβҤΤȤĴ٤褦ȤʤäȻפΤǤ

˿̳ǮͤǤСϵˤʤäȻפΤǤΤʤСƳդҤܵҸ쥿ΤʤǷٹȯۤɤǤäǤ

Ǥ⡢ͤưʤäưʤäΡʬǤϤʤ顩

⤢뤫⤷ޤ󤬡ŻФǮդȸؤ꤬ʤʤäƤޤäƤΤǤϤʤǤ礦

СǯͻģäϹ̱ޤڽФ졢򤹤ΤǤϤʤߤ¤򤹤ʤȶͻؤƳʤƤȤФƤޤ顢ͤäδ鿧ФǤλŻ˵ʤäΤ⤷ޤ



ƤǤϤʤɤδŰ줷ȿʤ٤Ȼפ͡å򤪴ꤤפޤ

͵blog󥭥󥰤
Υȥ꡼ϤƤʥ֥åޡɲ

ХΤˡǤθǤ˾ФȤȤǡ椬Τʤˤؿ󤻤ͤ¿ȻפΤǤ

⤽Ǥ硩߰¤˸äƤΤϷ빽ʤȤκݡܤˡΨ򲼤ƶ˻ߤ򤫤٤ݡʤdzæФȤܤ˸Ƥ᤹٤ʤơ

âˡǤ򲾤˰ȤСסǼ­ȯʤФ˾Ǥ夲ɬפФƤޤ

ˤƤ⡢ܤƹǺǤˡΨ⤯ȤƤ褯ΤƤΤǤ
Ȥϻפޤ󤫡

ʤ˴ȤǶʧäƤΤǤСɤƤʤ˵ۤǼ­ȯΤȡ

ˡ⤷ȤˡΨȽǤΤǤСäȤäȴȤιæФƤ⤤ΤȻפΤˡƳˤȤɤޤ뤳Ȥ򤹤Ȥ¿ΤǤ

ˡǤȤΤϡפ׾夷ȤˤΤߤΤǤΤǡפʤäƤΤǤСˡǤˤߤʤؤɴɬפʤΤǤ

ˡǤ⤤ȸƹǡΥ˥塼ϤɤΤ褦˼ߤƤΤǤ礦

ꥫθ饸ɤNPRȤͭפȻפȴФƤߤޤ

Let's look more closely now at President Obama's proposal to overhaul the corporate tax system. His plan would sharply cut the taxes that U.S. companies pay and also eliminate many loopholes.

ˡ٤褦ȤХΤƤ⤦դƤߤƤߤޤ礦ƤϡƹδȤʧǶ˰ȤȤˡǤʧ鷺˺ѤȴɤȤΤǤ

White House spokesman Jay Carney says the proposals should have broad appeal.

֥ۥ磻ȥϥΥˡƻϡƤٻȸޤ

JAY CARNEY: We believe that the reception so far has been positive and will be positive, because it does what so many people say is important to do, which is - and this is Democrats and Republicans - which is lower the rate, broaden the base, eliminate the underbrush of unnecessary subsidies and loopholes and special provisions that complicate the tax code.

֤ޤǤΤȤȿϹŪǤꡢٻǤȤΤ⡢¿ο͡פȹͤ뤳Ȥ򤷤褦ȤΤǤ뤫Ĥޤꡢ̱ްǤ졢ްǤ졢ˡΨ򲼤뤳ȡǥ١礹뤳ȡɬפ⡢ˡȴꡢ֡äΤˡʣˤƤǤ뤬ʤȤפǤȹͤƤΤ

MONTAGNE: But listen carefully to a few of those words Carney just spoke, you'll hear why the plan faces an uphill battle in Congress. He said broaden the base. That phrase means making more income from more people subject to taxation. Business lobbyists know that means eliminating popular tax breaks.

֤ˡƻäȤ褯İƲСΤΰƤIJȿФ˲񤦤ΤʬǤ礦ϡǥ١򹭤ȸäƤΤǤɽ̣Ȥϡоݤˤʤ͡䤷Ʋоݤˤʤ䤹ȤȤǤΤǤȤΥӥȤϡ줬͵Τ븺֤ߤƤޤȤǤΤΤäƤΤǤ

JIM ZARROLI, BYLINE: At least on paper, U.S. companies pay a tax rate of 35 percent, higher than just about any other advanced country. And Scott Hodge, president of the Tax Foundation, says that leaves U.S. corporations at a big disadvantage.

־ʤƤŪˤϡƹδȤ35ΨʧȤˤʤäƤʹʬȤơˡ¾ǡʤʹΨ⤤ǺĤΥåȡۥåۤϡΤƹδȤʾˤȸäƤ

SCOTT HODGE: Seventy-five countries have cut their corporate tax rates. And if we look atthe rest of the world, it's a very competitive place compared to the United States.

75ιˡΨΰԤäƤ롣Τ褦ʹ񡹤ƹٶϤ

ZARROLI: But at the same time, the U.S. tax code is larded with exemptions, deductions and credits of all kinds. And Bob McIntyre of Citizens for Tax Justice says most big companies know how to take advantage of them.

֤Ʊƹˡˤϡ㳰֤为֤äƤ롣ǡ̱βΥܥ֡ޥå󥿥䡼ϡؤɤȤϡ֤ѤλƤȸ

BOB MCINTYRE: Right now, we have a 35 percent nominal corporate tax rate. But our big corporations, on average, pay about half that, about 18 percent.

ָߡ̾ܤˡΨ35ȤʤäƤ롣ȤʿѤơȾʬ18ΨʧäƤʤ

ZARROLI: The plan unveiled by the Obama administration would cut the corporate tax rate to 28 percent. But it would also get rid of a lot of those loopholes. The plan would impose a minimum tax on the money that companies make overseas, something proponents say would cut down on the use of offshore tax havens.

֥Хˤäȯɽ줿ƤϡˡΨ28˰褦ȤΤǤ롣ƱˤȴɤǤޤȤΤǤ롣ޤȤDzԤפФƤ٤βǤ򤷤褦ȤΤǤꡢåإ֥Ѥ򸺤餹ΤǤȡΰƤλٻԤϸ

Administration officials say a simpler tax code would save a lot of companies money. Joel Slemrod is a professor of economics at the University of Michigan.

ܴطԤϡˡDzСȤΤˤĤʤȸ票롦åɻϡߥؤηкѳؤζǤ

JOEL SLEMROD: Companies spend an enormous amount of money not just complying with the tax system, but planning about how to make use of these complexities and the differences in tax systems across countries to their best advantage.

ִȤñˡ˽ǤϤʤˡΰ㤤򹪤ߤѤ뤿ʳۤΤȤäƤ

ZARROLI: To Scott Hodge of the Tax Foundation, which lobbies for lower taxes, the effort to reform the system has come none too soon.

ˡǤΰĥǺĤΥåȡۥåۤˤСٲפ˼Ȥߤ
᤹ȤȤϷ褷ƤʤȤ

HODGE: Well, I think at least the administration should be given some credit for recognizing the U.S. corporate tax rate is well out of step with the rest of the world and needs reform.

־ʤƤ⡢ƹˡ٤¾ι񡹤ȤĴƤ餺פɬפǤȽ꤬ǧƤ뤳Ȥɾ٤Ǥ

ZARROLI: But Hodge said the tax cut didn't go far enough. He also took issue with one part of the proposal that would cut the tax rate even further for manufacturers. Administration officials said they want to promote the creation of manufacturing jobs because they pay better and because they tend to lead to other kinds of job creation.

֤ۥåϡǤϽʬǤäǤϤʤȸäơ¤ȼԤФưؤΨΰԤȤƤ˴ؤư۵Ĥ򤵤ϤܴطԤϡ¤ȤˤѤ¤¥ȤΤǤ뤬ŲΤʤС¤ȤϹ⤤¶ʧ¾ζȼˤѤ¤ˤĤʤ뷹뤫ȸ

Conservatives say that amounts to the government picking winners and losers, instead of letting the market do it. The U.S. Chamber of Commerce warned yesterday that it would vigorously oppose efforts to pit one industry against another. The idea is opposed by some liberal groups, too.

ݼԤϡΤ褦ʤȤ򤹤СԤԼԤԾ줬ΤǤϤʤܤ뤳ȤˤʤȸƾĽϺȼ֤Ƕ򤵤褦ʤȤˤ϶ȿФȷٹ𤷤ޤΰƤϡ٥ɤΥ롼פȿФƤ

ά

MCINTYRE: You take a company like Boeing, for example, the president was just out to visit them last week. Boeing hasn't paid a nickel in federal income taxes over last 10 years. I don't know how you can cut their taxes any further. You really ought to be raising them.

㤨СΤ轵ˬ줿ܡ󥰼Ҥ˼С10ǯֹǤˡǤʧäƤʤɤä餽βҤǤ뤳ȤǤΤϰ夲ʤФʤʤ


Υ˥塼ƻİƤɤΤ褦ˤˤʤäǤ礦

ˡΨ򤽤ΤޤñӤ뤳ȤŬǤʤȤʬäȻפΤǤˡʣʻȤߤˤʤäƤ٤Dz뤳Ȥǡɬפȡ

ˤ٤ʣǤ뤫鿦ݤƤ͡⤤ΤǤ

ĤޤꡢϺ˻Τ󤿤ǤΤǤ٤ʣǤ뤫顢Τ󤿤ηäڤơǤǼdzۤ򾯤ʤȡ

ॹߥ4ĤǤθ§ȤΤΤ¸ΤǤ礦

ƤΤΰĤ͡ΥݥåȤ夲ۤˤۤʬǤ⾯ʤʤ褦ˡˤ٤ȤΤʤΤǤ

Ĥޤꡢϡ٤ʣˤʤäƤ뤻ǡǴطλŻ򤷤Ƥͤ¿Τ⤬ήȤߤˤʤäƤơॹߥͤŪ٤ˤϤʤäƤʤȤȤʤΤǤ



ꥫǤ⡢ˡǤȸʤ顢ǥ١γäƤΤȴå򤪴ꤤפޤå줿ϡ٥⤤Ǥ͡

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Υȥ꡼ϤƤʥ֥åޡɲ

ɥߤ80ᤷƤΤˡΤӤޤ󤫡

ԤˤƤߤС߰¤߹Υ֥ʤʤɤ¤㤨ŤȤȤǡ߰¤ˤ̥Ϥ򴶤ʤǤ礦

߹򲿤ȤƤۤȸäƤܤ͢дȡ

1߱߹ˤʤСߤ»ˤʤǤ͢дȡ

Ρ߰¶̤Ǥϡ1߱߰¤ˤʤСߤˤʤ֤˸ɽʤΤ

Ȥϻפޤ󤫡

¤ϡˤΤǤ٤Ȥʤ¾͸ΤϤʤ⾯Ϥ뤫⤷ޤ󤬡

ȤΤ⡢䤬񤤤̤ꡢܤ͢дȤ굡򤷤Ƥ뤫ʤΤǤ굡ȤäƤ⡢إåեɤʤɤ굡ȤϤ櫓㤤˰ޤǤ⼫ɱҤΤΤΤǤΤǤɥߤɤʤ뤫ȤȤҤȤˤϴְ㤤ʤΤǤ

ۤɱ߰¤˾Ǥܤ͢дȤ߰¤ˤʤäƤФʤΤϲΤ

ϡ߰¤˾ȸʤ顢ΰǡϱ߹ҤƤʤΤǤĤޤꡢᤤäȱ߹ˤʤäƤפݤǤ褦ˤȡؤʪͽ򤷤Ƥꥪץ򤷤ƤȤȤʤΤǤ

ǤϡäƱ߹ͽۤƤ͢дȤˤȤäƤϡΤ褦˱߰¤ʤפϤɤʤΤ

Ĥޤꡢؤʪͽʤɤ򤷤ʤСäפ׾ǤΤ򡢼ºݤˤʪͽΤǹ⤤ߤʤܤˤʤäƤΤǤ

ȤȤǡ⤷إꥹФƲк֤ƤʤȤäȤ顢Τ褦ʴȤϺα߰¤Ѥפ뤳ȤǤΤǤ߹ƤȤˤȤäƤϡ߰¤ˤפߤߤܤˤʤäƤΤǤ

ޤȤ⤢ꡢ͢дȤϡα߰¤ˤĤ;¿ꤿʤΤǤ礦

Ǥ⡢3軻δȤˤȤäƤϡޤޤ֤ΤǤؤޤ߹˿뤳ȤˤǤʤСäѤͽ򤷤ƤƤ褫äȤȤ⤢ΤǤ

ˤƤ⡢ܤ͢дȤ굡򤷤ƤΤǤ


ʣʻ𤬤Τ͡Ȼפäå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

ɥߤȤȤ80ᤷޤǯ8οʤΤȤ

ʹ֤ä򤤤ΤʤΤǤȤФ˴٤䤹Ȥ٤

٤äƤΤǤ硩ƱǤɥߤ90ߤ80ߤˤʤȡȤǤʤĶ߹˻פΤǤ75ߤοٷиȡƱ80ߤǤ⡢˱߰¤ˤʤäȴ뤫ʤΤǤ

󤬺̳ä˽Ǥ1ɥ뤬90Ⱦ٤οǤ˾ޤȡʤˤϤääƤΤˡźȤʤäƤϡ1ɥ80ߤäߤα˱ǤΤԻ׵ġ

ޤǤ褯äƤޤɥߤ1ʬ⤯ʤǤҤפϡ߾ʤʤʤơ1ɥ80ߤʤɤȤǤʤ٥ȡ

Ǥɤ¿͢дȤϡ1ɥ=78٤Ǥפ׾Ǥ褦μˤʤäƤΤǤ

͢дȤäƤΤϡʤ˴ñ˱߹бǤΤʤΡ͢дȤƱ𤷤ƤޤäƥХߤʤƻפäƤͤ¿ȻפΤǤ

ˤƤ⤳ʤ˵®ʱ߰¤¿λԾطԤ߰¤ͳˤĤƹͤƤΤǤ

βΡˤƵ®ʱ߰¤ƤΤǤ礦ȤȤǡϡͥåȾdzǧǤ߰¤ͳˤĤƤޤȤƤߤ뤳Ȥפޤ

ʪӡײ

ƶײ

ǰֻײ

ְزײ


ʾΤ褦˻䤬äȥͥåȾåȤʾ4Ĥβǧ뤳ȤǤΤǤ줾ˤĤƹͤƤߤ뤳Ȥפޤ

褺ϡʪӡײˤĤƤǤϤޤǤʤ䤬214ȯɽּ¼ʪɸ͡Ծ˥ץ饤Ϳ줬߰¤ưФƤȤΤǤ

ιͤٻͤϡˤ¿褦ǤȤΤϡȤμѤ礭̤Ǥ顢μĥɤ̤ˤơºݤˤͤ¿ȤΤǤС󤽤ΤȤα߰¤μˤʤΤǤ

ɤƤԼĤΤǤ

ȤΤ⡢ޤϻ褦٤»ܤƤΤˡκΤ褦˻Ծ줬ҤȿƤΤȤʤΤǤ

ʪɸˤäơ˰ޤǤӡפȤɽǤꡢޤʪ⤳ޤǤƱ1ǤΤˡΤΤȤۤɤޤǤȿƤΤȡ

ˡʪӡײѤ͡ϡΤȯɽʹ߱߰¤˿Ϥ᤿ȸäƤΤǤ¤ϤǤϤʤΤǤ߰¤2νᤴ龯ĿŸƤΤǤ

ϡƶײ

ϡ䤬10ʬĹĤ㤤뤳ȤꤷȤˤꡢ㤨2ǯʪĤ㲼졢ˤäƶ礹뤳Ȥˤʤ뤿ᡢߤ̥ϤʤʤäȤΤǡϤĤȸäƤǤ礦

ȤȤǡβʬŪˤȻפΤǤƤζǤۤɵ®ʱ߰¤뤳ȤǽǤΤȤդޤȤΤǤޤˤ⤬ȤСƹˤƹʤͻºѤ줿ˤϡȤϵդ˵®ʱ߹⤬ʤФʤޤ

3ܤϡǰֻײǤϸޤǤʤǯܤǰ׼٤31ǯֻ֤ˤʤꡢޤǯäƤ1ñǤޤǤκֻ׾夷Ƥ뤳Ȥ顢¼̤DZɥ㤤ƤȤΤʤΤǤǤϡٻ¿褦˻פΤǤճ˹Ǥ¿ʤ褦ʵ⤷ޤ

Ǹϡְزײǡߡܤ̩΢˰ز³η̤Τ褦ʱ߰¤ƤΤǤϤʤȤΤǤŤơ⾯ˡβǽˤĤƹͤȤ⤢ΤǤޤǤܤθư䡢߰¤οŸΥڡͤơβǽϤۤܤʤǤ礦

ʾ夬äȸǤΡ߹ͤƤ߰¤θʤΤǤϡ⤦ĽפʤΤ󤲤ȻפΤǤ

ϲȸС񤬱㤤򹵤ƤȤ¤Ǥ̾Ťʤαײ⡣

̤γ߽ͭ͡ˡDZѤƤ뤳ȤϤ¸ΤΤȤǤơϡ12ǯˤƵ®ܹĤͭ褦ˤʤäƤΤǤ

ˤ٤ѤƤΤǤϤʤȻפ᤬ΤǤϡΥԡɽƤΤǤϲ褦ʤɤȤϤʤ桼ꤷȯŸ뤳ȤˤȤäƤפǤ롢Ȳϸޤ

ϡ桼ꡢ桼¤ʤ뤳ȤˤäǤƤȴƤΤǤΤȸС桼¤ʤ᤮񤫤桼͢ФǺǤޤʤΤǤ顢ɤƤ桼¤ˤϻߤ򤫤ɬפ롢ȡǤϡɤƥ桼٤뤫桼¤ʤꤹƤΤǤС⤦桼㤪ȡơ桼㤦˱ɬפ򤢤ΤǤ

ʳˤ⡢Ƥζ礹СˤȤäƤܹĤͭƹĤͭͭ˸ʤΤǤ

ȤȤǡȤƤϡư®ʱ߰¤طʤˤȻפΤǤ





줷Ƥ⡢ܤϺα߰¤θˤĤƤɤޤΤʾäƤΤȴå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

󼡥ꥷٱˤĤơɤפޤ

It's all Greek to me

Ǥ͡ƱǤפ󤫤פפȡ

Ǥ⡢ʹʤɤɤ¤ꡢ󼡻ٱ礬դ졢ܤƤ320ιĤ̽Ԥ⤳Ǥɤڤ롢ȡĤޤꡢ𤬲򤵤롢ȡ

ɤפޤ

֤ɤפäƸƤ⡢򤹤뤳ȤǤΤǡ褫ä󤸤ʤΡ

Ǥ⡢٤ⲿ٤Ų٤Ʊ褦ʤȤ򷫤֤ƤǤϤʤǤ

֥ꥷ㤬̳Ψɸ̤뤳Ȥ񤷤ȸΡ

Ǥ

֤Ȥȡ

ΤˡEUIMFˤ1300桼λٱ礬ʤ뤳Ȥꤵ줿ΤʬΤǤŻפФƤߤƲ󥮥ꥷˤĤ󤸤줿Ȥξ

֤ĤΤȡ

210Υ˥塼Ǥꥷɲäζ۽֤ꤷǯפˤĤȴŪʸľʤ뤫ɤǤʤǤǤϤʤǤǯפ¹ԤǤʤ褦Ǥɲûٱˤϱ뤳ȤϤǤʤäȦǤϤʤΤǤ礦

1300桼λٱ礬ޤäǤꥷǯפϰΤɤʤäȤΤǤ礦ˤĤƤϲ󤸤ƤʤΤǤĤޤꡢιդϡ˷꤭ǤϤʤäΤȤȤǤǽ餫ɲûٱ򤹤뤳ȤϷޤäƤȡΤʤСɲûٱ򤷤ʤ320̤ιĤνԤԲǽǤꡢꥷϥǥե򤻤򤨤ʤȤ餫ǤäʤΤǤ⤷ꥷ㤬ǥեȤ򵯤줬ݥȥ䥹ڥ䥤ꥢӲФ褦ʤȤˤǤʤСȡ

äơͤʤޤޤɲûٱΤǡ٤ⲿ٤Ʊ褦ʤȤ֤ꥷ꤬褷ʤȡ

ˡ2020ǯλΥꥷܤGDP̳Ψ120.5ˤޤǰȤɸˤĤƤ⡢120.5ʤƤްʲüޤǤĤơäȤ餷Ƥ褦ˤפʤΤǤΡ120ǤϤʤΤ

ɸã¸Ǥ褦EUꥷ˾󤷤ƴƻ뤹ʤƤȤ񤫤ƤΤǤΤ褦ʤȤ򤷤ʤФʤȤȤϡɡɸãѤ˺Ǥ뤳Ȥ򼫤ǧƤȤȤǤϤʤΤǤ礦ĤޤꡢǤƨΥХǤʤȡ

줫顢ܿͤȤƸȻפޤ

ꥷ㤬ǥե򤷡桼Υæ褦ȡϤΤޤޥ桼ˤȤɤޤȡϥꥷμͳǤ뤷ο͡ФȤǤܻԾǵĤ򤷤ķ˴ؤμ갷ޤ̤ǤȤΤϤɤʤΤ

ȯΡʼ͡ˤܻԾȯԤ߷ƺķ򥵥饤ܥɤȸƤ֤ΤǤǤ⥮ꥷϡ饤ĤλĹ⤬1100ߤ⤢ȤǤϤޤ󤫡Ρμڶϼ򤽤ֺѤΤȤ⸵ܤκ︺ȷǤΤ

ĤǤꡢꥷ˴ƻĤޤȤΤǤСEUȤꥷäǤ餦٤ǤϤʤΤǤ礦

ˡŪ³˽ꥷ㤬ǥե򤹤ΤǤС饤ĤˤĤƤ⤽ʤθܤκ︺뤳ȤǤΤǤȤϡꥷ˰ޤǤǥեȤ򵯤ǤϤʤȸĥäƤΤǤ顢ʤ餽Ƕڤ̤٤ȻפΤǤ

⤽þ⤷ƤʤΤ˺ĸԤ˸ܤκ︺뤳ȼΤʤȤǤΤǤǤ⡢桼ΤȤǤС⳰ܤȤ䤫ɬפʤΤǤ礦ϥꥷ㤬ȯԤ饤ĤˤޤǵڤӡIMFθˤϡܹ̱ǶޤޤƤǤ顢ϤäȿˤʤäƤʤȺΤǤ

ɥĤΥ륱ʤɤϡ⤷ꥷ㤬桼æहȡ줬¾ι񡹤ˤȵڤȸäƤΤǤɬʤȤפʤΤǤ

ϡڤ̤ơꥷäǥեȤμ³ƧळȤ֤äꤷƤơθ̤ΩĤȻפΤǤξڵˡˤ󤷤ɤξˤϡɡʤԡٺ6ڤ겼줿͢Ф˥ɥ饤֤ꡢкѤĴ˲ƤȤǤϤޤ󤫡

Ρꥷο͡ϡΤ褦ƻ򤷤ʤΤǤ礦

桼Υæ򤹤Сɥ饯ޤβͤʬڶμ¼ŪʽŤߤȹͤ뤫顩

ơΥɥĤΥ륱ϡʤޤǤ˥ꥷ㤬桼ΥæΤΤǤ礦

ꥷ㤬桼ˤƤƤ桼βͤξ徺˻ߤ᤬ΤǡɥĤȤƤ͢Ф̤ǹԹǤ뤫顩





ꥷϡ桼ŪΥæ⡢Ȼפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

߰¤³Ƥޤɥߤϡ80Υ٥Ǥ

ʤ˱߹ⰵϤäΤˡϰΤɤʤΤԻ׵Ĥ˻פäƤͤ¿ȤǤ礦

ǡϤʤȤͤƤΤǤ⤷ܤּ¼եɸפκȤȤ̩΢˰زưƤʤƤȤϤʤΤʡŤʤơ

ޤ͡ʤȡɬȯФǤ礦

ǤϡβΤˤƱ߰¤ˡ

ФϤФߤ褦ȤƤΤǤȾʬˤƤʤȸäƤǤ礦Ǥ⡢ͭյʥǡͿƤƤ뤳ȤΤ

ǡФϤɤʥǡͿƤ뤫ȸС̲ߥץ˰ѤƤȤΤǤ⤦Ū˸Сߤ㤦μʥ륪ץˤǶḺäƤƤǡߤ븢μʥץåȥץˤƤΤȡ

ǤϡΥ륪ץäƤ뤫ȸС㤨С3η軻ơܴȤΤʤˤϤޤǤǤС졼Ȱʾ˱߹ˤʤ뤳Ȥ륪ץͭȤ¿äΤˡ߰¤ʤȥ륪ץͭưʤʤäƤޤäƤ뤫Ǥ롢ȡΰ衹˱߰¤ʤȤߤ븶LNG͢ȼԤˤƤߤС衹ɤʤ˱߰¤ˤʤäƤ⺤ʤ褦˥ץåȥץͭư礭ʤäƤ롢ȡ

ɤפޤβ⡩

ʸΤĤ褦ޤ󡣤ȤΤ⡢ñ˻¤Ҥ٤˲᤮ʤǤΤǤĤޤꡢߤͤߤ㤦ͤ⾯ʤʤäƤ뤿ˡ߰¤ʤࡢȡץʤɤȤΤǾФʣ˸ʤΤǤ

Ǥ⡢ϡǤϲαߤͤƤΤ

衹߰¤ˤʤȻפͤƤ뤫Ǥ硩

Ǥϡ衹߰¤ˤʤȻפͤƤΤ

ͤοʤïʬʤ굡ڤɤʥʥꥪƤΤïʬʤǤ⡢κǶˤʤäƵޤή줬ѤäƤޤäΤ

򤵤˹ͤˡ⤦١ܤΰزβǽˤĤƹͤƤߤȻפޤ

ϡܤϲäƤʤΤ

ϡ2äƤΰؤưߤСزʤƤʤȤưפ˳ǧǤΤǤȤΤ⡢߰¤ưˤƤʤ餫Ǥ뤫Ǥ21ʹߡ޷ư򼨤ȤؤɤʤۤܰӤƱ߰¤³Ƥ롢ȡ

ȤȤϡϷкѤΥե󥿥륺ΨľȿǤ̤ȸ褦ʵΤǤ

굡ڤ߰¤ΥʥꥪƤǽϤʤΡ

Ѥ񤷤ȻפޤǤ⡢ĴҤDZ߰¤ʤǤǤ顢Τ褦ʱ߹⥷ʥꥪϱƤƤǽ礭ȻפΤǤ

Ǥϡα߹⥷ʥꥪƤƤΤ

桼Τǡߤƨ̲ߤȤФȤʥꥪϾüΤ

ϡܤκǯǰ׼٤31ǯֻ֤ˤʤäȤ˥塼礭ʱƶͿƤȻפΤǤܤ͢ФDzԤϽĤĤΤǤϤʤȡơäǰ׼٤ֻˤʤΤˤʤСΤȤʤɥ㤤ΰϤϼޤȦȡ

ĤܤΤȤʤ󤸤ʤꥫθ饸Τ褦ʥ˥塼ήƤΤǤ

Japan is seeing its exports take a hit. Economists blame the slump in exports on a stronger yen, the global economic slowdown, as well as ongoing problems from last year's earthquake and tsunami. Numbers just released by Japan's government show the country logged a record trade deficit in January.

ܤϡ͢ФǷƤޤΥߥȤϡ͢ФߤϡǯϿ̤Ȥαƶ˲ä߹кѤθ®ȤƤޤܤȯɽͤˤС1ϡֻˤʤäƤޤ

ꥫߤ顢ܤ͢ФͥǤäΤˡǰֻžƤޤäȤΤǡ¾ͻȤϤѤʶäǤΤǤ礦

ʤȤ˥塼󤸤Ǥ顢굡ڤθˤ礭ʱƶͿƤȻפΤǤˡ⤽ǰֻˤʤȤȤϡñ˿ŪʱƶˤȤɤޤ餺ºݰػԾˤɥ㤤뤳Ȥ̣ƤǤ顢߰¤ʤΤȸ

ˡ굡ڤȤΤ򹭤ȡ䡢ܤ͢дȡܤΥͥ륮͢ȼԤ߰¥ʥꥪƤ뤳ȤΤǤ

ĤƱ߹⤬®˿ʤȤˡ굡ڤԤˤ졢ܤ͢жȼԤﳲԤǤ뤫Τ褦󤸤ƤǤ¤ϡܤ͢жȼԼȤ߹岡Ƥ¤¸ΤǤ礦

̤餹СʥХäȻפ뤫⤷ʤΤǤż¤ϡܤ͢жȼԤ߹岡ƤΤǤϡɤȤȸС㤨С3˱߹⤬ʤळȤˤäƷ軻Ȥʤʤ֤ǰ͢жȼԤϡ߹⤬ʤǤפʤ褦ˡߤβʤ㤦Ĥޤꥳ륪ץƤơ㤨бߤ1ɥ78߰ʾοˤʤäƤ⡢ͽ᤿㤨1ɥ78ߤ뤳ȤǤ褦ˤƤΤǤ

ǡ¿͢дȤΤ褦ʹư˽ФСסߤ⤯ʤäƤޤΤǤ

ʬˤʤǤ礦

㤨Сɥ饤СΩǹͤƤߤޤ礦

⤷ᤤ襬βʤ夬¿Υɥ饤СפС㤤ᤷȻפǤ礦㤤Τϡ굡ΤǤϤʤʹƭФ뼫Ҽʤ˲᤮ʤʤΤǤäƳҼʤΤǡסβʤϾ夬ΤǤ

ޤDZ߹ˤʤäƤطʤˤϡƱ褦ʹưäΤǤ

Ǥϡդ˾襬󤬰¤ʤȥɥ饤СפϤ᤿ɤʤǤ礦ʤСդ˥㤦ΤФ褦ȤΤǤϤʤǤ礦ơʤХ󤬱סʤʤꡢʤϵ롢ȡ

ĤޤꡢƤ߰¤θݤϡȻ褦ʤΤʤΤǤ

ΰ̣ǡ߹߰¤굡μܤδȤǤȤΤǤ

Ǥϲκ߰¤ͽۤޤäƤ뤫ȸСκˤϡܤǰ׼٤ֻˤʤäƤȤ¤ΤǤ






߰¤ʤȡ͢Фˤϥץ饹ˤʤȿ̡ԤȤƤϼ䤷ʡȻפå򤪴ꤤפޤΤ˳ιԤȤޤ

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