кѥ˥塼

޸Ρкѥ˥塼̤ưͻ֥Ǥϵ岹Ȳ˻ߤΤúи󾧤ޤиӽиȤϰ㤤ޤߤʴ㤤ΤǤ

2013ǯ04

ǤǶ᥻륤ᥤȤդ褯ʹޤ󤫡

¸ΤʤSell in May

  򤷤Ƥ͡Ф붵Ǥꡢ5ˤϳ졢ȡ

ǤϡäɤΤSell in May θˤϤޤʸϤ³ΤǤ

Sell in May, and go away; don't come back until St Leger day.

5äơΩơȡ쥸㡼ǡ9˶Ϥ졼ԤˤޤäƤʡ

ƾϾʤ꤬ǤꡢơˤߤƤ⡢δ֤ϳ;夬ʤŪ˽ФƤΤȤäȶŪ˸С114ޤǤȾǯ֤ȡ510ޤǤȾǯ֤٤ȡԤ餫˳ξ徺Ψ⤤Τȡ

ȤȤǡ5äȤΤǤ

Ǥ⡢٥Υߥ˿äƤ͡ˤϡΤ褦ʶϼʤǤ礦

kabu2
ˤƤ⡢Sell in May ǤϤޤ󤬡򤽤γʸ򽸤ƤߤޤΤǡ⤽ΰ̣礤򤸤ạ̈äĺ顢Ǥ


褺ϡ㤤˴ؤơ

㤦ʤ餤Ĥ

Ǥ硪





ǶήʸǤ

The time of maximum pessimism is the best time to buy and the time of maximum optimism
is the best time to sell.John Templeton

˸¤ãȤ㤤Ǥꡢڴ˸¤ãȤǤ

ʳʸ򼨤ȡźϡ㤤ȤˤʤäƤޤǤ

ʤΤ⤢ޤ

Only buy something that you'd be perfectly happy to hold if the market shut down for ten years.Warren Buffett

ֲ˳Ծ줬10ǯĺˤʤäƤʤͭƤȤǤ㤨

ʤȤȺäƤޤޤϡγʸϹǤ͡

ʤΤ⤢ޤ

If you have trouble imagining a 20% loss in the stock market, you shouldn't be in stocks.
John (Jack) Bogle

ֳ20ȤǺ̤ä顢˼Ф٤Ǥʤ

Ǥ⡢٤뤫ߤʤ

October: This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.Mark Twain

10ϡ굡ä˴ʷǤ롣ʳ˴ʷȸС7194115361282

򤤤Ǥ͡Ǥ⡢鶼Ƥ⥢٥Υߥˤ̵ϡ

ʤΤϤɤǤ

The four most dangerous words in investing are 'This time it's different'.John Templeton

κǤ4Ĥñ줫ʤդϡغϰ㤦١

٥Υߥǡۼ맯ܤƤ뤫顢餫˰㤦ȻפäƤ͡¿Ȥ⤦ΤǤ

Ǥϡ򤷤Ƥ⡢»򤷤ʤϤʤΤ

Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1.

ֵ§1ʤʡ§2§1˺ʡ

˱褯٤뤳ȤǤƤ⡢ǹˤʤȤϸ¤ʤȤ⤢ޤ

No matter how hard you hug your money, it never hugs you back.

֤ɤʤˤĤƤ⡢Ϥʤ֤ȤϤʤ

Money will buy you a fine dog, but only kindness will make him wag his tail.

֤⤬Ũʸ뤳ȤǤ뤬İʤȤθʤĤȤϤʤ

ΤˤΤȤꡣơ⤬äƤͧãϤǤʤɤ

Money couldn't buy friends, but you got a better class of enemy.Spike Milligan

֤ͧã㤦ȤϤǤʤäŨϺäƤޤä

Time is more valuable than money. You can get more money, but you cannot get more time.
 Jim Rohn

ֻ֤Ϥͤ롣ϤäȤ뤳ȤǤ뤬äȻ֤뤳ȤϤǤʤ

ޤˡΤȤꡣ

NTTܤˤä̤˽ФȤޤǽϥ֡बΤǤθ˽ˤɤääƤȤ

Investors have very short memories.Roman Abramovich

Ȥ˺䤹

ɤƤ⡢񤷤Τʤ顢ǡǤ礦

Never invest in any idea you cant illustrate with a crayon.

֥dzǤʤ褦äˤϷ褷ƾäƤϤʤ

ǸϡǤ

There is no finer investment for any community than putting milk into babies.Winston Churchill

֤ɤΤ褦ʼҲˤȤäƤ⡢֤˷˥ߥ륯ޤۤŨϤʤ

ޤ̾


̾ϡʹˤǼƤ⡢ľ˺ƤޤȤ¿Ȼפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

ǥ󥦥˥֥ĺ꤬Ȥޤ

ơϡΤ褦ʵܤαޤޤ

ְ߶̤¤ǯϢ³ˡ³ סС

ɤȤȸС

ֺ̳ʤ2013ǯ١ή̸ΰ߶̤¤ʤˤ1113ǯ3ǯϢ³ǰ߶̤¤ϥˤʤ롣Żҥޥ͡ε®ڤʤɤǡ߶̤줳ƤסƱС

󡢤εɤߤˤʤäƲޤ

̤ˡšפäƤǤ

1߶̤¤3ǯϢ³ˤʤȤΤǤϹۤΰۼºΤʤΤǤ礦

ۤϡޥͥ꡼١Ĥޤˤⶡ̤2ǯ֤ȳ󤷤Ǥ͡

1߶̤Τ褦ʹŲߤ¤ˤĤ䤬Τ뤳ȤϤʤΤǤŤǤ⡢̳Ǥ롣ơ̳ϡۤȤȤ˥٥Υߥʤ濴ʪΰ͡

פˡ٥ΥߥǸʶͻȡ1߶̤Τ褦ʹŲߤ¤򥹥ȥåפƤ뤳Ȥ̷⤷ʤΤ䤤ΤǤ

Ϥε1߶̤äơХˤޤǤ

1ߤФΤ1ߤ˵㤯

ˡǯ¤äƤΤϡ1߶̤ǤϤʤŲ̤ˤĤƸ뤳ȤʤΤǤ

¤

εϡŻҥޥ͡ڤͳ顢1߶̤̤ʤƤ꤬ʤȹƤΤǤ

ä顢Τ褦ʼ򤷤Ȼפޤ

Żҥޥ͡ڤǡ1߰ʳ10߶̤100߶¤⾯ʤƺѤ褦ˤʤȤɤʤΤǤ礦Ĥޤꡢή̤륳󤬸ȤɤʤΤǤ礦

˸СƱ褦Żҥޥ͡䥯쥸åȥɤѤ®ơή̤ʤƺѤ褦ˤʤäȤˡ٥Υߥٻ͡ϡΤ褦ʻ֤ˤɤн褹Τ

Ǥ⤪Ųߤή̤ɤɤ䤹٤ȹͤ



եŪʹͤٻ͡ϡŲߤή̤ʤʤСʪäƥǥե줬󤯤ʤ뤫餽ϼʤȹͤΤǤ礦Ƥޤ߹ˤʤȼĥΤǤ礦

ä顢㤨аϡ1߶̤10߶̤100߶̤⡢ɤɤ¤ơɤɤή̤ͤΤǤ礦

ȳڤʤޤ͡

˴ܤ䤪ǻʧ򤷤褦ؤƤ⡢䤪¿Ϥ̱֤ζͻؤ¤졢̱֤ζͻؤ;ʬʤ¤롣ơή̤ɬפȤʤ;ʬʥϺƤܤ˴ήȤߤˤʤäƤΤǤ

äƴή륳μܤϵݤǤʤ顢ή̤ܤȥ뤹뤳ȤϤǤʤΤǤ

ޤʬäʤ顢˽в뤪̤äơñ˥ȥ뤹뤳ȤǤʤȤ餤ʬȦ

եɤϡǤ˽в뤪̤䤻ȼĥ롣

եɤäƤۤ⡢ή̤򥳥ȥ뤹뤳Ȥǡ񤷤¿ʬΤƤ뤫顢ȯԻĹɸˤȤϸƤʤ

ۤȤϰ㤦Ȥ򸫤ʤʤʤä顢ޥͥ꡼١򿷤ɸͤȤƷǤȸä

Ǥޥͥ꡼١ϡȥȡֶ̱¤Ƥ¶ΤǤäơơä褦˥å̤򥳥ȥ뤹ΤѺǤΤǡɡޥͥ꡼١ɸˤȸäƤ⡢¶ĹɸͤˤѤʤΤǤ

¶ɸˤȸС10ǯʾŪºƱˤʤäƤޤΤǡʹĤʤ顢ޥͥ꡼١ʤɤȤơۼʤɤȥۥ᤯

ΤФ̤¿ˤ϶äޤؤɤ¶¤̲äޤޤʤС̤ơɤʸ̤ޤ뤫ϤʤϤʤΤǤ

ˤƤ⡢̳ʤǶŲߤ¤ǮǤʤȤϤɤΤ褦ɾΤǤ礦


Ȥϡ̤򥳥ȥ뤷褦ʤƤȤͤ⡢äȤ٤ȤȦȻפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

пʹ5̤ˤϼΤ褦ʸäƤޤ

ֳ߽ǿġסܡASEAN̲߸򴹶

ɤפޤȤΤȤĤޤ

ʤΤǤ衣ǯؿ򽸤᤿̲ߥåפASEANǤܤǤΤǤ

ǯȽ줿ΤˤǤ衣

˽񤤤Ƥޤ

ܤ߽ǿιĤƱ˲ƹȤ̲߸򴹶ȽΤǡASEANܤοʽдȤλĴãٱ礹

Ϥä碌Ƥ餤ޤ

ܤιĤʤȤʤΤˤϡæˡȤޤǤϸʤޤǤ⡢ܼ餬᤿롼̤԰٤Ǥ⤢ΤǤ

⤽⡢Ϥʤ⤬;äƤΤ

ʤȤϤʤ̳ܺGDPΨϷȴ졣ΤˡĤؤɤϹȤˤäƾòƤϤ롣顢ñ˳٤뤳ȤǤʤΤϤΤǤˤƤǤ뤳ȤˤϲѤ꤬ʤ

ޤ餳ȤƤ˾ФƤG20ˬƤݤˤ⡢ܤǯ4ǤͽꤷƤȤϤäҤ٤ƤΤǤ

֤ϺǯͿ޹դˤȴܲˡΩؤ˻פäƤޤˡΧ˽Ψǯ˸ߤ5󤫤8ء2015ǯ108󤫤10ؤȰ夲뤳ȤͽꤵƤޤ

ȸäƤǤ礦

ƬΤʤǤϡ⤦μ¤˾Ǥ10˾夬륷ʥꥪˤʤäƤ롣

ơξǤǤɬפȸСܤˤ⤬ʤ顣

ܤĤޤĤ̤ȯԤʤФäƤʤܤγοιĤ㤦ɬפΤ

пʹˤϡ53ˡܤASEAN񤬺̳ꡦ۲ĤƳŤʶͻϤȤߤȯɽפȽ񤤤ƤޤơֲĤˤϺ̳ιɧۤʤפȡ

ƹǤϡܤǤ˾ФȸǤϡܤιĤƤȸ

øˤߤȻפޤ

Ǥ⡢ҤäȤ顢ȿФιͤĿͤ⤤Ǥ礦ä˷кѳˡܤδطޤвȼʬϹԹ顢ȡ

ȤȤϡܤϡʽФ褦ʴȤ礷ȤȤʤΤ˸СȤγæФषٱ礹ȤȤʤΤ

ϡܤϡ̤˳߽ͭƤΤǡγ߽ǿιĤΤʤϤʤפʤưոʹƤʵ⤷ޤ

ɤפޤ

Τˡܤ˼ʳ߽ͭƤΤϻ¡

ܤĥĤ᤿ǤϤʤΤǤȿǤ߽ϡȤڤꤿ⤬ˤʤäƤΤǤĤޤꡢߤڤơαߤ򳰲ߤ˸򴹤ͭƤáΡΤ褦ʤȤ򤹤뤫ȸСäƱߤ˥ɥ˸򴹤뤳Ȥˤߤβͤ㤯褦ʤȤ򷫤֤Ƥ̤ʳ߽ˤʤäƤΤǤ

Ĥޤꡢ߽Ȥդ٤ƤϤʤΤǤ

߽Ȥ顢ǡˤܤ;͵ͭƤ褦ʷϵޤκСܤγ߽ϡܤïڤƤ뤪˲᤮ʤΤǤ

äơμڶ⤬ȤʤäƤ볰߽ǡιĤͭʤƤȤˤʤСܤڶ򤷤ơͻ񤹤ΤƱʤΤǤ

Υ֥Dz٤Ҥ٤Ȥꡢٱ礹Τʤ顢ʤ߼ڴȤODAȤߤѤ٤ʤǤ

߼ڴͿ뤿ˤϡ񤬳ȯӾǤɬפ롣

Τʥ롼ߤƤΤ

äơʤȴݶϤΤȤϤ⤬餢äƤ­ʤǤ˱߼ڴξˤϡ¤ŬѤ뤫Ǥιˡ¤ΤߤɬפɤʤǤ硩

顢ڹʤɤϡ߼ڴȤߤѤƤ⡢ѤǤʤ

ǡ߽ܤդȡ

߽ƹĤꡢϥ桼ķǤΤڹιĤ뤳ȤΤɤΤȡ

Ǥϡ߽ΤΤ褦ʤȤΤ˻ȤäƤΤ

줬ɥ񻺤Ǥäꡢ桼񻺤Ǥäꡢݥɻ񻺤ǤСܤΤȤ˥Τ򤤤ʤ¸ߤȸäƤ⤤ΤǤ㤨СڹĤեԥιĤͭƤȤơ줬ΤȤ¨¤˴ǤΤȤʧʤˤʤΤ

ڹĤ̯⤷ޤ󤬡ˤƤ¿뤳ȤϤǤʤΤǤʤʬڤääǤϤʤǤ

ĤޤꡢιĤ񤹤뤳Ȥʤɡ̲٤μݤȿ԰٤ȸ虜ʤΤǤ

kuroda1
ʤȤʿǹԤȤĸADBۡ

߽볰̲פϡΤ֥åܥåˤʤäƤơ̳ʤˤȤäƻȤΤۤˤʤäƤΤǤ

ä褦ˡγ߽ΤʤʬʤɤιĤDZѤȤʤС̲פλƤƤޤΤǤ

̲߸򴹶ˤĤƤ⡢Ʊ褦ʤȤΤǤ

ܤαߤϡɤ˹ԤäƤ⤽βͤǧ롣Υϡɥ󥷡αߤȡΥեȤ̲ߤ򴹤ʤơQǤϹͤ뤳ȤǤʤΤǤ⡢줬ȤԤʤǤβ˹ԤʤȤ⤫ޤ̲פ㤷ФǤ顢̲פλƤƤޤΤǤ

ɤƤʤ᤿Ρ

äѤޤ̲߹ۤƤʤȤȤʤΤǤ礦Ĥϡ





̲פˤ̲߸򴹶ȿĤͭϡäƤϤʤȻפå򤪴ꤤפޤ

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ޤޥߤޤεİĤȯ򤷤Ƥޤ

24dz줿ǤʤȤäȤ

20130419_2
ʺ̳ʤΥȤꡣG20εԲ񸫡ȯƤȤϴطΤʤ̿Ǥ


ֿäơߤǡǢ¤ˤʤä±äƤĤΰϤ줿ʧäƤ롣ʿǤϤʤ̵ʢΩġסޤĤΤ夤Ȥ򤷤Ȥ̤ä

ǡǤ

Ǥ⡢ǤϤʤΤǤ︺륢ǥޤǽҤ٤ƤΤǤ

10ߤޤȤʤäؤä±Ԥʡ٤ȤͤԤʤ70аʾΰɴߤäƤ롣äȤ⥫ͤΤʤˡܻٽФޤ

ϡ̳Ǥ⤢Ǥ顢ܤκΤηäʤΤϻŻΤǥΤʤ顢ɤɤФƤ餤

ˤƤ⡢ʤȤС餯뤹ǥ޵İ뤳ȤǤ礦ơΰǡ뤹ǥʤɤФͥȥ褫ޤ󤬡ǮŪʻٻԤָռפȽ롣

䡢פΤϡȯäƤΤǤ褯ʹ¿ʡȤȤǤ

ǸС̵Ƕο㤬ä򤹤ʬˤϡï۵ĤϽҤ٤ʤɤƱĴͤ¿Ȧ

⤢ޤ͡ڷҤļˤǤϳȸƤơݤ褯ʤŤʤƤȯ

ƱȯȹͤƤǤ礦

ΤˡʤοͤԤΰ˴ؤƤϻ褦ʴۤƤȻפΤǤʤ±̤ɬפΤȡ

Ǥ⡢Ťʿ͡Ͽ»ΤȻפ줿ͤϡΤ褦ʤȤϻפäƤƤˤϽФʤäơ¿ͤǤ顣ơԤʤΤǤ顣Τ褦ʿ͡İˤä򤹤ɬȿȯ򿩤餦

äơˤ˵Ǥʿͤ⤤뤫Ǥ

ǡΤȤϡޤĤΤ夤Ȥ򤷤Ȥ̤äפͽĥ

ϲΤ

Ǥ衢̱ˤϻۿμͳꡢɽμͳݾ㤵Ƥ롣鲿äƤ⤤Ǥ̳äǤ⤢Τ顢ʤΡŤȤ礭ǤƱˤȦ

10ߤԤϤȤˤäưκ︺¸ǤΤʤ顢ΤˤǤ¹ԤʤΤ

󡢤٤Ǥ衣

󡢤Υǥ¹ԤƤ⡢ϫƯʤ̳ʤλ̳ȿФ뤫⤷ʤ

ˤǰ︺ǤȿΤʤ顢¸˸äϤ򤷤ߤϡΥǥ¹Ԥ٤ͤ˻ؼΤ

ʤΤǤ衣

ˡȤʬʤǤʤ礭ʸȤ¤褯򤷤ƤʤȤ롣

ˤĤƸ򤷤ƤΤ

İIJ⤷ޤ礦

ֿäơߤǡǢ¤ˤʤä±äƤĤΰϤ줿ʧäƤ

Ρ֤줿ʧäƤפȤǧ褺ְäƤ롣

ϡ֤줿Ƥס

Ǥ礦⤷֤줿פïôȸꤷƤΤǤСĤȯԻĹ⤬700ߤãʤƤȤˤϤʤäƤʤΤǤ

Ǥ礦֤줿פϺǤȤͤդ뤫⤷ʤޤʧäƤϤʤΤǤ

Ǥ⡢ϤޤƨȤǤ롣ϼΤʤǤ

ϡָʿǤϤʤ̵ʢΩġפޤ

ʿǤʤȤ򤷤ƤΤȼȤǤϤʤΤǤ礦

ʵȤäƤϡȤ׿񤤤򤷤ơΥĥϾԤ˲դ롣äƤΤϲڶȼԤǤϤʤΤǤȤοͤΤǤΡڶȼԤ

졢ʿǤϤʤΤǤϤʤǤ礦

ʵ褯뤿Ȥäơư֤ŤιФ黵ư֤ʤɤʤͤ館ʤˤ⹴餺ĥϲդ롣

졢ʿǤϤʤΤǤϤʤǤ礦

ˡ䤷ʤ褦ȤȼȤɤ̵Ǥ̳Ĵ񤬷100ߤϤ롣̳Ĵ񤬤ȤγưΤ˻ѤΤʤޤŤɤͤƤդʤȤ˻Ѥ뤳ȤǤϤʤǤ

ʿǤϤʤ

ˡֿäơߤǡǢ¤ˤʤä±äƤĤΰϤ줿ʧäƤפȤǧ

к̤ǧΤǤС⤦ͤ餷ȯ򤷤Ƥ餤ȻפΤǤ

Τˡ˽˽򤷤¿ͤΰ򹯤ʿ͡ôƤȸ롣Ǥϡ¿פƤΤ

㤤ޤɽϤ¿ͤƤ褦˸ΤǤϡܤΰݸ٤ˤäƤԤ󤿤ƤΤǤ

⤷֤줿פô򤷤ʤС˽˽򤷤µˤʤäͤβ䤫±˹ԤȤǤʤʤȡ¿ͤ⺤뤬Ʊ¿±ֻˤʤäƤޤΤǤ

ä顢֤줿פ±뤿ô򲡤դƤȤΤǡ֤줿±ФƤ٤ΤʤΤǤ

㤤ޤ

ΤȤʤƤФǤϤޤ͡ϤȤΤǤ

򹯤±˹ԤʤäԤˤ10Ϥơ︺褦ȤǥѤǽ礭ȤϤȤƤפʤΤǤܼȤ館Ǥ뤳ȤϳΤʤΤǤĤޤꡢкѳŪˤڤȡ

򹯤ǤĤŤС10߾夲ܤȡ򹯤Ǥ褦ȤưդǤ롣

٤᤮ơϰԤˤ٤ä¿ͤԤˤ餺˵Ѥäµʤͤޤźϼ괺ٳ뤷ޤ

⤷10Ϳ뤳Ȥˤäư񤬺︺ǤȤȤΩڤǤȤСΥǥä뤳ȤǤ褦ˤʤǤ礦

㤨СƸˤĤơΧ˻ٵ뤹ΤǤϤʤӤ夷ͤˤϼٵ뤹ȤϴȤ٤٤ۤɡŬѤˡΨ㤯Ȥ

ɤ˹ԤäƤˡǤ٤ȤʹˤʤäƤޤޤΤΤ褦ʤȤ뤫ȸСʤȴȤæФƤޤȡ

ܤʤʼڶǤǤɬԲķܤϼĥǡˡǤǤˤ­ƧǤޤ

ΤȸȤζ餱Ƥ뤫ǤˡǤ夲ƴȤæФƤޤСˤʤʤȡ

椬ʹͤǤ뤫顢ʬι㤤ˡΨˤơ椫Ȥ򽸤褦ȤϤԤȤΤǤĤޤꡢ줳ٵ˳ʬι񤵤ȯŸ¾ιϤɤʤäƤ⤤

ǤϤʤΤǤ

ˡ⤽٤ƤɡǶǻäƹԤȻפ顢ͭǽΤۤơ͡ʥƥ˥åϮƲǽȾ褦Ϥ롣

줬⤷ǽ礭ʤФʤۤŬѤˡΨ륷ƥǤǡǤ礦

ʤСۤɤǤϤ򤹤ɬפʤʤΤǤ

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СˡΨΤȤƲ뤫⤷ʤǼˡǤۤǽΤǤ

κȯáˤơŪʵȯŸ뤳Ȥڤ˾ߤȻפޤ





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Υȥ꡼ϤƤʥ֥åޡɲ

44˰ۼºȯɽƤ3֤ˤʤȤƤޤ

⤦3֡Ȥޤ3֡Ļ᤬ۤ˽ǤƤ1ʾ夬вᤷǤ

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⤷ޤ󡣤äơޤä1Ǥ顣

Ǥ⡢ȿФˡƳ夲³ƤΤǡۤٻͤ¿ȤʬͽۤΤǤȤĴȾۼºٻȤ̤ФƤޤ

Ǥϡۤ44˸äƤȤ¤¸Τ

ϡդˤĤơä긡ƤƤߤȻפޤ

褺44εԲ񸫤ΤʤפǤȻפȯԥååפƤߤ

ֶͻԾĴɸȤƤϡޥͥ꡼١Ŭڤȹͤޤ줫顢ޥͥ꡼١ϡüŪ˸ȡܶԤνФ̲ߡȤ̣Ǥʬ䤹سǤ֤褯ΤƤɸǤϤʤȻפޤ

Ĺζ򤵤˲Ƥ뤤ϻ񻺲ʤΥץߥƯƤȤˤäơ꽽ʬ뤤Ͽ®˻פбǤ褦ˤʤꡢη̡ޤǤ⡢פФƤ櫓ǤΤ褦ʷǡʤľŪ˥ɥΤ򲼤ꥹץߥ̾Ƥ̤ޤ

⤦䤬ޤǤʤۤϡ22ܡפζͻ˾ޥͥ꡼١2ǯ֤ȤΤǤ䤬뤹ޥͥ꡼١2ܤˤʤСήФ˥ե줬ȡ

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򤸤ֻ֤ԾȸС˽в뤪ĤޤܶԷ뤳Ȥ̣ΤǤϤʤΤǤƤޤϡ˽вܶԷ̤䤻ȡ˰Ϥ򤫤ƤΤǤϤʤΤ

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44ʳǡΤ褦˸äƤΤǤ

֡Ūפɸ򤭤äƳ褤櫓ǤκݤɸθȤƤϡֶ̣ǤϡĤƤŪ»Τ褦ʡ¶פꡢΤǤϡ֥ޥͥ꡼١סˤϡ֥Х󥹥ȡפȻפޤΤкѳŪʴСϤ֥ޥͥ꡼١פʬ䤹ĶͻԾĴɸȤŬڤʻɸǤȹͤޤۤǤ졢¶ĹǤ졢ԤͿƶϰ٤Ȥϻפޤޥͥ꡼١سǰ֥֥å夵ƤŪʻɸǤȤȤȡͻԾĴɸȤޥͥ꡼١ŬڤȤȤǡΤ褦ˤ櫓Ǥ

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ϡȯ˹ۤΨľ򴶤뤳ȤϤޤ󡣤ɤ͡˰⤦ȤƤ롣ơܼ餽ȤƤ롣

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⤽ڶΥեɤʤ顢¤٤ޤǤʤΡȯԻĹפɸˤȸʤΤ

ȯԻĹ򥳥ȥǤϤ줬Ǥʤ褦ä顢Ǥۤ˸ؤ餤ȤΤեɤμĥäΤǤϤʤäΤ

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Фϰ顢ɤʤ䤬㤫꤭ˤʤäƤ⡢ȯԻĹʬΰդΤޤޤ˥ȥʤɤǤʤȤͤǤä

ơͤꤷƤΤۤǤꡢ涵ǤäΤǤ

¬ǤȯԻĹ⤬ۤɴñ˥ȥǤΤǤϤʤȰ鴶Ƥ顢ȯԻĹɸͤ˿ˤϤФȤơ¶ɸˤȸСܿʤΤǡǤʤޥͥ꡼١Ȥä˲᤮ʤΤǤϤʤΤ

ˤƤ⡢¶Ĺ⤬ĤȤǡȯԻĹ⤬ʤȤˤϥե줬ꡢʵ褯äꤹ뤳ϤʤǤ礦

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ˡۤäƤĹζƯȤʥꥪϡɤʤäƤΤǤ礦ĤޤꡢĹϲäƤΤơɥ֤ϲäƤƤΤ

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ϡۼºȯɽǡŪ礭äƤΤǤŤʹߤϡäƤȤ⡢夬äƤ褦ʷϵʤΤǤ

Ĥޤꡢ˴ؤƤϡۤΥʥꥪ̤ˤϱǤʤ

Ǥ⡢ۤФٻϡˤƹ⤤

ɡ¿ο͡ϡɤʤƤȤˤϴطʤؤɤʤ뤫ɤʤ뤫ƤϤʤǤ礦










ˤƤ⡢ʾΤ褦ʾͤɾФɤΤ褦դ٤ʤΤǤ礦

ۤȤʤСʬ夲ƤȤϻפΤǤ


ԾʤơⵤʤȤå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

λٻΨ夬äƤޤ夬äƤ뤳ȤǤ

ζͻٻͤ¿褦Ǥۼ¤ΤǤʤ߰¤򾷤夲Ƥ뤳Ȥ礭Ȼפޤ

Ǥϡ塢ΡƹΨˤȤäƤβϲ

Ǥ¿οͤפäƤ뤳Ȥϡ2ǯʪ徺Ψ2ˤޤǾ夬ΤȤȤȻפΤǤ

ϡեŪʼˡٻʤȤ⤢ꡢǤ⥤ե򵯤褦ʤȤɬפϤʤȹͤΤǡΤޤǤ㤫꤭ˤʤäƥե򵯤ȤΤǤǤ⡢եɤο͡ϡϲȤƤ2ΥեΨȤɬפȹͤƤǤ礦

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ۤΤޤǤȯ礹ȡ2ǯַв᤹Сͤ٤ΥեΨãϹͤƤΤȤäƤ⡢2ǯ֤ǥޥͥ꡼١2ܤˤȤΤǤŤ⤷Ǥ⥤ե줬ʤΤǤС餫˥եɤĥƤʤڵˤʤäƤޤΤǤ

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Ĥޤꡢۼºʪ夲̤師ʤȲꤷƤ⡢ǯ4ˤʤСǤˤäƥΤ䥵ӥβʤ3᤯夬ΤǤ

󡢾ԤǤȿФơǤʬޤʤСפäȤ;夲ˤĤʤʤΤϻ¡ޤͿޤˡΧꤷƤޤǶػߤ褦ȤƤǴԸʤɤ硹ŪŸ褦ʤȤˤʤСޤפäȤ;夲ˤϤĤʤʤǤ礦

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äơʤȲηи齽ʬ¬ĤǤϤޤ󤫡

19997ǯ4˾Ǥ5˰夲줿ȤʪϤɤʤä

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2ۤ夬äΤǤ衣餯⤽ʤ롣ݡʾΤȤ롣ΤʤСϡԤڷҤХХ٤褦ʺǰλǤäΤǤϡष夬ꡢࡼɤ礭žƤƥեˤʤפˤʤäƤ뤫Ǥ߰¤αƶ⤢Ǥ礦ϡΨ2ݥȰ夲줿ʤΤˡ3ݥȤ夲ΤǤ

â1997ǯξǤαƶ1ǯ֤³θϡޤեΨ㲼Ƥޤ

Ǥϡǯ4˾Ǥ»ܤƤ⡢ե줬Τ1ǯ֤ǡ2015ǯ4ʹߤˤϡեΨϺƤ㲼ƤޤΤ

٤Ǥ2ƹǤ뤳Ȥ˺ƤϤʤޤ

2014ǯ4˾Ψ5󤫤8˰夲Τ1ơơ1ǯȾ2015ǯ102ƤȤơ˾Ǥ10˰夲뤳ȤͽۤƤΤǤ

Ĥޤꡢ2015ǯ4ʹߡöǤˤ̤äƤޤǤ礦θȾǯ⤹ФޤƤʪ2ٰ夲̤ɽǤ礦ơ2ƤǤθ̤1ǯ֤³ǡʤС2014ǯ42016ǯ9ޤǤϡǤˤäʪ徺Ψ夲
Ȥۤܳμ¤ǤΤǤ

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ȤȤǡۤ岿⤷ʤƤ⡢ǯ4ʹߥեΨ2ʾˤʤ뤳Ȥϳμ¤ȻͽۤƤΤǤ

顢衢ܤ䤬Ϥ٤Ȥϡʾʪ夲ȤǤʤʪ夬äƤ̱褬줷ʤʤ褦ˤ뤳ȡϡե줬ȤбͤƤǤΤǤ

ΤˤϤ¶⤬夬뤳Ȥ˾ޤޤơΤܤϫƯȹ¸߰յʤƤޤۤĥڤäƤΤƤޤǤ⡢ñˤϤʤǤ礦

ˤƤ⡢ǯ4ʹߥեΨ2褦ʾ֤иȡ٤Ϥ˹碌Ĺ夬Τɬꡣ

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ĤޤꡢʤȤܤܤκ褦ȤǤꤹ뤳ȤեΨᡢơΤȤĹΰ夲򾷤Ĥβʤ㲼Ƥޤȡ

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ʤäƤäʤ褦ˡܤϽʬߥ졼򤷤Ƥɬפ

⤽⡢ǤˤäƥեΨޤä硢ɤΤ褦˰ΤĤޤꡢȤȤƹͤΤͳϲǤ졢եˤʤäȴޤΤդιͤƤʤΤǤϤʤǤ礦


㤫餹СǤˤäƥեΨ2ĶȻפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

ǤкѳؤνŪ򤷤ƤߤȻפޤ

褺ʸϤɤߤơ줬ȤäƤ뤫ְäƤΤְ㤤Ǥʤвδְ㤤ȹͤΤ

ֹԶ˼ڶ򤷤ƸȤ»ܤˤʤäǼ䤷Ƽڶ֤Сʵư򾮤뤳ȤǤޤεǽкѳؤǤϡإӥȥ󡦥ӥ饤١ʼư경֡ˤȸƤӤޤ

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ֹԶ˼ڶ򤷤ƸȤ»ܤˤʤäǼ䤷Ƽڶ֤Сʵư򾮤뤳ȤǤޤ

ϤΤȤꡣ

ϡεǽӥȥ󡦥ӥ饤ȸƤФΤ

ǡǤ

㤤ޤ͡äơܤ̤ʤȤ򤷤ʤƤ⡢ʵư򾮤뤳ȤǤ뤫ּư֤ʤΤǤ顣

ʵǮƤ뤫餽䤷ʵʵкǤĤΤǤϡּưǤϤʤǤϤʤǤ

Ǥ⥤ޥѤǤʤȤʤ顢OxfordDictionary of Economics򤴾Ҳ𤷤ޤ礦

Dictionary
built-in stabilizers

  Any features of the economy that tend to limit economic fluctuations through routine behaviour, without the need for specific decisions.

  ̤ʷ򤹤뤳Ȥʤιư̤ƷкŪư뷹ΤкѤħ

  The government's budget provides obvious examples.

ܤͽɤǤ

  If national income falls, the application of given direct and indirect tax rates cuts revenue automatically;

֤⤷GDPʤСνǤȴǤŬѤˤʤ̡ǼưŪ˸餹

  if unemployment rises, the application of given benefit rules ensures that income maintenance payments rise.

  ֤⤷Ψ夬ʤСμݸŬѤˤʤ̡λʧۤä

  This raises the budget deficits, and limits the fall in incomes.

֤ΤȤͽֻ礭㲼ޤ

  Similarly, when national incomes rises the budget deficit falls.

ƱͤˡGDPäȤͽֻ

  The advantage of built-in stabilizers over deliberate policy measures is that they operate automatically and immediately.

ּư֤ŪͥäƤϡ줬ưŪˤ®䤫˵ǽ뤳Ȥˤ

äĹʤޤư֤ΰ̣褯ʬˤʤäȻפΤǤ

ˤֹԶ˼ڶ򤷤ƸȤ»ܤפȤΤϡư֤ȿФֺŪסdeliberate policy)ǤΤǤ

Ǥ紪㤤򤹤ΤϰïʤΤ

пʹʤΤǤ

ʸϤϡΡ֥˥塼ɤ߲򤯡䤵кѳءϡ٥Υߥͤפ˽ФƤʸϤǤ

кѤޥʬʤ鿴ԤʤɤΤˤΥʡߤ줿ΤǤϤʤΤǤ

ʤΤ˲Τʴְ㤤򤷤ǤΤ

󡢿ʹ֤ˤϴְ㤤䴪㤤դΤǤ顢ȤⵯȤϻפΤǤʹԽ1ͤǤΤǤϤޤ󡣲ͤܤ̤äƤϤʤΤˡ

Ǥ⡢ʤȤ򤷤ǤƤޤ

®䤫εǺܤ뤳ȤɬפǤ礦

äơε򿿤˼ɼԤ뤫Ǥ

ơ㤨нܤӥȥ󡦥ӥ饤ˤʤäơФ˽ФƤȤα򤹤ȡְַäƤ衪פȸ줫ͤʤǤ



ФʥߥƤ󤬤ʡȻפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

G20κ̳á۲Ĥη̡ܤΰۼºˤĤ줿ΰǡܤϺƷ줿ƻƤޤ

ɤפޤɤפȤΤϡܤ˳ƷΤȤȤǤ

¾ͤιΤȤǤ硩ܵǿۤƤƤΤ

ˤƤ⡢G20ζƱˤϡΤ褦ʰʸΤǤ

ܤϡ­ײꤹ٤Ǥ

Τä顢ܤкѤθȤʤ٤礹٤ʤɤƤˡư⡢˵ۤʤơ

ʸդΤϲܤФǤϤʤΤǤ

ФƤϡͻƥꤵ뤿˷к̲δפ򶯲ʸդơƹˤϡϤǧΤΡʤƷϤɬפơ̾ؤޤФƤϡ礹褦Τ٤ȡ

ΰ̣ǤϡƷϤƤⲿ餪Ϥʤ

׵᤬ɤۤܵʤΤȤȤʤΤǤ

ˤĤƤϡä⤢ޤ̳ʶڤȤäơǤ¸褦ȤƤ롢ʤơ

ޤΤ褦ǤڤʤȤϸڤޤIMF̳ˤϡ̳ʤͤäƤ뤳ȤǤ⤢ޤ

aso33ƹǤ̳

̤ˤơ⤷ܵdzܤϺƷ˼Ȥ٤ȹͤȤϤɤΤ褦ͳˤΤʤΤǤ礦

ܤξƤơ

ܤΤȤͤʤȤϤޤ⤽ܤȤǤ顢Τ˹ͤƤȤϻפʤΤ

G20ζƱƹμܤ̾󤲤졢ײꤹ٤ȸ

ɤơ

ǤϡդˡܤκסơȤܹΥ줬ɤʤΤǤ礦

Τ褦ʤȤľ˵ȤפʤΤǤŤǤ⡢5ǯ10ǯ20ǯ¿ƤƤȸСϤϤʤϤԳμ¡ݡ5ǯʾΤȤʬʤȸ٤ǤϤʤǤ礦

ΤʤС2ǯ֤ǰֻ⡢5ǯïƤȻפ뤫ʤΤǤ

ˤƤ⡢⤷ܹΥ줬ϤޤСϰѤƤޤǤ礦

ܤĤƤ餤ȻפäƤ⡢Ȥɱ󤷤ȡĤβʤ˽ϵƭ

ʤȤˤʤС餯ܤͭƤƹĤѤɬפȤǤ礦ϡIMFʤɤߤդƤ뤪٤ȤǤ礦ˡȯӾߤդƤ߼ڴ⡢ľ˲뤳ȤϤǤʤȤƤ⡢ߤդϥȥåפƤޤǤ礦

ϢγưˤƤ⡢¿ۤΤܤФƤ뤫ưݻǤΤǤƷϤΰݻˤƤ⡢פͽܤĤƾ夲Ƥ뤫顢줬ǽΤǤ

⤽⡢ܤۤΤߤĤƤäơθǺ̳λٱԤäƤIMFܤФơƷϤդʡʤɤȿⶵΤǤʤƲǤ礦

Ǥ礦

Ǥ⡢餪Ƥ⡢ܤݤäƤޤȡμ¤ˤαƶIMFʤɤιݵؤ˵ڤ֡Ǥʤƹܤˤ¿ʱƶͿƤޤΤǤ

顢⾯ۤˤʤϤƤΤǤ礦

줬ܤμڶGDPΨ⤯Ƥ⡢ǰ׹¿ۤ˷׾夷Ƥ褦ʾ֤ʤäƤƤ⤤⤷ޤ󡣤ΤΤ褦2ǯϢ³ǰֻ׾夷ƤǤʤֻ礭ʤäƤΤǤ

Ʒ˾Фȸäơޤ˼ڶ⤬ʤʤʤƤȤˤϤʤʤΤǤɤڶλĹ⤬ʤ褦ˤǤ⡢Ȥڤ褦ʿΤǤ

ץ饤ޥ꡼Х󥹤ʤơǤΤưפΤǤºݤˤѤʶϫȼΤǤ

Ϳޤϡͽ׿ȻפäƤ롣顢ĹάȤ⡢
Ϳ긺ǤȡѤ餺褦ʻܺФǤϤʤǤ

Ҷ˱Ѹ򶵤뤿1ͤγͤܤ˸Ƥ֡

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⤬ʤΤˡΤ̵̤ʤȤ򤹤Τ

ľܳͤܤбѸ˶̣ͯΤʬޤϡͤľܤ˸ƤФʤƤ⡢󥿡ͥåȤǴǤѸ줬ؤ٤Ǥ󥿡ͥåȤȤʤƤ⡢NHKδñѸѤǤ⤤

ϡѸƤ򥬥äѤФäǤ

ʤΤˡΤʤäʤλȤפĤʤΤ




ȤϤɤƤ̵̸ФꤷΤȻפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

G20礬ꡢܤΥǥϡܤΰۼº򤬼줿ʤƻƤǤŤǤäƱ߰¤˿ʤߤȤθФƤΤǤ

˰ۼº򤬼줿Τ

Τ뤿ˤϤɤ餤Τ

괺ƱθʸɤǤߤФΤǤ͡

ǤϡβĤϤɤdz줿Τ

亮ȥdz줿ΤǤ͡

ä顢ƺ̳ʤΥȤ˥СʸɤळȤǤΤǤ礦

001SAIShomepageƺ̳ʤΥȤˡ

ȤǤ餳Τ褦ʹݲĤ¨¤ʸʤɤǺܤƤΤǶϡɤȤι򤵤ܤäƤΤǤ

Ȼפʤ顢ƺ̳ʤΥȤ˥ƤߤƲǯ2G7G20ޤǺܤƤʤΤǤΤɤΤǤ礦


Ǥ⡢ۤפޤܤκ̳ʤΥȤˬȡʸǺܤƤǤ

â֤ΤϤޤᤤ

ȤΤϡʸܸɤ߻ϤȡŤפ󤫤פǤ

ɤƤʤʬŤ餤ܸˤƤޤΤǤ礦

ʤʬDz뤷ʤ

ʬפܸˤʤƤߤޤΤǡɤߤˤʤäƲ


֣桹G20 ̳áۤϡкѤθ9μǾˤ륵ߥåȤ˸ʤ뤿ˡ礷

֥ʤ뤿ˡפȸơΤȤϤʬˤʤǤ礦ˤʬޤ

ʤʤܿͤ˸äƤ⡢֤ɤȡפäʹ֤˷ޤäƤޤ

ǡʸ򸫤ȡ

We, the G20 Finance Ministers and Central Bank Governors, met to discuss the currentsituation in the global economy and to bring forward the policy agenda for our Leaders'summit in September.  

Ȥޤ

20κ̳äԤۤǶкѤξ뤿˺󡢲򳫤ȤΤϤ褯ʬޤ

to bring forward the policy agenda for our Leaders' summit in Septemberΰ̣ϡ

bring foward ȤΤϡƤȤ˾褻Ȥ̣Ǥꡢϡ9ΥߥåȤǼ夲٤Ƥ뤿˲򳫤ȸäƤΤǤ

֥ʤפΤǤϤʤֵƤפȤ̣ʤΤǤ


кѵڤӶǤǻ³ǽĶѹդĹΤG20ե졼

֣桹Ĺ夲ѤϽФդƳǧ

ʤ

֣кѤϤĤμפʥơ롦ꥹ򤷡ͻԾξϲ³Ƥ롣кѤĹϡ³᤮¿ιˤƼȤϹ⤹֤ˤȤɤޤäƤ롣ϰ³ͤǤϤʤԾŪ϶ĹиƹŪּ̱פζ򼨤Ƥ뤬桼ΤȤ̤¸Ƥʤ褦ˡۤʤ®٤ǿʹԤƤ롣Գμ̱֤ΥǥХåˤĤ𡢤μפ̤ԴʥХ󥹤ϡ³кѤĹ̤ˤȤäƽŤȤʤäƤ롣λ³ǽȶͻΰ˴ϢޤᡢŪʲޤ¿ιˤ¸ߤƤ롣

ʸϤĹΤǡʬ򤷤ޤ

кѤϤĤμפʥơ롦ꥹ򤷡ͻԾξϲ³Ƥ롣

ơ롦ꥹΰ̣ʬʤͤ뤫⤷ޤ󤬡ϡΨϾΤΡѤʻ֤ˤʤꥹ̣ޤ

Ǥϡ줬ʬäȤơξδĤΥơꥹȤϲ̣Τ

̤˿¬Сκ̳ʤɤؤƤΤǤ礦

֤кѤĹϡ³᤮¿ιˤƼȤϹ⤹֤ˤȤɤޤäƤ롣

ϤʤǤ礦

ֲϰ³ͤǤϤʤԾŪ϶ĹиƹŪּ̱פζ򼨤Ƥ뤬桼ΤȤ̤¸Ƥʤ褦ˡۤʤ®٤ǿʹԤƤ롣

Ϥʤ⤷ޤ󤬡⤦ʬפɽѹ뤳ȤϲǽǤ

ʸϼΤ褦ˤʤäƤޤ

The recovery remains uneven and is progressing at different speeds with emerging markets experiencing relatively strong growth, the United States demonstrating a gradual strengthening of private demand, and the recovery in the euro area as a whole yet to materialize.

  Τ褦˲ǡǤ礦

кѤβϰͤǤϤʤ֤³ơŸΥԡɤۤʤäƤ롣㤨СԾǤϡŪ϶Ĺ³Ƥ롣ƹˤĤƤϡּ̱פ϶Ƥ롣桼ϡΤȤ̤ƻ˾äƤʤ

Գμ̱֤ΥǥХåˤĤ𡢤μפ̤ԴʥХ󥹤ϡ³кѤĹ̤ˤȤäƽŤȤʤäƤ롣

βսĺޤʸϤɤΤˤʤäƤޤȤǤ

̱֤ΥǥХåäƲȻפ鷺ʤäƤޤޤμפ̤ԴʥХ󥹤äƲΤȡ

ʸߤƤߤޤ礦

Policy uncertainty, private deleveraging, fiscal drag, impaired credit intermediation, and a still incomplete rebalancing of global demand continue to weigh on global growth prospects.

ʸľƤޤäȤȤǤ͡ľȤǤϤޤ󤬡ʸΰ̣뤳Ȥ򤷤ƤΤ˻פäƤޤޤ

Policy uncertaintyϳΤԳμΤȡǤϡϲ̣Τ

ƹǵIJʬ֤³ʤ³Ƥ뤳Ȥ̣ƤΤǤ

Private deleveragingȤϡ

  leverageϡ̣ޤäȸС¾ͤ餪ڤ굡򤹤뤳ȤǤdeleverageϤȿФˤʤǤ顢ɡ̱礬¾ͤ餪ڤƹԤޤ뤳Ȥ̣ΤǤ

a still incomplete rebalancing of global demandϲ̣Τ

̤ԴʥХ󥹤ʤƸäƤäƤϺޤ

ŪʼפκĴޤλƤʤȤ̣ƤΤǤ꡼ޥ󥷥åơ桼ȤȼкѤԶˤʤꡢפפޤ٤ȤãƤʤȤäƤΤǤ

    äơкѤμפκĴ̤˴λƤʤȡפȸäǡǤ礦

֣桹ϡŸϸΤΡĹ򶯸Ǥǻ³ŪĶѹդΤȤˤϹʤ֤ɬפǤ뤳Ȥ˹դƤ롣桹礷ưʹߡĤιϷкѳưɷ㤹뤿֤äƤ롣Ȥ櫓ܤκǶ֤ϡǥեߤᡢ٤뤳ȤտޤΤǤ롣äơڹѶŪʥޥкѥåȯɽ

ܤо줷ޤäȸƤߤޤ礦

We have agreed that while progress has been made, further actions are required to makegrowth strong, sustainable and balanced. Some countries have taken steps to stimulateactivity since we last met. In particular, Japan's recent policy actions are intended to stop deflation and support domestic demand. In addition, Korea announced an activemacroeconomic policy package.

βս꤬ޤ󡣤褯Ǥޤ

֤ʹкѤμ夵бȤβ桹ΥߥåȥȤãˤϡ¿֤ɬפȤ롣

ϡޤƤʬˤʤƤ̤ʤ顢̣ƤΤäѤʬʤǤ礦

However, much more is needed to fulfill our commitment to address the ongoing weakness in the global economy.

Τ褦˲Ƥߤޤ

кѤ϶˷礱֤ä³Ƥ뤬ǤϤʤΤкǤĤȲ桹ϸƤ뤬«̤ˤϰؤ֤ɬפʤΤ

ʤǤǤ礦

ּפͥϳͰƱͤΤΤǤ롣桼ˤƤϡƱ˸®䤫ưͻԾʬǤιʤ̾ӶԤΥХ󥹥Ȥη³Ūʶ̤ơк̲Ʊδä٤Ǥ롣

βս̤ˤ񤷤

Major policy priorities remain largely the same.

ּפʲϤۤܺޤǤƱ

In the euro area the foundations of economic and monetary union should be enhanced,including through an urgent movement towards banking union, further reducing financialfragmentation, and continued strengthening of banks' balance sheets.

桼ˤƤϡƱ˸®䤫˹ưȤȤˡͻƥΥꥹξʤˡԤλƤ³뤳Ȥˤäơк̲ƱδפʤФʤʤ

ʤ̣ʬǤ礦

ƹǤֻ︺ã줿Х󥹤ΤȤ줿Ūʺײ˸ʤŸɬפǤ롣ܤϡ­ײꤹ٤Ǥ롣ʹϡĹ򶯲뤿ιʤ֤μ»ܤƤ٤Ǥ롣桹ϡŪĹ夲ѤϽФ뤿ᡢ³Ūʹ¤פ»ܤ롣

βսϡޤɤȤޤ礦

ʹϡĹ򶯲뤿ιʤ֤μ»ܤƤ٤Ǥ롣ΰ̣ʬǤ

ФʸʤΤǤϡĹĤޤȤäפѤ٤ȸäƤΤǤ

֣ʹˤλ³ǽΰݻϡ³ˤƽפǤ롣ʹϡܥDz桹μǾԤäߥåȥȤ˱äơŪʺά򥵥󥯥ȥڥƥ֥륰ߥåȤޤǤ˺ꤹ롣桹ϡβDz桹ά󼨤ڤ롣

βս⤤Ǥ礦

֣桹ϡˤե󥿥륺ȿǤ뤿ᡢԾǷꤵإ졼ȥƥȰؤν˰ؿ®˰ܹԤإ졼Ȥη³ե󥿥륺ЪΥ򤱤Ȥβ桹ΥߥåȥȤƳǧ롣

We reiterate our commitments to move more rapidly toward more market-determined exchange rate systems and exchange rate flexibility to reflect underlying fundamentals, and avoid persistent exchange rate misalignments.

Τ褦˲ʬפȻפޤ

ֲ桹ϡإ졼Ȥե󥿥륺ʷкѤδŪˤȿǤ褦ˤ뤿ˡư٤®䤫˰ܹԤưإ졼Ȥν¸뤿˹ưȤ桹θƳǧ롣

ֲ桹ϡ̲ߤζŪڤ겼򤷡ϤΤ˰إ졼ȤŪȤϤʤƲ桹ϡ֤ݸй桹γ줿Ծݻ롣

We will refrain from competitive devaluation and will not target our exchange rates for
competitive purposes, and we will resist all forms of protectionism and keep our markets open.

βսⴺƲʤ顢Τ褦ˤʤޤ

ֲ桹ϡ̲߲ͤڤ겼򿵤ߡϤ򶯲Ūǰإ졼Ȥɸˤ뤳ȤϤʤ

ֲ桹ϡեβ٤ưڤӰإ졼Ȥ̵ưϡкѵڤӶͻΰФưƶͿ뤳ȤƳǧ롣ͻϡԤγơΥޥǡȤ˽äơʪ˸ȤȤˡкѤβ³ٱ礹٤Ǥ롣桹ϡĹ֤ζͻ¤տޤѤαդ롣

ǸʬʤǤ礦

ǡ˺̳ʤܸʬˤʬˤʤäȻפΤǤƤޤ˸ȤɤȤǤΤʬäĺȻפΤǤ

οΡܤΰۼºؤơ򼨤ȤΤϤɤʤΤǤ礦

ܿפäƤ뤫̤ˤơ괺ϥդȽǤʤ줿򤷤ƤǤ礦


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䡢ˡۥ󥽥ɬפʤȤ϶ȼԤäҲ𤵤ĺޤ

ۥ󥽥ȤϡϢ̤Τȡ

ȿǽˤϡ㤨мҰʤŬŻϢ̤򤹤뤳ȤפǤȡ꡼ޥƬáޤƤ뤳Ȥ¿ΤǤҤ϶ȼԤϡʤȤФҰʬƬǹͤ뤳Ȥ򤷤ʤʤꡢؼԤפμҰФˤʤäƲҤȯŸʤäƤޤ

ޤƤߤΤǤ

̤γ٤碌Ƥ館С˥ۥ󥽥ʤ¿ˡڤʥۥ󥽥򤷤ʤʤʤ¿Ȥ

ޤ
ˤƤ⡢ȤϿͤʤΤǤ

ϡδȤҰͤҤȤǽϤǡȯ뤫ǤΤǤۥ󥽥ɬפʤȴƸ򾷤褦ʸ򤷤бļԤ⡢ҰΥ١ˤΤ褦ʤȤäƤΤǤ

ȤīŤȤϸäƤ4äʤΤǤNHKΥ饸ؤܡäʹƤȡĮηбļԤä򤷤Ƥޤ

ᤫʹƤǤϤʤǤ򤤤ȤΤǤ

ʤȡβҤȰϡʬβҤʸФƤǤäƤ⡢ɤƤǤСڤäƤޤǤȤǤ

ͤϿͤǤʤƸդޤŷʸܵҤʸä顢ʤƤ⤤ȤΤǤ

פ鷺֤פȸʤäƤޤޤ

ʸܵҤȤϼ򤷤ʤǺѤȤΤǤСɤʤ˳ڤʤȤƷܵҤڤäƤޤСʸ㸺ƲҤݻƤޤ줬ȻפΤǤ

ˡ⤽Żʤ򤯤ʤȤθǤޤߤʤΤʤΤǤ

󡢤ɤȤ֤ܿͤ뤳Ȥ¿Ǥ礦¿ϡʬ˹äƤȻפä֡

ǡƲƴҤ˽뤳ȤǤƤżºݤҤȡˤϷڤ䡢ʤꤷơŤƤޤˤϰʿͤꤷơ

ʤȤˤȿƤƤϤȤƤ⥵꡼ޥʤƤäƤʤ顢եե֤˾ʤΰʤݤࡢȡ

;ԤФäꤳܤƼǤ줤ˤʤäƤޤΤդɬפʤΤǤޤäƼͫ餹ȤǤΤ⥵꡼ޥø

ˡʤƼʬϤĤƤʤȻפäƤƤ⡢򸫲󤷤顢ȼʬĤƤʤͤΤΤȡޤ˰¿ꤷơ

ޤǽϷ˻פʤŻδطԤǤäƤ⡢Ⱦǯ1ǯȷФĤˡ˹ˤʤͤʤǤϤʤΤǡ϶ʪǤ

ˤƤ⡢ɤƤ⹥ˤʤʤδطԤȤơΤ褦ʼȤδطڤäƤ⤤ĹäȤͭ񤤤Ȥ

äơǤ礦⤦ʻפ򤹤ɬפʤǤ

餤ȻפäƤ⡢ҤʤΤʤΤȤϲΤ̤μҰ顢⤽⡢βҤȤμϻߤޤ礦ʤơҰȦʤʲҤ¤ʼҰβҤȤμϹͤľΤϡäݤɤΤȤʤΤǤ

˼ҰΤ褦Ƥ򤷤ơʹ褦ʼĹɤۤɤΤ

षХ󡪤Ȱ夵ΤǤ礦

βҤμĹϡ
ȽǤʤ顢Ǥȸ

餯μĹͤߤ˻פƤΤǤϤʤǤ礦

μĹΤʤ顢äȴĥȡ򼺤äƤ⡢ʬΰոʹƤ줿Τ顢ȡ

ʼĹɤˤΤꤿǤ

Τ
ͭΤץΥȤ

Ĺϡ
ͭΤץ2Τɰ줵61СβҤϡϸųĮʤޤˤˤꡢҰ21̾ǡμξХߤޤ7000ΥХͤäƤΤȤ

ΤĹϡȤ9ʾ»Ǿ򤷤Ƥ뤬澮ȤϤǤϤäƤʤȸޤ»ǤϤʤơǤڤǤ롢ȡ

ᤤáؤФơꤿͤ¿¿»ȽǤƤ롢ȡʤɤ»ȽǤȤ澮ϡȤΤ褦ʾ󼨤뤳ȤϤǤʤȡ

Ǥ⡢⤷ʬʼĹˤҤΤȤ򹥤ˤʤäƤС̤ǸꤷƤ⤺äƯ³Ƥ롢ȡȿФˡˤĤҤ褦ʿͤϡˤ󼨤Ҥдñ΢ڤ롢ȡ

ˤμĹǤŤ󤺤ͳäΤǤ

кŪʾǼʬϰĤˤʤäƤΤǤϤʤߤ顢βҤΩƤ롢ȸΤǤ礦

ʤۤɤʡȻפޤ

äƤߤºɤҤȯŸΤԻ׵ĤǤϤʤȡ

ʤСҤεϤ礹Τ񤷤ΤǤϤʤǤ礦

äơʬϤι礦ʹ֤ʤɡñ˸ĤǤʤ

ΤȤϤƤ⤽Ҥ̵礭뵤ϤʤΤȡȰϺ28ͤ˷ƤΤȡ

28ͤ

ʬΤȤ򹥤ˤʤäƤäƤ⡢ʬ¿ηͭƤ뤳ȤʬäƤ롢ȡƤߤ鼫ʬˤ28η뤳ȤʬäΤǡҰ˸ɽȤȤˡ28η䤦̣ǼҰοϺ28ͤˤޤǤȷ᤿ȤΤǤ

ޤˤĤƤϻȤƤǼϤǤʤΤǤ̵˲Ҥ礭褦ȤƤ̣ʤȤȤʬΤǤ

ȤϡŻκʬ;᤺ˡ򸫤뤳ȤΤǤֿ͡פΰळȤפȤĤäޤ

ŻϡʬȤʤ뤳Ȥˤɴܡܤˤʤ뤳Ȥ򥢥ॹߥŦΤ;ˤͭ̾Ǥ

ơºݤˤ⡢ζ˽äƻŻʤ뤳Ȥ¿ΤǤ

Ǥ⡢μĹˤСʬȤϡɤȤФ櫓ǤϤʤȤˤʤΤǤ

ΤʤС;ˤʬȤʤǤޤȡġνȰϡʬʳλŻǤʤʤŤʤȡ٤ʬݿȤΤˡʬμƱν˶ʤʤäƤޤȤΤǤǡʤС⤬ĺŪˤʤμζͭǤʤʤäƤޤȡ顢ʤɤΤ褦ʻŻбǤ뿦ͤơơƼμǽ򳧤ʬ礦ȤפǤ롢ȸΤǤ

ˤƤ⡢NHKοؤʤɤо줹ͤϡä򤹤Τʤ褦ˤޤäѤ˶̣Ǥ

μĹֱ򤹤뤿äƤ餷ΤǤŤäΤϡ⹥ä򤹤뤿ǤϤʤҰʲҤȤμڤäʬ뤿˱ĶȳưƱ˹ԤäƤΤȡ

ˤƤ⡢ιä͡ǹȿĹƯȤǤ顢˱ۤϤʤ⤷ޤ



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