кѥ˥塼

޸Ρкѥ˥塼̤ưͻ֥Ǥϵ岹Ȳ˻ߤΤúи󾧤ޤиӽиȤϰ㤤ޤߤʴ㤤ΤǤ

2013ǯ05

4ξʪؿȯɽˤʤޤťǥե줫æѤϤΤǤ礦

ǡǤ礦

Τ褦ʼ򤹤ȡ4ʳǤϤޤʪϲäƤ뤬5ˤʤФɤʪϾ徺¿ΤǤϤʤǤ礦

Ǥ⡢ΤΤ褦Τ

ϡޥߤΤ褦󤸤뤫ʤΤǤ

4ʪ-0.45Զ4ǯ2֤ץ饹ʥ

4ξʪؿ6Ϣ³ޥʥ俷ʹ

ʪ40.4Զ5®ϥץ饹пʹ

4ξʪؿ6³ƥޥʥǯ0.4ŤͲ³MSNХ˥塼


ʾ󤲤ɬפʤǤ礦ˤƤ⡢4ˤĤƤϡɤʪ夬äƤȽ񤯤ȤϤʤ

ºݤˤϾ夬äƤΤǤ5˾夬Ϥ᤽ʤΤǤϤʤ4˴˾夬äƤ롢ȡ

Υդ

ʪؿ

褺¦Υա줬ǶξʪؿʽʡˤοܤɽդʤΤǤ

ǶᡢäƤȸޤ

夬äƤǤϤʤǤä1ܥȥ˾ƤǤ硩

ʤΤ˲βäƤȤΤ

ϡǯ2٤ͤϾ夬äƤΤΡǯƱ٤ȤޤäƤȤȤʤΤǤ

ΡǯƱ٤Τ

ϡäƸΤ椬ν顣ˡʪؿȤΤϡˤäðۤư򤹤뽬ΤǡĴ򤷤ʤؿ٤뤳ȤŬǤʤǤ

ǤϡĴͤǸФɤʤΤ

줬¦ΥդʤΤǤ

ǡǤ

2013ǯ4ϡϤ0.1ݥȤǤޤ󤬡Ǥ٤ƾ夬äƤǤ硩

äѤʪϾ夬äƤΤǤ

5ˤʤäƤɤʤ뤫ʬޤʪ徺夹Τɤʬޤ

Զ5λؿϾ夬äƤǤ

ʪ夬äƤ⤪ʤȻפΤǤ

1ҤǤ⤳Τ褦ȼʬϤ򤹤Ȥж̣ȻפΤǤŤߤʶϺߤʥ˥塼ƻʤΤǤ


ʪ㲼³Ƥȹͤ٤ǤϤʤȻפå򤪴ꤤפޤ

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ꥫɤηкѳعֺ³ϤΤΤ餻

ꥫɤηкѳعֺ¤򳫻ϤƤޤ

 

  1֤1ΥڡǡꥫɤΡַкѳؤӲǤθפɤʤʤ顢䤬ʲսˤĤƲ⤷ޤ

 

2Ϥޤ2Ϥ򰷤äƤޤ˴ؤꥫɤιͤˡ򤯡ϤΤǤâ˵Ʊ뤫ɤ̡

 

ꥫɤ򤹤뤳Ȥʤơॹߥμĥ򿿤򤹤ȤϤǤʤǤ礦

 

⡢ٶ򤷤ޤ󤫡

 

 

ХåʥСɤǤΤǡǤֺ¤˻ä뤳ȤǤΤǤ

 

ꥫɷкѳعֺ¿


Υȥ꡼ϤƤʥ֥åޡɲ

ǤĹԤȥ뤹뤳ȤϤǤʤȤ褯ʹǤ硩

áʹȤʤäʤޤʤΤǤŤˤƤ⡢ͻξQȤơΤ褦ʤȤˤʤäƤΤǤ

ǤϡԤĹ򥳥ȥ뤹뤳ȤǤʤΤ

ǹ˸ҤΤܶԤ򤴾Ҳ𤷤ޤ礦

֤ޤĹϡûȤϷޤѰ㤦ȤȤˤܲ
ûɽϡ̵ôݥ졼ȡʥСʥʪˡפǤܶԤζͻĴˤäƥȥ뤵ƤޤޤСʥʪ꾯Ĺû1֤1ζˤ⥪Сʥʪ˶ƶƤޤĤޤꡢûϡŪˤλζͻαƶˤΤǤ
ФĹϡλζͻαƶϤޤȤ̤μǡĹμסλԾᥫ˥ǷޤȤ礤κݡʪưʥե졢ǥեˤ侭ûοܡʤ䤳礭ʱƶڤܤζͻˤʤɤˤĤƤͽۤڤ餺ʾܺ٤ϸҡˡȤħޤ

ǡǤ礦

ԤĹ򥳥ȥǤʤǤǤ礦

¿ʬ¿ʬä褦ʬʤ褦ʡ

Ǥ͡

ˤƤ⡢⤽ĹȤϲ̣Τ

ϤäꤵʤȵǤʤ褦˻פΤǤĹȤϲ䡩

¤ϡΡĹפˤ͡ʰ̣ΤǤ

Ĥޤꡢ֤ĹҤȤޤȤˤĹȸȤ⤢СǤϤʤȯ10ǯʪĤؤ⤢롢ȡ

Ƕؿ򽸤ƤĹפ̣뤫ȸСȯ10ǯʪĤΤȤʤΤǡ줫ϡĹ10ǯʪοȯĤפȤȤǵʤ᤿Ȼפޤ

Τˡ10ǯʪĤ꤬ɤޤ뤫ȸС䤬褦ˡΥեβǽʵưϾûͽۤʤɤȿǤΤϡΤȤǤ礦

Ǥ⡢ϤȤƤ⡢䤬̤ĹĤСĤβʤΤǤϤʤΤǤ礦ơĤβʤȤȤϡĤ꤬ȤȤǤꡢä顢ĤϴǤ㲼뤳ȤǤ褦ʵΤǤ

פޤ󤫡

⤷ϻפʤȤͤϡ褯ʬäƤȻפΤǡ줫ɤɬפϤʤǤ礦¿ʬ¿䤬̤˹ĤСĤϲȦȹͤΤǤϤʤΤǤ礦

̳꤬ºݤɤΤ褦˴Ƥ뤫Τޤ󤬡Ť¿ȡ¿ο͡ʶͻ»ܤƤΤˡιĤ꤬夬ΤԻ׵Ĥ˻פäƤΤǤϤʤǤ礦

󡢹Ĥ䤬̤˹С쥤ե줬䤹ʤΤϤ褯Ǥ롢ȡ

ơäƿ͡եͽۤ褦ˤʤȡĹ徺ǤȤȤǤ롢ȡ

ϸäƤ⡢䤬ĤͭƤԤ̤˹ĤСŤĤޤꡢפСĤβʤꡢʤйĤ㲼ȦǤϤʤȡ

ǡǤ礦

⤽Τ褦˹ͤǤ礦

Τˡ䤬̤˹ĤȤȤˤʤСĤή̻Ծǡפ褦ˤʤǤ礦

ʤȤϡξ硢פäƤñˤϹĤβʤʤȤȤʤΤǤ

ΡĤβʤʤΤ

ϡܶԤԾºŤƹĤιʤ뤫ʤΤǤĤޤꡢĤ̤㤤䤬פäƤ⡢ɤǤ⤪Ф˻ܤդʤȸäƤǤϤʤΤǤ顢ˤϼ¤ΤǤ

줬⤷Ǥ⤪ФȤΤǤСĤϸ¤ʤ˶᤯ʤǤ礦ݡǤϤʤޥʥˤʤ뤳ȤΤǤäƳ̤ڤĶʤ䤬Ĥ褦ʤȤ򤹤СΰǡԴ䤬븵ܤϳ̶ۤǤʤˡˤȤäƤϹĤͭ뤳Ȥdz줻ˤʤΤǤ顢ϥޥʥˤʤäƤޤΤǤ

ۤ44ˡ2ǯ֤ˤơ䤬̤ͭΥڡǹĤ«

president-kuroda1
ˤäƹۼȡĹ뤳ȤϤäƤ⡢ñ˾夬뤳ȤϤʤȹͤƤΤǤϤʤǤ礦

䤬̤˹ĤȤϸäƤ⡢䤬ͳ˹ʤǤǤϤʤΤǤ

ΤȤˤĤơ¿ο͡򤷤ƤʤΤŤ顢򺣤Ĺ徺θݤޥǤʤȡ

̳ϡΤȤɤ򤷤ƤΤǤ礦

ȤʤɤΤȤˤĤ򤷤ʤС٤ϼΤ褦ʼ䤬Ӥ뤫⤷ޤ

ϡĤιʤͳ˷ʤΤȡ꤬㤯ʤ褦˹Ĥιʤ⤯кѤळȤǤϤʤȡ

⡢Τ褦˹ͤΤǤϤʤǤ礦

ˤȤäƤϤǤʤ̤ʤΤǤ

Ρ

äѤ䤬ݼŪǡեФƷٲƤ뤫顩

ǤϤʤΤǤ

ˡ䤬ԤĤβʤ򡢼⤯뤳ȤˤȤޤ礦

η̡㤨С1ҤΤĤ100ߤιĤԤ100ߤ򤷡θ塢ܶԤĹͶƳ뤿ˡλǤĹ1Ǥˤ⹴餺ιĤ㤨102ߤǹ褦ʤȤ򤷤ɤʤΤ

ΤˡĤ㲼롢ĤޤĹϲ롣ϤΤȤꡣ

ιĤϡ줫餹100ߤǤʤΤǤ򡢶䤬⤤ʤ㤦ȤʤСԤϡ⤷ʤƺۤ2ʬ٤ˤʤ롢ȡĤޤꡢܶԤκʬԤ˥ץ쥼Ȥ뤳ȤˤʤäƤޤΤǤ

Ǥ硩Ԥϫ뤳ȤʤܶԤ餪餦ʤơ

顢ܶԤϼ⤤ʤǹĤ㤤뤳ȤǤʤΤǤ

Υᥫ˥򺣤ܤǡɤο͡ʬäƤΤ

ۡǤޤĤ̹ˤäƥꥹץߥ뤳ȤǤ롢ʬʤȤäƤޤ

Τʤ褦˸äƤޤɤε̤ˤơŹĤ̹ˤäĹ˲Ϥ򤫤뤳Ȥϲǽ⤷ޤ󤬡ꥹץߥ뤳ȤϤǤʤǤ礦

ۤϡ򤷤ƤΤǤϤʤΤǤ礦



ĹܶԤȥǤʤȤΰ̣ʬäȴå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

NY28ǹͤ򹹿Ƥޤ

ʤΤǤ͡äơСʥFRBĹQE3εϽ̾򼨺ȯäˤʤäơ椬γʤ㲼ʤȸƤˤˤ⹴餺NYϾ夬äƤǤ顣

ǤϡɤNYäƤ뤫ȸСŤͳΰĤȤơS&P顼ʻؿȯɽˤʤäΤǤ3Ƽ20ԻԤνʤǯƱ10.9徺7ǯǺοӤϿȡ

ǯƱ桢Ĥޤ1ǯ٤Ƥʿ1⽻ʤ徺ƤȤΤǤ顢ϿҾǤϤޤ󡣤ޤƤ⡢ߥ˥Х֥뤬褦ȤƤΤǤ礦

ˤƤⲿΡۤɤޤǤ˵ޥԥåǽʤäƤ뤫ȸС

߸ˤˤȤɤޤäƤ뤳ȡ

ϿŪ㤵ˤ뽻ȿǤƾԤιߤޤäƤ뤳

ʤɤͳ󤲤ΤȤ

ޤޥԥåǽʤƤΤǤС夬Τȸ٤ʤΤǤ礦

ޤǤϤޤŤ˼ΥդˤʤäĺȻפޤ

顼ؿ
S&PΥץ쥹꡼

Τˡʤ1ǯ٤ƾ夬äƤΤϻ¡ߤСޤܳŪ˲ƻ˾äɤ̯ǤȻפΤǤȤΤ⡢2009ǯνպä겼äȤѥ򷫤֤ƤǤĤޤꡢΥѥ󤬺֤ⷫȤСᤤ˽ʤ뤳ȤͽۤʤǤϤʤΤǤʰߤˡ٤夲ʤСߤνʤ06ǯΥԡ٤ư28㤯03ǯȾοäƤȤ

ºݡդҤΥեåϡƹΰϰˤǶνʤξ徺ڡ®ȤʤȿžǽȤθ򼨤ƤΤǤ

եåˤСƤǤ⥫ե˥Ǥβʾ徺äΩ1ǯ13;夬ꤷƤΤΡ㤨С󥼥륹ǤϡΨ10ꡢ2ǯμ¼ƤΤȡĤޤꡢΤ褦ʾΤʤ1ǯ֤10⽻ʤΤϡ³ǽưǤϤʤȸΤǤ礦

ˤƤΤȤïˤʬʤΤǤ衢ʵ³СĹ夬³Ǥ礦顢ʤСʤξ徺Υڡȸ⤷ޤ

34֤ۤͻҤߤƤߤʤȡȤʤǤ͡



ƹ١ܤưʤʤȲʤȡȤå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

кѺ꤬Ⲽ˴ؤơְŪήĹΤ褦ʿξ徺ʤ®äȤȤǡ㴳Ĵ̤äƤפȽҤ٤ΤȤ

ĹΤ褦ʿȸΤʬʤǤ⤢ޤ󡣤Τ褦˽Ҥ٤ȤȤϡγβåǤäΤǤ礦

ϵ⤨ƤƤϤʤȤ˰¿Ϳ뤳Ȥɬפȡ

ǡϤʤȤäƤΤǤ
 
ֳƹλԾ夤ƤƤΤǡޤʤܤλԾ夤Ƥ

ۥޤǤäȸ夯Τ
 
ˡϤʤȤäΤȤ

ֹҹԾ塢ΰϤޤ夤ʤˤ夭ϤޤʤήȴͽǤޤ

⤦ٸۥޤǤäȡ

ɡκγβΤȤȤ򤢤Ǽ褦ǤơθϤ줿ȸȤǤΤǤСϿꤹ뵤ˤʤΤǤ

㤤ޤ

Ǥϡ⤽ⲿ򲡤Τ

ǡˤĤƤϡ̳꤬Τ褦˸äƤΤǤ

֣ǤʳⲼΤϡεΤ

ΤΤȸȤǤ͡ơΡֵפȤϡԥ塼Ȥι®ؤƤǤŤǡβǤΤǤ礦

äȤ⡢ïȸäȸäơ줬ȾǤΤʤɤʤǤŤϸäƤ⡢٤ǼΤΤǤʤȡ

Ǥϡβΰ֤θϲ

䡢֤θϡޤ;ˤĴҤdz夬³ƤȤ礭ȻפΤǤĴäƤ⤪ʤΤǤϤʤȤפȤδ֤ǶޤäƤȤ˳βϤޤꡢơ̳꤬Τ⤢ꡢ礭ͤΤǤϤʤȡ

ǤϤޤϤ­ʤ

¾ˤͳΤ

ͳϤΤǤ

ϡ513νդ꤫Ĺ夬Ϥᡢơʲ523ˤϤȤȤ1ξ褻Ȥ礭ȻפΤǤ

10ǯʪ3

1˾뤫ɤȤΤϡȤ˥ѥȤͿޤ͡

ơܤĹСΤȤʤ߹ⰵϤ򤫤ǡŤʤгˤϥޥʥˤʤǤޤĹ夬뤳ȤˤäƷʵ夬ΤǡΤȤ򲡤װˤʤäȡ

Ǥϡ513νդ꤫Ĺ夬Ϥ᤿Τ

ϡκ򶭤ˤơʿѤNYɤȴȤռϤפˡξ夬ŤơƳ夬뤳Ȥ뤵뤳ȤˤäơȤĤѤƳ˾괹ưΤǡη̡Ĥβʤ㲼ŤĤޤĹ夬ФȻפΤǤ

ñ˸Сξ徺礤˸ޤ褦ˤʤäˡޤǹĤ񤷤ƤȤ˾괹뤿˹ĤѤ뤳ȤˤäơĹξ徺ͶȯơĹ1˾äȤDZ߰¤ή줬ߤޤꡢơƱ˳ޤǰĴҤǾ夬᤮ƤΤǤϤʤȤȤռšֵפΤ⤢ꡢ˽ΤǤϤʤȻפΤǤ

ǤϡϤɤʤΤ

Ĵ̤ޤȤˤäơΤ˺ϺޤǤ٤ƴˤ䤫ưˤʤ뤳ȤͽۤΤǤŤƤӡξ徺Υڡ®ʤäꡢեβǽ礭ʤäꤹСλˤɬĹ徺ϤǤ礦顢ʤкƤӳⲼ뤳ȤͽۤΤǤ

դ˸СƳⲼΤϡԾ줬Ĺξ徺߹˿줿Фȿ򤷤̤Ǥȸΰ̣ǤϥޡåȤʬ˵ǽȤߤ٤Ǥ⤢ΤǤ

षХ֥˷ٹȯ褦ʽȼߤ٤ǤϤʤΤǤ礦



ΰ̣ʬä褦ʵ⤹Ȥå򤪴ꤤפޤ

͵blog󥭥󥰤
Υȥ꡼ϤƤʥ֥åޡɲ

轵äˤʤäƤޤ̤ʤΤǤ5/23γ˽1ˡۤɤʵԲ񸫤ԤäƤ¸ΤǤ礦ơ¸ʤСˤĤƤɤΤ褦ˤˤʤäƤǤ礦

εԲ񸫤ǤäȤ顢餯ϳ˽椷ƤȻפΤǤλĹξ徺˴ؿޤäƤˡϼĹ˽椷ΤǤ

ʼȡФ򤴾Ҳ𤷤Ȼפޤ

Ĺϡ­Ǥϡ1򱮤褦ʿ˾夬äƤޤ4 ˶ͻ¤뺢ष夬äƤȤȤǡͳɤʬϤƤΤʹ

Ĺϡ5 νˤưö㲼塢ƤĹξ徺ˮξ徺ؤα߰¿ʹԤʤɤطʤ˾徺Ƥޤ

ĹϡԤηкѤ뤤ʪ˴ؤ븫̤ˡķͭ뤳Ȥȼ͡ʥꥹ˱ꥹץߥबääƷƤޤܶԤεۤιˤϡΥꥹץߥ򰵽̤̤ꡢθ̤ϡ줬ʤˤĤƶޤäƤȹͤƤޤäơŪŪͻ¡פˤ붯Ϥʶ㲼ϤΤȤǡĹķ;夬뤳ȤͽۤƤޤ

4 δ¤ϤƤ顢ĹοǤߤƤ⡢ϤȤ⤫ΨŪˤϤʤ夬äƤȻפޤǽˡĹ򲼤פȤääƤơºݤˤϾ夬äƤޤäƤΤϲΤʤΤۤɤΤ褦˼ߤƤ뤫Ʋ

ˤʪ徺ʵδԤǤ櫓ǤǤϡ餯˶徺ƤǤȻפޤ¾ͭĹ⤬ǯ50 ߤڡä褦˹ԤĤ졢뤤ΤȤƥޥͥ꡼١ǯ6070 ߤΥڡäƤȤˤꡢ͡ʷǤΥꥹץߥΰ̤Ȥ̤ºݤˤϤ櫓Ǥ

ȯɽ줿4 ǰפǤϡ͢ФϳΤ˿ӤƤƤޤ̥١ǤߤǯϤޤޥʥǤ߰¤ʤ߻Ϥ᤿Τǯ12 Ȼפޤα߰¶̤ǤϤ⤦᤯̥١ϥץ饹ˤʤäƤȻפޤܷкѤι¤Ṳ̄ǡĤƤȰ㤦ưΤɤ긫򤪴ꤤޤ

͢п̤ˤĤƤϡ֣ʥָ̡פȸޤإ졼Ȥưľ͢п̤ưΤǤϤʤΥ饰֤͢п̤˱ƶФƤ븽ݤȻפޤ饰ˤĤƤϡŪϤʤȻפޤ6 ʤ9 ʤɤȤƤޤ֣ʥָ̡פˤäơä˰Υ饰פȤȤǤ󡢴Ȥ絬Ϥ˳ŸƤ뤳Ȥαƶ⤢뤫⤷ޤ󤬡ؤ͢Ф˱ƶȤŪʹޤѤäƤʤȻפޤ


礭2μҲ𤵤ĺޤ

ʣ˰ۼºϡĹ򲼤äȦʤΤˡĹϾ夬äƤΤ

ʣ˱߰¤®˿ʤǤΤˡ͢п̤ӤʤΤϲΤ


ơ2ĤμФơۤɤΤ褦ȸС

Ĺ夬äƤͳˤĤƤϡ

ĹϡηкĹΨʪ˴ؤͽۤȿǤ¾ꥹץߥबȿǤΤǡԤηкĹʪξ徺ͽۤĹ˾徺Ϥ򤫤դˡꥹץߥबʤСĹ˲߰Ϥ򤫤롣ˤ̤ιĤιˤϡΥꥹץߥ򾮤̤Τǡ塢θ̤ƤĹ뤳ȤԤ롣

ǡǤιͤ

ĹˤϡηкĹΨ̤ʪͽۤȿǤ¾ꥹץߥब˾褻ȤͤϡǤΤǤơ줬θθȤȤ⾵ΤƤޤ

򤻤ʤΤϡ䤬Ĥ̤˹뤳ȤĤΥꥹץߥȤͤǤ

ɤ䤬Ĥ̤˹ȡĤͭ뤳ȤȼꥹʤȸΤ

ˤϡɤͤƤ⤽ʬʤ

ΰǡ䤬Ĥ̤˹ȡĤ򡢤νִ֡礭̤ȸΤϤ褯ǤΤǤ

ΤʤС䤬ĤιԤȤƻԾ˾ߡɤǤĤ㤤ޤǤ顢Ĥβʤꡢ㲼Ȧȡ

ΤȤȡºݤ˥ꥹץߥब㲼ȤΤϡ̤äǤϤʤΤǤϤʤǤ礦

ɤ⤷٤δַв塢礭ľ褦ʤȤˤǤʤСסܥƥƥϹޤꡢꥹ礭ʤΤǤϤʤȻפޤ

ϤäȸäơۤΤۤ˹夲뤳ȤϤǤʤΤǤ

Ǥϡμ˰ܤޤ

߰¤®ԥåǿʤǤΤˡ͢п̤ϿӤʤΤ

ФۤȸСźJָ̤ɽƤꡢΤ͢п̤ӤƤʤȡ

˸СۤˤϾ夲뤳ȤǤޤ󡣤ϡ2Ĥΰ̣­ΤǤϤʤǤ

褺ۤܤǵƤ븽ݤJָ̤ˤΤȸΤ⤽Ǽޤ

ΤˡۤȤꡢ߰¤θ̤͢п̤ˤޤǵڤ֤Τ˻֤뤳ȤJָ̤μʸȤΤʬΤǤJָ̤ȤΤϡذ¤Ƥϡषǰ׼٤ȤȤ̣ǡԤϡǰ׼٤ΤȤʤʹƤʤΤǡΰ̣Jָ̤Ȥդ򤳤ǰѤΤԥȤʤΤǤ

ˡJָ̤äȤƤ⡢߰¤ȼ͢п̤ʤɤȤݤϡ̤ϵȦϤʤΤǤ

̤ϱ߰¤С͢п̤ΤǤâ͢п̤ˤϻ֤롢ȡơΤȤïǤ⤬Ǥ롣߰¤ˤä͢п̤뤳ȤǤޤ

Ǥ硩

ԤμˤϡΡ͢п̤ϸ³ƤΤȤ̣ƤΤǤФơۤϡJָ̤Τ͢п̤Τˤϻ֤롢ȡ

Τ͢п̤äΤ˻֤ꡢJָ̤ȸƤФΤȴطƤΤϤΤȤꡣJָ̤ǧ뤫ȸäơ߰¤ˤä͢п̤ʤɤȼĥ̤ͤϤʤΤǤ

Ǥ硩

Ĥޤꡢ͢п̤³ƤΤˤϡ̤ͳꡢˤĤƹۤ٤äΤˤ⹴餺Jָ̤Τ͢п̤äˤϻ֤ʤơ

͢п̻ؿ
Υ֥ǾҲ𤷤Ȥ
ꡢ4͢п̤ϡǤϡޥʥ5.3ˤʤäƤΤΡƹǤϡ4.5äˤʤäƤꡢ߰¤θ̤ɽƤΤǤơΰǡEUˤĤƤϡޥʥ12.6ȤʤäƤꡢˤEUηкĹΨޥʥǿܤƤ뤳ȤȿǤƤΤǤߤˡȤδطǤޥʥ4.9ȤʤäƤޤͳˤĤƤϡʬΤȤȻפΤǤ


ȤȤǡۤ522εԲ񸫤Ƥϡ̤礯Ȥ褦ޤ

褺ϡ䤬̤ιĤιԤȤˤäƥꥹץߥ뤳ȤˤʤȤʬ䤹ΤǤϤʤΤǤ礦⤷줬ǽǤФäǤ



ۤ5/22εԲ񸫤ƤϡϤ˳Ȼפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

轵ϡγβǡ桹԰դͤޤϵ⤷ͤȦǤ¤礭»äͤ⡣

ǤϡβͶäȸС

ͳϤ褦ʤΤǤäˤʤäΤϥСʥ󥭵Ĺ22εIJǤξڸȤ³ˤȸƤޤ

¸ΤǤ͡

Сʥ󥭵ĹΰѰβФƻ񻺹֤εϤ̾ǽȸäȤΤäˤʤäȡ

ϡʹƺǽ顢ȤƤ´򴶤ΤǤ

ΤȸС

ƹŪº˽λ뤳Ȥˤʤƹζ夬ϤᡢʤȤʤɥ߰¤򾷤ťɥ߰¤βǽष⤯ʤΤǤ衣ä顢ܤγϾ夬ä٤ǤϤʤ

ºݤˤϡդˤʤ㲼ΤǤ顣

Ǽʤ

ʿѡ523

ȤȤǡΥСʥȯΰ̣ϹͤƤߤ褦ȻפΤǤ

ˤƤ⡢϶Ūˤɤȯ򤷤Τ

褺ǧƤȻפޤ

The program relates the flow of asset purchases to the economic outlook. As the economic outlook - and particularly the outlook for the labor market - improves in a real and sustainable way, the committee will gradually reduce the flow of purchases.

Ĺ֤ϡкѸ̤˻񻺹ۤϢդΤǤ롣кѸ̤ä˸ѻԾθ̤ˤƻ³ǽʷDzʤСѰϡ˹ۤ򸺳ۤ뤳Ȥˤʤ

I want to be very clear that a step to reduce the flow of purchases would not be an automatic, mechanistic process of ending the program. Rather, any change in the flow of purchases would depend on the incoming data and our assessment of how the labor market and inflation are evolving.

ֻ񻺹ۤ򸺳ۤϡ֤ưŪŪ˽餻ΤǤϤʤȤȤ餫ˤƤ񻺹ۤѹȤ顢ϤषѻԾȥեοŸ˴ؤɤΤ褦ʥǡꤷơɤΤ褦˲桹ɾ뤫ˤäƤ

ά

If we see continued improvement and we have confidence that that's going to be sustained then we could in the next few meetings ... take a step down in our pace of purchases. If we do that it would not mean that we are automatically aiming towards a complete wind down. Rather we would be looking beyond that to see how the economy evolves and we could either raise or lower our pace of purchases going forward.

֤⤷³³ơ³ǽǤȤƤʤСλˤϡβФƻ񻺹ۤΥڡȤ֤뤳ȤǤǤ桹뤫ȸäơΤȤưŪ˴ߤܻؤȤȤˤϤʤʤषкѤǡ˿ŸĤĤ뤫ɾǡ񻺹ۤΥڡ夲뤳ȤǤ뤫ϴˤ뤳ȤǤ뤫ȤȤˤʤ

ǡǤ礦

ΤˡθԾѰβˤơкưǻ񻺹֤εϤѤǽϤäȽҤ٤Ƥޤ

â͡ʲ¬ƤФʤ褦ˡǫä򤷤ƤǤ硩

Υڡ뤫⤷ʤȿФ®ޤ뤫⤷ʤȡ

ˡϷ褷ƼưŪˤʤΤǤϤʤѰǤ褯ƤƤԤȡ

顢ΰѰβФơ񻺹֤Υڡˤʤ롢Ĥޤꡢ񻺹ۤۤȷޤäǤϷ褷ƤʤΤǤ

ˤ⹴餺Ծϲȿ򤷤Ƥޤä褦ʤΤǤ

֤ˤʤޤ⤷񻺹ۤۤΤʤСɥ߰¤ͶȯȦǤ硩

ơʤܤγ夬äƤ⤪ʤϤǤ硩

ºݤˤϵդη̤ˤʤäƤޤäȡ

Сʥ󥭵Ĺϡ˾Ҳ𤷤ȯ¾ˡܤΰۼδºٻ뤳ȡơǶƹγ˴ؤơкѥե󥿥륺˰פʤȤϸʤȤäƤΤǤ

ΡСʥ󥭵ĹˡǶƹγˤĤƼʤɤΤǤ礦͡

ϡǶγ⤬Х֥뤬ƤڤǤϤʤΤ䤦ƤΤȻפΤǤFRBѤƤǤʤĹĤιޤǹԤäƤΤǡˤäƳ夲ƤΤǤϤʤȡ

󡢤Τ褦ʼФơСʥ󥭵ĹѰդȯ򤹤Ȧޤ

Сʥ󥭵ĹϡϷкѥե󥿥륺ȰפƤʤ褦ˤϸʤȸŪ˥Х֥뤬ȯƤǽꤷΤǤ

Ǥ⡢Τ褦ʼ򤹤ͤȤȼΤǶγεϿ˴ؤơƹǵ˴ͤƤȤȤ̣ƤΤǤ

󡢳ξ徺ͤʤɤȤϻפʤΤǤƳ徺³ΤϡƹĶºͳǤ롢ȡ

ơƥХ֥롢ϥߥˡХ֥뤬ȯƤȤǧޤȡ٤ϡХ֥뤬뤳Ȥǰ͡ȤȤǤ礦

󡢤ޤޤ夬ȤҤͤ⤤뤷ȿФˡä褦ˤХ֥Ƥ롢ĴȤҤͤ⤤롢ȡ

ϡޤƤ;ˤĴҤdz夬äƤΤ顢षųݤư٤褦ȤưäΤǤϤʤȿ¬ΤǤϡ褯פγ꤬̤ȯ⤷ޤ

âˤƤ⡢ϡ꤬㤷ä

Τ

¿ȤϡʬƬǹͤ⡢ή˵դʤȤάŻ뤹褦ˤʤäƤƤΤǤϤʤΤǤ礦

顢öޤȡ٤ϲ˳äƤޤȡϡ»礭ʤˡǤⲼ뵤ۤޤǤޤȡ

âβΤäǵžƾ徺ƤӻϤޤȡޤξ徺˾Ȥ롢ȡ

ˤƤ⡢ΥСʥ󥭵Ĺȯƹγ礭ʲʤʬΤǤǤϤʤܤγ˽Τạ̇̄ʬˤΤǤ

QE3ν̾ϽλǡȤΤǤС褺ܳȤƹγˤĤƵäƤ٤Ǥ

ƹγβϤۤɤǤϤʤäȡ

ɡޤǤܤγξ夬;ˤĴҤǤäˡĴäȤΤǤ礦

¿ʬȤʤΤǤ礦

ä顢Сʥ󥭵ĹɤտȯƤƤ⡢Ĵ̤򤱤ʤäȻפΤǤ

ͳϡʿѤNY23θ600ݥȤۤɾäƤޤäΤǡƹ񤫤饬ĥȤ줿Τ⤷ޤ




Ͼ夬ȤⲼȤ⤢ΤȻפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

ǶᡢĹ˴ؤƤɤ̯ʰո¿ȻפΤǤǡǤ礦

ֻԾȤä̤䤬Ŭڤб뤳ȤԤƤסֲ˹ĻԾεǽ㲼뤳ȤʤɤˤꡢĹε޷ʾ徺뤳ȤȤʤСкѺ̱礭ʱƶڤ֤줬ס5/24)

̳ꡧֳؤ˴ؤơ䤫饳Ȥ뤳ȤϤʤԾͿƶͤȡޤǤʥȤˤʤä줫ʤס5/24

ַۡʵʪ徺ؤδԤ礭ʤСĹ夬뤳ȤϤꤦסֺλǼηкѤ礭ʱƶڤܤΤȤϤߤƤʤס5/22

ĹȤȤ1ˤޤǾ徺ơ̡ϾäƤ褦ʤΤǤäȤ⡢ʾ˳˽ޤäˡĹϡǤʤΤǤ

10ǯʪ2

ΡΤ褦ȯ򤹤Τ

ϡȤǤäƤ褦ˡĹε޷ʾ徺СкѤ礭ʱƶͿ뤫ʤΤǤ

ʬǤ硩1000ߤμڶܤˤȤäơĹξ徺̣뤫

ޤǤϡǥեĶ³Ƥ顢ʼڶƤƤ⡢ɤˤʧ³뤳ȤǤǤޤ礹뤳ȤˤʤСͽȤळȤ񤷤ʤäƤޤΤǤ

徺αƶϤǤϤޤ󡣤ǤʤƤ夬˷礱Ȥˤ򤫤뤫⤷ʤŲȷפνˤ

顢̳ĹưտäƤ롢ȡ

ˤƤ̳ȯϡϤʤΤǤ礦

褺ȯФơ

ޤǤȼΰ㤦ºפΤϡȤǤϤʤǤĤޤꡢۼ맯ܤ뤳ȤˤäơԾεǽĤƤޤäƤΤϼΤȡ򺣤ˤʤäơ

ˡ̳ȯФơ

Τ˳ؤ˴ؤơȤ򹵤ΤϤΤȤꡣĹˤĤƤǡʤΤǤ礦

ĹˤĤƤ⡢ȯƤϤʤΤǤ礦

⤽⺣äƤۼδºϡۤˤСĹ򤵤˰뤳ȤˤäƴȤư˻ɷͿ뤳ȤΰĤǤǤ顢Ĺ˴ؤƲκ̳äȯ򹵤ΤͳʬʤΤǤ

ΰǡۤϡĹ夬ʤ褦͡ʼǤĤȸäƤΤǤ礦

ɤ򤻤ޤ

ˤƤ⡢ܤϡȤĹξ徺äȤȸƤ롣

ΰǡۤ⡢äȤȻפĤĤַʵʪ徺ؤδԤ礭ʤСĹ夬뤳ȤϤꤦפȤäȤʤȤäƤΤǤ

ۤθȤϤΤȤꡣ

ʵԤ褦ˤʤСʪ夬ȿ͡ͽۤơʤΤȤʤ夬Ǥͽۤ롢ȡ

Ǥ硩㤤ޤ

ܤϡкǷʵȽǤФǤϤʤǤ

ʵå㡼ĴǤ⡢ԤηʵȽDIϡ2000ǯʹߺǹοˤʤäƤǤϤʤǤ

ʤСʪ夬ǤȻפͤ¿ʤꡢơ夬ͽۤͤ¿ʤ롢ȡ

˽餸ޤǤ⡢ʥ٥ˤޤdzƤ뤳Ȥϻ¤ʤΤǤ

ĤޤꡢǸäơʵϤ褯ʤĤĤ롢ȡ

顢ΰ̣ǤϾ夬ä

­ˤʤ뤫⤷ޤ󤬡ܤηʵưؿ򻻽ФΰˡĹûפΤǤʵ褯ʤǤȤͽۤޤ뤳ȤˤäĹ夬ꡢơĹû礭ʤȡʵɤʤڤˤʤ뤳ȤȤΤʤΤǤ礦

ʤ˷ʵ褯ʤĤĤȿ͡ƤΤǤŤơʻϡ2ǯ֤DzǤʪ徺Ψ2ˤޤǰ夲ǸƤǤŤ顢ʪ夬ͽۤͤơ˹碌ƶäȤƤȻפΤǤ㤤ޤ

ȤϡĹ夬뤳ȤФϵ⤨롢ȡ

⤽եɤΤʤˤϡ饤եΨ夬äƤ⡢ԤεˤʤꤵС㤯ޤޤޤˤƤȤϲǽʤƸäƤⶶߤʳؼԤ⤤ǤĥϤʤȤƤȤȤǤϤʤΤǤ礦

ʵɤʤСʪ夬롣ơȤϡʵ褯ʤäƤȶĥ롣ΰǡäƤϺȸ

ʥХʡ

ʵ褯ʤСʪ夬ꡢ夬ΤǤ

줬줬ʤˤǤ⤤ä㤤ʡȸ



ʪ夬Τä顢夬äƤȻפå򤪴ꤤפޤ

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Τ餻

ϡǥӥåɡꥫɤ¸ΤǤ

ַкѳؤӲǤθפȤΤʤǡμͳǰפƤιˤȤäƥåȤˤʤ뤫⤤ʳؼԤǤ

ؼԤȤϸäƤ⡢ॹߥΤ褦äγؼԤǤϤʤäϡ٤塢ͤǷкѳؤθäΤǤ

顢ήȤơҤʤȤĥ롣Ǥ⤢롣

ܶڤ̤äƤΤǤơѤˤȤ줺ΩŪΩ줫ȯ뤳ȤݤΤǤ

褷ƻԾ츶ԤʤɤǤϤʤΤǤξڵˡʪμͳˤĤƤ⡢ȼԤͿƶ¤뤿ˡ˼ͳ٤ȼĥΤǤ顣

󥺤ϡ»򤳤

ꥫɤϡ٤ơΤǹʷкѳؤθǤळȤǤ

ΡַкѳؤӲǤθפɼԤΩˤʤäưפ⤷ޤ

840ߡ¤⤤ϡѤλǤ

󡢥ץǤ⤴


֥ꥫɤηкѳعֺ׿
Υȥ꡼ϤƤʥ֥åޡɲ

ʿѤ15900˾褻Ƥޤ2007ǯ1212ΤȤȤ

ͤƤߤС꡼ޥ󥷥åǯޤǤϡʹ⤤ˤäΤǤʹ֤ä˺äݤʪʤΤǤ͡

ˤƤ⡢ΤȤʿѤξ徺ڡ᤹롪

ȤȤNYɤȴƤޤäƤΤ¸ΤǤ礦

ʿѤNY
Ť˹ͤȡNYɤȴʤɤȤɽŬǤϤΤǤΤʤʿѤNYǤϡñ̤㤦ʤΤǤ

Ǥ⡢Ǥ15000ɥ15000ˤΤǡɤƤ٤Ƥߤʤ롢ȡ

ơ5ä顢ʿѤNYɤĤȤİռƤΤǤ¸Τ

ΤäƤͤΤäƤ롣ʤȡΤʤͤΤʤȤ˴ؿϤʤȡ

ˤƤ⡢ͤǡʿѤ520NYɤȴΤǤ

ơʿѤ15900˾褻ΰǡNYκνͤ15307ɥʤΤǡ600ݥȤۤʿѤԤäƤΤǤ

ǤϡΡޤˤʤʿѤԤ褦ʷˤʤäƤ뤫ȸС

ʤΤǤϡСʥ󥭵ĹεIJڸ

СʥĹǽϡĹĤ㤤򺣸³ʤȤäƤΤʳˤʤäơĤ㤤εϤ̾ǽ򼨺褦ʤȤäΤ顢ޡåȤΤȤ

ǡƹĶº褦ʤȤˤʤСɥξ徺ޤΤDZ߰¤¥ʤŤơ߰¤ʤΤܤγ夬ȤޤˤʤäƤΤǤ

ǤϡϤɤŸ뤳ȤͽۤΤ

ϡϡޤǤΤ褦˱߰¤³ɤ礭¸ȻפΤǤĤޤꡢ߰¤ʤпʤۤɳϾ夬Ǥȡ

ǤϡɤޤDZ߰¤ϿʤΤ

ʤƤ⡢͢Ф⤦ơ͢Ф͢٥ȥȥˤʤʤȴŪˤϱ߰¤ήϤȤޤʤ褦ʵΤǤ󡢥桼κdzʤɤʤǡ

¾ϸäƤ⡢ȤΤʤˤ105ߤĶ褦ʱ߰¤Ϥष礭ȹͤ⤢ŤˡȤδطǤ⡢ʾα߰¤ϹޤʤȤͤ⤢ΤǤ

ȤȤǡ줫⤵˰ʤȱ߰¤ʤǽʤǤϤʤΤΡˤϤΤȸ³褦ʵ⤹ΤǤ

ǤϡˤɤDZ߰¤ߤޤäȤơϤɤʤΤ

ɤʤΤǤ礦͡

ȤʤǤ礦ΤʤСΤȤʤïˤʬʤʤΤǤ

ĤäƤΤϡ⤦ˤ䤫ưä褦ʵΤǤ󡢳äƤ͡餹С夬äƲΤȤˤʤΤǤ礦Ť;ˤޤȡ٤ϡȿưǵǽʤ뤫ʤΤǤ

⤱ë

Х֥򵯤ơʵΤäˤȤʬʤǤϤʤǤХ֥򵯤ȷɡ⤯ĤƤޤΤǤ


ԡɤǾ夬äƤʡȴƤå򤪴ꤤޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

Ǥʤ˱߰¤ʤǤΤˡ͢ФӤƤʤɤ̥١Ǥǯޤ³Ƥ롢Ĥޤ긺³ƤȤ¤¸ΤǤ礦

¿ʬ¿Ϥ¸ΤʤȻפޤ

ϤεǤΤȤ򤪤ʤȤۤȻפޤǤ

Τˡޤ͢ФܳŪ˲ƤǤϤ⤷ʤ͢ФäƤʤȦʤȻפޤǤ

Ǥϡ褺Υդ

͢Фʤ

椬Τ3ǯ֤ۤɤ͢ФοܤɽդǤ

졢סԻ׵Ĥʴ򤷤Ƥޤ͡

͢ФϤۤƤʤ⤷ʤäƤϤʤǤϤʤȻפäǤ硩

ʤΤǤΥդȤˤСΤ͢ФϤۤƤϤʤ⤷ʤʤƤ⸺äƤ褦ˤϸʤΤǤ

ߤˡȯɽˤʤä4ʬǻĿʬꤹƤޤΥդδˤʤäƤͤϡĴ򤷤ΤǤʤǤˡӤ뤳ȤŬǤ1ǯ2ǯ3ǯ4٤뤳ȤǤ褦ˡ4ʬǻĿʬ䤹ޤ

Τ͢ФäƤǤϤʤषˤ䤫äƤȸäƤ褤

̳ʤȯɽǰפˤС4͢п̻ؿϡ5.3㲼ƤΤǤ

Ĥޤꡢ͢п̤ϡα߰¤ˤ⹴餺ǯ4٤5.3󸺾ƤΤǤ

ɤפޤ

ˡϰ褴ȤҲ𤷤Ƥޤ礦

͢п̻ؿ
͢п̤ޥʥ5.3󡣰ƹϡ4.5äƤΤǤϱ߰¤θ̤ФƤȸΤ⤷ޤ󡣤EUϥޥʥ12.6󡣤ơХޥʥ4.9

Ĥޤꡢ߰¤ˤʤäƤ⡢̤ɽƤȤߤ뤳ȤǤΤϡƹȤδطǤꡢEUȤδطǤϸ̤ɽƤȤϸʤΤǤ

ǤϡEUؤ͢ФʤΤ

ϡEU۽ΤäƤǤꡢơкĹΨޥʥǿܤƤΤʤʤϤޤʤʤΤǤ

Ǥϡؤ͢ФʤΤ

⤦ɬפϤʤǤ礦

֤ζĥιޤ꤬³Ƥ뤫Ǥ

ˤƤ⡢߰¤ʤǤ⡢͢Фɤ̥١ǤϸƤ롢ȡȤС¼GDPˤϡ͢Фޥʥ˺Ѥ뤳ȤͽۤΤǤ

ΤޤޤǤ٥Υߥθ̤Фɤ¼кĹΨƤޤǽΤȤ礭ΤǤ

ϸäƤ⡢Ǥϵդ˱߰¤Ƥʤä顢ɤʤäƤȸС͢п̤ϤǤǤ礦

Ǥϡ¤ɤʤȤͽۤΤ

ҤäȤ顢γβϡФԤ᤮ǤϤʤΤȤ뤫⤷ޤ󡣤ơȿФˡ߰¤ϤޤޤʤǽȤ뤫⤷ޤ

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