кѥ˥塼

޸Ρкѥ˥塼̤ưͻ֥Ǥϵ岹Ȳ˻ߤΤúи󾧤ޤиӽиȤϰ㤤ޤߤʴ㤤ΤǤ

2013ǯ12

ҤҤơŪʪĤƤޤȤϸäƤ⡢ΥǥȤȿƤǡ̤ο͡Ϥۤɴؿ򼨤ƤȤϻפޤ

ˤƤ⡢Τ⥹ƥ쥪פȿФʤΤȤΤδۤǤ

ҤФȿФ͡ϡAȤ㫤äƤҤ˻ҤȤȤϡܷä԰٤ȿʤƤʤΤǤϤʤȡ

ΰ͡ϡΤ̿ʼ⤵֤뤿˻ҤΤǤϤʤȡ

ԤΰոϡդΤۤܰפͤǤ뤫ȻפΤǤŻ˸碌顢ȽФ̤Ƥʤ褦˻פޤȳѸǸС㤤ۡ

ȤΤ⡢ο͡ǤäƤ⡢º̿ˤ֤͡뤿Ҥ뤳Ȥޤ񤹤ͤؤɤʤǤâȴڹ̤⤷ޤʤɤο͡Τʤˤϡ⤽AȤǤȤʤܤäΤϿά԰ٰʳβʪǤʤΤǡ˲ôܿͤϳƱȱǤ뤫⤷ʤǤ

ˤƤ⡢ܤϤȤƸߤդ̡ϡAȤ㫤ƤȤ¤ϴ̵뤹ΤǤˤĤƤ̵򤷤ơΤº̿ˤʼ⤵֤ΤΰΤȡ֤Τߡ

ȤƤϡܤ󤬡켡դΤȤ˻ҤǤʤơ줬˺ζˤߤȤޤǸäƤΤˡ󼡰դˤʤäƤ˻ҤˤΤǡɤ«뤳ȤǤʤΤȽƤΤ¡

򶲤줺˸СһҤϻٻΤǤϤʤΤǤΰǡ˺ζˤߤȤޤǸޤȯٻ̱⤤Ǥ顢«ʤΤä顢ʤȺǽ餫ʤФȻפäʤΤǤ

ޤʾΤ褦ʤȤϡïǤͤ뤳ȡ䤬ƥ֥˽񤯤ޤǤʤ⡣

żºݤˤϡܿͤ¿ˤϽФʤɤ⤤ʤȤͤƤȻפΤǤ顢⡢ƵˤƤΤǤ

⤽AȤ㫤Ƥ뤫ȤäơҤϤۤɷɱ󤵤ʤФʤȤʤΤ

ˤĤƤϡٻ褦ʿ͡ϡAȤ㫤Ƥ褦ȤʤȤˤʤɤ񤬻ٱ礻ˤ뤫ȡ

ΰǡʤɤΤ褦AȤ㫤Ƥ뤳ȤŬǤϤʤȻפΩμԤ餹СʣʴˤʤΤǤ

ǤϡҤˤꤷʤΤ

ȤꤹΤǤΤȸС˹Τº̿ˤͤ㫤Ƥ뤫ǤƤƱοͤβ֤ӤΤ褦˼㤯ƻäƤäΤǤ߻䤿褹뤳ȤǤΤϡ͡ε뤫Ǥ

λ餺ˤ褦ȡ

顢ָΥˤʤäơҤǤָ򤹤ΤϤʤ

Ǥ礦ҤꤹΤȿФޤȤ¿⡢ҤǤָ򤷤ꡢϤꤷȤͤؤɤʤΤǤϤʤǤ礦

ºݡϡ̱ޤλ˼ĹޤεİˡˤָʪƤΤ򸫤иΤǤ

顢һҤܼŪϡҤˤꤹ뤳ȼΤ⡢⤽Aȡܷ˹ԤäĵԹ԰٤ФƤɤפȤȤ٤ʤΤǤ

פ˰ϡAȤο͡äȤɤפäƤ뤫ȤȤʤΤǤ

ϴְäȤ򤷤ȳΤƤ٤ȹͤΤ

Ȥ⡢⤽AȤʤƤäƤ⡢˾ä񤬺̤ۤʤΤ顢ΤȹͤƤΤ

ΤȤʤΤǤ̤ưϤɤΤ褦˹ͤƤΤǤ礦

ܤǮŪʻٻԤ¿ϡ⤽AȤʤƤȤͤǤ͡Τ褦ʤȤˤϤʤ

դΤȤθʤΤ⤷ޤ

ȤǡϡҤˤĤơ٤򵯤ƤϤʤȤλפǻҤ򤷤ȸäƤޤϡθդʸ̤˼뤳ȤϤǤޤ

ݡΤ٤򵯤ƤϤʤפäƤ뤫⤷ޤ󡣤ޤǵȤΤǤϤޤ󡣤ܤ򵯤ƤϤʤȻפĤĤ⡢Τ뤳ȤǤ顢ҤȯŸ뤳Ȥ⤢Ǥ

Τ褦ʾˡϤɤʹư˽ФΤ

¾񤫤龯ά줿깶⤵줿ȸäƤ⡢򵯤ʤȤꡢǸޤ񹳤褦ʤȤϤʤΤ

ʤȤϤʤǤ礦

ȿФǤ̱̿Ⱥ⻺ϼȴȤΤܤιͤǤ顣顢ƱˤƽŪҸԻȤȹͤƤΤǤ硩

ơʿ¤˹׸뤿ˤ⡢ФǤϤʤ֡ġ󡦥饦ɤȻפäƤΤǤ硩

顢ˡɬפȼĥƤΤǤơˤ줬¸ǤʤСˡβѹ롢ȡ

Ѥʬפ

ˡ⤽ҤȤΤϡǵˤʤäƤҤˤ㫤ꤹ뤫鲿ͤ˺β֤Τ褦˻ʤȡʼ⤵󤿤񤹤뤿ˤäΤǤ

Ĥޤꡢ襤Ȥ¸ߤΤҡ

ˡҤ٤򵯤ʤäȤСβ֤Τ褦˻äƹԤä͡ʣʵˤʤǤ礦äơʬϹΤ̿ˤǤ顣

顢٤򵯤ʤȤơҤϰ֤դ路ʤȤʤΤǤ٤򵯤ʤȤΩƤΤǤСĻʥ׼򤹤٤ǤϤʤäΤǤ礦

Ǥ⡢ˤȤäƤϡĻʥ׼ǤϵʬФʤΤǤ礦͡ΤʤСʼ⤵󤿤ϡDz񤪤äϤΩäʤΤǤ

Ҥɤʤ˥ԥ奢¸ߤǡɤʤ˽פ̤ȤƤ⡢ɡȤ¸ߤǤäΤǤ

顢θäƤΤˤʹʤ

ΰǡǵˤʤʼ⤵֤褦ʤȤ񤬤ʤΤǤСïΤ˵ˤʤäƤȻפͤϤʤǤ礦顢ΰ̣Ǥϡι԰٤ȽǤʤΤ񤬤ɤΤȤ⤷ƤΤǤ

ɡܤ餱ϡά򤷤ʤ줿ˤˡǤȤʤΤǤ



ϤäƤϤʤȤͤå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

ϡǯηк10˥塼ȯɽޤ

Ǥ1̤顣

1̤ϡ֥٥Υߥ̡

ޤǯηк10˥塼ΥȥåפϤʤȤäƤ⥢٥Υߥ̤Ǥ礦

󡢻ϥ٥ΥߥȤեŪʹͤٻޤ󡣤̤䤷ƥեˤ뤳Ȥʵ˻񤹤ȤͤٻǤʤȤȤʤΤǤ

ȤˤϰճˤͤƱĴͤ¿Τ¡

ˤƤ⡢٥Υߥθ̤ǷкѤʤѤȤϻ¤ǤꡢǧʤˤϤʤΤǤʤƤĶ߹⤬뤭äˤʤäΤϻ¤Ǥ礦ơ߰¤⤿餵Ƴ夲Τ¡

ȤȤǡ1̤ϥ٥Υߥθ̤Ǥ


2

2̤ϡŪʳξ徺Ǥ

ޤŪȤäƤ⡢ƹܤγ夬äȤȤʤΤǤ2̤˵󤲤Ȼפޤ

夬äȤۤɤνʥ˥塼ˤʤΤȻפ⤤äȻפΤǤŰĤˤϡNYǹͤ򹹿Ƥ뤳ȡơ줬DZ츽ݤΤʤǵˤ϶äʤΤǤܤγξ徺ϥ٥ΥߥطʤȤƤ뤳Ȥϻ¤Ǥ礦

âγΥ˥塼˰ĤդäʤСܤˤƤϡ5˰礭ͤ򲼤Ȥ󤲤ȻפޤСʥ󥭵Ĺơѥ󥰤βǽ˸ڤȤäˤʤäΤǤǤ⡢ɤܤγϤʹߤФ餯ΤˡƹǤϤϤʤʤäΤǤ

ˤƤ⡢ޤǤۤ1ĴҤǾ夲³Ƥܤγ夬Ӥ줿ʹˤʤäΤǤ륤ᥤĤޤ5˳ȤʸޤΤ褦ʳʸ̵뤹뤫Τ褦˾夲餸ƤΤˡ5βܤȡγʸäƤޤäΤǤ


3̤ϡֱ߰¤οʹԡǤ

ޤ٥Υߥθ̤Ǥ礦űϡǯ1ɥ87椫麣104ˤޤ㲼ƤΤǤĤޤꡢɥϱߤФ20ۤɤ⶯ʤäƤΤǤơߤϥɥФ16ۤɤ夯ʤäƤȤȤʤΤǤ

ïۤɤε޷ʱ߰¤ͽۤǤǤ礦

 
4̤ϡְۼºȯɽǤ

44ˡۤԤä񸫤ϺǤ˵˻ĤäƤȤȤȻפޤ֤פǤϤޤ󤬡ۤϡޥͥ꡼١̤2ǯ2ܤˤǸΤǤ

ΤˡäȤ˥ޥͥ꡼١¤äƤΤǤθ̤ȯƤȤϻפޤ

 
5̤ϡƹκΤͤǤ

ˡƹIJDZ츽ݤˤϺäΤʤΤǤǯ3ֻ︺ȤˤĤƹդǤͽζ︺»ܤƤޤäΤǤͽۤǤϡȤˤäƹηкĹΨ礭ǤȸƤΤǤºݤˤϤϤʤޤǤ

Сʥ󥭵ĹΤ褦˷ٹ򤷤Ƥޤơ⤽ͤ򤹤ä꿮ƤΤǤ

˸С10ˤϢˮܵؤΰĺȤȤԤޤ

ʤΤˤʤΤˡŷʵϰʤɤ빽DzƤ褦ʤΤǤ

ɤʤäƤΤǤ礦

 
6̤ϡ1219ƸԾѰˤ֥ơѥ󥰷Ǥ

2012ǯ9˳Ϥ줿QE3ĤޤꡢôݺķĹĤ850ɥϢ䤬㤤εϤ̾뤳ȤˤʤäΤǤ

ޡåȤϡ5ΥСʥȯʹߡˤĤ礤ʤؿäƤߤĤƤΤǤĤ12θԾѰβŪºεϤ̾뤳ȤˤʤäΤǤ

ˤĤդäΤʤСŪºεϽ̾ˤäƳˤϥޥʥ˱ƶǤȸƤΤη򶭤˳Ϥष徺ƤΤǤ


7̤ϡ־ǤηǤ

ˤĤƤϡؤɬפϤʤȻפΤǤä硢101˰ǤηȯɽΤǤ

ˤĤƥȤʤСƾǤǤꤹǡʵޤƤϤʤȤä5.5ߤηкк»ܤȤܡ

ΤǤȸפ˼˼ΥåäƤ褦ʤΤʤΤǤ

 
8̤ϡǰֻγǤ

Τˡ٥Υߥ̤ˤäܤηкѤʤѤΤϻ¡ơ߰¤ʤǤǤɤʤʤ͢Ф̥١äʤäΤǤơȤȿǤơ椬ǰֻϳΰӤéäƤΤǤ

ϡ߰¤ܷкѤηäߤαΤ褦˼ߤƤޤǰֻ夹ʤǤޤǤȰ㤦̣DZ߰¤ʤޤʤȤ¤ʤΤǤ

Τ褦ʤȤˤϡ餯Ĥβʤ㲼Ʊ˵Ǥ礦顢ܤηкѹ¤ѲۤäƤƤⵤդȤˤʤȻפΤǤŤޤʤˤĤƤ⡢Ȥ䤨դʧäƤɬפΤǤ

ʤȤͤ顢ĤޤǤư褦ʷкѱĤǡ˴ʬˤʤȻפΤǤ


9̤ϡۤθءǤ

ޤˡۤθؿͻ٥Υߥμ»ܤä礭̤ȸΤǤͻȸСƹǤСʥ󥭵Ĺǯ1äѤǼǤǤˤϥĹǤͽˤʤäƤΤǤ


10̤ϡ֥ץζͻȯǤ

ˤĤƤϡʤȤäΤȻפͤ¿⤷ޤ󤬡ǯνդ˥ץζͻɽ̲¶⸵ܤʥåȤꤵ졢δؿ򽸤᤿Ȥɮ٤äȻפΤǤ

ߤˡϤäΤΡ桼ϼ˼«˸桼βͤ夬äȤɮ٤Ǥ礦


ʾ夬ǯηк10˥塼Ǥ


ʤ˳夬ꡢʤ˱߰¤ˤʤȤͽۤƤʤäȤå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

ܤ1GDP󥭥󥰤ȯɽȸޤ

⤦Τ˸ʤСȯɽ줿̱кѷ׻λΤʤˡ1GDP󥭥󥰤ǺܤƤΤǤ

ȤȤˤʤСܤ̤˥󥯤Ƥ뤫ˤʤȤǤ

ФȻ̿ϼΤ褦󤸤ƤΤǤ

С֣ͤǣģС3ǯϢ³Dzǹ⡡10̡

̿10̤˾徺ܤ1ǣģС

ʿѤ16˾ꡢǶ뤤кѥ˥塼¿Τǡ1GDPΥ˥塼뤯ɤƤޤΤǤ

ޤ10̤ȤΤɬ⤤ǤϤʤ⤷ޤ󤬡3ǯϢ³Ǿ夬äƤȸȴ򤷤ǤϤʤǤ⥢٥ΥߥΤʤΤ

ŤˤʤäƲȤΤ⡢󥭥󥰤ϡ2012ǯGDP˴ؤΤǤǤ顢٥Υߥθ̤ޤɽƤȦϤʤΤǤ

ʤΤǤ͡Ф줿̱ǤŤơäưƤʤ̤¿äΤ¤Ǥ礦̱3ǯϢ³1GDP󥭥󥰤Ͼ徺ƤΤǤ

ΤϹͤ褦ʤΤǤ

Ǥ⡢ܤΥ󥭥󥰤徺Τ

ޤĤȻפΤǤŻ̿εĺޤ󡣤äơʽ򤷤Ƥ뤫ʤΤǤ

ܤϣɥ봹ǯΣ̾ܣǣģСʹˤǯ棰ΣɥȡǯϢ³Dzǹˤʤäȯɽ͸桢ǣģФۤäȤ

Τ˿͸ʤGDPۤäС1GDPΨΤGDPΨޤǤ⡢ͳȤϸʤΤǤͳϡ߹ɥ¤ΤǡɥɽGDPĤǸǤ

դ

GDP󥭥
ʻܤΥǡˤ

Ĥܤ1GDPϡ3̤ʤƹ⤤٥ˤäȤΤǤԥåΥǸСƼ롣̴⤦٤ȤˤϤʤΤǤ礦

ϡJapan is back Ȳ٤ˤƤǤϤʤǤǤ顢3̵̤ȤƤ⡢6ް̤ޤDz뤳ȤϤǤʤΤǤ礦

٥Υߥθ̤ǯ³ȤС2012ǯ10̤餵˥󥭥󥰤夲뤳ȤԤǤʤΤ

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ΤܤηкѸ̤Ǥϡ2013ǯ٤̾GDP484٤Ǥꡢơܤ͸127ɴͤۤɤǤ顢2013ǯ1GDP380ߤۤɡơ2013ǯΰإ졼ȤǴС4ɥ롣

Ǥϡ2012ǯΥ󥭥󥰤1GDP4ɥ٤ιϲ̤˥󥭥󥰤Ƥ뤫ȸС

16̤ΥɥĤ4.18ɥ롣ơ17̤Υե󥹤3.99ɥ롣

ȤȤϡñ˹ͤ17̤ȤʤǤŤ2013ǯäƥ桼ݥɤʤɤβͤ徺Ƥ뤳Ȥ餹С20̤餤ǽȤߤƤƤ褵ʤΤǤ

Ǥ礦ǯϡ1GDP󥭥󥰤ܤϡȯɽˤʤä10̤20̤ۤɤ뤳Ȥۤܳμ¤ʤΤǤ


ǯȯɽΥ󥭥󥰤ϸʤȻפå򤪴ꤤפޤ

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ɽ줿кǤϡʤ4ǯ2֤ˡ֥ǥեפʸ줿ȤǤΰǡǥեæѤϤޤˤǧƤʤΤȤ

¿ʬȤƤϡ٥Υߥ̤򼨤ˤǽʸ¤᤯ʥǥեæԤΤǤ礦Ťΰǡ¶徺ưϤޤƤ餺ơǯ4ξǤΰ夲ܤɡäƤ뤳Ȥ顢ŤƤΤ⤷ޤ

Τߤʤ餺ܤˤСǥեæѤȽǤˤ4ĤλɸŻ뤹ͤ󤸤ƤΤǤ

ʣ˾ʪؿ
ʣGDPǥե졼
ʣ˼륮å
ʣñϫƯȡ¶ư

ǡǤ礦

Τˡʾ4ĤƥǥեæѤ򼨤ΤǤС⤦˶ǥեæѤ򤹤뤳ȤǤΤϤΤȤǤ礦

ŤǻϤդȹͤƤޤޤ

ǥեȤϰβʤΤ

˥٥ΥŪʼΤǤϡͤδŤȸä⤷ޤ󡣥٥ΥߥλٻԤϡ˥ǥեæѤͥ褷ʤФʤʤȶֳˤϡ֥ǥեפϤäƤʤΤǤ

顢ͤˤäơ֥ǥեפΰ̣Ȥ㤦

ֶΰ̣Ǥϡǥեʪ³Ū㲼֤̣Τǡΰ̣ǤΥǥեȽǤ뤿ˤϡ4ĤΤξʪؿ򸫤кѤ褦ʵޤ

Ǥ⡢ɤΤ褦˥ǥե뤫ɤȤơʪ夬äǤϹ̱­ʤΤ¡ơȤϤΤȤ˽ʬդƤΤǡʪ夬äǤϥǡ¶⤬夬뤳Ȥɬפȸ

¶⤬夬иȤСΤȤʪȤƲ³ƤƤ̱ʸʤǤ礦

Ǥ礦ΤʤС¶⤬夬ǡʪ夬ʤΤǤСʤ̱ˤȤäƤԹ礬Ǥ

ȤȤǡǤϥǥեæѤͥʤɤȸäƤϤΤΡ٥ΥߥٻԤˤȤä˽פʤȤ¶⤬夬뤳ȤʤΤǤơ¶⤬夬䤹ʤ뤿ˤʪ夬뤳Ȥɬפȹͤ뤫顢ǥեæѤ򶫤֤ΤǤ

פˡǥեæѤϼʤǤäŪǤϤʤŪ¶ξ徺ʤΤǤ

Ǥ礦

ˤƤ⡢ƲŪDzʤϤäǧʤޤޤˡǥեæѤɬפʤƸǸäƤ顢ǥեæѤȽǤʤˤʤäƤ⡢ˤƤʬʤ

ǡɡǤˤʤäƤޤơͤ嵭Τ褦ʴ򼨤ƤȤȤʤΤǤ

ǤϡͤμȽǤŬȸΤ

ʥ󥻥󥹤Ȥ褦ޤ

Τʤ褦˸ޤΤˤ4Ĥξ郎줿顢ϿʬʤȤȤˤʤǤ礦

ƤΤϡǥե줫æѤȽǤǤ¤׷ϲȤȤʤΤǤ

֤ޤ¶⤬夬СǥեæǤ褦ȤǤޤȤɤǤ⤤ΤǤΤʤ¶ξ徺Ū顣

ȤС4ˤñϫƯȤʤƹͤɬפϤʤ

ˤĤ֤ޤ¶⤬夬ɬפʤʤƸΤǤϤʤΤǤǤϤʤ¶⤬夬ʪ³褦ؤɽפǤʤȡĤޤꡢǥե줫æѤǤƤʤƤطʤȤȤʤΤǤ顢ǥեæѤäȡ¶⤬夬뤫ɤ϶̤ƹͤ٤ʤΤǤ

ˡ2ˤGDPǥե졼ϹͤɬפΤ

GDPǥե졼ϰʪؿʤΤǡȤ뤳ȤäƤ⤤⤷ޤ󤬡Ťα߰¤ξˤäGDPǥե졼򻲾Ȥ뤳Ȥˤ礭꤬ΤǤ

߰¤ȯʪˤɤʱƶڤܤȻפޤ

߰¤ˤʤ͢ʤβʤ夬ΤǡեˤʤȹͤǤ礦

Τˤ̤ΤϤΤȤǤˤϥ饰ȼΤǤơGDPλٽй͢ϡޥʥιܤǤ뤳Ȥ˺ƤϤޤ

Y=C+I+G+(X-M)

ĤޤꡢGDPϡCʸĿ;ˤIʴȤˤGܻٽСˤX͢Сˤ­ΤM͢ˤΤǤΤǡ͢ˤʤ夬СΤGDPǥե졼षƤޤ̤ΤǤ饰ȸޤϡ߰¤θ̤Ŀ;оݤΥΤ䥵ӥβʤˤޤDZƶڤʳGDPǥե졼夬ǽϤΤǤʳǤ͢ʤ夬ǡǤΤGDPǥե졼ष㲼ƤޤȤȤǤ

ºݡ1ǯۤɤGDPǥե졼ߤȡ͢ǥե졼礭ӤƤ뤿ΤGDPǥե졼ؤɾ徺ƤʤΤǤ

顢GDPǥե졼ˤƤޤСα߰¤³¤ꡢʤʤǥեæѤȽǤϤǤʤǤ礦Τ褦ʤȤäƤǤ礦

ǤϡĤΡ3ˤμ륮åפϤɤǤ礦

Τ˼륮åפ̾С줬ʪ夲ϤڤܤΤϤΤȤʤΤǡʪưͽۤǤϼ륮åפ򸫤뤳ȤפʤΤǤŤǤ⡢륮åפϤޤǤ륮åפ˲᤮ʤΤǤ

˸С¦˸äѤƸäƤ뤳ȤȤϡȤȤǤŲˡȤܤ˽äѶŪˤʤС˼륮åפ礹̤ˤʤǤ顢ܤϡǤϥǥեæѤͥʤȤȸʤ⡢ºݤˤϥǥեĹ褦ʤȤäƤ뤳ȤˤʤäƤޤΤǤ

ȤȤǡˤʤäƥǥեæѤȽǤˤ4ĤδबʤͤȯƤȤ˥٥ΥߥŪʵͤδŤΤǤ




ǥեæѤ¶夲ɸȤ٤ǤϤʤΤȻפäå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

ܤγ徺ƤޤʿѤϡ16000ΤǤ

ƹγ徺ưʤΤȤ

1218ˡQE3εϽ̾ǤФFRBϽ̾ǥɥ߰¤ʤߡη̡ܤγ夬ȤΤǤСޤ괺ϤĤ⤷ޤ󤬡ŤƹγϾ夬äΤ

ǤַкѤβΥԡɤƤ뤫ʤΤȤˤƤ⡢QE3εϽ̾ǤФü˳夬ʤƤ⤤ΤŤʤƻפäƤޤΤǤ

ˤƤ⡢ͤʤȴ뤳ȤΤǤʤޡåȤϡͻ˴ؤƾ˸򤷤ȿƤ˲᤮ʤȻפȤ¿ΤǤ

㤨СޤǻԾǤϡơѥ󥰷ٲȤǤ⤤٤ΤԤƤǤ

Ρơѥ󥰤ٲƤȸСFRBζͻ¤ȻԾ򤫤̤ˤʤϤʤȷǰƤǤ

Ǥ⡢⤽QE3θ̤äΤΤǤ

ޤ䤬ʤȤȡϲΤȸ줽ʤΤǤ

⤽QE3Ϥɤʸ̤ȴԤƤΤǤ礦Хꤪ

ǤϢ䤬ĹĤ̤˹뤳ȤˤäĹ㲼ŤĤޤꡢĹĤβʤ㲼ʤŪ¾λ񻺤̥Ϥȡ


ºݻԾǤϡΤ褦ʥᥫ˥बƯƤ뤫Τ褦˺ѤơΤ˳Ͼ徺³ƤΤǤ


ǯ93QE3ѤưʹߡƹĹ㲼ƤΤǤ礦

դ

ƹ10ǯʪο

ʻFRB)

ǡǤ礦λǤϡƹĹϴ̤ͭãƤơQE3ѤȤäơʾĹȤϻפʤΤǤȤºݡäƤʤΤǤ

ǤϡQE3εϽ̾ꤹȷꤷȤˤꡢĹưˤϲѲƤΤ

ˤĤƤ⡢դ򸫤Ƥ館ʬ褦ˡĹϺǯ5ʹߡ˾徺򤷻ϤƤȤʬΤǤ

ΤʤΤǤ礦

餯դ꤫ơѥ󥰤μ»ܤռϤ᤿ȤȤǤϤʤΤǤ礦ơºݤ522˥Сʥ󥭵Ĺơѥ󥰤βǽˤĤƸڤȤ顢ưˤʤäȡ

ȤǡǶƹηкĹΥԡɤƤȸƤޤޤ餳QE3εϤ̾ƤϤʤȽǤ줿ΤǤ礦

ǤϡкĹΥԡɤȸȤϡ줫襤եˤʤǽ礭ʤȹͤƤΤ

ǡǤ礦

餯¿ϥեˤʤǽ礭ʤΤʤзʵɤʤ顢ΤǤϤʤǤ礦



ƹĤ꤫ȽǤ¤ꡢषդͽۤƤΤǤĤޤꡢեˤʤǽϾʤäȡ

ΤΤ褦ʤȤΤ

Υդϡ̾10ǯʪĤ̾ܶɽƤޤΥդϡ10ǯʪʪϢưĤɽƤΤǤʪϢưĤȤϡʪư˱ƸλʧݾڤΤǤΤǡ꤬Τϼ¼ȹͤΤǤ

ȤȤǡƹǤϡǯ6ʪϢưĤǼ¼ץ饹ž̾ܶȼ¼κ̾ƤΤǤ

ͽۥեΨ̾ܶݼ¼פδطˤΤǡȾǯ֤ۤɥեζϤषʤäƤȤȤʤΤǤ

ξQŪФȿ̤ˤʤäƤǤ礦

ˡ6ʹߡ¼ץ饹žƤȤȤϡʬμڤô礭ʤäƤ뤳Ȥ̣Ǥ顢ΰ̣Ǥⲿγ򲡤夲̤ΤȻפäƤޤΤǤ

ˡ¼夬äƤΤϡηкѤƤ뤳Ȥ򼨤ƤȸȤƤŤΤ褦ʤȤϤޤؤïäƤʤäǤ

ȤȤǡʤʤɤˤϤʤäƤʤΤǶλԾǤΤǤ

ʥꥹȤθʤơñ˿ƤϤʤȤȤʤΤǤ



ʿѤ16000ȤƤ⡢NYɤȴȡޤĥȤΤǤϤʤȻפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

2014ǯ٤̾GDP500褷󤸤ƤޤȤΤ⡢յλ򤵤줿2014ǯ٤ηкѸ̤ˤС̾GDP2013ǯˤ484.2ߡơ2014ǯˤ500.4ߤˤʤ뤳ȤͽۤƤ뤫ʤΤǤ

դ
̾GDP
ʻܡ

Τˡ椬̾GDPϡĤưö500ߤˤƤΤˡ꡼ޥ󥷥åΤäǯ٤500ߤ򲼲ǿܤƤΤǤ

â¼GDPǤߤСθĴˤꡢѤ뤳ȤʤȻפΤǤȤˤ̾GDPפ⤵ˤȤäƤϡ500ߤ뤳ȤȤƤʤȤȻפäƤ褦ʤΤǤ

̾ܤ500ơơξʪ⤽ۤɾ夬餺˺ѤʤС
˱ۤȤϤޤ



ˡ2014ǯ٤̾ܤ500ߤͽۤΤǤ礦

褺ܤθ̤ˤС2013ǯ٤2014ǯ٤ˤƷкѤϼΤ褦Ĺ뤳ȤˤʤäƤޤ

¼̾
2013ǯ١2.6󡡡2.5
2014ǯ١1.4󡡡3.3


̾ܤǤϡ2013ǯ٤2.5ĹΨ2014ǯ٤ˤ3.3˾徺Τȡѷ빽ˤפΤǤż¼ĹΨϡ2013ǯ٤2.6󤫤2014ǯ٤ˤ1.4ƤޤΤǤ

ɤƤʤΤǤ礦٥Υߥθ̤ǡäĹ뤲ȦǤϤʤäΤǤ礦

2014ǯ٤Ǥΰ夲»ܤ뤿˻ߤʤΤȻפΤǤ

Ǥ⡢ͤѤСǤ5󤫤8˰夲ʤ1.4μ¼ĹԤǤȤΤǤСϤ⤦᤮η̤Ȥ٤ǤϤʤǤ礦

2014ǯ٤ˤơкѤϤۤĹ뤳ȤԤǤΤǤ礦

ϡθ̤祢ޤǸʤΤǤ

Ȥ⡢̾ĹΨ500ߤ˾褦˵ջ̤ǤϤʤȤפΤǤ

2014ǯ٤̾GDP500ߤãʤơ

ܤθ̤ŤȤΤϡƻٽйܤοΨ򸫤аʤΤǤ

褺Ŀ;

Ŀ;ϡ¼١2013ǯ٤2.5οӤ2014ǯ٤ˤ0.4οӤͽۤƤΤǤ0.4⿭ӤȤΤϴŤǤ礦ΤʤСǤʬ3ݥʬ⤢Ǥ顢Ǥ¼ǤʤĿ;οӤץ饹ݻȤ顢ȷפμʪξ徺ʬʾʤȤξ񤬴ԤǤʤΤǤŲ̤ơϫƯԤ¶⤬夬ȴԤǤΤǤ礦Ͼ夬äƤ⡢㤨3ʾ夬ʤƴԤΤϺǤ

ˡ

ϡ¼١2013ǯ٤0.44.4˿ӤͽۤƤޤŤɤƤʤ񤬿Ӥ뤳ȤʤɴԤǤȸΤǤ礦ȤäƤ⡢ζ߼פȿưǡ2014ǯ٤ˤϤषڤ뤳ȤͽۤΤǤ顣ȤΤ褦ʴĶΤʤǡѶŪˤʤȤϤɤƤͤʤΤǤ

˴ؤ롢ܤιͤϼΤ褦ˤʤäƤޤ

͢Фáȼפβˤꡢϰ³ä

Τ͢Ф®˲ƤС뤳ȤԤǤΤǤǶޤǤ͢ư򸫤¤ꡢ鲤ƤηʵȤƤ⡢ۤ͢ФʤƤɤƸΤǤ礦

Ǹ͢Фߤȡ¼١2013ǯ٤4.0󤫤5.4˾徺ͽۤƤޤŤͽۤȤʤΤǤ

ȤȤǡ2014ǯ٤̾GDP500󤸤ƤޤϵջƻФ̤˲᤮ʤΤǤϤʤǤ礦

ͤޤ򤹤äƤȤפʤΤǤ


äѤ꾯ŤͽۤȻפäå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

BBCʤˤȤäƺǤפʸդˤĤƾҲ𤷤Ƥޤ

Magic words in the workplace.

ֿΥޥåɡ

֥ץ꡼פꡢϡ֤꤬ȤפäȽפʸդȤΤǤ

פʤΤ

ˡΤˤ꤬ȤȴդεΨľΤʤȤʤΤǤδդεʤäˤɤ»򤷤Ƥͤ뤳ȤȿФˡ꤬ȤΨľ˸ͤϡʤȴΤͤȱǤΤǤ

Ǥϡץ꡼ϤɤǤ礦

졢ܿͤˤϤΥ˥奢󥹤ʬŤ餤⤷ޤ󤬡ΤμҲˤƤϡΥץ꡼Ѥ˽פʸդȸäƤǤ礦

ȤϸäƤ⡢¿ܿͤˤϤ줬ʬʤΤ

äơܿͤץ꡼ȤȤˤϡ֤Ƥץ꡼פȤ֤ɤᤷ졢ץ꡼פȸ褦ʻȤפ⤫ФʤʤΤǤ

Ǥ⡢ץ꡼ˡϤǤϤʤΤǤ

֤崱͡Ǥ̿ϽƲפʤƸȤ⡢ץ꡼ޤ

ָǤפȸСʤʤݤǤʤǤ礦

֥ѥѡ٤βƵ٤ߤˤιԤϢƹԤäƤ͡ꤤꤤפʤƸȡͥѥѤϤʤʤȸʤΤǤξ硢ץ꡼2󡢥ץ꡼ץ꡼³ƸȤ¿Ǥ

θäƤ뤳ȤȻפΤʤʤޤΥ顼򤹤ꤵΥդΤ褦ʹ뤫⤷ޤ󤬡šˡΤ礤γͤ˻ƤߤƲ

㤨СֻαѸȯľƲץ꡼פʤơ

ϡݤʤäʤƿΤʤǻפäƤ⡢ץ꡼Ⱥꤵ줿लˤǤʤΤǤΤʤС˽ФǤΤϿ»ΤΤ뤳ȤǤϤʤǤ顢괺˾ʹ򤷤ƤǤ礦

ʤȤ˺Ƥޤܿͤϡ㤨С顼󲰤äơʸʹ줿ݤʤɤˡ֥顼פȤ̣顼פȤޤŤ褯ͤ顢̵ۤʸʤΤǤǤϤʤ֥顼򤪴ꤤޤפȤ̣顼󡢤ꤤפȤСʸⰭϤʤäƤƤȸΤ⡢ֿ塪פǤϡäѤ꼺ʤΤǤ֤䡢ꤤޤפʤƸǤ礦顢ΤȤplease ɬפʤΤǤ

ȤȤǡǤϤpleaseȻȤȤΤǤʤ̵ͤܤʿͤȻפƤޤΤǤ

ȤȤǤˤƤ⡢Ƥ褷ƹԤˤϡThank you pleaseȤƤڤʤΤǤ

2Ĥ˻ȤȤǤʤСRLȯΰ㤤ʬäꡢϱñ1ʾΤäƤƤ⡢ƿͤ鹥뤳ȤϤʤǤ礦դˡ򤤤ĤȤäƤȡοͤϤʤƤۤʤƻפ뤳ȤǤ礦

äޤBBCˤФ2ĤθդΤΤȸΤǤǤϡΤϲʤΤ

¤ϡI'm sorry ʤΤ

餯¿ճ˻פäƤΤǤϤʤǤ礦äơƿͤϤʤʤդʤΤ̤Ȳ桹ܿͤ϶ƤǤդäƤޤȡ»ᤵ줫ͤʤ顢̼դʤΤȡ

ʲ桹ξQĩ魯뤫ǡBBCεԤϡI'm sorry οʹִطݤĤˤȸΤǤ

ǤϡμպθդפʤΤȸС

To repair damaged relationships with employees, these executives decided to say two of the toughest words for many bosses to utter: Im sorry. Such mea culpas seem to be more common these days, partly because of the growing likelihood of a public uproar on social media when companies slip up.

ֽȰȤνĤʹִط뤿ˡΥȥåפϡ¿ΥܥˤȤäƺǤȤ񤷤դȯ뤳Ȥ迴Ĥޤֻ䤬äפȡΤ褦ʼպθդǶϤФƤ褦˸롣ϰĤˤϡҤإޤ򤷤ǤȤˡҲ񤬤ʤʤǽ礭ʤäƤ뤫

ʤ󤫡ܤο൶פФƤޤޤ

Ǥϡ˱ѹǤϡʤߥ򤷤褦ʾˡľ˼դ뤳Ȥ¿ʤäƤΤȸСʤ87ϡĤⰿϤ褯դƤΤФϡ19ȤʬξʤϼդʤƤΤȤ

ʤǧåפȤѶ̣

ˤƤ⡢ʤߥǧ˼պ᤹뤳ȤϿοʹִطݻǽפBBCεԤϻŦޤľǤȤȤϿطФˤʤ롢ȡդˡʤߥǧʤȿطƤޤȡơοطƤޤСɤƲҤȯŸǤ礦

âպ˺ݤƤդ٤ȤŦƤޤ

պ᤹ˤϡΤˡclearly)sincerely)ƴʷˡconcisely)ȡ

ơʤϡպθդĤ̤ȯȴԤƤϤʤȤ⡣ΤȸСʤʿꤵƤȤˤϡպθդ̤ĤǤϤʤ˿ƤƤˤϡ̵ǽʾʤǤȻפ顢ȡ

ޤƱѹǤϡI'm sorryȸȤ̤ˤʤ뵤ۤȤΤȤǤݤäܤǤϡΨľʼպθդʤʤäƤ褦ˤפޤ

ץ르ϤɤʤäΤǤ礦պθդäȤϻפޤ󡣺λǤ⡢դäΤϡڤȤФƤǤϤʤǤȯλΤ˴ؤơɾģηкѻȾʤοʹ֤դäʤƤȤϵˤޤ

Ǥ礦

ˡΤ˥ƥӥǰΤ͡Ƭ򲼤ʤϡ˰ۤɸƤޤ

˼պᤷƤΤǤ礦

ˤϿμպȤϻפʤΤǤǤϤʤޥ˥奢̤μպǤʤΤǤ顢äƤʤΤǤ

εǤϡμպθʤȸСХ֥˻ڷݻơλĹ㤤Ƽպᤷ٤פ⤫ФʤΤǤ

ޤäƤ⤢ޤʤܿͤ¿ʤäƤޤ⤦ٸޤäƤդʤܿͤǤ


ѹͤǤ⡢I'm sorry פʤΤȻפäå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

󼡰ˤʤä1ǯвᤷ褦ȤƤޤ

٥ΥߥˤäܷкѤ뤵ᤷ褦ˤ⸫ǤŤǤϡ˥٥ΥߥդȸΤǤ礦

ȤϤäƤ⡢٥Υߥˤ3ܤ𤬤ꡢ3ĤˤĤƥӥ塼;͵Ϥޤϡ3ܤΤζͻˤĤƹͤȻפΤǤ

ˤƤ⡢Ķ߹⤬߰¤⤿餵줿Ȥ¤ϡǧʤˤϤޤ

Ǥϡα߰¤ˤʤäΤ

ɤͤˤʤޤ

٥ΥߥȤեŪʹͤٻ͡ϡϥޥ̤͡˻ԾФƤ̤ȼĥΤǤϤʤǤ礦

ۤ44εԲ񸫤ǡ2ǯ֤ǥޥͥ꡼١ǸΤϻ¤Ǥ

ǤϡܤΥޥͥ꡼١ɤɤäƤ뤫ߤϥɥФư¤ʤäΤǤ礦

˷ޤäƤȻפͤ¿Ȼפޤ

ܤΥޥͥ꡼١ǯνհʹߵƤΤ¤ȤƤ⡢Ʊ褦ƹǤޥͥ꡼١äƤȤ顢ɤʤΤǤ礦

Ǥ⡢ߤϥɥФư¤ʤΤ

ʤȤϤʤǤ͡ƹǤϥޥͥ꡼١ۤʤǡܤΥޥͥ꡼١뤫߰¤ˤʤΤǤ͡

ǤϡƹǤϺǶᡢޥͥ꡼١ƤʤΤ

դ

񻺵Ͽ
ʻ䡢FRBΥǡˤ

ϢΥХ󥹥Ȥ֤򼨤դǤޤ줬ޥͥ꡼١ä֤ɽƤȹͤƤ⤤Ǥ礦

ȤǡΥޥͥ꡼١ǯνպƤΤϻ¤ǤƹξˤϡǯνƤӵƤΤǤɤƤǤ礦

ϡޤˤλQE3»ܤϤ᤿¾ʤʤΤǤ

ĤޤꡢǶޤܤƹϡƱ褦˥ޥͥ꡼١礷³ƤΤǤʤΤˡɤƥɥ뤬ʤߤ¤ʤΤ

Ǥ礦

ΤˡԾˤϥ٥Υߥθǽ򿮤Ȥ¿Τǡΰ̣ǡŤĤޤ꿴Ṳ̄ȤƱ߰¤ƤǽϤΤǤƹܤƱ褦˥ޥͥ꡼١䤷ƤΤǤ顢٥Υߥϰۼº»ܤƤ뤫߰¥ɥ⤬ƤȤΤ϶ڤ̤ʤΤǤ

Ǥϡ߰¤θʤΤ

äѤ桼Ƥ뤳ȤͳǤ礦Ĥޤꡢ󤶤äʹˤʤäƤΤǡƨ̲ߤȤƤαߤФˡ޸ƤΤǤ

ȤȤǡ⤽ޥͥ꡼١̲ߤβͤ롢ʤɤȤñäѤʤȤȤʤΤǤ

˥ޥͥ꡼١̲߲ͤκηװȤΤǤСƹϺǤ⤳ƥޥͥ꡼١Ƥǡ桼ˤƤϡǯβƤХ󥹥Ȥ̾ϤƤ롢Ĥޤޥͥ꡼١򸺾ƤΤǡäơɥβͤ桼Ф㲼ʤäʤǤ

դ

桼ɥ
ʻFRBΥǡˤ

ΤˡǯäƤ顢桼βͤɥФƾ夬äƤƤϤΤǤξ夬Ūˤ䤫ʤΤαޤäƤơ줾Υޥͥ꡼١򤷤äȿǤƤȤϤȤƤͤʤΤǤ

ȤȤǡϡ䤬ɤɤĤ㤤ƥޥͥ꡼١䤷Ƥ뤫Ȥäơɬ߰¤Ȥĥ뤳ȤϤǤʤΤǤ

ΰǡ麬ΤʤͤǤäƤ⡢Τ褦򿮤ͤԾ¸ߤʤС߰¤ˤʤ뤳ȤϽʬ˹ͤΤǤ

ɡԾ컲üԤŪȯۤ򤷤ʤ麣α߰¤ƤȹͤƤǤ礦

â֤ޤα߰¤θϡ桼ΤƤ뤫Ǥ礦



Τˡ줬ƹΥޥͥ꡼١þΤȿǤƤȤϹͤ뤳ȤϤǤʤȻפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

ĤŪºεϽ̾ꤵޤޤǤ850ɥλ񻺹εϤ750ɥ˸ۤ줿ΤǤ

ʤΤNY礭ͤ夲ޤơʿѤ夲Ƥޤ

ɤơ

ĤޤǡޡåȤϥơѥ󥰤ٲƤΤǤϤʤäΤ¿ΥʥꥹȤϡơѥ󥰤ϤޤСʤƤϳ㲼ͽۤƤΤǤϤʤäΤ

ʤΤ˳礭徺ΤǤ

ΤʤΤǤ礦

ԾǤϡˤĤơŪºεϽ̾ԤȤǤۤɷкѲϤޤäƤ뤫ʤƸ⤢ΤǤ

ϡͳˤʤäƤʤΤǤϤʤǤ礦

äơкѴĶäơѥ󥰤ꤹΤ餫ʬäƤȤǤ

ϡष徺ͳϡFRBơѥ󥰤ꤹȸʤ⡢ºݤˤϡޤѡƥ³ȤǧȤˤȻפΤǤ

ĤޤꡢѡƥλüԤϡѥܥ뤬ҤŤΤʤȻפäƤȤޤѥܥ֤ƤȥۥȤ줿Τ顢ȡ

ǤϡΥѥܥҤŤϻϤޤäƤʤȸΤ

ΤˤϡϤFOMCʸɤǤߤ뤳ȤɬפʤΤǤ

Ѹ줬ʵ⡢ɤɤǤߤƲפʬȴФޤ

In light of the cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions, the Committee decided to modestly reduce the pace of its asset purchases. Beginning in January, the Committee will add to its holdings of agency mortgage-backed securities at a pace of $35 billion per month rather than $40 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $40 billion per month rather than $45 billion per month.

ָѤκ粽˸ʤƤ뤳ȤȸѴĶθ̤Ƥ뤳Ȥ˴դߡѰϡ񻺹Υڡˤ䤫٤餻뤳Ȥꤷǯ1ѰϡôݺķѤۤ400ɥǤϤʤ350ɥˤޤĹĤѤۤ450ɥǤϤʤ400ɥˤ
 
The Committee will closely monitor incoming information on economic and financial developments in coming months and will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until the outlook for the labor market has improved substantially in a context of price stability.

Ѱ
кѤͻ˴ؤǡ̩˴ƻ뤷塢ʪꤷƤʤϫƯԾθ̤˲ޤǡ³ĹĤȽôݺķι³롣ޤ¾Ŭڤ֤Ѥ

If incoming information broadly supports the Committee's expectation of ongoing improvement in labor market conditions and inflation moving back toward its longer-run objective, the Committee will likely reduce the pace of asset purchases in further measured steps at future meetings.

֤⤷ꤵǡϫƯԾϲեΨϢĹɸ˶ŤȤѰͽۤ΢դΤǤСѰϾβˤơ񻺹Υڡ򤵤ȤȤˤʤꤽǤ

However, asset purchases are not on a preset course, and the Committee's decisions about their pace will remain contingent on the Committee's outlook for the labor market and inflation as well as its assessment of the likely efficacy and costs of such purchases.

֤񻺹֤ϴϩˤΤǤϤʤơ񻺹Υڡ˴ؤѰηϡ֤ȼåȤȥǥåȤӹ̤ǤϤʤϫƯԾȥե˴ؤ븫̤˺ޤǤɤ¸


Ǥ礦ֻ񻺹Υڡ˴ؤѰηϡ֤ȼåȤȥǥåȤӹ̤ǤϤʤϫƯԾȥե˴ؤ븫̤˺ޤǤɤ¸פȤʬפʤΤǤ

ĤޤꡢΤޤ޻񻺹֤λ˸äƿʤ櫓ǤϤʤȡɬפäƤۤʤʤȡ

To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends and the economic recovery strengthens.

ָѤκ粽ȡʪΰ˸ưٱ礹뤿ˡѰλ񻺹֤λкѲưޤä⡢δ֤ˤĶºݻ뤳ȤŬǤȺƳǧ

The Committee also reaffirmed its expectation that the current exceptionally low target range for the federal funds rate of 0 to 1/4 percent will be appropriate at least as long as the unemployment rate remains above 6-1/2 percent, inflation between one and two years ahead is projected to be no more than a half percentage point above the Committee's 2 percent longer-run goal, and longer-term inflation expectations continue to be well anchored.

ϤޤʤƤ⼺Ψ6.5³¤ꡢơ12ǯΥե츫̤ѰĹɸǤ20.5ݥȰʾʤͽۤ¤ꡢƤޤĹեͽۤ³ʬ夤Ƥ¤ꡢߤ00.25Ȥ㳰Ū㤵ȤʤäƤɸͤݻ뤳ȤŬǤȤ̤Ƴǧ

The Committee now anticipates, based on its assessment of these factors, that it likely will be appropriate to maintain the current target range for the federal funds rate well past the time that the unemployment rate declines below 6-1/2 percent, especially if projected inflation continues to run below the Committee's 2 percent longer-run goal.

Ѱϸˤơե˴Ťեǥե󥺥졼Ȥ˴ؤ븽ߤɸͤ򡢼Ψ6.5򲼲äݻ뤳ȤŬǤͽۤ롣äˡե츫̤³ѰĹɸǤ2򲼲¤

κǸʬä˽פǤFRBϡե츫̤ 2򲼲¤ꡢ˼Ψ6.5ڤäȤƤ⥼³ȸäƤΤǤ

ϡŪºȤϰ㤦Ȥͽۤޤ

Ūº˥ȥåפ줿ȤǡԾФ̤λǽλǤϤʤΤǤΤʤСۤܥݤĤˤϡûʪȤϸĤʤɤԾ줫Ϣ䤬㤤夲³ʤФʤǤ

⤦ٸޤFRBϡեΨ2ʤǤϡ³ǽǤǸΤǤ

ǤϡեΨ2ǽˤĤƤϡɤͤΤ

ƥơѥ󥰤ϤޤȡɥˤĤʤ롢ȡơɥ⤬ȡס͢ʪ㲼ΤǡեΨ㤯ʤǽΤǤ

顢סեΨ㤤ǿܤ뤳ȤͽۤŤȤȤϡäȤäȥ³Ȥͤ롢ȡ

ĤޤꡢѡƥϤޤޤ³ȥޡåȤߤ᤿ΤǡˤʤäʤΤǤ


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