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޸Ρкѥ˥塼̤ưͻ֥Ǥϵ岹Ȳ˻ߤΤúи󾧤ޤиӽиȤϰ㤤ޤߤʴ㤤ΤǤ

2016ǯ01

鴶ƤΤǤĥޥʥäƤΤϡ˿͡δؿ褦Ǥ͡

Ĥޤꡢץ饤ȤճȤQȿƤȤ

ϤǤ͡ߤꡢ¤ꤹС©館ȦʤΤˡȿФ©ʧʤƸƤޤǤ顣

ǡפ郎ΤιۤʤΤǤ

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פΤǤΥޥʥ˴ؤʬȾȾʤ⡢̤ȤϰƳԤƤȻפäơ괺Τή˾ȤȤ¿ΤȤǤϤʤȡ

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顢ΤȤƤϡ褷ƥޥʥζˤʤʤƤ⡢ơ֥ޥʥפȤդѤơޡåȤ˰ճͿäʤΤǤ

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ˡΤΤ褦˴ä꤬ȯФä뱩ܤˤʤäȡäϥ٥ΥߥλȤޤǸ줿ͤǤ顢ʤ鲿ǤФɬפäΤǤ

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ĤޤꡢǤСۤȤƤ⡢ΰոºŤƥޥʥѤǤʤȹͤƤ᤬ʤˤ⤢餺˽Ҥ٤褦ˡ˥ޥʥѤСŪŪºι¤Ƥޤ줬äˤǤʤäΤǤ

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ƬǽҤ٤褦ˡ֤ˤäƥޥʥŬѤˤʤΤϡ¤äƤ¶1ˤʤʬǤޤ󡣽äơΤʿѤƤߤ顢ޤǤĤƤ0.1ζ0.09٤˰ΤƱ褦ʤȡ

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Ǥ⡢ͥ٤˰ääȤƤ⡢ˤθǽ򿮤ƤǤϤʤǽ⤢ޤơ˵դƤƤ⡢夬äΤ顢̥饤ʤƻפäƤ뤫⤷ޤ

Υͥ٤ΥФơ֡ʻפ򤷤ƤΤϡƳۤȡ٤Υåդ⤷ޤ

ޤǤο֡δطϡ˳򥷥åȤӥˤ򿩤٤ʤŰǻŻ򤷤Ƥ󤸤Ƥޤ

ͥ٤ǤФˡĤޤ֤򵽤ˡŰκȤˤʤʤơ

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ˡ˥ޥʥˤʤäƤޤС¿¶Ԥ¶ФƤޤΤǡζͻƥबݻǤʤʤäƤޤǤ礦ˡ¶ԤҼޥʥˤʤΤǡ¶ԤιϤסå졢Ϥ򼺤äƤޤǤ礦

ĤޤꡢΥޥʥϡޤǰʾ˲ȷפפʳβʪǤʤȤʤΤǤ



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䤬ޥʥѤȯɽޤˤϡ֥ޥʥդŪŪͻ¡פȸΤȡ

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䡢̤äƤϤȻפΤǤ̤οͤۤɰạ̈ǶäƤȻפޤ

Ǥϡλ̤ϡΥޥʥ˶äΤ

ϡΡޤǤΥޥͥ꡼١ǯ80ߤΥڡ䤹Ȥɸ¸뤿ˤϻԤ¤¶⡢Ĥޤ¶˼㴳ζդƤ뤳ȤԲķʤΤǤ

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ǡ¶Ĺ䤹Ȥˤäƥޥɤʥե򵯤ɬˤʤäƤǤǤС䤬¶䤽ȻפäƤ⤽ñˤʤΤǤ

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դʤ¶򤽤ʤͭȤȤϡԤˤȤäƤϻαˡˤۤȤȤˤʤꡢ̤ϤʤΤǤ

äơ䤬⤷ʤǼʤƤƤϡǯ֤80߶᤯¶⤬ʤƤȤϤʤΤǤ

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Ǥ顢⤷ޤǤǤ¶Ƥ˥ޥʥζŬѤȤʤСԤϡȾ¨¤˰ФƤޤĤʤȡ¶⥤ޥͥ꡼١ϵ޸ƤޤǤ礦

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2ˤΥޥûĹκ٤ƤɬΤǤϤޤ󤬡ǯ80ߤΥڡǥޥͥ꡼١Τ˱ä뤳ȤͽۤޤǡʬФƤϡˤʤ롢ȡ

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ޥʥŬѤȤϸäƤ⡢ĹФƤΤߤǤΤǡǯ80ߤΥڡǥޥͥ꡼١䤹˳ʤϰϤŬѤΤ˲᤮ʤȸäƤǤ礦

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СۤϡǤȸäƤΤǤ



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FRB26272֤ϤäƳƤFOMCβ򽪤֤ꤷȯɽޤ

ޤŪ˳ĴˤʤäƤ뤳Ȥ⤢ꡢͽۤɤǤϤΤǤ

FOMCʸɤȡʸϽФƤʤΤΡ򶯤ռƤͻҤΤǤ

ǤϡɤΤ褦ʤȤ񤫤ƤΤ

ʸȺʸ٤Ƥߤޤ礦פʬΤȴ褷ޤ

ʸ2015ǯ12

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability.

ѰϡˡŪǤ̳˽Ѥκ粽ʪΰ¥ʤ٤ؤ

The Committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace, with labor market indicators moving toward levels theCommittee judges consistent with its dual mandate.

ѰϡϫƯԾλɸĤǤ̳˱ä٥˸äƤ뤳Ȥ顢Ŭڤʴºβкѳưϴˤ䤫ʥڡdz礹ͽۤ

The Committee sees the risks to the outlook for economic activity and the labor market as nearly balanced.

ѰϡкѳưϫƯԾθ̤ФꥹϤۤܥХ󥹤ƤȤߤƤ

The Committee expects inflation to rise gradually toward 2 percent as the labor market improves further and the transitory effects of lower energy prices and other factors dissipate.

ѰϡϫƯԾ줬˲ͥ륮ʤ㲼ȤŪʱƶ¾ǤüˤĤ켡2%˸äƾ徺ͽۤ

The Committee continues to monitor inflation developments closely.

ѰϡʪοŸ³뤹


㺣ʸ2016ǯ1

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. Ʊ͡

ѰϡˡŪǤ̳˽Ѥκ粽ʪΰ¥ʤ٤ؤ

The Committee currently expects that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace and labor market indicators will continue to strengthen.

ѰϡͻΥ󥹤Ĵʤкѳưϴˤ䤫ʥڡdz礷ϫƯԾλɸ³϶ΤˤʤȸͽۤƤ

Inflation is expected to remain low in the near term, in part because of the further declines in energy prices, but to rise to 2 percent over the medium term as the transitory effects of declines in energy and import prices dissipate and the labor market strengthens further.

֥եΨϡͥ륮ʤ㲼ȸ뤳Ȥ⤢ꡢûŪˤ㤤αޤȸ뤬ͥ륮ʤ͢ʤ㲼ȤŪƶüޤϫƯԾ줬˶ޤˤĤŪ2%˸äƾ徺ȸ

The Committee is closely monitoring global economic and financial developments and is assessing their implications for the labor market and inflation, and for the balance of risks to the outlook.

ѰϡкѤȶͻ̤οŸ뤷餬ϫƯԾ䥤ե츫̤ˤɤΤ褦ʰ̣ͭΤơ踫̤ΥꥹɤΤ褦ѲΤɾ뤳ȤȤ


ǡǤ礦

ΤȤʤ󤫲񤤤ƤʤǤϤʤȸ줽ʵ⤷ޤ

ѰFOMC)ϡкѤοŸտ˥ʴƻˤȸäƤꡢϡŤ˹ͤȤǤϤʤȤ٤Ǥ礦

ΤȤϸäƤޤ󡣤кѤǰִؿ򽸤ƤȸС֤¾ˤϹͤʤΤǤ

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ˡ񤫤̤˻ήФƤ뤳Ȥ¤Ǥꡢäơư뤹Τȸ

ˤƤ⡢ǤСθѤκ粽ʪΰˤΤܤƤФFRBкѤˤĤ뤹ɬפȤΤǤ顢ҾǤϤʤȹͤ٤Ǥ礦

ޤȸäơγ³Сƹ夲Υڡɬ٤ʤ뤫ȸСȤʤȻפޤʤƤ夲Υڡ®ͳˤʤʤȤϻ¤Ǥ礦



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ݶͻIIF)񤫤λήФ2016ǯˤ5520ɥ65ߡˤˤʤȤͽ¬ȤޤȤޤ

äȤ⡢ήеϤϡä2015ǯ˼Ȥޤ顢˵äƤήФ2016ǯۤ뤳Ȥʤ³Ȥ򤹤ɬפޤ

ˤƤ⡢ʤȡ̱ˤϲϤꡢޤޤߤǿܤ뤳ȤưפΤǤ

ƤȤ٤ޤ峤ؿϲ³ƤޤƹܤΥޡåȿȯƤˤ⹴餺Ǥ

Ȥǡͽ¬ȤޤȤ᤿ݶͻȤϲȸС

The Institute of International Finance, Inc. (IIF) is a global association or trade group of financial institutions.

It was created by 38 banks of leading industrialized countries in 1983 in response to the international debt crisis of the early 1980s.

1980ǯѺ̳б뤿ˡ1983ǯʹ38ζԤˤäߤ줿ȿǤWikipedia)ȡ

2015ǯ7ߡ79ιϰ褫龦ȶԡԡڷҡݸҡҤʤ459ҤäƤ롢Ȥʥǥ缭

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Ĥޤꡢݶͻ˷Ȥ¿ο͡Τ褦ͽۤ򤷤Ƥ롢ȡäƤߤС񤫤λήФϺQǤ롢ȡ

ͽۤͽۤǤꡢɬ⤽ʤȤݾڤϤʤǤήƤμʽнʹ¦Ǥäơʹ¦ζͻؤʥСǤIIFΤ褦ͽۤ򤹤Ǥ顢ͽۤΰ̣Ѥ˽Ťȸ虜ޤ

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ʤƤܤμηкѤ˥ץ饹αƶͿ뤳ȤϤʤǤ礦ݡʱƶͿȳи礷Ƥ⤷ޤ

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äγ˰ĥäѤʤδΤܤγǤ㤨СƹкѤкѤθ®ˤ⹴餺϶СơƤӲ褦ʤȤˤʤСܤγषƹγɿ魯ǽǤΤǤϤʤǤ礦

ΰ̣Ǥϡܤγɬγ˰ĥ뱿̿ǤϤʤȡ

ˤƤ⡢ݶͻ񤬡ǯ񤫤̤λήФ³ǸǤ顢ĴȤƤϿ̱Ⱦ峤ĴǤȹͤƤȻפޤ



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ĤޤꡢкѤԤƩˤʤȡꥹ򤹤ưޤꡢȤϰ񻺤ƨ򤹤ΤDZ߹ˤʤ롢ȡ

ޤǤ⡢Τ褦ФƤϡܤGDP̳Ψȴƹ⤤ܤ̲ߤΰȸΤȵĿͤ⤤ΤǤ

ϡΤ褦ʹͤȽĤϤ餵餢ޤ󤬡¿Ȥߤ񻺤ȹͤΤǡꥹդή줬ޤȱ߹˿줬ˤʤ뤳ȤǤʤȻפޤ

פˡϤɤǤ졢ߤ񻺤Ȼפ顢񻺤ȤƤʤͭ褦ˤʤ롢ȡ

ޤΤ褦˹ͤȡ桼ޤˤĤ߰¤®˿ʤǼȻפΤǤĤǤϡߤȤϵդ̲߰¤ΰϤäƤȤߤ̱ϤɤΤ褦ʤͭƤȹͤ뤳ȤǤΤǤ礦

ԤƩˤʤʤǿ̱Ȥư®ƤΤǡ񻺤ȤȿФλ񻺡Ĥޤ񻺤Ȥߤ٤ʤΤǤ礦

񻺤Ȥȸ뤫⤷ʤΤǡľʤСꥹդή줬ޤȼ졢ȿФ˥ꥹή줬ޤ񻺤Ǥ롢ȡ

Ǥϡ˥ꥹդή줬ޤȱߤޤ졢ȿФ˥ꥹή줬ޤȿ̱ޤȲꤹʤС桹ηкѳưˤɤΤ褦ʱƶͿ뤳ȤˤʤΤǤ礦

ꥹդή줬ޤȤȤϷʵʤȤȤǤΤǡʵʤDZߤβͤϾ夬ꡢȿФ˿̱βͤϲ롢ȡ

Ǥ⡢ʵʤǼ̲ߤβͤ夬ȡʤкѳư򤫤ˤʤΤǿӤԹ礬ΤǤǤС̲ߤβͤäƷʵ򲼻٤ߤȡ

ȤʤȡʤΤȤޤפͤФƤʤΤǤĤǶᡢ٤äƤȤꡢϡ̱βͤΤǡΤȤ򲼤װˤʤꡢƳΤDZסʵʤäƤޤΤǤ

ʤʤԤޤ͡

ˤƤ⡢ߤ˰񻺤Ǥ뤫ɤ̤ˤơ¿ȤΤ褦˻פ顢ꥹդή줬ޤб߹˿䤹ʤ뤳Ȥˤդ򤷤ƤǤ礦

äȸСο͡˱ߤǤȻפäƤ뤫ɤ̤äǤϤʤΤȡ




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2015ǯܤǰ׼٤ϡ28322ߤֻˤʤäΤΡơֻ5ǯϢ³ǤΤΡֻ77.9%⸺Ƥ󤸤Ƥޤ

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ǤLNGβʤ㲼Ȥ礭ΤǤ

Ǥϡ߰¤ˤä͢ФӤȤϸƤʤΤǤ礦

2015ǯ͢гۤ75.6ߤȡǯ73.1ߤ3.5%äƤϤΤǤۤ͢ǯ85.9ߤ78.5ߤ8.7%Ȥ٤ȸ̤ϾȸäƤǤ礦

ˡ̥١Ǥߤȡ͢Фǯ1.0%äƤΤǤ͢2.8%θˡ

פˡ2015ǯϡ2014ǯ߰¤˿줿Τܤ͢ϤϲʤäȸäƤΤǤ

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߷Ƥ͢гۡ͢οܤ򼨤ΤǤΤ褦ˡ͢Ф϶ۥ١ǤߤƤ⡢ޤ꡼ޥ󥷥åοƤʤΤǤ

椬ξ硢2011ǯ3˸ȯΤꡢθ帶ղŷ̤͢Ȥ𤬤ޤȤ丶ʤưαƶƤߤƤߤ뤿ˡۤ͢ʪdzۤ͢١ǰ׼٤ƤߤޤĿǤˡ

ǤߤȡΤȤꡢǯ֤ۤɡܤǰפDzԤϤؤѲʤȤʬΤǤ

٥ΥߥDZ߰¤¸ˤäܤηкĹϤ夲褦ȤߤƤʤȤäƤΤǤϤʤǤ礦

ưɤο͡ϡܤ夤ȤĹΨ㤤θʤɤȤ褯ޤ夯Ƥ⡢ܤˤä͢ϤʤС˴Ǥ͢Ф뤳ȤǽȤʤꡢĹɬԲǽǤϤʤΤǤ

ǯܤ͢ϤƤΤθ򤷤ʤܤƤӹĹϩ뤳ȤϤʤǤ礦




ʤ˱߰¤ˤʤäƤΤˡ͢ФϥޥӤʤΤȻפäå򤪴ꤤפޤ

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ϡȿȯƤޤ峤ؿϰȤƺ㤨ʤư򤷤ƤΤǤɤȤǤ礦

ɲô¤δԤʤä⤢ޤ

Ǥϡ䤬ɲôºǤäȤơ줬ɤƳ٤뤳ȤˤʤΤǤ礦

ʪ徺롩

ԤΤ̵ǤϤʤǤ礦⤷ǥեΨ夬ΤǤСꤷƤȦǤ

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3ǯ֤ۤɤαοܤ򼨤Ƥޤ

ʤȤʤ򤤥դȤϻפޤ󤫡

ȤΤϡȯ­ưʹߡ߰¤ʤǤΤ2014ǯ˰ö1ɥ=100ߤΥ٥˸ꤵƤΤ褦ʴ֤뤳Ȥȡޤ2015ǯʹߤϡ120ߤȤƿܤƤ褦˸뤫Ǥ

䡢ޤDz٤ŦƤ褦ˡۤϡʾ߰¤ͶƳʤ褦ƹ񤫤ƤꡢơԾ⤽Τ褦ʶΤƤ뤿ˡ120ߤĶबĹ³ȤϹͤˤƤޤ

ǡˤβ⤬äƤȤСɲôºǤˤޤɲôºǤäȤ1ɥ=120ߤĶ߰¤ϵˤäơ٤ϤŪȻפΤǤ

äơǤϤʤΤ⤷ޤ

ȤǤ⤤ࡼɤȤǤ⤤Τ

Ǥ⡢餳̤ͳʤƤޤ嵤ˤʤΤǤ

ɲôºǤäƤޤȡпԤǵѤäƳ򲼤ǽ⤢ޤ

ˡϡкŪװ¾ˡߤν˱ƶʵƤޤ



ԾưϰճäȤå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

ϡȿȯƻϤޤäƤԾǤǯ餳ʤ˳㲼ʤïȤǤ礦

ˤƤ⡢κʤ˲³ƤΤǤ礦

ηкѳνϡܤΥե󥿥륺ǤϤʤȸޤ

ΤˡϤΤȤǤ礦ǶᡢޤܤηʵƤȤפޤ

ǤϲʤΤǤ礦

ͤΤϡ㲼丶ʤ㲼Ǥ

ϡǯ6餽ޤǤưȤϰžĴžƤ뤳Ȥϳ󤴾ΤΤȤǤɤܤγϡ̱ڤ겼Ԥ줿8դ꤫򼺤äƤ褦˻פΤǤ

ǤϡγСܤγⲼΤǤ礦

NYΤĴ碌褦ܳΤʬΤΡ

֤áƹγܤγⲼΡ

Τ褦ʵ뤫⤷ޤ

ƹȤζӤǡܴȤζӤۤɰʤСषܤγϾ夬ΤǤϤʤΤʤơ

󡢸ġȤΤʤˤϡΤ褦ȽǤβ˹ưԤ⤤Ǥ礦Ͼɡ

ȤΤϡȤ¿ˤȤäơᥤƹǤꡢܳϤ䴰Ūʰ֤Ť򤵤ƤΤ˲᤮ʤǤʤäȤ⡢˲᤮ʤΤǡϤ褯դ򤷤Ʋ

⤷ƹγܤγΰ֤ŤΤ褦ʤΤǤäȤСƹ٤Ȥ;Ϥܤγ㤤ȿФˡƹ»ȡ»򥫥С뤿ܳäפ򸽼²褦ʹ԰٤˽ФΤΤǤϤʤǤ礦

ȤȤ⤢ꡢΤܤγƹγƱ褦ư򤹤ʤƸƤǤǤϡܳˤ⤽Τ褦ʴط¸ߤΤǤ礦

ݡˡܤγγȴϢȸΤǤ礦

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1ǯ֤ۤɡä˺ǯ8ʹߤξγưϤ褯ƤȻפޤ󤫡

ȤȤǡΤ˺ܤγγƱ褦ư򤷤ƤȸäƤǤ礦

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γβʤơܤγξ徺ϤʤΤǤ礦

γܤγδ֤ˤϡƤγδ֤Ǹ줿褦ʴطؤɤʤȤפʤΤˡ

ηкѤ2̤ۤɤΥȤޤγäƤطʤˤϡܤήФȸƤޤĤޤꡢȤĹϤФ򼺤ϤƤ롢ȡΤޤޡǻѤƤƤԤۤɤϳݤǤʤǤȡ

ơηкѤ®ȤȤϡŪʼפθ̣Ǥ顢ͻҸŰĤޤꥹդή˾ȤȤˤʤΤǤ

ꥹդή줬ޤȤȤϡܤιĤ졢ߤʤȤȤ̣Ǥ顢ܤγϲ䤹ʤ롢ȡ

ˤƤ⡢ܤγۤγ˺ƤȤ¤ڻ뤷ƤϤʤȻפޤ



γϡ̼ޤߤ³ΤǤϤʤȻפå򤪴ꤤפޤ

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ܴѸɤ2015ǯˬҿȯɽޤ

ʡʡʤȡο19737ǯ47.1%⿭ӤƤΤȤ

âк̤ϡΥ˥塼ʹƤⲿäʤȻפޤ

ȤΤ⡢Τ餤οˤʤ뤳ȤϿͽۤƤǤ

ˤƤ⡢㤤θդ˾ħ褦ˡܤˬ볰ιԼԤοƤ뤳Ȥǡ¤˼ץǡǤ

ˡʤȤäƤޤ

װϡ롼δáҶϩγ硢dz㡼ͲҶ¤㲼ޤǤη³Ūˬιԥץ⡼ˤˬιԼפγ硣

Ծ̤Ǥϡ20ԾΤ19Ծ줬ǯ֤ǤβǹϿǤǯ107.3499ͤãƺԾȤʤä

ͤιԼԤ499ͤȤȤǤ500͡Τ2000ͤȹͤСܤˬ줿ͤΤ4ͤ1ͤͤäȤȤʤΤǤ

ߤˡͤȤΤ϶ͤǤꡢ¾ѤιԼԤ368͡ιԼԤ152ͤǤ顢碌ȡ1019͡ĤޤꡢιԼԤΤ2ͤ1ͤϡ̣ǤͤˤʤΤǤ

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19ˤ褦ʥդ򤪼ޤΤȤϡ2015ǯ11ʬޤǤΥǡСƤʤäǤ12Υǡ⥫СƤޤ

Ǥ礦줬ºݤܤˬƤιԼԤοͤʤΤǤ

̤˹⤤򼨤ƤȤϤäƤ⡢8Υԡ٤е޷˸äƤΤǤ

餯кѤθ®ơ̱βʤɤطʤˤơޤǤΤ褦㤤ϾŲȤߤƤΤǤϤʤǤ礦

ΤȤƤηϡ줫ܤˬ볰ͤιԼԤοǤ礦ĤäΥڡϤҤȹͤǤ礦



ͤιԼԤʤ˸äƤΤȻפäå򤪴ꤤפޤ

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եԡAIIBˤζΩۤ17ǤƵԲ񸫤̵̤ʤleanˡcleanˤǡĶͥgreenˤåȡȤƷǤ¹ϤȼݳȯԤˤȸäȤƤޤ

꡼󡢥꡼󡢤ơ꡼ȱƧǤȤȤǤ͡

Ĵ٤Ƥߤ顢ΥåȡϰۤΤΤȤAIIBȤƷǤƤ餷ΤǤĤäȳʹɤǤϤʤΤǤ礦

ޤlean ǡclean ǡ green ʤ鿽ʬޤ󤬡򸫤Ƥ¤ȤƤ⿮뤳ȤϤǤޤ

ޤ餳ܤƹAIIBؤλääȸäƤǤ礦

Ǥ⡢AIIBۤϡΤ褦ˤäƤΤǤ

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Ǥפˡƹܤˤ⻲ä򤷤ߤȤǤ͡

Ǥϡƹܤλä˾Ǥ뤫ȸС

Ƴפοʤꤹ뤳Ȥ򤱤ΤǤϤʤƸƤޤƹܤäʤȡʬʻ⤬ޤʤȤĤȡޤAIIBȼ˻Ĵã򤷤褦ȤƤ⡢ȴιݵؤǤϹ⤤դʤǤϤʤΤǤ礦

פˡƤ򴬤ǡͭˤʤ褦ˤȤ򱿤Ӥȡ

ä顢ƤȤƤ⡢ѤäȳοޤǤϻä٤ǤϤʤǤ礦޳Ѷڤ̤ƻääΤǤ顣

ϤäƤ⡢ԤǤƹ񤬤AIIB˻äʤȤ¤ޤ󤬡ǤϡˤʤäȤˤܤAIIB˻ä٤ʤΤǤ礦

ϡɬ⤽ϻפޤ

֤ޤѤäȳοƤ褦ˤʤޤǡܤAIIBؤλäݤʤΥʥ뤳ȤڤȹͤƤޤ

ˤƤ⡢ΤAIIBȤ⡢ץ̤͢פˤʤ褦ʤȤͤƤȤפʤΤǤ顢塢äįŰ٤ȻפΤǤ




ܤAIIB˻äʤǤ⤤Ȼפå򤪴ꤤפޤ

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