кѥ˥塼

޸Ρкѥ˥塼̤ưͻ֥Ǥϵ岹Ȳ˻ߤΤúи󾧤ޤиӽиȤϰ㤤ޤߤʴ㤤ΤǤ

2016ǯ04

NHKΥ˥塼Ǥ

֥ꥫ̳ʤϳƹΰ˴ؤǿɽ̲ߤտŪ˰¤ͶƳؤδƻ򶯲뤿ᡢܤʤɣĤιϰ򿷤ߤִƻꥹȡפоݤˤưܤʬϤƤȯɽޤ

ƺ̳ʤȾǯ˰١IJФƳƹΰ˴ؤơݡȤФƤΤ¸ΤǤ礦

Ǥ򤷤Ƥ񤬤ʤ𤹤뤿٤Ǥ

1988ǯ餳٤ϻϤޤäƤơ1980ǯ夫1990ǯˤѡڹ񤬰ǧꤵ줿ȤΤΡ1994ǯʹߤϡɤιˤǧꤵƤʤȤޤĤޤꡢǯǤˤǧꤵƤʤΤǤ

ǧꤻơɤιǧꤹΤ

ȽͽۤޤĤޤꡢι԰٤ŦʤΤǤСΤ褦ʥݡȤϰ̣ʤȡ

ޤǧꤷƤޤȡδطס㤯ƤޤΤǡȤƤ񤷤ΤǤΰǡȳ䤨¾ΰز԰٤ФäƤΤǡܤȤƤϡʤϤ򤷤ƤȤ⸫ʤˤϤʤȡ

Ŷλʪΰ٤ȤȤˤʤΤǤϤʤǤ礦

ˤƤ⡢˴ؤƤϡʻפƤͤ¿ȻפΤǤľ˥˥塼ƻˤ褦ˡ롼̳ĹӤäݤ򤯤路ΤǤ

ĤޤꡢǤϤʤΤΡ塢ܡڹѡƥɥĤƻꥹȤƴƻ򶯲롢ȡ

⤽Ȥǧꤵ׷ȤƤϡ

ʣǰ׹礭

ʣ˷о礭

ʣ˾ΰزԤäƤ뤳

3Ĥɬפޤ3Ĥ׷Τ2ĤƤ״ƻ˻ꤹȸΤǤ

Pursuant to the Act, Treasury finds that no economy currently satisfies all three criteria, however, five major trading partners of the United States met two of the three criteria for enhanced analysis.

ˡΧ˽ƺ̳ʤϡߡ3Ĥ׷ƤϤʤȹͤ뤬ƹ5׼꤬3ĤΤ2Ĥ׷ʤʬϤפȹͤ

Treasury is creating a new Monitoring Listthat includes these economies: China, Japan, Korea, Taiwan, and Germany.

ƺ̳ʤϡشƻꥹȡ٤򿷤˺ˡܡڹѡƥɥĤ

China, Japan, Germany, and Korea are identified as a result of a material current account surplus combined with a significant bilateral trade surplus with the United States.

ܡɥġƴڹϡǰ׹礭ķо礭̡ꤵ줿

Taiwan is identified as a result of its material current account surplus and its persistent, one-sided intervention in foreign exchange markets.

ѤϷо礭ġΰزԤäƤ뤳Ȥꤵ줿

Treasury will closely monitor and assess the economic trends and foreign exchange policies of these economies.

ƺ̳ʤϡϰˤηкưȰտƻ뤹

ȤȤǡǤϤʤܤɥĤޤǤ⤬ꥹȤʤäΤǤ

Ǥ⡢κȤפؤޤܤ˺Ǥˤ˰زԤäƤȤΤǤСʬʤǤʤΤǤǤϤʤΤǤ顣

ˡɥĤϥ桼°Ƥ뤿ᡢȼ̲ߤͭƤ⤤ʤΤ˲δƻ뤵ʤФʤΤȡ

ܤɥĤˤĤơɤΤ褦ɾƤΤߤƤޤ礦


Japan has a significant bilateral trade surplus with the United States and a material current account surplus.

ܤϡǰ׹礭о礭

Japan has not intervened in the foreign exchange market in over four years.

ܤϡ4ǯ֡ػԾ˲Ƥʤ

Given Japans fragile growth outlook,it is increasingly important that the authorities use all policy levers, including a flexible fiscal policy and an ambitious structural reform agenda, to lift near-term growth.

ܤĹ̤ȼʤȤͤСɤϡûŪĹٱ礹뤿νʺŪʹ¤פޤƤѤ뤳ȤפǤ

Treasury assesses that current conditions in the dollar-yen foreign exchange market are orderly, and reiterates the importance of all countries adhering to their G-20 and G-7 commitments regarding exchange rate policies.

ƺ̳ʤϡɥߤΰػԾκǶξȤΤǤɾƤι񤬰˴ؤG20ڤG7«뤳ȤפǤȽŤͤƶĴ

ɾФǤȡܲɽФƤޤ


In January the Bank of Japan (BOJ) surprised markets by introducing negative interest rates on a portion of excess reserves, with BOJ Governor Kuroda saying the BOJ will continue to do whatever it takes to achieve its 2 percent inflation target.

1ܶԤĶΰФޥʥƳꤷޤۤϡ2Υեɸã뤿ɬפǤФɤΤ褦֤Τ³ȸäƻԾä

After initially depreciating in the days following the BOJ decision, the yen resumed its appreciation against the dollar and, as of end-March, stood 8.9 percent stronger since its recent low in mid-November.

ηäߤϰ¤ʤäθ塢ƤХɥͤ夲3ǤϺǯ11ˤĤǶΰͤ8.9߹ˤʤäƤ

Japanese authorities characterized exchange rate movements as quite rough and said that they would continue to watch the foreign exchange market with a sense of tension, and . . . act appropriately if that becomes necessary.

ܤɤϡإ졼Ȥư򡢡ضˤƹӤäݤ٤ɾĥäƳٻԾ뤷³ĤޤɬפʻˤŬڤбȽҤ٤

פˡƹȤƤϡܤˤǤزͤʤΤǡţɤƤäȤȤʤΤǤ礦

ϥɥĤǤ

Germany has both a significant bilateral trade surplus with the United States and a material current account surplus.  

֥ɥĤϡǰ׹ڤӷоȤ礭

Germany's 2015 current account surplus, at almost $290 billion, accounted for the bulk of the euro areas surplus, and pushed the surplus of the euro zone to over 3 percent of GDP.

֥ɥĤ2015ǯηоϡ褽2900ɥǡ桼ηоʬƤơ桼ηоGDP3ˤޤDz夲Ƥ

The European Central Bank (ECB)has not intervened in foreign currency markets since 2011, and did so then as part of a G-7 concerted intervention to stabilize the yen following Japans earthquake and tsunami.

ֲԤϡ2011ǯܤϿ̤Ȥľ˱ߤ경뤿G7ΰȤƶĴ塢ػԾؤβϹԤäƤʤ

Nonetheless, Germany has the second largest current account surplus globally.  

֤ɥĤϡ2ܤ礭ʷоǤ

This represents substantial excess saving—more than 8 percent of GDP—that could, at least in part, be used to support German domestic demand, while reducing the current account surplus and contributing markedly to euro-area and global rebalancing.

֤ΤȤϡGDP8ʾβߤΡʤƤ⤽ΰμפٱ礹뤿Ѥ뤳ȤǤ뤳Ȥ̣롣Соν̾ȡ桼ΥХĴ˹׸Ǥ

In Treasurys view, Germany has adequate policy space to provide additional support to demand.

ƺ̳ʤθǤϡɥĤϡפФɲûٱԤʬ;Ϥ


ɥĤˤĤƤϡ䤬ĤޤΤ˥ɥĤηо٤礭Τϻ¤Ǥ礦ɥĤϥ桼°ƤꡢʤɤǤȦʤΤ˲ΥꥹꤵɬפΤȡ

˥ɥĤ桼βͤ¤褦ȤơĶº˶ǤΤǤ̤ǤɥĤϡषĶºˤȿФפǤ뤫ʤΤǤ

ɡƹˤȤäƤϡоϡƲȤȤˤʤΤǤ礦

ƹǤθ̾褤ǥȥ᤭ӤƤޤʤܤΰФȽޤäƤΤǡ̱ޤΥХȤƤ⡢Ƚޤ뤿ˡʬ⤷äȤƻ뤷ƤΤȤ򸫤ɬפäȤȤʤΤǤϤʤǤ礦

ˤƤ⡢ХΤ褦ʹͤǤʾ塢ϱ߹ɥ¤ή줬ޤȤߤƤΤǤϤʤǤ礦

ΰإݡȤǹۤ̾ؤ졢ޥʥˤޤǸڤ줿Ȥߤȡ衢ޥʥ礭褦ΤˤΤǤϤʤȻפޤ


ƹ¾ιФȽʤǡоֻ̾ͤɤȻפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

ΥФޡåȤμ˾֤ѤʤΤä褦Ǥ

䡢ιۤβ񸫤򸫤ƤΤǤ졼ΥͥȽ¤ɽǡˤۤοʪäƤ褦˻פޤ

ˤƤ⡢ۤȰΥʥꥪˤϺɲôºǤĤȤϸʤäΤǤϤʤǤ礦

ˤ⹴餺֥롼СεԤ¬񤤤ƤޤޡåȤδԤ礤夲Ƥޤäȡơϰ䴸ȤФˡĻͿǾäȯԤäȡ

ĻͿֺ䤬ư˽ФȤϸ¤ʤפȡŪȯ򤷤Ǥ顢ΰ̣⤦ͤ٤ǤϤʤäΤǤ礦СޤǼ˾뤳Ȥʤäȡ

ˤƤ⡢ޡåȤ礤˼˾ۤǤ

ۤФ뿮Ϥ٤⤷ޤ󡣿Ȥ٤ͻΤʤޥʥФȽФƤޤᥬХ󥯤βĹȽʤ̤ϹͤʤΤǤ

䡢פΤǤΤޤ޹ۤʬΤäƤθǧ뤳ȤϤʤȻפޤʤȤ򤷤顢δťɤ뤳ȤˤʤäƤޤǤ

Ĥ뤫̤ˤơ⤦١֤äѤʤʵޤ

ȤǡɼԤ顢ۤ˴ؤ봶ۤ󤻤ޤ

֥ե줬֤ŪǤϤʤä褦˻פޤ¢ʽпȤۤʹĤˤȾǤ뤲뤿ˡ߰¤ȳ⤵ФǤФȤͤäΤǤϤʤǤ礦¢ʤξʱפͤȡ꡼ä褦ʵޤ¢ʤοʹ֤̱кѤΤȤʤɵˤϤޤ󡣡ʸ᤮Ǥ礦˺ϡ٤γФ뤿ᡢŬڤʥߥ󥰤Ŭڤʶͻ¤򤹤뤳Ȥ˽椹ΤǤϤʤȻפޤơǤˤʤäܤηкѤϤɤʤäƤޤΤȤȤ򤳤줫ͤ褦˻פޤ߻٤Ǥ

ǡǤ礦⡢ƱǤ礦

ϰ㤦򤷤Ƥޤ

ϡޥɤʥեˤ뤳ȤŪäΤǤϤʤǤŪǤϤʤäΤȶĤޤơΤ˱߰¤ȳ¸ɬפäȡ

Ǥ⡢ĻϡޤǤ¢ʽпȼԤۤˤʤäͤȤϥפ㤦ΤǤ

ĻϡޤǺ̳иԤǤꡢ̳ϷиƤޤ󡣤ˡޤǤ¢ʽпȼԤۤˤʤäͤϡͻ˴ؤȼΰոäƤͤϾʤäΤǤϤʤȿ¬ޤ褯ͻ̵Сʿͤΰոİơ־QŪƻ֡ȡ

ĻϤǤϤʤͻˤĤƹ꤬äΤǤܤǥեæѤˤϡʪɸȤɬפǤ뤷ˤäɬޥɤʥե򵯤ȤǽǤäȹͤƤΤǤ

Ǥۤۤκ¤˲ꤹȦäƣȤ礤˰ۤʤޤƣϡեɸۤɸ̤ȤϹͤƤʤäΤǤϤʤǤ礦ΰǡꤹǤʤȡĤޤͶƳ̵

äơĻˤȤäƤŪϡޥɤʥե¸̾ۤȤ̾ĤȤˤäȸǤ礦

âǤμ¸򥵥ݡȤ뵤äΤϻ¤Ǥ礦ΤʤϼȪΥåޥǤ⤢뤫Ǥ

¢ʽпȤ¸Ȥϡ䤫ߤäƤ褦ˤϻפޤ󡣲Τʤ顢֤ˤʤޤĻϻ̳иԤǤϤʤǤĻ᤬ۤФ줿Τϡ¢ʽпȼԤ뤫ǤϤʤƱե򶯤ʹ֤ǤäǤ˲᤮ޤ

Ĥޤꡢۤμ¸Τ˵¢ʤȿȤƯ¤ϤʤΤǤޤǤĻ᤬ĿŪưʤΤǤ

¢ʤοʹ֤̱кѤΤȤʤɵˤȦޤ󡢤ȤĤäƤޤĤɤǸǤǤ礦

ȿǤ餤ʿͤΤϻ¤Ǥ̱⼫ʬνʬȿ뤳Ȥͥ褹ͤ¿ΤݤʤǤ礦ĤȤäơ̱кѤˤĤ̵ǤȦޤʤܤηкѤˤĤƹͤƤΤǤ

ͽϤ֤ä뤷Ƕ夲뤳ȤͤƤʤǤϤʤȡˤʤΤʬʤǤϤޤ󡣤Τ褦餺ͤʤȤ顢ܤȤȤϤɤʤäƤޤΤǤ礦

㤨Сǯ̳ʤ׵⤷ƤʤͽޤդƤĤξ塢ʵʤʤ褯ʤʤ餳κݡǤ5ɤ᤽ʤƤȤˤʤä顢Ǽ­礭ʤФꡣʤȡסĤȯԤʤΤǤ

äƷʵ褯ʤꡢʤġǤ۰ʾǼȤߤΤʤ̤ǤΤ褦ʤȤԤΤϳڴŪ᤮Ȥ̵Ǥȸ٤ǤϤʤΤǤ礦

ǤǼȦȤҲ¸ϡƹ񤬡졼λ˼ºݤˤäƤߤƼԤǤϤޤ󤫡

ˤƤ⡢ۤΤȤǤ顢Τޤۤäư뤳ȤϤʤǤ礦

إꥳץޥ͡ʤƤȤƤޤϡɥdzƲˤۤɥޥ͡ʤƤΤǤ夲ΤǤϤʤȻפäƤޤ




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Υȥ꡼ϤƤʥ֥åޡɲ

ʤȤƤǤǥե줫æѤʤФʤʤȤμĥƧޤƼ»ܤƤΰۼδºȤŪŪ¤ȤեɸȤޥʥդŪŪ¤Ȥ

ݡɤʸƤǤ⤤櫓Ǥפˡ䤬󤸤󤪻äƥեˤ褦Ȥ郎դƤʤΤǤ

3ξʪؿȯɽˤʤޤ

ʤǡǯƱޥʥ0.3ȤʤäΤǤ

ɤʤäƤΤȸ

ʼ˵ڤӥͥ륮ؿǤߤƤ⡢ǯƱ٤0.7ξ徺ˤ᤮ʤΤǤ

3ǯ֤ۤɤδ֤ˡ260ߤιĤͭ⤬ˤ⹴餺Ǥ

ʤƤ⡢ͥ륮ؿǤߤˤϡ2ʾΥեΨˤʤäƤʤФǤϤʤǤ

ȤȤϡȹۤϤ᤿եɸ˼ԤȤȤʤΤǤʤƤʪ夲뤳ȤˤϼԤȡ

ä顢ȿʤ٤ǤϤʤǤ礦

Ǥ⡢οͤɤȿʤϤʤΤǤ

ˤƤ⡢եɤο͡ϲʪ夲뤳ȤפǤȸĥäƤΤǤ礦פФƤߤƲ

ʤΤǤͳϡѡȤ겼ʤʪβ³ȡ¼⤯ʤꡢäơڤͤζô礭ʤꤹ롢ȡʤȡʤɤηкѳưޤޤƤޤ顢ȤΤǤ

㤨СեΨ5ΤȤ̾ܶ5ǤС¼0

եΨ3ΤȤ̾ܶ3ǤС¼0

եΨ2ΤȤ̾ܶ2ǤС¼0

եΨ1ΤȤ̾ܶ1ǤС¼0

եΨ0ΤȤ̾ܶ0ǤС¼0


̾ܶ0򲼲뤳ȤǤʤΤʤС

եΨ1ΤȤ̾ܶ0ǡ¼1

եΨ2ΤȤ̾ܶ0ǡ¼2

եΨ3ΤȤ̾ܶ0ǡ¼3


եΨޥʥˤǥե֤ǤϡΤ褦˼¼ϡʪβΨĴ碌ƾ徺кѳư˳ƤޤȥեɤϹͤΤǤ

ºݤˡΤ褦ʾ֤ܤǵƤȸΤǤСեɤμĥϤͭȻפޤ



դ

¼ο


1986ǯʹߤμ¼οܤ򼨤ΤǤ

̾ܶ10ǯιĤʳǯκǽ

եΨʤؿǯƱʳǯ12ο͡

¼¼̾ܶݥեΨȤʤäƤޤ

2016ǯοͤϡ̾ܶ3ο͡եΨ3οͤǤ


Υդʬ뤳Ȥϡǥեηˤʤä1990ǯθȾʹߡष¼㲼ˤȤȤʤΤǤ

פˡ1990ǯȾʹߥǥեη줿ΤΡˤĶºαƶǥեΨ㲼ʾ̾ܶ㲼ƤȤȤʤΤǤ

Ĥޤꡢ٥ΥߥȤǤϡ¼⤤ȤǷкѳư˳ƤȤ¤ʤɤʤäΤǤ

Ȥ顢ʤΤΥե쥿åȤǤäΤȸ

ɴäơǤʤեΨ夲뤳ȤǽǤС̾ܶޥʥΰͶƳ뤳ȤǤС¼㲼Τϻ¤ǤϤΤǤĤǤ⡢Τ褦ΤȤȤϡڤΩοͤˤϰפơȿФˤߤΩοͤˤϸܤȤȤˤʤΤǤϡڤ¦δȤФơϫƯԤ¶äȾ夲Ƥȸäꡢϡߤ¦ι̱ξٱ礹褦̷⤹ѤƤΤǤ

ǥեξˤä¿ۤߤȷϡʾͤξ徺ˤäפƤȤΤǤС衢ȷٱ礹ɬפʤɤʤȦǤ

ºݤˤϡΥդʬ褦˼¼ϥǥեξˤäƤ㲼ˤäǤ顢ȷ٤ꤷҽ򼺤äƤΤǤ

ä顢ʤ鲿Τ˥եˤɬפäΤǤ礦

פˡʪ򿼤ͤ뤳Ȥʤñ˥եȿڤäơեɸ򥹥ȤΤΡĤθ̤ȯ뤳ȤϤʤʤޥʥʤɤȤȤǤʤʤ˼ФƤΤǤ


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Υȥ꡼ϤƤʥ֥åޡɲ

ɩư֤ůϺĹֲҤ¸³ˤۤɤ礭ʻơפȸäƤޤ

ʤΤȤʬǤ͡

dzηʤΤǤ

Ǥ⡢¸³ˤȤ⡢1991ǯ餺äȵ³⡢ܷʳ˲2ꥳ뱣򤷤ʡפ餹СϤͱͽ;ϤϤʤȸ٤Ǥ礦

ºݡɩưּȡʿ16ǯ5ּư֥᡼Ȥ¸³롢줬ǸĩǤȤεäƺκƷײäʼȤܤΩ֤פƤǤ顣

Ǹ«ʤäʾ塢

פޤ󤫡

Ǥ⡢äơϻɩ򾯤ϱ礷̤⤢ΤǤ

ΤȸСϺ縶Ԥ˽Ǥޤ縶ԤΤĹ긩ĹԤϡɩδȾ벼ĮȸǤ뤫Ǥ

ĹǤϡֻɩģο͡פȤ򤹤ʤƤȤΤȾʬ˸ƤޤۤɻɩΥơϹ⤤ΤǤ

˸Сɩư֤ůϺƤǻɩŹμĹĹ̳᤿Ϻʸߤˤ縶ȾνпȤǤ⤢뤫Ǥ

äƤߤСڤθؤߤ˻פƤͤʤΤǤ

Ǥ⡢ϺϡΤ褦ʤȤǤʤȯ򤷤ƤΤǤ

㤦͡ʤΡʸɽdzˤäƤ󤸤ʤ櫓

ּºݤ˾äȤͤϤʤǤʤȻפɤ͡

⤦ɤޤԡȤϡΤȤǤϤʤǤ礦

䡢ФΡֻפɤǤޤ4ϡɩϽʡ߷𸵻ɩϽĹɮƤޤˤˤäƤޤäᡢҤ28ФˤʤäȤȤΤޤʸѤ뤿ϤȤ⡣

Ǥ⡢ɩ롼פȤơޤޤѤʤФʤ¿ĤäƤ褦ʵޤ

ɩư֤ٱ礷ƤޤСѤ٤ΤѤ뤳ȤϤǤޤ

öϡþ뤷ʤȻפޤ




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ĻͿ륹ȥ꡼ȡ㡼ʥΥ󥿥ӥ塼ǡ䤬ư˽Фȸ¤ʤȽҤ٤Ƥޤ

;̤ǤĻͿ311󥹥ȤǤ̿⡢ؤǤ6̤ܰˤʤꤽȤΤǤ

ʤȤλŻäƲˤʤΤǤ礦ä顢κݻפڤäȤο򸺤餷ɤǤ礦ȸäƤߤʤޤ

ޤϤȤơմ˼ͿΩˤԤϺưʤʤƤȤɬפΤǤ礦

ǤϤޤ󤫡äơܤΩԤȤˤʤäƤ뤫Ǥ

̳äƹκ̳ʤؤˤĤä򤹤ΤϤȤȯɽޤΤǤСմ˼Ϳιư˸褦ʤȤȤ

㤤ޤ

ˤƤ⡢ĻͿϡɲô¤ꤷΤǤ6ˤʤǽȽҤ٤ƤΤǤ

ޤʿڡ礭ʤäǤĻ䤬Ŧ褦ˡäѤȤߤθƤȤȤǤϤʤΤǤ礦

ϡ֡Ծϴ˿ߺѤߤ顢䤬ưʤȻԾϼ˾ƤޤȸƤΤǡ䤬Ԥ΢ڤ褦ʹư˽ФꡢĻͿ̤;Ԥޤʤ褦ˤ褦ȤʤΤǤ礦

1˥ޥʥƳơޤ3ФäƤʤΤˡĤġҤȺα߹ⰵϤϼޤäƤȤΤˡĻϡ䤬ư˽Ф뤳ȤϤʤɤǤޤ

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֤󡢺Ƕḫʤäɤɤ˹ԤäƤΡ

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֤顢ȤǤϤޤ󤫡ȤǷкѤϤɤäƳؤΤǤ

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кѱĤ˴ؤ;פʸФ򤹤⡢ĬȤɽȤϸǤäƤߤȻפޤ



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Υȥ꡼ϤƤʥ֥åޡɲ

2728϶ͻ򳫤ޤͻȤϡɤǻΤȤͻƤꤹǤ

ȤȤϡݻǹԤɲä뤫ꤵ뤳ȤˤʤǤĻԾǤϡ㤨ˤͻؤФޥʥ߽ФƳΤǤϤʤʤƱƤΤǤפˡɲôºǤФǤȡ

⡢ԾطԤϤΤȤ򿥤ߺѤߤȸΤǤäơºݤˤ줬ȯ˽ȼ˾Ǥȡ

ޤ򶼤ƤΤǤ

Ǥ⡢ʺξ褻䤬øʷ򲼤Ȥ顢ϤʤΤ¸ߤΤȻפäƤޤޤ

夬ꤵСǤΤ

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ï⤪ȤϸʤФפƤΤǤ

ˡ䤬ͻؤ˥ޥʥ߽ФԤȼĥƤΤϡۤδİǤꡢΤΤ褦֤Ƴ٤Ȥͳϡǯ80ߤΥڡǥޥͥ١䤹Τϡ䤬ͤǹĤ㤤뤳Ȥɬפʤ8ߤ»ȯƤꡢʾѤʤȸΤǤ

ä顢⤽⺣äƤ̤ιĤˤĤƵԤɬפǤϤʤǤ

Τ褦ʵ⤻̤ɲúλԾطԡ

ƤλԾطԤȤϸޤ󤬡ˤƤ⤪

ǸСʪǤˤä褦ʤΤʤΤǤ

ˡ䤬ɲúǤФŪϡǥե줫æѡĤޤꥤեΨ뤳ȤˤǤ۾㤯ꡢϥޥʥˤ뤳ȤˤäƲΥե줬Τ̱ɬפΤǤ

ȤˤȤäĴãȤ㤯ʤȤȤϡ񤬰¤ѤΤǡäʲʤ¾ҤФȴȹͤǤϤʤǤ

ܤΤ褦ʾǤϡɤ򲼤ƤʪϤʤʤ夬餺夬Τϳʤɤλ񻺲ʤʤΤǤĤޤꡢХ֥򵯤Ƥȡ

ˤƤ⡢Ƥӱ߰¤˿졢徺Ƥϡ⤿ĤƤޤˤΤǤ顢ϡݻʤͽۤƤޤ

ʤľǤ衣줬ɤȤȤϻפޤ󤬡


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Υȥ꡼ϤƤʥ֥åޡɲ

Ƥӱ߰¤ή줬Ѥꡢ徺Ƥޤ

٥ΥߥԻĻΤ褦ɤĤĤΤǤ礦

Ĥޤꡢή줬³ɸȤƤ2ΥեΨã뤳Ȥ⽽ʬΤȡ

ϡβǽ϶ˤƾȤפޤ

ȤΤ⡢󼡰ȯ­ʹߡ߰¤ʤΤˤ⹴餺եΨϤƾ夬ʤäȤ¤뤫Ǥˡ߰¤ʤǤ͢п̤äʤäǤ礦

͢в٤ФơۤϡJ֤ΤʤȤǡ֤ηвȤȤ͢Фϲʤƹ줷ƤΤˡε̤ۤˤʤȤ⡢͢п̤ϸƤΤǤ

롼ޥ󶵼⡢⤦ԤơʤƸäƤޤ

äѤꡢ٥ΥߥϼԤ˽ΤǤ礦ۤϡʤΤǤ礦

ϡϻפޤ󡣹ۤ϶λʤΤǤޤ餳̳иƤʤƤۤκ¤˽ȤǤΤǤ

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ˡΥޥʥդơס߰¤ʤȤȤˡեΨľ夬ϤᡢĤ2ɸͤڤˤ֤ˬ줿Ȳꤷޤ礦㤨СեΨ3Ȥ4ãȡ

ʤȡ¾夲⤷䤹ʤǤ礦

ήФˤʤȡ٤϶ͻˤʤФʤޤ󡣤Τޤ֤Ƥȥե줬󤯤ʤ붲줬뤫Ǥ

Ǥ⡢ʤȡ䤬夲ޤʤƤϼ˾徺Ϥޤ

徺ϤȤȤϹĤβʤȤȤǤ顢䤬ͭƤ350߰ʾιĤɺĸλȲǤޤǹĤͭɾ»¸뤳ȤϤޤ󤬡ͻ뤿ˤ䤬ͭĤʧäƻ椫ɬפΤǡɤƤ»ƤޤΤǤ

ΰǡܤιĤʧôƤޤޤĤޤꡢͽȤʤȡ

եˤʤǼ뤫顢ưŪ˺Ʒ¸ǤʤƤոޤ˥եˤʤäǼƤ⡢ʪ夬äƤΤǤнФΤǤɤơǺƷǤΤǤ礦

ĤǤ˸ȡζ徺򤷻Ϥȡޤdz˸äήФƤ̤λ⤬ή򵯤Ǥ顢Ѥʱ߹⤿餹Ǥ礦

ʤȡ߹кΤ˶ɬפǤեΨ㲼ʤϡʤʤ򲼤ˤ⤤ʤΤǤ

ȤȤǡкѤ纮𤷤ƤޤǤ礦

ʻ֤ˤʤ뤯餤ä顢Τޤޤޥ⤷ޤ

顢ۤϱΤǤ

ˤƤ⡢ڤܤޥʥΥץ쥼Ȥäꡢޤͻؤ䤬ޥʥͻ򤹤褦ʥХʤȤ򤹤ΤǤСߤ˰ۤԤ⤷ʤʤäƤޤΤǤϤʤǤ礦






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Υȥ꡼ϤƤʥ֥åޡɲ

İȤͤޤۤäƤͤǤ

δĻ᤬21ǹֱԤˤͻؤؤͻޥʥǹԤȤ⤢ȽҤ٤ΤȤ

޷˱߰¤ʤߡ1ɥ=111ĤƤޤĤμͳ䤬ɲôºǤġŪ˸С䤬ͻؤ˥ޥʥͻƳΤǤϤʤȤήƤ뤫ʤΤǤ

䡢䤬ͻؤ˥ޥʥͻƳ뤫⤷ʤȤ˥塼ܤȤʥХʤȤ˹ԤΤȻפäΤǤɤ̸ϤϴĻˤä褦ʤΤǤ

⡢ХХǥȻפǤ礦

äơ䤫餪ڤȡޥʥʬ٤ˤʤΤǤ顢ͻؤΤߤʤ餺ïäƤڤꤿȻפΤǤơͻؤڤ򤷤ʬ»롢ȡ

ǤϡηбĤΩʤǤϤʤǤ

ˡʤȤ򤷤Ƥ⡢ɬͻؤ䤫ڤꤿ̤ͻ˲ݾڤϤʤΤǤ

Ļ۸򴺤ƤʤСĻϡͻؤ̴ȤФƼºݤͻԤȤ˥ޥʥŬѤ٤ȸäƤ褦ʤΤǡ䤫餪ڤꤿͻؤ򤽤Τޤ޻Ȥ鷺˻äƤȤϤǤʤΤǤ

Ǥϡ˴ĻΥǥ¸Ȥơޤ;ưΤʤäͻؤˤͻ礭Ӥ뤳ȤԤǤΤǤ礦

ޤǤ⡢ؤɸ̤ϤʤΤǤϤʤǤ礦

ȤΤ⡢ܤδȤ¿ۤαݤͭƤΤǡԤǤ⤽ۤɶͻؤäˤʤʤƤǤˤǡǤˤ⹴餺夬ʤȤȤϡ夬ʤϡͻ꤬Ȥ⡢μפ夤Ȥ䡢¶⳰ʺ뤫˳ʤʤǤ

ˤƤ⡢ǤϲΡˤޥʥͻĻ᤬ƤƤ뤫ȸС

䤬⤤ʤǹĤ㤦ȤDzǯ֤ǴˣĶ»Ƥ롣Ѥˤϣǯǣ٤ɬפȤʤ롣̳ͳ顢ʾ̤γ񤷤

ʤǤäơ

ۤ3ǯ˻Ϥ᤿̤ιĹײΤˡ8ߤ»äƤΤȡ

κ̳ɽ򸫤¤ꡢΤ褦ʤȤʬޤ󡣤Ĥޤꡢ»ˤϳʤΤǤ礦

ιͭϡ3ǯ֤260ߤۤäƤޤ260ߤȤƷ׾夷ƤĤϡºݤˤ252ߤβͤʤĤޤ252ߤԤʤȤ̣ʤΤǤ礦

ǡĻϡˤĤ̹Ϥۤ礭»ȼΤ顢³Ǥäơ¾ˡŪˤϡޥʥͻϤ᤿ɤȸäƤΤǤ

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Ļϡޥʥͻξˤϡ»äƤ⡢ۤ礭»ˤϤʤʤȸΤǤ礦

ˤƤ⡢ڤ¦λͻؤޥʥΥץ쥼Ȥ館ʤƤȤä餢㤷ޤ

ʤǤʶͻ³ƤƤΤǤ礦

ϡǸɼԤΥȤҲ𤵤ĺˤȻפޤ

ֿʹƥӤϡܱȯɽǤ顣ڶ⤬ƤܤþʤȤäƤͤޤ¤ΤƱȤäƤǤ̱͡ȤƤϡߤ㤦ʤꤷơ뤷ޤ

ϻĤξ
(1)Ĥʤ˷ƺþ뿴ۤϤʤ ĤƤ̱ò¤ꡢ⿴ۤϤʤΤǤ ĤϹȤμڶ⡢Ĥޤ̱ΤμڶǤƱ˹̱¶߼Ǥޤ顢 ҤʧĤƤ⤽ζ⤬γ˽ФƹԤǤʤ˹̱βäƤΤǤ
ȹġ(ȯ:16ǯ/:㻿)

㻿ƱȤäƤͤޤ͡ˤϷ֤ޤ

7



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Υȥ꡼ϤƤʥ֥åޡɲ

ǤĤλòθ§ȤΤ¸ΤǤ礦

Ĥλòθ§ȤϡܤĤȯԤ硢§Ȥ˹ĤľܰƤ餦ȤϤǤͻؤĿͤ˹Ĥ㤤äƤʤФʤʤȤ᤿롼Ǥ

 ΡΤ褦ʥ롼뤬뤫ˤĤơΥȤǤϼΤ褦Ƥޤ

֤ϡԤäĤΰˤäܤؤλⶡͿϤȡιܤκ٤򼺤碌ҤƤ̲ߤȯ˻ߤ᤬ݤʤʤꡢΥե졼줬뤫Ǥʤȡι̲ߤкѱĤΤΤФ⳰ο⼺ƤޤޤĹˤ줿ŤʷиǤꡢ郎ǤʤʳƹԤˤİŪ˶ػߤƤΤ⤳ΤǤ

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٤ơĤȯԤˤĤƤϡܶԤˤμˤĤƤϡܶԤ餳ڤƤϤʤʤâ̤λͳˤơεķФۤϰǤϡθ¤Ǥʤ

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ˤĤƤϡöͻؤ㤤äĤǤΤǡľܰˤϳʤȤȤǧƤޤ

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⤷ͻؤߡȤѤ줿ȤȤΩڤСŪˤľܰ˳ʤƤ⡢ˡ5æˡ԰٤ȸ٤Ǥ礦

ǤϡɤΤ褦ʾˡͻؤߡȤѤƤȹͤ뤳ȤǤΤǤ礦

ϡ䤬ͻؤȤΥ줿ԼʲʤǹĤ뤳Ȥưפͽۤ뤫ɤݥȤˤʤȹͤޤ

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ϡ䤬ʬäʰʾβʤǡιĤ㤤äƤȿƤ뤫Ǥ

Ȥ顢Τ褦ʶͻؤδ֤̤«ʤƤ⡢¾塢λΩƤꡢϤΤ褦ʶͻؤߡȤѤƤΤ餫ǤϤʤΤǤ

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̤ιĹˤĤơեʥȤȽΤ¸Τ¿ȻפޤơȽФơۤϡ֤֡ޤǣʪ¸ͻŪǤꡢեʥ󥹤ǤϤʤפȶۤƤΤǤ

եʥ󥹤ȤϡĤޥͥʹĤβʾˤȤƤФ졢ܤȯԤĤԤľܰ뤳Ȥ򤤤ޤ䤬äƤ뤳Ȥϡ¾塢ĤľܰǤʤܤ˥ޥʥζޤǥץ쥼ȤƤǤ顢եʥ󥹤˲äڶΰ򤷤Ƥȸ٤ʤΤǤ

ϡԤ¸߰յꤹ褦ʤȤ򤷤ƤΤǤ

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2ϡĥӤϡĹ㲼뤳ȤˤäƱ߹˻ߤǤϤʤȽ񤭤ޤ

ְزϥƹΥ롼̳Ĺţɤ줿ĥӤáȰȦޤ󡣲ʤ顢ĹФǤϤʤȡ

ĤޤꡢĹʤǤ߹˻ߤĤˤʤäƤΤǤϤʤǤ礦

ꥹʷϵޤʤǡܤĹΥޥʥ礭ʤСʤήФ˱߰°ϤǤ礦

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䤬ä褦ܹĤΥޥʥϤɤɤ礭ʤäƤΤǤG20罪λ-0.113ǤäΤ-0.134ȤʤޤΰǡƹĤ1.76󤫤1.85ؤȾ徺Ƥޤ̡ƶ1.873󤫤1.984ȳ礷ƤΤǤ

Ĥޤꡢ郎Ū椷߰ͶƳ¸ǤȤȤʤΤǤ

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ϡκθ̤ˤϸ³ȹͤޤȤΤ⡢ĤΥޥʥγˤϸ٤뤫Ǥ

ܹĤ꤬ޥʥ0.134ޤ㲼ƤΤϡ褷ƹĤФ뼫ʼطη̤ʤäƤΤǤϤʤޤܶԤ̤ĶʤǹĤ㤤Ƥ뤫餽ʤäƤäʤΤǤ

ĤޤꡢܶԤϡĤή̻ԾȤΤ˲ƤޤäƤΤǤ

Τ褦ʤȤ򡢤ɤƤĤޤǤ³뤳ȤǤǤ礦

⤽⡢ꥹˤʤäƤΤˡĤ꤬㲼ΤȿǤϤޤ󤫡ꥹˤʤä顢ĤʤɤΥꥹ㤤褫ʤɤΥꥹι⤤˲Ȧ

Ĥޤꡢꥹˤʤä顢ƹ񤬤ʤäƤ褦˶徺ʤȤΤǤ

ܤǤϤʤʤϡܶԤ»ȴˤƹĤͤ㤦褦ʤȤ򤷤Ƥ뤫ʤΤǤ

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ܤξ硢Ȥϡ̵ôݥʪζȤ졢0.1ͶƳ뤳ȤȤƤޤ

䤽ؤɰ̣ʤȸäƤǤ礦ΤʤСܤϡ㤤ȤޥʥζǻĴãǤ褦ˤʤäƤ뤫ǤĤޤꡢ㤤ȦζǤˤ⹴餺ºݤˤϡ˲¸ߤƤΤǤ

ΰĤ˽Ҥ٤Ƥ¸10ǯιĤǤιĤɤ٤ȤȤοİѰǺ٤뤳Ȥʤ۰ʲμ˴ꤲƤޤäƤΤǤ

ʤȤǤΤǤ礦

ͤйͤۤɡ䤬äƤ뤳ȤϤʤȤФʤΤǤ

ˤƤ⡢椬Ĺΰ˸٤ȤСȤƹĹȤȤˤʤǤ礦Ĥޤꡢƹηʵɤʤб߹ϻߤޤǤǤʤƹηʵ⤿Ĥ褦ǤСޤ߹ⰵϤ뤳ȤˤʤǤ礦


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