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href=\"https:\/\/jp.reuters.com\/opinion\/forex-forum\/RKND26NQ7ZKTFF7WDLS56FC7JA-2025-07-23\/#:~:text=%E8%BE%B2%E7%94%A3%E5%93%81%E3%81%AE%E5%88%86%E9%87%8E%E3%81%A7%E3%82%82%E5%A4%A7%E3%81%8D%E3%81%AA%E5%A6%A5%E5%8D%94%E3%81%8C%E3%81%82%E3%82%8B%E3%81%8B%E3%81%A8%E3%82%82%E6%80%9D%E3%81%A3%E3%81%9F%E3%81%8C%E3%80%81%E3%82%B3%E3%83%A1%E3%81%AB%E3%81%A4%E3%81%84%E3%81%A6%E3%81%AF%E3%83%9F%E3%83%8B%E3%83%9E%E3%83%A0%E3%82%A2%E3%82%AF%E3%82%BB%E3%82%B9%E3%81%AE%E6%9E%A0%E3%82%92%E7%B6%AD%E6%8C%81%E3%81%99%E3%82%8B%E3%81%A8%E3%81%84%E3%81%86%E3%80%82%E7%B1%B3%E5%9B%BD%E7%94%A3%E4%BD%9C%E7%89%A9%E3%81%B8%E3%81%AE%E9%96%A2%E7%A8%8E%E3%82%92%E5%BC%95%E3%81%8D%E4%B8%8B%E3%81%92%E3%82%8B%E3%81%93%E3%81%A8%E3%82%82%E3%81%AA%E3%81%84%E3%82%88%E3%81%86%E3%81%AA%E3%81%AE%E3%81%A7%E3%80%81%E5%9B%BD%E5%86%85%E3%81%AE%E3%82%B3%20%E3%83%A1%E8%BE%B2%E5%AE%B6%E3%81%B8%E3%81%AE%E5%BD%B1%E9%9F%BF%E3%82%82%E4%BB%8A%E3%81%AE%E3%81%A8%E3%81%93%E3%82%8D%E9%99%90%E5%AE%9A%E7%9A%84%E3%81%A7%E3%81%AF%E3%81%AA%E3%81%84%E3%81%8B%E3%80%82\" 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href=\"https:\/\/www.bloomberg.co.jp\/news\/articles\/2025-07-23\/SZU3QDGPWCH900#:~:text=%E3%81%BE%E3%81%A7%E5%85%88%E9%80%81%E3%82%8A%E3%81%97%E3%81%A6%E3%81%84%E3%81%9F%E8%A8%AD%E5%82%99%E6%8A%95%E8%B3%87%E6%A1%88%E4%BB%B6%E3%81%8C%E5%85%B7%E4%BD%93%E5%8C%96%E3%81%97%E3%80%81%E5%B7%A5%E4%BD%9C%E6%A9%9F%E6%A2%B0%E3%83%A1%E3%83%BC%E3%82%AB%E3%83%BC%E3%81%AE%E5%8F%97%E6%B3%A8%E7%92%B0%E5%A2%83%E3%81%8C%E8%89%AF%E3%81%8F%E3%81%AA%E3%82%8B%E5%8F%AF%E8%83%BD%E6%80%A7%E3%81%B8%E3%81%AE%E6%9C%9F%E5%BE%85%E3%82%92%E8%BF%B0%E3%81%B9%E3%81%9F%E3%80%82\" target=\"_blank\" rel=\"noreferrer noopener\">bloomberg.co.jp<\/a>\u3002\u76f4\u63a5\u7684\u306b\u306f\u30b9\u30de\u30db\u7b49\u5b8c\u6210\u54c1\u306e\u8ca9\u58f2\u6e1b\u304c\u90e8\u54c1\u9700\u8981\u6e1b\u306b\u6ce2\u53ca\u3059\u308b\u3053\u3068\u3092\u5fc3\u914d\u3057\u3066\u304a\u308a\u3001\u95a2\u7a0e\u81ea\u4f53\u306b\u3088\u308b\u4fa1\u683c\u8ee2\u5ac1\u4e91\u3005\u3088\u308a<strong>\u30de\u30af\u30ed\u7d4c\u6e08\u74b0\u5883\u306e\u60aa\u5316\u30ea\u30b9\u30af<\/strong>\u306b\u6ce8\u76ee\u3057\u3066\u3044\u307e\u3059\u3002\u5b9f\u969b\u3001\u5bfe\u7c73\u306e\u307f\u306a\u3089\u305a\u4e16\u754c\u666f\u6c17\u306e\u6e1b\u901f\u306f\u96fb\u5b50\u90e8\u54c1\u5404\u793e\u306e\u5171\u901a\u30ea\u30b9\u30af\u3067\u3042\u308a\u3001\u6751\u7530\u306f\u30b3\u30b9\u30c8\u7ba1\u7406\u3084\u5728\u5eab\u8abf\u6574\u3092\u614e\u91cd\u306b\u884c\u3046\u3068\u898b\u3089\u308c\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>\u30c8\u30e8\u30bf\u81ea\u52d5\u8eca<\/strong>\uff1a\u540c\u793e\u304b\u3089\u6b63\u5f0f\u58f0\u660e\u306f\u78ba\u8a8d\u3067\u304d\u307e\u305b\u3093\u304c\u3001\u682a\u4fa1\u306e\u5927\u5e45\u4e0a\u6607\u304c\u7269\u8a9e\u308b\u3088\u3046\u306b\u5e02\u5834\u306f\u30c8\u30e8\u30bf\u306b\u8ffd\u3044\u98a8\u3068\u6349\u3048\u307e\u3057\u305f\u3002\u30c8\u30e8\u30bf\u306f\u5143\u6765\u5317\u7c73\u751f\u7523\u6bd4\u7387\u304c\u9ad8\u304f\uff08\u8ca9\u58f2\u306e\u7d04\u534a\u5206\u306f\u73fe\u5730\u751f\u7523\u8eca\uff09\u3001\u95a2\u7a0e\u306e\u5f71\u97ff\u3092\u3042\u308b\u7a0b\u5ea6\u5438\u53ce\u3067\u304d\u307e\u3059\u3002\u307e\u305f\u524d\u8ff0\u306e\u3088\u3046\u306b\u5024\u4e0a\u3052\u5e45\u3082\u6291\u3048\u3066\u9867\u5ba2\u7dad\u6301\u306b\u52aa\u3081\u3066\u3044\u307e\u3059\u3002\u305f\u306015%\u95a2\u7a0e\u3067\u5e74\u9593\u6570\u767e\u5104\u5186\u898f\u6a21\u306e\u8ca0\u62c5\u5897\u306f\u907f\u3051\u3089\u308c\u305a\u3001\u4eca\u5f8c\u306e\u6c7a\u7b97\u3067\u5317\u7c73\u4e8b\u696d\u5229\u76ca\u7387\u304c\u3084\u3084\u4f4e\u4e0b\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u6295\u8cc7\u5bb6\u306f\u305d\u306e\u70b9\u3092\u7e54\u308a\u8fbc\u3080\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u4eca\u56de25%\u3092\u514d\u308c\u305f\u3053\u3068\u3067\u300c\u6700\u60aa\u671f\u306f\u8131\u3057\u305f\u300d\u3068\u306e\u5b89\u5fc3\u611f\u304c\u52dd\u3063\u3066\u3044\u308b\u72b6\u6cc1\u3067\u3059\u3002\u30c8\u30e8\u30bf\u5e79\u90e8\u306f\u6c34\u9762\u4e0b\u3067\u300c\u8fc5\u901f\u306a\u5408\u610f\u306b\u611f\u8b1d\u3002\u5f15\u304d\u7d9a\u304d\u7c73\u56fd\u7d4c\u6e08\u306b\u8ca2\u732e\u3057\u3064\u3064\u4e8b\u696d\u3092\u767a\u5c55\u3055\u305b\u305f\u3044\u300d\u3068\u7c73\u653f\u5e9c\u306b\u4f1d\u3048\u3066\u3044\u308b\u3068\u5831\u3058\u3089\u308c\u3066\u3044\u307e\u3059\uff08\u975e\u516c\u5f0f\u60c5\u5831\uff09\u3002<\/li>\n\n\n\n<li><strong>\u65e5\u7acb\u88fd\u4f5c\u6240<\/strong>\uff1a\u65e5\u7acb\u306f\u9244\u9053\u3084\u7523\u696d\u6a5f\u5668\u306a\u3069\u3067\u7c73\u56fd\u30d3\u30b8\u30cd\u30b9\u3092\u5c55\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u540c\u793e\u306f\u76f4\u63a5\u30b3\u30e1\u30f3\u30c8\u3057\u3066\u3044\u307e\u305b\u3093\u304c\u3001\u8f38\u9001\u30a4\u30f3\u30d5\u30e9\u306a\u3069\u9577\u671f\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u3067\u306f\u95a2\u7a0e\u5909\u52d5\u30ea\u30b9\u30af\u3092\u5951\u7d04\u306b\u7e54\u308a\u8fbc\u3093\u3067\u3044\u305f\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u300215%\u3067\u78ba\u5b9a\u3057\u305f\u3053\u3068\u3067\u30b3\u30b9\u30c8\u8a08\u7b97\u304c\u660e\u78ba\u306b\u306a\u308a\u3001\u4f8b\u3048\u3070\u7c73\u56fd\u306e\u9244\u9053\u8eca\u4e21\u6848\u4ef6\u3067\u4fa1\u683c\u8abf\u6574\u6761\u9805\u3092\u767a\u52d5\u3059\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/li>\n\n\n\n<li><strong>\u5546\u793e<\/strong>\uff1a\u4e09\u83f1\u5546\u4e8b\u3084\u4f4f\u53cb\u5546\u4e8b\u306a\u3069\u306f\u7c73\u56fd\u3067\u8fb2\u7523\u54c1\u8cbf\u6613\u3084\u6295\u8cc7\u3092\u624b\u639b\u3051\u3066\u304a\u308a\u3001\u4eca\u56de\u306e\u65e5\u672c\u306e80\u5104\u30c9\u30eb\u8fb2\u7523\u54c1\u8cfc\u5165\u306b\u306f\u5546\u793e\u7d4c\u7531\u306e\u53d6\u5f15\u3082\u542b\u307e\u308c\u308b\u3067\u3057\u3087\u3046\u3002\u5546\u793e\u306f\u300c\u5408\u610f\u6b53\u8fce\u300d\u3068\u3057\u3064\u3064\u3001\u70ba\u66ff\u52d5\u5411\u3084\u73fe\u5730\u30d1\u30fc\u30c8\u30ca\u30fc\u3068\u306e\u9023\u643a\u5f37\u5316\u306b\u6ce8\u529b\u3059\u308b\u3068\u601d\u308f\u308c\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>\u822a\u7a7a\u4f1a\u793e<\/strong>\uff1a\u9593\u63a5\u7684\u3067\u3059\u304c\u3001\u65e5\u672c\u822a\u7a7a(JAL)\u3084\u5168\u65e5\u7a7a(ANA)\u306f\u65e5\u672c\u653f\u5e9c\u306b\u3088\u308b\u30dc\u30fc\u30a4\u30f3\u30b0\u6a5f100\u6a5f\u8cfc\u5165\u306e\u6069\u6075\u3092\u53d7\u3051\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u653f\u5e9c\u7cfb\u30d5\u30a1\u30f3\u30c9\u306b\u3088\u308b\u8abf\u9054\u5f8c\u30ea\u30fc\u30b9\u3068\u3044\u3046\u5f62\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u8001\u673d\u6a5f\u66f4\u65b0\u304c\u9032\u3080\u305f\u3081\u3001\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href=\"https:\/\/www.bloomberg.co.jp\/news\/articles\/2025-07-23\/SZU3QDGPWCH900#:~:text=%E6%97%A5%E7%B1%B3%E9%96%A2%E7%A8%8E%E4%BA%A4%E6%B8%89%E3%81%8C%E5%90%88%E6%84%8F%E3%81%AB%E8%87%B3%E3%82%8A%E3%80%81%E4%B8%80%E5%AE%9A%E3%81%AE%E3%82%81%E3%81%A9%E3%81%8C%E3%81%A4%E3%81%84%E3%81%9F%E3%81%93%E3%81%A8%E3%81%AB%E3%81%A4%E3%81%84%E3%81%A6%E3%80%81%E8%B2%A1%E7%95%8C%E3%81%8B%E3%82%89%E3%81%AF%E8%A9%95%E4%BE%A1%E3%81%AE%E5%A3%B0%E3%81%8C%E4%B8%8A%E3%81%8C%E3%81%A3%E3%81%9F%E3%80%82%E4%B8%80%E6%96%B9%E3%81%A7%E7%B1%B3%E5%9B%BD%E3%81%8C%E8%87%AA%E5%9B%BD%E5%84%AA%E5%85%88%E4%B8%BB%E7%BE%A9%E3%81%AB%E5%82%BE%E3%81%8F%E4%B8%AD%E3%80%81%E4%BB%8A%E5%9B%9E%E3%81%AE%E5%90%88%E6%84%8F%E3%81%AF%E9%80%9A%E9%81%8E%E7%82%B9%E3%81%A7%E3%81%82%E3%82%8A%E3%80%81%E4%BB%8A%E5%BE%8C%E3%81%AE%E5%AF%BE%E5%BF%9C%E3%81%8C%20%E8%82%9D%E8%A6%81%E3%81%A0%E3%81%A8%E3%81%AE%E8%A6%8B%E6%96%B9%E3%82%82%E3%81%82%E3%82%8B%E3%80%82\" target=\"_blank\" rel=\"noreferrer noopener\">bloomberg.co.jp<\/a><a 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href=\"https:\/\/jp.reuters.com\/opinion\/forex-forum\/RKND26NQ7ZKTFF7WDLS56FC7JA-2025-07-23\/#:~:text=match%20at%20L250%20%E2%97%8E15%EF%BC%85%E9%96%A2%E7%A8%8E%E3%81%AE%E5%BD%B1%E9%9F%BF%E8%A6%8B%E6%A5%B5%E3%82%81%E3%81%B8%E3%80%81%E5%86%86%E3%81%AF%E6%96%B9%E5%90%91%E6%84%9F%E6%A8%A1%E7%B4%A2\" target=\"_blank\" rel=\"noreferrer 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noopener\">jp.reuters.com<\/a>\u3001\u50b5\u5238\u5e02\u5834\u306f\u4eca\u5f8c<strong>\u653f\u5c40\u3068\u7d4c\u6e08\u6307\u6a19<\/strong>\u3092\u306b\u3089\u3093\u3060\u795e\u7d4c\u8cea\u306a\u5c55\u958b\u304c\u7d9a\u304f\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p><strong>\u7dcf\u62ec\u3059\u308b\u3068<\/strong>\u3001\u91d1\u878d\u5e02\u5834\u306f\u5408\u610f\u3092<strong>\u597d\u611f<\/strong>\u3057\u3064\u3064\u3082\u3001\u305d\u306e<strong>\u5148\u3092\u898b\u636e\u3048\u305f\u52d5\u304d<\/strong>\u3092\u898b\u305b\u3066\u3044\u307e\u3059\u3002\u682a\u5f0f\u306f\u77ed\u671f\u7684\u306b\u4e0a\u6607\u3057\u305f\u3082\u306e\u306e\u3001\u3044\u305a\u308c\u5408\u610f\u5f8c\u306e\u5b9f\u4f53\u7d4c\u6e08\u3078\u306e\u5f71\u97ff\uff08\u4f01\u696d\u53ce\u76ca\u60aa\u5316\u5206\uff09\u304c\u7e54\u308a\u8fbc\u307e\u308c\u308b\u3068\u4e0a\u5024\u306e\u91cd\u3055\u304c\u610f\u8b58\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u307e\u305f\u70ba\u66ff\u30fb\u91d1\u5229\u3082\u3001\u6b21\u306e\u7126\u70b9\uff08\u65e5\u672c\u306e\u91d1\u878d\u653f\u7b56\u3084\u8ca1\u653f\u72b6\u6cc1\u3001\u7c73\u4e2d\u95a2\u4fc2\u306a\u3069\uff09\u306b\u76ee\u3092\u79fb\u3057\u3066\u304a\u308a\u3001\u4e00\u65b9\u5411\u306b\u89e6\u308c\u7d9a\u3051\u308b\u5c55\u958b\u306b\u306f\u306a\u3063\u3066\u3044\u307e\u305b\u3093\u3002\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u3001\u4eca\u56de\u306e\u5408\u610f\u306f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30d0\u30e9\u30f3\u30b9\u6a5f\u4f1a\uff08\u8f38\u51fa\u682a\u306e\u7d44\u307f\u5165\u308c\u5897\u3084\u5186\u50b5\u306e\u6bd4\u7387\u898b\u76f4\u3057\u306a\u3069\uff09\u3092\u63d0\u4f9b\u3057\u307e\u3057\u305f\u304c\u3001<strong>\u65b0\u305f\u306a\u30ea\u30b9\u30af\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u53f0\u982d<\/strong>\u306b\u3082\u5099\u3048\u308b\u5fc5\u8981\u304c\u3042\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h2 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href=\"https:\/\/jp.reuters.com\/opinion\/forex-forum\/RKND26NQ7ZKTFF7WDLS56FC7JA-2025-07-23\/#:~:text=%E4%B8%80%E6%96%B9%E3%80%81%E5%A4%9A%E9%A1%8D%E3%81%AE%E5%AF%BE%E7%B1%B3%E6%8A%95%E8%B3%87%E3%82%92%E8%A1%8C%E3%81%86%E3%81%A8%E3%81%AE%E3%81%93%E3%81%A8%E3%81%AA%E3%81%AE%E3%81%A7%E3%80%81%E4%B8%AD%E9%95%B7%E6%9C%9F%E7%9A%84%E3%81%AB%E3%81%BF%E3%82%8C%E3%81%B0%E5%9B%BD%E5%86%85%E4%BC%81%E6%A5%AD%E3%81%AE%E6%8A%95%E8%B3%87%E5%85%88%E3%81%8C%E7%B1%B3%E5%9B%BD%E3%81%AB%E7%A7%BB%E3%82%8A%E3%80%81%E5%9B%BD%E5%86%85%E3%81%8C%E7%A9%BA%E6%B4%9E%E5%8C%96%E3%81%99%E3%82%8B%E6%87%B8%E5%BF%B5%E3%81%AF%E3%81%82%E3%82%8B%E3%81%A8%E6%80%9D%E3%81%86%E3%80%82%E3%81%9F%E3%81%A0%E3%80%81%E4%B8%80%E5%BA%A6%E3%81%AB%EF%BC%95%EF%BC%95%EF%BC%90%EF%BC%90%E5%84%84%E3%83%89%E3%83%AB%E3%82%92%E6%8A%95%E3%81%98%E3%82%8B%E3%82%8F%E3%81%91%20%E3%81%A7%E3%81%AF%E3%81%AA%E3%81%84%E3%81%AF%E3%81%9A%E3%81%A7%E3%80%81%E3%81%A9%E3%81%86%E5%BD%B1%E9%9F%BF%E3%81%8C%E5%87%BA%E3%81%A6%E3%81%8F%E3%82%8B%E3%81%AE%E3%81%8B%E3%81%AF%E7%8F%BE%E7%8A%B6%E3%81%A7%E3%81%AF%E4%B8%8D%E9%80%8F%E6%98%8E%E3%81%A0%E3%80%82%E4%B8%AD%E9%95%B7%E6%9C%9F%E3%81%AE%E8%A6%96%E7%82%B9%E3%81%A7%E8%A6%8B%E3%81%A6%E3%81%84%E3%81%8F%E5%BF%85%E8%A6%81%E3%81%8C%E3%81%82%E3%82%8B%E3%80%82\" 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