{"id":863,"date":"2026-06-30T07:08:59","date_gmt":"2026-06-29T22:08:59","guid":{"rendered":"https:\/\/www.kabutec.jp\/blog\/?p=863"},"modified":"2026-06-30T07:15:32","modified_gmt":"2026-06-29T22:15:32","slug":"%e9%87%91%e4%bd%99%e3%82%8a%e3%81%af%e3%80%81%e7%b5%82%e3%82%8f%e3%81%a3%e3%81%a6%e3%81%84%e3%81%aa%e3%81%84%e3%80%82%e3%81%a0%e3%81%8c%e3%80%81%e3%80%8c%e8%b3%aa%e3%80%8d%e3%81%8c%e5%a4%89%e3%82%8f","status":"publish","type":"post","link":"https:\/\/www.kabutec.jp\/blog\/?p=863","title":{"rendered":"\u91d1\u4f59\u308a\u306f\u3001\u7d42\u308f\u3063\u3066\u3044\u306a\u3044\u3002\u3060\u304c\u3001\u300c\u8cea\u300d\u304c\u5909\u308f\u3063\u305f\u3002"},"content":{"rendered":"\n<!-- ============================================================\n  \u682a\u30c6\u30afBLOG : \u4e16\u754c\u306e\u904e\u5270\u6d41\u52d5\u6027 \u30c1\u30e3\u30fc\u30c8\u8a18\u4e8b\n  WordPress\u306e\u300c\u30ab\u30b9\u30bf\u30e0HTML\u300d\u30d6\u30ed\u30c3\u30af\u306b\u3053\u306e\u307e\u307e\u8cbc\u308a\u4ed8\u3051\u3002\n  Shadow DOM\u3067\u5b8c\u5168\u9694\u96e2 \u2192 \u30c6\u30fc\u30deCSS\u3068\u76f8\u4e92\u306b\u5e72\u6e09\u3057\u307e\u305b\u3093\u3002\n  \u203b\u672c\u6587\u3092\u7de8\u96c6\u3059\u308b\u5834\u5408\u306f\u4e0b\u306e <template> \u5185\u306e\u30c6\u30ad\u30b9\u30c8\u3092\u66f8\u304d\u63db\u3048\u3002\n============================================================ -->\n<div id=\"ktq-liq-host\"><\/div>\n\n<template id=\"ktq-liq-tpl\">\n<style>\n  :host{\n    all:initial;       \/* \u30c6\u30fc\u30de\u304b\u3089\u306e\u7d99\u627f\u3092\u906e\u65ad *\/\n    display:block;\n    --ink:#0E1726;\n    --ink-2:#16243a;\n    --ink-3:#1b2d46;\n    --line:#2c3e5a;\n    --line-soft:#243650;\n    --text:#E9E2D2;\n    --muted:#9DB0C6;\n    --muted-2:#7C90A8;\n    --gold:#C9A24B;\n    --gold-bright:#E6C674;\n    --tide:#4FB6AC;\n    --tide-bright:#74D4C8;\n    --warn:#D0654F;\n    --btc:#7C97C8;\n  }\n  *{box-sizing:border-box;}\n  :host{\n    margin:0;\n    background:var(--ink);\n    color:var(--text);\n    font-family:\"Hiragino Kaku Gothic ProN\",\"Yu Gothic\",\"YuGothic\",\"Noto Sans JP\",\"Meiryo\",sans-serif;\n    line-height:1.95;\n    font-size:17px;\n    -webkit-font-smoothing:antialiased;\n    letter-spacing:.01em;\n  }\n  .wrap{max-width:880px;margin:0 auto;padding:0 22px;}\n  .serif{font-family:\"Hiragino Mincho ProN\",\"YuMincho\",\"Yu Mincho\",\"Noto Serif JP\",serif;}\n  .mono{font-family:ui-monospace,\"SFMono-Regular\",\"Roboto Mono\",Menlo,Consolas,monospace;}\n\n  \/* ---------- HERO ---------- *\/\n  header.hero{\n    border-bottom:1px solid var(--line);\n    padding:64px 0 46px;\n    background:\n      radial-gradient(120% 80% at 80% -10%, rgba(201,162,75,.10), transparent 60%),\n      linear-gradient(180deg, #0c1421 0%, var(--ink) 100%);\n  }\n  .eyebrow{\n    font-size:12.5px;letter-spacing:.34em;color:var(--gold);\n    text-transform:uppercase;margin:0 0 22px;font-weight:600;\n  }\n  .eyebrow span{color:var(--muted-2);}\n  h1.hero-title{\n    font-family:\"Hiragino Mincho ProN\",\"YuMincho\",\"Yu Mincho\",\"Noto Serif JP\",serif;\n    font-weight:600;\n    font-size:clamp(28px,5.4vw,46px);\n    line-height:1.42;\n    margin:0 0 24px;\n    letter-spacing:.01em;\n  }\n  h1.hero-title .accent{\n    color:var(--gold-bright);\n    border-bottom:2px solid rgba(201,162,75,.5);\n    padding-bottom:2px;\n  }\n  .hero-sub{\n    color:var(--muted);font-size:16px;max-width:620px;margin:0 0 30px;line-height:1.85;\n  }\n  .tideline{height:2px;width:100%;margin-top:8px;\n    background:linear-gradient(90deg,var(--tide) 0%, rgba(79,182,172,.15) 40%, rgba(201,162,75,.15) 60%, var(--gold) 100%);\n    opacity:.7;border-radius:2px;}\n  .meta-row{display:flex;flex-wrap:wrap;gap:8px 20px;margin-top:26px;font-size:12.5px;color:var(--muted-2);}\n  .meta-row .mono{color:var(--muted);}\n\n  \/* ---------- CONCLUSION BOX ---------- *\/\n  .conclusion{\n    margin:42px 0 8px;\n    background:linear-gradient(180deg, rgba(201,162,75,.07), rgba(201,162,75,.02));\n    border:1px solid rgba(201,162,75,.28);\n    border-left:3px solid var(--gold);\n    border-radius:10px;\n    padding:26px 28px;\n  }\n  .conclusion .lab{\n    font-size:12px;letter-spacing:.28em;color:var(--gold);font-weight:700;margin:0 0 12px;\n  }\n  .conclusion p{margin:0 0 14px;font-size:16.5px;}\n  .conclusion p:last-child{margin-bottom:0;}\n  .conclusion strong{color:var(--gold-bright);font-weight:600;}\n  blockquote.pull{\n    margin:18px 0;padding:2px 0 2px 18px;border-left:2px solid var(--tide);\n    font-family:\"Hiragino Mincho ProN\",\"YuMincho\",\"Yu Mincho\",\"Noto Serif JP\",serif;\n    font-size:17.5px;color:var(--tide-bright);line-height:1.7;\n  }\n\n  \/* ---------- SECTIONS ---------- *\/\n  section{padding:46px 0;border-bottom:1px solid var(--line-soft);}\n  .secnum{font-size:12.5px;letter-spacing:.22em;color:var(--gold);font-weight:700;margin:0 0 10px;}\n  h2{\n    font-family:\"Hiragino Mincho ProN\",\"YuMincho\",\"Yu Mincho\",\"Noto Serif JP\",serif;\n    font-weight:600;font-size:clamp(22px,3.6vw,28px);line-height:1.5;margin:0 0 22px;letter-spacing:.01em;\n  }\n  p{margin:0 0 18px;}\n  strong{color:var(--gold-bright);font-weight:600;}\n  .em-tide{color:var(--tide-bright);font-weight:600;}\n  .em-warn{color:var(--warn);font-weight:600;}\n\n  \/* ---------- CHART CARD ---------- *\/\n  figure.chart{\n    margin:28px 0;background:var(--ink-2);border:1px solid var(--line);\n    border-radius:12px;padding:22px 20px 16px;overflow:hidden;\n  }\n  figure.chart .chead{margin-bottom:6px;}\n  .chead h3{font-size:16.5px;margin:0 0 3px;color:var(--text);font-weight:600;}\n  .chead .csub{font-size:12.5px;color:var(--muted-2);margin:0;}\n  svg{display:block;width:100%;height:auto;}\n  .cap{font-size:12px;color:var(--muted-2);margin:10px 2px 0;line-height:1.6;}\n  .cap b{color:var(--muted);font-weight:600;}\n\n  text{font-family:ui-monospace,\"SFMono-Regular\",\"Roboto Mono\",Menlo,Consolas,monospace;}\n  .ax{fill:var(--muted-2);font-size:13px;}\n  .axjp{fill:var(--muted);font-size:13px;font-family:\"Hiragino Kaku Gothic ProN\",\"Yu Gothic\",\"Noto Sans JP\",sans-serif;}\n  .annot{fill:var(--text);font-size:13px;font-family:\"Hiragino Kaku Gothic ProN\",\"Yu Gothic\",\"Noto Sans JP\",sans-serif;}\n  .annot-s{fill:var(--muted);font-size:12px;font-family:\"Hiragino Kaku Gothic ProN\",\"Yu Gothic\",\"Noto Sans JP\",sans-serif;}\n  .grid{stroke:var(--line-soft);stroke-width:1;}\n  .zero{stroke:#3a5070;stroke-width:1.3;stroke-dasharray:none;}\n\n  \/* ---------- POLICY GRID ---------- *\/\n  .policy{display:grid;grid-template-columns:1fr 1fr;gap:14px;margin:26px 0 6px;}\n  .pcell{background:var(--ink-2);border:1px solid var(--line);border-radius:11px;padding:18px 18px 16px;position:relative;overflow:hidden;}\n  .pcell::before{content:\"\";position:absolute;left:0;top:0;bottom:0;width:3px;}\n  .pcell.ease::before{background:var(--tide);}\n  .pcell.tight::before{background:var(--warn);}\n  .pcell.hold::before{background:var(--muted-2);}\n  .pcell .bank{font-size:15.5px;font-weight:600;color:var(--text);margin:0 0 2px;}\n  .pcell .stance{font-size:12px;letter-spacing:.04em;margin:0 0 12px;font-weight:700;}\n  .pcell.ease .stance{color:var(--tide-bright);}\n  .pcell.tight .stance{color:var(--warn);}\n  .pcell.hold .stance{color:var(--muted);}\n  .pcell .rate{font-family:ui-monospace,monospace;font-size:25px;color:var(--text);margin:0 0 2px;letter-spacing:-.01em;}\n  .pcell .rate small{font-size:13px;color:var(--muted-2);font-family:\"Hiragino Kaku Gothic ProN\",sans-serif;}\n  .pcell .note{font-size:12.5px;color:var(--muted);margin:8px 0 0;line-height:1.6;}\n  .arrow{font-family:ui-monospace,monospace;font-weight:700;}\n\n  \/* ---------- KEY NUMBERS STRIP ---------- *\/\n  .nums{display:grid;grid-template-columns:repeat(3,1fr);gap:14px;margin:26px 0;}\n  .numcard{background:var(--ink-2);border:1px solid var(--line);border-radius:11px;padding:16px 16px;}\n  .numcard .v{font-family:ui-monospace,monospace;font-size:23px;color:var(--gold-bright);margin:0 0 3px;letter-spacing:-.01em;}\n  .numcard .v.tide{color:var(--tide-bright);}\n  .numcard .l{font-size:12px;color:var(--muted);line-height:1.5;margin:0;}\n\n  footer{padding:38px 0 70px;color:var(--muted-2);font-size:13px;line-height:1.8;}\n  footer .disc{border-top:1px solid var(--line-soft);padding-top:20px;}\n\n  @media (max-width:680px){\n    body{font-size:16px;}\n    .policy{grid-template-columns:1fr;}\n    .nums{grid-template-columns:1fr;}\n    .conclusion{padding:22px 20px;}\n    figure.chart{padding:16px 12px 12px;}\n  }\n<\/style>\n<header class=\"hero\">\n  <div class=\"wrap\">\n    <p class=\"eyebrow\">\u30de\u30af\u30ed\u5206\u6790 <span>\/&nbsp;&nbsp;\u30b0\u30ed\u30fc\u30d0\u30eb\u6d41\u52d5\u6027<\/span><\/p>\n    <h1 class=\"hero-title\">\u91d1\u4f59\u308a\u306f\u3001\u7d42\u308f\u3063\u3066\u3044\u306a\u3044\u3002<br>\u3060\u304c\u3001<span class=\"accent\">\u300c\u8cea\u300d<\/span>\u304c\u5909\u308f\u3063\u305f\u3002<\/h1>\n    <p class=\"hero-sub\">\u4e16\u754c\u306e\u904e\u5270\u6d41\u52d5\u6027\u306f\u4eca\u3069\u3046\u306a\u3063\u3066\u3044\u308b\u304b\u3002\u300c\u91cf\u300d\u300c\u65b9\u5411\u300d\u300c\u8cea\u300d\u306e\u4e09\u5c64\u306b\u5206\u3051\u3066\u3001\u30c1\u30e3\u30fc\u30c8\u3067\u8aad\u307f\u89e3\u304f\u3002\u7d50\u8ad6\u304b\u3089\u8a00\u3048\u3070\u2500\u2500\u6f6e\u306f\u304b\u3064\u3066\u306a\u304f\u6e80\u3061\u3066\u3044\u308b\u3002\u554f\u984c\u306f\u3001\u305d\u306e\u6c34\u304c\u4ee5\u524d\u3068\u306f\u5225\u7269\u306b\u306a\u308a\u3064\u3064\u3042\u308b\u3053\u3068\u3060\u3002<\/p>\n    <div class=\"tideline\"><\/div>\n    <div class=\"meta-row\">\n      <span>\u682a\u30c6\u30afBLOG<\/span>\n      <span class=\"mono\">2026.06<\/span>\n      <span>\u30de\u30af\u30ed\uff0f\u6d41\u52d5\u6027\u30b7\u30ea\u30fc\u30ba<\/span>\n    <\/div>\n  <\/div>\n<\/header>\n\n<div class=\"wrap\">\n\n  <div class=\"conclusion\">\n    <p class=\"lab\">\u7d50\u8ad6<\/p>\n    <p>\u300c\u91d1\u4f59\u308a\u306f\u7d9a\u3044\u3066\u3044\u308b\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u7d42\u308f\u3063\u305f\u306e\u304b\u300d\u3002\u3053\u306e\u554f\u3044\u3078\u306e\u7b54\u3048\u306f\u3001<strong>\u30a4\u30a8\u30b9\u3001\u7d9a\u3044\u3066\u3044\u308b\u3002\u305d\u308c\u3082\u3001\u304b\u3064\u3066\u306a\u3044\u307b\u3069\u306b<\/strong>\u3002\u30b0\u30ed\u30fc\u30d0\u30eb\u306e\u5e83\u7fa9\u30de\u30cd\u30fc\u306f2025\u5e7412\u6708\u306b\u904e\u53bb\u6700\u9ad8\u306e\u7d04144\u5146\u30c9\u30eb\u306b\u9054\u3057\u3001\u524d\u5e74\u6bd4+10.4%\u3068\u4f38\u3073\u3092<span class=\"em-tide\">\u52a0\u901f<\/span>\u3055\u305b\u3066\u3044\u308b\u3002\u30b3\u30ed\u30ca\u5f8c\u3060\u3051\u3067\u4e16\u754c\u306e\u30de\u30cd\u30fc\u306f\u7d0444\u5146\u30c9\u30eb\u3001\u7387\u306b\u3057\u3066+44%\u81a8\u3089\u3093\u3060\u3002\u7dcf\u91cf\u3067\u898b\u308c\u3070\u3001\u4e16\u754c\u306f\u53f2\u4e0a\u6700\u3082\u300c\u91d1\u4f59\u308a\u300d\u3067\u3042\u308b\u3002<\/p>\n    <p>\u305d\u3057\u3066\u6f6e\u76ee\u306f2025\u5e7412\u6708\u306b\u660e\u78ba\u306b\u8ee2\u63db\u3057\u305f\u3002\u7c73FRB\u304c\u91cf\u7684\u5f15\u304d\u7de0\u3081(QT)\u3092\u7d42\u3048\u3001\u5229\u4e0b\u3052\u306b\u52a0\u3048\u3066\u4e8b\u5b9f\u4e0a\u306e\u91cf\u7684\u7de9\u548c(\u56fd\u50b5\u8cb7\u3044\u5165\u308c)\u3092\u518d\u958b\u3057\u305f\u3002\u5f15\u304d\u7de0\u3081\u306e\u6642\u4ee3\u306f\u7d42\u308f\u308a\u3001\u7de9\u548c\u3078\u3068\u8235\u304c\u5207\u3089\u308c\u305f\u3002\u3053\u308c\u304c\u300c\u65b9\u5411\u300d\u306e\u7b54\u3048\u3060\u3002<\/p>\n    <p>\u3060\u304c\u2500\u2500\u3053\u3053\u304b\u3089\u304c\u672c\u7a3f\u306e\u6838\u5fc3\u3067\u3042\u308b\u3002\u81a8\u3089\u3093\u3067\u3044\u308b\u6d41\u52d5\u6027\u306e<strong>\u300c\u8cea\u300d\u304c\u5909\u308f\u3063\u305f<\/strong>\u3002\u3044\u307e\u4e16\u754c\u306b\u4f9b\u7d66\u3055\u308c\u3066\u3044\u308b\u8cc7\u91d1\u306f\u3001\u5065\u5168\u306a\u4fe1\u7528\u9700\u8981\u304b\u3089\u751f\u307e\u308c\u308b\u300c\u6210\u9577\u306e\u30de\u30cd\u30fc\u300d\u3067\u306f\u306a\u304f\u3001\u5de8\u984d\u306e\u8ca1\u653f\u8d64\u5b57\u3092\u4e2d\u592e\u9280\u884c\u304c\u7a74\u57cb\u3081\u3059\u308b\u300c<span class=\"em-warn\">\u50b5\u52d9\u306e\u30de\u30cd\u30fc<\/span>\u300d\u306e\u8272\u3092\u6fc3\u304f\u3057\u3066\u3044\u308b\u3002FRB\u306f\u3082\u306f\u3084\u3001\u81ea\u3089\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3092\u8ca1\u653f\u5f53\u5c40\u306b\u660e\u3051\u6e21\u3057\u3064\u3064\u3042\u308b\u3002\u7de9\u548c\u306f\u7de9\u548c\u3067\u3082\u3001\u597d\u6cc1\u306e\u7de9\u548c\u3067\u306f\u306a\u304f\u3001\u6a5f\u69cb\u3092\u56de\u3059\u305f\u3081\u306e\u9632\u885b\u7684\u306a\u7de9\u548c\u3060\u3002<\/p>\n    <blockquote class=\"pull\">\u305d\u308c\u3092\u91cf\u7684\u7de9\u548c\u3068\u547c\u307c\u3046\u304c\u3001\u5225\u306e\u540d\u524d\u3067\u547c\u307c\u3046\u304c\u3001\u4e2d\u8eab\u306f\u8ca1\u653f\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3067\u3042\u308b\u3002<\/blockquote>\n    <p>\u3053\u306e\u3088\u3046\u306a\u300c\u901a\u8ca8\u4fa1\u5024\u306e\u5e0c\u8584\u5316(\u30c7\u30d9\u30fc\u30b9\u30e1\u30f3\u30c8)\u300d\u304c\u4e3b\u56e0\u306e\u91d1\u4f59\u308a\u3067\u3001\u3057\u304b\u3082\u4e2d\u6771\u767a\u306e\u30a4\u30f3\u30d5\u30ec\u304c\u7c98\u308b\u5c40\u9762\u3067\u4f55\u304c\u8d77\u304d\u308b\u304b\u3002\u5e02\u5834\u306f\u3059\u3067\u306b\u7b54\u3048\u3092\u51fa\u3057\u3066\u3044\u308b\u3002<strong>\u91d1(\u30b4\u30fc\u30eb\u30c9)\u306f\u8a18\u9332\u3092\u66f4\u65b0\u3057\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306f\u904e\u5270\u6d41\u52d5\u6027\u4e0b\u3067\u3082\u8edf\u8abf<\/strong>\u2500\u2500\u3053\u306e\u5bfe\u7167\u3053\u305d\u3001\u3044\u307e\u306e\u6d41\u52d5\u6027\u306e\u6b63\u4f53\u3092\u6620\u3059\u93e1\u3060\u3002\u898f\u5f8b\u3042\u308b\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306e\u542b\u610f\u306f\u3001\u672c\u7a3f\u306e\u6700\u5f8c\u3067\u8ff0\u3079\u308b\u3002<\/p>\n  <\/div>\n\n  <!-- ============ SECTION 1 ============ -->\n  <section>\n    <p class=\"secnum\">01 \u2500\u2500 \u91cf<\/p>\n    <h2>\u7dcf\u91cf\u306f\u53f2\u4e0a\u6700\u5927\u3002\u305d\u3057\u3066\u518d\u52a0\u901f\u3057\u3066\u3044\u308b<\/h2>\n    <p>\u307e\u305a\u5168\u4f53\u50cf\u304b\u3089\u3002\u4e16\u754c\u306e\u4e2d\u592e\u9280\u884c\u304c\u4f9b\u7d66\u3059\u308b\u30de\u30cd\u30fc\u306e\u7dcf\u91cf\u306f\u3001\u6e1b\u308b\u3069\u3053\u308d\u304b\u3001\u904e\u53bb\u6700\u9ad8\u3092\u66f4\u65b0\u3057\u7d9a\u3051\u3066\u3044\u308b\u3002\u7c73\u56fd\u30fb\u30e6\u30fc\u30ed\u570f\u30fb\u65e5\u672c\u30fb\u4e2d\u56fd\u306a\u3069\u306e\u5e83\u7fa9\u30de\u30cd\u30fc(M2)\u3092\u30c9\u30eb\u63db\u7b97\u3067\u5408\u7b97\u3057\u305f\u30b0\u30ed\u30fc\u30d0\u30eb\u30fb\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u306f\u30012025\u5e7412\u6708\u306b\u7d04<strong>144\u5146\u30c9\u30eb<\/strong>\u306b\u5230\u9054\u3057\u305f\u3002\u524d\u5e74\u540c\u6708\u6bd4\u3067\u7d0413.6\u5146\u30c9\u30eb\u3001\u7387\u306b\u3057\u3066<strong>+10.4%<\/strong>\u306e\u5897\u52a0\u3002\u3057\u304b\u3082\u3053\u308c\u306f3\u30f6\u6708\u9023\u7d9a\u3067\u4f38\u3073\u304c\u52a0\u901f\u3057\u305f\u6570\u5b57\u3067\u3042\u308b\u3002<\/p>\n    <p>\u4e0b\u306e\u30c1\u30e3\u30fc\u30c8\u304c\u793a\u3059\u3068\u304a\u308a\u30012020\u5e74\u306e\u30b3\u30ed\u30ca\u5371\u6a5f\u3067\u4e00\u6bb5\u30ae\u30a2\u304c\u4e0a\u304c\u308a\u30012022\u301c2023\u5e74\u306e\u5404\u56fdQT\u5c40\u9762\u3067\u3044\u3063\u305f\u3093\u8e0a\u308a\u5834\u3092\u3064\u3051\u305f\u3042\u3068\u30012024\u5e74\u4ee5\u964d\u3075\u305f\u305f\u3073\u4e0a\u6607\u57fa\u8abf\u306b\u623b\u3063\u305f\u3002\u5f15\u304d\u7de0\u3081\u3067\u4e00\u5ea6\u306f\u6b62\u307e\u3063\u305f\u86c7\u53e3\u304c\u3001\u518d\u3073\u958b\u3044\u3066\u3044\u308b\u3002\u3053\u308c\u304c\u300c\u91d1\u4f59\u308a\u306f\u7d42\u308f\u3063\u305f\u306e\u304b?\u300d\u3078\u306e\u3001\u6700\u3082\u5358\u7d14\u3067\u52d5\u304b\u3057\u304c\u305f\u3044\u7b54\u3048\u3060\u3002<span class=\"em-tide\">\u7dcf\u91cf\u3067\u306f\u3001\u7d42\u308f\u3063\u3066\u3044\u306a\u3044\u3002<\/span><\/p>\n\n    <figure class=\"chart\">\n      <div class=\"chead\">\n        <h3>\u30b0\u30ed\u30fc\u30d0\u30eb\u30fb\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4(\u5e83\u7fa9\u30de\u30cd\u30fc\u3001\u30c9\u30eb\u63db\u7b97)<\/h3>\n        <p class=\"csub\">\u6982\u7b97\u30fb\u5146\u30c9\u30eb \/ 2018\u21922025\u5e74\u3002\u4e3b\u8981\u56fdM2\u306e\u30c9\u30eb\u5408\u7b97\u30d9\u30fc\u30b9<\/p>\n      <\/div>\n      <svg viewBox=\"0 0 800 430\" role=\"img\" aria-label=\"\u4e16\u754c\u306e\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u306e\u63a8\u79fb\u30c1\u30e3\u30fc\u30c8\">\n        <!-- gridlines -->\n        <line class=\"grid\" x1=\"70\" y1=\"370\" x2=\"770\" y2=\"370\"\/>\n        <line class=\"grid\" x1=\"70\" y1=\"275.7\" x2=\"770\" y2=\"275.7\"\/>\n        <line class=\"grid\" x1=\"70\" y1=\"181.4\" x2=\"770\" y2=\"181.4\"\/>\n        <line class=\"grid\" x1=\"70\" y1=\"87.1\" x2=\"770\" y2=\"87.1\"\/>\n        <text class=\"ax\" x=\"60\" y=\"374\" text-anchor=\"end\">80<\/text>\n        <text class=\"ax\" x=\"60\" y=\"279\" 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<p>\u7dcf\u91cf\u306e\u8a71\u306b\u65b9\u5411\u306e\u8a71\u3092\u91cd\u306d\u308b\u30022026\u5e74\u6700\u5927\u306e\u30de\u30af\u30ed\u4e8b\u4ef6\u306f\u3001\u7c73FRB\u306e\u8ee2\u63db\u3060\u3002FRB\u306f\u30b3\u30ed\u30ca\u5f8c\u306b\u81a8\u3089\u3093\u3060\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3092\u7e2e\u5c0f\u3059\u308b\u91cf\u7684\u5f15\u304d\u7de0\u3081(QT)\u30922022\u5e746\u6708\u304b\u3089\u7d9a\u3051\u3066\u304d\u305f\u304c\u3001\u3053\u308c\u3092<strong>2025\u5e7412\u67081\u65e5\u306b\u7d42\u4e86<\/strong>\u3057\u305f\u3002\u5e02\u5834\u306e\u591a\u304f\u304c\u300c2026\u5e74\u521d\u300d\u3068\u898b\u3066\u3044\u305f\u3088\u308a\u65e9\u3044\u5e55\u5f15\u304d\u3067\u3042\u308b\u3002<\/p>\n    <p>\u3055\u3089\u306b\u305d\u306e\u6570\u65e5\u5f8c\u3001FRB\u306f\u300c\u6e96\u5099\u9810\u91d1\u7ba1\u7406\u76ee\u7684\u306e\u8cb7\u3044\u5165\u308c(RMP)\u300d\u3068\u79f0\u3057\u3066\u3001\u77ed\u671f\u56fd\u50b5\u3092\u6bce\u6708\u8cb7\u3044\u59cb\u3081\u305f\u3002\u540d\u524d\u3053\u305d\u9055\u3048\u3069\u3001\u65b0\u305f\u306a\u8cc7\u91d1\u3092\u5237\u3063\u3066\u56fd\u50b5\u3092\u8cb7\u3044\u5165\u308c\u308b\u4ee5\u4e0a\u3001\u6a5f\u80fd\u306f\u91cf\u7684\u7de9\u548c\u305d\u306e\u3082\u306e\u3060\u3002\u540c\u6642\u306b\u653f\u7b56\u91d1\u5229\u30823.50\u301c3.75%\u3078\u5f15\u304d\u4e0b\u3052\u305f\u3002FRB\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306f2022\u5e74\u306e8.9\u5146\u30c9\u30eb\u304b\u30892025\u5e74\u672b\u306b6.6\u5146\u30c9\u30eb\u307e\u3067\u7e2e\u3093\u3060\u304c\u3001\u3044\u307e\u518d\u3073\u5897\u52a0\u306b\u8ee2\u3058\u3066\u3044\u308b\u3002\u4e0b\u306e\u30c1\u30e3\u30fc\u30c8\u306e\u672b\u5c3e\u3001\u308f\u305a\u304b\u306b\u4e0a\u3092\u5411\u3044\u305f\u70b9\u304c\u300c\u8ee2\u63db\u300d\u306e\u77ac\u9593\u3067\u3042\u308b\u3002<\/p>\n\n 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class=\"cap\"><b>\u8aad\u307f\u7b4b:<\/b> \u7e2e\u5c0f\u306f\u300c\u30b3\u30ed\u30ca\u81a8\u5f35\u306e\u534a\u5206\u300d\u3092\u623b\u3057\u305f\u3068\u3053\u308d\u3067\u6253\u3061\u5207\u308a\u3002\u86c7\u53e3\u306f\u9589\u304b\u3089\u958b\u3078\u3002FRB\u306f\u3059\u3067\u306b\u8cb7\u3044\u624b\u5074\u306b\u623b\u3063\u3066\u3044\u308b\u3002<\/p>\n    <\/figure>\n\n    <p>\u30de\u30cd\u30fc\u30b9\u30c8\u30c3\u30af\u5074\u3067\u3082\u540c\u3058\u8ee2\u63db\u304c\u78ba\u8a8d\u3067\u304d\u308b\u3002\u7c73\u56fd\u306eM2\u306f2026\u5e744\u6708\u306b\u904e\u53bb\u6700\u9ad8\u306e22.8\u5146\u30c9\u30eb\u3092\u66f4\u65b0\u3057\u3001\u524d\u5e74\u6bd4\u306e\u4f38\u3073\u7387\u306f5\u6708\u306b<strong>+5.6%<\/strong>\u307e\u3067\u56de\u5fa9\u3057\u305f\u3002\u601d\u3044\u51fa\u3057\u3066\u307b\u3057\u3044\u306e\u306f\u30012023\u5e744\u6708\u306bM2\u304c<span class=\"em-warn\">\u524d\u5e74\u6bd4\u22124.6%<\/span>\u2500\u25001930\u5e74\u4ee3\u4ee5\u6765\u3068\u306a\u308b\u30de\u30a4\u30ca\u30b9\u6210\u9577\u3092\u8a18\u9332\u3057\u305f\u3053\u3068\u3060\u3002\u3042\u306e\u53ce\u7e2e\u5c40\u9762\u304b\u3089\u3001\u4f38\u3073\u7387\u306f\u5b8c\u5168\u306b\u30d7\u30e9\u30b9\u570f\u3078\u623b\u3063\u3066\u304d\u305f\u3002\u4e0b\u306e\u30c1\u30e3\u30fc\u30c8\u306e\u300c\u632f\u308a\u5b50\u300d\u306f\u3001\u5f15\u304d\u7de0\u3081\u304b\u3089\u7de9\u548c\u3078\u306e\u56de\u5e30\u3092\u4e00\u76ee\u3067\u793a\u3057\u3066\u3044\u308b\u3002<\/p>\n\n    <figure class=\"chart\">\n      <div class=\"chead\">\n        <h3>\u7c73M2\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4 \u524d\u5e74\u6bd4\u4f38\u3073\u7387<\/h3>\n        <p class=\"csub\">% \/ 2021\u21922026\u5e74\u3002\u53ce\u7e2e\u304b\u3089\u306e\u56de\u5e30<\/p>\n      <\/div>\n      <svg viewBox=\"0 0 800 430\" role=\"img\" aria-label=\"\u7c73M2\u524d\u5e74\u6bd4\u4f38\u3073\u7387\u30c1\u30e3\u30fc\u30c8\">\n        <!-- zero line -->\n        <line class=\"zero\" x1=\"70\" y1=\"300.5\" x2=\"770\" y2=\"300.5\"\/>\n        <text class=\"ax\" x=\"60\" y=\"304\" text-anchor=\"end\">0<\/text>\n        <!-- avg line -->\n        <line x1=\"70\" y1=\"246.7\" x2=\"770\" y2=\"246.7\" stroke=\"#7C90A8\" stroke-width=\"1\" stroke-dasharray=\"5 4\"\/>\n        <text class=\"annot-s\" x=\"770\" y=\"241\" text-anchor=\"end\" fill=\"#9DB0C6\">\u9577\u671f\u5e73\u5747 +6.2%<\/text>\n        <!-- y labels -->\n        <text class=\"ax\" x=\"60\" y=\"71\" text-anchor=\"end\">+27<\/text>\n        <text class=\"ax\" x=\"60\" y=\"344\" text-anchor=\"end\">-5<\/text>\n        <!-- bars: centers 128,245,362,478,595,712 width 70 -->\n        <rect x=\"93\" y=\"67.7\" width=\"70\" height=\"232.8\" fill=\"#4FB6AC\" opacity=\"0.85\" rx=\"2\"\/>\n        <rect x=\"210\" y=\"257.1\" width=\"70\" height=\"43.4\" fill=\"#4FB6AC\" opacity=\"0.85\" rx=\"2\"\/>\n        <rect x=\"327\" y=\"300.5\" width=\"70\" height=\"40\" fill=\"#D0654F\" opacity=\"0.9\" rx=\"2\"\/>\n        <rect x=\"443\" y=\"296.2\" width=\"70\" height=\"6\" fill=\"#4FB6AC\" opacity=\"0.85\" rx=\"2\"\/>\n        <rect x=\"560\" y=\"265.8\" width=\"70\" height=\"34.7\" fill=\"#4FB6AC\" opacity=\"0.85\" rx=\"2\"\/>\n        <rect x=\"677\" y=\"251.9\" width=\"70\" height=\"48.6\" fill=\"#C9A24B\" rx=\"2\"\/>\n        <!-- value labels -->\n        <text class=\"ax\" x=\"128\" y=\"58\" text-anchor=\"middle\" fill=\"#74D4C8\">+26.8<\/text>\n        <text class=\"ax\" x=\"362\" y=\"357\" text-anchor=\"middle\" fill=\"#D0654F\">-4.6<\/text>\n        <text class=\"ax\" x=\"712\" y=\"242\" text-anchor=\"middle\" fill=\"#E6C674\">+5.6<\/text>\n        <!-- x labels -->\n        <text class=\"ax\" x=\"128\" y=\"392\" text-anchor=\"middle\">&#8217;21<\/text>\n        <text class=\"ax\" x=\"245\" y=\"392\" text-anchor=\"middle\">&#8217;22<\/text>\n        <text class=\"ax\" x=\"362\" y=\"392\" text-anchor=\"middle\">&#8217;23<\/text>\n        <text class=\"ax\" x=\"478\" y=\"392\" text-anchor=\"middle\">&#8217;24<\/text>\n        <text class=\"ax\" x=\"595\" y=\"392\" text-anchor=\"middle\">&#8217;25<\/text>\n        <text class=\"ax\" x=\"712\" y=\"392\" text-anchor=\"middle\">&#8217;26<\/text>\n        <text class=\"annot-s\" x=\"362\" y=\"415\" text-anchor=\"middle\" fill=\"#D0654F\">1930\u5e74\u4ee3\u4ee5\u6765\u306e\u30de\u30a4\u30ca\u30b9<\/text>\n      <\/svg>\n      <p class=\"cap\"><b>\u8aad\u307f\u7b4b:<\/b> +27%(\u904e\u71b1)\u2192\u22124.6%(\u53ce\u7e2e)\u2192+5.6%(\u56de\u5e30)\u3002\u65b9\u5411\u306f\u660e\u78ba\u306b\u518d\u62e1\u5927\u3002\u305f\u3060\u3057\u9577\u671f\u5e73\u57476.2%\u306b\u306f\u307e\u3060\u5c4a\u304b\u305a\u3001\u4f38\u3073\u306f\u300c\u5e73\u5747\u4ee5\u4e0b\u300d\u3067\u3042\u308b\u70b9\u306b\u7559\u610f\u3002<\/p>\n    <\/figure>\n  <\/section>\n\n  <!-- ============ SECTION 3 ============ -->\n  <section>\n    <p class=\"secnum\">03 \u2500\u2500 \u8cea<\/p>\n    <h2>\u3053\u3053\u304b\u3089\u304c\u672c\u984c \u2500\u2500 \u81a8\u3089\u3080\u6d41\u52d5\u6027\u306e\u300c\u6c34\u8cea\u300d\u304c\u5909\u308f\u3063\u305f<\/h2>\n    <p>\u7dcf\u91cf\u306f\u6700\u5927\u3001\u65b9\u5411\u306f\u7de9\u548c\u3002\u3053\u3053\u307e\u3067\u306a\u3089\u5358\u7d14\u306a\u300c\u91d1\u4f59\u308a\u7d99\u7d9a\u300d\u3067\u8a71\u306f\u7d42\u308f\u308b\u3002\u3060\u304c\u898f\u5f8b\u3042\u308b\u6295\u8cc7\u5bb6\u304c\u898b\u308b\u3079\u304d\u306f\u3001\u305d\u306e\u5148\u3060\u3002<strong>\u540c\u3058\u91d1\u4f59\u308a\u3067\u3082\u3001\u305d\u306e\u4e2d\u8eab(\u8cea)\u304c\u52a3\u5316\u3057\u3066\u3044\u308b\u3002<\/strong><\/p>\n    <p>\u7b2c\u4e00\u306e\u8a3c\u62e0\u3002FRB\u306f\u8cb7\u3044\u624b\u306b\u623b\u3063\u305f\u306e\u306b\u3001\u9280\u884c\u304c\u4e2d\u9280\u306b\u9810\u3051\u308b\u6e96\u5099\u9810\u91d1\u3082\u30cd\u30c3\u30c8\u6d41\u52d5\u6027\u3082\u30011\u5e74\u524d\u3088\u308a\u3080\u3057\u308d<span class=\"em-warn\">\u6e1b\u3063\u3066\u3044\u308b<\/span>\u3002\u6e96\u5099\u9810\u91d1\u306f\u7d043.0\u5146\u30c9\u30eb\u3068\u30011\u5e74\u524d\u306e\u7d043.4\u5146\u30c9\u30eb\u304b\u3089\u76ee\u6e1b\u308a\u3057\u305f\u3002\u7406\u7531\u306f\u3001\u8ca1\u52d9\u7701\u53e3\u5ea7(TGA)\u306e\u7a4d\u307f\u5897\u3057\u3084\u73fe\u91d1\u9700\u8981\u306e\u5897\u52a0\u304c\u3001\u308f\u305a\u304b\u306a\u8cc7\u7523\u8cb7\u3044\u5165\u308c\u3092\u4e0a\u56de\u3063\u3066\u8cc7\u91d1\u3092\u5438\u3044\u4e0a\u3052\u3066\u3044\u308b\u304b\u3089\u3060\u3002\u3064\u307e\u308aFRB\u306f\u3001\u6a5f\u69cb\u306e\u8cc7\u91d1\u304c\u67af\u308c\u306a\u3044\u3088\u3046\u306b\u3059\u308b\u305f\u3081\u306b\u3001\u3044\u3084\u304a\u3046\u306a\u304f\u5237\u3089\u3055\u308c\u3066\u3044\u308b\u3002\u653b\u3081\u306e\u7de9\u548c\u3067\u306f\u306a\u304f\u3001\u5b88\u308a\u306e\u7de9\u548c\u3067\u3042\u308b\u3002<\/p>\n    <p>\u7b2c\u4e8c\u306e\u8a3c\u62e0\u30022022\u301c2024\u5e74\u306eQT\u3092\u5438\u53ce\u3059\u308b\u7de9\u885d\u6750\u3060\u3063\u305f\u300c\u30ea\u30d0\u30fc\u30b9\u30ec\u30dd(RRP)\u300d\u6b8b\u9ad8\u306f\u3001\u30d4\u30fc\u30af\u306e\u7d042.5\u5146\u30c9\u30eb\u304b\u3089\u3001\u3044\u307e\u3084<strong>\u307b\u307c\u30bc\u30ed(\u7d0420\u5104\u30c9\u30eb)<\/strong>\u307e\u3067\u67af\u6e07\u3057\u305f\u3002\u3053\u308c\u307e\u3067\u5e02\u5834\u306e\u6d41\u52d5\u6027\u4f4e\u4e0b\u3092\u548c\u3089\u3052\u3066\u304d\u305f\u30af\u30c3\u30b7\u30e7\u30f3\u304c\u3001\u3082\u3046\u5b58\u5728\u3057\u306a\u3044\u3002\u6b21\u306b\u8cc7\u91d1\u304c\u903c\u8feb\u3059\u308c\u3070\u3001\u305d\u306e\u885d\u6483\u3092\u5438\u53ce\u3059\u308b\u306e\u306fFRB\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u62e1\u5927\u3057\u304b\u306a\u3044\u3002<\/p>\n    <p>\u305d\u3057\u3066\u6839\u5e95\u306b\u3042\u308b\u306e\u304c\u3001\u7d042\u5146\u30c9\u30eb\u306b\u81a8\u3089\u3093\u3060\u7c73\u56fd\u306e\u8ca1\u653f\u8d64\u5b57\u3060\u3002\u3053\u308c\u3092\u8cc4\u3046\u305f\u3081\u306e\u56fd\u50b5\u767a\u884c\u304c\u3001\u30ec\u30dd\u5e02\u5834\u306e\u8cc7\u91d1\u9700\u8981\u3092\u6052\u5e38\u7684\u306b\u62bc\u3057\u4e0a\u3052\u7d9a\u3051\u308b\u3002FRB\u306f\u5229\u4e0a\u3052\u30fb\u5229\u4e0b\u3052\u306e\u4e3b\u5c0e\u6a29\u3053\u305d\u63e1\u308b\u304c\u3001\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e\u898f\u6a21\u306b\u95a2\u3057\u3066\u306f\u3001\u3082\u306f\u3084\u8ca1\u653f\u5f53\u5c40\u306b\u4e3b\u5c0e\u6a29\u3092\u596a\u308f\u308c\u3064\u3064\u3042\u308b\u3002\u3053\u308c\u304c\u300c\u8ca1\u653f\u5f93\u5c5e(\u30d5\u30a3\u30b9\u30ab\u30eb\u30fb\u30c9\u30df\u30ca\u30f3\u30b9)\u300d\u3068\u547c\u3070\u308c\u308b\u69cb\u56f3\u3060\u3002<\/p>\n    <div class=\"nums\">\n      <div class=\"numcard\"><p class=\"v tide\">\u2248$2B<\/p><p class=\"l\">\u30ea\u30d0\u30fc\u30b9\u30ec\u30dd\u6b8b\u9ad8\u3002\u30d4\u30fc\u30af\u7d042.5\u5146\u30c9\u30eb\u304b\u3089\u307b\u307c\u67af\u6e07\u3002\u7de9\u885d\u6750\u306f\u6d88\u3048\u305f<\/p><\/div>\n      <div class=\"numcard\"><p class=\"v tide\">\u2248$3.0T<\/p><p class=\"l\">\u9280\u884c\u6e96\u5099\u9810\u91d1\u30021\u5e74\u524d\u306e\u7d043.4\u5146\u30c9\u30eb\u304b\u3089\u6e1b\u5c11\u3002\u6c34\u6e96\u306f\u306a\u304a\u5f15\u304d\u7de0\u307e\u308a\u6c17\u5473<\/p><\/div>\n      <div class=\"numcard\"><p class=\"v\">\u2248$2T<\/p><p class=\"l\">\u7c73\u8ca1\u653f\u8d64\u5b57\u3002\u3053\u308c\u3092\u8cc4\u3046\u56fd\u50b5\u767a\u884c\u304cFRB\u306e\u7de9\u548c\u3092\u300c\u5f37\u5236\u300d\u3059\u308b<\/p><\/div>\n    <\/div>\n    <p>\u8981\u3059\u308b\u306b\u3001\u6f6e\u306f\u6e80\u3061\u3066\u3044\u308b\u304c\u3001\u6c34\u8cea\u306f\u300c\u6210\u9577\u306e\u771f\u6c34\u300d\u304b\u3089\u300c\u8d64\u5b57\u306e\u6fc1\u308a\u6c34\u300d\u3078\u3068\u5909\u308f\u308a\u3064\u3064\u3042\u308b\u3002\u91cf\u306f\u591a\u3044\u304c\u8cea\u306f\u60aa\u3044\u2500\u2500\u3053\u306e\u7d44\u307f\u5408\u308f\u305b\u304c\u3001\u5f8c\u6bb5\u3067\u898b\u308b\u91d1\u9ad8\u30fb\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u5b89\u3068\u3044\u3046\u5e02\u5834\u306e\u7b54\u3048\u306b\u76f4\u7d50\u3059\u308b\u3002<\/p>\n  <\/section>\n\n  <!-- ============ SECTION 4 ============ -->\n  <section>\n    <p class=\"secnum\">04 \u2500\u2500 \u4e0d\u5354\u548c\u97f3<\/p>\n    <h2>\u4e16\u754c\u306f\u4e00\u6589\u7de9\u548c\u3067\u306f\u306a\u3044 \u2500\u2500 \u4e2d\u592e\u9280\u884c\u306e\u65b9\u5411\u306f\u30d0\u30e9\u30d0\u30e9<\/h2>\n    <p>\u3082\u3046\u4e00\u3064\u3001\u91cd\u8981\u306a\u4f46\u3057\u66f8\u304d\u304c\u3042\u308b\u3002\u300c\u91d1\u4f59\u308a\u300d\u3068\u805e\u304f\u3068\u4e16\u754c\u4e2d\u306e\u4e2d\u9280\u304c\u8db3\u4e26\u307f\u3092\u63c3\u3048\u3066\u7de9\u548c\u3057\u3066\u3044\u308b\u30a4\u30e1\u30fc\u30b8\u3092\u62b1\u304d\u304c\u3061\u3060\u304c\u3001\u5b9f\u614b\u306f<strong>\u4e0d\u5354\u548c\u97f3<\/strong>\u3060\u3002\u6d41\u52d5\u6027\u306e\u6700\u5927\u306e\u4f9b\u7d66\u8005\u3067\u3042\u308b\u7c73\u56fd\u304c\u65b9\u5411\u3092\u8ee2\u63db\u3057\u305f\u4e00\u65b9\u3001\u65e5\u672c\u306f\u9006\u306b\u5f15\u304d\u7de0\u3081\u3001\u4e2d\u56fd\u306f\u7de9\u548c\u7684\u3060\u304c\u69d8\u5b50\u898b\u2500\u2500\u4e09\u8005\u4e09\u69d8\u3067\u3042\u308b\u3002<\/p>\n\n    <div class=\"policy\">\n      <div class=\"pcell ease\">\n        <p class=\"bank\">\u7c73FRB<\/p>\n        <p class=\"stance\"><span class=\"arrow\">\u25bc<\/span> \u7de9\u548c\u3078\u8ee2\u63db<\/p>\n        <p class=\"rate\">3.50\u20133.75<small>%<\/small><\/p>\n        <p class=\"note\">QT\u309225\u5e7412\u6708\u306b\u7d42\u4e86\u3002RMP(\u4e8b\u5b9f\u4e0a\u306eQE)\u958b\u59cb\u3002\u5229\u4e0b\u3052\u5c40\u9762\u3002\u6d41\u52d5\u6027\u306e\u86c7\u53e3\u306f\u300c\u958b\u300d<\/p>\n      <\/div>\n      <div class=\"pcell tight\">\n        <p class=\"bank\">\u65e5\u9280<\/p>\n        <p class=\"stance\"><span class=\"arrow\">\u25b2<\/span> \u5f15\u304d\u7de0\u3081\u7d99\u7d9a<\/p>\n        <p class=\"rate\">1.00<small>%<\/small><\/p>\n        <p class=\"note\">26\u5e746\u6708\u306b1.0%\u3078\u5229\u4e0a\u3052(31\u5e74\u3076\u308a\u9ad8\u6c34\u6e96)\u3002\u56fd\u50b5\u8cb7\u3044\u5165\u308c\u6e1b\u984d\u306f27\u5e744\u6708\u307e\u3067\u7d99\u7d9a\u3002\u4e16\u754c\u306e\u4f8b\u5916<\/p>\n      <\/div>\n      <div class=\"pcell hold\">\n        <p class=\"bank\">\u4e2d\u56fd\u4eba\u6c11\u9280\u884c<\/p>\n        <p class=\"stance\"><span class=\"arrow\">\u25b6<\/span> \u7de9\u548c\u7684\u30fb\u69d8\u5b50\u898b<\/p>\n        <p class=\"rate\">3.00<small>%<\/small><\/p>\n        <p class=\"note\">\u6700\u512a\u9047\u8cb8\u51fa\u91d1\u5229(LPR)\u309213\u30f6\u6708\u636e\u3048\u7f6e\u304d\u3002\u4e0b\u5730\u306f\u7de9\u548c\u7684\u3060\u304c\u3001\u666f\u6c17\u5e95\u5805\u3055\u3068\u4e2d\u6771\u30a4\u30f3\u30d5\u30ec\u3067\u8ffd\u52a0\u7de9\u548c\u306f\u4f11\u6b62<\/p>\n      <\/div>\n      <div class=\"pcell hold\">\n        <p class=\"bank\">ECB<\/p>\n        <p class=\"stance\"><span class=\"arrow\">\u25b6<\/span> \u636e\u3048\u7f6e\u304d\u30fb\u8b66\u6212<\/p>\n        <p class=\"rate\">\u69d8\u5b50\u898b<small><\/small><\/p>\n        <p class=\"note\">\u4e2d\u6771\u767a\u306e\u30a8\u30cd\u30eb\u30ae\u30fc\u4fa1\u683c\u4e0a\u6607\u3092\u8b66\u6212\u3057\u3001\u5f53\u9762\u306f\u636e\u3048\u7f6e\u304d\u30b9\u30bf\u30f3\u30b9<\/p>\n      <\/div>\n    <\/div>\n    <p>\u3068\u308a\u308f\u3051\u65e5\u9280\u306e\u5229\u4e0a\u3052\u306f\u3001\u30b0\u30ed\u30fc\u30d0\u30eb\u6d41\u52d5\u6027\u306b\u3068\u3063\u3066\u9006\u98a8\u3060\u3002\u9577\u5e74\u300c\u4e16\u754c\u306e\u5b89\u3044\u8cc7\u91d1\u306e\u51fa\u3057\u624b\u300d\u3060\u3063\u305f\u5186\u306e\u8abf\u9054\u30b3\u30b9\u30c8\u304c\u4e0a\u304c\u308c\u3070\u3001\u305d\u308c\u3092\u501f\u308a\u3066\u30ea\u30b9\u30af\u8cc7\u7523\u306b\u6295\u3058\u308b\u52d5\u304d(\u5186\u30ad\u30e3\u30ea\u30fc)\u304c\u7d30\u308b\u3002\u4e16\u754c\u306e\u91d1\u4f59\u308a\u306f\u3001\u7c73\u56fd\u304c\u518d\u62e1\u5927\u3067\u62bc\u3057\u4e0a\u3052\u308b\u4e00\u65b9\u3001\u65e5\u672c\u304c\u5f15\u304d\u7de0\u3081\u3067\u5438\u3044\u4e0a\u3052\u308b\u3068\u3044\u3046\u3001\u7db1\u5f15\u304d\u306e\u69d8\u76f8\u3092\u5448\u3057\u3066\u3044\u308b\u3002<span class=\"em-tide\">\u4e00\u6589\u7de9\u548c\u306e\u5927\u6ce2\u3067\u306f\u306a\u304f\u3001\u65b9\u5411\u306e\u7570\u306a\u308b\u6f6e\u6d41\u304c\u3076\u3064\u304b\u308a\u5408\u3046\u6d77\u57df<\/span>\u2500\u2500\u305d\u308c\u304c\u3044\u307e\u306e\u5c40\u9762\u3060\u3002<\/p>\n  <\/section>\n\n  <!-- ============ SECTION 5 ============ -->\n  <section>\n    <p class=\"secnum\">05 \u2500\u2500 \u5e02\u5834\u306e\u7b54\u3048<\/p>\n    <h2>\u91d1\u3068\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u304c\u544a\u3052\u3066\u3044\u308b\u3053\u3068<\/h2>\n    <p>\u30de\u30af\u30ed\u8ad6\u306f\u3001\u6700\u5f8c\u306f\u8cc7\u7523\u4fa1\u683c\u3067\u7b54\u3048\u5408\u308f\u305b\u3092\u3057\u306a\u3051\u308c\u3070\u610f\u5473\u304c\u306a\u3044\u3002\u305d\u3057\u3066\u5e02\u5834\u306f\u3001\u3059\u3067\u306b\u660e\u5feb\u306a\u7b54\u3048\u3092\u51fa\u3057\u3066\u3044\u308b\u3002<strong>\u91d1\u306f\u8a18\u9332\u3092\u66f4\u65b0\u3057\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306f\u904e\u5270\u6d41\u52d5\u6027\u306e\u306a\u304b\u3067\u3082\u8edf\u8abf<\/strong>\u3002\u3053\u306e\u5bfe\u7167\u3053\u305d\u3001\u3044\u307e\u306e\u6d41\u52d5\u6027\u306e\u300c\u8cea\u300d\u3092\u6620\u3059\u93e1\u3060\u3002<\/p>\n    <p>\u91d1\u306f2026\u5e741\u6708\u306b1\u30aa\u30f3\u30b9=\u7d045,589\u30c9\u30eb\u306e\u53f2\u4e0a\u6700\u9ad8\u5024\u3092\u3064\u3051\u3001\u305d\u306e\u5f8c\u306f\u7d044,600\u30c9\u30eb\u524d\u5f8c\u3078\u8abf\u6574\u3057\u305f\u3082\u306e\u306e\u30012025\u5e74\u521d\u304b\u3089\u306e\u4e0a\u6607\u7387\u306f\u306a\u304a\u7d048\u5272\u306b\u9054\u3059\u308b\u3002\u5404\u56fd\u4e2d\u592e\u9280\u884c\u306f\u91d1\u306e\u8cfc\u5165\u30da\u30fc\u30b9\u3092\u500d\u5897\u3055\u305b\u3001ETF\u306b\u306f\u8a18\u9332\u7684\u306a\u8cc7\u91d1\u304c\u6d41\u5165\u3057\u305f\u3002\u91d1\u306f\u300c\u30b0\u30ed\u30fc\u30d0\u30eb\u30fb\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u306b\u3074\u3063\u305f\u308a\u8ffd\u968f\u3059\u308b\u300d\u52d5\u304d\u3092\u7d9a\u3051\u3066\u3044\u308b\u3002\u901a\u8ca8\u4fa1\u5024\u306e\u5e0c\u8584\u5316\u306b\u8ced\u3051\u308b\u306a\u3089\u91d1\u2500\u2500\u3053\u306e\u53e4\u5178\u7684\u306a\u30c7\u30d9\u30fc\u30b9\u30e1\u30f3\u30c8\u30fb\u30c8\u30ec\u30fc\u30c9\u304c\u3001\u3044\u307e\u6a5f\u80fd\u3057\u3066\u3044\u308b\u3002<\/p>\n    <p>\u4e00\u65b9\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306f\u30012025\u5e7410\u6708\u306b\u7d0412.6\u4e07\u30c9\u30eb\u3067\u30d4\u30fc\u30af\u3092\u3064\u3051\u305f\u3042\u3068\u4e0b\u843d\u306b\u8ee2\u3058\u30012026\u5e74\u592e\u306b\u306f<span class=\"em-warn\">\u7d047.8\u4e07\u30c9\u30eb(\u30d4\u30fc\u30af\u6bd4 \u2212\u7d0438%)<\/span>\u307e\u3067\u6c88\u3093\u3060\u3002\u591a\u304f\u306eETF\u6295\u8cc7\u5bb6\u304c\u542b\u307f\u640d\u3092\u62b1\u3048\u308b\u6c34\u6e96\u3060\u3002\u8a18\u9332\u7684\u306a\u6d41\u52d5\u6027\u304c\u4f9b\u7d66\u3055\u308c\u3066\u3044\u308b\u306e\u306b\u3001\u306a\u305c\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306f\u6c88\u3080\u306e\u304b\u3002\u7b54\u3048\u306f\u300c\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306f\u3082\u306f\u3084\u6050\u6016\u306e\u30d8\u30c3\u30b8\u3067\u306f\u306a\u304f\u3001\u6d41\u52d5\u6027\u3068\u6295\u6a5f\u610f\u6b32\u306e\u4f53\u6e29\u8a08\u306b\u5909\u8cea\u3057\u305f\u300d\u304b\u3089\u3060\u3002\u3044\u307e\u306f\u6d41\u52d5\u6027\u306f\u6f64\u6ca2\u3067\u3082\u3001\u6295\u6a5f\u610f\u6b32\u306f\u5f31\u6c17\u2500\u2500\u305d\u306e\u7d50\u679c\u3001\u91d1\u3068\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u304c\u4e0a\u6607\u3059\u308b\u6a2a\u3067\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u3060\u3051\u304c\u53d6\u308a\u6b8b\u3055\u308c\u3066\u3044\u308b\u3002<\/p>\n\n    <figure class=\"chart\">\n      <div class=\"chead\">\n        <h3>\u91d1 vs \u30d3\u30c3\u30c8\u30b3\u30a4\u30f3(2025\u5e74\u521d=100)<\/h3>\n        <p class=\"csub\">\u6307\u6570\u5316 \/ \u904e\u5270\u6d41\u52d5\u6027\u4e0b\u3067\u306e\u30c7\u30ab\u30c3\u30d7\u30ea\u30f3\u30b0<\/p>\n      <\/div>\n      <svg viewBox=\"0 0 800 440\" role=\"img\" aria-label=\"\u91d1\u3068\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u76f8\u5bfe\u63a8\u79fb\u30c1\u30e3\u30fc\u30c8\">\n        <!-- baseline 100 -->\n        <line x1=\"70\" y1=\"308.1\" x2=\"770\" y2=\"308.1\" stroke=\"#3a5070\" stroke-width=\"1.2\" stroke-dasharray=\"5 4\"\/>\n        <text class=\"ax\" x=\"60\" y=\"312\" text-anchor=\"end\">100<\/text>\n        <line class=\"grid\" x1=\"70\" y1=\"205\" x2=\"770\" y2=\"205\"\/>\n        <text class=\"ax\" x=\"60\" y=\"209\" text-anchor=\"end\">150<\/text>\n        <line class=\"grid\" x1=\"70\" y1=\"101.9\" x2=\"770\" y2=\"101.9\"\/>\n        <text class=\"ax\" x=\"60\" y=\"106\" text-anchor=\"end\">200<\/text>\n        <!-- GOLD line -->\n        <polyline points=\"70,308.1 186.7,287.5 303.3,246.25 420,184.4 536.7,70.9 653.3,143.1 770,147.25\" fill=\"none\" stroke=\"#C9A24B\" stroke-width=\"3\"\/>\n        <circle cx=\"536.7\" cy=\"70.9\" r=\"5.5\" fill=\"#C9A24B\" stroke=\"#0E1726\" stroke-width=\"2\"\/>\n        <circle cx=\"770\" cy=\"147.25\" r=\"4.5\" fill=\"#C9A24B\" stroke=\"#0E1726\" stroke-width=\"2\"\/>\n        <!-- BTC line -->\n        <polyline points=\"70,308.1 186.7,318.4 303.3,287.5 420,235.9 536.7,291.6 653.3,339.1 770,341.1\" fill=\"none\" stroke=\"#7C97C8\" stroke-width=\"3\"\/>\n        <circle cx=\"420\" cy=\"235.9\" r=\"5.5\" fill=\"#7C97C8\" stroke=\"#0E1726\" stroke-width=\"2\"\/>\n        <circle cx=\"770\" cy=\"341.1\" r=\"4.5\" fill=\"#7C97C8\" stroke=\"#0E1726\" stroke-width=\"2\"\/>\n        <!-- labels -->\n        <text class=\"annot\" x=\"536.7\" y=\"58\" text-anchor=\"middle\" fill=\"#E6C674\">\u91d1 \u6700\u9ad8\u5024 \u2248$5,589<\/text>\n        <text class=\"annot-s\" x=\"775\" y=\"140\" text-anchor=\"end\" fill=\"#C9A24B\">\u91d1 +\u7d0480%<\/text>\n        <text class=\"annot-s\" x=\"412\" y=\"226\" text-anchor=\"end\" fill=\"#7C97C8\">BTC\u30d4\u30fc\u30af \u2248$12.6\u4e07<\/text>\n        <text class=\"annot-s\" x=\"775\" y=\"358\" text-anchor=\"end\" fill=\"#7C97C8\">BTC \u2248$7.8\u4e07 (\u2212\u7d0438%)<\/text>\n        <!-- x labels -->\n        <text class=\"ax\" x=\"70\" y=\"392\" text-anchor=\"middle\">&#8217;25\/1<\/text>\n        <text class=\"ax\" x=\"303.3\" y=\"392\" text-anchor=\"middle\">&#8217;25\/7<\/text>\n        <text class=\"ax\" x=\"536.7\" y=\"392\" text-anchor=\"middle\">&#8217;26\/1<\/text>\n        <text class=\"ax\" x=\"770\" y=\"392\" text-anchor=\"middle\">&#8217;26\/6<\/text>\n        <!-- legend -->\n        <rect x=\"70\" y=\"408\" width=\"22\" height=\"4\" fill=\"#C9A24B\" rx=\"2\"\/>\n        <text class=\"axjp\" x=\"98\" y=\"413\">\u91d1(\u30b4\u30fc\u30eb\u30c9)<\/text>\n        <rect x=\"230\" y=\"408\" width=\"22\" height=\"4\" fill=\"#7C97C8\" rx=\"2\"\/>\n        <text class=\"axjp\" x=\"258\" y=\"413\">\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3<\/text>\n      <\/svg>\n      <p class=\"cap\"><b>\u8aad\u307f\u7b4b:<\/b> \u540c\u3058\u8a18\u9332\u7684\u6d41\u52d5\u6027\u306e\u4e0b\u3067\u3001\u91d1\u306f\u4e0a\u3078\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306f\u4e0b\u3078\u3002\u4e21\u8005\u306e\u6c7a\u5225(\u30c7\u30ab\u30c3\u30d7\u30ea\u30f3\u30b0)\u306f\u3001\u3044\u307e\u306e\u91d1\u4f59\u308a\u304c\u300c\u6295\u6a5f\u306e\u8ffd\u3044\u98a8\u300d\u3067\u306f\u306a\u304f\u300c\u4fa1\u5024\u5e0c\u8584\u5316\u3078\u306e\u8b66\u6212\u300d\u306b\u3088\u3063\u3066\u99c6\u52d5\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u3092\u793a\u3059\u3002<\/p>\n    <\/figure>\n    <p>\u6559\u8a13\u306f\u30b7\u30f3\u30d7\u30eb\u3060\u3002<strong>\u6d41\u52d5\u6027\u304c\u6f64\u6ca2\u306a\u3060\u3051\u3067\u306f\u3001\u3059\u3079\u3066\u306e\u8cc7\u7523\u306f\u4e0a\u304c\u3089\u306a\u3044\u3002<\/strong>\u30ea\u30b9\u30af\u8cc7\u7523\u304c\u821e\u3044\u4e0a\u304c\u308b\u306b\u306f\u300c\u6d41\u52d5\u6027\u300d\u3068\u300c\u6295\u6a5f\u610f\u6b32\u300d\u306e\u4e21\u65b9\u304c\u8981\u308b\u3002\u3044\u307e\u306f\u524d\u8005\u306f\u3042\u308b\u304c\u5f8c\u8005\u304c\u306a\u3044\u3002\u3060\u304b\u3089\u91d1\u304c\u52dd\u3061\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u304c\u8ca0\u3051\u308b\u3002\u3053\u306e\u4e00\u70b9\u306f\u3001\u500b\u5225\u682a\u306e\u30c6\u30fc\u30de\u76f8\u5834\u3092\u8aad\u3080\u3046\u3048\u3067\u3082\u3001\u305d\u306e\u307e\u307e\u52b9\u3044\u3066\u304f\u308b\u8996\u70b9\u3060\u3002<\/p>\n  <\/section>\n\n  <!-- ============ SECTION 6 ============ -->\n  <section>\n    <p class=\"secnum\">06 \u2500\u2500 \u6295\u8cc7\u3078\u306e\u542b\u610f<\/p>\n    <h2>\u898f\u5f8b\u3042\u308b\u6295\u8cc7\u5bb6\u306f\u3053\u306e\u6d77\u57df\u3092\u3069\u3046\u822a\u304f<\/h2>\n    <p>\u3053\u3053\u307e\u3067\u3092\u675f\u306d\u308b\u3002\u4e16\u754c\u306f\u3044\u307e\u3001(1)\u7dcf\u91cf\u306f\u53f2\u4e0a\u6700\u5927\u3001(2)\u65b9\u5411\u306f\u7de9\u548c\u3078\u56de\u5e30\u3001\u3057\u304b\u3057(3)\u305d\u306e\u8cea\u306f\u8ca1\u653f\u8d64\u5b57\u306b\u99c6\u52d5\u3055\u308c\u305f\u300c\u30c7\u30d9\u30fc\u30b9\u30e1\u30f3\u30c8\u306e\u91d1\u4f59\u308a\u300d\u3078\u3068\u5909\u308f\u308a\u3001(4)\u5404\u56fd\u306e\u65b9\u5411\u306f\u30d0\u30e9\u30d0\u30e9\u3067\u3001\u4e2d\u6771\u767a\u30a4\u30f3\u30d5\u30ec\u304c\u7de9\u548c\u306e\u4e0a\u9650\u3092\u62bc\u3055\u3048\u3066\u3044\u308b\u2500\u2500\u3068\u3044\u3046\u3001\u8907\u96d1\u306a\u6d77\u57df\u306b\u3042\u308b\u3002<\/p>\n    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