{"id":2101,"date":"2021-05-14T12:47:05","date_gmt":"2021-05-14T03:47:05","guid":{"rendered":"https:\/\/www.commons30.jp\/contents\/?p=2101"},"modified":"2022-03-07T15:37:57","modified_gmt":"2022-03-07T06:37:57","slug":"%e3%81%aa%e3%82%8b%e3%81%bb%e3%81%a9%e3%80%81%e3%83%90%e3%83%aa%e3%83%a5%e3%83%bc%e6%a0%aa%e3%81%a8%e3%82%b0%e3%83%ad%e3%83%bc%e3%82%b9%e6%a0%aa%e3%81%ae%e5%8b%95%e3%81%8d%e3%81%8c%e5%a4%89%e3%82%8f","status":"publish","type":"post","link":"https:\/\/www.commons30.jp\/contents\/viewpoints\/trader-fucci\/2101\/","title":{"rendered":"\u306a\u308b\u307b\u3069\u3001\u30d0\u30ea\u30e5\u30fc\u682a\u3068\u30b0\u30ed\u30fc\u30b9\u682a\u306e\u52d5\u304d\u304c\u5909\u308f\u308c\u3070\u3001\u30d5\u30a1\u30f3\u30c9\u306e\u52d5\u304d\u3082\u5909\u308f\u308b\u3093\u3060\uff01\u00a0"},"content":{"rendered":"

\u6295\u4fe1\u3067\u306e\u8cc7\u7523\u3065\u304f\u308a\u3092\u30e1\u30a4\u30f3\u306b\u3057\u3064\u3064\u3001\u682a\u5f0f\u6295\u8cc7\u306e\u3053\u3068\u3082\u3061\u3083\u3093\u3068\u7406\u89e3\u3057\u305f\u3044\u4eba\u5411\u3051\u30b3\u30e9\u30e0<\/span><\/strong><\/p>\n

\u300c\u30c8\u30ec\u30fc\u30c0\u30fc\u3075\u3063\u3061\u30fc\u6d41\u306e\u6295\u8cc7\u6307\u6a19\u306e\u898b\u65b9\u300d<\/span><\/strong><\/p>\n

\n

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\u4eca\u56de\u306f\u3001\u30b3\u30e2\u30f3\u30ba\u306e<\/span>2<\/span>\u3064\u306e\u30d5\u30a1\u30f3\u30c9\u3001<\/span>\u300c\u30b3\u30e2\u30f3\u30ba30<\/span><\/a>\u30d5\u30a1\u30f3\u30c9\u300d<\/span>\u3068\u300c\u30b6\u30fb<\/span><\/a><\/span>2020\u30d3\u30b8\u30e7\u30f3\u300d<\/span>\u306e\u52d5\u304d\u3092\u904e\u53bb\u306e\u30de\u30fc\u30b1\u30c3\u30c8\u306e\u4e2d\u3067\u3001\u30d0\u30ea\u30e5\u30fc\u682a\u3001\u30b0\u30ed\u30fc\u30b9\u682a\u306e\u52d5\u304d\u3068\u4f75\u305b\u3066\u307f\u3066\u3044\u304f\u3053\u3068\u306b\u3057\u307e\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\u5148\u305a\u8db3\u4e0b\u3001\u4eca\u5e74\u306b\u306a\u3063\u3066\u304b\u3089\u306e\u52d5\u304d\u3067\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\"\"
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\"\"
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\u30b0\u30e9\u30d5<\/span>1<\/span>\uff09<\/span>\u3092\u307f\u308b\u3068<\/span>\u3001\u30d0\u30ea\u30e5\u30fc\u682a\uff08\u9752\uff09\u304c\u30b0\u30ed\u30fc\u30b9\u682a\uff08\u30aa\u30ec\u30f3\u30b8\uff09\u306b\u5bfe\u3057\u3066\u512a\u4f4d<\/strong>\u3068\u306a\u3063\u3066\u3044<\/span>\u308b\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u3002<\/span>\u30b0\u30e9\u30d5<\/span>2<\/span>\uff09\u306f\u3001\u30d0\u30ea\u30e5\u30fc\u682a\u3068\u30b0\u30ed\u30fc\u30b9\u682a\u306e\u5dee\uff08<\/strong><\/span>\u30b0\u30ec\u30fc\u3001TPX\u30d0\u30ea\u30e5\u30fc\u304b\u3089TPX<\/strong>\u30b0\u30ed\u30fc\u30b9\u3092\u5f15\u3044\u305f\u3082\u306e\uff09\u3067\u3059\u304c\u3001\u4eca\u5e74\u306b\u306a\u3063\u3066\u3069\u3093\u3069\u3093\u5927\u304d\u304f\u306a\u3063\u3066\u3044\u304f<\/strong>\u306e\u304c\u898b\u3066\u53d6\u308c\u307e\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\u3053\u308c\u306f\u3001\u524d\u56de<\/span>\u306b<\/span>\u304a\u8a71\u3092\u3057\u305f\u3088\u3046\u306b\u3001<\/span>\u65b0\u578b\u30b3\u30ed\u30ca\u30a6\u30a4\u30eb\u30b9\u306e\u30ef\u30af\u30c1\u30f3\u304c\u958b\u767a\u3055\u308c\u3066\u4ee5\u964d\u3001\u666f\u6c17<\/span>\u62e1\u5927<\/span>\u3078<\/span>\u306e\u671f\u5f85\u304c\u5927\u304d\u304f\u306a\u308a\u3001\u305d\u308c\u3068\u3068\u3082\u306b\u7c73\u56fd\u306e\u9577\u671f\u91d1\u5229\u304c\u4e0a\u6607\u3057\u3066\u30d0\u30ea\u30e5\u30fc\u682a\u512a\u4f4d\u306e\u5c55\u958b\u306b\u306a\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\u3067\u306f\u305d\u306e\u4e2d\u3067\u3001<\/span>\u30b3\u30e2\u30f3\u30ba\u306e<\/span>\u300c\u30b3\u30e2\u30f3\u30ba30<\/span>\u30d5\u30a1\u30f3\u30c9\u300d<\/span>\u3068\u300c\u30b6\u30fb<\/span><\/span>2020\u30d3\u30b8\u30e7\u30f3\u300d<\/span>\u306f\u3069\u3046\u3044\u3046\u52d5\u304d\u306b\u306a\u3063\u3066\u3044\u305f\u306e\u3067\u3057\u3087\u3046\u304b\u3002
\n<\/span>\u30b0\u30e9\u30d5<\/span>1<\/span>\uff09\u3092\u307f\u308b\u3068\u3001<\/span>\u300c\u30b3\u30e2\u30f3\u30ba30\u30d5\u30a1\u30f3\u30c9\u300d\uff08\u7dd1\uff09\u304c\u30d0\u30ea\u30e5\u30fc\u682a\uff08\u9752\uff09<\/span>\u306e\u52d5\u304d\u306b\u6cbf\u3063\u3066\u5805\u8abf\u306b\u63a8\u79fb<\/span>\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u3002\u4e00\u65b9\u3067\u3001<\/span>\u300c\u30b6\u30fb2020\u30d3\u30b8\u30e7\u30f3\u300d\uff08\u30d4\u30f3\u30af\uff09\u306f\u30b0\u30ed\u30fc\u30b9\u682a\uff08\u30aa\u30ec\u30f3\u30b8\uff09<\/span>\u306e\u52d5\u304d\u306b\u6cbf\u3063\u3066\u6a2a\u3070\u3044\u306e\u52d5<\/span>\u304d\u3067\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\u30b3\u30e2\u30f3\u30ba\u306e<\/span>2<\/span>\u3064\u306e\u30d5\u30a1\u30f3\u30c9\u3092\u3082\u3063\u3066\u3044\u3089\u3063\u3057\u3083\u308b\u65b9<\/span>\u3067<\/span>\u3001\u300c\u3069\u3046\u3057\u3066<\/strong><\/span><\/span>30\u30d5\u30a1\u30f3\u30c9\u304c\u4e0a\u304c\u3063\u3066\u300120\u30d3\u30b8\u30e7\u30f3\u306f\u4e0a\u304c\u3089\u306a\u3044\u3093\u3060\u308d\u3046\uff1f<\/strong><\/span>\u300d<\/strong><\/span>\u306a\u3069\u3068\u601d\u3063\u305f\u65b9\u3082\u3044\u3089\u3063\u3057\u3083\u308b\u3068\u601d\u3044\u307e\u3059\u304c\u3001\u305d\u308c\u306f\u3001\u305d\u308c\u305e\u308c\u306e\u30d5\u30a1\u30f3\u30c9\u306b\u7279\u8272\u304c\u3042\u3063\u3066\u3001<\/span>PER<\/span>\u3084<\/span>PBR<\/span>\u306a\u3069\u306e<\/span>\u6295\u8cc7\u6307\u6a19\u304b\u3089\u307f\u3066\u3001\u30d0\u30ea\u30e5\u30fc\u682a\u306b\u8fd1\u3044\u7279\u6027\u3092\u3082\u3063\u3066\u3044\u305f\u308a\u3001\u30b0\u30ed\u30fc\u30b9\u682a\u306b\u8fd1\u3044\u7279\u6027\u3092\u3082\u3063\u3066\u3044\u305f\u308a\u3059\u308b\u3053\u3068\u3067\u52d5\u304d\u304c\u9055\u3063\u3066\u304f\u308b\u304b\u3089<\/strong><\/span>\u306a\u3093\u3067\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\u3082\u3046\u5c11\u3057\u6642\u9593\u3092\u9577\u304f\u3068\u3063\u3066<\/span>\u65b0\u578b\u30b3\u30ed\u30ca\u30a6\u30a4\u30eb\u30b9\u306e\u611f\u67d3\u62e1\u5927\u304c\u59cb\u307e\u3063\u3066\u4ee5\u964d\u3001<\/span>\u30b3\u30ed\u30ca\u798d\u306e\u7d04<\/span>1<\/span>\u5e74\u3092\u307f\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/span>\u00a0<\/span><\/p>\n

\"\"
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\"\"
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\u30b0\u30e9\u30d5<\/span>3<\/span>\uff09\u306f\u6628\u5e74<\/span>3<\/span>\u6708\u306b\u65b0\u578b\u30b3\u30ed\u30ca\u30a6\u30a4\u30eb\u30b9\u306e\u611f\u67d3\u62e1\u5927\u3067\u682a\u4fa1\u304c\u6025\u843d\u3057\u3001\u305d\u306e\u5f8c\u306e\u5b89\u5024<\/span>\u3068\u306a<\/span>\u3063\u305f<\/span>3<\/span>\u6708\u7b2c<\/span>3<\/span>\u9031<\/span>\u3092\u8d77\u70b9\u3068\u3057\u3066\u3001<\/span>\u4eca\u5e74\u306e<\/span>4<\/span>\u6708\u307e\u3067\u306e<\/span>\u30d0\u30ea\u30e5\u30fc\u682a\u3068\u30b0\u30ed\u30fc\u30b9\u682a\u3001\u305d\u3057\u3066<\/span>\u300c\u30b3\u30e2\u30f3\u30ba30<\/span>\u30d5\u30a1\u30f3\u30c9\u300d<\/span>\u3068\u300c\u30b6\u30fb<\/span><\/span>2020\u30d3\u30b8\u30e7\u30f3\u300d<\/span>\u3092\u307f\u305f\u3082\u306e\u3067\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\u4e0b\u306e<\/span>\u30b0\u30e9\u30d5<\/span>4<\/span>\uff09\u306f\u3001\u305d\u306e\u9593\u306e\u30d0\u30ea\u30e5\u30fc\u682a\u3068<\/span>\u30b0\u30ed\u30fc\u30b9\u682a\u306e\u5dee<\/span>\u3067\u3059<\/span>\u304c\u3001<\/span>\u65b0\u578b\u30b3\u30ed\u30ca\u611f\u67d3\u62e1\u5927\u306b<\/span>\u5bfe\u3059\u308b\u666f\u6c17\u5bfe\u7b56\u3068\u3057\u3066<\/span>\u4e16\u754c\u5404\u56fd\u306e\u91d1\u878d\u5f53\u5c40\u304c\u8d85\u4f4e\u91d1\u5229\u653f\u7b56\u3092\u3068\u3063\u305f\u3053\u3068\u3067<\/span>\u3001<\/span>\u4e16\u754c\u7684\u306b\u9577\u671f\u91d1\u5229\u304c\u6025\u4f4e\u4e0b\u3057\u3001\u305d\u306e\u7d50\u679c\u3068\u3057\u3066\u30b0\u30ed\u30fc\u30b9\u682a\u512a\u4f4d\u306e\u5c55\u958b\u304c\u6628\u5e74<\/span>11<\/span>\u6708\u307e\u3067\u7d9a\u304d<\/span>\u307e\u3057\u305f\u3002
\n<\/span>\u305d\u306e\u5f8c\u3001\u65b0\u578b\u30b3\u30ed\u30ca\u30a6\u30a4\u30eb\u30b9\u306e\u30ef\u30af\u30c1\u30f3\u304c\u958b\u767a\u3055\u308c<\/span>\u3066<\/span>\u4ee5\u964d\u3001<\/span>\u666f\u6c17\u62e1\u5927\u3078\u306e\u671f\u5f85\u304b\u3089<\/span>\u7c73\u56fd\u9577\u671f\u91d1\u5229\u304c\u4e0a\u6607\u3057\u3001\u305d\u308c\u307e\u3067\u306e\u30b0\u30ed\u30fc\u30b9\u682a\u512a\u4f4d\u306e\u52d5\u304d\u304c\u53cd\u8ee2\u3057\u3001\u30d0\u30ea\u30e5\u30fc\u682a\u306e\u5dfb\u304d\u623b\u3057\u304c\u5165\u3063\u305f<\/span>\u3053\u3068\u304c\u898b\u3066\u53d6\u308c\u307e\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\u3067\u306f\u3001<\/span>\u305d\u306e<\/span>\u7d041\u5e74\u9593\u3067\u300c\u30b3\u30e2\u30f3\u30ba30\u30d5\u30a1\u30f3\u30c9\u300d\u3068\u300c\u30b6\u30fb2020<\/strong>\u30d3\u30b8\u30e7\u30f3\u300d\u306f\u3069\u3046\u3044\u3046\u52d5\u304d\u306b\u306a\u3063\u3066\u3044\u305f\u306e\u3067\u3057\u3087\u3046\u304b<\/strong>\u3002
\n<\/span>\u5148\u305a\u76ee\u3092\u898b\u5f35\u308b\u306e\u304c\u3001\u300c\u30b6\u30fb2020\u30d3\u30b8\u30e7\u30f3\u300d\u306e\u7a81\u51fa\u3057\u305f\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3067\u3059\u304c\u3001\u3053\u308c\u306f\u300c\u30b6\u30fb2020\u30d3\u30b8\u30e7\u30f3\u300d\u304c\u30b0\u30ed\u30fc\u30b9\u682a\u306e\u7279\u6027\u304c\u5f37\u304f\u3001<\/span>\u3055\u3089\u306b\u306f\u300c\u30a6\u30a3\u30ba\u30fb\u30b3\u30ed\u30ca\u300d\u306e\u30c6\u30fc\u30de\u306b\u6cbf\u3063\u305f\u6210\u9577\u682a\u306b\u591a\u304f\u3092\u6295\u8cc7\u3057\u305f\u7d50\u679c<\/span>\u3068\u601d\u308f\u308c\u307e\u3059\u3002
\n\u4e00\u65b9\u306e<\/span>\u300c\u30b3\u30e2\u30f3\u30ba<\/span>30<\/span>\u30d5\u30a1\u30f3\u30c9\u300d<\/span>\u3067\u3059\u304c\u3001<\/span>\u30b0\u30e9\u30d5<\/span>1<\/span>\uff09\u3067\u898b\u305f\u3068\u304d\u3001<\/span>\u300c\u30b3\u30e2\u30f3\u30ba<\/span>30<\/span>\u30d5\u30a1\u30f3\u30c9\u300d<\/span>\u306f<\/span>\u30d0<\/span>\u30ea\u30e5\u30fc\u682a\u306e\u52d5\u304d\u306b\u6cbf\u3063<\/span>\u305f\u52d5\u304d\u3092\u3057\u3066\u3044\u305f\u3088\u3046\u306b\u307f\u3048\u307e\u3057\u305f\u304c\u3001<\/span>\u3082\u3046\u5c11\u3057\u6642\u9593\u3092\u9577\u304f\u3068\u3063\u3066\u7d04<\/span>1<\/span>\u5e74\u3067\u307f\u308b\u3068\u3001\u307b\u307c\u307b\u307c\u30b0\u30ed\u30fc\u30b9\u682a\u306b\u8fd1\u3044\u52d5\u304d\u3092\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u898b\u3066\u53d6\u308c\u307e\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\u3088\u304f\u308f\u304b\u3089\u306a\u304f\u306a\u3063\u3066\u304d\u305f\u30fb\u30fb\u30fb<\/span>
\n<\/span>\u6642\u9593\u306e\u9577\u3055\u304c\u5909\u308f\u308b\u3068\u3001\u30d0\u30ea\u30e5\u30fc\u682a\u3068\u30b0\u30ed\u30fc\u30b9\u682a\u3001\u305d\u308c\u3068\u5404\u3005\u306e\u30d5\u30a1\u30f3\u30c9\u306e\u52d5\u304d\u3082\u9055\u3063\u3066\u304f\u308b<\/span><\/strong><\/span>\u306e\u304b\u306a\uff1f<\/span><\/strong><\/span>\u3067\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

<\/p>\n

\u3044\u3084\u3001\u305d\u3046\u3067\u306f\u306a<\/span>\u3055\u305d\u3046\u3067\u3059\u3002<\/span>\u3082\u3068\u3082\u3068\u304c\u300c\u30b3\u30e2\u30f3\u30ba30<\/span>\u30d5\u30a1\u30f3\u30c9\u300d<\/span>\u3068\u300c\u30b6\u30fb<\/span>2020\u30d3\u30b8\u30e7\u30f3\u300d<\/span>\u304c\u30b0\u30ed\u30fc\u30b9\u682a\u306b\u8fd1\u3044\u7279\u6027\u3092\u3082\u3063\u3066\u3044\u308b\u3082\u306e\u306e\u3001\u4eca\u5e74\u306b\u5165\u3063\u30664\u304b\u6708\u3060\u3051\u3092\u307f\u308b\u3068\u300c\u30b3\u30e2\u30f3\u30ba30\u30d5\u30a1\u30f3\u30c9\u300d\u306e\u30d0\u30ea\u30e5\u30fc\u682a\u306b\u3082\u8fd1\u3044\u7279\u6027\u304c\u51fa\u305f\u3068\u3044\u3046\u3053\u3068\u304c<\/span>\u3042\u3063\u305f\u306e\u3067\u306f\u306a\u3044\u304b<\/span>\u3068\u601d\u3063\u3066\u3044\u307e\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\u305d\u3053\u306e\u3068\u3053\u308d\u3092\u6570\u5b57\u3067\u78ba\u8a8d\u3057\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/span><\/p>\n

2<\/span>\u3064\u306e\u7cfb\u5217\u306e\u6570\u5024\u3092\u6bd4\u8f03\u3059\u308b\u3068\u304d\u306b\u76f8\u95a2\u4fc2\u6570\u3068\u3044\u3046\u3082\u306e<\/span>\u3092<\/span>\u4f7f\u3044\u307e\u3059\u304c\u3001<\/span>\u300c\u30b3\u30e2\u30f3\u30ba30<\/span>\u30d5\u30a1\u30f3\u30c9\u300d<\/span>\u3068\u300c\u30b6\u30fb<\/span><\/span>2020\u30d3\u30b8\u30e7\u30f3\u300d<\/span>\u3092\u3001<\/span>\u671f\u9593\u5225\u3067\u3001<\/span>\u305d\u308c\u305e\u308c\u306b\u3001\u30d0\u30ea\u30e5\u30fc\u682a\u3068\u30b0\u30ed\u30fc\u30b9\u682a\u3068\u306e\u95a2\u4fc2\u3092\u307f\u3066\u307f\u307e\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\u76f8\u95a2\u4fc2\u6570\u306f\u4e00\u822c\u7684\u306b\u3001<\/span>0<\/span>\u4ee5\u4e0a<\/span>\uff0b<\/span>1<\/span>\u306b\u8fd1\u3051\u308c\u3070\u8fd1\u3044\u307b\u3069\u300c\u5f37\u3044\u6b63\u306e\u76f8\u95a2\u304c\u3042\u308b\u300d<\/span>\u3001<\/span>0<\/span>\u4ee5\u4e0b<\/span>\u22121<\/span>\u306b\u8fd1\u3051\u308c\u3070\u8fd1\u3044\u307b\u3069\u300c\u5f37\u3044\u8ca0\u306e\u76f8\u95a2\u304c\u3042\u308b\u300d<\/span>\u3001<\/span>0<\/span>\u306b\u8fd1\u3051\u308c\u3070\u300c\u307b\u3068\u3093\u3069\u76f8\u95a2\u304c\u306a\u3044\u300d\u3068<\/span>\u307f\u307e\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\u671f\u9593\u5225\u306e<\/span>\u76f8\u95a2\u4fc2\u6570\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/span>\u00a0<\/span><\/p>\n\n\n\n\n\n\n\n\n\n
\u671f\u9593<\/span>\u00a0<\/span><\/td>\n\u30d5\u30a1\u30f3\u30c9<\/span>\u00a0<\/span><\/td>\nTOPIX<\/span>\u00a0<\/span><\/td>\nTPX\u30d0\u30ea\u30e5\u30fc<\/span>\u00a0<\/span><\/td>\nTPX\u30b0\u30ed\u30fc\u30b9<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
2021\/1\uff5e2021\/4<\/span>\u00a0<\/span><\/td>\n\u30b3\u30e2\u30f3\u30ba30\u30d5\u30a1\u30f3\u30c9<\/span>\u00a0<\/span><\/td>\n0.93<\/span>\u00a0<\/span><\/td>\n0.91<\/span>\u00a0<\/span><\/td>\n0.51<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
\u30b6\u30fb2020\u30d3\u30b8\u30e7\u30f3<\/span>\u00a0<\/span><\/td>\n0.53<\/span>\u00a0<\/span><\/td>\n0.32<\/span>\u00a0<\/span><\/td>\n0.82<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
2020\/3\uff5e2021\/4<\/span>\u00a0<\/span><\/td>\n\u30b3\u30e2\u30f3\u30ba30\u30d5\u30a1\u30f3\u30c9<\/span>\u00a0<\/span><\/td>\n0.99<\/span>\u00a0<\/span><\/td>\n0.97<\/span>\u00a0<\/span><\/td>\n0.98<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
\u30b6\u30fb2020\u30d3\u30b8\u30e7\u30f3<\/span>\u00a0<\/span><\/td>\n0.92<\/span>\u00a0<\/span><\/td>\n0.83<\/span>\u00a0<\/span><\/td>\n0.97<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
2016\/6\uff5e2021\/4<\/span>\u00a0<\/span><\/td>\n\u30b3\u30e2\u30f3\u30ba30\u30d5\u30a1\u30f3\u30c9<\/span>\u00a0<\/span><\/td>\n0.92<\/span>\u00a0<\/span><\/td>\n0.52<\/span>\u00a0<\/span><\/td>\n0.99<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
\u30b6\u30fb2020\u30d3\u30b8\u30e7\u30f3<\/span>\u00a0<\/span><\/td>\n0.69<\/span>\u00a0<\/span><\/td>\n0.15<\/span>\u00a0<\/span><\/td>\n0.94<\/span>\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u30b0\u30e9\u30d5<\/span>1\uff09\u3067\u793a\u3057\u305f<\/span>2021\/1\uff5e2021\/4<\/span>\u306b\u304a\u3044\u3066\u3001\u300c\u30b3\u30e2\u30f3\u30ba30\u30d5\u30a1\u30f3\u30c9\u300d\u3068TPX\u30d0\u30ea\u30e5\u30fc\u306e\u76f8\u95a2\u4fc2\u6570\u306f0.91\u3001TPX\u30b0\u30ed\u30fc\u30b9\u3068\u306e\u76f8\u95a2\u95a2\u4fc2\u306f0.51\u3002\u4e00\u65b9\u3067\u300c\u30b6\u30fb2020\u30d3\u30b8\u30e7\u30f3\u300d\u3068<\/span>TPX\u30d0\u30ea\u30e5\u30fc\u306e\u76f8\u95a2\u4fc2\u6570\u306f0.<\/span>3<\/span>2<\/span>\u3001TPX\u30b0\u30ed\u30fc\u30b9\u3068\u306e\u76f8\u95a2\u95a2\u4fc2\u306f0.<\/span>82\u3067\u3059<\/span>\u3002
\n<\/span>\u300c\u30b3\u30e2\u30f3\u30ba30\u30d5\u30a1\u30f3\u30c9\u300d<\/span>\u304c\u30d0\u30ea\u30e5\u30fc\u682a\u3068\u5f37\u3044\u6b63\u306e\u76f8\u95a2\u304c\u3042\u3063\u305f\u4e00\u65b9\u3001\u300c\u30b6\u30fb2020\u30d3\u30b8\u30e7\u30f3\u300d<\/span><\/span><\/strong>\u306f\u30b0\u30ed\u30fc\u30b9\u682a\u3068\u5f37\u3044\u6b63\u306e\u76f8\u95a2\u304c\u3042\u3063\u305f<\/span><\/strong>\u3053\u3068\u304c<\/span>\u308f\u304b\u308a\u307e\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\u3067\u306f\u3001\u30b0\u30e9\u30d53\uff09\u3067\u793a\u3057\u305f<\/span>2020\/3\uff5e2021\/4<\/span>\u306e\u671f\u9593\u3067\u306f\u3069\u3046\u3067\u3057\u3087\u3046\u3002
\n\u300c\u30b3\u30e2\u30f3\u30ba30\u30d5\u30a1\u30f3\u30c9\u300d<\/span>\u3068<\/span>TPX\u30d0\u30ea\u30e5\u30fc\u306e\u76f8\u95a2\u4fc2\u6570\u306f0.<\/span>97<\/span>\u3001TPX\u30b0\u30ed\u30fc\u30b9\u3068\u306e\u76f8\u95a2\u95a2\u4fc2\u306f0.<\/span>98\u3067\u3001\u3068\u3082\u306b\u5f37\u3044\u6b63\u306e\u76f8\u95a2<\/span>\u304c\u3042\u308a\u307e\u3057\u305f\u304c\u3001
\n\u4e00\u65b9\u306e\u300c\u30b6\u30fb2020\u30d3\u30b8\u30e7\u30f3\u300d<\/span>\u306f\u3001<\/span>TPX\u30d0\u30ea\u30e5\u30fc\u306e\u76f8\u95a2\u4fc2\u6570<\/span>\u304c0.83<\/span>\u3001TPX\u30b0\u30ed\u30fc\u30b9\u3068\u306e\u76f8\u95a2\u95a2\u4fc2\u306f0.<\/span>97\u3067\u3001\u3068\u3082\u306b\u5f37\u3044\u6b63\u306e\u76f8\u95a2\u304c\u898b\u3066\u53d6\u308c\u307e\u3059\u304c\u3001\u3084\u3084\u30b0\u30ed\u30fc\u30b9\u682a\u306b\u5f37\u3044\u76f8\u95a2<\/span>\u304c\u3042\u308b\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\u3082\u3046\u5c11\u3057\u9577\u3044\u671f\u9593\u3067\u307f\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/span>\u00a0<\/span><\/p>\n

\u30b0\u30e9\u30d55\uff09\u306f<\/span>2016\/6\uff5e2021\/4<\/span>\u3067\u3001\u7d045\u5e74\u524d<\/span>\u306e2016\u5e74<\/span>\u306b\u3001<\/span>\u82f1\u56fd<\/span>\u304c<\/span>\u6b27\u5dde\u9023\u5408<\/span>\uff08EU\uff09\u304b\u3089<\/span>\u96e2\u8131<\/span>\uff08\u30d6\u30ec\u30b0\u30b8\u30c3\u30c8\uff09\u3059\u308b\u3068\u306e\u61f8\u5ff5\u304b\u3089\u4e16\u754c\u7684\u306b\u682a\u4fa1\u304c\u6025\u843d\u3057\u305f\u5f8c\u306e\u5b89\u5024\u3092\u8d77\u70b9\u306b\u3001\u4eca\u5e74\u306e4\u6708\u307e\u3067\u3092\u898b\u305f\u3082\u306e\u3067\u3059\u3002
\n\u305d\u306e\u9593\u3001\u30c8\u30e9\u30f3\u30d7<\/span>\u7c73\u5927\u7d71\u9818<\/span>\u306e\u8a95\u751f\u3084\u3001\u7c73\u4e2d\u8cbf\u6613\u6469\u64e6\u554f\u984c\u306e\u6fc0\u5316\u306a\u3069\u69d8\u3005\u306e\u51fa\u6765\u4e8b\u304c\u3042\u308a\u307e\u3057\u305f\u3002
\n<\/span>\u7c73\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u304c\u5f37\u529b\u306a\u8ca1\u653f\u653f\u7b56\u3092\u63a8\u3057\u9032\u3081\u305f\u3053\u3068\u3084\u3001\u307e\u305fFRB\u304c\u91d1\u878d\u7de9\u548c\u653f\u7b56\u3092\u63a8\u3057\u9032\u3081\u305f\u3053\u3068\u3067\u4e16\u754c\u7684\u306b\u666f\u6c17\u62e1\u5927\u304c\u7d9a\u3044\u305f<\/span>\u306e\u3067\u3059\u304c\u3001\u6628\u5e74\u304b\u3089\u306f\u65b0\u578b<\/span>\u30b3\u30ed\u30ca\u30a6\u30a4\u30eb\u30b9\u306e\u611f\u67d3\u62e1\u5927\u3067\u305d\u308c\u307e\u3067\u306e\u6d41\u308c\u304c\u4e00\u5909\u3057\u3066\u3044\u307e\u3059<\/span>\u3002<\/span>\u00a0<\/span><\/p>\n

\"\"
\uff08\u51fa\u6240\uff09QUICK\u30c7\u30fc\u30bf\u3088\u308a\u30b3\u30e2\u30f3\u30ba\u6295\u4fe1\u4f5c\u6210<\/figcaption><\/figure>\n

\u00a0<\/span><\/p>\n

\"\"
\uff08\u51fa\u6240\uff09QUICK\u30c7\u30fc\u30bf\u3088\u308a\u30b3\u30e2\u30f3\u30ba\u6295\u4fe1\u4f5c\u6210<\/figcaption><\/figure>\n

\u30b0\u30e9\u30d5<\/span>6<\/span>\uff09\u306f\u3001\u305d\u306e\u9593\u306e<\/span>\u30d0\u30ea\u30e5\u30fc\u682a\u3068\u30b0\u30ed\u30fc\u30b9\u682a\u306e\u5dee<\/span>\u3067\u3059\u304c\u3001<\/span>2018<\/span>\u5e74\u307e\u3067\u306f\u30d0\u30ea\u30e5\u30fc\u682a\u512a\u4f4d\uff08\u30b0\u30ec\u30fc\u306e\u90e8\u5206\u304c\u30d7\u30e9\u30b9\uff09<\/span>\u3067\u3059\u304c\u3001<\/span>2019\u5e74\u4ee5\u964d\u306f\u30b0\u30ed\u30fc\u30b9\u512a\u4f4d\uff08\u30b0\u30ec\u30fc\u306e\u90e8\u5206\u304c<\/span>\u30de\u30a4\u30ca\u30b9\uff09<\/span>\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002
\n\u3053\u308c\u306f\u3001<\/span>2018\u5e74\u307e\u3067\u306f\u666f\u6c17\u62e1\u5927\u3068\u3068\u3082\u306b\u7c73\u9577\u671f\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308b\u904e\u7a0b\u3067\u666f\u6c17\u654f\u611f\u682a\u3092\u4e2d\u5fc3\u306b\u682a\u4fa1\u304c\u4e0a\u6607\u3057\u30d0\u30ea\u30e5\u30fc\u682a\u512a\u4f4d\u3068\u306a\u308a\u307e\u3057\u305f\u304c\u3001\u305d\u306e\u5f8c\u3001\u666f\u6c17\u62e1\u5927\u304c\u4e00\u65e6\u30d4\u30fc\u30af\u3092\u3064\u3051\u3066\u666f\u6c17\u5f8c\u9000\u306b\u5165\u3063\u305f\u6642\u671f\u306b\u3001\u30c8\u30e9\u30f3\u30d7\u7c73\u5927\u7d71\u9818\u304c2\u671f\u76ee\u306e\u518d\u9078\u3092\u76ee\u6307\u3057\u3066FRB\u306b\u76f8\u5f53\u306a\u91d1\u878d\u7de9\u548c\u5727\u529b\u3092\u304b\u3051\u305f\u3053\u3068\u3067\u7c73\u9577\u671f\u91d1\u5229<\/span><\/strong>\u304c\u4f4e\u4e0b\u3057\u3001\u6210\u9577\u682a\u3092\u4e2d\u5fc3\u306b\u682a\u4fa1\u304c\u4e0a\u6607\u3057\u30b0\u30ed\u30fc\u30b9\u682a\u512a\u4f4d\u3068\u306a\u3063\u305f<\/span><\/strong>\u304b\u3089\u3067\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\u305d\u306e\u9593\u306e<\/span>\u300c\u30b3\u30e2\u30f3\u30ba30<\/span>\u30d5\u30a1\u30f3\u30c9\u300d<\/span>\u3068\u300c\u30b6\u30fb<\/span><\/span>2020<\/span>\u30d3\u30b8\u30e7\u30f3\u300d<\/span>\u306f\u3069\u3046\u3044\u3046\u52d5\u304d\u306b\u306a\u3063\u3066\u3044\u305f\u306e\u3067\u3057\u3087\u3046\u304b\u3002
\n<\/span>\u30b0\u30e9\u30d5<\/span>5<\/span>\uff09\u304b\u3089\u3082\u3001\u30d0\u30ea\u30e5\u30fc\u682a\u512a\u4f4d\u306e<\/span>2018<\/span>\u5e74\u307e\u3067\u306f<\/span>\u300c\u30b3\u30e2\u30f3\u30ba<\/span>30<\/span>\u30d5\u30a1\u30f3\u30c9\u300d<\/span>\u304c\u5805\u8abf\u306a\u63a8\u79fb\u3092\u307f\u305b\u3066\u3044\u307e\u3057\u305f\u304c\u3001<\/span>2019<\/span>\u5e74\u306b\u5165\u3063\u3066\u304b\u3089\u30b0\u30ed\u30fc\u30b9\u682a\u512a\u4f4d\u306b\u6d41\u308c\u304c\u5909\u308f\u3063\u3066\u4ee5\u964d\u3001\u300c\u30b6\u30fb<\/span>2020<\/span>\u30d3\u30b8\u30e7\u30f3\u300d\u304c<\/span>TPX<\/span>\u30b0\u30ed\u30fc\u30b9\u6307\u6570\u3092\u5927\u304d\u304f\u4e0a\u56de\u308b<\/span>\u597d\u8abf\u3092<\/span>\u307f\u305b<\/span>\u305f\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\u3067\u306f\u3001\u305d\u306e\u9593\u306e\u76f8\u95a2\u4fc2\u6570\u3092\u307f\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/span>\u300c\u30b3\u30e2\u30f3\u30ba<\/span>30<\/span>\u30d5\u30a1\u30f3\u30c9\u300d\u3068<\/span>TPX<\/span>\u30d0\u30ea\u30e5\u30fc\u306e\u76f8\u95a2\u4fc2\u6570\u306f<\/span>0.52<\/span>\u3001<\/span>TPX<\/span>\u30b0\u30ed\u30fc\u30b9\u3068\u306e\u76f8\u95a2\u95a2\u4fc2\u306f<\/span>0.<\/span>99<\/span>\u3002\u300c\u30b6\u30fb<\/span>2020<\/span>\u30d3\u30b8\u30e7\u30f3\u300d\u3068<\/span>TPX<\/span>\u30d0\u30ea\u30e5\u30fc\u306e\u76f8\u95a2\u4fc2\u6570\u306f<\/span>0.15<\/span>\u3001<\/span>TPX<\/span>\u30b0\u30ed\u30fc\u30b9\u3068\u306e\u76f8\u95a2\u95a2\u4fc2\u306f<\/span>0.<\/span>94<\/span>\u3067\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\u300c\u30b3\u30e2\u30f3\u30ba30\u30d5\u30a1\u30f3\u30c9\u300d<\/span>\u3082\u300c\u30b6\u30fb2020\u30d3\u30b8\u30e7\u30f3\u300d<\/span>\u3082\u3001\u5171\u306b\u30b0\u30ed\u30fc\u30b9\u682a\u3068\u5f37\u3044\u6b63\u306e\u76f8\u95a2\u304c\u3042<\/strong><\/span>\u308b\u3053\u3068<\/span>\u304c<\/span>\u308f\u304b\u308a\u307e\u3059\u304c\u3001
\n\u4e00\u65b9\u3067\u3001\u30d0\u30ea\u30e5\u30fc\u682a\u3068\u306f<\/strong><\/span><\/span>\u300c\u30b3\u30e2\u30f3\u30ba30\u30d5\u30a1\u30f3\u30c9\u300d<\/span>\u306f\u3084\u3084\u6b63\u306e\u76f8\u95a2\u304c\u3042\u308b\u3001\u300c\u30b6\u30fb2020\u30d3\u30b8\u30e7\u30f3\u300d<\/span>\u306f\u307b\u3068\u3093\u3069\u76f8\u95a2\u304c\u306a\u3044<\/strong><\/span>\u3068\u3044\u3046\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

<\/p>\n

\u3053\u308c\u307e\u3067\u306b\u3001\u30b3\u30e2\u30f3\u30ba\u306e<\/span>2<\/span>\u3064\u306e\u30d5\u30a1\u30f3\u30c9\u3092\u3001\u30d0\u30ea\u30e5\u30fc\u682a\u3068\u30b0\u30ed\u30fc\u30b9\u682a\u306e\u52d5\u304d\u3068\u4f75\u305b\u3066\u3001\u8db3\u4e0b\u306e\u77ed\u671f\u7684\u306a\u52d5\u304d\u3068\u3001\u3084\u3084\u4e2d\u671f\u7684\u306a\u52d5\u304d\u306e\u4e2d\u3067\u307f\u3066\u304d\u307e\u3057\u305f\u304c\u3001\u6982\u306d\u307f\u3048\u305f\u306e\u306f\u3001<\/span>\u300c\u30b3\u30e2\u30f3\u30ba30<\/span>\u30d5\u30a1\u30f3\u30c9\u300d<\/span>\u3082\u300c\u30b6\u30fb<\/span>2020\u30d3\u30b8\u30e7\u30f3\u300d<\/span>\u3082\u3001\u5171\u306b<\/span>\u30b0\u30ed\u30fc\u30b9\u682a\u306b\u8fd1\u3044\u52d5\u304d\u3092\u3059\u308b<\/span>\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/span><\/p>\n

\u305f\u3060\u3001<\/span>\u300c\u30b3\u30e2\u30f3\u30ba30\u30d5\u30a1\u30f3\u30c9\u300d<\/span>\u306f\u30d0\u30ea\u30e5\u30fc\u682a\u306b\u8fd1\u3044\u52d5\u304d\u3092\u3059\u308b\u3068\u304d\u3082\u3042\u308b\u3001\u300c\u30b6\u30fb2020\u30d3\u30b8\u30e7\u30f3\u300d<\/span><\/span>\u306f\u30d0\u30ea\u30e5\u30fc\u682a\u3068\u306f\u307b\u3068\u3093\u3069\u9055\u3046\u52d5\u304d\u3092\u3059\u308b\u3051\u308c\u3069\u3082\u3001\u30b0\u30ed\u30fc\u30b9\u682a\u304c\u52d5\u304f\u6642\u306b\u306f\u3001\u7279\u306b\u5927\u304d\u304f\u52d5\u304f\u3001<\/span>\u3068\u3044\u3046\u3053\u3068<\/span>\u304c<\/span>\u307f\u3066\u3068\u308c\u307e\u3057\u305f\u3002<\/span>\u00a0<\/span><\/p>\n

\u3067\u306f\u3001\u306a\u305c\u3001\u305d\u306e\u3088\u3046\u306a\u52d5\u304d\u306b\u306a\u308b\u306e\u304b\u3092\u3001\u6295\u8cc7\u6307\u6a19\u3092\u307f\u306a\u304c\u3089\u8003\u3048\u3066\u307f\u307e\u3057\u3087\u3046\u3002\u00a0<\/strong><\/span><\/p>\n

\u8868\u306f<\/span>\u300c\u30b3\u30e2\u30f3\u30ba<\/span>30<\/span>\u30d5\u30a1\u30f3\u30c9\u300d<\/span>\u3068<\/span>\u300c\u30b6\u30fb<\/span>2020<\/span>\u30d3\u30b8\u30e7\u30f3\u300d<\/span>\u306e<\/span>\u4eca\u5e74<\/span>4<\/span>\u6708\u672b\u6642\u70b9\u306e\u6765\u671f\u4e88\u60f3<\/span>PER<\/span>\u3068<\/span>\u5b9f\u7e3e<\/span>PBR<\/span>\u3067\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

4<\/span>\u6708\u672b\u6642\u70b9\u3067\u300c\u30b3\u30e2\u30f3\u30ba<\/span>30<\/span>\u30d5\u30a1\u30f3\u30c9\u300d\u306f<\/span>31<\/span>\u9298\u67c4\u3001\u300c\u30b6\u30fb<\/span>2020<\/span>\u30d3\u30b8\u30e7\u30f3\u300d\u306f<\/span>59<\/span>\u9298\u67c4\u3042\u3063\u3066\u3001\u305d\u308c\u305e\u308c\u306e\u30d5\u30a1\u30f3\u30c9\u306f\u500b\u3005\u306e\u9298\u67c4\u3067\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u5360\u3081\u308b\u7d44\u307f\u5165\u308c\u6bd4\u7387\u3082\u9055\u3046\u3053\u3068\u304b\u3089\u3001\u6570\u5b57\u306f\u30d5\u30a1\u30f3\u30c9\u5168\u4f53\u306b\u304a\u3051\u308b\u52a0\u91cd\u5e73\u5747\u3067\u6c42\u3081\u3066\u3044\u307e\u3059\u3002<\/span>\u00a0<\/span><\/p>\n\n\n\n\n\n\n
\u30d5\u30a1\u30f3\u30c9<\/span>\u00a0<\/span><\/td>\n\u6765\u671f\u4e88\u60f3PER<\/span>\u00a0<\/span><\/td>\n\u5b9f\u7e3ePBR<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
\u30b3\u30e2\u30f3\u30ba30\u30d5\u30a1\u30f3\u30c9<\/span>\u00a0<\/span><\/td>\n45.4<\/span>\u00a0<\/span><\/td>\n4.3<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
\u30b6\u30fb2020\u30d3\u30b8\u30e7\u30f3<\/span>\u00a0<\/span><\/td>\n47.2<\/span>\u00a0<\/span><\/td>\n15.6<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
\u00a0<\/span><\/td>\n\u00a0<\/span><\/td>\n\uff082021\u5e744\u6708\u672b\uff09<\/span>\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

4<\/span>\u6708\u672b\u6642\u70b9\u306e\u6771\u8a3c<\/span>1<\/span>\u90e8<\/span>\u306e<\/span>TOPIX<\/span>\u306e<\/span>PER<\/span>\u306f<\/span>21.8<\/span>\u500d\u3001<\/span>PBR<\/span>\u306f<\/span>1.4<\/span>\u500d\u3067\u3059\u3002<\/span>PER<\/span>\u3068<\/span>PBR<\/span>\u3092\u898b\u305f\u3060\u3051\u3067\u3082\u3001\u300c\u30b3\u30e2\u30f3\u30ba<\/span><\/span>30<\/span>\u30d5\u30a1\u30f3\u30c9\u300d<\/span>\u3068\u300c\u30b6\u30fb<\/span>2020<\/span>\u30d3\u30b8\u30e7\u30f3\u300d<\/span>\u306f\u5e02\u5834\u5e73\u5747\u3088\u308a\u3082\u9ad8\u3044PER\u3068\u9ad8\u3044PBR<\/span>\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\u524d\u56de\u3067\u3001\u30d0\u30ea\u30e5\u30fc\u682a\u306f<\/span>\u76f8\u5bfe\u7684\u306b<\/span>PER<\/span>\u304c\u4f4e\u304f\u3001<\/span>PBR<\/span>\u3082<\/span>1<\/span>\u500d\u524d\u5f8c<\/span>\u3068\u4f4e<\/span>\u304f<\/span>\u3001\u30b0\u30ed\u30fc\u30b9\u682a\u306f\u3001<\/span>PER<\/span>\u304c\u9ad8\u304f\u3001<\/span>PBR<\/span>\u3082\u6570\u500d\u3068\u9ad8\u304f\u3001\u65b0\u8208\u4f01\u696d\u306b\u3044\u305f\u3063\u3066\u306f\u5341\u6570\u500d\u3001\u6570\u5341\u500d\u3068\u3044\u3046\u9298\u67c4\u3082\u3042\u308a\u307e\u3059<\/span>\u3068\u304a\u8a71\u3092\u3057\u307e\u3057\u305f\u3002\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u5358\u7d14\u306b\u307f\u3066\u3082\u3001\u30b3\u30e2\u30f3\u30ba\u306e<\/span>2<\/span>\u3064\u306e\u30d5\u30a1\u30f3\u30c9\u306f<\/span>\u30b0\u30ed\u30fc\u30b9\u682a\u306b\u8fd1\u3044\u7279\u6027\u3092\u3082\u3063\u3066\u3044\u308b\u3068\u3044\u3048\u307e\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\u30b0\u30ed\u30fc\u30b9\u682a\u306e\u30e1\u30ea\u30c3\u30c8\u306f\u3001\u682a\u5f0f\u5e02\u5834\u5168\u4f53\u304c\u4e0a\u304c\u308b\u3068\u304d\u306b\u3001\u305d\u308c\u4ee5\u4e0a\u306b\u682a\u4fa1\u4e0a\u6607\u304c\u671f\u5f85\u3067\u304d\u308b\u3053\u3068<\/strong>\u3067\u3059<\/span>\u3001\u3068\u304a\u8a71\u3092\u3057\u307e\u3057\u305f\u3002
\n\u3055\u304d\u307b\u3069\u3001<\/span>2016<\/span>\u5e74<\/span>6<\/span>\u6708\u304b\u3089\u306e\u7d04<\/span>5<\/span>\u5e74\u9593\u306e\u52d5\u304d\u306b\u3064\u3044\u3066\u307f\u307e\u3057\u305f\u304c\u3001\u305d\u306e\u9593\u3001\u5e02\u5834\u5168\u4f53\u304c\u53f3\u80a9\u4e0a\u304c\u308a\u306e\u52d5\u304d\u3092\u7d9a\u3051\u308b\u4e2d\u3001<\/span>\u30b3\u30e2\u30f3\u30ba\u306e2\u3064\u306e\u30d5\u30a1\u30f3\u30c9\u304c\u3001\u5e02\u5834\u5e73\u5747\u4ee5\u4e0a\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u4e0a\u3052\u308b\u3053\u3068\u304c\u3067\u304d\u305f\u306e\u3082\u30b0\u30ed\u30fc\u30b9\u682a\u3068\u76f8\u95a2\u304c\u9ad8\u3044\u3053\u3068\u304c\u7406\u7531\u306e\u4e00\u3064\u3068\u3044\u3048\u307e\u3059\u3057\u3001\u300c\u30b6\u30fb2020\u30d3\u30b8\u30e7\u30f3\u300d\u304c\u597d\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u793a\u3057\u305f\u306e\u306f\u4ed6\u3067\u3082\u306a<\/span><\/strong>\u304f\u3001\u30b0\u30ed\u30fc\u30b9\u682a\u306b\u7279\u306b\u5927\u304d\u3044\u6b63\u306e\u76f8\u95a2\u3092\u3082\u3063\u3066\u3044\u308b\u304b\u3089<\/span><\/strong>\u3068\u3044\u3048\u307e\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\u305d\u3057\u3066\u3001\u3082\u3046\u4e00\u3064\u3002
\n<\/span>\u30d0\u30ea\u30e5\u30fc\u682a\u306e\u30e1\u30ea\u30c3\u30c8\u306f\u3001PBR\u304c\u4f4e\u3044\u3053\u3068\u304b\u3089\u3001\u682a\u5f0f\u5e02\u5834\u5168\u4f53\u304c\u4e0b\u304c\u308b\u3068\u304d\u3067\u3082\u3001\u30b0\u30ed\u30fc\u30b9\u682a\u3068\u6bd4\u8f03\u3057\u3066\u682a\u4fa1\u306e\u4e0b\u843d\u7387\u304c\u6bd4\u8f03\u7684\u306b\u5c0f\u3055\u3044<\/strong>\u3068\u3044\u3046\u3053\u3068\u3082\u304a\u8a71\u3092\u3057\u307e\u3057\u305f\u3002
\n<\/span>\u300c\u30b3\u30e2\u30f3\u30ba30\u30d5\u30a1\u30f3\u30c9\u300d<\/span>\u306e<\/span>PBR<\/span>\u306f<\/span>4.3<\/span>\u500d<\/span>\u3067\u3059\u304c\u3001<\/span>PBR<\/span>\u304c<\/span>1<\/span>\u500d\u672a\u6e80\u304b\u3089<\/span>1<\/span>\u500d\u53f0\u307e\u3067\u3067<\/span>10<\/span>\u9298\u67c4\u306e\u7d44\u307f\u5165\u308c\u304c\u3042\u308a\u307e\u3059\u3002<\/span>\u305d\u306e\u3053\u3068<\/span>\u3067\u3001<\/span>\u682a\u4fa1\u306e\u4e0b\u843d\u3067\u8abf\u6574\u5c40\u9762<\/span>\u306b\u3042\u308b\u3068\u304d\u3067\u3082\u4e0b\u5024\u62b5\u6297\u304c\u3042\u308b<\/span>\u3068\u3044\u3046\u306e<\/span>\u3082<\/span>\u7279\u8272<\/span>\u306e\u4e00\u3064\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002
\n<\/span>\u307e\u305f<\/span>\u30d0\u30ea\u30e5\u30fc\u682a\u306e\u30e1\u30ea\u30c3\u30c8<\/span>\u3068\u3057\u3066\u3001<\/span>\u4e2d\u9577\u671f\u7684\u306b\u306f\u3086\u3063\u304f\u308a\u3068\u3057\u305f\u682a\u4fa1\u306e\u4e0a\u6607\u304c\u671f\u5f85\u3067\u304d\u308b<\/span>\u3068\u3082\u304a\u8a71\u3092\u3057\u307e\u3057\u305f\u304c\u3001<\/span>\u300c\u30b3\u30e2\u30f3\u30ba30\u30d5\u30a1\u30f3\u30c9\u300d<\/strong><\/span>\u304c\u30d0\u30ea\u30e5\u30fc\u682a\u306e\u7279\u8272\u3082\u6301\u3061\u5408\u308f\u305b\u3066\u3044\u308b\u3053\u3068\u304b\u3089\u3001\u9577\u671f\u3067\u4fdd\u6709\u3059\u308b\u306b\u306f\u9069\u3057\u3066\u3044\u308b<\/strong>\u3068\u3082\u3044\u3048\u307e\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u3053\u3053\u307e\u3067\u306f\u3001\u3042\u304f\u307e\u3067\u3082\u30de\u30fc\u30b1\u30c3\u30c8\u306e\u4e2d\u3067\u306e\u30d0\u30ea\u30e5\u30fc\u682a\u3068\u30b0\u30ed\u30fc\u30b9\u682a\u306e\u52d5\u304d\u3068\u3001\u305d\u3057\u3066\u5358\u7d14\u306a\u6295\u8cc7\u6307\u6a19\u304b\u3089\u3001\u30b3\u30e2\u30f3\u30ba\u306e<\/span>2<\/span>\u3064\u306e\u30d5\u30a1\u30f3\u30c9\u3092\u898b\u3066\u304d\u307e\u3057\u305f\u304c\u3001\u3053\u3053\u3067\u3082\u3046\u4e00\u5ea6\u307f\u3066\u3044\u305f\u3060\u304d\u305f\u3044\u306e\u306f\u3001\u30db\u30fc\u30e0\u30da\u30fc\u30b8\u306b\u3042\u308b<\/span>2<\/span>\u3064\u306e\u30d5\u30a1\u30f3\u30c9\u306e\u7d39\u4ecb\u3067\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\u300c\u30b3\u30e2\u30f3\u30ba30\u30d5\u30a1\u30f3\u30c9\u300d<\/span>\u306f\u3001\u300c\u8cc7\u7523\u3092\u3064\u304f\u308a\u306a\u304c\u3089\u3001\u6210\u9577\u3092\u7d9a\u3051\u308b\u65e5\u672c\u306e\u3088\u3044\u4f01\u696d\u3092\u9577\u304f\u5fdc\u63f4\u3057\u3001\u8c4a\u304b\u306a\u793e\u4f1a\u3092\u3053\u3069\u3082\u3084\u5b6b\u3078\u3064\u306a\u3052\u308b\u3001\u305d\u3093\u306a\u60f3\u3044\u304c\u8fbc\u3082\u3063\u305f\u9577\u671f\u6295\u4fe1\u3067\u3059<\/span>\u300d<\/span>\u3068\u3042\u308a\u307e\u3059<\/span>\u3002
\n<\/span>\u305d\u3057\u3066\u300c<\/span><\/span>\u6295\u8cc7\u3059\u308b\u7d0430\u793e\u306f\u3001\u4e16\u754c\u3067\u6210\u9577\u3057\u7d9a\u3051\u3089\u308c\u308b\u771f\u306e\u30b0\u30ed\u30fc\u30d0\u30eb\u4f01\u696d\u3002\u300c\u8cea\u300d\u306e\u9ad8\u3044\u4f01\u696d\u306b\u96c6\u4e2d\u6295\u8cc7\u3059\u308b\u3053\u3068\u3067\u3001\u9ad8\u3044\u904b\u7528\u6210\u679c\u3092\u76ee\u6307\u3057\u307e\u3059<\/span>\u300d<\/span>\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

\u305d\u3057\u3066\u300c\u30b6\u30fb<\/span><\/span>2020<\/span>\u30d3\u30b8\u30e7\u30f3\u300d<\/span>\u306f\u3001\u300c\u5909\u5316\u3057\u306f\u3058\u3081\u305f\u4f01\u696d\u3001\u5909\u5316\u306b\u30c1\u30e3\u30ec\u30f3\u30b8\u3059\u308b\u4f01\u696d\u3092\u4e2d\u5fc3\u306b\u4e2d\u9577\u671f\u306e\u8996\u70b9\u3067\u53b3\u9078\u3057\u3001\u30c0\u30a4\u30ca\u30df\u30c3\u30af\u306a\u904b\u7528\u3092\u884c\u3044\u307e\u3059<\/span>\u300d<\/span>\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

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\u4f01\u696d\u306e\u9577\u671f\u7684\u306a\u6301\u7d9a\u7684\u6210\u9577\u3092\u8a55\u4fa1\u3059\u308b\u306b\u306f\u300c\u898b\u3048\u306a\u3044\u4fa1\u5024\u300d\u3092<\/span>\u91cd\u8981\u8996<\/span>\u3057\u3066\u304a\u308a\u3001<\/span>\u305d\u308c\u306f\u3001\u7d4c\u55b6\u529b\u3084\u4f01\u696d\u6587\u5316\u3001\u3055\u307e\u3056\u307e\u306a\u30b9\u30c6\u30fc\u30af\u30db\u30eb\u30c0\u30fc\u3068\u306e\u5bfe\u8a71<\/span>\u3092\u5927\u5207\u306b\u3057\u307e\u3059\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/span>\u00a0<\/span><\/p>\n

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\u3067\u306f\u3002<\/span>\u00a0<\/span><\/p>\n

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\u524d\u306e\u8a18\u4e8b<\/a>\uff5c\u3000\u300c\u30c8\u30ec\u30fc\u30c0\u30fc\u3075\u3063\u3061\u30fc\u6d41\u300d\u306e\u6295\u8cc7\u6307\u6a19\u306e\u898b\u65b9<\/a>\u3000\uff5c<\/p>\n

\"\"<\/p>\n

\u30c8\u30ec\u30fc\u30c7\u30a3\u30f3\u30b0\u90e8\/\u90e8\u9577
\n\u6e15\u4e0a \u5e78\u7537Yukio Fuchigami<\/p>\n

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