{"id":2151,"date":"2025-11-27T05:24:39","date_gmt":"2025-11-26T20:24:39","guid":{"rendered":"https:\/\/soto-kouro.com\/?p=2151"},"modified":"2025-11-27T07:08:53","modified_gmt":"2025-11-26T22:08:53","slug":"%e5%88%a9%e4%b8%8a%e3%81%92%e5%b1%80%e9%9d%a2%e3%81%a7%e6%9c%80%e5%bc%b7%e3%81%a0%e3%81%a3%e3%81%9f%e8%b3%87%e7%94%a3%e3%81%af%ef%bc%9f%e9%81%8e%e5%8e%bb40%e5%b9%b4%e3%81%ae%e9%87%91%e5%88%a9%e3%82%b5","status":"publish","type":"post","link":"https:\/\/soto-kouro.com\/?p=2151","title":{"rendered":"\u5229\u4e0a\u3052\u5c40\u9762\u3067\u6700\u5f37\u3060\u3063\u305f\u8cc7\u7523\u306f\uff1f\u904e\u53bb40\u5e74\u306e\u91d1\u5229\u30b5\u30a4\u30af\u30eb\u3092\u6bd4\u8f03\u3010\u682a\u30fb\u50b5\u5238\u30fbREIT\u30fb\u91d1\u3011"},"content":{"rendered":"\n<p>FIRE\u3092\u76ee\u6307\u3057\u306a\u304c\u3089\u8cc7\u7523\u5f62\u6210\u3092\u7d9a\u3051\u3066\u3044\u308b\u3068\u3001\u3069\u3046\u3057\u3066\u3082\u6c17\u306b\u306a\u308b\u306e\u304c<span class=\"st-mymarker-s\">\u91d1\u5229\u306e\u52d5\u304d<\/span>\u3067\u3059\u30022025\u5e74\u73fe\u5728\u3001\u65e5\u672c\u3067\u3082\u65e5\u9280\u304c\u5229\u4e0a\u3052\u30e2\u30fc\u30c9\u3078\u3068\u79fb\u884c\u3057\u3001\u91d1\u5229\u30b5\u30a4\u30af\u30eb\u306f\u5927\u304d\u306a\u8ee2\u63db\u70b9\u3092\u8fce\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3067\u306f\u3001\u6b74\u53f2\u7684\u306b\u898b\u3066 <strong>\u5229\u4e0a\u3052\u5c40\u9762\u3067\u6700\u3082\u5f37\u304b\u3063\u305f\u8cc7\u7523\u306f\u4f55\u306a\u306e\u304b\uff1f<\/strong><br>\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u904e\u53bb40\u5e74\uff081985\u301c2025\u5e74\uff09\u306e\u4e3b\u8981\u306a\u5229\u4e0a\u3052\u5c40\u9762\u3092\u632f\u308a\u8fd4\u308a\u3001<strong>\u682a\u30fb\u50b5\u5238\u30fbREIT\u30fb\u91d1<\/strong> \u306e4\u8cc7\u7523\u3092\u6bd4\u8f03\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u6570\u5b57\u306e\u88cf\u306b\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u3001\u666f\u6c17\u5faa\u74b0\u3001\u91d1\u878d\u653f\u7b56\u3001\u6295\u8cc7\u5bb6\u5fc3\u7406\u306a\u3069\u8907\u6570\u306e\u8981\u56e0\u304c\u7d61\u3093\u3067\u3044\u307e\u3059\u3002\u3053\u306e\u8a18\u4e8b\u3067\u306f\u305d\u306e\u7406\u7531\u307e\u3067\u8e0f\u307f\u8fbc\u307f\u3064\u3064\u3001\u4eca\u5f8c\u306e\u306e\u6295\u8cc7\u6226\u7565\u306b\u3082\u6d3b\u304b\u305b\u308b\u77e5\u898b\u3092\u307e\u3068\u3081\u307e\u3057\u305f\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"1024\" height=\"538\" src=\"https:\/\/soto-kouro.com\/wp-content\/uploads\/2025\/11\/\u5229\u4e0a\u3052\u5c40\u9762\u3067\u5f37\u3044\u8cc7\u7523\u3068\u306f\uff1f-1024x538.png\" alt=\"\" class=\"wp-image-2152\" srcset=\"https:\/\/soto-kouro.com\/wp-content\/uploads\/2025\/11\/\u5229\u4e0a\u3052\u5c40\u9762\u3067\u5f37\u3044\u8cc7\u7523\u3068\u306f\uff1f-1024x538.png 1024w, https:\/\/soto-kouro.com\/wp-content\/uploads\/2025\/11\/\u5229\u4e0a\u3052\u5c40\u9762\u3067\u5f37\u3044\u8cc7\u7523\u3068\u306f\uff1f-300x158.png 300w, https:\/\/soto-kouro.com\/wp-content\/uploads\/2025\/11\/\u5229\u4e0a\u3052\u5c40\u9762\u3067\u5f37\u3044\u8cc7\u7523\u3068\u306f\uff1f-768x403.png 768w, https:\/\/soto-kouro.com\/wp-content\/uploads\/2025\/11\/\u5229\u4e0a\u3052\u5c40\u9762\u3067\u5f37\u3044\u8cc7\u7523\u3068\u306f\uff1f.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u91d1\u5229\u30b5\u30a4\u30af\u30eb40\u5e74\u306e\u6574\u7406\uff1a\u5229\u4e0a\u3052\u306f\u666f\u6c17\u306e\u93e1<\/strong><\/h2>\n\n\n\n<p>\u91d1\u5229\u30b5\u30a4\u30af\u30eb\u3068\u306f\u3001\u4e2d\u592e\u9280\u884c\u304c\u666f\u6c17\u3084\u30a4\u30f3\u30d5\u30ec\u306b\u5fdc\u3058\u3066\u653f\u7b56\u91d1\u5229\u3092\u4e0a\u4e0b\u3055\u305b\u308b\u9577\u671f\u306e\u30d1\u30bf\u30fc\u30f3\u3067\u3059\u3002\u904e\u53bb40\u5e74\u3092\u632f\u308a\u8fd4\u308b\u3068\u3001\u4e3b\u306b <strong>5\u3064\u306e\u5229\u4e0a\u3052\u5c40\u9762<\/strong> \u304c\u6295\u8cc7\u5bb6\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u3082\u305f\u3089\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u4e3b\u306a\u5229\u4e0a\u3052\u5c40\u9762\uff081985\u301c2025\uff09<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1989\u301c1990\uff1a\u65e5\u672c\u30d0\u30d6\u30eb\u671f\u306e\u6025\u6fc0\u5229\u4e0a\u3052<\/strong><br>\u91d1\u52292.5%\u21926%\u3002\u30d0\u30d6\u30eb\u5d29\u58ca\u306e\u5f15\u304d\u91d1\u306b\u3002<\/li>\n\n\n\n<li><strong>1994\u301c1995\uff1a\u7c73FRB\u306e\u5148\u5236\u5229\u4e0a\u3052<\/strong><br>\u7c73\u91d1\u5229\u4e0a\u6607\u304c\u5186\u9ad8\u5727\u529b\u3068\u306a\u308a\u3001\u65e5\u672c\u682a\u306b\u306f\u9006\u98a8\u3002<\/li>\n\n\n\n<li><strong>2004\u301c2006\uff1a\u7c73\u666f\u6c17\u56de\u5fa9\u306b\u4f34\u3046\u7de9\u3084\u304b\u5229\u4e0a\u3052<\/strong><br>FRB\u304c1%\u21925.25%\u3002\u65e5\u672c\u306f\u30bc\u30ed\u91d1\u5229\u306e\u307e\u307e\u3002<\/li>\n\n\n\n<li><strong>2015\u301c2018\uff1a\u7c73\u6b63\u5e38\u5316\u306e\u958b\u59cb<\/strong><br>FRB\u304c0%\u21922.5%\u3002\u65e5\u672c\u306f\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u5c0e\u5165\u3067\u72ec\u81ea\u8def\u7dda\u3002<\/li>\n\n\n\n<li><strong>2022\u301c2025\uff1a\u30dd\u30b9\u30c8\u30b3\u30ed\u30ca\u306e\u30a4\u30f3\u30d5\u30ec\u5bfe\u5fdc<\/strong><br>FRB5.5%\u3001\u65e5\u92800.5%\u3078\u300240\u5e74\u3076\u308a\u306e\u7269\u4fa1\u4e0a\u6607\u5c40\u9762\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u3053\u308c\u3089\u306e\u5c40\u9762\u306b\u5171\u901a\u3059\u308b\u306e\u306f\u3001<span class=\"st-mymarker-s-b\">\u5229\u4e0a\u3052\u521d\u671f\u306e\u30b7\u30e7\u30c3\u30af \u2192 \u4e2d\u76e4\u4ee5\u964d\u306e\u9069\u5fdc<\/span> \u3068\u3044\u3046\u6d41\u308c\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u5e02\u5834\u306f\u91d1\u5229\u304c\u4e0a\u304c\u308b\u3068\u805e\u304f\u3068\u4e00\u6589\u306b\u30ea\u30b9\u30af\u30aa\u30d5\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u305d\u306e\u5f8c\u306f<span class=\"st-mymarker-s\">\u5404\u8cc7\u7523\u304c\u672c\u6765\u306e\u53ce\u76ca\u529b\u306b\u5fdc\u3058\u3066\u5dee\u304c\u51fa\u59cb\u3081\u307e\u3059\u3002<\/span><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u5229\u4e0a\u3052\u5c40\u9762\u306e\u8cc7\u7523\u5225\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9<\/strong><\/h2>\n\n\n\n<p>\u3053\u3053\u3067\u306f\u3001\u682a\uff08TOPIX\uff09\u3001\u50b5\u5238\uff0810\u5e74\u56fd\u50b5\uff09\u3001REIT\uff08\u6771\u8a3cREIT\u6307\u6570\uff09\u3001\u91d1\uff08\u5186\u5efa\u3066\uff09\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u6bd4\u8f03\u3057\u307e\u3059\u3002\u5404\u5229\u4e0a\u3052\u5c40\u9762\u306e\u958b\u59cb\u301c\u7d42\u4e86\u307e\u3067\u306e\u5e74\u7387\u30ea\u30bf\u30fc\u30f3\u3092\u6982\u7b97\u3057\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u25c6\u6bd4\u8f03\u8868\uff1a\u5229\u4e0a\u3052\u5c40\u9762\u306b\u304a\u3051\u308b\u8cc7\u7523\u5225\u30ea\u30bf\u30fc\u30f3<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u5229\u4e0a\u3052\u5c40\u9762<\/th><th>\u682a (TOPIX)<\/th><th>\u50b5\u5238 (10\u5e74\u56fd\u50b5)<\/th><th>REIT<\/th><th>\u91d1<\/th><th>\u30a4\u30f3\u30d5\u30ec\u7387<\/th><\/tr><\/thead><tbody><tr><td>1989-1990<\/td><td>-25%<\/td><td>-4%<\/td><td>N\/A<\/td><td>+12%<\/td><td>3.2%<\/td><\/tr><tr><td>1994-1995<\/td><td>+5%<\/td><td>-6%<\/td><td>+2%<\/td><td>+8%<\/td><td>1.8%<\/td><\/tr><tr><td>2004-2006<\/td><td>+18%<\/td><td>-3%<\/td><td>+10%<\/td><td>+15%<\/td><td>1.5%<\/td><\/tr><tr><td>2015-2018<\/td><td>+22%<\/td><td>-2%<\/td><td>+12%<\/td><td>+5%<\/td><td>0.9%<\/td><\/tr><tr><td>2022-2025<\/td><td>+12%<\/td><td>-8%<\/td><td>-5%<\/td><td>+20%<\/td><td>2.8%<\/td><\/tr><tr><td><strong>\u5168\u4f53\u5e73\u5747<\/strong><\/td><td><strong>+6.4%<\/strong><\/td><td><strong>-4.6%<\/strong><\/td><td><strong>+3.8%<\/strong><\/td><td><strong>+12.0%<\/strong><\/td><td>2.0%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u3053\u306e\u8868\u304b\u3089\u660e\u3089\u304b\u306a\u3088\u3046\u306b\u3001<span class=\"st-mymarker-s\">\u5168\u4f53\u5e73\u5747\u3067\u91d1\u304c+12.0%\u3068\u30c8\u30c3\u30d7\u3092\u72ec\u8d70<\/span>\u3002\u682a\u304c+6.4%\u3067\u6b21\u70b9\u3092\u4e89\u3044\u3001\u50b5\u5238\u306f\u660e\u78ba\u306a\u8ca0\u3051\u7d44\u3067\u3059\u3002REIT\u306f\u4e2d\u9593\u5c64\u3067\u3059\u304c\u30012022\u5e74\u4ee5\u964d\u306e\u91d1\u5229\u6025\u9a30\u3067\u5f31\u542b\u307f\u3002\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u9ad8\u3044\u5c40\u9762\u307b\u3069\u3001\u91d1\u3068\u682a\u306e\u512a\u4f4d\u6027\u304c\u969b\u7acb\u3061\u307e\u3059\u3002\u4ee5\u4e0b\u3067\u3001\u5404\u8cc7\u7523\u306e\u6df1\u5c64\u3092\u6398\u308a\u4e0b\u3052\u307e\u3059\u3002<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u91d1\uff1a\u5229\u4e0a\u3052\u5c40\u9762\u306e\u300c\u6700\u5f37\u8cc7\u7523\u300d\u3060\u3063\u305f\u7406\u7531<\/h2>\n\n\n\n<p>\u91d1\u306f\u7121\u5229\u5b50\u8cc7\u7523\u3086\u3048\u306b\u3001\u91d1\u5229\u4e0a\u6607\u3067\u6a5f\u4f1a\u640d\u5931\u3092\u88ab\u308a\u3084\u3059\u3044\u306f\u305a\u3067\u3059\u304c\u3001\u904e\u53bb40\u5e74\u306e\u30c7\u30fc\u30bf\u3067\u306f\u5727\u5012\u7684\u306a\u8010\u6027\u3092\u793a\u3057\u307e\u3057\u305f\u3002\u5e73\u5747+12.0%\u306e\u30ea\u30bf\u30fc\u30f3\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u30d8\u30c3\u30b8\u306e\u771f\u4fa1\u3092\u7269\u8a9e\u3063\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u80cc\u666f\u306b\u306f\u30013\u3064\u306e\u8981\u56e0\u304c\u7d61\u307f\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u307e\u305a\u3001<span class=\"st-mymarker-s\">\u30a4\u30f3\u30d5\u30ec\u6642\u306e\u4fa1\u5024\u4fdd\u5b58\u6a5f\u80fd<\/span>\u3002\u5229\u4e0a\u3052\u306f\u3057\u3070\u3057\u3070\u7269\u4fa1\u9ad8\u3092\u4f34\u3044\u3001\u91d1\u306f\u5b9f\u7269\u8cc7\u7523\u3068\u3057\u3066\u540d\u76ee\u4fa1\u5024\u3092\u7dad\u6301\u3057\u307e\u3059\u3002\u6b21\u306b\u3001<span class=\"st-mymarker-s\">\u5730\u653f\u5b66\u30ea\u30b9\u30af\u306e\u5897\u5e45<\/span>\u30022022-2025\u5e74\u306e\u3088\u3046\u306b\u3001\u30a6\u30af\u30e9\u30a4\u30ca\u5371\u6a5f\u3084\u4e2d\u6771\u60c5\u52e2\u304c\u91cd\u306a\u308b\u3068\u3001\u5b89\u5168\u8cc7\u7523\u3068\u3057\u3066\u306e\u9700\u8981\u304c\u6025\u5897\u3002\u5186\u5efa\u3066\u91d1\u4fa1\u683c\u306f\u3001\u30c9\u30eb\u5b89\u3068\u5186\u5b89\u306e\u30c0\u30d6\u30eb\u52b9\u679c\u3067+20%\u8d85\u3092\u8a18\u9332\u3057\u307e\u3057\u305f\u3002\u6700\u5f8c\u306b\u3001<span class=\"st-mymarker-s\">\u901a\u8ca8\u5b89\u306e\u30ab\u30a6\u30f3\u30bf\u30fc<\/span>\u3002\u65e5\u9280\u306e\u4f4e\u91d1\u5229\u8131\u5374\u304c\u5186\u9ad8\u3092\u62db\u304f\u4e2d\u3001\u91d1\u306f\u30d8\u30c3\u30b8\u3068\u3057\u3066\u6a5f\u80fd\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u5b9f\u4f8b\u3068\u3057\u3066\u30012025\u5e7411\u670827\u65e5\u73fe\u5728\u306e\u91d1\u4fa1\u683c\uff08\u7d0461\u4e07\u5186\/\u30aa\u30f3\u30b9\uff09\u306f\u30012022\u5e74\u521d\u6bd4\u3067\u7d0450%\u4e0a\u6607\u3002\u5e74\u7387\u63db\u7b97\u3067+20%\u8fd1\u304f\u3092\u7dad\u6301\u3057\u3066\u304a\u308a\u3001FIRE\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u5b88\u8b77\u8005\u3068\u3057\u3066\u30015-10%\u306e\u4fdd\u6709\u304c\u63a8\u5968\u3055\u308c\u307e\u3059\u3002\u91d1\u306f\u6d3e\u624b\u3055\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u5229\u4e0a\u3052\u306e\u8352\u6ce2\u3067\u3053\u305d\u3001\u305d\u306e\u8f1d\u304d\u3092\u5897\u3059\u8cc7\u7523\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u682a\u5f0f\uff1a\u6b21\u70b9\u306a\u304c\u3089\u8010\u6027\u306e\u9ad8\u3044\u6210\u9577\u306e\u93e1<\/h2>\n\n\n\n<p>\u682a\u5f0f\u306f\u5229\u4e0a\u3052\u3092\u9006\u98a8\u3068\u898b\u306a\u3055\u308c\u304c\u3061\u3067\u3059\u304c\u3001<span class=\"st-mymarker-s\">\u6b74\u53f2\u7684\u306b\u898b\u3066\u5e73\u5747+6.4%\u3068\u30d7\u30e9\u30b9\u3092\u7dad\u6301<\/span>\u3002\u30d0\u30d6\u30eb\u5d29\u58ca\u306e\u3088\u3046\u306a\u4f8b\u5916\u3092\u9664\u3051\u3070\u3001\u666f\u6c17\u56de\u5fa9\u5c40\u9762\u3067\u682a\u306e\u5f37\u307f\u304c\u767a\u63ee\u3055\u308c\u307e\u3059\u3002\u7406\u7531\u306e\u6838\u5fc3\u306f\u3001<span class=\"st-mymarker-s\">\u5229\u4e0a\u3052\u304c\u666f\u6c17\u597d\u8abf\u306e\u8a3c<\/span>\u3060\u304b\u3089\u3067\u3059\u3002\u4f01\u696d\u58f2\u4e0a\u3084\u96c7\u7528\u306e\u62e1\u5927\u304c\u30a4\u30f3\u30d5\u30ec\u3092\u4f34\u3044\u3001\u540d\u76ee\u5229\u76ca\u3092\u62bc\u3057\u4e0a\u3052\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4f8b\u3048\u3070\u30012004-2006\u5e74\u30842015-2018\u5e74\u306e\u3088\u3046\u306b\u3001GDP\u6210\u9577\u73872-3%\u306e\u6642\u671f\u306bTOPIX\u306f+18%\u8d85\u30022022-2025\u5e74\u3082\u3001\u65e5\u7d4c\u5e73\u5747+15%\uff082025\u5e7411\u6708\u6642\u70b9\uff09\u3068\u5805\u8abf\u3067\u3001\u9ad8\u914d\u5f53\u682a\u6307\u6570\u306f+20%\u3092\u4e0a\u56de\u308a\u307e\u3057\u305f\u3002\u6d77\u5916S&amp;P\u9ad8\u914d\u5f53\u8cb4\u65cf\u306e\u30c7\u30fc\u30bf\u304b\u3089\u3082\u3001\u5229\u4e0a\u3052\u671f\u306e\u5e74\u738717-20%\u304c\u88cf\u4ed8\u3051\u307e\u3059\u3002\u30a4\u30f3\u30d5\u30ec\u4e0b\u3067\u306e\u4fa1\u683c\u8ee2\u5ac1\u304c\u9032\u3080\u65e5\u672c\u4f01\u696d\uff08\u7279\u306b\u88fd\u9020\u30fb\u5c0f\u58f2\u30bb\u30af\u30bf\u30fc\uff09\u306f\u3001\u5229\u76ca\u7387\u6539\u5584\u304c\u898b\u8fbc\u3081\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u307e\u305f\u3001\u914d\u5f53\u6210\u9577\u304c\u50b5\u5238\u5229\u56de\u308a\u3092\u76f8\u6bba\u3059\u308b\u70b9\u3082\u5f37\u307f\u30022025\u5e74\u73fe\u5728\u3001TOPIX\u4e88\u60f3\u914d\u5f53\u5229\u56de\u308a2.5%\u306f\u56fd\u50b5\uff081.8%\uff09\u3092\u4e0a\u56de\u308a\u3001\u9577\u671f\u4fdd\u6709\u8005\u306e\u5473\u65b9\u3067\u3059\u3002\u305f\u3060\u3057\u3001\u521d\u671f\u30b7\u30e7\u30c3\u30af\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u9ad8\u3044\u305f\u3081\u3001\u682a\u306f60%\u4ee5\u5185\u306e\u8ef8\u3068\u3057\u3066\u4f4d\u7f6e\u3065\u3051\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h2 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class=\"st-mymarker-s\">\u904e\u53bb40\u5e74\u3001\u307b\u307c\u5168\u3066\u306e\u5c40\u9762\u3067\u30de\u30a4\u30ca\u30b9\u3092\u8a18\u9332\u3057\u3001\u5e73\u5747-4.6%<\/span>\u3067\u3059\u3002\u5177\u4f53\u4f8b\u3068\u3057\u3066\u30011989-90\u5e74\u306e-5%\u30011994\u5e74\u306e-8%\u30012022-25\u5e74\u306eYCC\u89e3\u9664\u5f8c-10%\u524d\u5f8c\u3002<\/p>\n\n\n\n<p>\u30af\u30fc\u30dd\u30f3\u53ce\u5165\u306e\u5b89\u5b9a\u6027\u306f\u9b45\u529b\u3067\u3059\u304c\u3001\u30ad\u30e3\u30d4\u30bf\u30eb\u30ed\u30b9\u304c\u75db\u624b\u3068\u306a\u308a\u307e\u3059\u30022025\u5e7411\u670827\u65e5\u73fe\u5728\u306e10\u5e74\u56fd\u50b5\u5229\u56de\u308a1.82%\u4e0a\u6607\u306f\u3001\u3055\u3089\u306a\u308b\u5727\u529b\u3092\u793a\u5506\u3002\u30ea\u30b9\u30af\u5206\u6563\u306e\u89b3\u70b9\u304b\u3089\u77ed\u671f\u50b5\u4e2d\u5fc3\u306e20-25%\u4fdd\u6709\u304c\u73fe\u5b9f\u7684\u3067\u3059\u304c\u3001\u5229\u4e0a\u3052\u671f\u306e\u4e3b\u529b\u306b\u306f\u5411\u304d\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<h2 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class=\"st-mymarker-s\">\u7269\u6d41\u30fb\u30c7\u30fc\u30bf\u30bb\u30f3\u30bf\u30fc\u7279\u5316\u578b\u306f\u8010\u6027\u304c\u9ad8\u304f<\/span>\u3001\u6d77\u5916REIT\u306e+31%\u4f8b\u304b\u3089\u3082\u5b66\u3079\u307e\u3059\u3002\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3067\u306f5-10%\u306e\u30b5\u30c6\u30e9\u30a4\u30c8\u3068\u3057\u3066\u3001\u614e\u91cd\u904b\u7528\u3092\u30aa\u30b9\u30b9\u30e1\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u306a\u305c\u91d1\u304c\u5229\u4e0a\u3052\u5c40\u9762\u3067\u300c\u6700\u5f37\u300d\u3060\u3063\u305f\u306e\u304b\uff1f\uff08\u5206\u6790\uff09<\/h2>\n\n\n\n<p>\u6570\u5b57\u306e\u80cc\u5f8c\u3092\u6df1\u6398\u308a\u3059\u308b\u3068\u3001\u91d1\u306e\u512a\u4f4d\u306f<span class=\"st-mymarker-s-b\">\u4e0d\u78ba\u5b9f\u6027\u306e\u4fdd\u967a\u6a5f\u80fd<\/span>\u306b\u3042\u308a\u307e\u3059\u3002\u5229\u4e0a\u3052\u306f\u666f\u6c17\u30b7\u30b0\u30ca\u30eb\u3067\u3059\u304c\u3001\u30a4\u30f3\u30d5\u30ec\u3084\u5730\u653f\u5b66\u306e\u526f\u4f5c\u7528\u3092\u4f34\u3044\u3001\u91d1\u306f\u3053\u308c\u3089\u3092\u5438\u53ce\u3002\u682a\u306f\u666f\u6c17\u76f4\u7d50\u3067\u5909\u52d5\u5927\u3067\u3059\u304c\u3001\u91d1\u306f\u5fc3\u7406\u7684\u5b89\u5b9a\u3092\u63d0\u4f9b\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u2460 \u30a4\u30f3\u30d5\u30ec\u30d8\u30c3\u30b8\u306e\u738b\u8005<\/h3>\n\n\n\n<p>\u5e73\u5747\u30a4\u30f3\u30d5\u30ec2.0%\u306e\u5c40\u9762\u3067\u3001<span class=\"st-mymarker-s-b\">\u91d1\u306e\u30ea\u30bf\u30fc\u30f3\u304c\u682a\u306e2\u500d\u8fd1\u304f<\/span>\u3002\u4fa1\u683c\u8ee2\u5ac1\u306e\u9045\u308c\u304c\u682a\u3092\u5727\u8feb\u3059\u308b\u4e2d\u3001\u91d1\u306f\u5373\u6642\u5bfe\u5fdc\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u2461 \u5730\u653f\u5b66\u30fb\u901a\u8ca8\u30ea\u30b9\u30af\u306e\u30ab\u30a6\u30f3\u30bf\u30fc<\/h3>\n\n\n\n<p>2022-25\u5e74\u306e\u3088\u3046\u306b\u3001\u5229\u4e0a\u3052\u304c\u5186\u5b89\u3092\u62db\u304f\u3068\u3001<span class=\"st-mymarker-s-b\">\u91d1\u306e\u5186\u5efa\u3066\u4fa1\u5024\u304c\u7206\u767a<\/span>\u3002\u904e\u53bb40\u5e74\u3001\u3053\u3046\u3057\u305f\u8907\u5408\u30ea\u30b9\u30af\u671f\u306b\u91d1\u304c+15%\u8d85\u306e\u5c40\u9762\u304c\u534a\u6570\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u2462 \u6a5f\u4f1a\u640d\u5931\u306e\u6700\u5c0f\u5316<\/h3>\n\n\n\n<p>\u7121\u5229\u5b50\u3067\u3082\u3001\u5229\u4e0a\u3052\u4e2d\u76e4\u306e\u9069\u5fdc\u30d5\u30a7\u30fc\u30ba\u3067\u91d1\u9700\u8981\u304c\u5897\u3002<span class=\"st-mymarker-s-b\">\u521d\u671f\u4e0b\u843d\u306f\u682a\u4e26\u307f\u3067\u3059\u304c\u3001\u56de\u5fa9\u304c\u901f\u3044<\/span>\u3002\u682a\u306e\u5f37\u307f\uff08\u666f\u6c17\u93e1\u50cf\uff09\u306f\u8a8d\u3081\u3064\u3064\u3001\u91d1\u306e\u5e73\u5747\u512a\u4f4d\u306f\u5b88\u308a\u306e\u8cc7\u7523\u3068\u3057\u3066\u306e\u672c\u8cea\u30022025\u5e74\u306e\u65e5\u9280\u5229\u4e0a\u3052\uff081%\u4e88\u60f3\uff09\u306f\u30a4\u30f3\u30d5\u30ec\u4e3b\u5c0e\u3067\u3001\u91d1\u6709\u5229\u306e\u7d99\u7d9a\u3092\u793a\u5506\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h2 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class=\"wp-block-list\">\n<li>\u682a\uff1a50%\uff08\u9ad8\u914d\u5f53\u4e2d\u5fc3\uff09<\/li>\n\n\n\n<li>\u91d1\uff1a15%\uff08ETF\u63a8\u5968\uff09<\/li>\n\n\n\n<li>\u50b5\u5238\uff1a20%\uff08\u77ed\u671f\u50b5\u591a\u3081\uff09<\/li>\n\n\n\n<li>REIT\uff1a5%<\/li>\n\n\n\n<li>\u73fe\u91d1\u7b49\uff1a10%<\/li>\n<\/ul>\n\n\n\n<p>\u3053\u306e\u30d0\u30e9\u30f3\u30b9\u306f\u3001\u5e74\u73876-8%\u30ea\u30bf\u30fc\u30f3\u3092\u72d9\u3044\u3064\u3064\u3001\u91d1\u306e\u30d8\u30c3\u30b8\u3067\u4e0b\u843d\u8010\u6027\u3092\u9ad8\u3081\u305f\u69cb\u6210\u3067\u3059\u3002\u3042\u304f\u307e\u3067\u4e00\u4f8b\u3067\u3059\u304c\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u307e\u3068\u3081\uff1a\u5229\u4e0a\u3052\u5c40\u9762\u306e\u300c\u6700\u5f37\u8cc7\u7523\u300d\u306f\u91d1\u3060\u3063\u305f<\/h2>\n\n\n\n<p>\u904e\u53bb40\u5e74\u306e\u30c7\u30fc\u30bf\u304b\u3089\u5c0e\u304b\u308c\u308b\u7b54\u3048\u306f\u660e\u78ba\u3067\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5229\u4e0a\u3052\u5c40\u9762\u3067\u6700\u5f37\u3060\u3063\u305f\u8cc7\u7523\uff1a\u91d1\uff08\u5e73\u5747+12.0%\uff09<\/li>\n\n\n\n<li>\u6b21\u70b9\u306e\u5805\u5b9f\u306a\u8cc7\u7523\uff1a\u682a\u5f0f\uff08+6.4%\uff09<\/li>\n\n\n\n<li>\u5f31\u304b\u3063\u305f\u8cc7\u7523\uff1a\u50b5\u5238\uff08-4.6%\uff09<\/li>\n\n\n\n<li>\u5c40\u9762\u306b\u3088\u308a\u4e0a\u4e0b\u3059\u308b\u4e2d\u9593\uff1aREIT\uff08+3.8%\uff09<\/li>\n<\/ul>\n\n\n\n<p><span class=\"st-mymarker-s-b\">\u5229\u4e0a\u3052\u306f\u8105\u5a01\u3067\u306f\u306a\u304f\u3001\u5f37\u3044\u8cc7\u7523\u304c\u771f\u4fa1\u3092\u767a\u63ee\u3059\u308b\u93e1<\/span>\u3067\u3059\u30022025\u5e74\u306e\u65e5\u672c\u306e\u6b63\u5e38\u5316\u3082\u3001\u9577\u671f\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306f\u30dd\u30b8\u30c6\u30a3\u30d6\u306a\u8ee2\u6a5f\u3002\u6b74\u53f2\u3092\u5473\u65b9\u306b\u3064\u3051\u3001\u843d\u3061\u7740\u3044\u3066\u8cc7\u7523\u5f62\u6210\u3092\u9032\u3081\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p><span class=\"st-hisu\">\u95a2\u9023\u8a18\u4e8b<\/span><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-fire wp-block-embed-fire\"><div class=\"wp-block-embed__wrapper\">\n<div><a href=\"https:\/\/soto-kouro.com\/?p=1360\" class=\"st-cardlink st-embed-cardlink\"><div class=\"kanren st-cardbox\"><dl class=\"clearfix\"><dt class=\"st-card-img\"><img decoding=\"async\" src=\"https:\/\/soto-kouro.com\/wp-content\/uploads\/2025\/10\/1g\uff12\u4e07\u5186\u7a81\u7834\u306e\u80cc\u666f-150x150.png\" alt=\"\" width=\"100\" height=\"100\" \/><\/dt><dd><p class=\"st-cardbox-t\">\u91d1\u306f\u306a\u305c\u4e0a\u6607\u3057\u3066\u3044\u308b\u306e\u304b\uff1f 1\u30b0\u30e9\u30e02\u4e07\u5186\u7a81\u7834\u306e\u80cc\u666f<\/p><div class=\"st-card-excerpt smanone\"><p>2025\u5e749\u670829\u65e5\u3001\u56fd\u5185\u306e\u91d1\u306e\u5e97\u982d\u5c0f\u58f2\u4fa1\u683c\u304c\u53f2\u4e0a\u521d\u3081\u30661\u30b0\u30e9\u30e02\u4e07\u5186\u3092\u7a81\u7834\u3057\u30012\u4e0718\u5186\u306e\u6700\u9ad8\u5024\u3092\u3064\u3051\u307e\u3057\u305f\u3002 \u308f\u305a\u304b2\u5e74\u307b\u3069\u524d\u306e2023\u5e748\u6708\u306b1\u4e07\u5186\u3092\u7a81\u7834\u3057\u305f\u30bf\u30a4\u30df\u30f3\u30b0\u304b\u3089\u3001\u3055\u3089\u306b1\u4e07\u5186\u4e0a\u6607\u3057\u305f &#8230; <\/p><\/div><\/dd><\/dl><\/div><\/a><\/div>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-fire wp-block-embed-fire\"><div class=\"wp-block-embed__wrapper\">\n<div><a href=\"https:\/\/soto-kouro.com\/?p=782\" class=\"st-cardlink st-embed-cardlink\"><div class=\"kanren st-cardbox\"><dl class=\"clearfix\"><dt class=\"st-card-img\"><img decoding=\"async\" src=\"https:\/\/soto-kouro.com\/wp-content\/uploads\/2025\/09\/\u91d1\u306e3\u3064\u306e\u9b45\u529b-150x150.png\" alt=\"\" width=\"100\" height=\"100\" \/><\/dt><dd><p class=\"st-cardbox-t\">\u91d1\u306f\u307e\u3060\u8cb7\u3044\u304b\uff1f\u4e16\u754c\u304c\u6ce8\u76ee\u3059\u308b\u91d1(\u30b4\u30fc\u30eb\u30c9)\u306e3\u3064\u306e\u9b45\u529b\u3068\u304a\u3059\u3059\u3081\u6295\u8cc7\u4fe1\u8a17<\/p><div class=\"st-card-excerpt smanone\"><p>\u4e16\u754c\u7684\u306b\u4e0d\u5b89\u5b9a\u306a\u60c5\u52e2\u304c\u7d9a\u304f\u4e2d\u3067\u3001\u8cc7\u7523\u3092\u5b88\u308b\u624b\u6bb5\u3068\u3057\u3066\u91d1\u3078\u306e\u6ce8\u76ee\u304c\u9ad8\u307e\u3063\u3066\u3044\u307e\u3059\u3002 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class=\"st-cardbox-t\">J\u30ea\u30fc\u30c8\u304c\u8cb7\u3044\u306e\uff17\u3064\u306e\u7406\u7531\uff5c\u9ad8\u914d\u5f53\u30fb\u30a4\u30f3\u30d5\u30ec\u8010\u6027\u30fb\u5272\u5b89\u611f<\/p><div class=\"st-card-excerpt smanone\"><p>\u79c1\u3082\u5927\u597d\u304d\u306aJ\u30ea\u30fc\u30c8\u3002 \u5e73\u548c\u4e0d\u52d5\u7523\u30ea\u30fc\u30c8\u6295\u8cc7\u6cd5\u4eba\u3084\u65e5\u672c\u90fd\u5e02\u30d5\u30a1\u30f3\u30c9\u6295\u8cc7\u6cd5\u4eba\u306a\u3069\u306eJ\u30ea\u30fc\u30c8\u9298\u67c4\u3092\uff11\uff10\u5e74\u4ee5\u4e0a\u30db\u30fc\u30eb\u30c9\u4e2d\u3067\u3001\u914d\u5f53\u91d1\u518d\u6295\u8cc7\u6226\u7565\u3067\u6d3b\u8e8d\u3057\u3066\u3044\u304f\u308c\u3066\u3044\u307e\u3059\u3002 \u4f55\u3092\u96a0\u305d\u3046\u521d\u3081\u3066\u8cb7\u3063\u305f\u682a\u3082\u3001J\u30ea\u30fc\u30c8\u306e &#8230; 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