{"id":10845,"date":"2026-04-14T00:08:30","date_gmt":"2026-04-13T15:08:30","guid":{"rendered":"https:\/\/fiwa.or.jp\/investlife\/?p=10845"},"modified":"2026-04-14T10:37:53","modified_gmt":"2026-04-14T01:37:53","slug":"%e3%80%90vol-280%e3%80%91%e4%bb%8a%e6%9c%88%e3%81%ae%e3%81%b2%e3%81%a8%e3%81%93%e3%81%a8","status":"publish","type":"post","link":"https:\/\/fiwa.or.jp\/investlife\/archives\/10845","title":{"rendered":"\u3010Vol.280\u3011\u4eca\u6708\u306e\u3072\u3068\u3053\u3068"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"120\" height=\"80\" src=\"https:\/\/fiwa.or.jp\/investlife\/wp-content\/uploads\/investlife\/title_hitkoto.jpg\" alt=\"\u4eca\u6708\u306e\u3072\u3068\u3053\u3068\" class=\"wp-image-2932\"\/><\/figure>\n\n\n\n<div class=\"wp-block-columns is-not-stacked-on-mobile is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-text-align-right\" style=\"font-size:16px\"><strong>FIWA \u307f\u3093\u306a\u306e\u304a\u91d1\u306e\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u5354\u4f1a<sup>\u00ae<\/sup><br>\u4f1a\u9577 \u5ca1\u672c\u548c\u4e45<\/strong><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:20%\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/fiwa.or.jp\/investlife\/wp-content\/uploads\/2025\/08\/a_261_220607adj-1.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"615\" height=\"515\" src=\"https:\/\/fiwa.or.jp\/investlife\/wp-content\/uploads\/2025\/08\/a_261_220607adj-1.jpg\" alt=\"\" class=\"wp-image-9830\" style=\"object-fit:cover\" srcset=\"https:\/\/fiwa.or.jp\/investlife\/wp-content\/uploads\/2025\/08\/a_261_220607adj-1.jpg 615w, https:\/\/fiwa.or.jp\/investlife\/wp-content\/uploads\/2025\/08\/a_261_220607adj-1-300x251.jpg 300w\" sizes=\"auto, (max-width: 615px) 100vw, 615px\" \/><\/a><\/figure>\n<\/div><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u99c6\u3051\u8db3\u3067\u307f\u308b\u304a\u91d1\u3068\u8cc7\u7523\u904b\u7528\u306e\u6b74\u53f2<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\u304a\u91d1\u306e\u59cb\u307e\u308a<\/h3>\n\n\n\n<p>\u682a\u5f0f\u5e02\u5834\u304c\u4eca\u65e5\u306e\u9686\u76db\u3092\u6975\u3081\u308b\u524d\u306b\u9577\u3044\u6b74\u53f2\u304c\u3042\u308a\u307e\u3057\u305f\u3002\u5927\u6614\u306f<strong>\u81ea\u7d66\u81ea\u8db3<\/strong>\u3001\u3057\u304b\u3057\u3001\u96c6\u843d\u304c\u3067\u304d\u3066\u304f\u308b\u3068\u5185\u90e8\u3067\u306e<strong>\u7269\u3005\u4ea4\u63db<\/strong>\u304c\u59cb\u307e\u308a\u3001\u3055\u3089\u306b\u306f\u96c6\u843d\u9593\u3067\u306e\u4ed8\u304d\u5408\u3044\u3082\u59cb\u307e\u308a\u307e\u3057\u305f\u3002\u63d0\u4f9b\u3067\u304d\u308b\u3082\u306e\u3001\u5fc5\u8981\u3068\u3059\u308b\u3082\u306e\u3092\u4ea4\u63db\u3059\u308b<strong>\u5e02<\/strong>\u304c\u767a\u751f\u3057\u3066\u3001\u3055\u3089\u306b\u4ef2\u7acb\u3061\u306e\u624b\u6bb5\u3068\u3057\u3066<strong>\u304a\u91d1<\/strong>\u304c\u8a95\u751f\u3057\u307e\u3059\u3002\u304a\u91d1\u306e\u4fa1\u5024\u306e\u88cf\u4ed8\u3051\u306f<strong>\u9285\u3001\u9280\u3001\u91d1<\/strong>\u306a\u3069\u304b\u3089\u59cb\u307e\u308a\u3001\u3055\u3089\u306b<strong>\u4fe1\u7528<\/strong>\u304c\u8ca8\u5e63\u4fa1\u5024\u306e\u88cf\u4ed8\u3051\u3068\u306a\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u304a\u91d1\u306f\u7d043000\u5e74\u524d\u306b\u306f\u4e2d\u56fd\u3067\u5b9d\u8c9d\u304c\u4f7f\u308f\u308c\u59cb\u3081\u3066\u3044\u307e\u3057\u305f\u3002\u7f8e\u3057\u3044\u8c9d\u304c\u8ca8\u5e63\u3068\u3057\u3066\u4f7f\u308f\u308c\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u306e\u3067\u300c\u7269\u54c1\u8ca8\u5e63\u300d\u3068\u547c\u3070\u308c\u3066\u3044\u307e\u3059\u3002\u4eca\u3067\u3082\u300c\u8ca1\u300d\u300c\u8cb7\u300d\u300c\u8ca8\u300d\u306a\u3069\u300c\u8c9d\u300d\u3068\u3044\u3046\u6f22\u5b57\u304c\u304a\u91d1\u306b\u95a2\u9023\u3057\u305f\u6587\u5b57\u306b\u4f7f\u308f\u308c\u3066\u3044\u308b\u306e\u306f\u305d\u306e\u540d\u6b8b\u306a\u306e\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p>\u7d00\u5143\u524d12\uff5e10\u4e16\u7d00\u306b\u306f\u30d5\u30a7\u30cb\u30ad\u30a2\u304c\u5730\u4e2d\u6d77\u8cbf\u6613\u3067\u6d3b\u8e8d\u3057\u3066\u3044\u307e\u3057\u305f\u3002\u30ec\u30d0\u30ce\u30f3\u6749\u3092\u8f38\u51fa\u3057\u3066\u5974\u96b7\u3092\u8f38\u5165\u3057\u3066\u3044\u305f\u305d\u3046\u3067\u3059\u3002\u3053\u308c\u306f\u3042\u304f\u307e\u3067\u7269\u3005\u4ea4\u63db\u306e\u5f62\u614b\u3060\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002\u6700\u521d\u306e\u91d1\u5c5e\u8ca8\u5e63\u306f\u5c0f\u30a2\u30b8\u30a2\u306e\u30b7\u30ea\u30a2\uff08\u30c8\u30eb\u30b3\u897f\u90e8\uff09\u306e\u30ea\u30c7\u30a3\u30a2\u56fd\u3067\u4f5c\u3089\u308c\u305f<strong>\u30a8\u30ec\u30af\u30c8\u30e9\u30e0<\/strong>\uff08\u91d1\u9280\u306e\u81ea\u7136\u5408\u91d1\uff09\u304c\u6700\u521d\u3060\u3068\u8a00\u308f\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u523b\u5370\u304c\u3064\u3044\u3066\u3044\u308b\u672c\u683c\u7684\u306a\u786c\u8ca8\u3060\u3063\u305f\u3088\u3046\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u65e5\u672c\u3067\u306f683\u5e74\u306b\u5929\u6b66\u5929\u7687\u304c\u5bcc\u672c\u92ad\u3092\u767a\u884c\u3057\u307e\u3057\u305f\u3002\u5b9f\u969b\u306b\u306f\u305d\u308c\u4ee5\u524d\u306b\u7121\u6587\u9280\u92ad\u3068\u547c\u3070\u308c\u308b\u8ca8\u5e63\u304c\u3042\u3063\u305f\u305d\u3046\u3067\u3059\u3002\u6709\u540d\u306a\u548c\u540c\u958b\u73ce\u306f708\u5e74\u306b\u92f3\u9020\u304c\u958b\u59cb\u3055\u308c\u307e\u3057\u305f\u3002\u305d\u306e\u5f8c\u3001\u7687\u671d\u5341\u4e8c\u92ad\u3068\u547c\u3070\u308c\u308b\u9285\u92ad\u304c250\u5e74\u9593\u306b\u6e21\u3063\u3066\u767a\u884c\u3055\u308c\u307e\u3057\u305f\u304c\u3001\u65b0\u898f\u306b\u767a\u884c\u3055\u308c\u308b\u305f\u3073\u306b\u925b\u306e\u6df7\u5165\u304c\u5897\u52a0\u3059\u308b\u306a\u3069\u8cea\u306f\u4f4e\u4e0b\u3057\u3066\u3044\u304d\u307e\u3057\u305f\u3002\u81ea\u56fd\u306e\u901a\u8ca8\u306e\u4fe1\u7528\u304c\u843d\u3061\u305f\u3053\u3068\u304b\u3089\u5b8b\u304b\u3089\u5b8b\u92ad\u304c\u5927\u91cf\u306b\u6d41\u5165\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u6771\u30a4\u30f3\u30c9\u4f1a\u793e<\/h3>\n\n\n\n<p>\u6642\u4ee3\u306f\u4e0b\u3063\u306615\u4e16\u7d00\u306b\u306a\u308b\u3068\u5927\u822a\u6d77\u6642\u4ee3\u304c\u59cb\u307e\u308a\u307e\u3059\u3002\u30b3\u30ed\u30f3\u30d6\u30b9\u306e\u30a2\u30e1\u30ea\u30ab\u5927\u9678\u767a\u898b\u3001\u30f4\u30a1\u30b9\u30b3\u30fb\u30c0\u30fb\u30ac\u30de\u306e\u30a4\u30f3\u30c9\u822a\u8def\u958b\u901a\u3001\u3055\u3089\u306b\u30de\u30bc\u30e9\u30f3\u306e\u4e16\u754c\u5468\u822a\u3084\u3001\u30b9\u30da\u30a4\u30f3\u3001\u30dd\u30eb\u30c8\u30ac\u30eb\u306a\u3069\u304c\u65b0\u822a\u8def\u3092\u767a\u898b\u3057\u305f\u308a\u65b0\u5927\u9678\u306e\u767a\u898b\u304c\u3042\u3063\u305f\u308a\u3057\u307e\u3057\u305f\u3002\u3053\u3046\u3057\u3066\u4e16\u754c\u306e\u4e00\u4f53\u5316\u304c\u59cb\u307e\u308a\u307e\u3057\u305f\u3002\u5341\u5b57\u8ecd\u306e\u9060\u5f81\u3001\u30eb\u30cd\u30c3\u30b5\u30f3\u30b9\u3001\u5b97\u6559\u9769\u547d\u306a\u3069\u3092\u901a\u3058\u3066\u897f\u6d0b\u4e16\u754c\u306f\u3088\u308a\u305d\u306e\u6d3b\u52d5\u7bc4\u56f2\u3092\u5e83\u3052\u307e\u3057\u305f\u3002\u307e\u305f\u30e8\u30fc\u30ed\u30c3\u30d1\u306e\u4e3b\u6a29\u56fd\u5bb6\u4f53\u5236\u3082\u5c55\u958b\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u3053\u3046\u3057\u3066\u897f\u6b27\u793e\u4f1a\u306e\u6d3b\u52d5\u7bc4\u56f2\u304c\u62e1\u5927\u3057\u3001\u30a2\u30b8\u30a2\u306e\u73cd\u3057\u3044\u7269\u7523\u3092\u5371\u967a\u3092\u5192\u3057\u3066\u4ed5\u5165\u308c\u3066\u304d\u3066\u3001\u305d\u308c\u3092\u9ad8\u304f\u30e8\u30fc\u30ed\u30c3\u30d1\u3067\u58f2\u308b\u3068\u3044\u3046\u30d3\u30b8\u30cd\u30b9\u304c\u59cb\u307e\u308a\u307e\u3059\u3002\u30aa\u30e9\u30f3\u30c0\u3001\u30a4\u30ae\u30ea\u30b9\u3001\u30d5\u30e9\u30f3\u30b9\u306a\u3069\u306b<strong>\u6771\u30a4\u30f3\u30c9\u4f1a\u793e<\/strong>\u306a\u3069\u682a\u5f0f\u4f1a\u793e\u5236\u5ea6\u304c\u751f\u307e\u308c\u3001\u9999\u8f9b\u6599\u8cbf\u6613\u306a\u3069\u304c\u6d3b\u767a\u306b\u59cb\u307e\u308a\u307e\u3059\u30021602\u5e74\u306b\u306f\u30aa\u30e9\u30f3\u30c0\u6771\u30a4\u30f3\u30c9\u4f1a\u793e\uff08VOC)\u304c\u4e16\u754c\u521d\u306e\u682a\u5f0f\u4f1a\u793e\u3068\u3057\u3066\u516c\u958b\u5e02\u5834\u3067\u58f2\u8cb7\u3055\u308c\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002\u6771\u30a4\u30f3\u30c9\u4f1a\u793e\u306a\u3069\u306e\u682a\u5f0f\u306b\u6295\u6a5f\u5bb6\u304c\u6bba\u5230\u3001\u3084\u304c\u3066\u3000\u6295\u6a5f\u7684\u306a\u682a\u5f0f\u6295\u8cc7\u3000\u682a\u5f0f\u3092\u4f7f\u3063\u305f\u8a50\u6b3a\u306a\u3069\u3082\u6a2a\u884c\u3059\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u300117\u4e16\u7d00\u306e<strong>\u30c1\u30e5\u30fc\u30ea\u30c3\u30d7\u30fb\u30d0\u30d6\u30eb<\/strong>\u304b\u3089\u59cb\u307e\u308a18\u4e16\u7d00\u306b\u306f<strong>\u30df\u30b7\u30b7\u30c3\u30d4\u4f1a\u793e\u3000\u5357\u6d77\u6ce1\u6cab\u4f1a\u793e\u4e8b\u4ef6<\/strong>\u306a\u3069\u30d0\u30d6\u30eb\u304c\u767a\u751f\u305719\u4e16\u7d00\u306b\u306f\u30aa\u30e9\u30f3\u30c0\u3001\u30d5\u30e9\u30f3\u30b9\u3001\u30a4\u30ae\u30ea\u30b9\u306a\u3069\u306e<strong>\u6771\u30a4\u30f3\u30c9\u4f1a\u793e\u304c\u89e3\u6563\u3059\u308b\u3053\u3068<\/strong>\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30a2\u30e1\u30ea\u30ab<\/h3>\n\n\n\n<p>18\u4e16\u7d00\u306b\u306f\u7523\u696d\u9769\u547d\u304c\u8d77\u3053\u308a\u3001\u751f\u7523\u6280\u8853\u306e\u5411\u4e0a\u3067\u7523\u696d\u3001\u7d4c\u6e08\u3001\u793e\u4f1a\u306b\u5927\u5909\u9769\u304c\u8d77\u3053\u308a\u307e\u3059\u300215\u4e16\u7d00\u672b\u306b\u30a2\u30e1\u30ea\u30ab\u5927\u9678\u304c\u767a\u898b\u3055\u308c\u300117\u4e16\u7d00\u306b\u306f\u3059\u3067\u306b\u30f4\u30a1\u30fc\u30b8\u30cb\u30a2\u3067\u690d\u6c11\u5730\u304c\u6210\u7acb\u3057\u3066\u3044\u307e\u3057\u305f\u3002\u3055\u3089\u306b13\u690d\u6c11\u5730\u304c\u5efa\u8a2d\u3055\u308c\u3001\u4e16\u754c\u7684\u306a\u6280\u8853\u9769\u65b0\u3068\u4ea4\u901a\u7db2\u306e\u767a\u9054\u306e\u3082\u3068\u3001\u8cc7\u672c\u4e3b\u7fa9\u4f53\u5236\u304c\u78ba\u7acb\u3055\u308c\u30011776\u5e74\u306b\u306f\u30a2\u30e1\u30ea\u30ab\u5408\u8846\u56fd\u304c\u72ec\u7acb\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u5357\u5317\u6226\u4e89\u3092\u7d4c\u3066\u30a2\u30e1\u30ea\u30ab\u3067\u8cc7\u672c\u4e3b\u7fa9\u304c\u767a\u9054\u3002\u72ec\u5360\u8cc7\u672c\u306e\u5f62\u6210\u3001\u897f\u90e8\u958b\u62d3\u3001\u5927\u9678\u6a2a\u65ad\u9244\u9053\u306e\u6577\u8a2d\u306a\u3069\u4e16\u754c\u306e\u5de5\u696d\u56fd\u3068\u3057\u3066\u306e\u5b58\u5728\u611f\u3092\u9ad8\u3081\u307e\u3059\u3002\u30a2\u30e1\u30ea\u30ab\u3067\u682a\u5f0f\u53d6\u5f15\u304c\u7d44\u7e54\u7684\u306b\u884c\u308f\u308c\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u306e\u306f1792\u5e74\u306e<strong>\u300c\u3059\u305a\u304b\u3051\u306e\u6728\uff08Button Wood Agreement\uff09\u5354\u5b9a\u300d<\/strong>\u3068\u8a00\u308f\u308c\u3066\u3044\u307e\u3059\u30021817\u306b\u306f\u8a3c\u5238\u53d6\u5f15\u6240\u304c\u30b3\u30fc\u30d2\u30fc\u30cf\u30a6\u30b9\u306e\u4e2d\u306b\u3067\u304d\u30011863\u5e74\u306b\u306f<strong>\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u8a3c\u5238\u53d6\u5f15\u6240<\/strong>\u304c\u3067\u304d\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u300120\u4e16\u7d00\u306e\u524d\u307e\u3067\u306f\u6295\u8cc7\u5bb6\u306e\u95a2\u5fc3\u306f\u3082\u3063\u3071\u3089\u500b\u5225\u9298\u67c4\u306e\u6295\u6a5f\u306b\u9650\u5b9a\u3055\u308c\u3066\u3044\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u6295\u8cc7\u304b\u3089\u8cc7\u7523\u904b\u7528\u3078<\/h3>\n\n\n\n<p>19\u4e16\u7d00\u306e\u672b\u306b\u306a\u308a\u3001<strong>\u30c1\u30e3\u30fc\u30eb\u30ba\u30fb\u30c0\u30a6<\/strong>\u304c\u5e02\u5834\u5168\u4f53\u306e\u52d5\u304d\u3092\u8868\u3059<strong>\u30c0\u30a6\u5e73\u5747<\/strong>\u3092\u958b\u767a\u3057\u3066\u3001\u682a\u5f0f\u5e02\u5834\u5168\u4f53\u306e\u5909\u52d5\u304c\u6295\u8cc7\u5bb6\u306e\u8996\u91ce\u306b\u5165\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u3002\u3055\u3089\u306b1889\u5e74\u3001<strong>\u30a6\u30a9\u30fc\u30eb\u30fb\u30b9\u30c8\u30ea\u30fc\u30c8\u30fb\u30b8\u30e3\u30fc\u30ca\u30eb<\/strong>\u304c\u767a\u520a\u3055\u308c\u682a\u5f0f\u5e02\u5834\u306e\u52d5\u304d\u304c\u591a\u304f\u306e\u4eba\u3073\u3068\u306b\u77e5\u308c\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u300220\u5e74\u4ee3\u306b\u306f\u5486\u54ee\u306e\u6642\u4ee3\u3092\u8fce\u3048\u682a\u5f0f\u5e02\u5834\u306f\u5927\u6295\u6a5f\u30d0\u30d6\u30eb\u3002\u305d\u3057\u30661929\u5e74\u306b\u306f\u6697\u9ed2\u306e\u6728\u66dc\u65e5\u3068\u8a00\u308f\u308c\u308b\u4e16\u754c\u6050\u614c\u306e\u5f15\u304d\u91d1\u3068\u306a\u3063\u305f\u5927\u66b4\u843d\u304c\u8d77\u3053\u308a\u307e\u3059\u3002\u3053\u306e\u53cd\u7701\u3082\u3042\u308a1930\u5e74\u4ee3\u306b\u306f\u30d0\u30d6\u30eb\u306e\u7d4c\u9a13\u3092\u7d4c\u3066\u682a\u4fa1\u3092\u8ffd\u3044\u304b\u3051\u308b\u3060\u3051\u3067\u306a\u304f\u500b\u5225\u9298\u67c4\u306e\u4fa1\u5024\u3092\u5224\u65ad\u3059\u308b\u624b\u6cd5\u304c\u958b\u767a\u3055\u308c\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u3002\u8a3c\u5238\u6cd5\u3001\u8a3c\u5238\u53d6\u5f15\u6240\u6cd5\u306a\u3069\u6cd5\u5236\u5ea6\u304c\u6574\u3048\u3089\u308c\u308b\u3002\u8a3c\u5238\u306e\u672c\u6e90\u7684\u4fa1\u5024\u306e\u5206\u6790\u3092\u6c42\u3081\u308b\u624b\u6cd5\u306e\u958b\u767a\u304c\u59cb\u307e\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p><strong>\u30b8\u30e7\u30f3\u30fb\u30d0\u30fc\u30fb\u30a6\u30a3\u30ea\u30a2\u30e0\u30ba<\/strong>\u306f1937\u5e74\u306e\u8457\u66f8\u3067\u682a\u5f0f\u306e\u672c\u8cea\u4fa1\u5024\u306f\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3067\u3042\u308b\u3053\u3068\u3092\u6307\u6458\u3001\u3064\u3044\u30671950\u301c1960\u5e74\u4ee3<strong>\u30de\u30a4\u30ed\u30f3\u30fb\u30b4\u30fc\u30c9\u30f3<\/strong>\u306f\u30a6\u30a3\u30ea\u30a2\u30e0\u30ba\u306e\u7406\u8ad6\u3092\u5358\u7d14\u5316\u3057\u3001\u30b4\u30fc\u30c9\u30f3\u306e\u65b9\u7a0b\u5f0f\u3068\u3057\u3066\u767a\u8868\u3057\u307e\u3059\u3002\u3053\u308c\u306f\u914d\u5f53\u91d1\u306e\u6210\u9577\u7387\u3092\u4e00\u5b9a\u3068\u3057\u3066\u73fe\u5728\u306e\u682a\u4fa1\uff1d\u73fe\u5728\u306e\u914d\u5f53\u91d1\u00f7\uff08\u8981\u6c42\u53ce\u76ca\u7387\uff0d\u914d\u5f53\u6210\u9577\u7387\uff09\u3068\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u3055\u3089\u306b\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u7236\u3068\u8a00\u308f\u308c\u308b<strong>\u30d9\u30f3\u30b8\u30e3\u30df\u30f3\u30fb\u30b0\u30ec\u30a2\u30e0<\/strong>\uff081894\u20131976\uff09\u304c\u5049\u5927\u306a\u8ca2\u732e\u3092\u3057\u307e\u3059\u3002\u5f7c\u306f\u6295\u8cc7\u306e\u57fa\u672c\u3092\u2460\u5185\u5728\u4fa1\u5024\uff08intrinsic value)\u3001\u2461\u5b89\u5168\u57df(safety net)\u3001\u2462\u6c17\u307e\u307e\u306a\u5e02\u5834\u3055\u3093\uff08Mr. Market\uff09\u3068\u3057\u30661949\u5e74\uff1a\u300e\u8ce2\u660e\u306a\u308b\u6295\u8cc7\u5bb6\u300f\u3092\u51fa\u7248\u3002\u3053\u308c\u3089\u306e\u5148\u4eba\u306e\u8ca2\u732e\u306b\u3088\u308a\u5358\u306b\u682a\u4fa1\u3092\u8ffd\u3044\u304b\u3051\u308b\u3060\u3051\u306e\u6295\u6a5f\u3067\u306f\u306a\u304f\u3001\u4fa1\u5024\u5224\u65ad\u306b\u57fa\u3065\u304f\u6295\u8cc7\u304c\u91cd\u8996\u3055\u308c\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u6226\u5f8c\u306b\u306a\u308a<strong>\u30b3\u30f3\u30d4\u30e5\u30fc\u30bf<\/strong>\u306e\u6025\u901f\u306a\u666e\u53ca\u3001<strong>\u60c5\u5831\u5316<\/strong>\u306e\u9032\u5c55\u3001\u30b7\u30b9\u30c6\u30e0\u5de5\u5b66\u306e\u9ad8\u5ea6\u5316\u3001\u305d\u3057\u3066\u3001\u4f55\u3088\u308a\u3082<strong><u>\u5e74\u91d1\u8cc7\u7523\u306e\u5897\u5927<\/u><\/strong>\u306b\u3088\u308a\u3001\u6295\u8cc7\u306e\u7126\u70b9\u306f\u500b\u5225\u9298\u67c4\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u304b\u3089<strong>\u5168\u4f53\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9<\/strong>\u3078\u3068\u79fb\u3063\u3066\u3044\u304d\u307e\u3059\u3002\u3053\u308c\u306f<strong>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u9769\u547d<\/strong>\u3068\u547c\u3070\u308c\u308b\u9032\u5316\u3067\u3057\u305f\u3002\u3053\u3046\u3057\u3066\u8cc7\u7523\u904b\u7528\u696d\u3001\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c8\u304c\u8077\u696d\u3068\u3057\u3066\u6210\u7acb\u3057\u3066\u3044\u3063\u305f\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u5909\u5316\u306b\u6b69\u8abf\u3092\u5408\u308f\u305b\u3066\u8cc7\u7523\u904b\u7528\u306e\u62e0\u3063\u3066\u7acb\u3064\u3068\u3053\u308d\u3068\u3057\u3066\u8cc7\u7523\u904b\u7528\u306e<strong>\u5fe0\u5b9f\u7fa9\u52d9\u3001\u30d5\u30a3\u30c7\u30e5\u30b7\u30e3\u30ea\u30fc\u30fb\u30e9\u30a4\u30a2\u30d3\u30ea\u30c6\u30a3\uff08\u30c7\u30e5\u30fc\u30c6\u30a3\uff09<\/strong>\u304c\u91cd\u8996\u3055\u308c\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u3002\u8cc7\u7523\u904b\u7528\u304c\u72ec\u7acb\u3057\u305f\u8077\u696d\u3068\u3057\u3066\u78ba\u7acb\u3055\u308c\u305f\u3053\u3068\u3067\u8077\u696d\u502b\u7406\u304c\u91cd\u8996\u3055\u308c\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p><strong>\u6295\u6a5f\u304b\u3089\u6295\u8cc7\u3078\u3001\u305d\u3057\u3066\u8cc7\u7523\u904b\u7528\u3078<\/strong>\u3068\u6642\u4ee3\u304c\u5909\u5316\u3057\u3066\u3044\u304d\u307e\u3057\u305f\u3002 \u3055\u3089\u306b<strong>\u30a4\u30f3\u30d9\u30b9\u30c8\u30e1\u30f3\u30c8\u304b\u3089\u30a2\u30bb\u30c3\u30c8\u30fb\u30de\u30cd\u30b8\u30e1\u30f3\u30c8<\/strong>\u3078\u306e\u5909\u5316\u3067\u3042\u3063\u305f\u306e\u3067\u3059\u3002\u305d\u308c\u306b\u5408\u308f\u305b\u3066<strong>\u78ba\u5b9a\u7d66\u4ed8\u578b\u5e74\u91d1\u304b\u3089\u78ba\u5b9a\u62e0\u51fa\u578b<\/strong>\u3078\u306e\u5e74\u91d1\u5236\u5ea6\u306e\u5909\u5316\u306b\u4f34\u3044\u904b\u7528\u8cac\u4efb\u304c\u500b\u4eba\u306b\u8ca0\u308f\u3055\u308c\u308b\u3088\u3046\u306b\u306a\u308a\u3001\u751f\u6d3b\u8005\u306b\u3068\u3063\u3066\u306e<strong>\u4eba\u751f\u306e\u4f34\u8d70\u8005\u3068\u3057\u3066\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u696d\u52d9<\/strong>\u304c\u72ec\u7acb\u3057\u305f\u696d\u52d9\u3068\u3057\u3066\u91cd\u8981\u6027\u3092\u5897\u3057\u3066\u304d\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>50\u4f59\u5e74\u306e\u65e5\u7c73\u306b\u304a\u3051\u308b\u79c1\u306e\u8a3c\u5238\u4eba\u751f\u3092\u8003\u3048\u308b\u3068\u3001\u65e5\u672c\u306b\u304a\u3044\u3066\u3082\u307b\u307c10\u5e74\u9045\u308c\u3067\u7c73\u56fd\u3068\u540c\u3058\u3088\u3046\u306a\u5909\u5316\u304c\u9032\u884c\u3057\u3066\u3044\u308b\u3088\u3046\u306b\u898b\u53d7\u3051\u3089\u308c\u307e\u3059\u3002<strong>\u4eca\u3001FIWA\u304c\u5b8c\u5168\u306b\u72ec\u7acb\u3057\u305f\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u306e\u78ba\u7acb\u3092\u76ee\u6307\u3057\u3066\u52aa\u529b\u3057\u3066\u3044\u308b\u306e\u306f\u305d\u306e\u3088\u3046\u306a\u9577\u671f\u7684\u306a\u6642\u4ee3\u306e\u5909\u5316\u3068\u8981\u8acb\u306b\u57fa\u3065\u304f\u3082\u306e\u306a\u306e\u3067\u3059\u3002<\/strong><\/p>\n\n\n\n<p>\u79c1\u306f2025\u5e74\u30016\u56de\u306b\u308f\u305f\u3063\u3066\u751f\u6d3b\u8005\u304c\u77e5\u308b\u3079\u304d\u8cc7\u7523\u904b\u7528\u306e\u57fa\u672c\u3092<strong>\u300c\u30b5\u30ed\u30a4\u30f3\u587e2025\u300d<\/strong>\u3068\u3057\u3066\u304a\u8a71\u3057\u307e\u3057\u305f\u304c\u30012026\u5e74\u306b\u5f15\u304d\u7d9a\u304d\u7121\u6599\u3001\u30cd\u30c3\u30c8\u958b\u50ac\u306e<a href=\"https:\/\/fiwa.or.jp\/category\/seminar_1\/salon\/\">\u300c<strong>\u30b5\u30ed\u30a4\u30f3\u587e2026<\/strong>\u300d<\/a>\u3068\u3057\u3066\u6295\u8cc7\u7406\u8ad6\u306e\u57fa\u672c\u3092\u304a\u8a71\u3057\u3066\u3044\u307e\u3059\u3002\u6295\u8cc7\u7406\u8ad6\u306f\u6c7a\u3057\u3066\u96e3\u3057\u3044\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5947\u6570\u6708\u306e\u7b2c\u4e09\u65e5\u66dc\u306e\u5348\u5f8c\u306b\u30cd\u30c3\u30c8\u3067\u7121\u6599\u958b\u50ac\u3057\u3001\u305d\u306e\u5f8c\u3001YouTube\u3067\u516c\u958b\u3082\u3057\u3066\u3044\u307e\u3059\u3002\u304a\u91d1\u306e\u8a95\u751f\u304b\u3089\u8cc7\u7523\u306e\u904b\u7528\u307e\u3067\u306e\u6b74\u53f2\u3092\u601d\u3044\u6d6e\u304b\u3079\u306a\u304c\u3089\u5927\u304d\u306a\u9593\u9055\u3044\u3092\u3057\u306a\u3044\u3067\u3059\u3080\u6295\u8cc7\u7406\u8ad6\u306e\u8a71\u3082\u805e\u3044\u3066\u307f\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n<div class=\"wp-block-image vk_block-margin-md--margin-bottom\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"https:\/\/fiwa.or.jp\/category\/seminar_1\" target=\"_blank\" rel=\" noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"280\" height=\"80\" src=\"https:\/\/fiwa.or.jp\/investlife\/wp-content\/uploads\/investlife\/bn_seminar.jpg\" alt=\"\u30bb\u30df\u30ca\u30fc\u6848\u5185\" class=\"wp-image-3578\" style=\"width:280px;height:auto\"\/><\/a><\/figure>\n<\/div>\n\n\n<div class=\"wp-block-vk-blocks-spacer vk_spacer vk_spacer-type-margin-top\"><div class=\"vk_block-margin-xs--margin-top\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-file vk_block-margin-sm--margin-bottom\"><a id=\"wp-block-file--media-fcca614c-92d1-404f-9dcc-c244ec33cc33\" href=\"https:\/\/fiwa.or.jp\/investlife\/wp-content\/uploads\/2026\/04\/il20260415_all.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" class=\"wp-image-4120\" style=\"width: 45px;\" src=\"https:\/\/fiwa.or.jp\/investlife\/wp-content\/uploads\/investlife\/pdf_ic.png\" alt=\"PDF\">\u4eca\u6708\u53f7\u306e\u8a18\u4e8b\u3092\u3059\u3079\u3066\u30c0\u30a6\u30f3\u30ed\u30fc\u30c9<\/a><\/div>\n\n\n\n<form>\r\n    <input type=\"button\" value=\"\u3053\u306e\u30da\u30fc\u30b8\u3092\u5370\u5237\u3059\u308b\" onclick=\"window.print();\">\r\n<\/form>\n","protected":false},"excerpt":{"rendered":"<p>FIWA \u307f\u3093\u306a\u306e\u304a\u91d1\u306e\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u5354\u4f1a\u00ae\u4f1a\u9577 \u5ca1\u672c\u548c\u4e45 \u99c6\u3051\u8db3\u3067\u307f\u308b\u304a\u91d1\u3068\u8cc7\u7523\u904b\u7528\u306e\u6b74\u53f2 \u304a\u91d1\u306e\u59cb\u307e\u308a \u682a\u5f0f\u5e02\u5834\u304c\u4eca\u65e5\u306e\u9686\u76db\u3092\u6975\u3081\u308b\u524d\u306b\u9577\u3044\u6b74\u53f2\u304c\u3042\u308a\u307e\u3057\u305f\u3002\u5927\u6614\u306f\u81ea\u7d66\u81ea\u8db3\u3001\u3057\u304b\u3057\u3001\u96c6\u843d\u304c\u3067\u304d\u3066\u304f\u308b\u3068\u5185\u90e8\u3067\u306e\u7269\u3005\u4ea4\u63db\u304c [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":9831,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"vk-ltc-link":"","vk-ltc-target":"0","vkexunit_cta_each_option":"","footnotes":""},"categories":[8],"tags":[185],"class_list":["post-10845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-message","tag-185"],"_links":{"self":[{"href":"https:\/\/fiwa.or.jp\/investlife\/wp-json\/wp\/v2\/posts\/10845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fiwa.or.jp\/investlife\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fiwa.or.jp\/investlife\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fiwa.or.jp\/investlife\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/fiwa.or.jp\/investlife\/wp-json\/wp\/v2\/comments?post=10845"}],"version-history":[{"count":4,"href":"https:\/\/fiwa.or.jp\/investlife\/wp-json\/wp\/v2\/posts\/10845\/revisions"}],"predecessor-version":[{"id":10883,"href":"https:\/\/fiwa.or.jp\/investlife\/wp-json\/wp\/v2\/posts\/10845\/revisions\/10883"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fiwa.or.jp\/investlife\/wp-json\/wp\/v2\/media\/9831"}],"wp:attachment":[{"href":"https:\/\/fiwa.or.jp\/investlife\/wp-json\/wp\/v2\/media?parent=10845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fiwa.or.jp\/investlife\/wp-json\/wp\/v2\/categories?post=10845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fiwa.or.jp\/investlife\/wp-json\/wp\/v2\/tags?post=10845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}