{"id":80895,"date":"2009-02-05T07:12:00","date_gmt":"2009-02-05T07:12:00","guid":{"rendered":"https:\/\/expforex.com\/what-is-hedging\/"},"modified":"2024-12-17T10:23:49","modified_gmt":"2024-12-17T10:23:49","slug":"what-is-hedging","status":"publish","type":"post","link":"https:\/\/expforex.com\/ja\/what-is-hedging\/","title":{"rendered":"\u30d8\u30c3\u30b8\u3068\u306f\u4f55\u304b (hedging)"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-\u8aac\u660e\"><strong>\u8aac\u660e<\/strong><\/h2>\n\n\n\n<p class=\"\">\u30d8\u30c3\u30b8\u3068\u306f<strong>\u30d8\u30c3\u30b8 (hedging)<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"\">\n<strong>\u30d8\u30c3\u30b8 (hedging)<\/strong>\u3068\u306f\u3001\u3042\u308b\u95a2\u9023\u8cc7\u7523\u307e\u305f\u306f\u305d\u308c\u304c\u751f\u307f\u51fa\u3059\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u9006\u884c\u3059\u308b\u4fa1\u683c\u5909\u52d5\u30ea\u30b9\u30af\u3092\u76f8\u6bba\u3059\u308b\u305f\u3081\u306b\u3001\u5225\u306e\u91d1\u878d\u5546\u54c1\u3092\u4f7f\u7528\u3059\u308b\u30d7\u30ed\u30bb\u30b9\u3092\u6307\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n<strong>\u30d8\u30c3\u30b8 (hedging)<\/strong>\u306e\u4e3b\u306a\u76ee\u7684\u306f\u3001\u5e02\u5834\u306e\u4e88\u6e2c\u4e0d\u53ef\u80fd\u306a\u5909\u52d5\u306b\u3088\u308b\u6f5c\u5728\u7684\u306a\u640d\u5931\u3092\u6e1b\u5c11\u3055\u305b\u308b\u4fdd\u8b77\u30e1\u30ab\u30cb\u30ba\u30e0\u3092\u4f5c\u6210\u3059\u308b\u3053\u3068\u3067\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u4f8b\u3048\u3070\u3001\u7279\u5b9a\u306e<strong>\u5546\u54c1 (commodity)<\/strong>\u3084<strong>\u91d1\u878d\u8cc7\u7523 (financial asset)<\/strong>\u306e\u751f\u7523\u8005\u3001\u4f9b\u7d66\u8005\u3001\u307e\u305f\u306f\u6d88\u8cbb\u8005\u3067\u3042\u308b\u5834\u5408\u3001\u5c06\u6765\u306e\u4fa1\u683c\u306b\u5bfe\u3059\u308b\u4e0d\u78ba\u5b9f\u6027\u306b\u76f4\u9762\u3059\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n<strong>\u30d8\u30c3\u30b8 (hedging)<\/strong>\u306b\u5f93\u4e8b\u3059\u308b\u3053\u3068\u3067\u3001\u4fa1\u683c\u304c\u4e0d\u5229\u306b\u52d5\u3044\u305f\u5834\u5408\u3067\u3082\u3001\u5229\u76ca\u3084\u30b3\u30b9\u30c8\u3078\u306e\u5f71\u97ff\u3092\u6700\u5c0f\u9650\u306b\u6291\u3048\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u3053\u306e\u6982\u5ff5\u306f\u3001<strong>Forex (\u5916\u56fd\u70ba\u66ff\u5e02\u5834)<\/strong>\u3001<strong>\u5148\u7269 (futures)<\/strong>\u3001<strong>\u30aa\u30d7\u30b7\u30e7\u30f3 (options)<\/strong>\u3001\u304a\u3088\u3073\u305d\u306e\u4ed6\u306e<strong>\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6 (derivatives)<\/strong>\u91d1\u878d\u304a\u3088\u3073<strong>\u5546\u54c1\u53d6\u5f15\u6240<\/strong>\u306e\u5e02\u5834\u306b\u9069\u7528\u3055\u308c\u307e\u3059\u3002\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-\u5b9a\u7fa9\u3068\u4f8b\"><strong>\u5b9a\u7fa9\u3068\u4f8b<\/strong><\/h2>\n\n\n\n<p class=\"\">\n<strong>\u30d8\u30c3\u30b8 (hedging)<\/strong>\u306f\u3001\u5225\u306e\u8cc7\u7523\u307e\u305f\u306f\u305d\u308c\u306b\u95a2\u9023\u3059\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u4e0d\u5229\u306a\u5e02\u5834\u8981\u56e0\u306b\u95a2\u9023\u3059\u308b\u30ea\u30b9\u30af\u3092\u6e1b\u5c11\u3055\u305b\u308b\u305f\u3081\u306b\u30011\u3064\u306e\u91d1\u878d\u5546\u54c1\u3092\u4f7f\u7528\u3059\u308b\u3053\u3068\u3067\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n<strong>\u30d8\u30c3\u30b8\u3055\u308c\u305f\u8cc7\u7523 (hedged asset)<\/strong>\u306f\u3001<strong>\u5546\u54c1 (commodity)<\/strong>\u3001<strong>\u91d1\u878d\u5546\u54c1 (financial instrument)<\/strong>\u3001\u307e\u305f\u306f\u8a08\u753b\u3055\u308c\u305f\u5c06\u6765\u306e\u8cfc\u5165\u3067\u3042\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u9078\u629e\u3055\u308c\u305f<strong>\u30d8\u30c3\u30b8\u624b\u6bb5 (hedging instrument)<\/strong>\u306f\u3001\u7406\u60f3\u7684\u306b\u306f<strong>\u30d8\u30c3\u30b8\u3055\u308c\u305f\u8cc7\u7523 (hedged asset)<\/strong>\u3068\u306f\u9006\u65b9\u5411\u306b\u52d5\u304f\u3079\u304d\u3067\u3042\u308a\u3001\u4e00\u65b9\u3067\u306e\u640d\u5931\u304c\u4ed6\u65b9\u3067\u306e\u5229\u76ca\u306b\u3088\u3063\u3066\u88dc\u308f\u308c\u308b\u3088\u3046\u306b\u3057\u307e\u3059\u3002\n<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img decoding=\"async\" width=\"1792\" height=\"1024\" src=\"https:\/\/expforex.com\/wp-content\/uploads\/2024\/06\/img-Wx6Q2P09u57Awy4yNdTvZO7A.png\" alt=\"Forex\u30d8\u30c3\u30b8\u306e\u4f8b\u30c1\u30e3\u30fc\u30c8\" class=\"wp-image-13758\" style=\"width:500px\" title=\"\u30d8\u30c3\u30b8\u306e\u4f8b\u30c1\u30e3\u30fc\u30c8\" srcset=\"https:\/\/expforex.com\/wp-content\/uploads\/2024\/06\/img-Wx6Q2P09u57Awy4yNdTvZO7A.png 1792w, https:\/\/expforex.com\/wp-content\/uploads\/2024\/06\/img-Wx6Q2P09u57Awy4yNdTvZO7A-500x286.png 500w, https:\/\/expforex.com\/wp-content\/uploads\/2024\/06\/img-Wx6Q2P09u57Awy4yNdTvZO7A-1200x686.png 1200w, https:\/\/expforex.com\/wp-content\/uploads\/2024\/06\/img-Wx6Q2P09u57Awy4yNdTvZO7A-300x171.png 300w, https:\/\/expforex.com\/wp-content\/uploads\/2024\/06\/img-Wx6Q2P09u57Awy4yNdTvZO7A-768x439.png 768w, https:\/\/expforex.com\/wp-content\/uploads\/2024\/06\/img-Wx6Q2P09u57Awy4yNdTvZO7A-1536x878.png 1536w, https:\/\/expforex.com\/wp-content\/uploads\/2024\/06\/img-Wx6Q2P09u57Awy4yNdTvZO7A-131x75.png 131w, https:\/\/expforex.com\/wp-content\/uploads\/2024\/06\/img-Wx6Q2P09u57Awy4yNdTvZO7A-700x400.png 700w\" sizes=\"(max-width:767px) 700px, (max-width:1792px) 100vw, 1792px\" \/><\/figure>\n<\/div>\n\n\n<h3 class=\"wp-block-heading\" id=\"h-\u3044\u304f\u3064\u304b\u306e\u4f8b\u3092\u7d39\u4ecb\u3057\u307e\u3059\"><strong>\u3044\u304f\u3064\u304b\u306e\u4f8b\u3092\u7d39\u4ecb\u3057\u307e\u3059\uff1a<\/strong><\/h3>\n\n\n\n<p class=\"\">\n<strong>\u4fa1\u683c\u4e0b\u843d\u306b\u5bfe\u3059\u308b\u30d8\u30c3\u30b8\uff1a<\/strong>\n\u30ac\u30bd\u30ea\u30f3\u751f\u7523\u8005\u304c<strong>\u539f\u6cb9 (oil)<\/strong>\u3092\u8cfc\u5165\u3057\u30013\u304b\u6708\u5f8c\u306b\u751f\u7523\u3055\u308c\u305f<strong>\u30ac\u30bd\u30ea\u30f3 (gasoline)<\/strong>\u3092\u8ca9\u58f2\u3059\u308b\u8a08\u753b\u3092\u7acb\u3066\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u3053\u306e\u671f\u9593\u4e2d\u306b<strong>\u539f\u6cb9\u4fa1\u683c (oil prices)<\/strong>\u304c\u4e0b\u843d\u3057\u3001\u5229\u76ca\u304c\u6e1b\u5c11\u3059\u308b\u3053\u3068\u3092\u61f8\u5ff5\u3057\u3066\u3044\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u3053\u306e\u30ea\u30b9\u30af\u3092\u8efd\u6e1b\u3059\u308b\u305f\u3081\u306b\u3001\u5c06\u6765\u306e\u8ca9\u58f2\u4fa1\u683c\u3092\u56fa\u5b9a\u3059\u308b\u305f\u3081\u306b<strong>\u30d5\u30a9\u30ef\u30fc\u30c9\u5951\u7d04 (forward contract)<\/strong>\u306b\u53c2\u52a0\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u3053\u308c\u306b\u3088\u308a\u3001\u3088\u308a\u5b89\u5b9a\u3057\u305f\u53ce\u76ca\u304c\u78ba\u4fdd\u3055\u308c\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n<strong>\u67d4\u8edf\u306a\u30d8\u30c3\u30b8\u306e\u305f\u3081\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4f7f\u7528\uff1a<\/strong>\n\u30d5\u30a9\u30ef\u30fc\u30c9\u5951\u7d04\u306e\u4ee3\u308f\u308a\u306b\u3001\u751f\u7523\u8005\u306f<strong>\u30d7\u30c3\u30c8\u30aa\u30d7\u30b7\u30e7\u30f3 (put option)<\/strong>\u3092<strong>\u5148\u7269\u5951\u7d04 (futures contract)<\/strong>\u306b\u8cfc\u5165\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u4fa1\u683c\u304c\u4e0b\u843d\u3057\u305f\u5834\u5408\u3001<strong>\u30d7\u30c3\u30c8\u30aa\u30d7\u30b7\u30e7\u30f3 (put option)<\/strong>\u304c\u652f\u6255\u308f\u308c\u3001\u73fe\u7269\u5e02\u5834\u3067\u306e\u53ce\u76ca\u6e1b\u5c11\u3092\u88dc\u511f\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u4fa1\u683c\u304c\u4e0a\u6607\u3057\u305f\u5834\u5408\u3001\u751f\u7523\u8005\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u7121\u8996\u3057\u3001\u6709\u5229\u306a\u5e02\u5834\u6761\u4ef6\u304b\u3089\u5229\u76ca\u3092\u5f97\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n<strong>\u91d1\u5229\u30ea\u30b9\u30af\u7ba1\u7406\uff1a<\/strong>\n\u30e8\u30fc\u30ed\u30c3\u30d1\u306e\u4f01\u696d\u304c6\u304b\u6708\u5f8c\u306b<strong>\u7c73\u30c9\u30eb (US dollars)<\/strong>\u3092<strong>LIBOR<\/strong> + 3%\u3067\u501f\u308a\u5165\u308c\u308b\u8a08\u753b\u3092\u7acb\u3066\u3066\u3044\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u91d1\u5229\u4e0a\u6607\u306b\u5bfe\u3059\u308b\u30d8\u30c3\u30b8\u3068\u3057\u3066\u30013\u304b\u6708\u9593\u306e<strong>\u30e6\u30fc\u30ed\u30c9\u30eb\u9810\u91d1 (Eurodollar deposit)<\/strong>\u306b\u5bfe\u3059\u308b<strong>\u5148\u7269\u5951\u7d04 (futures contract)<\/strong>\u3092\u58f2\u5374\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u91d1\u5229\u304c\u4e0a\u6607\u3057\u305f\u5834\u5408\u3001\u5148\u7269\u306e\u30b7\u30e7\u30fc\u30c8\u30dd\u30b8\u30b7\u30e7\u30f3\u304c\u5229\u76ca\u3092\u4e0a\u3052\u3001\u501f\u5165\u30b3\u30b9\u30c8\u306e\u5897\u52a0\u3092\u76f8\u6bba\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n<strong>\u50b5\u5238\u306e\u30a4\u30f3\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u4fdd\u8b77\uff1a<\/strong>\n<strong>\u7c73\u56fd\u6295\u8cc7\u5bb6 (US investor)<\/strong>\u304c30\u5e74\u56fa\u5b9a\u30af\u30fc\u30dd\u30f3\u306e<strong>\u7c73\u56fd\u8ca1\u52d9\u7701\u50b5\u5238 (US Treasury bonds)<\/strong>\u3092\u4fdd\u6709\u3057\u3066\u3044\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u30a4\u30f3\u30d5\u30ec\u304b\u3089\u5b9f\u8cea\u7684\u306a\u30ea\u30bf\u30fc\u30f3\u3092\u4fdd\u8b77\u3059\u308b\u305f\u3081\u306b\u3001\u5f7c\u306f<strong>CPI-U<\/strong>\u306b\u9023\u52d5\u3059\u308b\u50b5\u5238\u3092\u542b\u3081\u3001\u8cfc\u8cb7\u529b\u3092\u7dad\u6301\u3059\u308b\u3053\u3068\u3092\u4fdd\u8a3c\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n<strong>\u901a\u8ca8\u30ea\u30b9\u30af\u306e\u30d8\u30c3\u30b8\uff1a<\/strong>\n<strong>\u30c9\u30eb (dollars)<\/strong>\u3067\u306e\u652f\u6255\u3044\u3092\u53d7\u3051\u53d6\u308b\u65e5\u672c\u4f01\u696d\u306f\u3001<strong>JPY\/USD \u5148\u7269 (JPY\/USD futures)<\/strong>\u3092\u8cfc\u5165\u3057\u3066\u70ba\u66ff\u30ec\u30fc\u30c8\u3092\u56fa\u5b9a\u3057\u3001\u901a\u8ca8\u5909\u52d5\u306b\u3088\u308b\u640d\u5931\u3092\u7de9\u548c\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n<strong>\u7a0e\u53ce\u306e\u5b89\u5b9a\u5316\uff1a<\/strong>\n\u30c6\u30ad\u30b5\u30b9\u5dde\u3067\u306f\u3001\u5730\u5143\u306e\u7a0e\u53ce\u306e25%\u304c<strong>\u539f\u6cb9 (oil)<\/strong>\u4e8b\u696d\u304b\u3089\u5f97\u3089\u308c\u3066\u304a\u308a\u3001\u539f\u6cb9\u4fa1\u683c\u306e\u4e0b\u843d\u306f\u7a0e\u53ce\u3092\u6e1b\u5c11\u3055\u305b\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n<strong>\u30d8\u30c3\u30b8\u30f3\u30b0\u30d7\u30ed\u30b0\u30e9\u30e0 (hedging program)<\/strong>\u3092\u5b9f\u65bd\u3059\u308b\u3053\u3068\u3067\u3001\u5dde\u306f\u5c06\u6765\u306e\u4fa1\u683c\u3092\u78ba\u4fdd\u3057\u3001\u516c\u5171\u8ca1\u653f\u3092\u5b89\u5b9a\u3055\u305b\u307e\u3059\u3002\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-\u4fa1\u683c\u30ea\u30b9\u30af\u306e\u6e90\"><strong>\u4fa1\u683c\u30ea\u30b9\u30af\u306e\u6e90<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u30d8\u30c3\u30b8\u524d\u306e\u4fa1\u683c\u30ea\u30b9\u30af\u3078\u306e\u66dd\u9732\u306e\u8a55\u4fa1<\/strong><\/h3>\n\n\n\n<p class=\"\">\n<strong>\u30d8\u30c3\u30b8 (hedging)<\/strong>\u3092\u6c7a\u5b9a\u3059\u308b\u524d\u306b\u3001\u4f01\u696d\u306f\u305d\u306e\u66dd\u9732\u3092\u8a55\u4fa1\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u3053\u308c\u306f\u3001\u5165\u529b\u307e\u305f\u306f\u51fa\u529b\u4fa1\u683c\u304c\u5909\u52d5\u3057\u3001\u4f01\u696d\u304c\u305d\u308c\u3089\u3092\u5b8c\u5168\u306b\u5236\u5fa1\u3067\u304d\u306a\u3044\u5834\u5408\u306b\u767a\u751f\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li class=\"\"><strong>\u5909\u52d5\u3059\u308b\u5165\u529b\u307e\u305f\u306f\u51fa\u529b\u4fa1\u683c\uff1a<\/strong><br>\u4f01\u696d\u306f\u5909\u52d5\u3059\u308b\u30b3\u30b9\u30c8\u307e\u305f\u306f\u53ce\u76ca\u306b\u76f4\u9762\u3057\u307e\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u539f\u6750\u6599\u4fa1\u683c\u306e\u5236\u5fa1\u306e\u9650\u754c\uff1a<\/strong><br>\u539f\u6750\u6599\u4fa1\u683c\u3092\u81ea\u7531\u306b\u6c7a\u5b9a\u3067\u304d\u307e\u305b\u3093\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u51fa\u529b\u4fa1\u683c\u306e\u5236\u5fa1\u306e\u9650\u754c\uff1a<\/strong><br>\u8ca9\u58f2\u91cf\u3092\u5931\u3046\u3053\u3068\u306a\u304f\u88fd\u54c1\u4fa1\u683c\u3092\u81ea\u7531\u306b\u8a2d\u5b9a\u3067\u304d\u307e\u305b\u3093\u3002<br><\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u4fa1\u683c\u5909\u52d5\u304b\u3089\u306e\u4e3b\u306a\u30ea\u30b9\u30af\u6e90<\/strong><\/h3>\n\n\n\n<p class=\"\">\n\u4fa1\u683c\u5909\u52d5\u304c\u3069\u3053\u3067\u640d\u5bb3\u3092\u4e0e\u3048\u308b\u304b\u3092\u7279\u5b9a\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002\n<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li class=\"\"><strong>\u672a\u8ca9\u58f2\u5728\u5eab\uff1a<\/strong><br>\u5728\u5eab\u3092\u4fdd\u6301\u3059\u308b\u3068\u3001\u4fa1\u683c\u304c\u4e0b\u843d\u3057\u305f\u5834\u5408\u306b\u640d\u5931\u304c\u767a\u751f\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u672a\u751f\u7523\u88fd\u54c1\u307e\u305f\u306f\u5c06\u6765\u306e\u53ce\u7a6b\uff1a<\/strong><br>\u5c06\u6765\u306e\u4fa1\u683c\u306e\u4e0d\u78ba\u5b9f\u6027\u304c\u8a08\u753b\u3068\u53ce\u76ca\u6027\u306b\u5f71\u97ff\u3057\u307e\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u7de0\u7d50\u3055\u308c\u305f\u30d5\u30a9\u30ef\u30fc\u30c9\u5951\u7d04\uff1a<\/strong><br>\u56fa\u5b9a\u3055\u308c\u305f\u4fa1\u683c\u304c\u5b9f\u884c\u6642\u306e\u73fe\u7269\u4fa1\u683c\u3088\u308a\u3082\u4e0d\u5229\u306b\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<br><\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-\u57fa\u672c\u7684\u306a\u30d8\u30c3\u30b8\u624b\u6bb5\"><strong>\u57fa\u672c\u7684\u306a\u30d8\u30c3\u30b8\u624b\u6bb5<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u30d8\u30c3\u30b8\u624b\u6bb5\u306e\u7406\u89e3<\/strong><\/h3>\n\n\n\n<p class=\"\">\n<strong>\u30d8\u30c3\u30b8\u30e3\u30fc (hedgers)<\/strong>\u3068<strong>\u6295\u6a5f\u5bb6 (speculators)<\/strong>\u306f\u3001\u985e\u4f3c\u3057\u305f\u624b\u6bb5\u3092\u4f7f\u7528\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u9055\u3044\u306f\u5f7c\u3089\u306e\u76ee\u7684\u306b\u3042\u308a\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n<strong>\u30d8\u30c3\u30b8\u30e3\u30fc (hedgers)<\/strong>\u306f\u30ea\u30b9\u30af\u3092\u6e1b\u5c11\u3055\u305b\u308b\u3053\u3068\u3092\u76ee\u6307\u3057\u3001<strong>\u6295\u6a5f\u5bb6 (speculators)<\/strong>\u306f\u4fa1\u683c\u5909\u52d5\u304b\u3089\u5229\u76ca\u3092\u8ffd\u6c42\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u30d8\u30c3\u30b8\u624b\u6bb5\u306e\u7a2e\u985e<\/strong><\/h3>\n\n\n\n<p class=\"\">\n\u624b\u6bb5\u306f<strong>\u53d6\u5f15\u6240 (exchange)<\/strong>\u3068<strong>\u5e97\u982d\u53d6\u5f15 (over-the-counter, OTC)<\/strong>\u306b\u5206\u985e\u3055\u308c\u307e\u3059\u3002\n<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>OTC\u30d8\u30c3\u30b8\u624b\u6bb5<\/strong><\/h4>\n\n\n\n<p class=\"\">\n<strong>\u30d5\u30a9\u30ef\u30fc\u30c9\u5951\u7d04 (forward contracts)<\/strong>\u304a\u3088\u3073<strong>\u5546\u54c1\u30b9\u30ef\u30c3\u30d7 (commodity swaps)<\/strong>\u306f\u4e00\u822c\u7684\u306aOTC\u624b\u6bb5\u3067\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u5229\u70b9\uff1a\u9ad8\u5ea6\u306b\u30ab\u30b9\u30bf\u30de\u30a4\u30ba\u53ef\u80fd\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u6b20\u70b9\uff1a\u6d41\u52d5\u6027\u304c\u4f4e\u304f\u3001\u30b3\u30b9\u30c8\u304c\u9ad8\u304f\u3001\u5c65\u884c\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002\n<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u53d6\u5f15\u6240\u30d8\u30c3\u30b8\u624b\u6bb5<\/strong><\/h4>\n\n\n\n<p class=\"\">\n<strong>\u5148\u7269 (futures)<\/strong>\u304a\u3088\u3073<strong>\u5148\u7269\u30aa\u30d7\u30b7\u30e7\u30f3 (options on futures)<\/strong>\u306f\u3001\u6e05\u7b97\u6a5f\u95a2\u304c\u7fa9\u52d9\u3092\u4fdd\u8a3c\u3059\u308b\u53d6\u5f15\u6240\u3067\u53d6\u5f15\u3055\u308c\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u5229\u70b9\uff1a\u9ad8\u3044\u6d41\u52d5\u6027\u3001\u6a19\u6e96\u5316\u3055\u308c\u305f\u5951\u7d04\u3001\u76f8\u624b\u5148\u30ea\u30b9\u30af\u306e\u4f4e\u6e1b\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u6b20\u70b9\uff1a\u30ab\u30b9\u30bf\u30de\u30a4\u30ba\u306e\u5236\u9650\u3001\u4e00\u5b9a\u306e\u624b\u6570\u6599\u3001\u304a\u3088\u3073\u30de\u30fc\u30b8\u30f3\u8981\u4ef6\u3002\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u7d50\u8ad6<\/strong><\/h3>\n\n\n\n<p class=\"\">\n<strong>OTC<\/strong>\u3068<strong>\u53d6\u5f15\u6240 (exchange)<\/strong>\u306e\u624b\u6bb5\u306e\u9078\u629e\u306f\u3001\u30ab\u30b9\u30bf\u30de\u30a4\u30ba\u306e\u5fc5\u8981\u6027\u3001\u30b3\u30b9\u30c8\u3001\u6d41\u52d5\u6027\u3001\u304a\u3088\u3073\u76f8\u624b\u5148\u30ea\u30b9\u30af\u306b\u4f9d\u5b58\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-\u53d6\u5f15\u6240\u624b\u6bb5\"><strong>\u53d6\u5f15\u6240\u624b\u6bb5<\/strong>:<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u5229\u70b9<\/strong><\/h4>\n\n\n\n<ol class=\"wp-block-list\">\n<li class=\"\"><strong>\u9ad8\u3044\u6d41\u52d5\u6027\uff1a<\/strong><br>\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u30a8\u30f3\u30c8\u30ea\u30fc\u3068\u30a8\u30b0\u30b8\u30c3\u30c8\u304c\u5bb9\u6613\u3067\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u9ad8\u3044\u4fe1\u983c\u6027\uff1a<\/strong><br>\u6e05\u7b97\u6a5f\u95a2\u304c\u76f8\u624b\u5148\u30ea\u30b9\u30af\u3092\u4f4e\u6e1b\u3057\u307e\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u4f4e\u3044\u904b\u55b6\u30b3\u30b9\u30c8\uff1a<\/strong><br>\u6bd4\u8f03\u7684\u5b89\u4fa1\u306a\u53d6\u5f15\u3067\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u30b0\u30ed\u30fc\u30d0\u30eb\u306a\u30a2\u30af\u30bb\u30b9\u6027\uff1a<\/strong><br>\u3069\u3053\u304b\u3089\u3067\u3082\u53d6\u5f15\u53ef\u80fd\u3067\u3059\u3002<br><\/li>\n<\/ol>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u6b20\u70b9<\/strong><\/h4>\n\n\n\n<ol class=\"wp-block-list\">\n<li class=\"\"><strong>\u53b3\u683c\u306a\u5236\u9650\uff1a<\/strong><br>\u5951\u7d04\u4ed5\u69d8\u306e\u67d4\u8edf\u6027\u304c\u5236\u9650\u3055\u308c\u3066\u3044\u307e\u3059\u3002<br><\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-\u5148\u7269\u4fa1\u683c\"><strong>\u5148\u7269\u4fa1\u683c<\/strong><\/h3>\n\n\n\n<p class=\"\">\n<strong>\u5148\u7269 (futures)<\/strong>\u3092<strong>\u30d8\u30c3\u30b8 (hedging)<\/strong>\u306b\u4f7f\u7528\u3059\u308b\u8ad6\u7406\u306f\u3001<strong>\u5148\u7269\u4fa1\u683c (futures prices)<\/strong>\u3068<strong>\u73fe\u7269\u5e02\u5834\u4fa1\u683c (spot market prices)<\/strong>\u306e\u5e73\u884c\u79fb\u52d5\u306b\u57fa\u3065\u3044\u3066\u3044\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u76f8\u95a2\u304c\u5b58\u5728\u3057\u306a\u3044\u5834\u5408\u3001\u88c1\u5b9a\u53d6\u5f15\u306e\u6a5f\u4f1a\u304c\u751f\u3058\u307e\u3059\u3002\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u88c1\u5b9a\u53d6\u5f15\u306e\u4f8b<\/strong><\/h3>\n\n\n\n<p class=\"\">\n<strong>\u5148\u7269\u4fa1\u683c (futures price)<\/strong>\u304c<strong>\u73fe\u7269\u4fa1\u683c (spot price)<\/strong>\u3092\u5927\u5e45\u306b\u4e0a\u56de\u308b\u5834\u5408\u3092\u8003\u3048\u307e\u3059\u3002\n<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li class=\"\"><strong>\u30ed\u30fc\u30f3\u3092\u501f\u308a\u308b\uff1a<\/strong><br>\u8cfc\u5165\u3092\u8cc7\u91d1\u8abf\u9054\u3057\u307e\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u73fe\u7269\u3067\u5546\u54c1\u3092\u8cfc\u5165\u3059\u308b\uff1a<\/strong><br><\/li>\n\n\n\n<li class=\"\"><strong>\u5148\u7269\u5951\u7d04\u3092\u58f2\u5374\u3059\u308b\uff1a<\/strong><br>\u3088\u308a\u9ad8\u3044\u4fa1\u683c\u3067\u58f2\u5374\u3057\u307e\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u5546\u54c1\u3092\u5f15\u304d\u6e21\u3059\uff1a<\/strong><br>\u5148\u7269\u306e\u7fa9\u52d9\u3092\u6e80\u305f\u3059\u305f\u3081\u306b\u5546\u54c1\u3092\u5f15\u304d\u6e21\u3057\u307e\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u30ed\u30fc\u30f3\u3092\u8fd4\u6e08\u3059\u308b\uff1a<\/strong><br>\u53ce\u76ca\u3067\u30ed\u30fc\u30f3\u3092\u8fd4\u6e08\u3057\u307e\u3059\u3002<br><\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u30d9\u30fc\u30b7\u30b9\u306e\u7406\u89e3<\/strong><\/h3>\n\n\n\n<p class=\"\">\n<strong>\u5148\u7269\u4fa1\u683c (futures price)<\/strong>\u3068<strong>\u73fe\u7269\u4fa1\u683c (spot price)<\/strong>\u306e\u5dee\u304c<strong>\u30d9\u30fc\u30b7\u30b9 (basis)<\/strong>\u3067\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u3053\u308c\u306f\u3001\u91d1\u5229\u3084\u4fdd\u7ba1\u30b3\u30b9\u30c8\u306a\u3069\u306e\u8981\u56e0\u3092\u53cd\u6620\u3057\u3066\u3044\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u30d9\u30fc\u30b7\u30b9\u306f\u3001\u5546\u54c1\u306b\u3088\u3063\u3066\u6b63\u307e\u305f\u306f\u8ca0\u306b\u306a\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u30d9\u30fc\u30b7\u30b9\u306e\u52d5\u614b<\/strong><\/h3>\n\n\n\n<p class=\"\">\n<strong>\u30d9\u30fc\u30b7\u30b9 (basis)<\/strong>\u306f\u4e00\u5b9a\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u4e00\u822c\u7684\u306b\u3001\u5f15\u6e21\u3057\u304c\u8fd1\u3065\u304f\u306b\u3064\u308c\u3066\u30d9\u30fc\u30b7\u30b9\u306f\u72ed\u307e\u308a\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u3057\u304b\u3057\u3001\u7dca\u6025\u306e\u9700\u8981\u306f\u5e02\u5834\u306e\u9006\u8ee2\u3092\u5f15\u304d\u8d77\u3053\u3059\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-\u30d8\u30c3\u30b8\u6226\u7565\"><strong>\u30d8\u30c3\u30b8\u6226\u7565<\/strong><\/h2>\n\n\n\n<p class=\"\">\n<strong>\u30d8\u30c3\u30b8\u6226\u7565 (hedging strategy)<\/strong>\u306f\u3001<strong>\u5148\u7269 (futures)<\/strong>\u3084<strong>\u30aa\u30d7\u30b7\u30e7\u30f3 (options)<\/strong>\u306a\u3069\u306e<strong>\u91d1\u878d\u5546\u54c1 (financial instruments)<\/strong>\u3092\u4f7f\u7528\u3057\u3066\u4fa1\u683c\u30ea\u30b9\u30af\u3092\u76f8\u6bba\u3059\u308b\u3053\u3068\u3092\u542b\u307f\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u3057\u304b\u3057\u3001<strong>\u30d9\u30fc\u30b7\u30b9\u306e\u5909\u52d5\u6027 (basis volatility)<\/strong>\u306b\u3088\u308a\u3001\u3044\u304f\u3064\u304b\u306e\u6b8b\u7559\u30ea\u30b9\u30af\u304c\u6b8b\u308a\u307e\u3059\u3002\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u30d8\u30c3\u30b8\u306e\u7a2e\u985e<\/strong><\/h3>\n\n\n\n<p class=\"\">\n\u4e3b\u306b2\u3064\u306e\u7a2e\u985e\u304c\u3042\u308a\u307e\u3059\uff1a<strong>\u8cb7\u3044\u624b\u306e\u30d8\u30c3\u30b8 (buyer\u2019s hedge)<\/strong>\u3068<strong>\u58f2\u308a\u624b\u306e\u30d8\u30c3\u30b8 (seller\u2019s hedge)<\/strong>\u3067\u3059\u3002\n<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u8cb7\u3044\u624b\u306e\u30d8\u30c3\u30b8 (Buyer\u2019s Hedge)<\/strong><\/h4>\n\n\n\n<p class=\"\">\n\u5c06\u6765\u5546\u54c1\u3092\u8cfc\u5165\u3059\u308b\u8a08\u753b\u304c\u3042\u308b\u5834\u5408\u306b\u4f7f\u7528\u3055\u308c\u307e\u3059\u3002\n<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li class=\"\"><strong>\u5148\u7269\u5951\u7d04\u306e\u8cfc\u5165 (Buying a Futures Contract)<\/strong><br>\u4fa1\u683c\u3092\u56fa\u5b9a\u3059\u308b\u305f\u3081\u306b\u8cfc\u5165\u3057\u307e\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u30b3\u30fc\u30eb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u8cfc\u5165 (Buying a Call Option)<\/strong><br>\u4e0a\u6607\u306e\u53ef\u80fd\u6027\u3092\u4eab\u53d7\u3057\u3064\u3064\u4e0b\u843d\u3092\u5236\u9650\u3057\u307e\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u30d7\u30c3\u30c8\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u58f2\u5374 (Selling a Put Option)<\/strong><br>\u6f5c\u5728\u7684\u306a\u4fa1\u683c\u4e0b\u843d\u3092\u76f8\u6bba\u3067\u304d\u308b\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u7372\u5f97\u3057\u307e\u3059\u3002<br><\/li>\n<\/ol>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u58f2\u308a\u624b\u306e\u30d8\u30c3\u30b8 (Seller\u2019s Hedge)<\/strong><\/h4>\n\n\n\n<p class=\"\">\n\u5546\u54c1\u3092\u8ca9\u58f2\u3059\u308b\u969b\u306b\u4fa1\u683c\u4e0b\u843d\u304b\u3089\u4fdd\u8b77\u3059\u308b\u305f\u3081\u306b\u4f7f\u7528\u3055\u308c\u307e\u3059\u3002\n<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li class=\"\"><strong>\u5148\u7269\u5951\u7d04\u306e\u58f2\u5374 (Selling a Futures Contract)<\/strong><br>\u6700\u4f4e\u8ca9\u58f2\u4fa1\u683c\u3092\u56fa\u5b9a\u3059\u308b\u305f\u3081\u306b\u58f2\u5374\u3057\u307e\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u30d7\u30c3\u30c8\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u8cfc\u5165 (Buying a Put Option)<\/strong><br>\u6700\u4f4e\u4fa1\u683c\u3092\u78ba\u4fdd\u3057\u307e\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u30b3\u30fc\u30eb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u58f2\u5374 (Selling a Call Option)<\/strong><br>\u6f5c\u5728\u7684\u306a\u4fa1\u683c\u4e0b\u843d\u3092\u76f8\u6bba\u3059\u308b\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u7372\u5f97\u3057\u307e\u3059\u3002<br><\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-\u58f2\u308a\u624b\u306e\u30d8\u30c3\u30b8\u306e\u4f8b\"><strong>\u58f2\u308a\u624b\u306e\u30d8\u30c3\u30b8\u306e\u4f8b<\/strong><\/h2>\n\n\n\n<p class=\"\">\n1. <strong>\u5148\u7269\u5951\u7d04\u306e\u58f2\u5374\u306b\u3088\u308b\u30d8\u30c3\u30b8 (Hedging by Selling Futures Contracts)<\/strong>\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u4f8b\u3048\u3070\u3001\u30ac\u30bd\u30ea\u30f3\u30e1\u30fc\u30ab\u30fc\u304c<strong>\u5148\u7269 (futures)<\/strong>\u3092\u58f2\u5374\u3057\u3066\u5c06\u6765\u306e\u8ca9\u58f2\u4fa1\u683c\u3092\u56fa\u5b9a\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u73fe\u7269\u4fa1\u683c\u304c\u4e0b\u843d\u3057\u305f\u5834\u5408\u3001<strong>\u5148\u7269 (futures)<\/strong>\u3067\u306e\u5229\u76ca\u304c\u5931\u308f\u308c\u305f\u5229\u76ca\u3092\u76f8\u6bba\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u4fa1\u683c\u304c\u4e0a\u6607\u3057\u305f\u5834\u5408\u3001\u5148\u7269\u3067\u306e\u640d\u5931\u304c\u73fe\u7269\u3067\u306e\u9ad8\u3044\u5229\u76ca\u3092\u76f8\u6bba\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u3057\u304b\u3057\u30011\u3064\u306e\u6b20\u70b9\u306f\u3001\u30aa\u30fc\u30d7\u30f3\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u30de\u30fc\u30b8\u30f3\u3092\u7dad\u6301\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3053\u3068\u3067\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n2. <strong>\u30d7\u30c3\u30c8\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u8cfc\u5165\u306b\u3088\u308b\u30d8\u30c3\u30b8 (Hedging by Buying a Put Option)<\/strong>\u3002\n<\/p>\n\n\n\n<p class=\"\">\n<strong>\u30d7\u30c3\u30c8\u30aa\u30d7\u30b7\u30e7\u30f3 (put option)<\/strong>\u306f\u6700\u4f4e\u8ca9\u58f2\u4fa1\u683c\u3092\u8a2d\u5b9a\u3057\u3064\u3064\u3001\u4fa1\u683c\u304c\u4e0a\u6607\u3057\u305f\u5834\u5408\u306b\u5229\u76ca\u3092\u5f97\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u3053\u306e\u4fdd\u8b77\u306e\u305f\u3081\u306b\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u652f\u6255\u3044\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n3. <strong>\u30b3\u30fc\u30eb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u58f2\u5374\u306b\u3088\u308b\u30d8\u30c3\u30b8 (Hedging by Selling a Call Option)<\/strong>\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u7372\u5f97\u3057\u307e\u3059\u304c\u3001\u4e0a\u6607\u306e\u53ef\u80fd\u6027\u3092\u5236\u9650\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n4. <strong>\u305d\u306e\u4ed6\u306e\u30d8\u30c3\u30b8\u624b\u6bb5 (Other Hedging Instruments)<\/strong>\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u9ad8\u5ea6\u306a\u6226\u7565\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u3001\u304a\u3088\u3073\u30ab\u30b9\u30bf\u30de\u30a4\u30ba\u3055\u308c\u305f\u624b\u6bb5\u3092\u7d44\u307f\u5408\u308f\u305b\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u4e00\u822c\u7684\u306a\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u30b7\u30f3\u30d7\u30eb\u306a\u77ed\u671f\u30d8\u30c3\u30b8\u3067\u3042\u308a\u3001\u7269\u7406\u53d6\u5f15\u306e\u91cf\u3068\u30bf\u30a4\u30df\u30f3\u30b0\u306b\u8fd1\u3044\u5358\u4e00\u306e\u5148\u7269\u5951\u7d04\u3092\u4f7f\u7528\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u9577\u671f\u5951\u7d04\u3001\u7d99\u7d9a\u7684\u306a\u751f\u7523\u3001\u304a\u3088\u3073\u975e\u6a19\u6e96\u5546\u54c1\u3067\u306f\u3001\u3088\u308a\u8907\u96d1\u306a\u30b7\u30ca\u30ea\u30aa\u304c\u751f\u3058\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u62e1\u5f35\u3055\u308c\u305f\u671f\u9593\u3067\u306f\u3001\u6d41\u52d5\u6027\u304c\u5411\u4e0a\u3059\u308b\u306b\u3064\u308c\u3066\u5951\u7d04\u3092\u30ed\u30fc\u30eb\u30aa\u30fc\u30d0\u30fc\u3059\u308b\u304b\u3001\u95a2\u9023\u5546\u54c1\u3092\u4f7f\u7528\u3057\u3066\u30af\u30ed\u30b9\u30d8\u30c3\u30b8\u3092\u691c\u8a0e\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>1. \u5951\u7d04\u306e\u30ed\u30fc\u30eb\u30aa\u30fc\u30d0\u30fc (Rolling Over Contracts)<\/strong><\/h4>\n\n\n\n<p class=\"\">\n\u9069\u5207\u306a\u9577\u671f\u5148\u7269\u304c\u5b58\u5728\u3057\u306a\u3044\u5834\u5408\u3001\u77ed\u671f\u5951\u7d04\u304b\u3089\u9577\u671f\u5951\u7d04\u306b\u30ed\u30fc\u30eb\u30aa\u30fc\u30d0\u30fc\u3059\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\n<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2. \u7d99\u7d9a\u7684\u306a\u751f\u7523\u30b5\u30a4\u30af\u30eb (Continuous Production Cycles)<\/strong><\/h4>\n\n\n\n<p class=\"\">\n\u8907\u96d1\u306a\u30d8\u30c3\u30b8\u30f3\u30b0\u306b\u306f\u3001\u7570\u306a\u308b\u6e80\u671f\u306e\u8907\u6570\u306e\u30aa\u30fc\u30d7\u30f3\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u7ba1\u7406\u3057\u3001\u5bc6\u63a5\u306b\u76e3\u8996\u3057\u3001\u5fc5\u8981\u306b\u5fdc\u3058\u3066\u8abf\u6574\u3059\u308b\u3053\u3068\u304c\u5fc5\u8981\u3067\u3059\u3002\n<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>3. \u9069\u5207\u306a\u53d6\u5f15\u6240\u5546\u54c1\u306e\u9078\u629e (Selecting the Right Exchange Commodity)<\/strong><\/h4>\n\n\n\n<p class=\"\">\n\u6b63\u78ba\u306a\u5546\u54c1\u30de\u30c3\u30c1\u304c\u5229\u7528\u3067\u304d\u306a\u3044\u5834\u5408\u3001\u76f8\u95a2\u306e\u3042\u308b\u8cc7\u7523\u3092\u4f7f\u7528\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u3053\u308c\u306b\u3088\u308a\u30d9\u30fc\u30b7\u30b9\u30ea\u30b9\u30af\u304c\u5c0e\u5165\u3055\u308c\u307e\u3059\u304c\u3001\u4f9d\u7136\u3068\u3057\u3066\u52b9\u679c\u7684\u3067\u3042\u308b\u5834\u5408\u304c\u3042\u308a\u307e\u3059\u3002\n<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>4. \u30c0\u30a4\u30ca\u30df\u30c3\u30af\u30d8\u30c3\u30b8\u30f3\u30b0 (Dynamic Hedging)<\/strong><\/h4>\n\n\n\n<p class=\"\">\n\u8ca9\u58f2\u91cf\u3068\u4fa1\u683c\u306e\u5909\u5316\u306b\u5fdc\u3058\u3066\u30d8\u30c3\u30b8\u30b5\u30a4\u30ba\u3092\u8abf\u6574\u3057\u3001\u7d99\u7d9a\u7684\u306a\u5206\u6790\u304c\u5fc5\u8981\u3067\u3059\u3002\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\"><strong>\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8<\/strong><\/h2>\n\n\n\n<p class=\"\">\n<strong>\u30d8\u30c3\u30b8 (hedging)<\/strong>\u306f\u5229\u76ca\u3092\u8ffd\u6c42\u3059\u308b\u3082\u306e\u3067\u306f\u306a\u304f\u3001\u30ea\u30b9\u30af\u306e\u8efd\u6e1b\u3092\u76ee\u7684\u3068\u3057\u3066\u3044\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u30b3\u30b9\u30c8\u306b\u306f\u53d6\u5f15\u624b\u6570\u6599\u3001\u30de\u30fc\u30b8\u30f3\u8981\u4ef6\u3001\u304a\u3088\u3073\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u542b\u307e\u308c\u307e\u3059\u3002\n<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li class=\"\"><strong>\u30ea\u30b9\u30af\u8ee2\u5ac1\u30b3\u30b9\u30c8\uff1a<\/strong><br>\u6295\u6a5f\u5bb6\u304c\u3042\u306a\u305f\u306e\u30ea\u30b9\u30af\u3092\u5f15\u304d\u53d7\u3051\u308b\u305f\u3081\u3001\u88dc\u511f\u304c\u5fc5\u8981\u3067\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u53d6\u5f15\u30b3\u30b9\u30c8\uff1a<\/strong><br>\u30b3\u30df\u30c3\u30b7\u30e7\u30f3\u304a\u3088\u3073\u30d3\u30c3\u30c9\u30a2\u30b9\u30af\u30b9\u30d7\u30ec\u30c3\u30c9\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u4fdd\u8a3c\u91d1\uff1a<\/strong><br>\u30de\u30fc\u30b8\u30f3\u306f2%\u304b\u308920%\u306e\u7bc4\u56f2\u3067\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u5909\u52d5\u30de\u30fc\u30b8\u30f3\uff1a<\/strong><br>\u4fa1\u683c\u5909\u52d5\u306b\u57fa\u3065\u3044\u3066\u6bce\u65e5\u8ffd\u52a0\u307e\u305f\u306f\u5f15\u304d\u51fa\u3055\u308c\u308b\u8cc7\u91d1\u3002<br><\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u306e\u4f8b<\/strong><\/h3>\n\n\n\n<p class=\"\">\n\u73fe\u7269\u4fa1\u683c\u304c\u6709\u5229\u306b\u52d5\u304f\u5834\u5408\u3001\u73fe\u7269\u5229\u76ca\u3092\u5b9f\u73fe\u3059\u308b\u524d\u306b\u5909\u52d5\u30de\u30fc\u30b8\u30f3\u3092\u652f\u6255\u3046\u5fc5\u8981\u304c\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u3053\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u306e\u9055\u3044\u304c\u30d8\u30c3\u30b8\u5168\u4f53\u306e\u30b3\u30b9\u30c8\u3092\u5897\u52a0\u3055\u305b\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-\u30d8\u30c3\u30b8\u3055\u308c\u305f\u30dd\u30b8\u30b7\u30e7\u30f3\u306b\u95a2\u9023\u3059\u308b\u30ea\u30b9\u30af\"><strong>\u30d8\u30c3\u30b8\u3055\u308c\u305f\u30dd\u30b8\u30b7\u30e7\u30f3\u306b\u95a2\u9023\u3059\u308b\u30ea\u30b9\u30af<\/strong><\/h2>\n\n\n\n<p class=\"\">\n<strong>\u30d8\u30c3\u30b8 (hedging)<\/strong>\u306f\u30ea\u30b9\u30af\u3092\u6e1b\u5c11\u3055\u305b\u307e\u3059\u304c\u3001\u5b8c\u5168\u306b\u6392\u9664\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u4e0d\u9069\u5207\u306a\u30d8\u30c3\u30b8\u6226\u7565\u306f\u3001\u66dd\u9732\u3092\u5897\u52a0\u3055\u305b\u308b\u53ef\u80fd\u6027\u3055\u3048\u3042\u308a\u307e\u3059\u3002\n<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u30d9\u30fc\u30b7\u30b9\u30ea\u30b9\u30af (Basis Risk)<\/strong><\/h4>\n\n\n\n<p class=\"\">\n\u4e3b\u306a\u30ea\u30b9\u30af\u306f\u3001\u73fe\u7269\u5e02\u5834\u3068\u5148\u7269\u5e02\u5834\u306e\u9593\u3067\u4fa1\u683c\u304c\u5e73\u884c\u306b\u52d5\u304b\u306a\u3044\u3053\u3068\u3067\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u7ba1\u7406\u4e0a\u306e\u5236\u9650\u3001\u65e5\u6b21\u4fa1\u683c\u5236\u9650\u3001\u304a\u3088\u3073\u4f9b\u7d66\u9700\u8981\u306e\u9055\u3044\u304c\u30d9\u30fc\u30b7\u30b9\u30ea\u30b9\u30af\u306b\u5bc4\u4e0e\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u30b7\u30b9\u30c6\u30df\u30c3\u30af\u30ea\u30b9\u30af (Systemic Risk)<\/strong><\/h4>\n\n\n\n<p class=\"\">\n\u6cd5\u6539\u6b63\u3001\u7a0e\u91d1\u3001\u304a\u3088\u3073\u95a2\u7a0e\u306f\u3001\u30d8\u30c3\u30b8\u304c\u5b8c\u5168\u306b\u5bfe\u51e6\u3067\u304d\u306a\u3044\u30b7\u30b9\u30c6\u30df\u30c3\u30af\u30ea\u30b9\u30af\u3067\u3059\u3002\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-\u30d8\u30c3\u30b8\u306e\u57fa\u672c\u539f\u5247\"><strong>\u30d8\u30c3\u30b8\u306e\u57fa\u672c\u539f\u5247<\/strong><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li class=\"\"><strong>\u76ee\u7684\uff1a<\/strong><br>\u8a31\u5bb9\u3067\u304d\u306a\u3044\u30ea\u30b9\u30af\u3092\u8a31\u5bb9\u3067\u304d\u308b\u3082\u306e\u306b\u5909\u63db\u3059\u308b\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u6f5c\u5728\u7684\u306a\u640d\u5931\u306e\u8a55\u4fa1\uff1a<\/strong><br>\u30d8\u30c3\u30b8\u306a\u3057\u3067\u306e\u6f5c\u5728\u7684\u306a\u640d\u5931\u304c\u5c0f\u3055\u3044\u5834\u5408\u3001\u30d8\u30c3\u30b8\u30b3\u30b9\u30c8\u304c\u6b63\u5f53\u5316\u3055\u308c\u306a\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u306e\u958b\u767a\uff1a<\/strong><br>\u30d8\u30c3\u30b8\u306e\u305f\u3081\u306e\u5185\u90e8\u30eb\u30fc\u30eb\u304a\u3088\u3073\u624b\u9806\u3092\u4f5c\u6210\u3059\u308b\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u6587\u8108\u7684\u8a55\u4fa1\uff1a<\/strong><br>\u3088\u308a\u5e83\u3044\u30d3\u30b8\u30cd\u30b9\u6587\u8108\u3067\u30d8\u30c3\u30b8\u306e\u6709\u52b9\u6027\u3092\u8a55\u4fa1\u3059\u308b\u3002<br><\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u30d8\u30c3\u30b8\u306e\u5229\u70b9<\/strong><\/h3>\n\n\n\n<p class=\"\">\n<strong>\u30d8\u30c3\u30b8 (hedging)<\/strong>\u306f\u3001\u3088\u308a\u5b89\u5b9a\u3057\u305f\u5229\u76ca\u3001\u52b9\u7387\u7684\u306a\u30ea\u30b9\u30af\u7ba1\u7406\u3001\u304a\u3088\u3073\u30af\u30ec\u30b8\u30c3\u30c8\u30a2\u30af\u30bb\u30b9\u306e\u6539\u5584\u3092\u3082\u305f\u3089\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><strong>\u4fa1\u683c\u30ea\u30b9\u30af\u306e\u4f4e\u6e1b\uff1a<\/strong><br>\u539f\u6750\u6599\u30b3\u30b9\u30c8\u3068\u51fa\u529b\u4fa1\u683c\u306e\u4e0d\u78ba\u5b9f\u6027\u304c\u6e1b\u5c11\u3057\u307e\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u30b3\u30b9\u30c8\u306e\u6700\u9069\u5316\uff1a<\/strong><br>\u975e\u4e2d\u5fc3\u7684\u306a\u30ea\u30b9\u30af\u3088\u308a\u3082\u30b3\u30a2\u30b3\u30f3\u30d4\u30bf\u30f3\u30b9\u306b\u30ea\u30bd\u30fc\u30b9\u3092\u96c6\u4e2d\u3055\u305b\u307e\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u901a\u5e38\u306e\u904b\u55b6\u306e\u78ba\u4fdd\uff1a<\/strong><br>\u5728\u5eab\u6226\u7565\u3092\u5927\u5e45\u306b\u5909\u66f4\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u305b\u3093\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u4fe1\u7528\u529b\u306e\u5411\u4e0a\uff1a<\/strong><br>\u8cb8\u3057\u624b\u306f\u30d8\u30c3\u30b8\u3055\u308c\u305f\u62c5\u4fdd\u3092\u3088\u308a\u9ad8\u304f\u8a55\u4fa1\u3057\u307e\u3059\u3002<br><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-\u5b9f\u8df5\u7684\u306a\u30b9\u30c6\u30c3\u30d7\"><strong>\u5b9f\u8df5\u7684\u306a\u30b9\u30c6\u30c3\u30d7<\/strong><\/h2>\n\n\n\n<p class=\"\">\n<strong>\u5148\u7269 (futures)<\/strong>\u3092\u4f7f\u7528\u3057\u3066\u30d8\u30c3\u30b8\u3059\u308b\u306b\u306f\u3001\u4ee5\u4e0b\u306e\u30b9\u30c6\u30c3\u30d7\u306b\u5f93\u3063\u3066\u304f\u3060\u3055\u3044\uff1a\n<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li class=\"\"><strong>\u53d6\u5f15\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3068\u5148\u7269\u5951\u7d04\u306e\u9078\u629e\uff1a<\/strong><br>\u5546\u54c1\u4fa1\u683c\u306e\u52d5\u304d\u3068\u76f8\u95a2\u3059\u308b\u5951\u7d04\u3092\u898b\u3064\u3051\u307e\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u6e05\u7b97\u4f1a\u793e\u304a\u3088\u3073\u30d6\u30ed\u30fc\u30ab\u30fc\u306e\u9078\u629e\uff1a<\/strong><br>\u9069\u5207\u306a\u8a8d\u8a3c\u304a\u3088\u3073\u5b9f\u884c\u80fd\u529b\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u30c9\u30ad\u30e5\u30e1\u30f3\u30c8\u306e\u5b8c\u4e86\uff1a<\/strong><br>\u30b5\u30fc\u30d3\u30b9\u5951\u7d04\u306b\u7f72\u540d\u3057\u3001\u30a2\u30ab\u30a6\u30f3\u30c8\u3092\u958b\u8a2d\u3057\u307e\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u30a2\u30ab\u30a6\u30f3\u30c8\u306e\u958b\u8a2d\u3068\u8cc7\u91d1\u4f9b\u7d66\uff1a<\/strong><br>\u30de\u30fc\u30b8\u30f3\u8cc7\u91d1\u3092\u9810\u91d1\u3057\u307e\u3059\u3002\u901a\u5e38\u3001\u53d6\u5f15\u91d1\u984d\u306e\u7d0410%\u3067\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u30d8\u30c3\u30b8\u6226\u7565\u306e\u958b\u767a\uff1a<\/strong><br>\u76ee\u6a19\u3001\u624b\u6bb5\u3001\u304a\u3088\u3073\u65b9\u6cd5\u3092\u6982\u8aac\u3057\u307e\u3059\u3002<br><\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-\u57fa\u672c\u7684\u306a\u5546\u54c1\u306e\u30d8\u30c3\u30b8\"><strong>\u57fa\u672c\u7684\u306a\u5546\u54c1\u306e\u30d8\u30c3\u30b8<\/strong><\/h2>\n\n\n\n<p class=\"\">\n<strong>\u539f\u6cb9 (oil)<\/strong>\u304a\u3088\u3073<strong>\u77f3\u6cb9\u88fd\u54c1 (oil products)<\/strong>\u306e\u5834\u5408\u3001\u4e3b\u8981\u306a\u53d6\u5f15\u6240\u3067\u3042\u308b<strong>\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u30de\u30fc\u30ab\u30f3\u30bf\u30a4\u30eb\u53d6\u5f15\u6240 (NYMEX)<\/strong>\u304a\u3088\u3073<strong>\u56fd\u969b\u77f3\u6cb9\u53d6\u5f15\u6240 (IPE)<\/strong>\u306f\u3001\u3055\u307e\u3056\u307e\u306a\u5148\u7269\u304a\u3088\u3073\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u63d0\u4f9b\u3057\u3066\u3044\u307e\u3059\u3002\n<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u30de\u30fc\u30ab\u30f3\u30bf\u30a4\u30eb\u53d6\u5f15\u6240 (NYMEX)<\/strong><\/h4>\n\n\n\n<p class=\"\">\n<strong>\u30e9\u30a4\u30c8\u30af\u30eb\u30fc\u30c9\u30aa\u30a4\u30eb (light crude oil)<\/strong>\u3001<strong>\u7121\u925b\u30ac\u30bd\u30ea\u30f3 (unleaded gasoline)<\/strong>\u3001\u304a\u3088\u3073<strong>\u71c3\u6599\u6cb9 (fuel oil)<\/strong>\u306e\u5148\u7269\u304a\u3088\u3073\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u63d0\u4f9b\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u5951\u7d04\u306b\u306f\u6a19\u6e96\u7684\u306a\u4ed5\u69d8\u3001\u9ad8\u3044\u6d41\u52d5\u6027\u3001\u304a\u3088\u3073\u78ba\u7acb\u3055\u308c\u305f\u53d6\u5f15\u6642\u9593\u304c\u3042\u308a\u307e\u3059\u3002\n<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\u56fd\u969b\u77f3\u6cb9\u53d6\u5f15\u6240 (IPE)<\/strong><\/h4>\n\n\n\n<p class=\"\">\n<strong>\u30ce\u30fc\u30b9\u30b7\u30fc\u30d6\u30ec\u30f3\u30c8 (North Sea Brent)<\/strong>\u304a\u3088\u3073\u30c7\u30a3\u30fc\u30bc\u30eb<strong>\u5148\u7269 (futures)<\/strong>\u3092\u53d6\u5f15\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u65e5\u6b21\u4fa1\u683c\u5909\u52d5\u306b\u5236\u9650\u304c\u306a\u304f\u3001\u67d4\u8edf\u306a\u30d8\u30c3\u30b8\u304c\u53ef\u80fd\u3067\u3059\u3002\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u30b1\u30fc\u30b9\u30b9\u30bf\u30c7\u30a3\uff1a\u30c6\u30ad\u30b5\u30b9\u30d8\u30c3\u30b8\u30f3\u30b0\u30d7\u30ed\u30b0\u30e9\u30e0<\/strong><\/h3>\n\n\n\n<p class=\"\">\n1986\u5e74\u3001\u539f\u6cb9\u4fa1\u683c\u306e\u6025\u843d\u306b\u3088\u308a\u3001\u30c6\u30ad\u30b5\u30b9\u5dde\u306f\u4e88\u60f3\u3055\u308c\u308b\u7a0e\u53ce\u306735\u5104\u30c9\u30eb\u3092\u5931\u3044\u307e\u3057\u305f\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u5c06\u6765\u306e\u4e0d\u8db3\u3092\u9632\u3050\u305f\u3081\u306b\u3001\u5dde\u306f\u6700\u4f4e\u4fa1\u683c\u3092\u4fdd\u8a3c\u3059\u308b\u305f\u3081\u306b<strong>\u30aa\u30d7\u30b7\u30e7\u30f3 (options)<\/strong>\u3092<strong>NYMEX<\/strong>\u3067\u4f7f\u7528\u3057\u307e\u3057\u305f\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u3053\u308c\u306b\u3088\u308a\u3001\u53ce\u76ca\u304c\u5b89\u5b9a\u3057\u3001\u4fa1\u683c\u304c\u30b9\u30c8\u30e9\u30a4\u30af\u4fa1\u683c\u3092\u4e0a\u56de\u3063\u305f\u3068\u304d\u306b\u5229\u76ca\u3092\u5f97\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3057\u305f\u3002\n<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"\">\n<strong>&#8220;\u30c6\u30ad\u30b5\u30b9\u306e\u30d8\u30c3\u30b8\u30f3\u30b0\u30d7\u30ed\u30b0\u30e9\u30e0\u306f\u3001\u653f\u5e9c\u304c\u91d1\u878d\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3092\u4f7f\u7528\u3057\u3066\u3001\u5909\u52d5\u306e\u6fc0\u3057\u3044\u5e02\u5834\u3067\u3082\u5b89\u5b9a\u3057\u305f\u4e88\u6e2c\u53ef\u80fd\u306a\u53ce\u76ca\u3092\u9054\u6210\u3067\u304d\u308b\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002&#8221;<\/strong>\n<\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u91cd\u8981\u306a\u30dd\u30a4\u30f3\u30c8<\/strong><\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li class=\"\"><strong>\u30ea\u30b9\u30af\u8efd\u6e1b\uff1a<\/strong><br>\u30d8\u30c3\u30b8\u306f\u4e0d\u5229\u306a\u4fa1\u683c\u5909\u52d5\u304b\u3089\u4fdd\u8b77\u3057\u307e\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u5b89\u5b9a\u3057\u305f\u53ce\u76ca\uff1a<\/strong><br>\u4e88\u6e2c\u53ef\u80fd\u306a\u53ce\u5165\u30b9\u30c8\u30ea\u30fc\u30e0\u3092\u78ba\u4fdd\u3057\u307e\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u67d4\u8edf\u6027\uff1a<\/strong><br>\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u901a\u3058\u3066\u4e0a\u6607\u306e\u53ef\u80fd\u6027\u3092\u7dad\u6301\u3057\u307e\u3059\u3002<br><\/li>\n\n\n\n<li class=\"\"><strong>\u91d1\u878d\u5546\u54c1\u306e\u52b9\u679c\u7684\u306a\u4f7f\u7528\uff1a<\/strong><br>\u516c\u5171\u8ca1\u653f\u306e\u5b89\u5b9a\u306e\u305f\u3081\u306b\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3092\u6d3b\u7528\u3057\u307e\u3059\u3002<br><\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u7d50\u8ad6<\/strong><\/h3>\n\n\n\n<p class=\"\">\n\u30c6\u30ad\u30b5\u30b9\u306e\u7d4c\u9a13\u306f\u3001\u5927\u898f\u6a21\u306a\u7d44\u7e54\u3067\u3042\u308b\u653f\u5e9c\u3067\u3055\u3048\u3001\u9069\u5207\u306b\u69cb\u7bc9\u3055\u308c\u305f<strong>\u30d8\u30c3\u30b8\u6226\u7565 (hedging strategies)<\/strong>\u304b\u3089\u5229\u76ca\u3092\u5f97\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>MetaTrader\u3068\u30a8\u30ad\u30b9\u30d1\u30fc\u30c8\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u3067\u306e\u30d8\u30c3\u30b8\u30f3\u30b0<\/strong><\/h2>\n\n\n\n<p class=\"\">\n<strong>Forex (\u5916\u56fd\u70ba\u66ff\u5e02\u5834)<\/strong>\u3067\u306f\u3001\u591a\u304f\u306e\u30c8\u30ec\u30fc\u30c0\u30fc\u304c<strong>MetaTrader<\/strong>\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3092\u4f7f\u7528\u3057\u3066<strong>\u30d8\u30c3\u30b8\u6226\u7565 (hedging strategies)<\/strong>\u3092\u5b9f\u88c5\u3057\u3066\u3044\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n<strong>MetaTrader<\/strong>\u306f\u6700\u3082\u4eba\u6c17\u306e\u3042\u308b\u53d6\u5f15\u7aef\u672b\u306e\u4e00\u3064\u3067\u3042\u308a\u3001\u30ab\u30b9\u30bf\u30de\u30a4\u30ba\u53ef\u80fd\u306a<strong>\u30a8\u30ad\u30b9\u30d1\u30fc\u30c8\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc (Expert Advisors, EAs)<\/strong>\u3092\u63d0\u4f9b\u3057\u3001\u81ea\u52d5\u5316\u3055\u308c\u305f<strong>\u30d8\u30c3\u30b8\u6280\u8853 (hedging techniques)<\/strong>\u3092\u53ef\u80fd\u306b\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u4f8b\u3048\u3070\u3001\u30c8\u30ec\u30fc\u30c0\u30fc\u306f\u6a19\u6e96\u7684\u306a\u30a4\u30f3\u30b8\u30b1\u30fc\u30bf\u30fc\u3068\u9023\u643a\u3057\u3066\u30d8\u30c3\u30b8\u6226\u7565\u3092\u5b9f\u88c5\u3067\u304d\u308b\u6c4e\u7528<strong>EA<\/strong>\u3092\u4f7f\u7528\u3057\u3066\u3001\u5e83\u7bc4\u306a\u30d7\u30ed\u30b0\u30e9\u30df\u30f3\u30b0\u77e5\u8b58\u306a\u3057\u3067\u30d8\u30c3\u30b8\u30f3\u30b0\u6226\u7565\u3092\u5b9f\u884c\u3067\u304d\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n<a href=\"https:\/\/expforex.com\/ja\/thex\/\" data-language=\"ja\"><strong>The X \u2013 \u6a19\u6e96\u30a4\u30f3\u30b8\u30b1\u30fc\u30bf\u30fc\u3092\u4f7f\u7528\u3057\u305fForex\u7528\u30e6\u30cb\u30d0\u30fc\u30b5\u30eb\u30a8\u30ad\u30b9\u30d1\u30fc\u30c8\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc (EA)<\/strong><\/a>\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u3088\u308a\u30ab\u30b9\u30bf\u30e0\u306a\u6226\u7565\u306e\u5834\u5408\u3001<strong>iCustom\u30a4\u30f3\u30b8\u30b1\u30fc\u30bf\u30fc (iCustom indicators)<\/strong>\u3092\u30b5\u30dd\u30fc\u30c8\u3059\u308b\u30a8\u30ad\u30b9\u30d1\u30fc\u30c8\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u306f\u3001\u72ec\u81ea\u306e\u30d8\u30c3\u30b8\u30b7\u30b0\u30ca\u30eb\u3092\u7d71\u5408\u3059\u308b\u306e\u306b\u5f79\u7acb\u3061\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u4f8b\u3048\u3070\u3001\u9ad8\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u6642\u306b\u8fc5\u901f\u306a<strong>\u30b9\u30ad\u30e3\u30eb\u30d4\u30f3\u30b0 (scalping)<\/strong>\u30d8\u30c3\u30b8\u3092\u597d\u3080\u5834\u5408\u3001\u81ea\u52d5\u5316\u3055\u308c\u305f\u30b9\u30ad\u30e3\u30eb\u30d1\u30fc\u3092\u691c\u8a0e\u3057\u3066\u304f\u3060\u3055\u3044\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u4f8b\u3048\u3070\u3001<a href=\"https:\/\/expforex.com\/ja\/ticksniper\/\" data-language=\"ja\"><strong>TickSniper\u81ea\u52d5\u30a8\u30ad\u30b9\u30d1\u30fc\u30c8\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc (EA)<\/strong><\/a>\u306f\u3001\u77ed\u671f\u7684\u306a\u4fa1\u683c\u5909\u52d5\u306b\u5bfe\u3059\u308b\u8fc5\u901f\u306a\u30d8\u30c3\u30b8\u53d6\u5f15\u3092\u5b9f\u884c\u3059\u308b\u306e\u306b\u5f79\u7acb\u3061\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u52b9\u7387\u7684\u306b\u7ba1\u7406\u3059\u308b\u305f\u3081\u306b\u3001\u6ce8\u6587\u5b9f\u884c\u3068\u30d8\u30c3\u30b8\u8abf\u6574\u3092\u7c21\u7d20\u5316\u3059\u308b\u53d6\u5f15\u30d1\u30cd\u30eb\u3092\u8a66\u3057\u3066\u307f\u3066\u304f\u3060\u3055\u3044\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u30c1\u30e3\u30fc\u30c8\u304b\u3089\u30ef\u30f3\u30af\u30ea\u30c3\u30af\u3067<strong>\u53d6\u5f15 (trading)<\/strong>\u304a\u3088\u3073\u30d8\u30c3\u30b8\u30f3\u30b0\u3092\u884c\u3046\u305f\u3081\u306b\u3001<a href=\"https:\/\/expforex.com\/ja\/virtualtradepad\/\" data-language=\"ja\"><strong>VirtualTradePad (VTP) \u53d6\u5f15\u30d1\u30cd\u30eb<\/strong><\/a>\u3092\u78ba\u8a8d\u3057\u3066\u304f\u3060\u3055\u3044\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u8907\u6570\u306e\u7aef\u672b\u306b\u308f\u305f\u308b\u8907\u96d1\u306a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u7ba1\u7406\u3059\u308b\u305f\u3081\u306b\u3001\u4fe1\u983c\u3067\u304d\u308b\u30b3\u30d4\u30fc\u30a2\u30fc\u3092\u4f7f\u7528\u3057\u3066\u30a2\u30ab\u30a6\u30f3\u30c8\u5168\u4f53\u3067\u30d8\u30c3\u30b8\u3092\u5b9f\u88c5\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u30d8\u30c3\u30b8\u6226\u7565\u304c\u3059\u3079\u3066\u306e\u5834\u6240\u3067\u4e00\u8cab\u3057\u3066\u9069\u7528\u3055\u308c\u308b\u3088\u3046\u306b\u3001<a href=\"https:\/\/expforex.com\/ja\/copylot\/\" data-language=\"ja\"><strong>Copylot \u2013 \u53d6\u5f15\u30c7\u30fc\u30eb\u7528Forex\u30b3\u30d4\u30a2\u30fc (Forex Copier)<\/strong><\/a>\u3092\u78ba\u8a8d\u3057\u3066\u304f\u3060\u3055\u3044\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u3053\u308c\u3089\u306e<strong>EAs<\/strong>\u3092<strong>Strategy Tester (\u30b9\u30c8\u30e9\u30c6\u30b8\u30fc\u30c6\u30b9\u30bf\u30fc)<\/strong>\u3067\u30c6\u30b9\u30c8\u304a\u3088\u3073\u6700\u9069\u5316\u3059\u308b\u3053\u3068\u3067\u3001\u30e9\u30a4\u30d6\u306b\u79fb\u884c\u3059\u308b\u524d\u306b\u30d8\u30c3\u30b8\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u6d17\u7df4\u3067\u304d\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u30d8\u30c3\u30b8\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u5411\u4e0a\u306b\u95a2\u3059\u308b\u30ac\u30a4\u30c0\u30f3\u30b9\u306b\u3064\u3044\u3066\u306f\u3001<a href=\"https:\/\/expforex.com\/ja\/testing-and-optimization-of-ea\/\" data-language=\"ja\"><strong>Strategy Tester\u3067\u306eEA\u306e\u30c6\u30b9\u30c8\u304a\u3088\u3073\u6700\u9069\u5316<\/strong><\/a>\u3092\u53c2\u7167\u3057\u3066\u304f\u3060\u3055\u3044\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u3055\u3089\u306b\u3001<strong>Telegram<\/strong>\u306e\u3088\u3046\u306a\u901a\u4fe1\u30c1\u30e3\u30cd\u30eb\u3092\u7d71\u5408\u3059\u308b\u3053\u3068\u3067\u3001\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u3067\u30d8\u30c3\u30b8\u3055\u308c\u305f\u30dd\u30b8\u30b7\u30e7\u30f3\u306b\u95a2\u3059\u308b\u60c5\u5831\u3092\u53d7\u3051\u53d6\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n<strong>Telegram<\/strong>\u3067\u30d8\u30c3\u30b8\u53d6\u5f15\u306e\u5373\u6642\u66f4\u65b0\u3092\u53d7\u3051\u53d6\u308b\u305f\u3081\u306b\u3001<a href=\"https:\/\/expforex.com\/ja\/working-with-telegram-in-metatrader-telegram-channels-and-telegram-bot\/\" data-language=\"ja\"><strong>MetaTrader\u3067\u306eTelegram\u306e\u4f7f\u7528<\/strong><\/a>\u3092\u63a2\u6c42\u3057\u3066\u304f\u3060\u3055\u3044\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u81ea\u52d5\u5316\u3055\u308c\u305f\u30d8\u30c3\u30b8\u6226\u7565\u306e\u5b89\u5b9a\u3057\u305f\u63a5\u7d9a\u3068\u4e2d\u65ad\u306e\u306a\u3044\u904b\u7528\u306e\u305f\u3081\u306b\u3001<strong>Forex VPS (Forex VPS)<\/strong>\u306e\u4f7f\u7528\u3092\u691c\u8a0e\u3057\u3066\u304f\u3060\u3055\u3044\u3002\n<\/p>\n\n\n\n<p class=\"\">\n<strong>MetaTrader 4\/5\u7528Forex VPS (Forex VPS for MetaTrader 4\/5)<\/strong>\u3092\u8a2a\u554f\u3057\u3066\u3001\u30d8\u30c3\u30b8EA\u304c24\/7\u4e2d\u65ad\u306a\u304f\u5b9f\u884c\u3055\u308c\u308b\u5c02\u7528\u30b5\u30fc\u30d0\u30fc\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u3092\u898b\u3064\u3051\u3066\u304f\u3060\u3055\u3044\u3002\n<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"\"><br><strong>&#8220;MetaTrader\u3001\u30a8\u30ad\u30b9\u30d1\u30fc\u30c8\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc (Expert Advisors)\u3001\u304a\u3088\u3073\u660e\u78ba\u306b\u5b9a\u7fa9\u3055\u308c\u305f\u30d8\u30c3\u30b8\u6226\u7565\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u3053\u3068\u3067\u3001\u4e0d\u78ba\u5b9f\u6027\u3092\u5927\u5e45\u306b\u6e1b\u5c11\u3055\u305b\u3001\u30c8\u30ec\u30fc\u30c0\u30fc\u304c\u5909\u52d5\u306e\u6fc0\u3057\u3044\u5e02\u5834\u3067\u3088\u308a\u4e00\u8cab\u3057\u305f\u7d50\u679c\u3092\u7dad\u6301\u3059\u308b\u306e\u306b\u5f79\u7acb\u3061\u307e\u3059\u3002&#8221;<\/strong><br><\/p>\n<\/blockquote>\n\n\n\n<p class=\"\">\n\u9069\u5207\u306a\u624b\u6bb5\u306e\u9078\u629e\u304b\u3089\u81ea\u52d5\u5316\u3055\u308c\u305fEA\u306e\u5b9f\u88c5\u307e\u3067\u3001<strong>\u30d8\u30c3\u30b8 (hedging)<\/strong>\u306f<strong>Forex (\u5916\u56fd\u70ba\u66ff\u5e02\u5834)<\/strong>\u304a\u3088\u3073<strong>MetaTrader<\/strong>\u53d6\u5f15\u306b\u304a\u3051\u308b\u591a\u76ee\u7684\u306a\u30c4\u30fc\u30eb\u3067\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u9ad8\u5ea6\u306a\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u3001\u4fe1\u983c\u3067\u304d\u308bVPS\u30db\u30b9\u30c6\u30a3\u30f3\u30b0\u3001\u304a\u3088\u3073\u5373\u6642\u901a\u4fe1\u30c1\u30e3\u30cd\u30eb\u3092\u6d3b\u7528\u3059\u308b\u3053\u3068\u3067\u3001\u30c8\u30ec\u30fc\u30c0\u30fc\u306f\u4e88\u6e2c\u4e0d\u53ef\u80fd\u306a\u5e02\u5834\u306e\u52d5\u304d\u306b\u3082\u8010\u3048\u3046\u308b\u5805\u7262\u306a\u30d8\u30c3\u30b8\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u3092\u69cb\u7bc9\u3067\u304d\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u672c\u8cea\u7684\u306b\u3001<strong>\u30d8\u30c3\u30b8 (hedging)<\/strong>\u306f\u5e02\u5834\u306e\u6fc0\u3057\u3044\u5909\u52d5\u3092\u7ba1\u7406\u53ef\u80fd\u306a\u63fa\u308c\u306b\u5909\u3048\u3001\u30c8\u30ec\u30fc\u30c0\u30fc\u3084\u4f01\u696d\u304c\u6210\u9577\u3001\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u3001\u9577\u671f\u7684\u306a\u53ce\u76ca\u6027\u306b\u96c6\u4e2d\u3067\u304d\u308b\u3088\u3046\u306b\u3057\u307e\u3059\u3002\n<\/p>\n\n\n\n<p class=\"\">\n\u8907\u6570\u306e\u7aef\u672b\u306b\u308f\u305f\u308b\u8907\u96d1\u306a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u7ba1\u7406\u3059\u308b\u305f\u3081\u306b\u3001\u4fe1\u983c\u3067\u304d\u308b\u30b3\u30d4\u30fc\u30a2\u30fc\u3092\u4f7f\u7528\u3057\u3066\u30a2\u30ab\u30a6\u30f3\u30c8\u5168\u4f53\u3067\u30d8\u30c3\u30b8\u3092\u5b9f\u88c5\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-\u8208\u5473\u6df1\u3044\u6295\u7a3f\"><strong>\u8208\u5473\u6df1\u3044\u6295\u7a3f<\/strong><\/h2>\n\n\n\n<p class=\"\">\n<strong>Forex (\u5916\u56fd\u70ba\u66ff\u5e02\u5834)<\/strong>\u304a\u3088\u3073<strong>\u53d6\u5f15 (trading)<\/strong>\u306e\u6982\u5ff5\u3092\u3055\u3089\u306b\u6df1\u304f\u6398\u308a\u4e0b\u3052\u305f\u3044\u65b9\u306e\u305f\u3081\u306b\u3001\u8ffd\u52a0\u306e\u30ea\u30bd\u30fc\u30b9\u304c\u5229\u7528\u53ef\u80fd\u3067\u3059\u3002\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><a href=\"https:\/\/expforex.com\/ja\/30-rules-of-a-successful-forex-trader\/\" data-language=\"ja\">\u201c\u6210\u529f\u3059\u308bForex\u30c8\u30ec\u30fc\u30c0\u30fc\u306e30\u306e\u30eb\u30fc\u30eb\u201d<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/expforex.com\/ja\/forex-glossary-basic-concepts-and-definitions\/\" data-language=\"ja\">Forex\u7528\u8a9e\u96c6 \u2013 \u57fa\u672c\u6982\u5ff5\u3068\u5b9a\u7fa9<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/expforex.com\/ja\/forex-for-beginners-part-1\/\" data-language=\"ja\">\u521d\u5fc3\u8005\u306e\u305f\u3081\u306eForex\u53d6\u5f15 \u30d1\u30fc\u30c81\uff1a\u91d1\u878d\u5e02\u5834<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/expforex.com\/ja\/forex-for-beginners-part-2\/\" data-language=\"ja\">\u521d\u5fc3\u8005\u306e\u305f\u3081\u306eForex\u53d6\u5f15 \u30d1\u30fc\u30c82\uff1a\u901a\u8ca8\u3001\u30d8\u30c3\u30b8<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/expforex.com\/ja\/forex-for-beginners-part-3\/\" data-language=\"ja\">\u521d\u5fc3\u8005\u306e\u305f\u3081\u306eForex\u53d6\u5f15 \u30d1\u30fc\u30c83\uff1a\u6d3b\u52d5\u3001\u898b\u7a4d\u3082\u308a<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/expforex.com\/ja\/forex-for-beginners-part-4\/\" data-language=\"ja\">\u521d\u5fc3\u8005\u306e\u305f\u3081\u306eForex\u53d6\u5f15 \u30d1\u30fc\u30c84\uff1a\u57fa\u672c\u5206\u6790\u3001\u30ec\u30fc\u30c8<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/expforex.com\/ja\/forex-for-beginners-part-5\/\" data-language=\"ja\">\u521d\u5fc3\u8005\u306e\u305f\u3081\u306eForex\u53d6\u5f15 \u30d1\u30fc\u30c85\uff1a\u70ba\u66ff\u30ec\u30fc\u30c8\u3001\u88fd\u9020\u6307\u6a19<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/expforex.com\/ja\/forex-for-beginners-part-6\/\" data-language=\"ja\">\u521d\u5fc3\u8005\u306e\u305f\u3081\u306eForex\u53d6\u5f15 \u30d1\u30fc\u30c86\uff1a\u6d88\u8cbb\u8005\u9700\u8981\u6307\u6a19<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/expforex.com\/ja\/forex-for-beginners-part-7\/\" data-language=\"ja\">\u521d\u5fc3\u8005\u306e\u305f\u3081\u306eForex\u53d6\u5f15 \u30d1\u30fc\u30c87\uff1a\u5e02\u5834\u5fc3\u7406\u3001\u30c1\u30e3\u30fc\u30c8\u306e\u7a2e\u985e\u3001\u30c8\u30ec\u30f3\u30c9\u5206\u6790<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/expforex.com\/ja\/forex-for-beginners-part-8\/\" data-language=\"ja\">\u521d\u5fc3\u8005\u306e\u305f\u3081\u306eForex\u53d6\u5f15 \u30d1\u30fc\u30c88\uff1a\u30c8\u30ec\u30f3\u30c9\u30e9\u30a4\u30f3<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/expforex.com\/ja\/forex-for-beginners-part-9\/\" data-language=\"ja\">\u521d\u5fc3\u8005\u306e\u305f\u3081\u306eForex\u53d6\u5f15 \u30d1\u30fc\u30c89\uff1a\u30b0\u30e9\u30d5\u30a3\u30c3\u30af\u4fa1\u683c\u30e2\u30c7\u30eb<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/expforex.com\/ja\/forex-for-beginners-part-10\/\" data-language=\"ja\">\u521d\u5fc3\u8005\u306e\u305f\u3081\u306eForex\u53d6\u5f15 \u30d1\u30fc\u30c810\uff1a\u6570\u5b66\u7684\u5206\u6790\u3001\u30a4\u30f3\u30b8\u30b1\u30fc\u30bf\u30fc<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/expforex.com\/ja\/forex-for-beginners-part-11\/\" data-language=\"ja\">\u521d\u5fc3\u8005\u306e\u305f\u3081\u306eForex\u53d6\u5f15 \u30d1\u30fc\u30c811\uff1a\u53d6\u5f15\u30d1\u30bf\u30fc\u30f3<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/expforex.com\/ja\/useful-links\/\" data-language=\"ja\">\u9280\u884c\u3001\u682a\u5f0f\u3001\u53d6\u5f15\u6240\u3078\u306e\u30ea\u30f3\u30af\u2026<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/expforex.com\/ja\/we-are-searched-for-by-such-words\/\" data-language=\"ja\">\u79c1\u305f\u3061\u304c\u691c\u7d22\u3055\u308c\u308b\u30ad\u30fc\u30ef\u30fc\u30c9<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/expforex.com\/ja\/market-history\/\" data-language=\"ja\">\u5e02\u5834\u306e\u6b74\u53f2<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/expforex.com\/ja\/support-and-resistance-levels\/\" data-language=\"ja\">\u30b5\u30dd\u30fc\u30c8\u304a\u3088\u3073\u30ec\u30b8\u30b9\u30bf\u30f3\u30b9\u30ec\u30d9\u30eb<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/expforex.com\/ja\/auto-trading\/\" data-language=\"ja\">\u81ea\u52d5\u53d6\u5f15\u304a\u3088\u3073\u53d6\u5f15\u30ed\u30dc\u30c3\u30c8<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/expforex.com\/ja\/cfd-contract-for-difference\/\" data-language=\"ja\">CFD \u2013 \u5dee\u91d1\u6c7a\u6e08\u53d6\u5f15 (Contract for Difference)<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/expforex.com\/ja\/what-is-hedging\/\" data-language=\"ja\">\u30d8\u30c3\u30b8\u3068\u306f<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/expforex.com\/ja\/forex-market-origins\/\" data-language=\"ja\">Forex\u5e02\u5834 \u2013 \u8d77\u6e90<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/expforex.com\/ja\/futures-market\/\" data-language=\"ja\">\u5148\u7269\u5e02\u5834<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u8aac\u660e \u30d8\u30c3\u30b8\u3068\u306f\u30d8\u30c3\u30b8 (hedging)\u3067\u3059\u3002 \u30d8\u30c3\u30b8 (hedging)\u3068\u306f<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false},"author":2,"featured_media":52465,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","_eb_data_table":"","footnotes":""},"categories":[511],"tags":[13284,13530,13532,13523,13524,13302,13525,13535,13522,13304,4866,13528,13526,13531,13527,13533,13267,13301,13534,13529],"class_list":["post-80895","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-ja","tag-fx","tag-13530","tag-13532","tag-13523","tag-13524","tag-13302","tag-13525","tag-13535","tag-13522","tag-13304","tag-4866","tag--ja","tag-13526","tag-13531","tag-13527","tag-13533","tag-13267","tag-13301","tag-13534","tag-13529"],"acf":{"metatrader4":"MT4","metatrader5":"MT5","type":"","typebrief":"","mt4buy":"https:\/\/www.mql5.com\/en\/users\/vladon\/seller#products","mt5buy":"https:\/\/www.mql5.com\/en\/users\/vladon\/seller#products","typefreedemo":"FREE","downloadfreedemo":"","DirectDownloadLink":"","versions":"23.999","version_date":"2023 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