{"id":389,"date":"2026-08-22T10:01:31","date_gmt":"2026-08-22T01:01:31","guid":{"rendered":"https:\/\/www.nexus-assetbase.com\/?p=389"},"modified":"2026-08-22T10:01:34","modified_gmt":"2026-08-22T01:01:34","slug":"%e9%87%91%e5%88%a9%e3%81%8c%e4%b8%8a%e3%81%8c%e3%82%8c%e3%81%b0%e3%80%8c%e8%b2%b7%e3%81%a3%e3%81%a6%e3%81%84%e3%81%84%e4%be%a1%e6%a0%bc%e3%80%8d%e3%82%82%e5%a4%89%e3%82%8f%e3%82%8b%e2%80%95%e4%b8%8d","status":"publish","type":"post","link":"https:\/\/www.nexus-assetbase.com\/?p=389","title":{"rendered":"\u91d1\u5229\u304c\u4e0a\u304c\u308c\u3070\u300c\u8cb7\u3063\u3066\u3044\u3044\u4fa1\u683c\u300d\u3082\u5909\u308f\u308b\u2015\u4e0d\u52d5\u7523\u6295\u8cc7\u304b\u3089\u8003\u3048\u308b\u3001\u682a\u5f0f\u306b\u3082\u5171\u901a\u3059\u308b\u65b0\u3057\u3044\u6295\u8cc7\u57fa\u6e96"},"content":{"rendered":"\n<p 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class=\"has-fixed-layout\"><thead><tr><th>\u4e0d\u52d5\u7523<\/th><th>\u682a\u5f0f<\/th><\/tr><\/thead><tbody><tr><td>\u5bb6\u8cc3\u30fbNOI<\/td><td>EPS\u30fbFCF<\/td><\/tr><tr><td>\u7269\u4ef6\u5229\u56de\u308a<\/td><td>\u682a\u5f0f\u76ca\u56de\u308a<\/td><\/tr><tr><td>\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8<\/td><td>PER\u306a\u3069\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3<\/td><\/tr><tr><td>\u501f\u5165\u91d1\u5229<\/td><td>\u56fd\u50b5\u5229\u56de\u308a\u30fb\u4f01\u696d\u306e\u8abf\u9054\u91d1\u5229<\/td><\/tr><tr><td>LTV<\/td><td>\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8<\/td><\/tr><tr><td>\u7a7a\u5ba4\u30fb\u4fee\u7e55<\/td><td>\u696d\u7e3e\u60aa\u5316\u30fb\u8a2d\u5099\u6295\u8cc7\u8ca0\u62c5<\/td><\/tr><tr><td>\u501f\u308a\u63db\u3048<\/td><td>\u793e\u50b5\u30fb\u878d\u8cc7\u306e\u30ea\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u7d50\u5c40\u3069\u3061\u3089\u3082\u3001<\/p>\n\n\n\n<p 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class=\"wp-block-paragraph\">2020\u5e746\u6708\uff1a<strong>0.854\uff05<\/strong><br>2025\u5e746\u6708\uff1a<strong>1.359\uff05<\/strong><br>2026\u5e746\u6708\uff1a<strong>1.944\uff05<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u307e\u3067\u4e0a\u6607\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u308c\u306f\u500b\u3005\u306e\u4e0d\u52d5\u7523\u6295\u8cc7\u30ed\u30fc\u30f3\u91d1\u5229\u305d\u306e\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u4f01\u696d\u3084\u6295\u8cc7\u5bb6\u3092\u53d6\u308a\u5dfb\u304f\u8cc7\u91d1\u8abf\u9054\u74b0\u5883\u304c\u3001\u6570\u5e74\u524d\u3068\u306f\u660e\u3089\u304b\u306b\u9055\u3046\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a target=\"_blank\" rel=\"noopener\" href=\"https:\/\/www.stat-search.boj.or.jp\/ssi\/mtshtml\/ir04_m_1.html?utm_source=chatgpt.com\">\u65e5\u672c\u9280\u884c\u300c\u8cb8\u51fa\u7d04\u5b9a\u5e73\u5747\u91d1\u5229\u300d<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30ec\u30d0\u30ec\u30c3\u30b8\u306f\u5229\u76ca\u3060\u3051\u3092\u5897\u5e45\u3059\u308b\u3082\u306e\u3067\u306f\u306a\u3044<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f4e\u91d1\u5229\u6642\u4ee3\u306b\u306f\u3001<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5c11\u306a\u3044\u81ea\u5df1\u8cc7\u91d1<br>\uff0b \u5927\u304d\u306a\u501f\u5165<br>\uff0b \u8cc7\u7523\u4fa1\u683c\u4e0a\u6607<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u306b\u3088\u3063\u3066\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u304c\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\u3092\u5927\u304d\u304f\u62bc\u3057\u4e0a\u3052\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3068\u3053\u308d\u304c\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308b\u3068\u3001<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u501f\u5165\u91d1\u5229\u4e0a\u6607<br>\uff0b \u8fd4\u6e08\u8ca0\u62c5\u5897\u52a0<br>\uff0b \u8cc7\u7523\u4fa1\u683c\u306e\u4f38\u3073\u920d\u5316<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u306b\u3088\u3063\u3066\u3001\u540c\u3058\u30ec\u30d0\u30ec\u30c3\u30b8\u304c\u9006\u65b9\u5411\u306b\u50cd\u304d\u59cb\u3081\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u697d\u5f85\u306e\u8a18\u4e8b\u3067\u300c\u982d\u91d1\u30922\uff5e3\u5272\u5165\u308c\u308b\u3053\u3068\u3092\u30cd\u30ac\u30c6\u30a3\u30d6\u306b\u8003\u3048\u308b\u5fc5\u8981\u306f\u306a\u3044\u300d\u3068\u3057\u3066\u3044\u308b\u306e\u3082\u3001\u3053\u306e\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u501f\u5165\u984d\u305d\u306e\u3082\u306e\u3092\u6e1b\u3089\u305b\u3070\u3001\u91d1\u5229\u4e0a\u6607\u306b\u5bfe\u3059\u308b\u8010\u4e45\u529b\u306f\u9ad8\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u3057\u3066\u3001\u3053\u306e\u8003\u3048\u65b9\u306f\u4f01\u696d\u5206\u6790\u306b\u3082\u305d\u306e\u307e\u307e\u4f7f\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u3048\u3070\u540c\u3058AI\u95a2\u9023\u4f01\u696d\u3067\u3082\u3001<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>FCF\u3092\u4f7f\u3063\u3066\u8a2d\u5099\u6295\u8cc7\u3067\u304d\u308b\u4f01\u696d<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3068\u3001<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u793e\u50b5\u3001\u878d\u8cc7\u3001\u30ea\u30fc\u30b9\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u306b\u983c\u3063\u3066\u8a2d\u5099\u6295\u8cc7\u3059\u308b\u4f01\u696d<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3067\u306f\u3001\u91d1\u5229\u4e0a\u6607\u6642\u306e\u8010\u4e45\u529b\u304c\u307e\u3063\u305f\u304f\u9055\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">AI\u9700\u8981\u304c\u3042\u308b\u304b\u3069\u3046\u304b\u3060\u3051\u3067\u306a\u304f\u3001<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u300c\u305d\u306e\u6210\u9577\u3092\u8ab0\u306e\u304a\u91d1\u3067\u5b9f\u73fe\u3057\u3066\u3044\u308b\u306e\u304b\u300d<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u307e\u3067\u898b\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">3\uff0e\u672c\u5f53\u306b\u6016\u3044\u306e\u306f\u300c\u8fd4\u6e08\u3067\u304d\u306a\u3044\u3053\u3068\u300d\u3088\u308a\u300c\u501f\u308a\u63db\u3048\u3089\u308c\u306a\u3044\u3053\u3068\u300d<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\u30d0\u30eb\u30fc\u30f3\u878d\u8cc7\u304b\u3089\u898b\u3048\u308b\u30ea\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u30ea\u30b9\u30af<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u697d\u5f85\u306e\u8a18\u4e8b\u3067\u306f\u3001\u6e80\u671f\u6642\u306b\u4e00\u5b9a\u984d\u306e\u6b8b\u50b5\u3092\u3001<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u62ec\u8fd4\u6e08\u3059\u308b<br>\u518d\u878d\u8cc7\u3059\u308b<br>\u7269\u4ef6\u3092\u58f2\u5374\u3059\u308b<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3068\u3067\u51e6\u7406\u3059\u308b\u300c\u30d0\u30eb\u30fc\u30f3\u878d\u8cc7\u300d\u306e\u7d4c\u9a13\u3082\u7d39\u4ecb\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u3067\u91cd\u8981\u306a\u306e\u306f\u3001\u3053\u306e\u4ed5\u7d44\u307f\u304c\u3001<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5c06\u6765\u3082\u8cc7\u91d1\u8abf\u9054\u3084\u58f2\u5374\u304c\u3067\u304d\u308b\u3053\u3068<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3092\u524d\u63d0\u3068\u3057\u3066\u3044\u308b\u70b9\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u73fe\u5728\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u554f\u984c\u304c\u306a\u304f\u3066\u3082\u3001<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91d1\u5229\u304c\u4e0a\u304c\u308b<br>\u878d\u8cc7\u57fa\u6e96\u304c\u53b3\u3057\u304f\u306a\u308b<br>\u8cc7\u7523\u4fa1\u683c\u304c\u4e0b\u304c\u308b<br>\u53ce\u76ca\u6027\u304c\u60aa\u5316\u3059\u308b<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3068\u3044\u3046\u74b0\u5883\u3067\u6e80\u671f\u3092\u8fce\u3048\u308c\u3070\u3001\u501f\u308a\u63db\u3048\u304c\u6210\u7acb\u3057\u306a\u3044\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u308c\u304c<strong>\u30ea\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u30ea\u30b9\u30af<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u7c73\u56fd\u3067\u3082CRE\u306e\u501f\u308a\u63db\u3048\u306f\u91d1\u878d\u5b89\u5b9a\u4e0a\u306e\u8ad6\u70b9<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">FRB\u30822026\u5e745\u6708\u306eFinancial Stability Report\u3067\u3001\u7c73\u5546\u696d\u7528\u4e0d\u52d5\u7523\uff08CRE\uff09\u306e\u4fa1\u683c\u306f\u5b89\u5b9a\u5316\u3057\u3066\u304d\u305f\u4e00\u65b9\u3001<strong>\u4eca\u5f8c\u306e\u501f\u308a\u63db\u3048\u9700\u8981\u306b\u4f34\u3046\u8106\u5f31\u6027\u306f\u6b8b\u3063\u3066\u3044\u308b<\/strong>\u3068\u6307\u6458\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u501f\u308a\u63db\u3048\u304c\u3067\u304d\u306a\u3044\u501f\u308a\u624b\u306b\u3088\u308b\u4e0d\u52d5\u7523\u306e\u6295\u3052\u58f2\u308a\u304c\u767a\u751f\u3059\u308c\u3070\u3001\u4fa1\u683c\u3084\u91d1\u878d\u6a5f\u95a2\u3078\u6ce2\u53ca\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a target=\"_blank\" rel=\"noopener\" href=\"https:\/\/www.federalreserve.gov\/publications\/financial-stability-report.htm?utm_source=chatgpt.com\">FRB\u300cFinancial Stability Report May 2026\u300d<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u8996\u70b9\u306f\u3001\u4eca\u5f8cAI\u30c7\u30fc\u30bf\u30bb\u30f3\u30bf\u30fc\u6295\u8cc7\u3092\u8003\u3048\u308b\u3046\u3048\u3067\u3082\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u73fe\u5728\u306fAI\u671f\u5f85\u304c\u5f37\u304f\u3001\u5de8\u984d\u306e\u8cc7\u91d1\u3092\u96c6\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u3066\u3082\u3001\u6570\u5e74\u5f8c\u306b\u50b5\u52d9\u306e\u6e80\u671f\u304c\u5230\u6765\u3057\u305f\u969b\u3001<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>AI\u8a2d\u5099\u304b\u3089\u5341\u5206\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u751f\u307e\u308c\u3066\u3044\u308b\u304b<br>\u91d1\u5229\u306f\u3069\u306e\u6c34\u6e96\u306b\u3042\u308b\u304b<br>\u5e02\u5834\u306f\u518d\u3073\u878d\u8cc7\u3057\u3066\u304f\u308c\u308b\u306e\u304b<\/strong><\/p>\n\n\n\n<p 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class=\"wp-block-paragraph\">\u3053\u308c\u306f\u300c\u91d1\u5229\u4e0a\u6607\u306b\u3088\u3063\u3066\u8cc7\u91d1\u8abf\u9054\u74b0\u5883\u304c\u5909\u308f\u308b\u300d\u3068\u3044\u3046\u8a71\u304c\u3001\u3059\u3067\u306b\u73fe\u5b9f\u306e\u4e8b\u4f8b\u3068\u3057\u3066\u73fe\u308c\u59cb\u3081\u3066\u3044\u308b\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a target=\"_blank\" rel=\"noopener\" href=\"https:\/\/www.ares.or.jp\/action\/monthly\/pdf\/ares_monthly_report_202608.pdf?utm_source=chatgpt.com\">ARES\u300c\u30de\u30f3\u30b9\u30ea\u30fc\u30ec\u30dd\u30fc\u30c8 2026\u5e748\u6708\u300d<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\u91d1\u5229\u306e\u3042\u308b\u4e16\u754c\u3067\u306f\u300c\u5024\u4e0a\u304c\u308a\u300d\u3088\u308a\u300c\u53ce\u76ca\u529b\u300d\u3092\u898b\u308b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u4eca\u56de\u306e\u697d\u5f85\u306e\u8a18\u4e8b\u304b\u3089\u6301\u3061\u5e30\u308b\u3079\u304d\u306a\u306e\u306f\u3001\u300c\u8868\u9762\u5229\u56de\u308a16\uff05\u306e\u7269\u4ef6\u3092\u8cb7\u304a\u3046\u300d\u3068\u3044\u3046\u7d50\u8ad6\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91cd\u8981\u306a\u306e\u306f\u3001<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u6295\u8cc7\u74b0\u5883\u304c\u5909\u308f\u308c\u3070\u3001\u6295\u8cc7\u57fa\u6e96\u3082\u5909\u3048\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f4e\u91d1\u5229\u6642\u4ee3\u306b\u306f\u3001<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8cc7\u7523\u4fa1\u683c\u304c\u4e0a\u304c\u308b<br>\u2193<br>\u62c5\u4fdd\u4fa1\u5024\u304c\u4e0a\u304c\u308b<br>\u2193<br>\u501f\u308a\u3084\u3059\u304f\u306a\u308b<br>\u2193<br>\u3055\u3089\u306b\u8cc7\u7523\u3092\u8cb7\u3048\u308b<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3068\u3044\u3046\u597d\u5faa\u74b0\u304c\u3001\u591a\u304f\u306e\u30ea\u30b9\u30af\u3092\u8986\u3044\u96a0\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3057\u304b\u3057\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308c\u3070\u3001<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<br>\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8<br>\u30ec\u30d0\u30ec\u30c3\u30b8<br>\u30ea\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u80fd\u529b<br>\u51fa\u53e3\u4fa1\u683c<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u304c\u518d\u3073\u91cd\u8981\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u308c\u306f\u4e0d\u52d5\u7523\u3060\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u682a\u5f0f\u3001REIT\u3001\u4f01\u696d\u50b5\u52d9\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u3001\u305d\u3057\u3066\u5de8\u984d\u306eAI\u8a2d\u5099\u6295\u8cc7\u3082\u540c\u3058\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8cc7\u7523\u4fa1\u683c\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b\u304b\u3089\u5b89\u5168\u306a\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u305d\u306e\u8cc7\u7523\u304c\u751f\u307f\u51fa\u3059\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u5bfe\u3057\u3066\u3001\u73fe\u5728\u306e\u4fa1\u683c\u3068\u91d1\u5229\u304c\u59a5\u5f53\u306a\u306e\u304b\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91d1\u5229\u306e\u3042\u308b\u4e16\u754c\u3067\u306f\u3001\u3053\u306e\u57fa\u672c\u306b\u623b\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Take-home message<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1\uff0e\u91d1\u5229\u304c\u5909\u308f\u308c\u3070\u3001\u300c\u8cb7\u3063\u3066\u3044\u3044\u4fa1\u683c\u300d\u3082\u5909\u308f\u308a\u307e\u3059\u3002<\/strong><br>\u4f4e\u91d1\u5229\u6642\u4ee3\u3068\u540c\u3058PER\u3001\u540c\u3058\u4e0d\u52d5\u7523\u5229\u56de\u308a\u3092\u3001\u305d\u306e\u307e\u307e\u5272\u5b89\u306e\u57fa\u6e96\u3068\u3057\u3066\u4f7f\u3046\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2\uff0e\u9ad8\u5229\u56de\u308a\u30fb\u4f4ePER\u306f\u3001\u305d\u308c\u3060\u3051\u3067\u306f\u5272\u5b89\u3092\u610f\u5473\u3057\u307e\u305b\u3093\u3002<\/strong><br>\u91cd\u8981\u306a\u306e\u306f\u3001\u5e02\u5834\u4fa1\u683c\u304c\u7e54\u308a\u8fbc\u3093\u3067\u3044\u308b\u30ea\u30b9\u30af\u3068\u3001\u5b9f\u969b\u306e\u30ea\u30b9\u30af\u3068\u306e\u9055\u3044\u3092\u898b\u3064\u3051\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3\uff0e\u3053\u308c\u304b\u3089\u91cd\u8981\u306b\u306a\u308b\u306e\u306f\u3001\u4fa1\u683c\u3088\u308a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u3059\u3002<\/strong><br>\u3069\u308c\u3060\u3051\u7a3c\u3052\u308b\u306e\u304b\u3002\u305d\u306e\u5229\u76ca\u3092\u751f\u307f\u51fa\u3059\u305f\u3081\u306b\u3001\u3069\u308c\u3060\u3051\u501f\u308a\u3066\u3044\u308b\u306e\u304b\u3002\u305d\u3057\u3066\u6e80\u671f\u306b\u306a\u3063\u305f\u3068\u304d\u306b\u3082\u8cc7\u91d1\u8abf\u9054\u3067\u304d\u308b\u306e\u304b\u3002\u91d1\u5229\u306e\u3042\u308b\u4e16\u754c\u3067\u306f\u3001\u3053\u306e\u90e8\u5206\u304c\u8cc7\u7523\u4fa1\u5024\u3092\u5927\u304d\u304f\u5de6\u53f3\u3057\u307e\u3059\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4e0d\u52d5\u7523\u4fa1\u683c\u306e\u4e0a\u6607\u3001\u501f\u5165\u91d1\u5229\u306e\u4e0a\u6607\u3001\u4fdd\u967a\u6599\u3084\u4fee\u7e55\u8cbb\u306e\u5897\u52a0\u3001\u305d\u3057\u3066\u4ee5\u524d\u3088\u308a\u53b3\u3057\u304f\u306a\u3063\u305f\u878d\u8cc7\u3002 \u4f4e\u91d1\u5229\u304c\u9577\u304f\u7d9a\u3044\u305f\u65e5\u672c\u3067\u3082\u3001\u6295\u8cc7\u3092\u53d6\u308a\u5dfb\u304f\u524d\u63d0\u304c\u5c11\u3057\u305a\u3064\u5909\u308f\u3063\u3066\u3044\u307e\u3059\u3002 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