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    “?????????????????????????????????????
???????????????”??????(Merrill Lynch Japan Securities)??
?????????Shusuke Yamada??

    “?????????????????????????????????????
???????”
    
    ????????????      ?107.83????????????
    
    ?????????????????????????????????11????
            
    
    ??        ???1.1238?????/??         ?0.9075??????0.9%?

    ??/??        ?1.2386?????????????????????????
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    ?????????6?????????(ISM)?????????6???????4
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    ?????????????????????????????????????6
?????????300???
    
    ??????          ???7.0614?????????????????????
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    ??????????????????????????????????????
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    ??????????????????????????10???????US10YT=
RR?6????????0.65%???????????????????6???????
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    ?????        ???0.6910????????0.5%?

    ????/??        ?0.6463?????????
    
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                                          ??   ??  ???  2019?
                               ???? ???? ??%  ??%  ???
    
    ??/??                   1.1238  1.1231  +0.06  +0.25  1.1210
    ??/??                   107.73  107.92  -0.18  -0.81  108.61
    ??/??                   121.07  121.22  -0.12  -0.62  121.83
    ??/??                   0.9464  0.9471  -0.07  -2.21  0.9678
    ??/??                   1.2389  1.2399  -0.08  -6.56  1.3259
    ??/??                   1.3567  1.3573  -0.04  +4.47  1.2986
    ??/?????             7.0616  7.0681  -0.09  +1.47  6.9591
    ??/??                   0.6908  0.6902  +0.09  -1.61  0.7021
    ????/??               0.6460  0.6452  +0.12  -4.10  0.6736
    ??/??                   74.410  74.450  -0.05  -2.39  76.230
    ????/??               69.610  69.700  -0.13  -4.79  73.110
    ??/??                   133.46  133.82  -0.27  -7.37  144.08
    ??/????               1.0686  1.0691  -0.05  +2.53  1.0422
    ????                    97.344  97.391  -0.05  +0.99 96.3890
    ?????????????????????10?? (?? ???/???/??/??/????? ???/???/???/???/??)

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