{"id":1072,"date":"2022-01-31T06:18:38","date_gmt":"2022-01-30T21:18:38","guid":{"rendered":"https:\/\/1up-life.blog\/?p=1072"},"modified":"2022-01-31T06:18:38","modified_gmt":"2022-01-30T21:18:38","slug":"%e3%80%90%e7%bf%bb%e8%a8%b3%e3%80%91%e3%83%93%e3%82%b6%ef%bc%88nysev%ef%bc%892022%e5%b9%b4%e7%ac%ac1%e5%9b%9b%e5%8d%8a%e6%9c%9f%e6%b1%ba%e7%ae%97%e8%aa%ac%e6%98%8e%e4%bc%9a%ef%bc%88%e3%82%ab%e3%83%b3","status":"publish","type":"post","link":"https:\/\/1up-life.blog\/?p=1072","title":{"rendered":"\u3010\u7ffb\u8a33\u3011\u30d3\u30b6\uff08NYSE:V\uff092022\u5e74\u7b2c1\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\uff08\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\uff09"},"content":{"rendered":"

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\"\u30d3\u30b6\uff08NYSE:V\uff09\u682a\u4fa1\"

\u30d3\u30b6\uff08NYSE:V\uff09\u682a\u4fa1<\/p><\/div>\n

\u30d3\u30b6\uff08NYSE:V\uff092022\u5e74\u7b2c1\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a<\/strong><\/span><\/p>\n

2022\u5e741\u670827\u65e517\u664200\u5206\uff08\u65e5\u672c\u6642\u9593\uff09<\/p>\n

Call participants:
\nJennifer Como — Vice President of Investor Relations
\nAl Kelly — Chairman and Chief Executive Officer
\nVasant Prabhu — Vice Chair and Chief Financial Officer
\nMike Milotich — Senior Vice President of Investor Relations
\nDarrin Peller — Wolfe Research — Analyst
\nRayna Kumar — UBS — Analyst
\nHarshita Rawat — Sanford C. Bernstein — Analyst
\nSanjay Sakhrani — Keefe, Bruyette and Woods — Analyst
\nKen Suchoski — Autonomous Research — Analyst
\nLisa Ellis — MoffettNathanson — Analyst
\nJason Kupferberg — Bank of America Merrill Lynch — Analyst
\nTien-Tsin Huang — JPMorgan Chase & Co. — Analyst
\nDavid Togut — Evercore ISI — Analyst
\nDan Perlin — RBC Capital Markets — Analyst
\nMore V analysis<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

Visa \u306e 2022 \u5e74\u5ea6\u7b2c 1 \u56db\u534a\u671f\u6c7a\u7b97\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30fb\u30b3\u30fc\u30eb\u306b\u3088\u3046\u3053\u305d\u3002\u8cea\u7591\u5fdc\u7b54\u307e\u3067\u306f\u53c2\u52a0\u8005\u5168\u54e1\u304c\u30ea\u30b9\u30cb\u30f3\u30b0\u30aa\u30f3\u30ea\u30fc\u30e2\u30fc\u30c9\u3067\u3059\u3002\u672c\u65e5\u306e\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u306f\u9332\u97f3\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u672c\u65e5\u306e\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u306f\u9332\u97f3\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

Jennifer Como\u3068Mike Milotich\u3067\u3059\u3002\u30b3\u30e2\u3055\u3093\u3001\u59cb\u3081\u307e\u3057\u3066\u3002<\/p>\n

\u30b8\u30a7\u30cb\u30d5\u30a1\u30fc\u30fb\u30b3\u30e2 — \u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30fb\u30ea\u30ec\u30fc\u30b7\u30e7\u30f3\u30ba\u62c5\u5f53\u526f\u793e\u9577<\/p>\n

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\u30ed\u30b5\u30f3\u30bc\u30eb\u30b9\u3001\u30b7\u30a2\u30c8\u30eb\u3001\u30c7\u30c8\u30ed\u30a4\u30c8\u3001\u30aa\u30ec\u30f3\u30b8\u90e1\u3001\u30de\u30a4\u30a2\u30df\u3001\u30bd\u30eb\u30c8\u30ec\u30a4\u30af\u30b7\u30c6\u30a3\u306f\u3059\u3079\u306625\uff05\u3092\u8d85\u3048\u3066\u3044\u307e\u3059\u3002\u30b5\u30f3\u30d5\u30e9\u30f3\u30b7\u30b9\u30b3\u3001\u30b5\u30f3\u30ce\u30bc\u3001\u30aa\u30fc\u30af\u30e9\u30f3\u30c9\u306f30%\u3092\u8d85\u3048\u3001\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u306f45%\u306b\u9054\u3057\u3066\u3044\u307e\u3059\u3002\u96fb\u5b50\u5546\u53d6\u5f15\u3082\u6c7a\u6e08\u306e\u30c7\u30b8\u30bf\u30eb\u5316\u306e\u30ab\u30ae\u3092\u63e1\u3063\u3066\u304a\u308a\u3001\u96fb\u5b50\u5546\u53d6\u5f15\u306e\u52a0\u76df\u5e97\u306f\u78ba\u5b9f\u306b\u5897\u3048\u3066\u304a\u308a\u3001\u5f53\u793e\u3068\u306e\u95a2\u4fc2\u3082\u62e1\u5927\u3057\u3066\u3044\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u7c73\u56fd\u3067\u306e\u6c7a\u6e08\u3092\u6210\u529f\u3055\u305b\u307e\u3057\u305f\u3002<\/p>\n

\u307e\u305f\u3001\u96fb\u5b50\u5546\u53d6\u5f15\u3082\u96fb\u5b50\u6c7a\u6e08\u306e\u91cd\u8981\u306a\u8981\u7d20\u3067\u3042\u308a\u3001\u5f53\u793e\u3068\u306e\u95a2\u4fc2\u3082\u78ba\u5b9f\u306b\u62e1\u5927\u3057\u3066\u3044\u307e\u3059\u3002Shopify Balance\u30ab\u30fc\u30c9\u306b\u3088\u308a\u3001Shopify\u306e\u7c73\u56fd\u306e\u52a0\u76df\u5e97\u306f\u3001\u7fcc\u55b6\u696d\u65e5\u307e\u3067\u306b\u58f2\u4e0a\u304b\u3089\u8cc7\u91d1\u3092\u5165\u624b\u3057\u3001\u914d\u9001\u3084\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u306a\u3069\u65e5\u5e38\u7684\u306a\u30d3\u30b8\u30cd\u30b9\u7d4c\u8cbb\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d0\u30c3\u30af\u3092\u53d7\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002Buy now pay later\uff08BNPL\uff09\u306f\u6210\u9577\u3092\u7d9a\u3051\u3066\u304a\u308a\u3001Visa\u30af\u30ec\u30c7\u30f3\u30b7\u30e3\u30eb\u3092\u767a\u884c\u3059\u308bBNPL\u30d5\u30a3\u30f3\u30c6\u30c3\u30af\u304c\u307e\u3059\u307e\u3059\u5897\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

Visa\u306f\u3001\u5f7c\u3089\u306e\u30aa\u30fc\u30d7\u30f3\u30eb\u30fc\u30d7\u3078\u306e\u79fb\u884c\u3092\u53ef\u80fd\u306b\u3057\u3001Visa\u306e\u5e45\u5e83\u3044\u53d7\u3051\u5165\u308c\u3092\u901a\u3058\u3066\u6d88\u8cbb\u8005\u3078\u306e\u4fa1\u5024\u63d0\u6848\u3092\u62e1\u5927\u3067\u304d\u308b\u3088\u3046\u306b\u3057\u3066\u3044\u307e\u3059\u3002\u524d\u56db\u534a\u671f\u3001\u79c1\u306fKlarna\u306b\u3064\u3044\u3066\u8a00\u53ca\u3057\u307e\u3057\u305f\u3002\u305d\u3057\u3066\u4eca\u671f\u306f\u3001Affirm\u304cAffirm Debit+ Card\u306e\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u30d1\u30fc\u30c8\u30ca\u30fc\u3068\u3057\u3066Visa\u3092\u9078\u3093\u3060\u3053\u3068\u3001\u307e\u305f\u30d0\u30fc\u30c1\u30e3\u30eb\u30ab\u30fc\u30c9\u4e8b\u696d\u306e\u30ea\u30cb\u30e5\u30fc\u30a2\u30eb\u3092\u767a\u8868\u3067\u304d\u308b\u3053\u3068\u3092\u5b09\u3057\u304f\u601d\u3063\u3066\u3044\u307e\u3059\u3002Visa\u306e\u5e45\u5e83\u3044\u30a2\u30af\u30bb\u30d7\u30bf\u30f3\u30b9\u3068\u30ea\u30fc\u30c1\u3092\u901a\u3058\u3066\u3001Affirm\u306e\u7d99\u7d9a\u7684\u306a\u6210\u9577\u3092\u30b5\u30dd\u30fc\u30c8\u3067\u304d\u308b\u3053\u3068\u3092\u697d\u3057\u307f\u306b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

BNPL\u30d5\u30a3\u30f3\u30c6\u30c3\u30af\u3067\u306f\u3001\u52a0\u76df\u5e97\u3068\u306e\u6c7a\u6e08\u306bVisa\u30d0\u30fc\u30c1\u30e3\u30eb\u30ab\u30fc\u30c9\u3092\u5229\u7528\u3059\u308b\u30b1\u30fc\u30b9\u304c\u5897\u3048\u3066\u304a\u308a\u3001\u7c73\u56fd\u3067\u306e\u6c7a\u6e08\u4ef6\u6570\u304c\u524d\u5e74\u6bd43\u6841\u5897\u3068\u306a\u308b\u539f\u52d5\u529b\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001BNPL\u30d5\u30a3\u30f3\u30c6\u30c3\u30af\u306e\u6d88\u8cbb\u8005\u306f\u3001\u30ab\u30fc\u30c9\u3092\u4f7f\u3063\u3066\u5206\u5272\u6255\u3044\u3092\u7d9a\u3051\u3066\u304a\u308a\u3001\u6709\u52b9\u30ab\u30fc\u30c9\u306f\u540c\u671f\u9593\u306b50\uff05\u5897\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u5f93\u6765\u306e\u767a\u884c\u4f53\u306b\u5bfe\u3057\u3066\u306f\u3001Visa Installments\u3068\u3044\u3046\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u5272\u8ce6\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u3092\u63d0\u4f9b\u3057\u3066\u304a\u308a\u3001\u5f53\u793e\u306e\u91d1\u878d\u6a5f\u95a2\u306e\u304a\u5ba2\u69d8\u306f\u3001\u3042\u3089\u3086\u308bVisa\u53d6\u5f15\u306b\u304a\u3044\u3066\u3001\u65e2\u5b58\u306e\u30af\u30ec\u30b8\u30c3\u30c8\u30af\u30ec\u30c7\u30f3\u30b7\u30e3\u30eb\u3092\u901a\u3058\u3066BNPL\u6a5f\u80fd\u3092\u30b7\u30fc\u30e0\u30ec\u30b9\u306b\u63d0\u4f9b\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u6a5f\u80fd\u3092\u5c0e\u5165\u3059\u308b\u56fd\u306e1\u3064\u3067\u3042\u308b\u30ab\u30ca\u30c0\u3067\u306f\u3001\u73fe\u5728\u3001\u6c7a\u6e08\u91cf\u306e\u5927\u534a\u3092\u5360\u3081\u308b\u767a\u884c\u4f53\u304a\u3088\u3073\u30a2\u30af\u30ef\u30a4\u30a2\u30e9\u30fc\u304b\u3089\u306e\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3092\u7372\u5f97\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

BNPL\u3001\u6697\u53f7\u3001\u305d\u306e\u4ed6\u306e\u30d5\u30a3\u30f3\u30c6\u30c3\u30af\u3001\u305d\u3057\u3066\u5f93\u6765\u306e\u767a\u884c\u4f53\u306b\u3088\u308b\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u4e0a\u306e\u30af\u30ec\u30c7\u30f3\u30b7\u30e3\u30eb\u306f\u3001ID\u4fdd\u8b77\u3001\u8a50\u6b3a\u9632\u6b62\u3001\u7d1b\u4e89\u89e3\u6c7a\u3001\u30bb\u30ad\u30e5\u30ea\u30c6\u30a3\u3001\u30ed\u30a4\u30e4\u30eb\u30c6\u30a3\u306a\u3069\u3001\u9b45\u529b\u7684\u306a\u4fa1\u5024\u63d0\u6848\u3092\u6d88\u8cbb\u8005\u306b\u63d0\u4f9b\u3057\u307e\u3059\u3002\u3053\u306e\u975e\u5e38\u306b\u5927\u304d\u306a\u4fa1\u5024\u306f\u3001\u73fe\u91d1\u3001A2A\u3001RTP\u3001\u3042\u308b\u3044\u306f\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u3068\u6bd4\u8f03\u3057\u3066\u3001\u6d88\u8cbb\u8005\u304c\u30aa\u30f3\u30e9\u30a4\u30f3\u307e\u305f\u306f\u5bfe\u9762\u5f0f\u3067Visa\u30af\u30ec\u30c7\u30f3\u30b7\u30e3\u30eb\u3092\u4f7f\u7528\u3059\u308b\u52d5\u6a5f\u306b\u306a\u308a\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u6d88\u8cbb\u8005\u5411\u3051\u6c7a\u6e08\u306e\u6a5f\u4f1a\u306f\u975e\u5e38\u306b\u5927\u304d\u304f\u3001\u9577\u671f\u7684\u306b\u5927\u304d\u306a\u53ef\u80fd\u6027\u3092\u79d8\u3081\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u79c1\u305f\u3061\u306e\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u3078\u306e\u4e57\u308a\u5165\u308c\u306f\u3001\u304b\u3064\u3066\u306a\u3044\u307b\u3069\u5bb9\u6613\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u79c1\u305f\u3061\u306f\u6d88\u8cbb\u8005\u306b\u9b45\u529b\u7684\u306a\u4fa1\u5024\u3092\u63d0\u6848\u3057\u3001\u65b0\u3057\u3044\u652f\u6255\u3044\u65b9\u6cd5\u306e\u9032\u6b69\u306fVisa\u3068\u3053\u308c\u3089\u306e\u6c7a\u6e08\u30d7\u30ed\u30d0\u30a4\u30c0\u30fc\u306b\u3068\u3063\u3066\u826f\u3044\u3053\u3068\u3067\u3059\u3002Visa\u306f\u3001BNPL\u3001\u6697\u53f7\u3001\u30a6\u30a9\u30ec\u30c3\u30c8\u3001\u305d\u306e\u4ed6\u3059\u3079\u3066\u306e\u30cb\u30e5\u30a2\u30f3\u30b9\u306e\u53c2\u5165\u8005\u306b\u5b9f\u7528\u6027\u3068\u898f\u6a21\u3092\u63d0\u4f9b\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u6b21\u306b\u3001\u30e6\u30fc\u30b9\u30b1\u30fc\u30b9\u3068\u65b0\u3057\u3044\u30d5\u30ed\u30fc\u306e\u9032\u5c55\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u3053\u308c\u306f185\u5146\u30c9\u30eb\u306e\u6a5f\u4f1a\u3092\u610f\u5473\u3057\u3001\u6d88\u8cbb\u8005\u5411\u3051\u6c7a\u6e08\u306e10\u500d\u306b\u76f8\u5f53\u3057\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u30d1\u30fc\u30c8\u30ca\u30fc\u304b\u3089\u306e\u5927\u304d\u306a\u8981\u671b\u3092\u53d7\u3051\u3001\u5927\u304d\u306a\u6210\u9577\u3092\u7d4c\u9a13\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u4e3b\u306a\u63a8\u9032\u529b\u306fVisa Direct\u3067\u3001P2P\u3001B2small B\u3001B2C\u3001G2C\u306b\u308f\u305f\u3063\u306665\u5146\u30c9\u30eb\u306e\u30d3\u30b8\u30cd\u30b9\u30c1\u30e3\u30f3\u30b9\u3092\u30bf\u30fc\u30b2\u30c3\u30c8\u306b\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u3089\u306f\u3059\u3079\u3066\u3001\u307b\u3093\u306e5\u5e74\u524d\u306b\u306fVisa\u304c\u3042\u307e\u308a\u6271\u3063\u3066\u3044\u306a\u304b\u3063\u305f\u30e6\u30fc\u30b9\u30b1\u30fc\u30b9\u3067\u3059\u3002\u3088\u308a\u9b45\u529b\u7684\u306a\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u3067\u3053\u308c\u3089\u306e\u6d41\u308c\u3092\u7a4d\u6975\u7684\u306b\u8ffd\u6c42\u3059\u308b\u3053\u3068\u3067\u3001Visa\u306f\u65ad\u7247\u7684\u3067\u53e4\u3044\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u306b\u4f9d\u5b58\u3059\u308b\u4ee3\u66ff\u624b\u6bb5\u3092\u99c6\u9010\u3057\u3066\u3044\u308b\u3088\u3046\u306b\u898b\u3048\u307e\u3059\u304c\u3001\u305d\u306e\u9006\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u4eca\u671f\u306eVisa\u306e\u53d6\u5f15\u6210\u9577\u7387\u306f35%\u3067\u3057\u305f\u3002<\/p>\n

\u7c73\u56fd\u3067\u306f\u3001\u56fd\u5185\u306e P2P \u304c\u73fe\u5728\u6700\u5927\u306e\u30e6\u30fc\u30b9\u30b1\u30fc\u30b9\u3067\u3042\u308a\u3001\u307e\u305f\u6700\u3082\u5229\u56de\u308a\u306e\u4f4e\u3044\u30e6\u30fc\u30b9\u30b1\u30fc\u30b9\u3067\u3082\u3042\u308a\u307e\u3059\u3002\u4ed6\u306e\u5730\u57df\u3084\u30e6\u30fc\u30b9\u30b1\u30fc\u30b9\u3001\u7279\u306b\u56fd\u5883\u3092\u8d8a\u3048\u305f\u30e6\u30fc\u30b9\u30b1\u30fc\u30b9\u306e\u898f\u6a21\u3092\u62e1\u5927\u3057\u3001\u6210\u9577\u3055\u305b\u308b\u3053\u3068\u3067\u3001\u53ce\u76ca\u306e\u5229\u56de\u308a\u306f\u4e0a\u304c\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002Visa Direct\u306f\u3001\u5f53\u793e\u306e\u65e2\u5b58\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3068\u6a5f\u80fd\u3092\u307b\u3068\u3093\u3069\u6d3b\u7528\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u53ce\u76ca\u7387\u306b\u95a2\u4fc2\u306a\u304f\u3001\u5897\u53ce\u52b9\u679c\u304c\u671f\u5f85\u3067\u304d\u307e\u3059\u3002\u30ab\u30fc\u30c9\u3084\u53e3\u5ea7\u3092\u4f7f\u3063\u305f\u4e16\u754c\u898f\u6a21\u306e\u9001\u91d1\u306b\u53c2\u52a0\u3059\u308b\u9280\u884c\u304c\u5897\u3048\u3001\u5229\u7528\u304c\u62e1\u5927\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u306e\u4e2d\u306b\u306f\u3001\u30ab\u30bf\u30fc\u30eb\u6700\u5927\u306e\u9280\u884c\u306e\u4e00\u3064\u3067\u3042\u308b\u30ab\u30bf\u30fc\u30eb\u30fb\u30a4\u30b9\u30e9\u30e0\u9280\u884c\u3084\u3001\u30ab\u30ca\u30c0\u306eCIBC\u3001Simplii Financial\u304c\u542b\u307e\u308c\u3066\u3044\u307e\u3059\u3002Visa Direct\u306f\u3001\u7c73\u56fd\u306e\u30d5\u30a3\u30f3\u30c6\u30c3\u30afChime\u3068\u30cd\u30aa\u30d0\u30f3\u30afVaro\u306e\u53e3\u5ea7\u9593\u9001\u91d1\u3082\u53ef\u80fd\u306b\u3057\u3066\u3044\u307e\u3059\u3002\u4eca\u671f\u306f\u3001\u30ab\u30ca\u30c0\u306eDoorDash Dasher\u3078\u306e\u652f\u6255\u3044\u306a\u3069\u3001\u4ed6\u306e\u3044\u304f\u3064\u304b\u306e\u30e6\u30fc\u30b9\u30b1\u30fc\u30b9\u3067\u3082\u5229\u7528\u304c\u62e1\u5927\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u307e\u305f\u3001\u6700\u8fd1Toast\u3068\u5951\u7d04\u3092\u7d50\u3073\u3001Visa Direct\u3092\u3044\u304f\u3064\u304b\u306e\u9762\u3067\u6d3b\u7528\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3057\u305f\u30021 \u3064\u306f\u300148,000 \u3092\u8d85\u3048\u308b\u30ec\u30b9\u30c8\u30e9\u30f3\u306e\u9867\u5ba2\u306b\u5bfe\u3057\u3066\u3001\u65e5\u3005\u306e\u58f2\u4e0a\u3068\u30ed\u30fc\u30f3\u306e\u652f\u6255\u3044\u3092\u307b\u307c\u77ac\u6642\u306b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u884c\u3046\u3053\u3068\u30012 \u3064\u76ee\u306f\u3001\u30ec\u30b9\u30c8\u30e9\u30f3\u306e\u9867\u5ba2\u306e\u5f93\u696d\u54e1\u306b\u5bfe\u3057\u3066\u30c1\u30c3\u30d7\u3092\u8fc5\u901f\u306b\u652f\u6255\u3044\u3001\u7a3c\u3044\u3060\u8cc3\u91d1\u3092\u5229\u7528\u3067\u304d\u308b\u3088\u3046\u306b\u3059\u308b\u3053\u3068\u3067\u3059\u3002Visa Direct\u306f\u300150\u5104\u679a\u4ee5\u4e0a\u306e\u30ab\u30fc\u30c9\u3068\u53e3\u5ea7\u3078\u306e\u5727\u5012\u7684\u306a\u30a2\u30af\u30bb\u30b9\u3001\u30b0\u30ed\u30fc\u30d0\u30eb\u306a\u898f\u6a21\u3001\u6700\u5148\u7aef\u306e\u6280\u8853\u30b9\u30bf\u30c3\u30af\u3001\u4e16\u754c\u30af\u30e9\u30b9\u306e\u30bb\u30ad\u30e5\u30ea\u30c6\u30a3\u300124\u6642\u9593365\u65e5\u306e\u4fe1\u983c\u6027\u3092\u63d0\u4f9b\u3057\u3001175\u30ab\u56fd\u4ee5\u4e0a\u306e\u30ab\u30fc\u30c9\u3001ACH\u3001RTP\u30b7\u30b9\u30c6\u30e0\u3092\u7d44\u307f\u5408\u308f\u305b\u305f\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u3092\u901a\u3058\u3066\u9280\u884c\u53e3\u5ea7\u306b\u7c21\u5358\u306b\u30a2\u30af\u30bb\u30b9\u3067\u304d\u308b\u305f\u3081\u3001\u9b45\u529b\u7684\u306a\u6a5f\u80fd\u3068\u8a00\u3048\u307e\u3059\u3002B2B\u306e\u65b0\u3057\u3044\u30d5\u30ed\u30fc\u3067\u306f\u3001\u4eca\u5f8c\u306e\u6210\u9577\u306b\u306f\u3044\u304f\u3064\u304b\u306e\u30d9\u30af\u30c8\u30eb\u304c\u3042\u308b\u3068\u898b\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3044\u304f\u3064\u304b\u7d39\u4ecb\u3055\u305b\u3066\u3044\u305f\u3060\u304d\u307e\u3059\u3002\u307e\u305a\u3001B2B \u306e\u30ab\u30fc\u30c9\u767a\u884c\u306f\u3001\u7269\u7406\u7684\u306a\u30ab\u30fc\u30c9\u3068\u30d0\u30fc\u30c1\u30e3\u30eb\u306a\u30ab\u30fc\u30c9\u306e\u4e21\u65b9\u3067\u3001\u5f53\u793e\u304c\u30c8\u30c3\u30d7\u30af\u30e9\u30b9\u306e\u30b7\u30a7\u30a2\u3092\u8a87\u3063\u3066\u3044\u307e\u3059\u3002\u4eca\u671f\u306f\u30a4\u30f3\u30c9\u3067\u3001\u5927\u624bB2B\u30cd\u30aa\u30d0\u30f3\u30af\u306eOpen\u3068\u6570\u5e74\u306b\u308f\u305f\u308a\u63d0\u643a\u3057\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u3068\u30c7\u30d3\u30c3\u30c8\u306e\u767a\u884c\u3068\u3001Visa Direct\u306e\u5c0e\u5165\u306b\u95a2\u3059\u308b\u5951\u7d04\u3092\u7de0\u7d50\u3057\u307e\u3057\u305f\u3002\u30d0\u30fc\u30c1\u30e3\u30eb\u30fb\u30ab\u30fc\u30c9\u3067\u306f\u3001\u65b0\u3057\u3044\u696d\u7a2e\u3078\u306e\u5c55\u958b\u3092\u9032\u3081\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u6700\u8fd1\u306e\u4f8b\u3067\u306f\u3001\u30d8\u30eb\u30b9\u30b1\u30a2\u3067\u3059\u3002\u305d\u3057\u3066\u4eca\u671f\u306f\u3001\u7c73\u56fd10\u5dde\u30671\u65e53\u4e07\u4eba\u306b\u30b5\u30fc\u30d3\u30b9\u3092\u63d0\u4f9b\u3059\u308b\u30c0\u30a4\u30ec\u30af\u30c8\u30d8\u30eb\u30b9\u30b1\u30a2\u4f01\u696dNomi Health\u3068\u3001\u30af\u30ec\u30fc\u30e0\u6c7a\u6e08\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u306e\u5951\u7d04\u3092\u7d50\u3073\u307e\u3057\u305f\u3002B2B\u306e\u6210\u9577\u306e\u7b2c2\u306e\u30d9\u30af\u30c8\u30eb\u306f\u3001Visa B2B Connect\u3092\u901a\u3058\u305f\u5927\u53e3\u9867\u5ba2\u30d9\u30fc\u30b9\u306e\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u6c7a\u6e08\u3067\u3059\u3002\u3053\u306e\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u306f\u3001\u5f53\u793e\u306e\u30b0\u30ed\u30fc\u30d0\u30eb\u6c7a\u6e08\u30a4\u30f3\u30d5\u30e9\u3068\u30af\u30e9\u30b9\u6700\u9ad8\u306e\u6a5f\u80fd\u3092\u7d50\u3073\u3064\u3051\u3001\u65e2\u5b58\u306e\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u306e\u4e3b\u8981\u306a\u30da\u30a4\u30f3\u30dd\u30a4\u30f3\u30c8\u306b\u5bfe\u5fdc\u3057\u307e\u3059\u3002<\/p>\n

\u30e9\u30c6\u30f3\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u3001Visa B2B Connect\u306f\u7d0430\u30ab\u56fd\u3067\u5229\u7528\u53ef\u80fd\u3067\u3001\u3059\u3067\u306b\u305d\u306e3\u5206\u306e1\u4ee5\u4e0a\u306e\u56fd\u3067\u30d1\u30fc\u30c8\u30ca\u30fc\u304c\u767b\u9332\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u30d1\u30fc\u30c8\u30ca\u30fc\u306e1\u3064\u306f\u3001\u30e1\u30ad\u30b7\u30b3\u306e\u5927\u624b\u9280\u884c\u3067\u3042\u308bCIBanco\u3067\u3059\u30022021\u5e743\u6708\u306b\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u3092\u6709\u52b9\u5316\u3057\u3066\u4ee5\u6765\u3001\u540c\u884c\u306fVisa B2B Connect\u306e\u30dc\u30ea\u30e5\u30fc\u30e0\u3092\u56db\u534a\u671f\u3054\u3068\u306b2\u6841\u6210\u9577\u3055\u305b\u3001\u6570\u5343\u4ef6\u306e\u6c7a\u6e08\u3068\u6570\u5104\u4ef6\u306e\u6c7a\u6e08\u30dc\u30ea\u30e5\u30fc\u30e0\u3092\u51e6\u7406\u3057\u307e\u3057\u305f\u3002\u307e\u305f\u3001\u6700\u8fd1\u3001\u30ed\u30b7\u30a2\u3001\u6771\u6b27\u3001\u4e2d\u6b27\u3067\u6700\u5927\u306e\u9280\u884c\u3067\u3042\u308bSberBank\u3092\u8ffd\u52a0\u3057\u3001\u4eca\u5e74\u5f8c\u534a\u306b\u306f\u30e9\u30a4\u30d6\u3067\u30c8\u30e9\u30f3\u30b6\u30af\u30b7\u30e7\u30f3\u3092\u51e6\u7406\u3059\u308b\u4e88\u5b9a\u3067\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u65b0\u3057\u3044\u30d5\u30ed\u30fc\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6d88\u8cbb\u8005\u5411\u3051\u6c7a\u6e08\u306e10\u500d\u306e\u6a5f\u4f1a\u304c\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u5f53\u793e\u306e\u80fd\u529b\u3068\u4fa1\u5024\u63d0\u6848\u306f\u7af6\u5408\u4ed6\u793e\u306b\u5bfe\u3057\u3066\u5f37\u529b\u3067\u3042\u308a\u3001\u7279\u306b\u56fd\u5883\u3092\u8d8a\u3048\u305f\u30e6\u30fc\u30b9\u30b1\u30fc\u30b9\u306b\u304a\u3044\u3066\u3001Visa Direct\u306e\u898f\u6a21\u3092\u62e1\u5927\u3057\u6210\u9577\u3055\u305b\u308b\u3053\u3068\u3067\u3001\u53ce\u76ca\u53ce\u7387\u304c\u5f15\u304d\u7d9a\u304d\u5411\u4e0a\u3059\u308b\u3082\u306e\u3068\u601d\u308f\u308c\u307e\u3059\u3002\u6b21\u306b\u3001\u4ed8\u52a0\u4fa1\u5024\u30b5\u30fc\u30d3\u30b9\u3067\u3059\u3002\u7b2c1\u56db\u534a\u671f\u306f20%\u4ee5\u4e0a\u306e\u5897\u53ce\u3068\u306a\u308a\u3001\u4eca\u5f8c\u3082\u529b\u5f37\u3044\u6210\u9577\u304c\u7d9a\u304f\u3068\u601d\u308f\u308c\u307e\u3059\u3002<\/p>\n

\u4e00\u4f8b\u3068\u3057\u3066\u3001Visa\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\uff06\u30a2\u30ca\u30ea\u30c6\u30a3\u30af\u30b9\u304c\u3042\u308a\u307e\u3059\u3002\u5148\u307b\u3069\u7533\u3057\u4e0a\u3052\u305f\u6697\u53f7\u306e\u63d0\u4f9b\u306b\u52a0\u3048\u3001\u6700\u8fd1\u3001\u6697\u53f7\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u306e\u63d0\u4f9b\u3092\u71b1\u671b\u3059\u308b\u91d1\u878d\u6a5f\u95a2\u3001NFT\u306e\u6398\u308a\u4e0b\u3052\u3092\u76ee\u6307\u3059\u5c0f\u58f2\u696d\u8005\u3001\u3042\u308b\u3044\u306f\u30c7\u30b8\u30bf\u30eb\u901a\u8ca8\u3092\u6a21\u7d22\u3059\u308b\u4e2d\u592e\u9280\u884c\u3092\u652f\u63f4\u3059\u308b\u305f\u3081\u3001\u30b0\u30ed\u30fc\u30d0\u30eb\u6697\u53f7\u5c02\u9580\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\u30d7\u30e9\u30af\u30c6\u30a3\u30b9\u3092\u958b\u59cb\u3057\u307e\u3057\u305f\u3002\u3082\u3046\u4e00\u3064\u306e\u4f8b\u306f\u3001\u8a8d\u8a3c\u3067\u3059\u3002\u30e8\u30fc\u30ed\u30c3\u30d1\u3067\u306f\u3001Visa\u306e\u65b0\u3057\u3044\u8a8d\u8a3c\u6280\u8853\u3067\u3042\u308bEMV 3DS\u306e\u5229\u7528\u30922021\u5e74\u306e\u958b\u59cb\u4ee5\u6765\u30013\u500d\u306b\u5897\u3084\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u305d\u3057\u3066\u3001\u3053\u308c\u306f\u30ab\u30fc\u30c9\u975e\u901a\u77e5\u306b\u3088\u308b\u4e0d\u6b63\u309228\uff05\u524a\u6e1b\u3057\u305f\u3053\u3068\u3068\u540c\u6642\u306b\u3001\u53d6\u5f15\u627f\u8a8d\u7387\u306b\u3082\u30d7\u30e9\u30b9\u306e\u5f71\u97ff\u3092\u4e0e\u3048\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u5c06\u6765\u306b\u5411\u3051\u3066\u65b0\u3057\u3044\u6a5f\u80fd\u3092\u7acb\u3061\u4e0a\u3052\u3066\u3044\u307e\u3059\u3002Visa Acceptance Cloud\u306b\u3088\u308a\u3001\u9867\u5ba2\u306f\u7d44\u307f\u8fbc\u307f\u578b\u306e\u6c7a\u6e08\u51e6\u7406\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u3092\u500b\u3005\u306e\u30c7\u30d0\u30a4\u30b9\u304b\u3089\u30af\u30e9\u30a6\u30c9\u306b\u79fb\u884c\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u3001\u9ad8\u4fa1\u306a\u7aef\u672b\u306f\u3082\u3061\u308d\u3093\u3001\u51e6\u7406\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u306e\u8a8d\u8a3c\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u3084\u6642\u9593\u3082\u4e0d\u8981\u306b\u306a\u308a\u307e\u3059\u3002\u3055\u3089\u306b\u3001\u9867\u5ba2\u306f\u4e0d\u6b63\u7ba1\u7406\u304b\u3089BNPL\u307e\u3067\u4ed8\u52a0\u4fa1\u5024\u306e\u9ad8\u3044\u30b5\u30fc\u30d3\u30b9\u3092\u5229\u7528\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n

\u307e\u305f\u3001\u6700\u8fd1\u3001Currencycloud\u306e\u8cb7\u53ce\u3092\u5b8c\u4e86\u3057\u307e\u3057\u305f\u3002\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u306e\u70ba\u66ff\u6a5f\u80fd\u3092\u63d0\u4f9b\u3059\u308bCurrencycloud\u306e\u30d5\u30ed\u30f3\u30c8\u30a8\u30f3\u30c9\u306eAPI\u3068\u3001\u5f53\u793e\u306e\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u3067\u306e\u6c7a\u6e08\u6a5f\u80fd\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u3053\u3068\u3067\u3001\u975e\u5e38\u306b\u9b45\u529b\u7684\u306a\u4fa1\u5024\u3092\u63d0\u6848\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u7279\u306b\u3001B2B\u30b3\u30cd\u30af\u30c8\u3084Visa\u30c0\u30a4\u30ec\u30af\u30c8\u306a\u3069\u3001\u304a\u5ba2\u69d8\u306b\u63d0\u4f9b\u3057\u3066\u3044\u308b\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u306e\u30e6\u30fc\u30b9\u30b1\u30fc\u30b9\u3092\u62e1\u5927\u3059\u308b\u3053\u3068\u3067\u3001\u65b0\u3057\u3044\u30e6\u30fc\u30b9\u30b1\u30fc\u30b9\u3084\u6c7a\u6e08\u30d5\u30ed\u30fc\u3092\u5b9f\u73fe\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u3067\u3059\u3002\u307e\u305f\u3001\u30d5\u30a3\u30f3\u30c6\u30c3\u30af\u3084\u975e\u91d1\u878d\u6a5f\u95a2\u306e\u30d1\u30fc\u30c8\u30ca\u30fc\u304c\u7c21\u5358\u306b\u63a5\u7d9a\u3067\u304d\u308b\u3088\u3046\u306bFX\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3092\u62e1\u5f35\u3057\u3001\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u306eFX\u30ec\u30fc\u30c8\u3092\u63d0\u4f9b\u3057\u3066\u3001\u30d1\u30fc\u30c8\u30ca\u30fc\u306e\u304a\u5ba2\u69d8\u306e\u305f\u3081\u306b\u900f\u660e\u6027\u3092\u5411\u4e0a\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u4ed8\u52a0\u4fa1\u5024\u30b5\u30fc\u30d3\u30b9\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6c7a\u6e08\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u306bVisa\u306e\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u3092\u3082\u305f\u3089\u3057\u7d9a\u3051\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u53ce\u76ca\u30df\u30c3\u30af\u30b9\u3092\u591a\u69d8\u5316\u3057\u3066\u304a\u308a\u3001\u3053\u308c\u306b\u3088\u3063\u3066\u30d3\u30b8\u30cd\u30b9\u3092\u7dad\u6301\u30fb\u7372\u5f97\u3057\u3001\u5c06\u6765\u306b\u308f\u305f\u3063\u3066\u53ce\u76ca\u3092\u4f38\u3070\u3057\u3066\u3044\u304f\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u3067\u3059\u3002\u7d50\u8ad6\u3068\u3057\u3066\u3001Visa\u306e\u5c06\u6765\u306b\u3064\u3044\u3066\u8003\u3048\u308b\u3068\u304d\u3001\u79c1\u306f\u975e\u5e38\u306b\u697d\u89b3\u7684\u3067\u6d3b\u6c17\u306b\u6e80\u3061\u3066\u3044\u307e\u3059\u3002\u65b0\u3057\u3044\u6c7a\u6e08\u65b9\u5f0f\u306fVisa\u306b\u3068\u3063\u3066\u7834\u58ca\u7684\u306a\u3082\u306e\u306b\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u8a00\u308f\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u79c1\u305f\u3061\u306f\u7834\u58ca\u3088\u308a\u3082\u6a5f\u4f1a\u306e\u65b9\u304c\u5927\u304d\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u79c1\u305f\u3061\u306e\u30b0\u30ed\u30fc\u30d0\u30eb\u306a\u30a4\u30f3\u30d5\u30e9\u306f\u3001\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u3092\u901a\u3058\u3066\u3001\u3088\u308a\u4f1d\u7d71\u7684\u306a\u652f\u6255\u3044\u30bf\u30a4\u30d7\u3084\u3001\u3088\u308a\u65b0\u3057\u3044\u652f\u6255\u3044\u30fb\u9001\u91d1\u65b9\u6cd5\u3092\u4fc3\u9032\u3059\u308b\u305f\u3081\u306e\u63a5\u7d9a\u6027\u3092\u63d0\u4f9b\u3057\u3066\u3044\u307e\u3059\u3002\u5f53\u793e\u306e\u76f8\u4e92\u63a5\u7d9a\u6027\u3001\u30bb\u30ad\u30e5\u30ea\u30c6\u30a3\u3001\u4fe1\u983c\u6027\u3001\u6d88\u8cbb\u8005\u4fdd\u8b77\u3001\u4e0d\u6b63\u9632\u6b62\u3001\u30ea\u30b9\u30af\u7ba1\u7406\u3001\u305d\u306e\u4ed6\u306e\u4ed8\u52a0\u4fa1\u5024\u30b5\u30fc\u30d3\u30b9\u306f\u3001\u512a\u308c\u305f\u4f53\u9a13\u3092\u63d0\u4f9b\u3057\u307e\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u3088\u308a\u591a\u304f\u306e\u53d6\u5f15\u3092\u8a98\u81f4\u3057\u3001\u305d\u308c\u304c\u52a0\u901f\u5ea6\u7684\u306b\u5f53\u793e\u306e\u6210\u9577\u3092\u4fc3\u9032\u3057\u7d9a\u3051\u308b\u3053\u3068\u3092\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u308c\u3067\u306f\u3001\u30f4\u30a1\u30b5\u30f3\u30c8\u306b\u8a71\u3092\u8b72\u308a\u307e\u3057\u3087\u3046\u3002<\/p>\n

Vasant Prabhu — \u526f\u4f1a\u9577\u517c\u30c1\u30fc\u30d5\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30aa\u30d5\u30a3\u30b5\u30fc<\/p>\n

\u30a2\u30eb\u3055\u3093\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u7686\u3055\u3093\u3001\u3053\u3093\u306b\u3061\u306f\u30022022\u5e74\u5ea6\u306f\u3001\u7d14\u53ce\u76ca\u304c24%\u5897\u3001GAAP\u30d9\u30fc\u30b9\u306eEPS\u304c29%\u5897\u3068\u306a\u308a\u3001\u7d20\u6674\u3089\u3057\u3044\u30b9\u30bf\u30fc\u30c8\u3092\u5207\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3057\u305f\u3002\u6295\u8cc7\u5229\u76ca\u3084\u8a34\u8a1f\u8cbb\u7528\u306a\u3069\u306e\u9805\u76ee\u3092\u8abf\u6574\u3057\u305f\u975eGAAP\u30d9\u30fc\u30b9\u306eEPS\u306f27%\u5897\u3067\u3057\u305f\u3002<\/p>\n

\u6052\u5e38\u70ba\u66ff\u30ec\u30fc\u30c8\u3067\u306f\u3001\u7d14\u53ce\u76ca\u306e\u4f38\u3073\u306f\u7d041\u30dd\u30a4\u30f3\u30c8\u9ad8\u304425\uff05\u3001\u975eGAAP\u30d9\u30fc\u30b9\u306eEPS\u306f\u7d041.5\u30dd\u30a4\u30f3\u30c8\u9ad8\u304428\uff05\u8d85\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u4e3b\u306a\u30cf\u30a4\u30e9\u30a4\u30c8\u3092\u3044\u304f\u3064\u304b\u3054\u7d39\u4ecb\u3057\u307e\u3059\u300210 \u6708\u3068 11 \u6708\u306b\u306f\u3001\u4e2d\u56fd\u3092\u9664\u304f\u4e16\u754c\u306e\u591a\u304f\u306e\u56fd\u3005\u304c\u56fd\u5883\u3092\u958b\u653e\u3057\u305f\u308a\u3001\u56fd\u5883\u958b\u653e\u306e\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u3092\u767a\u8868\u3057\u305f\u308a\u3001\u691c\u75ab\u306a\u3069\u306e\u5236\u9650\u3092\u8a18\u8f09\u3057\u305f\u305f\u3081\u3001\u56fd\u5883\u3092\u8d8a\u3048\u305f\u65c5\u884c\u304c\u975e\u5e38\u306b\u6025\u56de\u5fa9\u3057\u307e\u3057\u305f\u3002\u305d\u306e\u7d50\u679c\u3001\u30ab\u30fc\u30c9\u63d0\u793a\u578b\u65c5\u884c\u3068\u30ab\u30fc\u30c9\u975e\u63d0\u793a\u578b\u65c5\u884c\u306f\u30019\u6708\u306b61\u306e\u6307\u6570\u30672019\u5e74\u307e\u3067\u7d42\u4e86\u3057\u307e\u3057\u305f\u304c\u3001\u7b2c1\u56db\u534a\u671f\u306b\u306f72\u306e\u6307\u6570\u3092\u8a18\u9332\u3059\u308b\u307e\u3067\u306b\u6025\u6210\u9577\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

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\u306e\u4f11\u65e5\u5c0f\u58f2\u652f\u51fa\u306f\u7279\u306b\u597d\u8abf\u3067\u30012019\u5e74\u309240\uff05\u4ee5\u4e0a\u4e0a\u56de\u308a\u307e\u3057\u305f\u3002\u96fb\u5b50\u5546\u53d6\u5f15\u306f\u5c0f\u58f2\u652f\u51fa\u306b\u5360\u3081\u308b\u5272\u5408\u304c\u5f15\u304d\u7d9a\u304d\u5897\u52a0\u3057\u30012019\u5e74\u304b\u30895\u30dd\u30a4\u30f3\u30c8\u4e0a\u6607\u3057\u307e\u3057\u305f\u3002\u30aa\u30df\u30af\u30ed\u30f3\u306e\u56fd\u5185\u53d6\u6271\u9ad8\u3078\u306e\u5f71\u97ff\u306f\u5c0f\u5e45\u306b\u3068\u3069\u307e\u3063\u3066\u3044\u308b\u3002\u30aa\u30df\u30af\u30ed\u30f3\u306e\u6ce2\u304c\u4e16\u754c\u7684\u306b\u62bc\u3057\u5bc4\u305b\u308b\u3068\u3001\u3044\u3061\u65e9\u304f\u5f71\u97ff\u3092\u53d7\u3051\u305f\u5357\u30a2\u30d5\u30ea\u30ab\u3084\u30a4\u30ae\u30ea\u30b9\u306a\u3069\u306e\u5e02\u5834\u3068\u540c\u69d8\u306b\u3001\u5f71\u97ff\u304c\u7de9\u548c\u3055\u308c\u308b\u3053\u3068\u304c\u671f\u5f85\u3055\u308c\u307e\u3059\u3002<\/p>\n

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\u306e\u30db\u30ea\u30c7\u30fc\u6d88\u8cbb\u52d5\u5411\u306f\u3001\u4e16\u754c\u306e\u4ed6\u306e\u4e3b\u8981\u5e02\u5834\u3068\u304b\u306a\u308a\u4e00\u81f4\u3057\u3066\u3044\u307e\u3059\u3002\u4e2d\u56fd\u3092\u9664\u304f\u56fd\u969b\u6052\u5e38\u30c9\u30eb\u6c7a\u6e08\u91cf\u306f22%\u5897\u30012019\u5e74\u309229%\u4e0a\u56de\u308a\u3001\u7b2c4\u56db\u534a\u671f\u304b\u30897\u30dd\u30a4\u30f3\u30c8\u6539\u5584\u3057\u307e\u3057\u305f\u3002\u5730\u57df\u5225\u306e\u30cf\u30a4\u30e9\u30a4\u30c8\u3092\u3044\u304f\u3064\u304b\u7d39\u4ecb\u3057\u307e\u3059\u3002\u4e2d\u5357\u7c73\u306f\u3001\u73fe\u91d1\u306e\u30c7\u30b8\u30bf\u30eb\u5316\u3068\u9867\u5ba2\u7372\u5f97\u306b\u5f8c\u62bc\u3057\u3055\u308c\u305f\u5730\u57df\u5168\u4f53\u306e\u5805\u8abf\u306a\u696d\u7e3e\u306b\u3088\u308a\u3001\u524d\u5e74\u540c\u671f\u6bd444%\u5897\u30012019\u5e74\u6bd466%\u5897\u3068\u306a\u308a\u3001\u7b2c4\u56db\u534a\u671f\u304b\u30898\u30dd\u30a4\u30f3\u30c8\u52a0\u901f\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

CEMEA\u5730\u57df\u306f\u5f15\u304d\u7d9a\u304d\u597d\u8abf\u3067\u30012019\u5e74\u6bd4\u306731%\u5897\u300158%\u5897\u3068\u306a\u308a\u3001\u7b2c4\u56db\u534a\u671f\u304b\u308910\u30dd\u30a4\u30f3\u30c8\u52a0\u901f\u3057\u3001\u3053\u3061\u3089\u3082\u30ad\u30e3\u30c3\u30b7\u30e5\u306e\u30c7\u30b8\u30bf\u30eb\u5316\u3068\u9867\u5ba2\u7372\u5f97\u304c\u539f\u52d5\u529b\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u6b27\u5dde\u306f2019\u5e74\u6bd4\u306717%\u5897\u300123%\u5897\u3068\u306a\u308a\u3001\u6b27\u5dde\u5927\u9678\u5168\u4f53\u306e\u597d\u8abf\u306b\u3088\u308a\u524d\u671f\u304b\u30893\u30dd\u30a4\u30f3\u30c8\u6539\u5584\u3057\u307e\u3057\u305f\u3002\u4e2d\u56fd\u3092\u9664\u304f\u30a2\u30b8\u30a2\u592a\u5e73\u6d0b\u5730\u57df\u306f\u3001\u524d\u5e74\u6bd4\u30012019\u5e74\u6bd4\u3068\u3082\u306b16%\u5897\u3068\u4f9d\u7136\u3068\u3057\u3066\u6700\u3082\u5f31\u3044\u5730\u57df\u3067\u3059\u304c\u3001\u898f\u5236\u7de9\u548c\u3092\u4e3b\u56e0\u306b\u7b2c4\u56db\u534a\u671f\u304b\u308911\u30dd\u30a4\u30f3\u30c8\u6539\u5584\u3057\u3001\u3088\u3046\u3084\u304f\u56de\u5fa9\u57fa\u8abf\u306b\u5165\u308a\u307e\u3057\u305f\u3002\u6700\u5927\u306e\u6539\u5584\u306f\u3001\u30aa\u30fc\u30b9\u30c8\u30e9\u30ea\u30a2\u3001\u30a4\u30f3\u30c9\u3001\u6771\u5357\u30a2\u30b8\u30a2\u3001\u65e5\u672c\u3067\u3057\u305f\u3002<\/p>\n

\u30b0\u30ed\u30fc\u30d0\u30eb\u3067\u306e\u51e6\u7406\u30c8\u30e9\u30f3\u30b6\u30af\u30b7\u30e7\u30f3\u306f\u3001\u524d\u5e74\u6bd421%\u5897\u30012019\u5e74\u6bd426%\u5897\u3067\u3001\u7b2c4\u56db\u534a\u671f\u3088\u308a2\u30dd\u30a4\u30f3\u30c8\u6539\u5584\u3057\u3001\u30c1\u30b1\u30c3\u30c8\u30b5\u30a4\u30ba\u306e\u5897\u52a0\u306b\u3088\u308a\u5168\u4f53\u306e\u6570\u91cf\u5897\u3088\u308a\u52a0\u901f\u3057\u305f\u3002\u30e8\u30fc\u30ed\u30c3\u30d1\u5185\u306e\u53d6\u5f15\u3092\u9664\u3044\u305f\u6052\u5e38\u30c9\u30eb\u5efa\u3066\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u53d6\u5f15\u91cf\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd451%\u5897\u30012019\u5e74\u306e\u53d6\u5f15\u91cf\u30921%\u4e0a\u56de\u308a\u3001\u7b2c4\u56db\u534a\u671f\u304b\u308915\u30dd\u30a4\u30f3\u30c8\u6539\u5584\u3057\u307e\u3057\u305f\u3002\u65c5\u884c\u3092\u9664\u304f\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u306e\u30ab\u30fc\u30c9\u975e\u901a\u77e5\u53d6\u6271\u9ad8\u306e\u4f38\u3073\u306f\u5f15\u304d\u7d9a\u304d\u5f37\u5316\u3055\u308c\u3001\u524d\u5e74\u6bd426%\u5897\u30012019\u5e74\u309250%\u4e0a\u56de\u308a\u3001\u6d88\u8cbb\u8005\u30a8\u30f3\u30b2\u30fc\u30b8\u30e1\u30f3\u30c8\u304c\u5f15\u304d\u7d9a\u304d\u62e1\u5927\u3059\u308b\u4e2d\u3001\u7b2c4\u56db\u534a\u671f\u304b\u30897\u30dd\u30a4\u30f3\u30c8\u5411\u4e0a\u3057\u307e\u3057\u305f\u3002\u6b27\u5dde\u57df\u5185\u3092\u9664\u304f\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u65c5\u884c\u95a2\u9023\u652f\u51fa\u306f\u3001\u524d\u5e74\u6bd4102%\u5897\u30012019\u5e74\u6bd472%\u3068\u306a\u308a\u3001\u7b2c4\u56db\u534a\u671f\u304b\u3089\u7b2c1\u56db\u534a\u671f\u306b\u304b\u3051\u306614\u30dd\u30a4\u30f3\u30c8\u306e\u7570\u5e38\u306a\u6539\u5584\u3092\u9042\u3052\u307e\u3057\u305f\u3002<\/p>\n

\u5f53\u56db\u534a\u671f\u306e\u6700\u521d\u306e2\u30ab\u6708\u9593\u306e\u5bfe2019\u5e74\u6bd4\u306e\u56de\u5fa9\u306f\u975e\u5e38\u306b\u901f\u304f\u3001\u5e83\u7bc4\u56f2\u306b\u308f\u305f\u3063\u3066\u304a\u308a\u30019\u6708\u304b\u308911\u6708\u306b\u304b\u3051\u3066\u5404\u5730\u57df\u304b\u3089\u306e\u30a2\u30a6\u30c8\u30d0\u30a6\u30f3\u30c9\u65c5\u884c\u306f2019\u5e74\u6bd4\u306710\u30dd\u30a4\u30f3\u30c8\u4ee5\u4e0a\u6539\u5584\u3055\u308c\u307e\u3057\u305f\u3002\u7c73\u56fd\u3001\u30ab\u30ca\u30c0\u3001CEMEA\u3001\u30e8\u30fc\u30ed\u30c3\u30d1\u3078\u306e\u30a4\u30f3\u30d0\u30a6\u30f3\u30c9\u65c5\u884c\u306f\u3001\u305d\u306e\u9593\u306b\u3059\u3079\u3066\u7d0420\u30dd\u30a4\u30f3\u30c8\u6539\u5584\u3057\u3001\u30e9\u30c6\u30f3\u30a2\u30e1\u30ea\u30ab\u3068\u30a2\u30b8\u30a2\u306f\u305d\u308c\u305e\u308c\u5c11\u306a\u304f\u3068\u30825\u30dd\u30a4\u30f3\u30c8\u6539\u5584\u3057\u307e\u3057\u305f\u3002\u3053\u306e\u56de\u5fa9\u306f\u3001\u56fd\u5883\u306e\u958b\u653e\u3001\u898f\u5236\u306e\u7de9\u548c\u3001\u305d\u3057\u3066\u6e9c\u307e\u308a\u306b\u6e9c\u307e\u3063\u305f\u9700\u8981\u306e\u7d44\u307f\u5408\u308f\u305b\u306b\u3088\u3063\u3066\u3082\u305f\u3089\u3055\u308c\u305f\u3082\u306e\u3067\u3059\u3002\u7c73\u56fd\u3001\u30b7\u30f3\u30ac\u30dd\u30fc\u30eb\u3001\u30bf\u30a4\u3001\u30aa\u30fc\u30b9\u30c8\u30e9\u30ea\u30a2\u3001\u30c1\u30ea\u3001\u30a2\u30eb\u30bc\u30f3\u30c1\u30f3\u306a\u3069\u3001\u591a\u304f\u306e\u56fd\u304c\u8a2a\u65e5\u65c5\u884c\u8005\u306e\u6469\u64e6\u3092\u8efd\u6e1b\u3057\u305f\u3002<\/p>\n

\u7c73\u56fd\u304b\u3089\u6b27\u5dde\u3078\u306e\u56de\u5eca\u306f\u958b\u653e\u3055\u308c\u305f\u307e\u307e\u3067\u3042\u3063\u305f\u3002\u3053\u306e\u6025\u6fc0\u306a\u65c5\u884c\u56de\u5fa9\u306f\u3001\u30aa\u30df\u30af\u30ed\u30f3\u304c\u4e16\u754c\u4e2d\u306b\u5e83\u304c\u308b\u306b\u3064\u308c\u300112\u6708\u306e\u6700\u7d42\u9031\u306b\u306f\u52e2\u3044\u3092\u5931\u3044\u59cb\u3081\u305f\u3002\u3053\u308c\u306f\u77ed\u671f\u9593\u3067\u7d42\u308f\u308b\u3082\u306e\u3068\u601d\u308f\u308c\u307e\u3059\u3002<\/p>\n

\u6b21\u306b\u3001\u7b2c1\u56db\u534a\u671f\u306e\u696d\u7e3e\u306b\u3064\u3044\u3066\u7c21\u5358\u306b\u3054\u8aac\u660e\u3057\u307e\u3059\u3002\u30b5\u30fc\u30d3\u30b9\u53ce\u5165\u306f\u3001\u7b2c4\u56db\u534a\u671f\u306e\u6c7a\u6e08\u4ef6\u6570\u306e\u540d\u76ee\u4f38\u3073\u738718\uff05\u3092\u308f\u305a\u304b\u306b\u4e0a\u56de\u308a\u300119\uff05\u306e\u4f38\u3073\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u3001\u30ab\u30fc\u30c9\u7279\u5178\u306e\u5229\u7528\u5897\u3068\u5c0f\u5e45\u306a\u4fa1\u683c\u6539\u5b9a\u306b\u52a9\u3051\u3089\u308c\u305f\u3082\u306e\u3067\u3059\u3002\u30c7\u30fc\u30bf\u51e6\u7406\u53ce\u5165\u306f19%\u5897\u3068\u3001\u51e6\u7406\u30c8\u30e9\u30f3\u30b6\u30af\u30b7\u30e7\u30f3\u306e21%\u5897\u3092\u308f\u305a\u304b\u306b\u4e0b\u56de\u308a\u307e\u3057\u305f\u304c\u3001\u3053\u308c\u306f\u4e3b\u306b\u70ba\u66ff\u30ec\u30fc\u30c8\u306e\u5909\u52d5\u306b\u3088\u308b\u3082\u306e\u3067\u3059\u3002\u56fd\u969b\u53d6\u5f15\u53ce\u76ca\u306f50%\u5897\u3067\u3001\u6b27\u5dde\u57df\u5185\u3092\u9664\u304f\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u306e\u540d\u76ee\u4e0a\u306e\u53d6\u5f15\u9ad8\u3068\u4e00\u81f4\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u305d\u306e\u4ed6\u306e\u53ce\u5165\u306f\u3001\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u3001\u30c7\u30fc\u30bf\u3001\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u30fb\u30b5\u30fc\u30d3\u30b9\u3001\u65c5\u884c\u95a2\u9023\u306e\u30d9\u30cd\u30d5\u30a3\u30c3\u30c8\u304c\u727d\u5f15\u3057\u300117%\u5897\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u53ce\u76ca\u306e\u4f38\u3073\u306f\u3001\u5f53\u793e\u306e3\u3064\u306e\u6210\u9577\u30a8\u30f3\u30b8\u30f3\u5168\u4f53\u3067\u5805\u8abf\u306b\u63a8\u79fb\u3057\u307e\u3057\u305f\u3002\u6d88\u8cbb\u8005\u91d1\u878d\u306f\u3001\u56fd\u5883\u3092\u8d8a\u3048\u305f\u53d6\u5f15\u91cf\u306e\u6539\u5584\u3068\u3001\u5f15\u304d\u7d9a\u304d\u597d\u8abf\u306a\u56fd\u5185\u53d6\u5f15\u91cf\u3068\u53d6\u5f15\u306b\u727d\u5f15\u3055\u308c\u300120%\u53f0\u534a\u3070\u306e\u4f38\u3073\u3092\u793a\u3057\u307e\u3057\u305f\u3002\u65b0\u898f\u30d5\u30ed\u30fc\u3082\u3001Visa Direct\u3068\u30ab\u30fc\u30c9\u578bB2B\u306e\u56de\u5fa9\u306b\u727d\u5f15\u3055\u308c\u300120\uff05\u53f0\u534a\u3070\u306e\u4f38\u3073\u3092\u793a\u3057\u307e\u3057\u305f\u3002<\/p>\n

Visa Direct\u306e\u53d6\u5f15\u306f35%\u5897\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u6628\u5e74\u304b\u3089\u306e\u975e\u5e38\u306b\u597d\u8abf\u306a\u56db\u534a\u671f\u3092\u91cd\u306d\u3001\u7c73\u56fd\u306e\u6210\u9577\u7387\u306f\u7de9\u3084\u304b\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u4e00\u65b9\u3001\u56fd\u969b\u7684\u306a\u30d3\u30b8\u30cd\u30b9\u306f\u6025\u901f\u306b\u62e1\u5927\u3057\u3066\u304a\u308a\u3001\u56fd\u5883\u3092\u8d8a\u3048\u305f\u9001\u91d1\u3001\u8cc3\u91d1\u3078\u306e\u30a2\u30af\u30bb\u30b9\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30d7\u30ec\u30a4\u30b9\u3067\u306e\u652f\u6255\u3044\u306a\u3069\u306e\u30e6\u30fc\u30b9\u30b1\u30fc\u30b9\u3082\u4f38\u3073\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30b3\u30de\u30fc\u30b7\u30e3\u30eb\u307e\u305f\u306fB2B\u306e\u30dc\u30ea\u30e5\u30fc\u30e0\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd428\uff05\u5897\u30012019\u5e74\u6bd426\uff05\u5897\u3068\u306a\u308a\u3001\u4e3b\u306b\u30af\u30ec\u30b8\u30c3\u30c8\u3067\u524d\u56db\u534a\u671f\u304b\u30895\u30dd\u30a4\u30f3\u30c8\u6539\u5584\u3055\u308c\u307e\u3057\u305f\u3002\u3053\u306e\u6210\u9577\u306f\u3001\u30b7\u30a7\u30a2\u5411\u4e0a\u3068\u3001T&E\u306b\u904e\u5ea6\u306b\u4f9d\u5b58\u3057\u306a\u3044\u591a\u69d8\u306a\u652f\u51fa\u30ab\u30c6\u30b4\u30ea\u30fc\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u304c\u5bc4\u4e0e\u3057\u3066\u3044\u307e\u3059\u3002\u4ed8\u52a0\u4fa1\u5024\u30b5\u30fc\u30d3\u30b9\u306e\u58f2\u4e0a\u306f\u3001\u30ea\u30b9\u30af\u3068\u30a2\u30a4\u30c7\u30f3\u30c6\u30a3\u30c6\u30a3\u3001\u304a\u3088\u3073\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u3068\u30c7\u30fc\u30bf\u30b5\u30fc\u30d3\u30b9\u304c\u727d\u5f15\u3057\u300120%\u4ee5\u4e0a\u306e\u4f38\u3073\u3092\u793a\u3057\u307e\u3057\u305f\u3002\u65b0\u898f\u9867\u5ba2\u306e\u63a1\u7528\u3001\u65e2\u5b58\u9867\u5ba2\u306e\u5229\u7528\u62e1\u5927\u3001\u56fd\u969b\u5c55\u958b\u304c\u6210\u9577\u306e\u539f\u52d5\u529b\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n

\u9867\u5ba2\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u306f\u58f2\u4e0a\u7dcf\u5229\u76ca\u306e25.1\uff05\u3068\u306a\u308a\u3001\u4e88\u60f3\u30921\u30dd\u30a4\u30f3\u30c8\u307b\u3069\u4e0b\u56de\u308a\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u3001\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u30fb\u30d3\u30b8\u30cd\u30b9\u306e\u56de\u5fa9\u304c\u4e88\u60f3\u3088\u308a\u65e9\u304b\u3063\u305f\u305f\u3081\u3001\u53ce\u76ca\u69cb\u6210\u304c\u5927\u5e45\u306b\u6539\u5584\u3057\u305f\u7d50\u679c\u3067\u3059\u3002\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u4e8b\u696d\u306e\u56de\u5fa9\u306b\u3068\u3082\u306a\u3044\u3001\u53ce\u76ca\u30df\u30c3\u30af\u30b9\u304c\u6b63\u5e38\u5316\u3059\u308c\u3070\u3001\u3053\u306e\u6bd4\u7387\u3082\u6539\u5584\u3055\u308c\u308b\u3067\u3057\u3087\u3046\u3002GAAP\u30d9\u30fc\u30b9\u306e\u55b6\u696d\u8cbb\u7528\u306f24\uff05\u5897\u52a0\u3057\u307e\u3057\u305f\u3002<\/p>\n

GAAP\u30d9\u30fc\u30b9\u306e\u55b6\u696d\u8cbb\u7528\u306f24\uff05\u5897\u52a0\u3057\u307e\u3057\u305f\u3002\u975e GAAP \u578b\u306e\u55b6\u696d\u8cbb\u7528\u306f 16%\u5897\u52a0\u3057\u3001\u5f53\u793e\u306e\u4e88\u60f3\u901a\u308a\u3067\u3057\u305f\u3002\u682a\u5f0f\u6295\u8cc7\u304b\u3089\u306e\u5229\u76ca\u306f2\u51043,100\u4e07\u30c9\u30eb\u3092\u8a08\u4e0a\u3057\u307e\u3057\u305f\u3002\u6295\u8cc7\u5229\u76ca\u3092\u9664\u3044\u305f\u975eGAAP\u30d9\u30fc\u30b9\u306e\u55b6\u696d\u5916\u8cbb\u7528\u306f1\u51041,000\u4e07\u30c9\u30eb\u3067\u3057\u305f\u3002<\/p>\n

\u975eGAAP\u30d9\u30fc\u30b9\u306e\u7a0e\u7387\u306f19.3%\u3067\u3001\u4e88\u60f3\u901a\u308a\u3067\u3057\u305f\u3002\u5f53\u793e\u306e\u7b2c1\u56db\u534a\u671f\u306e\u7a0e\u7387\u306f\u901a\u5e38\u3001\u901a\u671f\u3088\u308a\u3082\u82e5\u5e72\u4f4e\u304f\u306a\u308a\u307e\u3059\u3002GAAP\u30d9\u30fc\u30b9\u306eEPS\u306f1.83\u30c9\u30eb\u3067\u3057\u305f\u3002\u975eGAAP\u30d9\u30fc\u30b9\u306eEPS\u306f1.81\u30c9\u30eb\u3067\u3001\u524d\u5e74\u6bd427\uff05\u5897\u3067\u3057\u305f\u3002<\/p>\n

1\u682a\u5f53\u305f\u308a0.375\u30c9\u30eb\u306e\u56db\u534a\u671f\u914d\u5f53\u3068\u81ea\u793e\u682a\u8cb7\u3044\u3092\u542b\u3081\u308b\u3068\u3001\u5f53\u56db\u534a\u671f\u306f49\u5104\u30c9\u30eb\u306e\u8cc7\u672c\u3092\u682a\u4e3b\u306b\u9084\u5143\u3057\u307e\u3057\u305f\u30021\u67081\u65e5\u304b\u30893\u9031\u76ee\u307e\u3067\u306e\u5f53\u793e\u306e\u50be\u5411\u306b\u3064\u3044\u3066\u5c11\u3057\u30b3\u30e1\u30f3\u30c8\u3057\u307e\u3059\u3002\u524d\u5e74\u540c\u671f\u6bd4\u3067\u3001\u7c73\u56fd\u306e\u6c7a\u6e08\u4ef6\u6570\u306f13%\u5897\u52a0\u3057\u3001\u30c7\u30d3\u30c3\u30c8\u306f4%\u5897\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u306f25%\u5897\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n

\u3053\u308c\u3089\u306e\u6570\u5b57\u3092\u8a55\u4fa1\u3059\u308b\u969b\u30012021\u5e741\u6708\u4e0a\u65ec\u306b\u30c7\u30d3\u30c3\u30c8\u306e\u652f\u51fa\u304c\u6025\u5897\u3057\u305f\u539f\u56e0\u3067\u3042\u308b\u653f\u5e9c\u306e\u666f\u6c17\u523a\u6fc0\u7b56\u306e\u652f\u51fa\u304c\u3042\u3063\u305f\u3053\u3068\u3092\u5fd8\u308c\u3066\u306f\u3044\u3051\u307e\u305b\u3093\u30022019\u5e74\u306b\u5bfe\u3059\u308b1\u6708\u306e\u652f\u51fa\u306e\u4f38\u3073\u306f40\uff05\u5897\u3067\u3001\u30c7\u30d3\u30c3\u30c8\u306f52\uff05\u5897\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u306f29\uff05\u5897\u3068\u5805\u8abf\u3067\u3057\u305f\u3002\u3053\u308c\u3089\u306e\u50be\u5411\u306f\u3001\u4e16\u754c\u306e\u4e3b\u8981\u5e02\u5834\u306b\u304a\u3051\u308b\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3068\u6bd4\u8f03\u7684\u4e00\u81f4\u3057\u3066\u3044\u307e\u3059\u3002\u51e6\u7406\u6e08\u307f\u30c8\u30e9\u30f3\u30b6\u30af\u30b7\u30e7\u30f3\u306f\u524d\u5e74\u6bd417%\u5897\u3001\u5bfe2019\u5e74\u6bd437%\u5897\u3068\u306a\u308a\u3001\u30c1\u30b1\u30c3\u30c8\u30b5\u30a4\u30ba\u306e\u5927\u578b\u5316\u306b\u3088\u308a\u30dc\u30ea\u30e5\u30fc\u30e0\u306e\u4f38\u3073\u304c\u9045\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u6b27\u5dde\u5185\u306e\u53d6\u5f15\u3092\u9664\u3044\u305f\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u53d6\u5f15\u91cf\u306f\u3001\u6052\u5e38\u30c9\u30eb\u30d9\u30fc\u30b9\u3067\u524d\u5e74\u6bd444%\u5897\u30012019\u5e74\u30924%\u4e0a\u56de\u308a\u307e\u3057\u305f\u3002\u30ab\u30fc\u30c9\u975e\u63d0\u793a\u578b\u975e\u65c5\u884c\u306e\u6210\u9577\u7387\u306f\u30012019\u5e74\u309267\uff05\u4e0a\u56de\u308a\u3001\u7b2c1\u56db\u534a\u671f\u304b\u308917\u30dd\u30a4\u30f3\u30c8\u4e0a\u6607\u3057\u3001\u597d\u8abf\u3092\u7dad\u6301\u3057\u307e\u3057\u305f\u3002\u8d8a\u5883\u65c5\u884c\u306e\u56de\u5fa9\u306f\u3001\u30aa\u30df\u30af\u30ed\u30f3\u306e\u5f71\u97ff\u306712\u6708\u4e0b\u65ec\u304b\u3089\u5931\u901f\u3057\u3001\u7b2c1\u56db\u534a\u671f\u3068\u540c\u69d8\u306b2019\u5e74\u307e\u306772\u3067\u6307\u6570\u5316\u3055\u308c\u305f\u3002\u30dc\u30fc\u30c0\u30fc\u306f\u518d\u958b\u3057\u3066\u304a\u308a\u30012\u6708\u306b\u306f\u56de\u5fa9\u304c\u518d\u958b\u3055\u308c\u308b\u898b\u8fbc\u307f\u3002<\/p>\n

\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u306e\u7dcf\u91cf\u306f\u30012019\u5e74\u309214\uff05\u4e0a\u56de\u308a\u307e\u3057\u305f\u3002\u6b21\u306b\u3001\u7b2c2\u56db\u534a\u671f\u306e\u898b\u901a\u3057\u306b\u79fb\u308a\u307e\u3059\u3002\u56fd\u5185\u306e\u6570\u91cf\u306f\u3001\u904e\u53bb3\u56db\u534a\u671f\u3001\u5805\u8abf\u3067\u5b89\u5b9a\u3057\u305f\u4f38\u3073\u3092\u7dad\u6301\u3057\u3066\u3044\u307e\u3059\u3002\u30aa\u30df\u30af\u30ed\u30f3\u306e\u5f71\u97ff\u306f\u6700\u8fd1\u51fa\u3066\u3044\u307e\u3059\u304c\u3001\u5c0f\u5e45\u306a\u3082\u306e\u3067\u3001\u6ce2\u304c\u62bc\u3057\u5bc4\u305b\u308c\u3070\u7de9\u548c\u3055\u308c\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n

\u3053\u308c\u306f\u3001\u56fd\u5185\u3068\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u306e\u4e21\u65b9\u3067\u3001e\u30b3\u30de\u30fc\u30b9\u306e\u6210\u9577\u3082\u540c\u69d8\u3067\u3059\u3002\u3053\u306e\u3088\u3046\u306a\u30c8\u30ec\u30f3\u30c9\u304c\u7d9a\u304f\u3068\u60f3\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002\u632f\u308c\u5e45\u304c\u5927\u304d\u3044\u306e\u306f\u3001\u56fd\u5883\u3092\u8d8a\u3048\u305f\u65c5\u884c\u3067\u3042\u308b\u3002\u524d\u8ff0\u306e\u3088\u3046\u306b\u300110 \u6708\u3068 11 \u6708\u306f\u3001\u7c73\u56fd\u306e\u666f\u6c17\u56de\u5fa9\u306b\u4f34\u3044\u3001\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u65c5\u884c\u306e\u56de\u5fa9\u304c\u975e\u5e38\u306b\u65e9\u304b\u3063\u305f\u3002<\/p>\n

\u56fd\u5883\u304c\u518d\u958b\u3055\u308c\u3001\u591a\u304f\u306e\u56fd\u3067\u898f\u5236\u304c\u7de9\u548c\u3055\u308c\u305f\u308a\u3001\u305d\u306e\u8a08\u753b\u304c\u767a\u8868\u3055\u308c\u305f\u305f\u3081\u3067\u3042\u308b\u3002\u30aa\u30df\u30af\u30ed\u30f3\u306e\u6025\u5897\u306b\u4f34\u3044\u3001\u3044\u304f\u3064\u304b\u306e\u5236\u9650\u304c\u623b\u3055\u308c\u3001\u518d\u958b\u306e\u8a08\u753b\u304c\u4fdd\u7559\u3055\u308c\u305f\u3002\u3057\u304b\u3057\u3001\u898f\u5236\u306f\u7de9\u548c\u3055\u308c\u3001\u56fd\u5883\u306f\u518d\u958b\u3055\u308c\u3064\u3064\u3042\u308b\u30022\u6708\u306b\u306f\u56fd\u5883\u3092\u8d8a\u3048\u305f\u65c5\u884c\u306e\u56de\u5fa9\u304c\u518d\u958b\u3055\u308c\u308b\u3068\u60f3\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u306e\u305f\u3081\u3001\u7b2c2\u56db\u534a\u671f\u306e\u7d14\u53ce\u76ca\u306f\u30011\u30dd\u30a4\u30f3\u30c8\u5f37\u306e\u70ba\u66ff\u5dee\u76ca\u3092\u542b\u3081\u3001\u30cf\u30a4\u30c6\u30a3\u30fc\u30f3\u5f8c\u534a\u306e\u4f38\u3073\u3092\u898b\u8fbc\u3093\u3067\u3044\u307e\u3059\u3002\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u306f\u7b2c1\u56db\u534a\u671f\u3068\u540c\u7a0b\u5ea6\u306e\u6210\u9577\u7387\u3067\u3001\u6570\u91cf\u3001\u66f4\u65b0\u72b6\u6cc1\u3001\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u306e\u696d\u7e3e\u306b\u57fa\u3065\u3044\u3066\u3001\u7dcf\u53ce\u76ca\u306b\u5bfe\u3059\u308b\u6bd4\u7387\u306f25.5\uff05\u304b\u308926.5\uff05\u306e\u7bc4\u56f2\u306b\u306a\u308b\u3068\u601d\u308f\u308c\u307e\u3059\u3002\u975eGAAP\u30d9\u30fc\u30b9\u306e\u65e2\u5b58\u4e8b\u696d\u55b6\u696d\u8cbb\u7528\u306f\u3001\u82e5\u5e72\u306e\u8ffd\u52a0\u6295\u8cc7\u8cbb\u7528\u3092\u4f34\u3044\u300110\uff05\u53f0\u534a\u3070\u306e\u4f38\u3073\u3092\u898b\u8fbc\u3093\u3067\u3044\u307e\u3059\u3002\u30ab\u30ec\u30f3\u30b7\u30fc\u30af\u30e9\u30a6\u30c9\u3092\u542b\u3081\u308b\u3068\u3001\u975eGAAP\u30d9\u30fc\u30b9\u306e\u55b6\u696d\u8cbb\u7528\u306e\u4f38\u3073\u306f\u3055\u3089\u306b1.5\u30dd\u30a4\u30f3\u30c8\u5897\u52a0\u3057\u307e\u3059\u3002<\/p>\n

\u7a0e\u7387\u306f19\uff05\u304b\u308919.5\uff05\u306e\u7bc4\u56f2\u306e\u4e2d\u3067\u9ad8\u3044\u65b9\u3068\u306a\u308b\u898b\u8fbc\u307f\u3067\u3059\u3002\u307e\u305f\u300110\u6708\u306b\u304a\u4f1d\u3048\u3057\u305f\u901a\u671f\u8a08\u753b\u306e\u524d\u63d0\u3092\u4e00\u90e8\u66f4\u65b0\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u56fd\u5185\u306e\u6c7a\u6e08\u4ef6\u6570\u304a\u3088\u3073\u8d8a\u5883EC\u306e\u4ef6\u6570\u3001\u306a\u3089\u3073\u306b\u95a2\u9023\u3059\u308b\u53d6\u5f15\u306f\u3001\u307b\u307c\u60f3\u5b9a\u3069\u304a\u308a\u3067\u3059\u300212\u6708\u672b\u6642\u70b9\u3067\u306f\u30012019\u5e74\u3092\u6307\u6a19\u3068\u3057\u305f\u8d8a\u5883\u65c5\u884c\u306b\u3064\u3044\u3066\u3001\u79cb\u306b\u7acb\u3066\u305f\u60f3\u5b9a\u3068\u6bd4\u8f03\u3057\u3066\u5927\u5e45\u306b\u524d\u5012\u3057\u3067\u63a8\u79fb\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u306e\u305f\u3081\u3001\u73fe\u5728\u3001\u6b27\u5dde\u5185\u3092\u9664\u304f2019\u5e74\u3092\u6307\u6a19\u3068\u3057\u305f\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u65c5\u884c\u304c\u3001\u4e8b\u524d\u306e\u60f3\u5b9a\u3088\u308a10\u30dd\u30a4\u30f3\u30c8\u5148\u884c\u3001\u3082\u3057\u304f\u306f90%\u3067\u5e74\u5ea6\u672b\u3092\u8fce\u3048\u308b\u3068\u4eee\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002\u6b27\u5dde\u57df\u5185\u65c5\u884c\u3092\u542b\u3081\u308b\u3068\u30012019\u5e74\u306e\u6c34\u6e96\u306b\u623b\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u66f4\u65b0\u3055\u308c\u305f\u524d\u63d0\u3067\u306f\u3001\u901a\u671f\u306e\u7d14\u53ce\u76ca\u306f\u30011\u30dd\u30a4\u30f3\u30c8\u306e\u70ba\u66ff\u30c9\u30e9\u30c3\u30b0\u3092\u542b\u3081\u3066\u3001\u30cf\u30a4\u30c6\u30a3\u30fc\u30f3\u5f8c\u534a\u306e\u6210\u9577\u7387\u3068\u306a\u308a\u307e\u3059\u3002\u3082\u3061\u308d\u3093\u3001\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u306e\u56de\u5fa9\u304c\u4e0b\u671f\u306b\u3088\u308a\u5805\u8abf\u3067\u300110\u6708\u306811\u6708\u306b\u898b\u3089\u308c\u305f\u3088\u3046\u306a\u3082\u306e\u3067\u3042\u308c\u3070\u3001\u53ce\u76ca\u306e\u4f38\u3073\u306f\u3088\u308a\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u306e\u6570\u91cf\u5897\u52a0\u306b\u3088\u308a\u53ce\u5165\u69cb\u6210\u304c\u6539\u5584\u3057\u3001\u901a\u671f\u306e\u58f2\u4e0a\u7dcf\u5229\u76ca\u306b\u5bfe\u3059\u308b\u5831\u5968\u91d1\u306e\u6bd4\u7387\u306f 25.5\uff05 \u304b\u3089 26.5\uff05\u3068\u306a\u308b\u898b\u8fbc\u307f\u3067\u3059\u3002\u6709\u6a5f\u7684\u306a\u975eGAAP\u30d9\u30fc\u30b9\u306e\u55b6\u696d\u8cbb\u7528\u306e\u4f38\u3073\u306f\u300110\uff05\u53f0\u534a\u3070\u306e\u9ad8\u6c34\u6e96\u306b\u306a\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002\u30ab\u30ec\u30f3\u30b7\u30fc\u30af\u30e9\u30a6\u30c9\u3092\u542b\u3081\u308b\u3068\u3001\u975eGAAP\u30d9\u30fc\u30b9\u306e\u55b6\u696d\u8cbb\u7528\u306e\u4f38\u3073\u306f\u3055\u3089\u306b1\u30dd\u30a4\u30f3\u30c8\u5897\u52a0\u3057\u307e\u3059\u3002\u7a0e\u7387\u306f19\uff05\u304b\u308919.5\uff05\u306e\u7bc4\u56f2\u306e\u4e0a\u9650\u306b\u306a\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

GAAP\u30d9\u30fc\u30b9\u3067\u3082\u975eGAAP\u30d9\u30fc\u30b9\u3067\u3082\u3001\u30ab\u30ec\u30f3\u30b7\u30fc\u30af\u30e9\u30a6\u30c9\u306e\u5f71\u97ff\u306f\u901a\u671f\u3067\u306f\u91cd\u8981\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u306a\u304a\u3001\u975eGAAP\u30d9\u30fc\u30b9\u306e\u6570\u5024\u3067\u306f\u3001\u7121\u5f62\u8cc7\u7523\u511f\u5374\u8cbb\u3068\u975e\u7d4c\u5e38\u7684\u306a\u8cb7\u53ce\u95a2\u9023\u8cbb\u7528\u3092\u9664\u5916\u3059\u308b\u8abf\u6574\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002\u8981\u7d04\u3059\u308b\u3068\u300122 \u5e74\u5ea6\u306f\u7d20\u6674\u3089\u3057\u3044\u30b9\u30bf\u30fc\u30c8\u3092\u5207\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3057\u305f\u3002\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u306e\u56de\u5fa9\u306b\u3068\u3082\u306a\u3044\u3001\u4eca\u671f\u306e\u6210\u9577\u7387\u306fCOVID\u5c0e\u5165\u524d\u306e\u6c34\u6e96\u3092\u5927\u5e45\u306b\u4e0a\u56de\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3053\u308c\u306f\u3001\u304a\u305d\u3089\u304f23\u5e743\u6708\u671f\u3082\u7d9a\u304f\u3067\u3057\u3087\u3046\u3002\u305d\u306e\u7406\u7531\u306f\u3001\u7b2c\u4e00\u306b\u3001\u30c7\u30b8\u30bf\u30eb\u5316\u304c\u4e16\u754c\u4e2d\u306e\u6d88\u8cbb\u8005\u3068\u4f01\u696d\u306b\u6d78\u900f\u3059\u308b\u306b\u3064\u308c\u3066\u3001\u56fd\u5185\u304a\u3088\u3073\u56fd\u5883\u3092\u8d8a\u3048\u305f\u52a0\u76df\u5e97\u6c7a\u6e08\u306b\u304a\u3044\u3066\u73fe\u91d1\u3084\u5c0f\u5207\u624b\u96e2\u308c\u304c\u52a0\u901f\u3059\u308b\u3053\u3068\u3001\u7b2c\u4e8c\u306b\u3001\u5f53\u793e\u306e\u65b0\u3057\u3044\u30d5\u30ed\u30fc\u30a4\u30cb\u30b7\u30a2\u30c1\u30d6\u304c\u3001\u975e\u5e38\u306b\u5927\u304d\u306a\u7dcf\u30a2\u30c9\u30ec\u30b9\u53ef\u80fd\u5e02\u5834\u3092\u6301\u3064\u5e45\u5e83\u3044\u65b0\u3057\u3044\u30e6\u30fc\u30b9\u30b1\u30fc\u30b9\u306b\u6d78\u900f\u3059\u308b\u3053\u3068\u306b\u3088\u3063\u3066\u73fe\u91d1\u3001\u5c0f\u5207\u624b\u3001\u96fb\u4fe1\u9001\u91d1\u304b\u3089\u306e\u7f6e\u304d\u63db\u3048\u304c\u52a0\u901f\u3059\u308b\u3053\u3068\u3001\u7b2c\u4e09\u306b\u3001\u65e2\u5b58\u306e\u30b5\u30fc\u30d3\u30b9\u3068\u65b0\u3057\u3044\u63d0\u4f9b\u7269\u306e\u53cc\u65b9\u304b\u3089\u4ed8\u52a0\u4fa1\u5024\u30b5\u30fc\u30d3\u30b9\u5168\u4f53\u306710\uff05\u53f0\u306e\u6210\u9577\u3092\u6301\u7d9a\u3059\u308b\u3053\u3068\u3001\u3067\u3059\u3002\u65b0\u3057\u3044\u30d5\u30ed\u30fc\u3084\u4ed8\u52a0\u4fa1\u5024\u30b5\u30fc\u30d3\u30b9\u304c\u5f53\u793e\u306e\u53ce\u76ca\u69cb\u6210\u306b\u5360\u3081\u308b\u5272\u5408\u304c\u9ad8\u307e\u308a\u3001\u6d88\u8cbb\u8005\u5411\u3051\u6c7a\u6e08\u3088\u308a\u3082\u901f\u3044\u30da\u30fc\u30b9\u3067\u6210\u9577\u3059\u308b\u306b\u3064\u308c\u3066\u3001\u6301\u7d9a\u7684\u6210\u9577\u7387\u306f\u4e0a\u6607\u3057\u7d9a\u3051\u308b\u3067\u3057\u3087\u3046\u3002\u79c1\u305f\u3061\u306f\u3001\u76ee\u306e\u524d\u306b\u3042\u308b\u7d20\u6674\u3089\u3057\u3044\u6210\u9577\u6a5f\u4f1a\u3092\u6349\u3048\u308b\u305f\u3081\u306b\u5fc5\u8981\u306a\u80fd\u529b\u3078\u306e\u6295\u8cc7\u3092\u7d9a\u3051\u3066\u3044\u307e\u3059\u3057\u3001\u4eca\u5f8c\u3082\u7d9a\u3051\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n

\u305d\u308c\u3067\u306f\u3001\u30de\u30a4\u30af\u306b\u8a71\u3092\u623b\u3057\u307e\u3059\u3002<\/p>\n

\u30de\u30a4\u30af\u30fb\u30df\u30ed\u30c6\u30a3\u30c3\u30c1 — \u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30fb\u30ea\u30ec\u30fc\u30b7\u30e7\u30f3\u30ba\u62c5\u5f53\u30b7\u30cb\u30a2\u30fb\u30d0\u30a4\u30b9\u30fb\u30d7\u30ec\u30b8\u30c7\u30f3\u30c8<\/p>\n

\u30f4\u30a1\u30b5\u30f3\u30c8\u3055\u3093\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u305d\u308c\u3067\u306f\u3001\u8cea\u554f\u3092\u304a\u53d7\u3051\u3057\u307e\u3059\u3002<\/p>\n

\u8cea\u7591\u5fdc\u7b54<\/strong><\/span><\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n[\u6700\u521d\u306e\u8cea\u554f\u306f\u30a6\u30a9\u30eb\u30d5\u30fb\u30ea\u30b5\u30fc\u30c1\u306e\u30c0\u30ea\u30f3\u30fb\u30da\u30e9\u30fc\u304b\u3089\u3067\u3059\u3002\u304a\u5f85\u305f\u305b\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u30c0\u30ea\u30f3\u30fb\u30da\u30e9\u30fc — \u30a6\u30eb\u30d5\u30fb\u30ea\u30b5\u30fc\u30c1 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3001\u307f\u3093\u306a\u3002\u304a\u75b2\u308c\u69d8\u3067\u3059\u3002\u30a2\u30eb\u3001\u307e\u305a\u6700\u521d\u306b\u3001\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u306e\u9032\u884c\u306b\u4f34\u3063\u3066\u52a0\u901f\u3057\u305f\u6301\u7d9a\u53ef\u80fd\u306a\u4e3b\u8981\u56e0\u306f\u4f55\u304b\u3001\u305d\u308c\u306f\u30b5\u30fc\u30d3\u30b9\u306a\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u4e00\u822c\u7684\u306b\u6570\u91cf\u304c\u65e9\u304f\u30b7\u30d5\u30c8\u3057\u305f\u306e\u304b\u3001\u518d\u691c\u8a0e\u3057\u3066\u3082\u3089\u3048\u307e\u3059\u304b\uff1f\u307e\u305f\u3001\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u304c\u6539\u5584\u3055\u308c\u308c\u3070\u3001\u640d\u76ca\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3053\u3068\u306b\u306a\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u518d\u6295\u8cc7\u306e\u53ef\u80fd\u6027\u3068\u682a\u4e3b\u3078\u306e\u5229\u76ca\u9084\u5143\u306b\u3064\u3044\u3066\u3001\u3069\u306e\u3088\u3046\u306b\u304a\u8003\u3048\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30a2\u30eb\u30fb\u30b1\u30ea\u30fc — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u30c0\u30ea\u30f3 \u307e\u305a\u3001\u77ed\u671f\u7684\u306b\u306f\u3001\u65c5\u884c\u306e\u56de\u5fa9\u304c\u7d9a\u304f\u3053\u3068\u3068\u3001\u5bcc\u88d5\u5c64\u306e\u9867\u5ba2\u304c\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u524d\u306e\u6c34\u6e96\u3067\u652f\u51fa\u3092\u518d\u958b\u3059\u308b\u3053\u3068\u304c\u4e0a\u6607\u8981\u56e0\u306b\u306a\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u9577\u671f\u7684\u306a\u6301\u7d9a\u7684\u6a5f\u4f1a\u306f\u3001\u3055\u307e\u3056\u307e\u306a\u3068\u3053\u308d\u306b\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u307e\u305a\u3001\u96fb\u5b50\u5546\u53d6\u5f15\u306e\u666e\u53ca\u306f\u975e\u5e38\u306b\u7c98\u308a\u5f37\u304f\u3001\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u306e\u671f\u9593\u4e2d\u3001\u4e16\u754c\u4e2d\u3067\u4f55\u767e\u4e07\u4eba\u3082\u306e\u4eba\u3005\u304c\u521d\u3081\u3066\u96fb\u5b50\u5546\u53d6\u5f15\u3092\u5229\u7528\u3059\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u3002\u73fe\u91d1\u96e2\u308c\u304c\u9032\u3080\u3053\u3068\u306f\u9593\u9055\u3044\u306a\u304f\u3001\u4eca\u5f8c\u3082\u7d9a\u304f\u3067\u3057\u3087\u3046\u3002<\/p>\n

\u652f\u6255\u3044\u65b9\u6cd5\u304c\u5897\u3048\u308b\u3060\u3051\u3067\u3001\u30dc\u30ea\u30e5\u30fc\u30e0\u304c\u5897\u3048\u308b\u306e\u3067\u3059\u3002\u5730\u57df\u7684\u306a\u62e1\u5927\u3082\u3001\u9577\u671f\u7684\u306b\u6301\u7d9a\u7684\u306a\u6210\u9577\u304c\u671f\u5f85\u3067\u304d\u308b\u5206\u91ce\u3067\u3059\u3002\u3055\u3089\u306b\u3001\u65b0\u3057\u3044\u30d5\u30ed\u30fc\u3084Visa Direct\u3001B2B Connect\u3001B2B\u306e\u305d\u306e\u4ed6\u306e\u5206\u91ce\u3067\u306e\u6d78\u900f\u3092\u7d99\u7d9a\u3057\u3001\u3088\u308a\u591a\u304f\u306e\u53d6\u5f15\u3092\u7372\u5f97\u3059\u308b\u3053\u3068\u3067\u4ed8\u52a0\u4fa1\u5024\u306e\u9ad8\u3044\u30b5\u30fc\u30d3\u30b9\u3092\u8ca9\u58f2\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u304c\u4eca\u5f8c\u5927\u304d\u306a\u6210\u9577\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306e\u30ec\u30d0\u30fc\u306f\u6570\u591a\u304f\u5b58\u5728\u3059\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

2\u756a\u76ee\u306e\u8cea\u554f\u306b\u3064\u3044\u3066\u306f\u3001\u30f4\u30a1\u30b5\u30f3\u30c8\u306b\u3082\u610f\u898b\u3092\u6c42\u3081\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u5148\u307b\u3069\u30f4\u30a1\u30b5\u30f3\u30c8\u304b\u3089\u3001\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u306b\u95a2\u3059\u308b\u8a08\u753b\u5909\u66f4\u306e\u524d\u63d0\u306b\u3064\u3044\u3066\u304a\u8a71\u304c\u3042\u308a\u307e\u3057\u305f\u304c\u3001\u5f53\u521d\u306e\u8a08\u753b\u3088\u308a10\u30dd\u30a4\u30f3\u30c8\u307b\u3069\u826f\u304f\u306a\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u78ba\u304b\u306b\u3001\u3053\u308c\u306f\u79c1\u305f\u3061\u306b\u3068\u3063\u3066\u6709\u76ca\u306a\u3053\u3068\u3067\u3059\u3002\u4eca\u5f8c\u3001\u79c1\u305f\u3061\u306f\u3001\u975e\u5e38\u306b\u30d0\u30e9\u30f3\u30b9\u306e\u3068\u308c\u305f\u8003\u3048\u65b9\u3092\u7d9a\u3051\u3066\u3044\u304f\u3064\u3082\u308a\u3067\u3059\u3002<\/p>\n

\u79c1\u305f\u3061\u306f\u3001\u4e8b\u696d\u3092\u7ba1\u7406\u3057\u3001\u5c06\u6765\u306b\u308f\u305f\u308b\u6210\u9577\u6226\u7565\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306b\u3001\u9069\u5207\u306a\u30a4\u30cb\u30b7\u30a2\u30c6\u30a3\u30d6\u306b\u5bfe\u3057\u3066\u9069\u5207\u306a\u30ec\u30d9\u30eb\u306e\u6295\u8cc7\u3092\u884c\u3046\u3053\u3068\u3092\u610f\u8b58\u3057\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u306f\u3001\u4eca\u5f8c\u3001\u7d4c\u8cbb\u306b\u3064\u3044\u3066\u6ce8\u610f\u3092\u6255\u3046\u3088\u3046\u306b\u610f\u8b58\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30f4\u30a1\u30b5\u30f3\u30c8\u30fb\u30d7\u30e9\u30d6\u30fc — \u526f\u4f1a\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u682a\u4e3b\u3068\u682a\u4e3b\u3078\u306e\u9084\u5143\u306b\u3064\u3044\u3066\u306e\u8cea\u554f\u306b\u623b\u308a\u307e\u3059\u304c\u3001\u79c1\u305f\u3061\u306f\u914d\u5f53\u3092\u5897\u984d\u3057\u307e\u3057\u305f\u3002\u73fe\u5728\u3001\u56db\u534a\u671f\u3042\u305f\u308a1.50\u30c9\u30eb\u3067\u3059\u3002\u524d\u56db\u534a\u671f\u306b\u3082\u5b9f\u65bd\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u307e\u305f\u3001\u3054\u89a7\u306e\u3068\u304a\u308a\u3001\u81ea\u793e\u682a\u8cb7\u3044\u3092\u52a0\u901f\u3057\u307e\u3057\u305f\u3002\u81ea\u793e\u682a\u8cb7\u3044\u306f\u8a08\u753b\u7684\u306b\u884c\u3063\u3066\u3044\u307e\u3059\u304c\u3001\u30c1\u30e3\u30f3\u30b9\u304c\u3042\u308b\u3068\u5224\u65ad\u3057\u305f\u5834\u5408\u306b\u306f\u3001\u5897\u984d\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u660e\u3089\u304b\u306b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u6539\u5584\u3055\u308c\u307e\u3057\u305f\u3002\u305d\u3053\u3067\u3001\u6a5f\u4f1a\u3092\u6349\u3048\u3066\u81ea\u793e\u682a\u8cb7\u3044\u3092\u5f37\u5316\u3057\u307e\u3057\u305f\u3002<\/p>\n

\u30a2\u30eb\u304c\u8a00\u3063\u305f\u3088\u3046\u306b\u3001\u79c1\u305f\u3061\u306e\u6700\u512a\u5148\u4e8b\u9805\u306f\u30b3\u30a2\u30d3\u30b8\u30cd\u30b9\u306b\u6295\u8cc7\u3059\u308b\u3053\u3068\u3067\u3059\u3002\u3053\u3053\u306b\u306f\u6210\u9577\u306e\u305f\u3081\u306e\u6a5f\u4f1a\u304c\u305f\u304f\u3055\u3093\u3042\u308a\u307e\u3059\u3002\u6b21\u306b\u3001Currencycloud\u306e\u3088\u3046\u306a\u5f53\u793e\u306e\u80fd\u529b\u3092\u5f37\u5316\u3059\u308b\u8cb7\u53ce\u3001\u305d\u3057\u3066\u3067\u304d\u308c\u3070\u8fd1\u3005Tink\u306e\u8cb7\u53ce\u3092\u5b8c\u4e86\u3055\u305b\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u3082\u3061\u308d\u3093\u3001\u79c1\u305f\u3061\u306f\u5e38\u306b\u73fe\u91d1\u3092\u682a\u4e3b\u306b\u9084\u5143\u3057\u3066\u304d\u307e\u3057\u305f\u3002\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u306e\u5927\u534a\u3092\u914d\u5f53\u3068\u81ea\u793e\u682a\u8cb7\u3044\u306e\u5f62\u3067\u9084\u5143\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

Darrin Peller — Wolfe Research — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30a2\u30eb\u30fb\u30b1\u30ea\u30fc — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3001\u30c0\u30fc\u30ea\u30f3\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001UBS\u306e\u30ec\u30a4\u30ca\u30fb\u30af\u30de\u30fc\u30eb\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n

Rayna Kumar — UBS — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u30a2\u30eb\u3055\u3093\u3001\u30f4\u30a1\u30b5\u30f3\u30c8\u3055\u3093\u3001\u3053\u3093\u306b\u3061\u306f\u3002\u79c1\u306e\u8cea\u554f\u306b\u7b54\u3048\u3066\u304f\u308c\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u304a\u4e8c\u4eba\u304c\u5f37\u8abf\u3055\u308c\u305f\u3088\u3046\u306b\u3001\u5f15\u304d\u843d\u3068\u3057\u306e\u6570\u91cf\u306f\u975e\u5e38\u306b\u597d\u8abf\u3092\u7dad\u6301\u3057\u3066\u3044\u307e\u3059\u306d\u3002\u3053\u306e\u597d\u8abf\u3055\u306e\u3046\u3061\u3001Visa Direct\u306e\u5bc4\u4e0e\u306f\u3069\u306e\u7a0b\u5ea6\u306a\u306e\u304b\u3001\u307e\u305f\u3001\u653f\u5e9c\u306e\u523a\u6fc0\u7b56\u306b\u3088\u308b\u7b2c2\u56db\u534a\u671f\u306e\u30b3\u30f3\u30d7\u554f\u984c\u3092\u9664\u3051\u3070\u3001\u3053\u306e\u597d\u8abf\u3055\u306f22\u5e74\u307e\u3067\u6301\u7d9a\u53ef\u80fd\u306a\u306e\u304b\u3001\u304a\u805e\u304b\u305b\u3044\u305f\u3060\u3051\u307e\u3059\u3067\u3057\u3087\u3046\u304b\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30a2\u30eb\u30fb\u30b1\u30ea\u30fc — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u30ec\u30a4\u30ca 2\u30013\u70b9\u3067\u3059\u304c\u3001\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u306e\u5168\u671f\u9593\u3092\u901a\u3058\u3066\u4e00\u8cab\u3057\u3066\u305d\u3046\u3067\u3057\u305f\u3002<\/p>\n

\u30ec\u30a4\u30ca\u30fb\u30af\u30de\u30fc\u30eb — UBS — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u4e86\u89e3\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u30d0\u30fc\u30f3\u30b9\u30bf\u30a4\u30f3\u306e \u30cf\u30eb\u30b7\u30bf\u30fb\u30e9\u30ef\u30c3\u30c8\u3067\u3059 \u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059<\/p>\n

Harshita Rawat — Sanford C. Bernstein — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u79c1\u306e\u8cea\u554f\u3092\u805e\u3044\u3066\u304f\u3060\u3055\u3063\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30a4\u30f3\u30d5\u30ec\u306b\u3064\u3044\u3066\u304a\u805e\u304d\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u30f4\u30a1\u30b5\u30f3\u30c8\u3055\u3093\u3001\u30a4\u30f3\u30d5\u30ec\u304c\u3069\u306e\u3088\u3046\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u306e\u304b\u3001\u6559\u3048\u3066\u304f\u3060\u3055\u3044\u3002\u8cfc\u5165\u91cf\u306b\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308b\u306e\u306f\u660e\u3089\u304b\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u30c1\u30b1\u30c3\u30c8\u306e\u30b5\u30a4\u30ba\u3084\u6d88\u8cbb\u8005\u884c\u52d5\u306b\u306f\u3069\u306e\u3088\u3046\u306a\u5f71\u97ff\u304c\u3042\u308b\u3068\u304a\u8003\u3048\u3067\u3059\u304b\uff1f\u307e\u305f\u3001\u30b3\u30b9\u30c8\u3084\u500b\u4eba\u7684\u306a\u51fa\u8cbb\u306e\u9762\u306b\u3064\u3044\u3066\u3082\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30f4\u30a1\u30b5\u30f3\u30c8\u30fb\u30d7\u30e9\u30d6\u30fc — \u526f\u4f1a\u9577\u517c\u30c1\u30fc\u30d5\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30aa\u30d5\u30a3\u30b5\u30fc<\/p>\n

\u3082\u3061\u308d\u3093\u3001\u5f53\u793e\u306e\u53ce\u76ca\u306b\u95a2\u9023\u3059\u308b\u30a4\u30f3\u30d5\u30ec\u306b\u95a2\u3057\u3066\u306f\u3001\u3054\u5b58\u77e5\u306e\u901a\u308a\u3001\u5f53\u793e\u306e\u30b5\u30fc\u30d3\u30b9\u6599\u3001\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u306a\u3069\u306f\u3001\u4e3b\u306b\u30c1\u30b1\u30c3\u30c8\u30b5\u30a4\u30ba\u306b\u5bfe\u3059\u308b\u30d9\u30fc\u30b7\u30b9\u30fb\u30dd\u30a4\u30f3\u30c8\u3067\u8868\u793a\u3055\u308c\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u30a4\u30f3\u30d5\u30ec\u306b\u3088\u3063\u3066\u30c1\u30b1\u30c3\u30c8\u306e\u30b5\u30a4\u30ba\u304c\u4e0a\u304c\u308c\u3070\u3001\u305d\u308c\u306f\u660e\u3089\u304b\u306b\u5f53\u793e\u306b\u3068\u3063\u3066\u6709\u76ca\u306a\u3053\u3068\u3067\u3059\u3002\u53d6\u5f15\u51e6\u7406\u306b\u95a2\u3057\u3066\u306f\u3001\u5f53\u793e\u306e\u624b\u6570\u6599\u306f\u901a\u5e38\u3001\u53d6\u5f15\u4ef6\u6570\u3068\u9023\u52d5\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u4eca\u73fe\u5728\u3001\u30d0\u30b9\u30b1\u30c3\u30c8\u306e\u30b5\u30a4\u30ba\u306f\u3082\u3061\u308d\u3093\u4e0a\u304c\u3063\u3066\u3044\u307e\u3059\u3002\u30a4\u30f3\u30d5\u30ec\u306e\u305b\u3044\u3082\u3042\u308a\u307e\u3059\u3002\u307e\u305f\u3001\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u306b\u3088\u3063\u3066\u4e0a\u6607\u3057\u305f\u5206\u3082\u3042\u308a\u307e\u3059\u3002\u307e\u305f\u3001\u8077\u5834\u3067\u663c\u98df\u3092\u8cb7\u3063\u305f\u308a\u3001\u30b3\u30fc\u30d2\u30fc\u3092\u98f2\u3093\u3060\u308a\u3059\u308b\u3088\u3046\u306a\u3001\u901a\u5e38\u306e\u4e16\u754c\u3067\u306f\u884c\u308f\u308c\u3066\u3044\u308b\u5c0f\u898f\u6a21\u306a\u53d6\u5f15\u3082\u3042\u308a\u307e\u3059\u304c\u3001\u3053\u3046\u3057\u305f\u53d6\u5f15\u304c\u6e1b\u3063\u3066\u304d\u3066\u3044\u308b\u3053\u3068\u3082\u95a2\u4fc2\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u306e\u305f\u3081\u3001\u30c1\u30b1\u30c3\u30c8\u306e\u679a\u6570\u304c\u5897\u3048\u3001\u305d\u308c\u304c\u56de\u5fa9\u3059\u308c\u3070\u3001\u30c8\u30e9\u30f3\u30b6\u30af\u30b7\u30e7\u30f3\u30fb\u30d3\u30b8\u30cd\u30b9\u306b\u3082\u826f\u3044\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3067\u3057\u3087\u3046\u3002\u307e\u305f\u3001\u4e00\u822c\u7684\u306b\u3001e\u30b3\u30de\u30fc\u30b9\u3067\u6ce8\u6587\u3059\u308b\u5834\u5408\u3001\u30d0\u30b9\u30b1\u30c3\u30c8\u30b5\u30a4\u30ba\u306f\u5897\u52a0\u3059\u308b\u50be\u5411\u306b\u3042\u308a\u307e\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u73fe\u5728\u898b\u3089\u308c\u308b\u30d0\u30b9\u30b1\u30c3\u30c8\u30b5\u30a4\u30ba\u306e\u5897\u52a0\u306f\u3001\u90e8\u5206\u7684\u306b\u306f\u30a4\u30f3\u30d5\u30ec\u3067\u3059\u3002\u307e\u305f\u3001\u5148\u307b\u3069\u7533\u3057\u4e0a\u3052\u305f\u3088\u3046\u306a\u8981\u7d20\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u6b63\u5473\u306e\u8a71\u3001\u79c1\u305f\u3061\u306f\u30a4\u30f3\u30d5\u30ec\u306e\u6069\u6075\u3092\u53d7\u3051\u3066\u3044\u308b\u306e\u3067\u3059\u3002\u8cc3\u91d1\u30a4\u30f3\u30d5\u30ec\u306b\u3064\u3044\u3066\u306f\u3001\u4e00\u822c\u7684\u306b\u8a00\u3063\u3066\u3001\u3042\u308b\u7a0b\u5ea6\u306f\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002\u8ab0\u3082\u304c\u305d\u308c\u3092\u898b\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u5168\u4f53\u3068\u3057\u3066\u306f\u3001\u73fe\u6642\u70b9\u3067\u306f\u59a5\u5f53\u306a\u6c34\u6e96\u306b\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u30a2\u30eb\u3001\u4f55\u304b\u8ffd\u52a0\u3059\u308b\u3053\u3068\u304c\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u30a2\u30eb\u30fb\u30b1\u30ea\u30fc — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3044\u3084\u3001\u975e\u5e38\u306b\u5b8c\u74a7\u306a\u56de\u7b54\u3060\u3063\u305f\u3068\u601d\u3044\u307e\u3059\u3088\u3001\u30f4\u30a1\u30b5\u30f3\u30c8\u3055\u3093\u3002\u5bcc\u88d5\u5c64\u306f\u3001\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u6642\u306b\u6700\u3082\u652f\u51fa\u304c\u6e1b\u5c11\u3057\u305f\u5c64\u3067\u3059\u304c\u3001\u305d\u306e\u5c64\u304c\u623b\u3063\u3066\u304f\u308b\u3068\u3001\u5f53\u7136\u306a\u304c\u3089\u30c1\u30b1\u30c3\u30c8\u306e\u30b5\u30a4\u30ba\u3082\u5927\u304d\u304f\u306a\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u30c1\u30b1\u30c3\u30c8\u306e\u30b5\u30a4\u30ba\u3092\u5de6\u53f3\u3059\u308b\u8981\u56e0\u306f\u3044\u304f\u3064\u3082\u3042\u308b\u306e\u3067\u3059\u3002\u5b9f\u969b\u3001\u56e0\u679c\u95a2\u4fc2\u3084\u3001\u3055\u307e\u3056\u307e\u306a\u8981\u56e0\u306e\u91cd\u307f\u4ed8\u3051\u3092\u6b63\u78ba\u306b\u628a\u63e1\u3059\u308b\u3053\u3068\u306f\u3001\u4e8b\u5b9f\u4e0a\u4e0d\u53ef\u80fd\u3067\u3059\u3002<\/p>\n

Harshita Rawat — Sanford C. Bernstein — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u904b\u55b6\u62c5\u5f53\u8005<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001KBW\u306eSanjay Sakhrani\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

Sanjay Sakhrani — Keefe, Bruyette and Woods — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u3055\u3066\u3001\u30a2\u30eb\u306f\u5192\u982d\u3067\u3001\u3042\u306a\u305f\u304c\u6319\u3052\u305f\u591a\u304f\u306e\u30d1\u30fc\u30c8\u30ca\u30fc\u3084\u88fd\u54c1\u306b\u3088\u3063\u3066\u3001\u6210\u9577\u304c\u5927\u304d\u306a\u8ffd\u3044\u98a8\u306b\u306a\u308b\u3053\u3068\u3092\u671f\u5f85\u3059\u308b\u591a\u304f\u306e\u7406\u7531\u306b\u3064\u3044\u3066\u8a71\u3057\u307e\u3057\u305f\u3002\u8208\u5473\u6df1\u3044\u306e\u306f\u3001\u7591\u5ff5\u3092\u62b1\u304f\u4eba\u305f\u3061\u306e\u591a\u304f\u304c\u3001\u898b\u901a\u3057\u3092\u61f8\u5ff5\u3059\u308b\u7406\u7531\u3068\u3057\u3066\u3001\u3053\u306e\u70b9\u3092\u6319\u3052\u3066\u3044\u308b\u3053\u3068\u3067\u3059\u3002\u3053\u306e\u70b9\u306b\u3064\u3044\u3066\u306f\u3001\u3069\u306e\u3088\u3046\u306b\u304a\u8003\u3048\u3067\u3059\u304b\uff1f<\/p>\n

\u30f4\u30a1\u30b5\u30f3\u30c8\u3078\u306e\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3067\u3059\u3002\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u30fb\u30ac\u30a4\u30c0\u30f3\u30b9\u306e\u66f4\u65b0\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u3053\u308c\u306f2\u6708\u4ee5\u964d\u306b\u5f90\u3005\u306b\u6539\u5584\u3059\u308b\u3053\u3068\u3092\u60f3\u5b9a\u3057\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3001\u305d\u308c\u3068\u308211\u6708\u308412\u6708\u306b\u898b\u3089\u308c\u305f\u3088\u3046\u306b\u3001\u4eba\u3005\u304c\u65c5\u884c\u306b\u623b\u308b\u3053\u3068\u3092\u60f3\u5b9a\u3057\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b? \u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30a2\u30eb\u30fb\u30b1\u30ea\u30fc — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u30b5\u30f3\u30b8\u30a7\u30a4 2\u3064\u307b\u3069\u7533\u3057\u4e0a\u3052\u305f\u3044\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u30021\u3064\u306f\u3001\u79c1\u305f\u3061\u304c\u898b\u3066\u304d\u305f\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u306e\u591a\u304f\u306f\u3001\u652f\u6255\u3044\u65b9\u6cd5\u306b\u8d77\u56e0\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u4eba\u3005\u304c\u671b\u3080\u3055\u307e\u3056\u307e\u306a\u652f\u6255\u3044\u65b9\u6cd5\u306b\u5bfe\u3057\u3066\u4e0d\u53ef\u77e5\u8ad6\u7684\u306a\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u3067\u3059\u3002\u79c1\u305f\u3061\u306f\u3001\u6d88\u8cbb\u8005\u306b\u65b0\u3057\u3044\u652f\u6255\u3044\u65b9\u6cd5\u3092\u5c0e\u5165\u3057\u3088\u3046\u3068\u3059\u308b\u30d5\u30a3\u30f3\u30c6\u30c3\u30af\u4f01\u696d\u3084\u5927\u624b\u4f01\u696d\u3092\u7a4d\u6975\u7684\u306b\u53d7\u3051\u5165\u308c\u308b\u3001\u771f\u306b\u30b0\u30ed\u30fc\u30d0\u30eb\u3067\u30aa\u30fc\u30d7\u30f3\u306a\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u306a\u306e\u3067\u3059\u3002<\/p>\n

\u79c1\u305f\u3061\u306f\u3001\u8ab0\u304c\u52dd\u8005\u3067\u8ab0\u304c\u6557\u8005\u304b\u3092\u6c7a\u3081\u308b\u3064\u3082\u308a\u306f\u3042\u308a\u307e\u305b\u3093\u3002BNPL\u304c\u3069\u308c\u3060\u3051\u5927\u304d\u304f\u306a\u308b\u304b\u3001\u6697\u53f7\u304c\u3069\u308c\u3060\u3051\u5927\u304d\u304f\u306a\u308b\u304b\u3092\u4e88\u6e2c\u3059\u308b\u305f\u3081\u306b\u3053\u3053\u306b\u3044\u308b\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u308f\u304b\u3089\u306a\u3044\u306e\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u79c1\u305f\u3061\u306e\u4ed5\u4e8b\u306f\u3001\u5f7c\u3089\u306b\u5bc4\u308a\u6dfb\u3044\u3001\u30b5\u30dd\u30fc\u30c8\u3057\u3001\u5f7c\u3089\u306e\u80fd\u529b\u3084\u652f\u6255\u3044\u65b9\u6cd5\u3092\u79c1\u305f\u3061\u306e\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u4e0a\u3067\u5b9f\u884c\u3055\u305b\u308b\u30c1\u30e3\u30f3\u30b9\u3092\u4e0e\u3048\u308b\u3053\u3068\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u6700\u7d42\u7684\u306b\u306f\u3001\u6d88\u8cbb\u8005\u304c\u4fe1\u3058\u308b\u4fa1\u5024\u3084\u30e6\u30fc\u30b6\u30fc\u30a8\u30af\u30b9\u30da\u30ea\u30a8\u30f3\u30b9\u306b\u57fa\u3065\u3044\u3066\u3001\u52dd\u6557\u3092\u6c7a\u3081\u308b\u3053\u3068\u306b\u306a\u308b\u3067\u3057\u3087\u3046\u3002\u307e\u305f\u3001\u9577\u3044\u76ee\u3067\u898b\u308c\u3070\u3001\u30aa\u30fc\u30d7\u30f3\u306a\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u304c\u30af\u30ed\u30fc\u30ba\u30c9\u306a\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u306b\u52dd\u3064\u3068\u3044\u3046\u306e\u304c\u5b9f\u60c5\u3060\u3068\u601d\u3044\u307e\u3059\u3002Visa\u306f\u771f\u306b\u30aa\u30fc\u30d7\u30f3\u306a\u30b0\u30ed\u30fc\u30d0\u30eb\u30fb\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u3067\u3042\u308a\u3001\u305d\u306e\u30ea\u30fc\u30c1\u3068\u30b9\u30b1\u30fc\u30eb\u306f\u9a5a\u7570\u7684\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u3069\u306e\u3088\u3046\u306a\u30af\u30ed\u30fc\u30ba\u30c9\u306a\u72b6\u6cc1\u3067\u3082\u3001\u6700\u521d\u306e\u76db\u308a\u4e0a\u304c\u308a\u3084\u30dd\u30c3\u30d7\u306e\u5f8c\u306b\u3001\u30d3\u30b8\u30cd\u30b9\u3092\u62e1\u5927\u3059\u308b\u3053\u3068\u304c\u3088\u308a\u56f0\u96e3\u306b\u306a\u308b\u58c1\u306b\u7a81\u304d\u5f53\u305f\u308a\u307e\u3059\u3002<\/p>\n

\u79c1\u305f\u3061\u306f\u30018,000\u4e07\u3001\u3042\u308b\u3044\u306f1\u5104\u306b\u8fd1\u3044\u6570\u306e\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u3092\u5229\u7528\u3067\u304d\u308b\u3088\u3046\u306b\u3057\u3066\u3001\u5373\u5ea7\u306b\u30b9\u30b1\u30fc\u30eb\u3092\u62e1\u5927\u3067\u304d\u308b\u3088\u3046\u306b\u3057\u3001\u4f8b\u3048\u3070\u3001\u30de\u30fc\u30c1\u30e3\u30f3\u30c8\u3054\u3068\u306b\u30d3\u30b8\u30cd\u30b9\u3092\u62e1\u5927\u3059\u308b\u5fc5\u8981\u304c\u306a\u3044\u3088\u3046\u306b\u3001\u3088\u308a\u8fc5\u901f\u306b\u3001\u3088\u308a\u52b9\u7387\u7684\u306b\u30d3\u30b8\u30cd\u30b9\u3092\u62e1\u5927\u3067\u304d\u308b\u3088\u3046\u306b\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u652f\u6255\u3044\u65b9\u6cd5\u3068\u3001\u8907\u6570\u306e\u652f\u6255\u3044\u65b9\u6cd5\u3092\u53ef\u80fd\u306b\u3059\u308b\u79c1\u305f\u3061\u306e\u3088\u3046\u306a\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u3068\u306e\u9055\u3044\u306f\u3001\u4eba\u3005\u304c\u307e\u3060\u5341\u5206\u306b\u7406\u89e3\u3057\u3066\u3044\u306a\u3044\u70b9\u3067\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u30f4\u30a1\u30b5\u30f3\u30c8\u30fb\u30d7\u30e9\u30d6\u30fc — \u526f\u4f1a\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

2\u3064\u76ee\u306e\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u306b\u95a2\u3059\u308b\u8cea\u554f\u306b\u623b\u308a\u307e\u3059\u304c\u3001\u3053\u306e6\u301c9\u30f6\u6708\u306e\u9593\u306b\u8907\u6570\u306e\u30c7\u30fc\u30bf\u304b\u3089\u660e\u3089\u304b\u306b\u306a\u3063\u305f\u3053\u3068\u306f\u3001\u56fd\u5883\u304c\u958b\u304f\u3068\u3001\u307e\u308b\u3067\u30b9\u30a4\u30c3\u30c1\u304c\u5165\u308b\u3088\u3046\u306a\u3082\u306e\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u307b\u3068\u3093\u3069\u5373\u5ea7\u306b\u53cd\u5fdc\u3059\u308b\u306e\u3067\u3059\u3002\u5927\u91cf\u306e\u8cb7\u3044\u63a7\u3048\u304c\u767a\u751f\u3057\u3001\u6d88\u8cbb\u8005\u306f\u3059\u3050\u306b\u884c\u52d5\u3092\u8d77\u3053\u3057\u307e\u3059\u300210\u6708\u306811\u6708\u306b\u898b\u305f\u306e\u306f\u3001\u307e\u3055\u306b\u4e2d\u56fd\u304b\u3089\u4e16\u754c\u304c\u958b\u304b\u308c\u305f\u77ac\u9593\u3067\u3057\u305f\u3002<\/p>\n

\u3082\u3057\u30aa\u30df\u30af\u30ed\u30f3\u304c\u306a\u304b\u3063\u305f\u3089\u3001\u3053\u306e\u30c8\u30ec\u30f3\u30c9\u306f\u304b\u306a\u308a\u7570\u5e38\u306a\u3082\u306e\u3060\u3063\u305f\u3067\u3057\u3087\u3046\u30029\u6708\u304b\u308911\u6708\u306b\u304b\u3051\u3066\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u56fd\u5883\u958b\u653e\u3001\u30e8\u30fc\u30ed\u30c3\u30d1\u306e\u307b\u3068\u3093\u3069\u306e\u56fd\u5883\u958b\u653e\u306b\u3088\u3063\u3066\u3001\u56fd\u5883\u3092\u8d8a\u3048\u305f\u65c5\u884c\u304c\u6025\u5897\u3057\u307e\u3057\u305f\u300210\u6708\u306b\u5165\u308b\u3068\u3001\u4e2d\u56fd\u3092\u9664\u304f\u3001\u3053\u308c\u307e\u3067\u6700\u3082\u5236\u9650\u306e\u53b3\u3057\u304b\u3063\u305f\u30a2\u30b8\u30a2\u306e\u56fd\u3005\u304c\u56fd\u5883\u3092\u958b\u653e\u3059\u308b\u304b\u3001\u958b\u653e\u306e\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u3092\u767a\u8868\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u56fd\u5883\u3092\u958b\u304f\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u653f\u5e9c\u304c\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3059\u308b\u3053\u3068\u306a\u306e\u3067\u4e88\u6e2c\u3057\u306b\u304f\u3044\u3053\u3068\u3067\u3059\u304c\u3001\u5927\u304d\u306a\u5f71\u97ff\u3092\u5373\u5ea7\u306b\u4e0e\u3048\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u3054\u8cea\u554f\u306e\u4ef6\u3067\u3059\u304c\u3001\u79c1\u3069\u3082\u306e\u60f3\u5b9a\u306f\u3001\u5e74\u9593\u3092\u901a\u3058\u3066\u7740\u5b9f\u306b\u6539\u5584\u3057\u3066\u3044\u304f\u3053\u3068\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u5b89\u5b9a\u7684\u3067\u306a\u3044\u3053\u3068\u306f\u627f\u77e5\u3057\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u56fd\u5883\u304c\u958b\u304b\u308c\u3001\u6025\u6fc0\u306a\u6539\u5584\u304c\u898b\u3089\u308c\u308b\u6642\u671f\u304c\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n

\u307e\u305f\u30011\u6708\u306b\u898b\u3089\u308c\u305f\u3088\u3046\u306a\u3001\u7570\u5909\u304c\u8d77\u304d\u308c\u3070\u6a2a\u3070\u3044\u306b\u306a\u308b\u6642\u671f\u3082\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u809d\u5fc3\u306a\u306e\u306f\u3001\u56fd\u5883\u304c\u958b\u304b\u308c\u308c\u3070\u3001\u4e8b\u614b\u306f\u975e\u5e38\u306b\u901f\u304f\u6b63\u5e38\u5316\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n

Sanjay Sakhrani — Keefe, Bruyette and Woods — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001Autonomous Research\u306eKen Suchoski\u3055\u3093\u3067\u3059\u3002\u304a\u5f85\u305f\u305b\u3057\u307e\u3057\u305f\u3002<\/p>\n

Ken Suchoski — Autonomous Research — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u30a2\u30eb\u3055\u3093\u3001\u30f4\u30a1\u30b5\u30f3\u30c8\u3055\u3093\u3001\u3053\u3093\u3070\u3093\u306f\u3002\u8cea\u554f\u3092\u53d7\u3051\u3066\u304f\u308c\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u30fb\u30d3\u30b8\u30cd\u30b9\u306b\u3064\u3044\u3066\u30d5\u30a9\u30ed\u30fc\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u672c\u5f53\u306b\u5805\u5b9f\u306a\u7d50\u679c\u3067\u3057\u305f\u306d\u3002\u3053\u306e\u30d3\u30b8\u30cd\u30b9\u304cCOVID\u4ee5\u524d\u306e\u6210\u9577\u30c8\u30ec\u30f3\u30c9\u306b\u623b\u308b\u304b\u3069\u3046\u304b\u3001\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002\u3042\u308b\u3044\u306f\u3001\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u4e8b\u696d\u304cCOVID\u4ee5\u524d\u306e\u30c8\u30ec\u30f3\u30c9\u30ec\u30d9\u30eb\u306b\u623b\u308b\u3053\u3068\u3092\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u304b\uff1f\u3064\u307e\u308a\u3001\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u306e\u58f2\u4e0a\u3068\u6570\u91cf\u306f\u3001COVID\u304c\u8d77\u3053\u3089\u306a\u304b\u3063\u305f\u5834\u5408\u306e\u6c34\u6e96\u306b\u6700\u7d42\u7684\u306b\u8ffd\u3044\u3064\u304f\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u30f4\u30a1\u30b5\u30f3\u30c8\u30fb\u30d7\u30e9\u30d6\u30fc — \u526f\u4f1a\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005\uff08CFO<\/p>\n

\u3064\u307e\u308a\u3001\u30c8\u30ec\u30f3\u30c9\u30e9\u30a4\u30f3\u304c\u3069\u3046\u3067\u3042\u3063\u305f\u306b\u305b\u3088\u3001\u305d\u306e\u30c8\u30ec\u30f3\u30c9\u30e9\u30a4\u30f3\u306b\u623b\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u5c11\u306a\u304f\u3068\u3082\u5f53\u521d\u306f\u3001\u30c8\u30ec\u30f3\u30c9\u3092\u5927\u304d\u304f\u4e0a\u56de\u308b\u6210\u9577\u3092\u9042\u3052\u3066\u3044\u308b\u306e\u304c\u8d8a\u5883EC\u4e8b\u696d\u3067\u3042\u308b\u305f\u3081\u3001\u305d\u306e\u69cb\u6210\u306f\u5c11\u3057\u7570\u306a\u308b\u3082\u306e\u306b\u306a\u308b\u3067\u3057\u3087\u3046\u3002\u4eca\u3001\u30c8\u30ec\u30f3\u30c9\u30e9\u30a4\u30f3\u3092\u4e0b\u56de\u3063\u3066\u3044\u308b\u306e\u306f\u65c5\u884c\u4e8b\u696d\u3067\u3059\u3002\u8d8a\u5883EC\u4e8b\u696d\u306f\u3001COVID\u5c0e\u5165\u524d\u3068\u6bd4\u8f03\u3057\u3066\u3001\u660e\u3089\u304b\u306b\u30c8\u30ec\u30f3\u30c9\u4ee5\u4e0a\u306e\u6210\u9577\u7387\u3092\u7dad\u6301\u3067\u304d\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u65c5\u884c\u4e8b\u696d\u304cCOVID\u524d\u306e\u6210\u9577\u7387\u306b\u623b\u3063\u305f\u3068\u3057\u3066\u3082\u3001\u623b\u3089\u306a\u3044\u7406\u7531\u306f\u306a\u3044\u306e\u3067\u3001\u4eee\u306bCOVID\u524d\u306e\u6210\u9577\u7387\u3092\u8d85\u3048\u3066\u6210\u9577\u3057\u3001\u30c8\u30ec\u30f3\u30c9\u30e9\u30a4\u30f3\u307e\u3067\u5230\u9054\u3057\u3001COVID\u524d\u306e\u30c8\u30ec\u30f3\u30c9\u7387\u3067\u6210\u9577\u3092\u958b\u59cb\u3057\u305f\u3068\u3059\u308b\u3068\u3001\u305d\u3046\u3067\u306a\u3044\u7406\u7531\u306f\u306a\u3044\u306e\u3067\u3059\u304c\u3001COVID\u524d\u306e\u30c8\u30ec\u30f3\u30c9\u30e9\u30a4\u30f3\u307e\u3067\u623b\u308b\u3068\u3001E\u30b3\u30de\u30fc\u30b9\u4e8b\u696d\u306e\u304a\u304b\u3052\u3067\u3001\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u4e8b\u696d\u5168\u4f53\u304cCOVID\u524d\u306e\u6210\u9577\u7387\u3088\u308a\u901f\u304f\u6210\u9577\u3067\u304d\u308b\u53ef\u80fd\u6027\u3082\u3042\u308b\u306e\u3067\u3059\u3002\u305d\u306e\u3088\u3046\u306a\u3053\u3068\u3092\u304a\u805e\u304d\u306b\u306a\u308a\u305f\u3044\u306e\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

Ken Suchoski — Autonomous Research — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u305d\u306e\u901a\u308a\u3067\u3059\u3002\u3069\u3046\u3082\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306fMoffettNathanson\u306e\u30ea\u30b5\u30fb\u30a8\u30ea\u30b9\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

\u30ea\u30b5\u30fb\u30a8\u30ea\u30b9 — \u30e2\u30d5\u30a7\u30c3\u30c8\u30fb\u30ca\u30bf\u30f3\u30bd\u30f3 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u3053\u3093\u306b\u3061\u306f\u3002\u79c1\u306e\u8cea\u554f\u3092\u805e\u3044\u3066\u304f\u3060\u3055\u3063\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002Visa Acceptance Cloud\u306e\u767a\u8868\u306b\u95a2\u9023\u3057\u3066\u3001\u6226\u7565\u7684\u306a\u8cea\u554f\u3092\u3044\u304f\u3064\u304b\u3055\u305b\u3066\u3044\u305f\u3060\u304d\u307e\u3057\u305f\u3002<\/p>\n

\u307e\u305a\u3001\u3059\u3079\u3066\u306e\u7a2e\u985e\u306e\u30ab\u30fc\u30c9\u6c7a\u6e08\u306b\u5bfe\u5fdc\u3057\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u3068\u3082Visa\u306e\u307f\u3067\u3059\u304b\uff1f\u6b21\u306b\u3001\u3053\u306eAcceptance Cloud\u3092\u3069\u306e\u3088\u3046\u306b\u30de\u30cd\u30bf\u30a4\u30ba\u3057\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u3057\u3066\u6700\u5f8c\u306e1\u3064\u306f\u3001Visa Acceptance Cloud\u3068\u30a2\u30af\u30ef\u30a4\u30a2\u30e9\u30fc\u3084\u6c7a\u6e08\u30d5\u30a1\u30b7\u30ea\u30c6\u30fc\u30bf\u30fc\u306e\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u3068\u306e\u76f8\u4e92\u4f5c\u7528\u306b\u3064\u3044\u3066\u3001\u3069\u3046\u8003\u3048\u308b\u3079\u304d\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u304c\u3001\u5f7c\u3089\u306e\u591a\u304f\u306fPOS\u9818\u57df\u3067\u72ec\u81ea\u306e\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u3053\u308c\u306f……\u5f7c\u3089\u306f\u53d7\u3051\u5165\u308c\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u3068\u3082\u3001\u81ea\u793e\u306e\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u3068\u7af6\u5408\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

Al Kelly — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3055\u3066\u3001\u30ea\u30b5\u3001\u307e\u305a\u7b2c\u4e00\u306b\u3001\u3053\u308c\u306f\u307e\u3060\u521d\u671f\u6bb5\u968e\u3067\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u79c1\u305f\u3061\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u3001\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u306e\u53d7\u5bb9\u3092\u62e1\u5927\u3059\u308b\u3053\u3068\u304c\u975e\u5e38\u306b\u91cd\u8981\u3060\u3068\u8003\u3048\u3066\u3044\u308b\u305f\u3081\u3001\u8ab2\u91d1\u3092\u3057\u306a\u3044\u3068\u3044\u3046\u3082\u306e\u3067\u3059\u3002\u3053\u308c\u304c\u3001\u79c1\u305f\u3061\u306e\u6226\u7565\u7684\u306a\u539f\u52d5\u529b\u3067\u3042\u308a\u3001\u53d7\u5bb9\u3092\u4fc3\u9032\u3059\u308b\u3053\u3068\u306a\u306e\u3067\u3059\u3002\u79c1\u305f\u3061\u306e\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u3067\u53d6\u5f15\u304c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308c\u3070\u3001\u4ed8\u52a0\u4fa1\u5024\u30b5\u30fc\u30d3\u30b9\u306a\u3069\u3092\u8ca9\u58f2\u3059\u308b\u6a5f\u4f1a\u3082\u5897\u3048\u308b\u3068\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u5f53\u793e\u306e\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u306b\u306f1\u5104\u306e\u52a0\u76df\u5e97\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u4e16\u754c\u306b\u306f\u307e\u3060\u53d7\u3051\u5165\u308c\u3066\u3044\u306a\u3044\u52a0\u76df\u5e97\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u79c1\u305f\u3061\u304c\u3067\u304d\u308b\u3053\u3068\u306f\u3059\u3079\u3066\u884c\u3044\u3001\u4e16\u754c\u4e2d\u3067\u30a2\u30af\u30bb\u30d7\u30bf\u30f3\u30b9\u30fb\u30d5\u30c3\u30c8\u30d7\u30ea\u30f3\u30c8\u3092\u5f37\u5316\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u306a\u306e\u3067\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001\u30d0\u30f3\u30af\u30fb\u30aa\u30d6\u30fb\u30a2\u30e1\u30ea\u30ab\u306e\u30b8\u30a7\u30a4\u30bd\u30f3\u30fb\u30af\u30c3\u30d5\u30a1\u30fc\u30d0\u30fc\u30b0\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n

\u30b8\u30a7\u30a4\u30bd\u30f3\u30fb\u30af\u30c3\u30d5\u30a1\u30fc\u30d0\u30fc\u30b0 — \u30d0\u30f3\u30af\u30aa\u30d6\u30a2\u30e1\u30ea\u30ab\u30fb\u30e1\u30ea\u30eb\u30ea\u30f3\u30c1 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u8cea\u554f\u3092\u53d7\u3051\u3066\u304f\u308c\u3066\u3042\u308a\u304c\u3068\u3046\u3002\u4e16\u754c\u306e\u898f\u5236\u306e\u72b6\u6cc1\u306b\u3064\u3044\u3066\u3001\u5c11\u3057\u304a\u805e\u304d\u3057\u305f\u3044\u306e\u3067\u3059\u304c\u3002\u4f8b\u3048\u3070\u3001\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u4ee5\u524d\u306e\u72b6\u6cc1\u3068\u6bd4\u3079\u3066\u3001\u30ea\u30b9\u30af\u306f\u9ad8\u3044\u3068\u611f\u3058\u307e\u3059\u304b\u3001\u305d\u308c\u3068\u3082\u4f4e\u3044\u3068\u611f\u3058\u307e\u3059\u304b\uff1f\u3064\u307e\u308a\u3001\u7c73\u56fd\u306e\u653f\u6cbb\u60c5\u52e2\u3092\u8003\u3048\u308b\u3068\u3001\u30d6\u30eb\u30c3\u30af\u30ea\u30f3\u3067\u306e\u5546\u4eba\u8a34\u8a1f\u304c\u307e\u3060\u6b8b\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n

FRB\u306f\u30c0\u30fc\u30d3\u30f3\u4fee\u6b63\u6761\u9805\u306e\u5909\u66f4\u3092\u63d0\u6848\u3057\u3066\u3044\u307e\u3059\u3002\u82f1\u56fd\u3067\u306f\u6c7a\u6e08\u30b7\u30b9\u30c6\u30e0\u898f\u5236\u5f53\u5c40\u304b\u3089\u3044\u304f\u3064\u304b\u306e\u5831\u544a\u304c\u3042\u308a\u307e\u3057\u305f\u3002\u5168\u4f53\u3068\u3057\u3066\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u3066\u3044\u308b\u306e\u304b\u3001\u3042\u308b\u3044\u306f\u6f5c\u5728\u7684\u306b\u6ce8\u610f\u3059\u3079\u304d\u30ea\u30b9\u30af\u306f\u4f55\u304b\u3001\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30a2\u30eb\u30fb\u30b1\u30ea\u30fc — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u30b8\u30a7\u30a4\u30bd\u30f3 \u79c1\u304c\u6c7a\u6e08\u306b\u643a\u308f\u3063\u3066\u3044\u308b\u9650\u308a\u3001\u4e16\u754c\u4e2d\u3067\u5e38\u306b\u898f\u5236\u306e\u554f\u984c\u3084\u8b70\u8ad6\u304c\u884c\u308f\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u3053\u306e\u30d3\u30b8\u30cd\u30b9\u306b\u643a\u308f\u308b\u4ee5\u4e0a\u3001\u5f53\u7136\u306e\u3053\u3068\u3067\u3059\u3002\u3053\u306e\u56db\u534a\u671f\u3001\u3042\u308b\u3044\u306f\u3053\u306e1\u5e74\u9593\u3067\u3001\u74b0\u5883\u306b\u91cd\u5927\u306a\u5909\u5316\u304c\u3042\u3063\u305f\u3068\u306f\u601d\u3048\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u306b\u3088\u3063\u3066\u3001\u5404\u56fd\u653f\u5e9c\u304c2\u3064\u306e\u3053\u3068\u3092\u8a8d\u8b58\u3059\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u3068\u306f\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u3072\u3068\u3064\u306f\u3001\u30c7\u30b8\u30bf\u30eb\u5316\u306e\u91cd\u8981\u6027\u3067\u3059\u3002\u4e16\u754c\u4e2d\u306e\u4eba\u3005\u304c\u5c01\u9396\u3055\u308c\u305f\u3068\u304d\u3067\u3082\u3001\u30c7\u30b8\u30bf\u30eb\u6c7a\u6e08\u306e\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u304c\u4e16\u754c\u4e2d\u3067\u4fe1\u983c\u6027\u3068\u5b89\u5168\u6027\u3092\u78ba\u4fdd\u3057\u3066\u3044\u305f\u304a\u304b\u3052\u3067\u3001\u98df\u6599\u306e\u6ce8\u6587\u3084\u81ea\u5b85\u3078\u306e\u914d\u9054\u3092\u7d9a\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u305f\u306e\u3067\u3059\u3002\u307e\u305f\u3001\u3053\u306e\u6642\u671f\u3001\u5404\u56fd\u653f\u5e9c\u306f\u3088\u308a\u30c7\u30b8\u30bf\u30eb\u5316\u3059\u3079\u304d\u3067\u3042\u308b\u3068\u8a8d\u8b58\u3057\u305f\u3068\u601d\u3044\u307e\u3059\u3002\u3053\u306e\u9593\u3001\u79c1\u305f\u3061\u306f\u591a\u304f\u306e\u653f\u5e9c\u306b\u5bfe\u3057\u3066\u3001\u666f\u6c17\u523a\u6fc0\u7b56\u3084\u3001\u5834\u5408\u306b\u3088\u3063\u3066\u306f\u6551\u6025\u968a\u54e1\u3084\u533b\u7642\u5f93\u4e8b\u8005\u3092\u8868\u5f70\u3059\u308b\u305f\u3081\u306e\u8cc7\u91d1\u3092\u63d0\u4f9b\u3059\u308b\u306a\u3069\u306e\u652f\u63f4\u3092\u884c\u3044\u307e\u3057\u305f\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u30c7\u30b8\u30bf\u30eb\u6c7a\u6e08\u306b\u95a2\u3059\u308b\u653f\u5e9c\u3068\u306e\u8a71\u3057\u5408\u3044\u306f\u5897\u3048\u3066\u304a\u308a\u3001\u79c1\u305f\u3061\u3082\u653f\u5e9c\u3092\u3088\u308a\u652f\u63f4\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u307e\u305f\u3001\u4e2d\u592e\u9280\u884c\u306e\u30c7\u30b8\u30bf\u30eb\u901a\u8ca8\u3068\u3044\u3046\u30c6\u30fc\u30de\u304c\u3067\u304d\u305f\u3053\u3068\u3067\u3001\u4e2d\u592e\u9280\u884c\u3068\u8a71\u3092\u3059\u308b\u6a5f\u4f1a\u304c\u5897\u3048\u307e\u3057\u305f\u3002\u4e2d\u592e\u9280\u884c\u306f\u3001\u81ea\u5206\u305f\u3061\u304c\u3067\u304d\u308b\u53ef\u80fd\u6027\u306b\u3064\u3044\u3066\u3001\u79c1\u305f\u3061\u306e\u52a9\u8a00\u3092\u6c42\u3081\u3066\u3044\u308b\u5834\u5408\u304c\u591a\u3044\u306e\u3067\u3059\u3002\u4e2d\u592e\u9280\u884c\u304c\u898f\u5236\u306e\u89b3\u70b9\u304b\u3089\u8003\u3048\u3066\u3044\u308b\u4ed6\u306e\u4e8b\u67c4\u306b\u3064\u3044\u3066\u3001\u79c1\u305f\u3061\u304c\u8a71\u3057\u5408\u3046\u6a5f\u4f1a\u3092\u5f97\u3089\u308c\u308b\u306e\u3067\u3059\u304b\u3089\u3001\u3053\u308c\u306f\u975e\u5e38\u306b\u826f\u3044\u3053\u3068\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u307e\u3068\u3081\u308b\u3068\u3001\u898f\u5236\u5f53\u5c40\u304c\u6ce8\u76ee\u3059\u308b\u3053\u3068\u306f\u4f55\u3082\u65b0\u3057\u3044\u3053\u3068\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u79c1\u305f\u3061\u306f\u4eca\u5f8c\u3082\u3001\u4e16\u754c\u4e2d\u306e\u898f\u5236\u5f53\u5c40\u3068\u614e\u91cd\u304b\u3064\u983b\u7e41\u306b\u95a2\u308f\u308a\u3092\u6301\u3061\u7d9a\u3051\u307e\u3059\u3002<\/p>\n

Jason Kupferberg — \u30d0\u30f3\u30af\u30aa\u30d6\u30a2\u30e1\u30ea\u30ab\u30fb\u30e1\u30ea\u30eb\u30ea\u30f3\u30c1 — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306fJP\u30e2\u30eb\u30ac\u30f3\u306e\u30c6\u30a3\u30a8\u30f3\uff1d\u30c6\u30a3\u30f3\u30fb\u30d5\u30a2\u30f3\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n

Tien-Tsin Huang — JPMorgan Chase & Co. — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3069\u3046\u3082\u3001\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u7686\u3055\u3093\u3068\u3054\u4e00\u7dd2\u3067\u304d\u3066\u3046\u308c\u3057\u3044\u3067\u3059\u3002\u4eca\u671f\u306e\u53ce\u76ca\u6210\u9577\u7387\u304c20\uff05\u53f0\u534a\u3070\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u304c\u3001\u3053\u308c\u306f\u524d\u671f\u306e10\uff05\u53f0\u5f8c\u534a\u3068\u3044\u3046\u4e88\u60f3\u3088\u308a\u3082\u304b\u306a\u308a\u524d\u5012\u3057\u3067\u9054\u6210\u3055\u308c\u3066\u3044\u307e\u3059\u306d\u3002\u3053\u306e\u5897\u53ce\u306f\u4e3b\u306b\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u306b\u3088\u308b\u3082\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u3068\u3082\u30b5\u30d7\u30e9\u30a4\u30ba\u3067\u3057\u3087\u3046\u304b\uff1f\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u306b\u95a2\u3059\u308b\u8cea\u554f\u304c\u591a\u304b\u3063\u305f\u306e\u3067\u3001\u4ed6\u306b\u4f55\u304b\u3054\u6307\u6458\u304c\u3042\u308c\u3070\u304a\u805e\u304b\u305b\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u305d\u308c\u304b\u3089\u3001\u30ea\u30d9\u30fc\u30c8\u3068\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u306b\u3064\u3044\u3066\u3067\u3059\u304c\u3001\u4e8b\u524d\u30ac\u30a4\u30c0\u30f3\u30b9\u304b\u308950\u30d9\u30fc\u30b7\u30b9\u6539\u5584\u3057\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u304c\u3001\u3053\u308c\u3082\u4e3b\u306b\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u306e\u7d50\u679c\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u4fa1\u683c\u8a2d\u5b9a\u306a\u3069\u306b\u3088\u308b\u305d\u306e\u4ed6\u306e\u5f71\u97ff\u306f\u3042\u308a\u307e\u3059\u304b\uff1f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30f4\u30a1\u30b5\u30f3\u30c8\u30fb\u30d7\u30e9\u30d6\u30fc — \u526f\u4f1a\u9577\u517c\u30c1\u30fc\u30d5\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30aa\u30d5\u30a3\u30b5\u30fc<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u304a\u3063\u3057\u3083\u308b\u3068\u304a\u308a\u3001Tien-Tsin\u3067\u3059\u3002\u3064\u307e\u308a\u3001\u7b2c1\u56db\u534a\u671f\u306f\u4e3b\u306b\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u304c\u597d\u8abf\u3067\u3057\u305f\u304c\u3001\u4ed8\u52a0\u4fa1\u5024\u30b5\u30fc\u30d3\u30b9\u3082\u4e88\u60f3\u3088\u308a\u304b\u306a\u308a\u826f\u3044\u696d\u7e3e\u3067\u3057\u305f\u3002\u4ed8\u52a0\u4fa1\u5024\u30b5\u30fc\u30d3\u30b9\u304c\u597d\u8abf\u3060\u3063\u305f\u3053\u3068\u3082\u5bc4\u4e0e\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3053\u306e2\u3064\u304c\u4e3b\u306a\u8981\u56e0\u3067\u3057\u3087\u3046\u3002\u3054\u5b58\u77e5\u306e\u3088\u3046\u306b\u3001\u30b5\u30fc\u30d3\u30b9\u3001\u3064\u307e\u308a\u6c7a\u6e08\u4ef6\u6570\u304c\u597d\u8abf\u306a\u3068\u304d\u306f\u3001\u9045\u308c\u3066\u53ce\u76ca\u304c\u8a08\u4e0a\u3055\u308c\u307e\u3059\u3002\u6c7a\u6e08\u4ef6\u6570\u3082\u597d\u8abf\u3067\u3057\u305f\u304c\u3001\u3053\u306e\u56db\u534a\u671f\u306b\u306f\u53cd\u6620\u3055\u308c\u3066\u3044\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u3082\u3057\u30e9\u30b0\u304c\u306a\u3051\u308c\u3070\u3001\u9593\u9055\u3044\u306a\u304f\u30b5\u30fc\u30d3\u30b9\u53ce\u5165\u306f\u5897\u3048\u3066\u3044\u305f\u3067\u3057\u3087\u3046\u3002<\/p>\n

\u3082\u3046\u3072\u3068\u3064\u306e\u3054\u8cea\u554f\u306f……<\/p>\n

Tien-Tsin Huang — JP\u30e2\u30eb\u30ac\u30f3\u30fb\u30c1\u30a7\u30fc\u30b9\u30fb\u30a2\u30f3\u30c9\u30fb\u30ab\u30f3\u30d1\u30cb\u30fc — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u30ea\u30d9\u30fc\u30c8\u3068\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u3002<\/p>\n

\u30f4\u30a1\u30b5\u30f3\u30c8\u30fb\u30d7\u30e9\u30d6\u30fc — \u526f\u4f1a\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u30ea\u30d9\u30fc\u30c8\u3068\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u3001\u305d\u3046\u3067\u3059\u3002\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u304b\u3089\u30df\u30c3\u30af\u30b9\u304c\u5909\u5316\u3057\u305f\u305f\u3081\u3001\u3053\u306e\u6570\u5b57\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b\u3068\u4ee5\u524d\u304b\u3089\u7533\u3057\u4e0a\u3052\u3066\u3044\u307e\u3057\u305f\u3002\u4eca\u671f\u306f\u300126\uff05\u7a0b\u5ea6\u306b\u306a\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u8003\u3048\u3066\u3044\u307e\u3057\u305f\u304c\u3001\u3053\u308c\u306f\u5f93\u6765\u306e\u7bc4\u56f2\u306e\u4e0b\u9650\u3067\u3057\u305f\u3002\u307e\u305f\u3001\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u30fb\u30d3\u30b8\u30cd\u30b9\u304c\u5f53\u521d\u306e\u4e88\u60f3\u3088\u308a\u3082\u597d\u8abf\u306b\u63a8\u79fb\u3059\u308b\u3068\u898b\u8fbc\u307e\u308c\u308b\u305f\u3081\u3001\u30df\u30c3\u30af\u30b9\u306e\u6539\u5584\u306b\u3088\u308a\u901a\u671f\u898b\u901a\u3057\u3092\u5f15\u304d\u4e0b\u3052\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n

 <\/p>\n

Tien-Tsin Huang — JPMorgan Chase & Co. — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u305d\u3046\u3067\u3059\u306d\u3002\u3067\u306f\u3001\u30aa\u30fc\u30eb\u30df\u30c3\u30af\u30b9\u3067\u3002\u805e\u3051\u3066\u3046\u308c\u3057\u3044\u3067\u3059\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30a2\u30eb\u30fb\u30b1\u30ea\u30fc — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

Tien-Tsin\u3001\u305f\u3060\u3072\u3068\u3064\u4ed8\u3051\u52a0\u3048\u308b\u3068\u3059\u308c\u3070\u3001\u79c1\u305f\u3061\u3082\u975e\u5e38\u306b\u597d\u8abf\u306a\u30db\u30ea\u30c7\u30fc\u30b7\u30fc\u30ba\u30f3\u3092\u904e\u3054\u305b\u305f\u3068\u601d\u3044\u307e\u3059\u3002\u30f4\u30a1\u30b5\u30f3\u30c8\u304c\u767a\u8a00\u3057\u305f\u3088\u3046\u306b\u3001\u3042\u308b\u3044\u306f\u8cea\u554f\u3078\u306e\u56de\u7b54\u3067\u6307\u6458\u3057\u305f\u3088\u3046\u306b\u3001\u30db\u30ea\u30c7\u30fc\u30b7\u30fc\u30ba\u30f3\u304c\u4f38\u3073\u308b\u3068\u3044\u3046\u73fe\u8c61\u304c\u898b\u3089\u308c\u307e\u3059\u3002\u3082\u306f\u3084\u30d6\u30e9\u30c3\u30af\u30d5\u30e9\u30a4\u30c7\u30fc\u304b\u3089\u30af\u30ea\u30b9\u30de\u30b9\u30a4\u30d6\u307e\u3067\u3068\u3044\u3046\u6642\u4ee3\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u96fb\u5b50\u5546\u53d6\u5f15\u306e\u666e\u53ca\u304c\u9a5a\u304f\u307b\u3069\u9032\u3093\u3067\u3044\u308b\u305f\u3081\u300111\u6708\u306e\u65e9\u3044\u6642\u671f\u304b\u3089\u59cb\u307e\u3063\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n

Tien-Tsin Huang — JP\u30e2\u30eb\u30ac\u30f3\u30fb\u30c1\u30a7\u30fc\u30b9\u30fb\u30a2\u30f3\u30c9\u30fb\u30ab\u30f3\u30d1\u30cb\u30fc — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u4e86\u89e3\u3067\u3059\u3002\u304a\u4e8c\u4eba\u3068\u3082\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6b21\u306e\u8cea\u554f\u306f\u3001Evercore ISI \u306e David Togut \u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

David Togut — Evercore ISI — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u79c1\u306e\u8cea\u554f\u3092\u805e\u3044\u3066\u304f\u3060\u3055\u3063\u3066\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u4eca\u5e74\u5f8c\u534a\u306e\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u65c5\u884c\u306e\u898b\u901a\u3057\u304c\u4e0a\u65b9\u4fee\u6b63\u3055\u308c\u307e\u3057\u305f\u304c\u3001\u305d\u306e\u4e2d\u306b\u4e2d\u56fd\u306e\u518d\u958b\u306f\u542b\u307e\u308c\u3066\u3044\u307e\u3059\u304b\uff1f\u307e\u305f\u3001\u305d\u3046\u3067\u306a\u3044\u5834\u5408\u3001\u4e2d\u56fd\u306e\u518d\u958b\u304c\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u65c5\u884c\u306e\u652f\u6255\u3044\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u306f\u3001\u660e\u3089\u304b\u306b\u30bf\u30a4\u30df\u30f3\u30b0\u6b21\u7b2c\u3067\u3059\u304c\u3001\u3069\u306e\u3088\u3046\u306a\u3082\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u30f4\u30a1\u30b5\u30f3\u30c8\u30fb\u30d7\u30e9\u30d6\u30fc — \u526f\u4f1a\u9577\u517c\u30c1\u30fc\u30d5\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30aa\u30d5\u30a3\u30b5\u30fc<\/p>\n

\u3064\u307e\u308a\u3001\u79c1\u305f\u3061\u306f\u3001\u3042\u308b\u4e00\u3064\u306e\u56de\u5eca\u304c\u5927\u304d\u306a\u30dc\u30ea\u30e5\u30fc\u30e0\u3092\u5360\u3081\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u306e\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u4e2d\u56fd\u304c\u30aa\u30fc\u30d7\u30f3\u3059\u308b\u304b\u3069\u3046\u304b\u306b\u3064\u3044\u3066\u306f\u3001\u7279\u306b\u60f3\u5b9a\u3059\u308b\u5fc5\u8981\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u30a2\u30b8\u30a2\u3067\u306e\u958b\u5e97\u3092\u671f\u5f85\u3057\u3066\u3044\u308b\u306e\u306f\u78ba\u304b\u3067\u3059\u3002<\/p>\n

\u30aa\u30df\u30af\u30ed\u30f3\u304c\u30d2\u30c3\u30c8\u3059\u308b\u524d\u306e10\u6708\u306b\u5927\u304d\u306a\u9a5a\u304d\u3092\u611f\u3058\u305f\u306e\u306f\u3001\u30a2\u30b8\u30a2\u304c\u4e88\u60f3\u4ee5\u4e0a\u306b\u65e9\u304f\u30aa\u30fc\u30d7\u30f3\u3057\u3066\u3044\u305f\u3053\u3068\u3067\u3059\u3002\u4f8b\u3048\u3070\u3001\u30bf\u30a4\u3067\u306f\u3059\u3079\u3066\u306e\u30ea\u30be\u30fc\u30c8\u304c\u30aa\u30fc\u30d7\u30f3\u3057\u307e\u3057\u305f\u3002\u4eca\u306f\u4e00\u6642\u505c\u6b62\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u30aa\u30df\u30af\u30ed\u30f3\u306e\u6ce2\u304c\u53bb\u308a\u3064\u3064\u3042\u308b\u4eca\u3001\u518d\u3073\u30aa\u30fc\u30d7\u30f3\u3057\u3066\u3044\u307e\u3059\u3002\u30b7\u30f3\u30ac\u30dd\u30fc\u30eb\u306f\u6bb5\u968e\u7684\u306a\u30aa\u30fc\u30d7\u30f3\u8a08\u753b\u3092\u767a\u8868\u3057\u307e\u3057\u305f\u304c\u3001\u73fe\u5728\u3082\u305d\u306e\u65b9\u5411\u3067\u9032\u3093\u3067\u3044\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u30a4\u30f3\u30c9\u30cd\u30b7\u30a2\u3084\u30a4\u30f3\u30c9\u3067\u306f\u3001\u898f\u5236\u3092\u7de9\u548c\u3059\u308b\u52d5\u304d\u3082\u898b\u3089\u308c\u307e\u3059\u3002\u30a4\u30f3\u30c9\u3067\u306f\u691c\u75ab\u306a\u3057\u3067\u3001\u30a4\u30f3\u30c9\u30cd\u30b7\u30a2\u3067\u306f\u691c\u75ab\u306a\u3057\u3067\u3001\u3088\u308a\u591a\u304f\u306e\u7a2e\u985e\u306e\u4eba\u3005\u304c\u65c5\u884c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u3002\u4e2d\u56fd\u306f\u5b8c\u5168\u306b\u9589\u9396\u3055\u308c\u3066\u304a\u308a\u3001\u3044\u3064\u958b\u653e\u3055\u308c\u308b\u304b\u3092\u4e88\u6e2c\u3059\u308b\u306e\u306f\u56f0\u96e3\u3067\u3059\u3002\u3067\u3059\u304b\u3089\u3001\u4e2d\u56fd\u30d3\u30b8\u30cd\u30b9\u306e\u5927\u5e45\u306a\u56de\u5fa9\u306f\u671f\u5f85\u3067\u304d\u306a\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u305d\u3046\u3067\u306a\u3051\u308c\u3070\u3001\u73fe\u6642\u70b9\u3067\u306f\u3001\u30a2\u30b8\u30a2\u304c\u3069\u308c\u3060\u3051\u65e9\u304f\u958b\u56fd\u3057\u3001\u958b\u56fd\u5f8c\u306b\u3069\u308c\u3060\u3051\u5236\u9650\u3092\u8a2d\u3051\u308b\u304b\u304c\u5927\u304d\u306a\u5909\u52d5\u8981\u56e0\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

David Togut — Evercore ISI — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u4e86\u89e3\u3057\u307e\u3057\u305f\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30de\u30a4\u30af\u30fb\u30df\u30ed\u30c6\u30a3\u30c3\u30c1 — \u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30fb\u30ea\u30ec\u30fc\u30b7\u30e7\u30f3\u30ba\u62c5\u5f53\u4e0a\u7d1a\u526f\u793e\u9577<\/p>\n

\u305d\u3057\u3066\u3001\u3082\u30461\u3064\u8cea\u554f\u306e\u6642\u9593\u3092\u8a2d\u3051\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u30aa\u30da\u30ec\u30fc\u30bf\u30fc<\/p>\n

\u6700\u5f8c\u306e\u8cea\u554f\u306f\u3001RBC\u30ad\u30e3\u30d4\u30bf\u30eb\u30de\u30fc\u30b1\u30c3\u30c4\u306e\u30c0\u30f3\u30fb\u30d1\u30fc\u30ea\u30f3\u3055\u3093\u304b\u3089\u3067\u3059\u3002\u3069\u3046\u305e\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

Dan Perlin — RBC Capital Markets — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u6700\u5f8c\u307e\u3067\u304a\u4ed8\u304d\u5408\u3044\u3044\u305f\u3060\u304d\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u8cea\u554f\u306a\u306e\u3067\u3059\u304c\u3001\u3042\u306a\u305f\u306f\u5c06\u6765\u306e\u6210\u9577\u306e\u305f\u3081\u306e\u7d20\u6674\u3089\u3057\u3044\u6a5f\u4f1a\u3092\u305f\u304f\u3055\u3093\u7d39\u4ecb\u3057\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u591a\u304f\u306e\u5834\u5408\u3001\u3042\u307e\u308a\u306b\u3082\u591a\u304f\u306e\u6a5f\u4f1a\u304c\u3042\u308a\u3001\u3053\u308c\u3089\u3092\u307e\u3068\u3081\u308b\u306e\u306f\u56f0\u96e3\u3067\u3059\u3002<\/p>\n

\u305d\u3053\u3067\u3001\u3082\u3063\u3068\u9ad8\u3044\u8996\u70b9\u304b\u3089\u3001\u6052\u5e38\u7684\u306a\u6210\u9577\u3068\u5faa\u74b0\u7684\u306a\u53ce\u76ca\u306e\u69cb\u6210\u3068\u3044\u3046\u89b3\u70b9\u3067\u8003\u3048\u305f\u5834\u5408\u3001\u4ee5\u524d\u306e\u5927\u4e0d\u6cc1\u306e\u3068\u304d\u3068\u4eca\u3068\u3067\u306f\u3001\u3069\u306e\u3088\u3046\u306a\u4f4d\u7f6e\u3065\u3051\u306b\u306a\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u52a0\u901f\u5ea6\u7684\u306a\u6210\u9577\u8ecc\u9053\u306b\u4e57\u308b\u305f\u3081\u306b\u3001\u30df\u30c3\u30af\u30b9\u306e\u5909\u5316\u306b\u3064\u3044\u3066\u3069\u306e\u3088\u3046\u306b\u8003\u3048\u308b\u3079\u304d\u3067\u3057\u3087\u3046\u304b\uff1f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

\u30f4\u30a1\u30b5\u30f3\u30c8\u30fb\u30d7\u30e9\u30d6\u30fc — \u526f\u4f1a\u9577\u517c\u6700\u9ad8\u8ca1\u52d9\u8cac\u4efb\u8005<\/p>\n

\u307e\u305a\u79c1\u304c\u3001\u305d\u3057\u3066\u30a2\u30eb\u304c\u88dc\u8db3\u3057\u3066\u304f\u308c\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u77ed\u671f\u7684\u306b\u898b\u308c\u3070\u3001\u666f\u6c17\u56de\u5fa9\u304c\u6210\u9577\u306e\u6700\u5927\u306e\u539f\u52d5\u529b\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u30af\u30ed\u30b9\u30dc\u30fc\u30c0\u30fc\u3067\u6700\u3082\u9855\u8457\u306a\u666f\u6c17\u56de\u5fa9\u306e\u4e0b\u3067\u306f\u3001\u4ed6\u306e\u4e8b\u696d\u90e8\u9580\u306f\u5b89\u5b9a\u3057\u3066\u3044\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u30c8\u30ec\u30f3\u30c9\u3092\u4e0a\u56de\u308b\u30ec\u30d9\u30eb\u3067\u6210\u9577\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u304a\u5206\u304b\u308a\u3044\u305f\u3060\u3051\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u6c7a\u6e08\u306e\u30dc\u30ea\u30e5\u30fc\u30e0\u3092\u898b\u308b\u3068\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u306f\u56de\u5fa9\u57fa\u8abf\u306b\u3042\u308a\u307e\u3059\u304c\u3001\u30c7\u30d3\u30c3\u30c8\u306f\u30af\u30ec\u30b8\u30c3\u30c8\u304c\u56de\u5fa9\u3057\u3066\u3082\u975e\u5e38\u306b\u56de\u5fa9\u529b\u304c\u3042\u308a\u3001\u6210\u9577\u7387\u3082\u9ad8\u3044\u306e\u3067\u3059\u3002\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u524d\u306e\u671f\u9593\u3067CAGR\u3092\u884c\u3046\u3068\u3001\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u524d\u3088\u308a\u3082\u9ad8\u3044CAGR\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002E\u30b3\u30de\u30fc\u30b9\u306e\u6210\u9577\u3082\u540c\u69d8\u3067\u3059\u3002\u5f53\u793e\u306e\u4ed8\u52a0\u4fa1\u5024\u30b5\u30fc\u30d3\u30b9\u3084\u65b0\u3057\u3044\u30d5\u30ed\u30fc\u306b\u3064\u3044\u3066\u3082\u540c\u3058\u3053\u3068\u304c\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u77ed\u671f\u7684\u306a\u6210\u9577\u7387\u304c\u30c8\u30ec\u30f3\u30c9\u3092\u4e0a\u56de\u3063\u3066\u3044\u308b\u6700\u5927\u306e\u8981\u56e0\u306f\u56de\u5fa9\u8981\u7d20\u3067\u3059\u304c\u3001\u305d\u306e\u4e0b\u3092\u898b\u308c\u3070\u3001\u57fa\u76e4\u3068\u306a\u308b\u6301\u7d9a\u7684\u30fb\u9577\u671f\u7684\u306a\u6210\u9577\u30c8\u30ec\u30f3\u30c9\u3082\u3001\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u524d\u3068\u6bd4\u8f03\u3057\u3066\u30c8\u30ec\u30f3\u30c9\u3092\u8d85\u3048\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u30a2\u30eb\u30fb\u30b1\u30ea\u30fc — \u4f1a\u9577\u517c\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005<\/p>\n

\u3048\u3048\u3001\u3059\u3079\u3066\u540c\u610f\u3057\u307e\u3059\u3002\u307e\u305f\u3001\u5f53\u793e\u306e\u6210\u9577\u3092\u7279\u5b9a\u306e\u5206\u91ce\u5225\u306b\u898b\u3066\u307f\u308b\u3068\u3001\u30db\u30fc\u30e0\u30bb\u30f3\u30bf\u30fc\u3068\u98df\u54c1\u30fb\u533b\u85ac\u54c1\u304c\u9a5a\u304f\u307b\u3069\u4f38\u3073\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u7406\u7531\u306e\u591a\u304f\u306f\u3001\u3042\u3089\u3086\u308b\u7a2e\u985e\u306e\u65b0\u3057\u3044\u30e2\u30c7\u30eb\u304c\u5b58\u5728\u3059\u308b\u305f\u3081\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u4eba\u3005\u306f\u30aa\u30f3\u30e9\u30a4\u30f3\u3067\u8cfc\u5165\u3057\u3001\u53d7\u3051\u53d6\u308a\u306b\u884c\u3063\u305f\u308a\u3001\u30aa\u30f3\u30e9\u30a4\u30f3\u3067\u8cfc\u5165\u3057\u3001\u914d\u9001\u3092\u53d7\u3051\u305f\u308a\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306a\u65b0\u3057\u3044\u8cb7\u3044\u7269\u306e\u4ed5\u65b9\u3084\u652f\u6255\u3044\u65b9\u6cd5\u304c\u3001\u4eca\u5f8c\u3001\u65b0\u3057\u3044\u65b9\u6cd5\u3067\u6210\u9577\u3092\u4fc3\u9032\u3059\u308b\u306e\u306b\u5f79\u7acb\u3064\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

Dan Perlin — RBC Capital Markets — \u30a2\u30ca\u30ea\u30b9\u30c8<\/p>\n

\u7d20\u6674\u3089\u3057\u3044\u3002\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n

\u30de\u30a4\u30af\u30fb\u30df\u30ed\u30c6\u30a3\u30c3\u30c1 — \u30a4\u30f3\u30d9\u30b9\u30bf\u30fc\u30fb\u30ea\u30ec\u30fc\u30b7\u30e7\u30f3\u30ba\u62c5\u5f53\u4e0a\u7d1a\u526f\u793e\u9577<\/p>\n

\u305d\u308c\u3067\u306f\u7686\u3055\u3093\u3001\u672c\u65e5\u306f\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002\u4ed6\u306b\u8cea\u554f\u304c\u3042\u308c\u3070\u3001\u30b8\u30a7\u30cb\u30d5\u30a1\u30fc\u304b\u79c1\u306b\u6c17\u8efd\u306b\u9023\u7d61\u3001\u307e\u305f\u306f\u30e1\u30fc\u30eb\u3057\u3066\u304f\u3060\u3055\u3044\u3002\u305d\u308c\u3067\u306f\u3001\u3088\u3044\u591c\u3092\u304a\u904e\u3054\u3057\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n

 <\/p>\n

\u4ee5\u4e0a\u3067\u3059\u3002\u4ed6\u306e\u7ffb\u8a33\u5e0c\u671b\u304c\u3042\u308c\u3070\u3054\u9023\u7d61\u3044\u305f\u3060\u3051\u308c\u3070\u691c\u8a0e\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n

\uff0a\u8aa4\u8a33\u306a\u3069\u304c\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3067\u306e\u53c2\u8003\u7a0b\u5ea6\u306b\u3057\u3066\u3044\u305f\u3060\u304d\u6295\u8cc7\u306f\u81ea\u5df1\u5224\u65ad\u3067\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n

\u30d6\u30ed\u30b0\u904b\u55b6\u306e\u52b1\u307f\u306b\u306a\u308a\u307e\u3059\u306e\u3067\u3001\u304a\u624b\u6570\u3067\u3059\u304c\u3001\u5fdc\u63f4\u306e\uff11\u65e5\uff11\u30af\u30ea\u30c3\u30af\u3092\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u81f4\u3057\u307e\u3059\u3002<\/p>\n

\u2193\u2193\uff1c\u5fdc\u63f4\u30af\u30ea\u30c3\u30af\u304a\u9858\u3044\u3057\u307e\u3059\uff1e<\/p>\n

\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a>
\n\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n

\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a>
\n\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n

\"\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a>
\n\u306b\u307b\u3093\u30d6\u30ed\u30b0\u6751<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u6c7a\u6e08\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u5927\u624b\u306e\u30d3\u30b6\uff08NYSE:V\uff092022\u5e74\u7b2c1\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002 \u6c7a\u7b97\u306f\u826f\u304f\u682a\u4fa1\u3082\u6025\u4e0a\u6607\u3057\u3066\u3044\u307e\u3059\u304c\u3053\u3053\u307e\u3067\u4e0a\u304c\u308b\u3068\u306f\u601d\u3063\u3066\u3044\u306a\u304b\u3063\u305f\u306e\u3067\u9a5a\u304d\u3067\u3059\u3002\u4ed6\u306b\u8cb7\u3048\u308b\u9298\u67c4\u3082\u306a\u3044\u306e\u3067\u8cc7\u91d1\u304c\u96c6\u4e2d\u3057\u305f\u304b\u3082\u3057 … <\/p>\n","protected":false},"author":1,"featured_media":1074,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[517,76,248,246,386,105,83],"class_list":{"0":"post-1072","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-72","8":"tag-v","9":"tag-76","10":"tag-248","11":"tag-246","12":"tag-386","13":"tag-105","14":"tag-83"},"yoast_head":"\n\u3010\u7ffb\u8a33\u3011\u30d3\u30b6\uff08NYSE:V\uff092022\u5e74\u7b2c1\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\uff08\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u30b3\u30fc\u30eb\uff09 – \u682a\u5f0f\u6295\u8cc7\u30921up\u3059\u308b\u30d6\u30ed\u30b0<\/title>\n<meta name=\"description\" content=\"\u6c7a\u6e08\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u5927\u624b\u306e\u30d3\u30b6\uff08NYSE:V\uff092022\u5e74\u7b2c1\u56db\u534a\u671f\u6c7a\u7b97\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u8a33\u3067\u3059\u3002\u6c7a\u7b97\u306f\u826f\u304f\u682a\u4fa1\u3082\u6025\u4e0a\u6607\u3057\u3066\u3044\u307e\u3059\u304c\u3053\u3053\u307e\u3067\u4e0a\u304c\u308b\u3068\u306f\u601d\u3063\u3066\u3044\u306a\u304b\u3063\u305f\u306e\u3067\u9a5a\u304d\u3067\u3059\u3002\u4ed6\u306b\u8cb7\u3048\u308b\u9298\u67c4\u3082\u306a\u3044\u306e\u3067\u8cc7\u91d1\u304c\u96c6\u4e2d\u3057\u305f\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u306d\u3002\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/1up-life.blog\/?p=1072\" \/>\n<meta property=\"og:locale\" content=\"ja_JP\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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