Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-settings.php on line 468

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-settings.php on line 483

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-settings.php on line 490

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-settings.php on line 526

Strict Standards: Declaration of Walker_Page::start_lvl() should be compatible with Walker::start_lvl(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 594

Strict Standards: Declaration of Walker_Page::end_lvl() should be compatible with Walker::end_lvl(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 594

Strict Standards: Declaration of Walker_Page::start_el() should be compatible with Walker::start_el(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 594

Strict Standards: Declaration of Walker_Page::end_el() should be compatible with Walker::end_el(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 594

Strict Standards: Declaration of Walker_PageDropdown::start_el() should be compatible with Walker::start_el(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 611

Strict Standards: Declaration of Walker_Category::start_lvl() should be compatible with Walker::start_lvl(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 705

Strict Standards: Declaration of Walker_Category::end_lvl() should be compatible with Walker::end_lvl(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 705

Strict Standards: Declaration of Walker_Category::start_el() should be compatible with Walker::start_el(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 705

Strict Standards: Declaration of Walker_Category::end_el() should be compatible with Walker::end_el(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 705

Strict Standards: Declaration of Walker_CategoryDropdown::start_el() should be compatible with Walker::start_el(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 728

Strict Standards: Redefining already defined constructor for class wpdb in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/wp-db.php on line 306

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/cache.php on line 103

Strict Standards: Redefining already defined constructor for class WP_Object_Cache in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/cache.php on line 425

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/query.php on line 21

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/theme.php on line 618

Strict Standards: Redefining already defined constructor for class WP_Dependencies in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/class.wp-dependencies.php on line 15

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/exec-php.php on line 22

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/manager.php on line 34

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/manager.php on line 35

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/manager.php on line 36

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/admin.php on line 42

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/admin.php on line 51

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/admin.php on line 52

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/admin.php on line 53

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/ajax.php on line 63

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/cache.php on line 33

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/cache.php on line 42

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/wp-hatena/wp-hatena.php on line 45

Strict Standards: call_user_func_array() expects parameter 1 to be a valid callback, non-static method GoogleSitemapGeneratorLoader::Enable() should not be called statically in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/plugin.php on line 311
経済・経営・株式・投資 時事評論

タグ


Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: Function eregi() is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/gettext.php on line 294

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

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ご案内

ブレインファクトリーでは、会社の設立・事業計画書の作成、資本・資金調達、M&A、投資事業、リスクコンサルタント等様々なメニューをご用意しております。 ホームページをご覧下さい。 詳しくは、ブレインファクトリーのホームページまで。

 

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  • 2010 年 2 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

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  • 2009 年 10 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

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  • 2009 年 7 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

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  • 2009 年 6 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

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  • 2009 年 4 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

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  • 2009 年 3 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

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  • 2009 年 2 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

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  • 2009 年 1 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

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  • 2008 年 12 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

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  • 2008 年 11 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

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  • 2008 年 10 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

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  • 2008 年 9 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

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  • 2008 年 8 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

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  • 2008 年 7 月

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あわせて読みたいブログパーツ

経済・経営・株式・投資 時事評論

元投資銀行マンの時事評論 (旧社長お時間です)

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Strict Standards: Only variables should be assigned by reference in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/post.php on line 218

Strict Standards: Only variables should be assigned by reference in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/post.php on line 218

Strict Standards: Only variables should be assigned by reference in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/post.php on line 218

2008年12月23日

. .

トヨタさん、通期、1500億円の赤字ということで大騒ぎです。

http://headlines.yahoo.co.jp/hl?a=20081222-00000039-yom-bus_all

つい先日、下期の下方修正をしたばかりですので、何で急に変更なのと言う感じです。

売上が前期から約5兆円落ち込んで、21兆5000億円とか。約19%近い落ち込みですね。その内容ですが、前期に比べて販売減で1兆1800億円、円高の影響で8900億円分の利益が吹っ飛んだと報道されました。

. .

通期で約19%の落ち込みですが、年度後半が急速に落ち込んでいるので、年度後半は予想の30~40%落ち込んでいると言うことですね。凄まじい落ち込み方です。

. .

ところで、トヨタの売上における損益分岐点って、そんなに高い売上が必要じゃないと記憶していましたので、過去のデータを見てみました。

. .

トヨタ 実績   単位:百万円 (Yahooファイナンスの一覧表から)

項目決算期

売上高

営業利益

経常利益

当期利益

2008年3月

26,289,240

2,270,375

2,437,222

1,717,879

2007年3月

23,948,091

2,238,683

2,382,516

1,644,032

2006年3月

21,036,909

1,878,342

2,087,360

1,372,180

2005年3月

18,551,526

1,672,187

1,754,637

1,171,260

2004年3月

17,294,760

1,666,890

1,765,793

1,162,098

2003年3月

16,054,290

1,363,679

1,414,003

944,671

2002年3月

15,106,297

1,123,470

1,113,524

615,824

. .

今期の売上高予想は21兆5000億円という事ですが、実はその売上高は2006年の売上高とほぼ同じです。その時は約1兆9000億円の営業利益がありました。今回はそれと同一レベルまで売上が落ち込んでますが、利益はなしです。

. .

当時、円ドルの平均は110円台前半ってとこでしょうか?そうすると確かに為替で8900億円が吹っ飛んじゃうのは納得です。ですが、販売不振による利益の落ち込みは???です。

. .

あまりの急速な売上の落ち込みに、生産調整や販売管理費の削減が追いつかなかったと言うことでしょうか。

. .

おそらく前期末に今期は市場最高の売上と利益を予想していましたから、かなりコストに対して甘くなっていた?のではないでしょうか。

. .

まあ、それにしても対応の早さはさすがです。(政治や役人の世界もこれくらい早い対応をして欲しいものです)それにトップのコメント(危機感を現場に徹底させる)も、お世辞抜きにリッパです。

. .

為替の問題はありますが、コストカットを考えれば、来期に今期と同様な売上があれば赤字になる事はないような気がします。

. .

公表の結果として、国内での人員の削減やGMの救済を手伝えと言った米国政府からのリクエストを断るには、理由として正当性?のある内容になったかもしれません。

.               .

ただ、人員削減された人々にとっては正当性もなにもありませんね。

.                  .

===============================================

.                                 .

↓ 当時のトム・クルーズの方が今より良いと思うのですが。原作も結構良いです。

.                   .

ザ・ファーム 法律事務所 [DVD] ザ・ファーム 法律事務所 [DVD]
ジョン・グリシャム

パラマウント ジャパン 2006-04-21
売り上げランキング : 23626
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Strict Standards: Only variables should be assigned by reference in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/post.php on line 218

Strict Standards: Only variables should be assigned by reference in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/post.php on line 218

Strict Standards: Only variables should be assigned by reference in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/post.php on line 218

2008年11月10日

 

前回の続きです。

. .

前回の説明で、レバレッジをかけて借入れをおこして資産(この場合は国債)を持った場合を想定しました。

. .

疑問があると思います。借入れの金利です。もちろん短期で、しかも国債を担保に入れていますのでかなり低い金利で借りています。国債は長期債なので、借り入れの金利より高い利回りを得る事ができます。よって、全体としてキャッシュフローはポジティブ(プラス)です。

. .

ここからが怖いところです。仮に市場金利が上昇したとしましょう。

. .

10年の金利が0.3%上昇した場合(ここで簡易に考えるために、利払いは単利で年1回とする)、100の国債の価格は3下がり、97になります。つまり、100で買った債券の市場価格は97で、3ほど評価損を出しています。

. .

前回、レバレッジをかけて100の自己資金で13.18倍の国債を買ってしまっているので、評価損は

3x13.18=39.59

となります。何と、自己資金100のうち、約40を失っています。

. .

まだ、市場金利上昇が0.3%、単価で3の下落ならいいですが、これが0.5%以上の金利上昇となると、100の国債の時価評価は95以下、つまり担保の掛け目の95%を割ってしまいます。つまり、担保の評価われで不足となり、借り先から追加担保(いわゆる追証状態)を求められます。この時に追加担保を入れる資金や国債を余剰に持っていれば良いですが、運用等では資産を限界まで稼動させているので、市場が予想以上に動いた場合(今回のサブプライムショックのような場合)は手当てが難しくなります。

. .

さらに、100の国債が7下がった場合を想定します。時価は93ですから95以下で担保割れです。ここで追加担保が出せず、資金を返さなければならなくなった場合、国債を売却して融資を返却せねばありません。購入している国債の全数量は1318でしたから、市場で売却すると

1318x(93÷100)=1225.7

となります。借りた総額は1218ですから、返却すると手元には

1225.7-1218=7.7

しか残りません。価格が7(%)しか動いていないのに、100あった資産のうち約92を失ってしまいました。

. .

ここで分かったように、レバレッジは言葉の意味どおり、自己の資金以上の資産を所有できますが、価格の上昇(下落)xレバレッジの倍率分だけ損益が動きます。レバレッジが高い場合、市場が良い方向に動けばそれだけ儲かりますが、逆にいった場合は悲惨です。上記の場合、まだ若干自己資金が残りましたが、もっと急に下落した場合は自己資金も失って破産です。

. .

このようにレバレッジって逆に動いた場合は非常に怖いのです。

. .

FX(為替)取引でも個人相手にレバレッジが100倍とか宣伝しているところがありますが、そうなると投資というよりもう完全にギャンブルです。ギャンブルをしたい方はどうぞご自由にして下さいと言うところです。

. .

お気をつけあれ!

. .

以下、次回に続く。

. .

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