Apr 11, 213 (3-3497-3675) miwa-y @itochu.co.jp (3-3497-6284) maruyama-yo @itochu.co.jp 1. (1) (2) (3 (4) 2. (1)3 (2) (3)J (4) (5) (6) (7) (8) (9) (1) 46 3. Summary 2 2% 2 13 13 13 J 79 46 13 46
4 34 2% 2 1 67 212 138 213 2 214 27 2 3 25 2 15 1 5 5 7 2 214 2 1.8 3.8 7 3.8 5 6 7 8 9 1 11 12 13 14 15 1 + 2 7.5
3 3 7 ETF J-REIT 1 3 212 138 213 2 214 27 212 158 213 22 214 29 ETF J-REIT 2 2%2 2% 2 TV 2 2 CPI 16 14 12 1 3 8 6 4 2-2 1 2 3 4 5 6 2% 3
2% 2% 15 1 2% 2 2% 2% ETF J-REIT 2% 2 7 Fed 2 2% 4 1
4 1 3 4 2 DI 12 12 8-2 -4 DI 4 6-6 3 4 5 6 7 8 9 1 11 12 13 DI 1 3.4%.35%.3%.25%.2%.15%.% DI 4Pt 12 8 2Pt 1Pt 5.% 213/2 4.% 213/1 212/12 3.% 212/11 2.% 212/1 1.% J 4.% DI 12 28 3 38 7 12 49.1%.5% 1 2 3 4 5 6 7 8 9 1 11 12 13 14 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 3 4 5 6 7 8 9 1 11 12 13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 1 Dec-13-1 -2-3 -4-5 -6-7 4 (3)J
18 DI8 1 16 DI 14 151 12 98 2 3 13 55 2% 3% 5 45 4 1 2 35 112.7%1 12 3.5% 25 7 8 9 1 11 12 13 12 112 13 212 112 2 QE 213 2.1% 214.4% 214 13 2 2 18 2.9% 2131 6.3% 16 14 12 1.3%1 1 3.3%12 3.4% 3 1 8 9 1 11 12 13-3 6 7 8 9 1 11 12 13 3 2 1-1 -2
3 3.3%14.6% 2 1 5 2 2.3 %12.1% 3 2-1 -2-3 12 112 1.2% -4 8 9 1 11 12 13 112 3.7% 46 15 1 5-5 -1-15 -2-25 -3 9 1 11 12 13 79 112 12 112.7% 1 123.5% 13 112 GDP 13 GDP 1 8 6 4 2-2 212 61% 1 73% -4-6 -8 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 5 212
25 J 15 6 5 2-5 34-15 8 2 1 9 J 213 2.1% 3 12 2.4% 1.3%2.1% 7-2 9 1 11 12 13 2 14 12 1 2 1.6% 12 3.2% 1 1.2% 8 3 6 5.3% 4 1 11 12 13 114 112 11 18 16 2 14 14.5% 12 1 1.6% 98 2.1%Pt 3 2 1-1 127 128 129 121 1211 1212 131 132 133 134 6 14 6 6 2 28 Economic Monitor 7 4 15
.2%Pt 2.3%Pt 2 3.2%5.3%2.1% 1.8%1.6 %. 2% 2 5.% 1.6% 2.5%Pt 3 8 (12 3.%1.3%2.4%) 11 2 +2.7% +4.2% +6.1% 212 112 4 12 112 1.2%1 1.7% 13 5 12 112 7% 3 213 2.% 213 9.5% 32 212 3 28 ( ) 26 24 22 2 18 6 7 8 9 1 11 12 13 8.5%Pt 9 213 1.6
9 112 8.3% 79.1% 7.5%79.6% 13 5 4 12 1. 5.8 112 2 7 9 +5 112 +4 3.2 1 6.6.4. 8 9 1 11 12 13 4 3 -.2-1 -.4-2 -.6-3 1 11 12 13 2 SNA 3.7%1 2 1.1% -1-2 -3 1.4%1.6% -4-5 3.2% -6-7 -8 4 5 6 7 8 9 1 11 12 13.2%1.1% 2.2%..1% 211212 12 1121.7% 13 12 112.7%112.5% 2 1
2 13 18 16 14 12 1 8 4 12 8 9 1 11 12 13 112 3.5% 1 3 2% 14 4 13 12 11 1 1 12 91.8 9 28 112 9 8 7 1 3 9 6 5 6 7 8 9 1 11 12 13 213 14 1 13 9 212 12 8 112 4 11 7 13 1 6 9 1 11 12 13 213 212 2 CPI. 3%1.2% 1.7% 2 1 6.2% 2 28.9% 1 1.3%Pt2.26%Pt.3%Pt.22%Pt.5%Pt.33%Pt 11 1 4.6%2 8.1% 1 1 11 6 12 118 116 114 112 11 18 16 14
1 3.9%25.%.1%Pt.2 CPI -.2 12 2 CPI -1. 11 12 13.6.4. -.4 -.6 -.8 3 CPI 3 CPI.4%2.3% 1 3 112.1% 3 3 4 13 12 1 2
212 112 11.8 79 8.5 6 1 123.8 79.7 2 211 112 212 46 3 3 2 1 13-1 -4-5 8 9 1 11 12 211 15 1 5-5 -1-15 -2-25 9 1 11 12 212 112 1.1 1 6 4 3 2 1-2 -3 5 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 212 1~12 211 112 21 212 79 6. 112 4.5
5 4 1-1 -2-3 -4 1 11 12 3 25 112 1 5-5 14-1 1 11 12 15 3 2 2 15 14 15 212 1~12 11.5 5.8
1.5.2.9. 6.1.9 3.7.2 3.4.3 3.4 3.9.4.5 1.7 1.5 1.2..5.5 3.6 4.1 2.5.1 3.3 1.5.8 1..2.3.7.2 17.2 1.6 3.4. 5.1 3.7 12. 5.3 2.1 1.7.5 2.3 1.3 1.4 1.4.5 1..3..3 3.4 1.6 3.7 1.6 4.8 8.2 5.5.4.3.1.1 11.6 9.9 5..3.5 1.3 2. 4.2 1.9 1. 4.8 5.3 4.6 5.9.9 4.1 1.1 2. 6.2 3.3 1.7 4.6.8 3.6.6 1. 4.4 6.8 6.1 9.3 11.5 6.3 7.9 4.5 4.6 4.4 4.2 4.2.3..5.7 1. 1..3.9.2.8 4.7 2.5.1. 3.3 9.6 47.5 62.6 14.2 3. 9.4 84.1 86.1 87.6 87.6 91.8 2.7 3.7 6.2 1.1 15...1..2.1 2. 1.3 3.1.4 1.8 2.2 2.4 2.1 2.6 1.7.3.6.3 2.3 1.5.6.1.5.7.9 9.3 7.8 8.1 7.6 7.4 7.9.99.55.99.84.78.79.55 82.9 94.2 82.9 79.8 78. 86.8 94.2 1,84 12,398 1,84 9,7 8,87 1,395 12,398 13. 97.2 13. 85. 92.2 91.8 97.2