1
50 45 40 35 30 25 20 15 10 5 0 43 36 2
3
4
5
6
60 60 50 40 50 40 30 30 20 10 20 10 0 0 10 20 10 20 30 30 60 50 40 30 20 10 0 10 20 30 7
GDP 8
9
10
02 11
90 80 70 60 50 40 30 20 () 10 12
13
14
15
16
17
1 18
19
20
21
22
23
24
0% 20% 40% 60% 25
26
27
28
29
30
600 500 400 300 200 100 0 0.8 0.8 1.5 1.5 2 2 3.5 3.5 31
40 30 60 50 40 20 10 0 37 30 16 12 1 1 1 1 3 10% 10% 20% 30% 40% 50% 60% 70% 80% 20%30%40% 50%60%70% 80%90% 30 20 10 0 56 17 3 8 1 0 0 1 4 4 5% 5% 10% 15% 20% 25% 30% 35% 40% 45% 10%15%20% 25% 30%35%40%45% 50% 32
33
34
25 350 600 % 12 20 300 250 500 400 10 8 15 10 5 0 77 80 83 86 89 92 95 98 01 04 07 10 13 16 19 22 25 28 31 34 37 40 43 200 150 100 50 0 300 200 100 0 6 4 2 0 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 35
800 700 600 500 400 300 200 100 2.7 2.6 2.5 2.4 2.3 2.2 2.1 0 2 04 05 06 07 08 09 10 11 12 13 14 15 36
37
3.50 1400 3.00 2.50 2.00 1.50 1.00 0.50 1200 1000 800 600 400 200 0.00 0 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 38
14,000 12,000 10,000 8,000 2,027 1,958 2,648 6,000 4,000 2,000 0 1,717 8,593 7,616 6,015 4,908 1,351 531 508 455 16/13 16/46 16/79 16/1012 39
40
41
250 120 200 100 150 80 60 100 40 50 20 0 08 09 10 11 12 13 14 15 16 0 08 09 10 11 12 13 14 15 16 42
27 43
44
45
4,000 4,048 3,744 3,598 3,602 20163 3,429 3,000 2,264 2,000 1,000 0 12/3 13/3 14/3 15/3 16/3 17/3 46
() 12,000 10,000 8,000 6,000 4,000 2,000 0 11,832 9,115 6,178 4,057 2,589 2,350 2,217 2,113 2,011 1,926 1,865 07/3 08/3 09/3 10/3 11/3 12/3 13/3 14/3 15/3 16/3 17/3 50.0 43.7 45.0 41.5 40.0 37.8 35.0 29.9 30.0 26.1 24.6 23.2 22.9 25.0 22.2 21.9 20.0 15.0 10.0 5.0 0.0 07/3 08/3 09/3 10/3 11/3 12/3 13/3 14/3 15/3 16/3 47
25,000 20,000 6,000 5,000 15,000 4,000 3,000 10,000 2,000 5,000 1,000 0 11/3 12/3 13/3 14/3 15/3 16/3 17/3 0 11/3 12/3 13/3 14/3 15/3 16/3 17/3 48
49
8.0 6.0 6.5 4.0 2.0 0.0 4.1 0.6 1.1 1.6 1.5 50
% 40 35 30 25 20 4.0 3.5 3.0 15 10 5 0 ( 1.5 75 80 85 90 95 00 05 10 15 2.5 2.0 5 80% () 10 55% 4 70% 8 50% 3 2 60% 50% 6 4 ) ) ) ) 45% 40% 1 40% 2 35% 0 30% 95 00 05 10 15 0 95 00 05 10 15 30% 51
52
39, 2.3% 34, 2.3% 70, 42.0% 4049, 6.2% 5059, 15.9% 6064, 12.8% 6574, 28.2% 75, 10.3% 3544, 9.7% 4554, 19.2% 6569, 20.7% 5564, 30.3% 53
リターン() 54
55
( () 56
57
58
59
12 10 8 ー (6 4 2 0 0% 0.5% 1% 1.5% 2% 2 ) 4 6 36 104 141 リター 0% 4 38 53 0%5% 32 56 71 5%10% 0 9 16 10% 0 1 1 2.03% 1.26% 1.27% 2.37 58% 73% 73% 60
61
62
63
64
65
66
67
68
1,200 1,000 800 600 400 200 0 492 727 1.6 825 3.0 879 4.4 921 5.2 958 5.9 988 1,012 1,030 1,049 1,061 1,077 1,090 10.5 11.2 9.4 8.9 8.4 7.8 6.4 37 55 64 73 82 91 97 103 110 116 123 129 1 6 12 3 6 9 12 3 6 9 12 3 6 14 15 16 17 12 11 10 9 8 7 6 5 4 3 2 1 0 69
0.30 0.28 0.25 0.20 0.15 0.10 0.05 0.00 0.07 0.06 N/A 0.14 0.17 0.10 N/A 0.05 0.17 0.17 N/A 70
71
3.78% 3.24% 3.78% 3.24% 3.24% 3.24% 3.24% 3.78% 4.32% 3.24% 72
38 31 7 41 41 DC 19 15 4 16 13 3 114 100 14 73
/ / 9.1 8.5 82.4 0 10 20 30 40 50 60 70 80 90 100 74
7.0% 29.7% 24.9% 18.5% 10.0% 9.9% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 5.5% 24.8% 25.5% 19.5% 14.8% 10.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 75
76
50 40 ; 260 220 1995=100 30 180 20 140 10 100 0 1995 2000 2005 2010 2015 60 1995 2000 2005 2010 2015 77
78
79
80
81
82
83
84
85
70 60 50 56 54 48 63 49 40 19 32 31 22 43 30 13 20 11 13 10 8 10 9 8 6 2 9 1 2 5 1 5 3 3 2 2 3 5 0 12 13 14 15 16 2 86
1,200 1,000 1,084 1,043 973 1,097 1,142 800 600 875 943 978 992 1,031 400 200 0 84 14 86 14 94 12 95 10 98 13 12 13 14 15 16 87
3,000 2,500 2,000 1,500 OUT-IN IN-IN 56 2,285 2,048 170 149 36 499 557 IN-OUT TOB 2,428 206 50 560 60 2,652 201 48 50 635 40 30 1,000 500 1,400 1,558 1,662 1,816 20 10 0 13 14 15 16 0 88
89
90
91
92
93
160 140 120 100 80 60 40 20 0 IFRS IFRS 3 4 4 0.5 0.8 0.8 2015630 2014624 9.3 7.0 7 10 1 2.8 3.1 20 24 12.9 12.1 2 42 201662 2 52 3 88 3 96 116 129 3 24.7 25 22.2 153 21.2 4 19.4 19.1 4 20 10/12 11/6 11/12 12/6 12/12 13/6 13/12 14/6 14/12 15/6 15/12 16/6 16/12 17/6 156 15 10 5 0 201769 94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
20.6% 10.4% 4.8% 24.3% 12.4% 6.4% 5.8% 15.3% 109
110
111
112
350 300 250 200 150 100 50 0 12 4 15 29 22 8 32 2 69 34 11 48 11 40 18 52 34 49 22 54 58 108 120 127 14/9 15/4 15/10 16/4 16/10 17/4 113
114
90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 10/1 12/1 14/1 16/1 70% 40% 115
116
117
118
119
120
30 25 20 15 10 5 0 25 22 19 15 13 8 9 4 5 7 7 3 7 5 7 4 3 4 4 5 2 2 3 4 4 1 2 3 4 5 6 7 8 9 10 121
122
5.6 4.1 4.6 5.1 3.4 3.3 3.3 3.3 3.3 3.3 3.5 123
124
125
126
127
128
129
11.6% 23 77 8.5% 7.1% 2.6% 5(n=222) 15(n=67) 130
131
132
133
134
135
136
137
138
139
140
141
142