株高不況

From 株高(かぶだか) (kabudaka, “high stock price”) + 不況(ふきょう) (fukyō, “recession”).

• IPA^(key): [ka̠bɯ̟da̠ka̠ ɸɯ̟kʲo̞ː]

株(かぶ)高(だか)不(ふ)況(きょう) • (kabudaka fukyō) 

1. (economics, finance, stock market) "stock-market boom, recession (real-economy slump)"

   株(かぶ)高(だか)不(ふ)況(きょう)とは、株(かぶ)価(か)は高(たか)い水(すい)準(じゅん)にあるのに、実(じっ)体(たい)経(けい)済(ざい)は停(てい)滞(たい)しており、人(ひと)々(びと)が不(ふ)景(けい)気(き)（生(せい)活(かつ)苦(く)）を感(かん)じているという矛(む)盾(じゅん)した状(じょう)況(きょう)を指(さ)します。

   Kabudaka fukyō to wa, kabuka wa takai suijun ni aru noni, jittai keizai wa teitai shite ori, hitobito ga fukeiki (seikatsuku) o kanjite iru to iu mujun shita jōkyō o sashi masu.

   “Kabu-daka Fukyo”("stock-market boom recession") refers to the contradictory situation where stock prices remain high while the real economy stagnates, causing people to feel economic hardship.

   株(かぶ)高(だか)不(ふ)況(きょう)とは、景(けい)気(き)対(たい)策(さく)のための金(きん)融(ゆう)緩(かん)和(わ)政(せい)策(さく)によるカネ余(あま)りが株(かぶ)価(か)を押(お)し上(あ)げる一(いっ)方(ぽう)で、実(じっ)質(しつ)賃(ちん)金(ぎん)の低(てい)下(か)や物(ぶっ)価(か)高(だか)、企(き)業(ぎょう)の内(ない)部(ぶ)留(りゅう)保(ほ)の増(ぞう)加(か)などによって家(か)計(けい)がインフレに弱(よわ)くなり、株(かぶ)価(か)と生(せい)活(かつ)実(じっ)感(かん)の乖(かい)離(り)が広(ひろ)がることで、国(こく)民(みん)が景(けい)気(き)の改(かい)善(ぜん)を感(かん)じられない状(じょう)況(きょう)を指(さ)します。

   Kabudaka fukyō to wa, keiki taisaku no tame no kin'yū kanwa seisaku ni yoru kaneamari ga kabuka o oshiageru ippō de, jisshitsu chingin no teika ya bukkadaka, kigyō no naibu ryūho no zōka nado ni yotte kakei ga infure ni yowaku nari, kabuka to seikatsu jikkan no kairi ga hirogaru koto de, kokumin ga keiki no kaizen o kanji rarenai jōkyō o sashi masu.

   “Kabu-daka Fukyo”("stock-market boom recession") refers to a situation in which liquidity created by monetary easing policies aimed at stimulating the economy pushes up stock prices, while falling real wages, rising prices, and the accumulation of corporate retained earnings make households more vulnerable to inflation, widening the gap between market performance and everyday life and preventing citizens from feeling any economic improvement.

• 株(かぶ)高(だか) (kabudaka, “high stock prices, rising in stock prices”)
• 不(ふ)況(きょう) (fukyō, “economic recession”)
• 不(ふ)景(けい)気(き) (fukeiki, “economic recession”)
• 実(じっ)体(たい)経(けい)済(ざい) (jittai keizai, “real economy”)
• 金(きん)融(ゆう)政(せい)策(さく) (kin'yū seisaku, “monetary policy”)
  • 金(きん)融(ゆう)緩(かん)和(わ) (kin'yū kanwa, “monetary easing”)
  • 量(りょう)的(てき)金(きん)融(ゆう)緩(かん)和(わ)政(せい)策(さく) (ryōteki kin'yū kanwa seisaku, “Quantitative easing”)
• 実(じっ)質(しつ)賃(ちん)金(ぎん) (jisshitsu chingin, “real wage”)
• 内(ない)部(ぶ)留(りゅう)保(ほ) (naibu ryūho, “corporate retained earnings”)
• 物(ぶっ)価(か)高(だか) (bukkadaka, “rising prices”)
• インフレ (infure, “inflation”)

1. 藤代宏一 (Fujishiro, Kōichi) (3 July 2025), 株高不況 : 株価は高いのに生活が厳しい本当の理由, 青春出版社, →ISBN (in Japanese)
2. 2025 December 16, “｢株高不況｣の日本､日経平均7万円到達の条件。インフレで設備投資増､名目値の企業収益も拡大”, in 東洋経済オンライン (Toyo Keizai Online):
3. 2025 December 31, “株高不況の今こそインフレ追い風に株式保有？”, in 週刊エコノミスト (Weekly Economist):
   (in Japanese)
4. 2026 January 1, “AI・トランプ・株高不況　経済4誌が2026年を大予測”, in 日経BizGate: