{ "text": "大家好,我是魔王,在兩家摩根JP Morgan以及摩根Stanley的買方工作30年,我姓王,這是魔王想兩下,在市場中開解現象,我們找到趨勢。\n這次我想探討的主題是關於日本年金轉向的問題,我計劃用兩集。\n第一集我們來探討一下日元有大概1.8兆美元的在外投資的資金迴流,\n那這個對於日本國債的重沽\n還有日元的防線\n它是怎麼互動影響的\n第二題呢我想談一下\n就私募基金\n它的殭屍基金的僵局\n對於日本\n它這個資金轉向呢\n它有什麼影響\n那我們來拆解一下\n我想今天這一集呢\n第一個部分我想談一下\n就是說為什麼我會談這個\n追蹤這一條呢\n這個基本上就是政府\n以日本為首\n它開始用老本了\n因為最近有一條訊息引起了我的注意\n就是Bloomberg還有WashJournal同時有公開報道\n日本的財務大臣片山\n他在近期有公開的表示\n日本政府正在嚴寧相關的措施\n他要鼓勵包含這個GPIF\n就是日本的政府年金投資基金\n在內的公共的年金\n就是等於說政府主導的這個大資金\n要將資金呢\n把它進一步投向\n日本本土的金融資產\n那隨後呢\n主管GPIF的後生勞動省\n因為資金屬於後生勞動省來主管的\n後生勞動省的大臣上野賢一郎\n他也公開呼應\n證實說在必要的時候呢\n我們會檢討以及修訂GPIF的\n他的投資組合\n那這個訊號一齣呢\n你就知道我為什麼會關注這個\n我們一直在講說要跟著大前走\n那這些就是最大的大錢\n那這個訊號出來之後市場就比較震撼\n也會比較大的關注\n原因呢就是因為日本的GPIF\n是全球最大的主權的退休基金之一\n就是年金的這個管理\n那它管理的資產大概有多少呢\n大概是不到300兆日元\n就293兆日元\n相當於1.8兆美元\n那這個資金很龐大嘛\n那過去30年呢\n這個龐大的資金呢\n它有大量的資金是配置在海外\n那成為全世界全球金融市場\n很重要的一個資金的流動性的提供者\n那如今它如果是轉向迴流本土\n當然我覺得它不會全部\n但是它一旦這個方向轉了\n它開始營造這個趨勢的時候\n所以為什麼市場會很關注\n那我自己也很關注這個題目\n所以應該會對全球的資本市場\n會引發一些連鎖的反應\n所以這是為什麼這政策出來呢\n對我來講我就關心這個題目\n那這個題目呢\n除了我們在講大錢本身\n它的吸引力之外\n還有它的引導作用\n還有一個更深層\n而且我覺得是有點很危險的訊號\n就是說看起來這些政府要動老本\n他自己他要發展\n他要發展大建設\n可是自己的錢不夠了\n所以他要用老本的錢\n我們來看一下日本\n日本最近其實老實講\n他的經濟呢是有點麻煩的\n包含他的通貨膨脹\n因為它已經日本通縮很多年了\n幾十年\n那現在通貨膨脹復甦\n而且日元呢\n也節節的貶值\n它現在已經逼近了40年的低點\n還有日本的央行BOJ\n它基本上BOJ也退場\n導致國債的發行的壓力呢\n很大\n所以現在看起來\n它在財政預算呢\n也是著金見著\n而且各類的資源呢\n都已經差不多挪用的差不多了\n因為這幾十年\n日本消失了30年吧\n這個已經\n讓他的資源已經幾乎耗光\n那日本政府呢怎麼辦呢\n那日本還是有家底的\n所以如果大家有興趣可以看\n我就是我之前有做過日本系列\n就是在高手早苗上任之後\n我有去拆解一下\n有去重新爬梳了一下\n日本的這個資本市場\n還有他的經濟環境的一個狀況\n那日本他現在是有一些問題\n有一些困難\n那籌碼不夠了嘛\n好那怎麼辦呢\n他就把腦筋動到了\n國民最後的吃老本的賬戶\n就是年金還有加戶儲蓄上面\n那這個是一個\n我認為這是一個重要的訊號\n因為日本政府\n這是一個全球最保守\n也比較講究它的制度規範的\n一個官僚體系\n它都開始主動打破了這個\n所謂我們一直信奉的資本\n自由市場的默契\n它強行引導龐大的本土的年金\n還有加戶的資本\n來幫它政府護盤\n可以看到現在當前\n全世界的政府\n尤其是富裕國家\n我們傳統觀念裡面的富裕國家\n歐美這些富裕國家\n它其實不富裕了\n它已經是普遍的高負債\n再加上地緣政治撕裂的這個環境\n所以我們看到其他的發達國家\n和新興政府市場\n看到日本這一招能夠抗拒誘惑嗎\n所以可能會想說有為者當弱勢\n那我也跟著幹吧\n所以我覺得這個訊號\n是我覺得要注意的\n所以從日本開始\n會不會誘發全球的資本回家的大戲\n這個是需要追蹤的\n今天的第二個部分\n我來看一些資料\n就是現在全世界\n大概有68兆美元的\n這個年金的規模\n那我們來看\n整個大搬家是怎麼樣的狀況\n這個第一個部分\n我們來看一下\n全球它68兆美元年金\n它也產生了一些regime shift\n就是範式轉移\n那我們看到最新的一個統計\n它做2026年的\n全球年金的資產研究\n這是WTW最近的一個發表的報告\n它這個報告其實一直持續都每年都有\n它持續追蹤全球22個國家\nTop22的國家叫做P22\n它的資產的規模現在大概\n你管理年金的規模大概是68.3兆美元\n我另外也找了一些其他的報告\n像OECD\nOECD它有一份報告是2025年的Pension Market in Focus\n因為他們也是持續追蹤\n所以我就會看這些報告\n還有哪些新的訊息出來\n那OECD的報告\n它指出全球退休金的資產\n在經歷了2022年\n有些疫情之後的劇烈的修正之後\n現在它也都膨脹\n因為股市都在漲\n但是它的主要的關鍵不是說它變大\n而是它現在大家都比較煩惱\n說我要怎麼配\n所以我們看到這些報告有提出\n過去幾十年\n全球的年金採取的就是傳統的\n這個資產配置的模型\nSAA\nStrategic Asset Allocation\n那就是把資產呢\n它切割成像股啊\n債啊\n還有海外資產等不同的類別\n那日本的GPIF\n就是一個典型的代表\n那它\n你可以看到它也\n你可以說它很僵化\n也可以說它很紀律性\n那它常年就是維持了\n國內的股票25%\n海外的股票25%\n日本的國內的債券25%\n海外的債券25%\n這個是四分法\n所以你可以看他也很自視的一直維持這樣\n那這個平衡呢\n其實現在要改變\n那我們看到在高利率\n還有地緣政治常態化的今天\n全球大型的年金\n他正在在做一些調整\n我們剛剛前面提到他\n傳統上面P22這幾個國家\n他的年金是採取的是SAA\n就是戰略資產配置的方式\n但現在他開始調整\n調整成叫做Total Portfolio Approach\n當然這是一些名詞\n就是整體組合法\n但講白了就是說\n把這個傳統的這個模式\n要做一些改變\n而且這樣的改變\n更明顯的展現出\n很強的本土偏好\n就是更多的資金\n更多的資源\n它要挪回到它的本土\n因為大家都\n更多的強調安全性\n然後建制本身\n效率已經不是最重要\n所以就做了這一條\n所以資金的安排\n甚至老百姓的年金退收金\n都被這樣子的\n等於說這樣子操弄吧\n這樣子的挪移\n那另外呢\n我們再看這些資料的\n第二個部分呢\n我來看一下\n日本我覺得他就是一個替代幹\n他現在有300兆日元\n他現在引導要回來\n我們來看為什麼日本財務大臣和勞動省大臣\n他會在近期連續的\n他們上臺是很有默契的\n放出說檢討GPIF的資產配置\n而且是鼓勵增加本土資產\n我們來看一組資料\n日本的財務省\n他表達希望GPIF增持國內的資產之後\n市場也迅速的做出反應\n這裡麵包含日元對美元短線\n從162.38就升到161.57\n那另外日本的國債的殖利率也下降\n十年期的日本的JGB它也下降\n下降11個basis point到2.77\n那40年期日本有40年期長端的國債的殖利率\n更大幅的下降到3.95%\n日經指數225指數它上漲了1.4\n雖然這些是短期的數字\n但是我們可以看到他做了\n這有一些反應\n因為這樣做的目的性是什麼呢\n因為日本的央行呢\n他作用大概一兆美元左右的外匯存底\n如果每一次日元跌破163\n他的干預的防線的時候\n他就會直接拋售美元外匯存底\n來進行匯市的干預\n那這個呢就是很消耗\n但是如果透過政策的引導\n讓GPIF他現在\n他這個規模是有1.8兆美元\n還有日本加戶龐大的儲蓄\n都可以留在日本國內\n那就形成了一個本土的\n很堅實的一個互盤的機制\n所以它這個是有它這個目的性\n再看資料的第三個\n我們來看日本它還有\n除了GBIF之外\nGBIF是日本政府\n它來管理的這個年金\n它另外還有第二個\n就是日本國內\n它的個人投資免稅的賬戶\n叫NISA\n那它現在日本政府\n它這個腦筋還動到免稅賬戶上\n根據它官方的資料呢\n截至2025年底\n日本的NISA的賬戶突破了2800萬戶\n資產規模達到71兆日元\n所以也很龐大\n但是這裡面過去它的制度呢\n有一個困難之處\n就是日本的散戶拿到了免稅額度之後\n絕大多數呢\n它都是買S&P500\n或者是全球的股票基金\n那這形成了說\n你這個部分是免稅的嘛\n日本政府給你免稅\n可是散戶的錢呢\n他是把這個資本\n就是這個NISA的賬戶\n他去投海外\n尤其大部分是到美國去\n所以這是為什麼他覺得\n有點矛盾的地方\n同時日本的家戶呢\n持有JGB的比例呢\n就是日本國債的比率低於2%\n相比之下\n美國散戶\n他持有美債的比例是9%\n其實很可以理解啦\n因為日本你這麼低的利率\n我放在你這個公債上面\n不是很傻嗎\n那所以我把錢放到海外去\n也比較合理\n我即使買美國國債\n也比收益也比你\n這個日本國債要高\n所以這個長期都形成\n這樣的一個做法\n這個是非常合理的安排\n那現在也因為這樣\n所以日本\n因為它要吸收資源\n它資源不夠\n所以它要腦筋動到\n日本個人的賬戶上面\n所以財務省\n它現在在做什麼事情\n它全力推動\n把JGB納入了NISA的免稅範圍\n就是你投資日本的國債\n我也讓你免稅\n這也是配合高市掃描政府\n他的目標\n希望在2040年之前\n將加戶金融資產中的股票\n基金和債券的比例\n有23%提升到40%\n就是讓他更多的\n這個日本人手上的錢\n可以為盡到\n還是留在日本國內\n所以日本政府呢\n其實講白了\n他就是推動把民間散戶的\n這些老百姓的荷包裡面的錢\n賬戶裡面的錢\n以及國家的主權債務\n他強行繫結\n換句話說\n老百姓的儲蓄呢\n他面對未不保的政府官僚\n因為他開的支票越來越多\n那怎麼辦呢\n他沒有錢了\n所以就來動老百姓的錢\n就等於是在收拾\n不但收拾過去幾十年的爛攤子\n另外呢\n他還要面對政府\n他現在在搞的AI軍備競賽\n其實我自己在寫這個研究報告\n寫到這裡的時候\n我就想到我\n很多年前我看\n大陸拍的那個走向共和\n那個電視劇\n它裡面有一段\n就是在講到\n它包含日本明治維新\n還有之後\n它到要打二戰\n日本要打二戰的時候\n當時的軍政府\n其實日本也是資源有限\n它也是徵用很多民間的資源\n甚至老百姓\n其實窮的都沒飯吃\n都把家裡面的\n等於說賣鍋賣鐵\n所以他就請進老百姓\n所有的資源\n他為了去打這一戰\n所以我自己寫到這邊\n我就覺得\n我還是覺得政府\n其實是必須要做剋制\n你不能讓政府\n政府變成一個胃不保的巨獸\n它一直在吸收資源\n日本現在就有點往這個方向去\n今天在講\n我們看資料的第三點\n我們來看\n我們一直在講\n日本有一個carry trade\n就是日元的套利交易\n所以我們來看\n它在做這件事情\n日本政府在做這件事情的時候\n它動用它的年金GPIF\n還有要把它的\n日本的加戶資金迴流\n對國際投資人來講\n我們要怎麼看這件事情\n所以這是我今天要談的\n第三點就是Carrie Trade\nCarrie Trade它現在看起來是有要動搖了\n甚至要瓦解\n因為日本的套利交易就是Japan Yen\nCarrie Trade它的結構性已經開始轉折\n因為過去長達數十年\n全世界最受歡迎的交易之一就是借日元\n然後投海外的資產\n因為海外資產利息比較高\n收益比較高\n可是日元是利息成本非常的低\n甚至有一段時間它是負利率\n但是我們看當GPIF\n它減少海外資產的投資\n而且日本的散戶\n它也透過NISA\n迴流到它日本的國債的時候\n日元在結構上的賣壓\n就會稍微消停一些\n那靠日元單向貶值來躺賺的\nCarrie Trade的時代就走向終結\n那我們對投資人來講\n我們要注意什麼呢\n就是第一個我們還是要注意\n外匯避險的這個成本\n現在這個情況之下\n海外的低值利率的債券的\n它的實質收益已經轉為負向\n等於說日本的它的動向\n對我們確實是有一些影響\n對於我們一般的投資人來講\n你要審\n我們可能審視一下\n我們手上的全球型的股票\n還有美股的ETF\n如果我們不做外匯避險的話\n未來可能會面臨說賺了股價\n會賠了日元\n所以這個要注意一下\n今天這一集呢\n我們談到的是\n日本政府動用了\n日本的吃老本的賬戶\n來為國家的經濟\n還有它的債務來背書\n那公開市場的日元和國債\n其實我們看到的只是第一個層面\n那下一期呢我想要來談一下\n其實這個是\n我覺得是更深一層的思考\n就是因為日本它現在也要允許\n它的GPIF\n投資日本本土的私募基金\n那這個私募基金\n其實不只是日本的GPIF\n就是它的退休基金\n被允許去投私募基金\n其實全球市場也在往這樣發展\n那這樣發展有哪些好處\n還有哪些潛在的風險呢\n所以我想要來探討一下\n我是魔王\n頻道命名魔王想兩下\n提醒自己多想一層\n直面恐懼與貪婪\n如果你喜歡這樣的分析方式\n對於今天的題目\n我們歡迎你留言分享\n你的看法\n我們下次再見", "language": null, "duration": 944.21625, "segments": [ { "start": 0.94, "end": 10.02, "text": "大家好,我是魔王,在兩家摩根JP Morgan以及摩根Stanley的買方工作30年,我姓王,這是魔王想兩下,在市場中開解現象,我們找到趨勢。", "chunk": 0, "language": "zh", "avg_logprob": -0.12652791830209587, "no_speech_prob": 2.3917008998286526e-11, "compression_ratio": 1.1818181818181819, "source": "whisper" }, { "start": 10.6, "end": 16.48, "text": "這次我想探討的主題是關於日本年金轉向的問題,我計劃用兩集。", "chunk": 0, "language": "zh", "avg_logprob": -0.12652791830209587, "no_speech_prob": 2.3917008998286526e-11, "compression_ratio": 1.1818181818181819, "source": "whisper" }, { "start": 17.16, "end": 25.78, "text": "第一集我們來探討一下日元有大概1.8兆美元的在外投資的資金迴流,", "chunk": 0, "language": "zh", "avg_logprob": -0.12652791830209587, "no_speech_prob": 2.3917008998286526e-11, "compression_ratio": 1.1818181818181819, "source": "whisper" }, { "start": 25.78, "end": 28.56, "text": "那這個對於日本國債的重沽", "chunk": 0, "language": "zh", "avg_logprob": -0.12109653205628608, "no_speech_prob": 1.4336612626231204e-11, "compression_ratio": 1.4888059701492538, "source": "whisper" }, { "start": 28.56, "end": 29.74, "text": "還有日元的防線", "chunk": 0, "language": "zh", "avg_logprob": -0.12109653205628608, "no_speech_prob": 1.4336612626231204e-11, "compression_ratio": 1.4888059701492538, "source": "whisper" }, { "start": 29.74, "end": 31.68, "text": "它是怎麼互動影響的", "chunk": 0, "language": "zh", "avg_logprob": -0.12109653205628608, "no_speech_prob": 1.4336612626231204e-11, "compression_ratio": 1.4888059701492538, "source": "whisper" }, { "start": 31.68, "end": 33.38, "text": "第二題呢我想談一下", "chunk": 0, "language": "zh", "avg_logprob": -0.12109653205628608, "no_speech_prob": 1.4336612626231204e-11, "compression_ratio": 1.4888059701492538, "source": "whisper" }, { "start": 33.38, "end": 34.26, "text": "就私募基金", "chunk": 0, "language": "zh", "avg_logprob": -0.12109653205628608, "no_speech_prob": 1.4336612626231204e-11, "compression_ratio": 1.4888059701492538, "source": "whisper" }, { "start": 34.26, "end": 36.04, "text": "它的殭屍基金的僵局", "chunk": 0, "language": "zh", "avg_logprob": -0.12109653205628608, "no_speech_prob": 1.4336612626231204e-11, "compression_ratio": 1.4888059701492538, "source": "whisper" }, { "start": 36.04, "end": 37.48, "text": "對於日本", "chunk": 0, "language": "zh", "avg_logprob": -0.12109653205628608, "no_speech_prob": 1.4336612626231204e-11, "compression_ratio": 1.4888059701492538, "source": "whisper" }, { "start": 37.48, "end": 39.34, "text": "它這個資金轉向呢", "chunk": 0, "language": "zh", "avg_logprob": -0.12109653205628608, "no_speech_prob": 1.4336612626231204e-11, "compression_ratio": 1.4888059701492538, "source": "whisper" }, { "start": 39.34, "end": 40.46, "text": "它有什麼影響", "chunk": 0, "language": "zh", "avg_logprob": -0.12109653205628608, "no_speech_prob": 1.4336612626231204e-11, "compression_ratio": 1.4888059701492538, "source": "whisper" }, { "start": 40.46, "end": 41.86, "text": "那我們來拆解一下", "chunk": 0, "language": "zh", "avg_logprob": -0.12109653205628608, "no_speech_prob": 1.4336612626231204e-11, "compression_ratio": 1.4888059701492538, "source": "whisper" }, { "start": 41.86, "end": 44.44, "text": "我想今天這一集呢", "chunk": 0, "language": "zh", "avg_logprob": -0.12109653205628608, "no_speech_prob": 1.4336612626231204e-11, "compression_ratio": 1.4888059701492538, "source": "whisper" }, { "start": 44.44, "end": 45.62, "text": "第一個部分我想談一下", "chunk": 0, "language": "zh", "avg_logprob": -0.12109653205628608, "no_speech_prob": 1.4336612626231204e-11, "compression_ratio": 1.4888059701492538, "source": "whisper" }, { "start": 45.62, "end": 48.04, "text": "就是說為什麼我會談這個", "chunk": 0, "language": "zh", "avg_logprob": -0.12109653205628608, "no_speech_prob": 1.4336612626231204e-11, "compression_ratio": 1.4888059701492538, "source": "whisper" }, { "start": 48.04, "end": 49.66, "text": "追蹤這一條呢", "chunk": 0, "language": "zh", "avg_logprob": -0.12109653205628608, "no_speech_prob": 1.4336612626231204e-11, "compression_ratio": 1.4888059701492538, "source": "whisper" }, { "start": 49.66, "end": 52.26, "text": "這個基本上就是政府", "chunk": 0, "language": "zh", "avg_logprob": -0.12109653205628608, "no_speech_prob": 1.4336612626231204e-11, "compression_ratio": 1.4888059701492538, "source": "whisper" }, { "start": 52.26, "end": 53.08, "text": "以日本為首", "chunk": 0, "language": "zh", "avg_logprob": -0.12109653205628608, "no_speech_prob": 1.4336612626231204e-11, "compression_ratio": 1.4888059701492538, "source": "whisper" }, { "start": 53.08, "end": 54.44, "text": "它開始用老本了", "chunk": 0, "language": "zh", "avg_logprob": -0.12109653205628608, "no_speech_prob": 1.4336612626231204e-11, "compression_ratio": 1.4888059701492538, "source": "whisper" }, { "start": 54.44, "end": 57.36, "text": "因為最近有一條訊息引起了我的注意", "chunk": 0, "language": "zh", "avg_logprob": -0.12866337115948018, "no_speech_prob": 2.0540817310954473e-11, "compression_ratio": 1.237918215613383, "source": "whisper" }, { "start": 57.36, "end": 60.92, "text": "就是Bloomberg還有WashJournal同時有公開報道", "chunk": 0, "language": "zh", "avg_logprob": -0.12866337115948018, "no_speech_prob": 2.0540817310954473e-11, "compression_ratio": 1.237918215613383, "source": "whisper" }, { "start": 60.92, "end": 63.42, "text": "日本的財務大臣片山", "chunk": 0, "language": "zh", "avg_logprob": -0.12866337115948018, "no_speech_prob": 2.0540817310954473e-11, "compression_ratio": 1.237918215613383, "source": "whisper" }, { "start": 63.42, "end": 65.52, "text": "他在近期有公開的表示", "chunk": 0, "language": "zh", "avg_logprob": -0.12866337115948018, "no_speech_prob": 2.0540817310954473e-11, "compression_ratio": 1.237918215613383, "source": "whisper" }, { "start": 65.52, "end": 69.3, "text": "日本政府正在嚴寧相關的措施", "chunk": 0, "language": "zh", "avg_logprob": -0.12866337115948018, "no_speech_prob": 2.0540817310954473e-11, "compression_ratio": 1.237918215613383, "source": "whisper" }, { "start": 69.3, "end": 72.5, "text": "他要鼓勵包含這個GPIF", "chunk": 0, "language": "zh", "avg_logprob": -0.12866337115948018, "no_speech_prob": 2.0540817310954473e-11, "compression_ratio": 1.237918215613383, "source": "whisper" }, { "start": 72.5, "end": 75.34, "text": "就是日本的政府年金投資基金", "chunk": 0, "language": "zh", "avg_logprob": -0.12866337115948018, "no_speech_prob": 2.0540817310954473e-11, "compression_ratio": 1.237918215613383, "source": "whisper" }, { "start": 75.34, "end": 77.42, "text": "在內的公共的年金", "chunk": 0, "language": "zh", "avg_logprob": -0.12866337115948018, "no_speech_prob": 2.0540817310954473e-11, "compression_ratio": 1.237918215613383, "source": "whisper" }, { "start": 77.42, "end": 80.1, "text": "就是等於說政府主導的這個大資金", "chunk": 0, "language": "zh", "avg_logprob": -0.12866337115948018, "no_speech_prob": 2.0540817310954473e-11, "compression_ratio": 1.237918215613383, "source": "whisper" }, { "start": 80.1, "end": 81.82, "text": "要將資金呢", "chunk": 0, "language": "zh", "avg_logprob": -0.08832495393808822, "no_speech_prob": 1.4069899759161508e-11, "compression_ratio": 1.3794326241134751, "source": "whisper" }, { "start": 81.82, "end": 83.76, "text": "把它進一步投向", "chunk": 0, "language": "zh", "avg_logprob": -0.08832495393808822, "no_speech_prob": 1.4069899759161508e-11, "compression_ratio": 1.3794326241134751, "source": "whisper" }, { "start": 83.76, "end": 85.5, "text": "日本本土的金融資產", "chunk": 0, "language": "zh", "avg_logprob": -0.08832495393808822, "no_speech_prob": 1.4069899759161508e-11, "compression_ratio": 1.3794326241134751, "source": "whisper" }, { "start": 85.5, "end": 86.38, "text": "那隨後呢", "chunk": 0, "language": "zh", "avg_logprob": -0.08832495393808822, "no_speech_prob": 1.4069899759161508e-11, "compression_ratio": 1.3794326241134751, "source": "whisper" }, { "start": 86.38, "end": 89.22, "text": "主管GPIF的後生勞動省", "chunk": 0, "language": "zh", "avg_logprob": -0.08832495393808822, "no_speech_prob": 1.4069899759161508e-11, "compression_ratio": 1.3794326241134751, "source": "whisper" }, { "start": 89.22, "end": 92.2, "text": "因為資金屬於後生勞動省來主管的", "chunk": 0, "language": "zh", "avg_logprob": -0.08832495393808822, "no_speech_prob": 1.4069899759161508e-11, "compression_ratio": 1.3794326241134751, "source": "whisper" }, { "start": 92.2, "end": 94.9, "text": "後生勞動省的大臣上野賢一郎", "chunk": 0, "language": "zh", "avg_logprob": -0.08832495393808822, "no_speech_prob": 1.4069899759161508e-11, "compression_ratio": 1.3794326241134751, "source": "whisper" }, { "start": 94.9, "end": 96.24, "text": "他也公開呼應", "chunk": 0, "language": "zh", "avg_logprob": -0.08832495393808822, "no_speech_prob": 1.4069899759161508e-11, "compression_ratio": 1.3794326241134751, "source": "whisper" }, { "start": 96.24, "end": 98.1, "text": "證實說在必要的時候呢", "chunk": 0, "language": "zh", "avg_logprob": -0.08832495393808822, "no_speech_prob": 1.4069899759161508e-11, "compression_ratio": 1.3794326241134751, "source": "whisper" }, { "start": 98.1, "end": 101.36, "text": "我們會檢討以及修訂GPIF的", "chunk": 0, "language": "zh", "avg_logprob": -0.08832495393808822, "no_speech_prob": 1.4069899759161508e-11, "compression_ratio": 1.3794326241134751, "source": "whisper" }, { "start": 101.36, "end": 102.46, "text": "他的投資組合", "chunk": 0, "language": "zh", "avg_logprob": -0.08832495393808822, "no_speech_prob": 1.4069899759161508e-11, "compression_ratio": 1.3794326241134751, "source": "whisper" }, { "start": 102.46, "end": 104.38, "text": "那這個訊號一齣呢", "chunk": 0, "language": "zh", "avg_logprob": -0.08832495393808822, "no_speech_prob": 1.4069899759161508e-11, "compression_ratio": 1.3794326241134751, "source": "whisper" }, { "start": 104.38, "end": 106.4, "text": "你就知道我為什麼會關注這個", "chunk": 0, "language": "zh", "avg_logprob": -0.08832495393808822, "no_speech_prob": 1.4069899759161508e-11, "compression_ratio": 1.3794326241134751, "source": "whisper" }, { "start": 106.4, "end": 108.6, "text": "我們一直在講說要跟著大前走", "chunk": 0, "language": "zh", "avg_logprob": -0.08832495393808822, "no_speech_prob": 1.4069899759161508e-11, "compression_ratio": 1.3794326241134751, "source": "whisper" }, { "start": 108.6, "end": 110.58, "text": "那這些就是最大的大錢", "chunk": 0, "language": "zh", "avg_logprob": -0.09050921599070232, "no_speech_prob": 1.2463080914515423e-11, "compression_ratio": 1.3460076045627376, "source": "whisper" }, { "start": 110.58, "end": 113.9, "text": "那這個訊號出來之後市場就比較震撼", "chunk": 0, "language": "zh", "avg_logprob": -0.09050921599070232, "no_speech_prob": 1.2463080914515423e-11, "compression_ratio": 1.3460076045627376, "source": "whisper" }, { "start": 113.9, "end": 115.6, "text": "也會比較大的關注", "chunk": 0, "language": "zh", "avg_logprob": -0.09050921599070232, "no_speech_prob": 1.2463080914515423e-11, "compression_ratio": 1.3460076045627376, "source": "whisper" }, { "start": 115.6, "end": 118.98, "text": "原因呢就是因為日本的GPIF", "chunk": 0, "language": "zh", "avg_logprob": -0.09050921599070232, "no_speech_prob": 1.2463080914515423e-11, "compression_ratio": 1.3460076045627376, "source": "whisper" }, { "start": 118.98, "end": 123.54, "text": "是全球最大的主權的退休基金之一", "chunk": 0, "language": "zh", "avg_logprob": -0.09050921599070232, "no_speech_prob": 1.2463080914515423e-11, "compression_ratio": 1.3460076045627376, "source": "whisper" }, { "start": 123.54, "end": 125.84, "text": "就是年金的這個管理", "chunk": 0, "language": "zh", "avg_logprob": -0.09050921599070232, "no_speech_prob": 1.2463080914515423e-11, "compression_ratio": 1.3460076045627376, "source": "whisper" }, { "start": 125.84, "end": 128.2, "text": "那它管理的資產大概有多少呢", "chunk": 0, "language": "zh", "avg_logprob": -0.09050921599070232, "no_speech_prob": 1.2463080914515423e-11, "compression_ratio": 1.3460076045627376, "source": "whisper" }, { "start": 128.2, "end": 130.26, "text": "大概是不到300兆日元", "chunk": 0, "language": "zh", "avg_logprob": -0.09050921599070232, "no_speech_prob": 1.2463080914515423e-11, "compression_ratio": 1.3460076045627376, "source": "whisper" }, { "start": 130.26, "end": 131.84, "text": "就293兆日元", "chunk": 0, "language": "zh", "avg_logprob": -0.09050921599070232, "no_speech_prob": 1.2463080914515423e-11, "compression_ratio": 1.3460076045627376, "source": "whisper" }, { "start": 131.84, "end": 133.94, "text": "相當於1.8兆美元", "chunk": 0, "language": "zh", "avg_logprob": -0.09050921599070232, "no_speech_prob": 1.2463080914515423e-11, "compression_ratio": 1.3460076045627376, "source": "whisper" }, { "start": 133.94, "end": 135.76, "text": "那這個資金很龐大嘛", "chunk": 0, "language": "zh", "avg_logprob": -0.09050921599070232, "no_speech_prob": 1.2463080914515423e-11, "compression_ratio": 1.3460076045627376, "source": "whisper" }, { "start": 135.76, "end": 137.54, "text": "那過去30年呢", "chunk": 0, "language": "zh", "avg_logprob": -0.09050921599070232, "no_speech_prob": 1.2463080914515423e-11, "compression_ratio": 1.3460076045627376, "source": "whisper" }, { "start": 137.54, "end": 138.82, "text": "這個龐大的資金呢", "chunk": 0, "language": "zh", "avg_logprob": -0.06600264825764493, "no_speech_prob": 2.0383590648709315e-11, "compression_ratio": 1.4620253164556962, "source": "whisper" }, { "start": 138.82, "end": 140.86, "text": "它有大量的資金是配置在海外", "chunk": 0, "language": "zh", "avg_logprob": -0.06600264825764493, "no_speech_prob": 2.0383590648709315e-11, "compression_ratio": 1.4620253164556962, "source": "whisper" }, { "start": 140.86, "end": 143.28, "text": "那成為全世界全球金融市場", "chunk": 0, "language": "zh", "avg_logprob": -0.06600264825764493, "no_speech_prob": 2.0383590648709315e-11, "compression_ratio": 1.4620253164556962, "source": "whisper" }, { "start": 143.28, "end": 146.62, "text": "很重要的一個資金的流動性的提供者", "chunk": 0, "language": "zh", "avg_logprob": -0.06600264825764493, "no_speech_prob": 2.0383590648709315e-11, "compression_ratio": 1.4620253164556962, "source": "whisper" }, { "start": 146.62, "end": 149.42, "text": "那如今它如果是轉向迴流本土", "chunk": 0, "language": "zh", "avg_logprob": -0.06600264825764493, "no_speech_prob": 2.0383590648709315e-11, "compression_ratio": 1.4620253164556962, "source": "whisper" }, { "start": 149.42, "end": 151.12, "text": "當然我覺得它不會全部", "chunk": 0, "language": "zh", "avg_logprob": -0.06600264825764493, "no_speech_prob": 2.0383590648709315e-11, "compression_ratio": 1.4620253164556962, "source": "whisper" }, { "start": 151.12, "end": 153.32, "text": "但是它一旦這個方向轉了", "chunk": 0, "language": "zh", "avg_logprob": -0.06600264825764493, "no_speech_prob": 2.0383590648709315e-11, "compression_ratio": 1.4620253164556962, "source": "whisper" }, { "start": 153.32, "end": 155.62, "text": "它開始營造這個趨勢的時候", "chunk": 0, "language": "zh", "avg_logprob": -0.06600264825764493, "no_speech_prob": 2.0383590648709315e-11, "compression_ratio": 1.4620253164556962, "source": "whisper" }, { "start": 155.62, "end": 158.26, "text": "所以為什麼市場會很關注", "chunk": 0, "language": "zh", "avg_logprob": -0.06600264825764493, "no_speech_prob": 2.0383590648709315e-11, "compression_ratio": 1.4620253164556962, "source": "whisper" }, { "start": 158.26, "end": 160.22, "text": "那我自己也很關注這個題目", "chunk": 0, "language": "zh", "avg_logprob": -0.06600264825764493, "no_speech_prob": 2.0383590648709315e-11, "compression_ratio": 1.4620253164556962, "source": "whisper" }, { "start": 160.22, "end": 162.48, "text": "所以應該會對全球的資本市場", "chunk": 0, "language": "zh", "avg_logprob": -0.06600264825764493, "no_speech_prob": 2.0383590648709315e-11, "compression_ratio": 1.4620253164556962, "source": "whisper" }, { "start": 162.48, "end": 164.5, "text": "會引發一些連鎖的反應", "chunk": 0, "language": "zh", "avg_logprob": -0.06600264825764493, "no_speech_prob": 2.0383590648709315e-11, "compression_ratio": 1.4620253164556962, "source": "whisper" }, { "start": 164.5, "end": 167.32, "text": "所以這是為什麼這政策出來呢", "chunk": 0, "language": "zh", "avg_logprob": -0.06600264825764493, "no_speech_prob": 2.0383590648709315e-11, "compression_ratio": 1.4620253164556962, "source": "whisper" }, { "start": 167.32, "end": 169.78, "text": "對我來講我就關心這個題目", "chunk": 0, "language": "zh", "avg_logprob": -0.0866966825543028, "no_speech_prob": 2.2922719278284376e-11, "compression_ratio": 1.4551495016611296, "source": "whisper" }, { "start": 169.78, "end": 170.58, "text": "那這個題目呢", "chunk": 0, "language": "zh", "avg_logprob": -0.0866966825543028, "no_speech_prob": 2.2922719278284376e-11, "compression_ratio": 1.4551495016611296, "source": "whisper" }, { "start": 170.58, "end": 172.44, "text": "除了我們在講大錢本身", "chunk": 0, "language": "zh", "avg_logprob": -0.0866966825543028, "no_speech_prob": 2.2922719278284376e-11, "compression_ratio": 1.4551495016611296, "source": "whisper" }, { "start": 172.44, "end": 173.68, "text": "它的吸引力之外", "chunk": 0, "language": "zh", "avg_logprob": -0.0866966825543028, "no_speech_prob": 2.2922719278284376e-11, "compression_ratio": 1.4551495016611296, "source": "whisper" }, { "start": 173.68, "end": 175.3, "text": "還有它的引導作用", "chunk": 0, "language": "zh", "avg_logprob": -0.0866966825543028, "no_speech_prob": 2.2922719278284376e-11, "compression_ratio": 1.4551495016611296, "source": "whisper" }, { "start": 175.3, "end": 176.7, "text": "還有一個更深層", "chunk": 0, "language": "zh", "avg_logprob": -0.0866966825543028, "no_speech_prob": 2.2922719278284376e-11, "compression_ratio": 1.4551495016611296, "source": "whisper" }, { "start": 176.7, "end": 179.42, "text": "而且我覺得是有點很危險的訊號", "chunk": 0, "language": "zh", "avg_logprob": -0.0866966825543028, "no_speech_prob": 2.2922719278284376e-11, "compression_ratio": 1.4551495016611296, "source": "whisper" }, { "start": 179.42, "end": 182.74, "text": "就是說看起來這些政府要動老本", "chunk": 0, "language": "zh", "avg_logprob": -0.0866966825543028, "no_speech_prob": 2.2922719278284376e-11, "compression_ratio": 1.4551495016611296, "source": "whisper" }, { "start": 182.74, "end": 184.44, "text": "他自己他要發展", "chunk": 0, "language": "zh", "avg_logprob": -0.0866966825543028, "no_speech_prob": 2.2922719278284376e-11, "compression_ratio": 1.4551495016611296, "source": "whisper" }, { "start": 184.44, "end": 186.2, "text": "他要發展大建設", "chunk": 0, "language": "zh", "avg_logprob": -0.0866966825543028, "no_speech_prob": 2.2922719278284376e-11, "compression_ratio": 1.4551495016611296, "source": "whisper" }, { "start": 186.2, "end": 187.58, "text": "可是自己的錢不夠了", "chunk": 0, "language": "zh", "avg_logprob": -0.0866966825543028, "no_speech_prob": 2.2922719278284376e-11, "compression_ratio": 1.4551495016611296, "source": "whisper" }, { "start": 187.58, "end": 189.04, "text": "所以他要用老本的錢", "chunk": 0, "language": "zh", "avg_logprob": -0.0866966825543028, "no_speech_prob": 2.2922719278284376e-11, "compression_ratio": 1.4551495016611296, "source": "whisper" }, { "start": 189.04, "end": 190.1, "text": "我們來看一下日本", "chunk": 0, "language": "zh", "avg_logprob": -0.0866966825543028, "no_speech_prob": 2.2922719278284376e-11, "compression_ratio": 1.4551495016611296, "source": "whisper" }, { "start": 190.1, "end": 191.68, "text": "日本最近其實老實講", "chunk": 0, "language": "zh", "avg_logprob": -0.0866966825543028, "no_speech_prob": 2.2922719278284376e-11, "compression_ratio": 1.4551495016611296, "source": "whisper" }, { "start": 191.68, "end": 193.66, "text": "他的經濟呢是有點麻煩的", "chunk": 0, "language": "zh", "avg_logprob": -0.0866966825543028, "no_speech_prob": 2.2922719278284376e-11, "compression_ratio": 1.4551495016611296, "source": "whisper" }, { "start": 193.66, "end": 195.44, "text": "包含他的通貨膨脹", "chunk": 0, "language": "zh", "avg_logprob": -0.0866966825543028, "no_speech_prob": 2.2922719278284376e-11, "compression_ratio": 1.4551495016611296, "source": "whisper" }, { "start": 195.44, "end": 197.46, "text": "因為它已經日本通縮很多年了", "chunk": 0, "language": "zh", "avg_logprob": -0.11109582767930141, "no_speech_prob": 1.624980185133129e-11, "compression_ratio": 1.3771043771043772, "source": "whisper" }, { "start": 197.46, "end": 198.04, "text": "幾十年", "chunk": 0, "language": "zh", "avg_logprob": -0.11109582767930141, "no_speech_prob": 1.624980185133129e-11, "compression_ratio": 1.3771043771043772, "source": "whisper" }, { "start": 198.04, "end": 199.6, "text": "那現在通貨膨脹復甦", "chunk": 0, "language": "zh", "avg_logprob": -0.11109582767930141, "no_speech_prob": 1.624980185133129e-11, "compression_ratio": 1.3771043771043772, "source": "whisper" }, { "start": 199.6, "end": 200.94, "text": "而且日元呢", "chunk": 0, "language": "zh", "avg_logprob": -0.11109582767930141, "no_speech_prob": 1.624980185133129e-11, "compression_ratio": 1.3771043771043772, "source": "whisper" }, { "start": 200.94, "end": 202.78, "text": "也節節的貶值", "chunk": 0, "language": "zh", "avg_logprob": -0.11109582767930141, "no_speech_prob": 1.624980185133129e-11, "compression_ratio": 1.3771043771043772, "source": "whisper" }, { "start": 202.78, "end": 205.34, "text": "它現在已經逼近了40年的低點", "chunk": 0, "language": "zh", "avg_logprob": -0.11109582767930141, "no_speech_prob": 1.624980185133129e-11, "compression_ratio": 1.3771043771043772, "source": "whisper" }, { "start": 205.34, "end": 206.98, "text": "還有日本的央行BOJ", "chunk": 0, "language": "zh", "avg_logprob": -0.11109582767930141, "no_speech_prob": 1.624980185133129e-11, "compression_ratio": 1.3771043771043772, "source": "whisper" }, { "start": 206.98, "end": 208.68, "text": "它基本上BOJ也退場", "chunk": 0, "language": "zh", "avg_logprob": -0.11109582767930141, "no_speech_prob": 1.624980185133129e-11, "compression_ratio": 1.3771043771043772, "source": "whisper" }, { "start": 208.68, "end": 210.92, "text": "導致國債的發行的壓力呢", "chunk": 0, "language": "zh", "avg_logprob": -0.11109582767930141, "no_speech_prob": 1.624980185133129e-11, "compression_ratio": 1.3771043771043772, "source": "whisper" }, { "start": 210.92, "end": 211.68, "text": "很大", "chunk": 0, "language": "zh", "avg_logprob": -0.11109582767930141, "no_speech_prob": 1.624980185133129e-11, "compression_ratio": 1.3771043771043772, "source": "whisper" }, { "start": 211.68, "end": 212.98, "text": "所以現在看起來", "chunk": 0, "language": "zh", "avg_logprob": -0.11109582767930141, "no_speech_prob": 1.624980185133129e-11, "compression_ratio": 1.3771043771043772, "source": "whisper" }, { "start": 212.98, "end": 214.38, "text": "它在財政預算呢", "chunk": 0, "language": "zh", "avg_logprob": -0.11109582767930141, "no_speech_prob": 1.624980185133129e-11, "compression_ratio": 1.3771043771043772, "source": "whisper" }, { "start": 214.38, "end": 215.62, "text": "也是著金見著", "chunk": 0, "language": "zh", "avg_logprob": -0.11109582767930141, "no_speech_prob": 1.624980185133129e-11, "compression_ratio": 1.3771043771043772, "source": "whisper" }, { "start": 215.62, "end": 217.48, "text": "而且各類的資源呢", "chunk": 0, "language": "zh", "avg_logprob": -0.11109582767930141, "no_speech_prob": 1.624980185133129e-11, "compression_ratio": 1.3771043771043772, "source": "whisper" }, { "start": 217.48, "end": 219.64, "text": "都已經差不多挪用的差不多了", "chunk": 0, "language": "zh", "avg_logprob": -0.11109582767930141, "no_speech_prob": 1.624980185133129e-11, "compression_ratio": 1.3771043771043772, "source": "whisper" }, { "start": 219.64, "end": 220.64, "text": "因為這幾十年", "chunk": 0, "language": "zh", "avg_logprob": -0.11109582767930141, "no_speech_prob": 1.624980185133129e-11, "compression_ratio": 1.3771043771043772, "source": "whisper" }, { "start": 220.64, "end": 223.02, "text": "日本消失了30年吧", "chunk": 0, "language": "zh", "avg_logprob": -0.11109582767930141, "no_speech_prob": 1.624980185133129e-11, "compression_ratio": 1.3771043771043772, "source": "whisper" }, { "start": 223.02, "end": 224.32, "text": "這個已經", "chunk": 0, "language": "zh", "avg_logprob": -0.11109582767930141, "no_speech_prob": 1.624980185133129e-11, "compression_ratio": 1.3771043771043772, "source": "whisper" }, { "start": 224.32, "end": 226.36, "text": "讓他的資源已經幾乎耗光", "chunk": 0, "language": "zh", "avg_logprob": -0.1039709991283631, "no_speech_prob": 2.426956725865015e-11, "compression_ratio": 1.4711538461538463, "source": "whisper" }, { "start": 226.36, "end": 228.54, "text": "那日本政府呢怎麼辦呢", "chunk": 0, "language": "zh", "avg_logprob": -0.1039709991283631, "no_speech_prob": 2.426956725865015e-11, "compression_ratio": 1.4711538461538463, "source": "whisper" }, { "start": 228.54, "end": 229.92, "text": "那日本還是有家底的", "chunk": 0, "language": "zh", "avg_logprob": -0.1039709991283631, "no_speech_prob": 2.426956725865015e-11, "compression_ratio": 1.4711538461538463, "source": "whisper" }, { "start": 229.92, "end": 231.7, "text": "所以如果大家有興趣可以看", "chunk": 0, "language": "zh", "avg_logprob": -0.1039709991283631, "no_speech_prob": 2.426956725865015e-11, "compression_ratio": 1.4711538461538463, "source": "whisper" }, { "start": 231.7, "end": 234.14, "text": "我就是我之前有做過日本系列", "chunk": 0, "language": "zh", "avg_logprob": -0.1039709991283631, "no_speech_prob": 2.426956725865015e-11, "compression_ratio": 1.4711538461538463, "source": "whisper" }, { "start": 234.14, "end": 236.2, "text": "就是在高手早苗上任之後", "chunk": 0, "language": "zh", "avg_logprob": -0.1039709991283631, "no_speech_prob": 2.426956725865015e-11, "compression_ratio": 1.4711538461538463, "source": "whisper" }, { "start": 236.2, "end": 237.58, "text": "我有去拆解一下", "chunk": 0, "language": "zh", "avg_logprob": -0.1039709991283631, "no_speech_prob": 2.426956725865015e-11, "compression_ratio": 1.4711538461538463, "source": "whisper" }, { "start": 237.58, "end": 240.0, "text": "有去重新爬梳了一下", "chunk": 0, "language": "zh", "avg_logprob": -0.1039709991283631, "no_speech_prob": 2.426956725865015e-11, "compression_ratio": 1.4711538461538463, "source": "whisper" }, { "start": 240.0, "end": 241.6, "text": "日本的這個資本市場", "chunk": 0, "language": "zh", "avg_logprob": -0.1039709991283631, "no_speech_prob": 2.426956725865015e-11, "compression_ratio": 1.4711538461538463, "source": "whisper" }, { "start": 241.6, "end": 244.04, "text": "還有他的經濟環境的一個狀況", "chunk": 0, "language": "zh", "avg_logprob": -0.1039709991283631, "no_speech_prob": 2.426956725865015e-11, "compression_ratio": 1.4711538461538463, "source": "whisper" }, { "start": 244.04, "end": 246.9, "text": "那日本他現在是有一些問題", "chunk": 0, "language": "zh", "avg_logprob": -0.1039709991283631, "no_speech_prob": 2.426956725865015e-11, "compression_ratio": 1.4711538461538463, "source": "whisper" }, { "start": 246.9, "end": 247.9, "text": "有一些困難", "chunk": 0, "language": "zh", "avg_logprob": -0.1039709991283631, "no_speech_prob": 2.426956725865015e-11, "compression_ratio": 1.4711538461538463, "source": "whisper" }, { "start": 247.9, "end": 249.28, "text": "那籌碼不夠了嘛", "chunk": 0, "language": "zh", "avg_logprob": -0.1039709991283631, "no_speech_prob": 2.426956725865015e-11, "compression_ratio": 1.4711538461538463, "source": "whisper" }, { "start": 249.28, "end": 250.16, "text": "好那怎麼辦呢", "chunk": 0, "language": "zh", "avg_logprob": -0.1039709991283631, "no_speech_prob": 2.426956725865015e-11, "compression_ratio": 1.4711538461538463, "source": "whisper" }, { "start": 250.16, "end": 251.64, "text": "他就把腦筋動到了", "chunk": 0, "language": "zh", "avg_logprob": -0.1039709991283631, "no_speech_prob": 2.426956725865015e-11, "compression_ratio": 1.4711538461538463, "source": "whisper" }, { "start": 251.64, "end": 253.74, "text": "國民最後的吃老本的賬戶", "chunk": 0, "language": "zh", "avg_logprob": -0.1039709991283631, "no_speech_prob": 2.426956725865015e-11, "compression_ratio": 1.4711538461538463, "source": "whisper" }, { "start": 253.74, "end": 256.5, "text": "就是年金還有加戶儲蓄上面", "chunk": 0, "language": "zh", "avg_logprob": -0.07569845423978917, "no_speech_prob": 1.6372587313684406e-11, "compression_ratio": 1.390728476821192, "source": "whisper" }, { "start": 256.5, "end": 257.6, "text": "那這個是一個", "chunk": 0, "language": "zh", "avg_logprob": -0.07569845423978917, "no_speech_prob": 1.6372587313684406e-11, "compression_ratio": 1.390728476821192, "source": "whisper" }, { "start": 257.6, "end": 259.32, "text": "我認為這是一個重要的訊號", "chunk": 0, "language": "zh", "avg_logprob": -0.07569845423978917, "no_speech_prob": 1.6372587313684406e-11, "compression_ratio": 1.390728476821192, "source": "whisper" }, { "start": 259.32, "end": 260.48, "text": "因為日本政府", "chunk": 0, "language": "zh", "avg_logprob": -0.07569845423978917, "no_speech_prob": 1.6372587313684406e-11, "compression_ratio": 1.390728476821192, "source": "whisper" }, { "start": 260.48, "end": 262.36, "text": "這是一個全球最保守", "chunk": 0, "language": "zh", "avg_logprob": -0.07569845423978917, "no_speech_prob": 1.6372587313684406e-11, "compression_ratio": 1.390728476821192, "source": "whisper" }, { "start": 262.36, "end": 265.14, "text": "也比較講究它的制度規範的", "chunk": 0, "language": "zh", "avg_logprob": -0.07569845423978917, "no_speech_prob": 1.6372587313684406e-11, "compression_ratio": 1.390728476821192, "source": "whisper" }, { "start": 265.14, "end": 266.22, "text": "一個官僚體系", "chunk": 0, "language": "zh", "avg_logprob": -0.07569845423978917, "no_speech_prob": 1.6372587313684406e-11, "compression_ratio": 1.390728476821192, "source": "whisper" }, { "start": 266.22, "end": 268.9, "text": "它都開始主動打破了這個", "chunk": 0, "language": "zh", "avg_logprob": -0.07569845423978917, "no_speech_prob": 1.6372587313684406e-11, "compression_ratio": 1.390728476821192, "source": "whisper" }, { "start": 268.9, "end": 271.44, "text": "所謂我們一直信奉的資本", "chunk": 0, "language": "zh", "avg_logprob": -0.07569845423978917, "no_speech_prob": 1.6372587313684406e-11, "compression_ratio": 1.390728476821192, "source": "whisper" }, { "start": 271.44, "end": 273.12, "text": "自由市場的默契", "chunk": 0, "language": "zh", "avg_logprob": -0.07569845423978917, "no_speech_prob": 1.6372587313684406e-11, "compression_ratio": 1.390728476821192, "source": "whisper" }, { "start": 273.12, "end": 276.42, "text": "它強行引導龐大的本土的年金", "chunk": 0, "language": "zh", "avg_logprob": -0.07569845423978917, "no_speech_prob": 1.6372587313684406e-11, "compression_ratio": 1.390728476821192, "source": "whisper" }, { "start": 276.42, "end": 277.66, "text": "還有加戶的資本", "chunk": 0, "language": "zh", "avg_logprob": -0.07569845423978917, "no_speech_prob": 1.6372587313684406e-11, "compression_ratio": 1.390728476821192, "source": "whisper" }, { "start": 277.66, "end": 279.18, "text": "來幫它政府護盤", "chunk": 0, "language": "zh", "avg_logprob": -0.07569845423978917, "no_speech_prob": 1.6372587313684406e-11, "compression_ratio": 1.390728476821192, "source": "whisper" }, { "start": 279.18, "end": 280.98, "text": "可以看到現在當前", "chunk": 0, "language": "zh", "avg_logprob": -0.07569845423978917, "no_speech_prob": 1.6372587313684406e-11, "compression_ratio": 1.390728476821192, "source": "whisper" }, { "start": 280.98, "end": 282.0, "text": "全世界的政府", "chunk": 0, "language": "zh", "avg_logprob": -0.07569845423978917, "no_speech_prob": 1.6372587313684406e-11, "compression_ratio": 1.390728476821192, "source": "whisper" }, { "start": 282.0, "end": 283.18, "text": "尤其是富裕國家", "chunk": 0, "language": "zh", "avg_logprob": -0.07569845423978917, "no_speech_prob": 1.6372587313684406e-11, "compression_ratio": 1.390728476821192, "source": "whisper" }, { "start": 283.18, "end": 285.38, "text": "我們傳統觀念裡面的富裕國家", "chunk": 0, "language": "zh", "avg_logprob": -0.07468294555490668, "no_speech_prob": 1.4291207973970987e-11, "compression_ratio": 1.403225806451613, "source": "whisper" }, { "start": 285.38, "end": 286.7, "text": "歐美這些富裕國家", "chunk": 0, "language": "zh", "avg_logprob": -0.07468294555490668, "no_speech_prob": 1.4291207973970987e-11, "compression_ratio": 1.403225806451613, "source": "whisper" }, { "start": 286.7, "end": 287.88, "text": "它其實不富裕了", "chunk": 0, "language": "zh", "avg_logprob": -0.07468294555490668, "no_speech_prob": 1.4291207973970987e-11, "compression_ratio": 1.403225806451613, "source": "whisper" }, { "start": 287.88, "end": 290.16, "text": "它已經是普遍的高負債", "chunk": 0, "language": "zh", "avg_logprob": -0.07468294555490668, "no_speech_prob": 1.4291207973970987e-11, "compression_ratio": 1.403225806451613, "source": "whisper" }, { "start": 290.16, "end": 293.62, "text": "再加上地緣政治撕裂的這個環境", "chunk": 0, "language": "zh", "avg_logprob": -0.07468294555490668, "no_speech_prob": 1.4291207973970987e-11, "compression_ratio": 1.403225806451613, "source": "whisper" }, { "start": 293.62, "end": 296.02, "text": "所以我們看到其他的發達國家", "chunk": 0, "language": "zh", "avg_logprob": -0.07468294555490668, "no_speech_prob": 1.4291207973970987e-11, "compression_ratio": 1.403225806451613, "source": "whisper" }, { "start": 296.02, "end": 297.98, "text": "和新興政府市場", "chunk": 0, "language": "zh", "avg_logprob": -0.07468294555490668, "no_speech_prob": 1.4291207973970987e-11, "compression_ratio": 1.403225806451613, "source": "whisper" }, { "start": 297.98, "end": 300.74, "text": "看到日本這一招能夠抗拒誘惑嗎", "chunk": 0, "language": "zh", "avg_logprob": -0.07468294555490668, "no_speech_prob": 1.4291207973970987e-11, "compression_ratio": 1.403225806451613, "source": "whisper" }, { "start": 300.74, "end": 303.22, "text": "所以可能會想說有為者當弱勢", "chunk": 0, "language": "zh", "avg_logprob": -0.07468294555490668, "no_speech_prob": 1.4291207973970987e-11, "compression_ratio": 1.403225806451613, "source": "whisper" }, { "start": 303.22, "end": 304.52, "text": "那我也跟著幹吧", "chunk": 0, "language": "zh", "avg_logprob": -0.07468294555490668, "no_speech_prob": 1.4291207973970987e-11, "compression_ratio": 1.403225806451613, "source": "whisper" }, { "start": 304.52, "end": 305.94, "text": "所以我覺得這個訊號", "chunk": 0, "language": "zh", "avg_logprob": -0.07468294555490668, "no_speech_prob": 1.4291207973970987e-11, "compression_ratio": 1.403225806451613, "source": "whisper" }, { "start": 305.94, "end": 308.02, "text": "是我覺得要注意的", "chunk": 0, "language": "zh", "avg_logprob": -0.07468294555490668, "no_speech_prob": 1.4291207973970987e-11, "compression_ratio": 1.403225806451613, "source": "whisper" }, { "start": 308.02, "end": 309.5, "text": "所以從日本開始", "chunk": 0, "language": "zh", "avg_logprob": -0.07468294555490668, "no_speech_prob": 1.4291207973970987e-11, "compression_ratio": 1.403225806451613, "source": "whisper" }, { "start": 309.5, "end": 312.74, "text": "會不會誘發全球的資本回家的大戲", "chunk": 0, "language": "zh", "avg_logprob": -0.07468294555490668, "no_speech_prob": 1.4291207973970987e-11, "compression_ratio": 1.403225806451613, "source": "whisper" }, { "start": 312.74, "end": 314.28, "text": "這個是需要追蹤的", "chunk": 0, "language": "zh", "avg_logprob": -0.09013691463985958, "no_speech_prob": 1.3515738875313765e-11, "compression_ratio": 1.3523131672597866, "source": "whisper" }, { "start": 314.28, "end": 315.4, "text": "今天的第二個部分", "chunk": 0, "language": "zh", "avg_logprob": -0.09013691463985958, "no_speech_prob": 1.3515738875313765e-11, "compression_ratio": 1.3523131672597866, "source": "whisper" }, { "start": 315.4, "end": 316.84, "text": "我來看一些資料", "chunk": 0, "language": "zh", "avg_logprob": -0.09013691463985958, "no_speech_prob": 1.3515738875313765e-11, "compression_ratio": 1.3523131672597866, "source": "whisper" }, { "start": 316.84, "end": 319.3, "text": "就是現在全世界", "chunk": 0, "language": "zh", "avg_logprob": -0.09013691463985958, "no_speech_prob": 1.3515738875313765e-11, "compression_ratio": 1.3523131672597866, "source": "whisper" }, { "start": 319.3, "end": 321.34, "text": "大概有68兆美元的", "chunk": 0, "language": "zh", "avg_logprob": -0.09013691463985958, "no_speech_prob": 1.3515738875313765e-11, "compression_ratio": 1.3523131672597866, "source": "whisper" }, { "start": 321.34, "end": 323.1, "text": "這個年金的規模", "chunk": 0, "language": "zh", "avg_logprob": -0.09013691463985958, "no_speech_prob": 1.3515738875313765e-11, "compression_ratio": 1.3523131672597866, "source": "whisper" }, { "start": 323.1, "end": 324.6, "text": "那我們來看", "chunk": 0, "language": "zh", "avg_logprob": -0.09013691463985958, "no_speech_prob": 1.3515738875313765e-11, "compression_ratio": 1.3523131672597866, "source": "whisper" }, { "start": 324.6, "end": 327.7, "text": "整個大搬家是怎麼樣的狀況", "chunk": 0, "language": "zh", "avg_logprob": -0.09013691463985958, "no_speech_prob": 1.3515738875313765e-11, "compression_ratio": 1.3523131672597866, "source": "whisper" }, { "start": 327.7, "end": 328.5, "text": "這個第一個部分", "chunk": 0, "language": "zh", "avg_logprob": -0.09013691463985958, "no_speech_prob": 1.3515738875313765e-11, "compression_ratio": 1.3523131672597866, "source": "whisper" }, { "start": 328.5, "end": 329.2, "text": "我們來看一下", "chunk": 0, "language": "zh", "avg_logprob": -0.09013691463985958, "no_speech_prob": 1.3515738875313765e-11, "compression_ratio": 1.3523131672597866, "source": "whisper" }, { "start": 329.2, "end": 331.66, "text": "全球它68兆美元年金", "chunk": 0, "language": "zh", "avg_logprob": -0.09013691463985958, "no_speech_prob": 1.3515738875313765e-11, "compression_ratio": 1.3523131672597866, "source": "whisper" }, { "start": 331.66, "end": 333.9, "text": "它也產生了一些regime shift", "chunk": 0, "language": "zh", "avg_logprob": -0.09013691463985958, "no_speech_prob": 1.3515738875313765e-11, "compression_ratio": 1.3523131672597866, "source": "whisper" }, { "start": 333.9, "end": 335.36, "text": "就是範式轉移", "chunk": 0, "language": "zh", "avg_logprob": -0.09013691463985958, "no_speech_prob": 1.3515738875313765e-11, "compression_ratio": 1.3523131672597866, "source": "whisper" }, { "start": 335.36, "end": 338.74, "text": "那我們看到最新的一個統計", "chunk": 0, "language": "zh", "avg_logprob": -0.09013691463985958, "no_speech_prob": 1.3515738875313765e-11, "compression_ratio": 1.3523131672597866, "source": "whisper" }, { "start": 338.74, "end": 340.32, "text": "它做2026年的", "chunk": 0, "language": "zh", "avg_logprob": -0.09013691463985958, "no_speech_prob": 1.3515738875313765e-11, "compression_ratio": 1.3523131672597866, "source": "whisper" }, { "start": 340.32, "end": 342.16, "text": "全球年金的資產研究", "chunk": 0, "language": "zh", "avg_logprob": -0.09013691463985958, "no_speech_prob": 1.3515738875313765e-11, "compression_ratio": 1.3523131672597866, "source": "whisper" }, { "start": 342.16, "end": 345.04, "text": "這是WTW最近的一個發表的報告", "chunk": 0, "language": "zh", "avg_logprob": -0.10384732267282305, "no_speech_prob": 1.45663394540696e-11, "compression_ratio": 1.2369337979094077, "source": "whisper" }, { "start": 345.04, "end": 348.12, "text": "它這個報告其實一直持續都每年都有", "chunk": 0, "language": "zh", "avg_logprob": -0.10384732267282305, "no_speech_prob": 1.45663394540696e-11, "compression_ratio": 1.2369337979094077, "source": "whisper" }, { "start": 348.12, "end": 351.34, "text": "它持續追蹤全球22個國家", "chunk": 0, "language": "zh", "avg_logprob": -0.10384732267282305, "no_speech_prob": 1.45663394540696e-11, "compression_ratio": 1.2369337979094077, "source": "whisper" }, { "start": 351.34, "end": 354.4, "text": "Top22的國家叫做P22", "chunk": 0, "language": "zh", "avg_logprob": -0.10384732267282305, "no_speech_prob": 1.45663394540696e-11, "compression_ratio": 1.2369337979094077, "source": "whisper" }, { "start": 354.4, "end": 356.8, "text": "它的資產的規模現在大概", "chunk": 0, "language": "zh", "avg_logprob": -0.10384732267282305, "no_speech_prob": 1.45663394540696e-11, "compression_ratio": 1.2369337979094077, "source": "whisper" }, { "start": 356.8, "end": 361.22, "text": "你管理年金的規模大概是68.3兆美元", "chunk": 0, "language": "zh", "avg_logprob": -0.10384732267282305, "no_speech_prob": 1.45663394540696e-11, "compression_ratio": 1.2369337979094077, "source": "whisper" }, { "start": 361.22, "end": 363.44, "text": "我另外也找了一些其他的報告", "chunk": 0, "language": "zh", "avg_logprob": -0.10384732267282305, "no_speech_prob": 1.45663394540696e-11, "compression_ratio": 1.2369337979094077, "source": "whisper" }, { "start": 363.44, "end": 364.32, "text": "像OECD", "chunk": 0, "language": "zh", "avg_logprob": -0.10384732267282305, "no_speech_prob": 1.45663394540696e-11, "compression_ratio": 1.2369337979094077, "source": "whisper" }, { "start": 364.32, "end": 368.96, "text": "OECD它有一份報告是2025年的Pension Market in Focus", "chunk": 0, "language": "zh", "avg_logprob": -0.10384732267282305, "no_speech_prob": 1.45663394540696e-11, "compression_ratio": 1.2369337979094077, "source": "whisper" }, { "start": 368.96, "end": 370.64, "text": "因為他們也是持續追蹤", "chunk": 0, "language": "zh", "avg_logprob": -0.10384732267282305, "no_speech_prob": 1.45663394540696e-11, "compression_ratio": 1.2369337979094077, "source": "whisper" }, { "start": 370.64, "end": 372.24, "text": "所以我就會看這些報告", "chunk": 0, "language": "zh", "avg_logprob": -0.08071784551631021, "no_speech_prob": 1.4801274789144614e-11, "compression_ratio": 1.346875, "source": "whisper" }, { "start": 372.24, "end": 374.02, "text": "還有哪些新的訊息出來", "chunk": 0, "language": "zh", "avg_logprob": -0.08071784551631021, "no_speech_prob": 1.4801274789144614e-11, "compression_ratio": 1.346875, "source": "whisper" }, { "start": 374.02, "end": 375.28, "text": "那OECD的報告", "chunk": 0, "language": "zh", "avg_logprob": -0.08071784551631021, "no_speech_prob": 1.4801274789144614e-11, "compression_ratio": 1.346875, "source": "whisper" }, { "start": 375.28, "end": 377.72, "text": "它指出全球退休金的資產", "chunk": 0, "language": "zh", "avg_logprob": -0.08071784551631021, "no_speech_prob": 1.4801274789144614e-11, "compression_ratio": 1.346875, "source": "whisper" }, { "start": 377.72, "end": 379.34, "text": "在經歷了2022年", "chunk": 0, "language": "zh", "avg_logprob": -0.08071784551631021, "no_speech_prob": 1.4801274789144614e-11, "compression_ratio": 1.346875, "source": "whisper" }, { "start": 379.34, "end": 381.84, "text": "有些疫情之後的劇烈的修正之後", "chunk": 0, "language": "zh", "avg_logprob": -0.08071784551631021, "no_speech_prob": 1.4801274789144614e-11, "compression_ratio": 1.346875, "source": "whisper" }, { "start": 381.84, "end": 383.76, "text": "現在它也都膨脹", "chunk": 0, "language": "zh", "avg_logprob": -0.08071784551631021, "no_speech_prob": 1.4801274789144614e-11, "compression_ratio": 1.346875, "source": "whisper" }, { "start": 383.76, "end": 385.1, "text": "因為股市都在漲", "chunk": 0, "language": "zh", "avg_logprob": -0.08071784551631021, "no_speech_prob": 1.4801274789144614e-11, "compression_ratio": 1.346875, "source": "whisper" }, { "start": 385.1, "end": 387.92, "text": "但是它的主要的關鍵不是說它變大", "chunk": 0, "language": "zh", "avg_logprob": -0.08071784551631021, "no_speech_prob": 1.4801274789144614e-11, "compression_ratio": 1.346875, "source": "whisper" }, { "start": 387.92, "end": 389.66, "text": "而是它現在大家都比較煩惱", "chunk": 0, "language": "zh", "avg_logprob": -0.08071784551631021, "no_speech_prob": 1.4801274789144614e-11, "compression_ratio": 1.346875, "source": "whisper" }, { "start": 389.66, "end": 390.7, "text": "說我要怎麼配", "chunk": 0, "language": "zh", "avg_logprob": -0.08071784551631021, "no_speech_prob": 1.4801274789144614e-11, "compression_ratio": 1.346875, "source": "whisper" }, { "start": 390.7, "end": 392.76, "text": "所以我們看到這些報告有提出", "chunk": 0, "language": "zh", "avg_logprob": -0.08071784551631021, "no_speech_prob": 1.4801274789144614e-11, "compression_ratio": 1.346875, "source": "whisper" }, { "start": 392.76, "end": 393.96, "text": "過去幾十年", "chunk": 0, "language": "zh", "avg_logprob": -0.08071784551631021, "no_speech_prob": 1.4801274789144614e-11, "compression_ratio": 1.346875, "source": "whisper" }, { "start": 393.96, "end": 396.62, "text": "全球的年金採取的就是傳統的", "chunk": 0, "language": "zh", "avg_logprob": -0.08071784551631021, "no_speech_prob": 1.4801274789144614e-11, "compression_ratio": 1.346875, "source": "whisper" }, { "start": 396.62, "end": 398.36, "text": "這個資產配置的模型", "chunk": 0, "language": "zh", "avg_logprob": -0.08071784551631021, "no_speech_prob": 1.4801274789144614e-11, "compression_ratio": 1.346875, "source": "whisper" }, { "start": 398.36, "end": 399.06, "text": "SAA", "chunk": 0, "language": "zh", "avg_logprob": -0.16533403511506967, "no_speech_prob": 1.1041877481798856e-11, "compression_ratio": 1.313868613138686, "source": "whisper" }, { "start": 399.06, "end": 401.02, "text": "Strategic Asset Allocation", "chunk": 0, "language": "zh", "avg_logprob": -0.16533403511506967, "no_speech_prob": 1.1041877481798856e-11, "compression_ratio": 1.313868613138686, "source": "whisper" }, { "start": 401.02, "end": 402.74, "text": "那就是把資產呢", "chunk": 0, "language": "zh", "avg_logprob": -0.16533403511506967, "no_speech_prob": 1.1041877481798856e-11, "compression_ratio": 1.313868613138686, "source": "whisper" }, { "start": 402.74, "end": 404.6, "text": "它切割成像股啊", "chunk": 0, "language": "zh", "avg_logprob": -0.16533403511506967, "no_speech_prob": 1.1041877481798856e-11, "compression_ratio": 1.313868613138686, "source": "whisper" }, { "start": 404.6, "end": 405.38, "text": "債啊", "chunk": 0, "language": "zh", "avg_logprob": -0.16533403511506967, "no_speech_prob": 1.1041877481798856e-11, "compression_ratio": 1.313868613138686, "source": "whisper" }, { "start": 405.38, "end": 407.88, "text": "還有海外資產等不同的類別", "chunk": 0, "language": "zh", "avg_logprob": -0.16533403511506967, "no_speech_prob": 1.1041877481798856e-11, "compression_ratio": 1.313868613138686, "source": "whisper" }, { "start": 407.88, "end": 409.64, "text": "那日本的GPIF", "chunk": 0, "language": "zh", "avg_logprob": -0.16533403511506967, "no_speech_prob": 1.1041877481798856e-11, "compression_ratio": 1.313868613138686, "source": "whisper" }, { "start": 409.64, "end": 411.34, "text": "就是一個典型的代表", "chunk": 0, "language": "zh", "avg_logprob": -0.16533403511506967, "no_speech_prob": 1.1041877481798856e-11, "compression_ratio": 1.313868613138686, "source": "whisper" }, { "start": 411.34, "end": 411.8, "text": "那它", "chunk": 0, "language": "zh", "avg_logprob": -0.16533403511506967, "no_speech_prob": 1.1041877481798856e-11, "compression_ratio": 1.313868613138686, "source": "whisper" }, { "start": 411.8, "end": 413.0, "text": "你可以看到它也", "chunk": 0, "language": "zh", "avg_logprob": -0.16533403511506967, "no_speech_prob": 1.1041877481798856e-11, "compression_ratio": 1.313868613138686, "source": "whisper" }, { "start": 413.0, "end": 414.34, "text": "你可以說它很僵化", "chunk": 0, "language": "zh", "avg_logprob": -0.16533403511506967, "no_speech_prob": 1.1041877481798856e-11, "compression_ratio": 1.313868613138686, "source": "whisper" }, { "start": 414.34, "end": 416.0, "text": "也可以說它很紀律性", "chunk": 0, "language": "zh", "avg_logprob": -0.16533403511506967, "no_speech_prob": 1.1041877481798856e-11, "compression_ratio": 1.313868613138686, "source": "whisper" }, { "start": 416.0, "end": 418.14, "text": "那它常年就是維持了", "chunk": 0, "language": "zh", "avg_logprob": -0.16533403511506967, "no_speech_prob": 1.1041877481798856e-11, "compression_ratio": 1.313868613138686, "source": "whisper" }, { "start": 418.14, "end": 420.38, "text": "國內的股票25%", "chunk": 0, "language": "zh", "avg_logprob": -0.16533403511506967, "no_speech_prob": 1.1041877481798856e-11, "compression_ratio": 1.313868613138686, "source": "whisper" }, { "start": 420.38, "end": 422.22, "text": "海外的股票25%", "chunk": 0, "language": "zh", "avg_logprob": -0.16533403511506967, "no_speech_prob": 1.1041877481798856e-11, "compression_ratio": 1.313868613138686, "source": "whisper" }, { "start": 422.22, "end": 424.56, "text": "日本的國內的債券25%", "chunk": 0, "language": "zh", "avg_logprob": -0.16533403511506967, "no_speech_prob": 1.1041877481798856e-11, "compression_ratio": 1.313868613138686, "source": "whisper" }, { "start": 424.56, "end": 426.72, "text": "海外的債券25%", "chunk": 0, "language": "zh", "avg_logprob": -0.16533403511506967, "no_speech_prob": 1.1041877481798856e-11, "compression_ratio": 1.313868613138686, "source": "whisper" }, { "start": 426.72, "end": 427.76, "text": "這個是四分法", "chunk": 0, "language": "zh", "avg_logprob": -0.16533403511506967, "no_speech_prob": 1.1041877481798856e-11, "compression_ratio": 1.313868613138686, "source": "whisper" }, { "start": 427.76, "end": 430.52, "text": "所以你可以看他也很自視的一直維持這樣", "chunk": 0, "language": "zh", "avg_logprob": -0.09057964374816496, "no_speech_prob": 1.3953098225438776e-11, "compression_ratio": 1.213166144200627, "source": "whisper" }, { "start": 430.52, "end": 431.76, "text": "那這個平衡呢", "chunk": 0, "language": "zh", "avg_logprob": -0.09057964374816496, "no_speech_prob": 1.3953098225438776e-11, "compression_ratio": 1.213166144200627, "source": "whisper" }, { "start": 431.76, "end": 432.88, "text": "其實現在要改變", "chunk": 0, "language": "zh", "avg_logprob": -0.09057964374816496, "no_speech_prob": 1.3953098225438776e-11, "compression_ratio": 1.213166144200627, "source": "whisper" }, { "start": 432.88, "end": 434.48, "text": "那我們看到在高利率", "chunk": 0, "language": "zh", "avg_logprob": -0.09057964374816496, "no_speech_prob": 1.3953098225438776e-11, "compression_ratio": 1.213166144200627, "source": "whisper" }, { "start": 434.48, "end": 436.82, "text": "還有地緣政治常態化的今天", "chunk": 0, "language": "zh", "avg_logprob": -0.09057964374816496, "no_speech_prob": 1.3953098225438776e-11, "compression_ratio": 1.213166144200627, "source": "whisper" }, { "start": 436.82, "end": 438.84, "text": "全球大型的年金", "chunk": 0, "language": "zh", "avg_logprob": -0.09057964374816496, "no_speech_prob": 1.3953098225438776e-11, "compression_ratio": 1.213166144200627, "source": "whisper" }, { "start": 438.84, "end": 441.2, "text": "他正在在做一些調整", "chunk": 0, "language": "zh", "avg_logprob": -0.09057964374816496, "no_speech_prob": 1.3953098225438776e-11, "compression_ratio": 1.213166144200627, "source": "whisper" }, { "start": 441.2, "end": 442.8, "text": "我們剛剛前面提到他", "chunk": 0, "language": "zh", "avg_logprob": -0.09057964374816496, "no_speech_prob": 1.3953098225438776e-11, "compression_ratio": 1.213166144200627, "source": "whisper" }, { "start": 442.8, "end": 445.44, "text": "傳統上面P22這幾個國家", "chunk": 0, "language": "zh", "avg_logprob": -0.09057964374816496, "no_speech_prob": 1.3953098225438776e-11, "compression_ratio": 1.213166144200627, "source": "whisper" }, { "start": 445.44, "end": 448.78, "text": "他的年金是採取的是SAA", "chunk": 0, "language": "zh", "avg_logprob": -0.09057964374816496, "no_speech_prob": 1.3953098225438776e-11, "compression_ratio": 1.213166144200627, "source": "whisper" }, { "start": 448.78, "end": 451.08, "text": "就是戰略資產配置的方式", "chunk": 0, "language": "zh", "avg_logprob": -0.09057964374816496, "no_speech_prob": 1.3953098225438776e-11, "compression_ratio": 1.213166144200627, "source": "whisper" }, { "start": 451.08, "end": 453.08, "text": "但現在他開始調整", "chunk": 0, "language": "zh", "avg_logprob": -0.09057964374816496, "no_speech_prob": 1.3953098225438776e-11, "compression_ratio": 1.213166144200627, "source": "whisper" }, { "start": 453.08, "end": 456.78, "text": "調整成叫做Total Portfolio Approach", "chunk": 0, "language": "zh", "avg_logprob": -0.09057964374816496, "no_speech_prob": 1.3953098225438776e-11, "compression_ratio": 1.213166144200627, "source": "whisper" }, { "start": 456.78, "end": 457.92, "text": "當然這是一些名詞", "chunk": 0, "language": "zh", "avg_logprob": -0.09174348938633019, "no_speech_prob": 2.838702883867228e-11, "compression_ratio": 1.380952380952381, "source": "whisper" }, { "start": 457.92, "end": 459.4, "text": "就是整體組合法", "chunk": 0, "language": "zh", "avg_logprob": -0.09174348938633019, "no_speech_prob": 2.838702883867228e-11, "compression_ratio": 1.380952380952381, "source": "whisper" }, { "start": 459.4, "end": 460.58, "text": "但講白了就是說", "chunk": 0, "language": "zh", "avg_logprob": -0.09174348938633019, "no_speech_prob": 2.838702883867228e-11, "compression_ratio": 1.380952380952381, "source": "whisper" }, { "start": 460.58, "end": 461.94, "text": "把這個傳統的這個模式", "chunk": 0, "language": "zh", "avg_logprob": -0.09174348938633019, "no_speech_prob": 2.838702883867228e-11, "compression_ratio": 1.380952380952381, "source": "whisper" }, { "start": 461.94, "end": 462.84, "text": "要做一些改變", "chunk": 0, "language": "zh", "avg_logprob": -0.09174348938633019, "no_speech_prob": 2.838702883867228e-11, "compression_ratio": 1.380952380952381, "source": "whisper" }, { "start": 462.84, "end": 464.18, "text": "而且這樣的改變", "chunk": 0, "language": "zh", "avg_logprob": -0.09174348938633019, "no_speech_prob": 2.838702883867228e-11, "compression_ratio": 1.380952380952381, "source": "whisper" }, { "start": 464.18, "end": 466.22, "text": "更明顯的展現出", "chunk": 0, "language": "zh", "avg_logprob": -0.09174348938633019, "no_speech_prob": 2.838702883867228e-11, "compression_ratio": 1.380952380952381, "source": "whisper" }, { "start": 466.22, "end": 467.7, "text": "很強的本土偏好", "chunk": 0, "language": "zh", "avg_logprob": -0.09174348938633019, "no_speech_prob": 2.838702883867228e-11, "compression_ratio": 1.380952380952381, "source": "whisper" }, { "start": 467.7, "end": 469.02, "text": "就是更多的資金", "chunk": 0, "language": "zh", "avg_logprob": -0.09174348938633019, "no_speech_prob": 2.838702883867228e-11, "compression_ratio": 1.380952380952381, "source": "whisper" }, { "start": 469.02, "end": 470.02, "text": "更多的資源", "chunk": 0, "language": "zh", "avg_logprob": -0.09174348938633019, "no_speech_prob": 2.838702883867228e-11, "compression_ratio": 1.380952380952381, "source": "whisper" }, { "start": 470.02, "end": 471.74, "text": "它要挪回到它的本土", "chunk": 0, "language": "zh", "avg_logprob": -0.09174348938633019, "no_speech_prob": 2.838702883867228e-11, "compression_ratio": 1.380952380952381, "source": "whisper" }, { "start": 471.74, "end": 472.52, "text": "因為大家都", "chunk": 0, "language": "zh", "avg_logprob": -0.09174348938633019, "no_speech_prob": 2.838702883867228e-11, "compression_ratio": 1.380952380952381, "source": "whisper" }, { "start": 472.52, "end": 475.06, "text": "更多的強調安全性", "chunk": 0, "language": "zh", "avg_logprob": -0.09174348938633019, "no_speech_prob": 2.838702883867228e-11, "compression_ratio": 1.380952380952381, "source": "whisper" }, { "start": 475.06, "end": 476.84, "text": "然後建制本身", "chunk": 0, "language": "zh", "avg_logprob": -0.09174348938633019, "no_speech_prob": 2.838702883867228e-11, "compression_ratio": 1.380952380952381, "source": "whisper" }, { "start": 476.84, "end": 478.42, "text": "效率已經不是最重要", "chunk": 0, "language": "zh", "avg_logprob": -0.09174348938633019, "no_speech_prob": 2.838702883867228e-11, "compression_ratio": 1.380952380952381, "source": "whisper" }, { "start": 478.42, "end": 479.6, "text": "所以就做了這一條", "chunk": 0, "language": "zh", "avg_logprob": -0.09174348938633019, "no_speech_prob": 2.838702883867228e-11, "compression_ratio": 1.380952380952381, "source": "whisper" }, { "start": 480.0, "end": 480.74, "text": "所以資金的安排", "chunk": 1, "language": "zh", "avg_logprob": -0.11469997829861112, "no_speech_prob": 2.468364228291886e-11, "compression_ratio": 1.4024767801857585, "source": "whisper" }, { "start": 480.74, "end": 483.36, "text": "甚至老百姓的年金退收金", "chunk": 1, "language": "zh", "avg_logprob": -0.11469997829861112, "no_speech_prob": 2.468364228291886e-11, "compression_ratio": 1.4024767801857585, "source": "whisper" }, { "start": 483.36, "end": 484.76, "text": "都被這樣子的", "chunk": 1, "language": "zh", "avg_logprob": -0.11469997829861112, "no_speech_prob": 2.468364228291886e-11, "compression_ratio": 1.4024767801857585, "source": "whisper" }, { "start": 484.76, "end": 486.04, "text": "等於說這樣子操弄吧", "chunk": 1, "language": "zh", "avg_logprob": -0.11469997829861112, "no_speech_prob": 2.468364228291886e-11, "compression_ratio": 1.4024767801857585, "source": "whisper" }, { "start": 486.04, "end": 487.32, "text": "這樣子的挪移", "chunk": 1, "language": "zh", "avg_logprob": -0.11469997829861112, "no_speech_prob": 2.468364228291886e-11, "compression_ratio": 1.4024767801857585, "source": "whisper" }, { "start": 487.32, "end": 488.28, "text": "那另外呢", "chunk": 1, "language": "zh", "avg_logprob": -0.11469997829861112, "no_speech_prob": 2.468364228291886e-11, "compression_ratio": 1.4024767801857585, "source": "whisper" }, { "start": 488.28, "end": 489.46, "text": "我們再看這些資料的", "chunk": 1, "language": "zh", "avg_logprob": -0.11469997829861112, "no_speech_prob": 2.468364228291886e-11, "compression_ratio": 1.4024767801857585, "source": "whisper" }, { "start": 489.46, "end": 490.32, "text": "第二個部分呢", "chunk": 1, "language": "zh", "avg_logprob": -0.11469997829861112, "no_speech_prob": 2.468364228291886e-11, "compression_ratio": 1.4024767801857585, "source": "whisper" }, { "start": 490.32, "end": 491.08, "text": "我來看一下", "chunk": 1, "language": "zh", "avg_logprob": -0.11469997829861112, "no_speech_prob": 2.468364228291886e-11, "compression_ratio": 1.4024767801857585, "source": "whisper" }, { "start": 491.08, "end": 493.2, "text": "日本我覺得他就是一個替代幹", "chunk": 1, "language": "zh", "avg_logprob": -0.11469997829861112, "no_speech_prob": 2.468364228291886e-11, "compression_ratio": 1.4024767801857585, "source": "whisper" }, { "start": 493.2, "end": 494.76, "text": "他現在有300兆日元", "chunk": 1, "language": "zh", "avg_logprob": -0.11469997829861112, "no_speech_prob": 2.468364228291886e-11, "compression_ratio": 1.4024767801857585, "source": "whisper" }, { "start": 494.76, "end": 496.44, "text": "他現在引導要回來", "chunk": 1, "language": "zh", "avg_logprob": -0.0943018729428211, "no_speech_prob": 1.467793768472614e-11, "compression_ratio": 1.289855072463768, "source": "whisper" }, { "start": 496.44, "end": 500.32, "text": "我們來看為什麼日本財務大臣和勞動省大臣", "chunk": 1, "language": "zh", "avg_logprob": -0.0943018729428211, "no_speech_prob": 1.467793768472614e-11, "compression_ratio": 1.289855072463768, "source": "whisper" }, { "start": 500.32, "end": 502.48, "text": "他會在近期連續的", "chunk": 1, "language": "zh", "avg_logprob": -0.0943018729428211, "no_speech_prob": 1.467793768472614e-11, "compression_ratio": 1.289855072463768, "source": "whisper" }, { "start": 502.48, "end": 504.76, "text": "他們上臺是很有默契的", "chunk": 1, "language": "zh", "avg_logprob": -0.0943018729428211, "no_speech_prob": 1.467793768472614e-11, "compression_ratio": 1.289855072463768, "source": "whisper" }, { "start": 504.76, "end": 507.88, "text": "放出說檢討GPIF的資產配置", "chunk": 1, "language": "zh", "avg_logprob": -0.0943018729428211, "no_speech_prob": 1.467793768472614e-11, "compression_ratio": 1.289855072463768, "source": "whisper" }, { "start": 507.88, "end": 509.96, "text": "而且是鼓勵增加本土資產", "chunk": 1, "language": "zh", "avg_logprob": -0.0943018729428211, "no_speech_prob": 1.467793768472614e-11, "compression_ratio": 1.289855072463768, "source": "whisper" }, { "start": 509.96, "end": 511.26, "text": "我們來看一組資料", "chunk": 1, "language": "zh", "avg_logprob": -0.0943018729428211, "no_speech_prob": 1.467793768472614e-11, "compression_ratio": 1.289855072463768, "source": "whisper" }, { "start": 511.26, "end": 513.04, "text": "日本的財務省", "chunk": 1, "language": "zh", "avg_logprob": -0.0943018729428211, "no_speech_prob": 1.467793768472614e-11, "compression_ratio": 1.289855072463768, "source": "whisper" }, { "start": 513.04, "end": 517.16, "text": "他表達希望GPIF增持國內的資產之後", "chunk": 1, "language": "zh", "avg_logprob": -0.0943018729428211, "no_speech_prob": 1.467793768472614e-11, "compression_ratio": 1.289855072463768, "source": "whisper" }, { "start": 517.16, "end": 519.32, "text": "市場也迅速的做出反應", "chunk": 1, "language": "zh", "avg_logprob": -0.0943018729428211, "no_speech_prob": 1.467793768472614e-11, "compression_ratio": 1.289855072463768, "source": "whisper" }, { "start": 519.32, "end": 521.68, "text": "這裡麵包含日元對美元短線", "chunk": 1, "language": "zh", "avg_logprob": -0.0943018729428211, "no_speech_prob": 1.467793768472614e-11, "compression_ratio": 1.289855072463768, "source": "whisper" }, { "start": 521.68, "end": 526.16, "text": "從162.38就升到161.57", "chunk": 1, "language": "zh", "avg_logprob": -0.11345518097396969, "no_speech_prob": 9.821348595506763e-12, "compression_ratio": 1.2378854625550662, "source": "whisper" }, { "start": 526.16, "end": 529.56, "text": "那另外日本的國債的殖利率也下降", "chunk": 1, "language": "zh", "avg_logprob": -0.11345518097396969, "no_speech_prob": 9.821348595506763e-12, "compression_ratio": 1.2378854625550662, "source": "whisper" }, { "start": 529.56, "end": 532.68, "text": "十年期的日本的JGB它也下降", "chunk": 1, "language": "zh", "avg_logprob": -0.11345518097396969, "no_speech_prob": 9.821348595506763e-12, "compression_ratio": 1.2378854625550662, "source": "whisper" }, { "start": 532.68, "end": 535.72, "text": "下降11個basis point到2.77", "chunk": 1, "language": "zh", "avg_logprob": -0.11345518097396969, "no_speech_prob": 9.821348595506763e-12, "compression_ratio": 1.2378854625550662, "source": "whisper" }, { "start": 535.72, "end": 540.18, "text": "那40年期日本有40年期長端的國債的殖利率", "chunk": 1, "language": "zh", "avg_logprob": -0.11345518097396969, "no_speech_prob": 9.821348595506763e-12, "compression_ratio": 1.2378854625550662, "source": "whisper" }, { "start": 540.18, "end": 543.6, "text": "更大幅的下降到3.95%", "chunk": 1, "language": "zh", "avg_logprob": -0.11345518097396969, "no_speech_prob": 9.821348595506763e-12, "compression_ratio": 1.2378854625550662, "source": "whisper" }, { "start": 543.6, "end": 546.64, "text": "日經指數225指數它上漲了1.4", "chunk": 1, "language": "zh", "avg_logprob": -0.11345518097396969, "no_speech_prob": 9.821348595506763e-12, "compression_ratio": 1.2378854625550662, "source": "whisper" }, { "start": 546.64, "end": 548.8, "text": "雖然這些是短期的數字", "chunk": 1, "language": "zh", "avg_logprob": -0.11345518097396969, "no_speech_prob": 9.821348595506763e-12, "compression_ratio": 1.2378854625550662, "source": "whisper" }, { "start": 548.8, "end": 550.4, "text": "但是我們可以看到他做了", "chunk": 1, "language": "zh", "avg_logprob": -0.10783031029615574, "no_speech_prob": 1.311300980993968e-11, "compression_ratio": 1.3427672955974843, "source": "whisper" }, { "start": 550.4, "end": 551.7, "text": "這有一些反應", "chunk": 1, "language": "zh", "avg_logprob": -0.10783031029615574, "no_speech_prob": 1.311300980993968e-11, "compression_ratio": 1.3427672955974843, "source": "whisper" }, { "start": 551.7, "end": 553.88, "text": "因為這樣做的目的性是什麼呢", "chunk": 1, "language": "zh", "avg_logprob": -0.10783031029615574, "no_speech_prob": 1.311300980993968e-11, "compression_ratio": 1.3427672955974843, "source": "whisper" }, { "start": 553.88, "end": 555.22, "text": "因為日本的央行呢", "chunk": 1, "language": "zh", "avg_logprob": -0.10783031029615574, "no_speech_prob": 1.311300980993968e-11, "compression_ratio": 1.3427672955974843, "source": "whisper" }, { "start": 555.22, "end": 558.5, "text": "他作用大概一兆美元左右的外匯存底", "chunk": 1, "language": "zh", "avg_logprob": -0.10783031029615574, "no_speech_prob": 1.311300980993968e-11, "compression_ratio": 1.3427672955974843, "source": "whisper" }, { "start": 558.5, "end": 561.1, "text": "如果每一次日元跌破163", "chunk": 1, "language": "zh", "avg_logprob": -0.10783031029615574, "no_speech_prob": 1.311300980993968e-11, "compression_ratio": 1.3427672955974843, "source": "whisper" }, { "start": 561.1, "end": 562.74, "text": "他的干預的防線的時候", "chunk": 1, "language": "zh", "avg_logprob": -0.10783031029615574, "no_speech_prob": 1.311300980993968e-11, "compression_ratio": 1.3427672955974843, "source": "whisper" }, { "start": 562.74, "end": 565.92, "text": "他就會直接拋售美元外匯存底", "chunk": 1, "language": "zh", "avg_logprob": -0.10783031029615574, "no_speech_prob": 1.311300980993968e-11, "compression_ratio": 1.3427672955974843, "source": "whisper" }, { "start": 565.92, "end": 567.54, "text": "來進行匯市的干預", "chunk": 1, "language": "zh", "avg_logprob": -0.10783031029615574, "no_speech_prob": 1.311300980993968e-11, "compression_ratio": 1.3427672955974843, "source": "whisper" }, { "start": 567.54, "end": 569.38, "text": "那這個呢就是很消耗", "chunk": 1, "language": "zh", "avg_logprob": -0.10783031029615574, "no_speech_prob": 1.311300980993968e-11, "compression_ratio": 1.3427672955974843, "source": "whisper" }, { "start": 569.38, "end": 571.24, "text": "但是如果透過政策的引導", "chunk": 1, "language": "zh", "avg_logprob": -0.10783031029615574, "no_speech_prob": 1.311300980993968e-11, "compression_ratio": 1.3427672955974843, "source": "whisper" }, { "start": 571.24, "end": 572.68, "text": "讓GPIF他現在", "chunk": 1, "language": "zh", "avg_logprob": -0.10783031029615574, "no_speech_prob": 1.311300980993968e-11, "compression_ratio": 1.3427672955974843, "source": "whisper" }, { "start": 572.68, "end": 574.56, "text": "他這個規模是有1.8兆美元", "chunk": 1, "language": "zh", "avg_logprob": -0.10783031029615574, "no_speech_prob": 1.311300980993968e-11, "compression_ratio": 1.3427672955974843, "source": "whisper" }, { "start": 574.56, "end": 577.16, "text": "還有日本加戶龐大的儲蓄", "chunk": 1, "language": "zh", "avg_logprob": -0.10783031029615574, "no_speech_prob": 1.311300980993968e-11, "compression_ratio": 1.3427672955974843, "source": "whisper" }, { "start": 577.16, "end": 578.78, "text": "都可以留在日本國內", "chunk": 1, "language": "zh", "avg_logprob": -0.10514810350206164, "no_speech_prob": 1.2908204886918906e-11, "compression_ratio": 1.4386617100371748, "source": "whisper" }, { "start": 578.78, "end": 580.84, "text": "那就形成了一個本土的", "chunk": 1, "language": "zh", "avg_logprob": -0.10514810350206164, "no_speech_prob": 1.2908204886918906e-11, "compression_ratio": 1.4386617100371748, "source": "whisper" }, { "start": 580.84, "end": 583.54, "text": "很堅實的一個互盤的機制", "chunk": 1, "language": "zh", "avg_logprob": -0.10514810350206164, "no_speech_prob": 1.2908204886918906e-11, "compression_ratio": 1.4386617100371748, "source": "whisper" }, { "start": 583.54, "end": 586.18, "text": "所以它這個是有它這個目的性", "chunk": 1, "language": "zh", "avg_logprob": -0.10514810350206164, "no_speech_prob": 1.2908204886918906e-11, "compression_ratio": 1.4386617100371748, "source": "whisper" }, { "start": 586.18, "end": 588.64, "text": "再看資料的第三個", "chunk": 1, "language": "zh", "avg_logprob": -0.10514810350206164, "no_speech_prob": 1.2908204886918906e-11, "compression_ratio": 1.4386617100371748, "source": "whisper" }, { "start": 588.64, "end": 590.08, "text": "我們來看日本它還有", "chunk": 1, "language": "zh", "avg_logprob": -0.10514810350206164, "no_speech_prob": 1.2908204886918906e-11, "compression_ratio": 1.4386617100371748, "source": "whisper" }, { "start": 590.08, "end": 591.44, "text": "除了GBIF之外", "chunk": 1, "language": "zh", "avg_logprob": -0.10514810350206164, "no_speech_prob": 1.2908204886918906e-11, "compression_ratio": 1.4386617100371748, "source": "whisper" }, { "start": 591.44, "end": 592.84, "text": "GBIF是日本政府", "chunk": 1, "language": "zh", "avg_logprob": -0.10514810350206164, "no_speech_prob": 1.2908204886918906e-11, "compression_ratio": 1.4386617100371748, "source": "whisper" }, { "start": 592.84, "end": 595.0, "text": "它來管理的這個年金", "chunk": 1, "language": "zh", "avg_logprob": -0.10514810350206164, "no_speech_prob": 1.2908204886918906e-11, "compression_ratio": 1.4386617100371748, "source": "whisper" }, { "start": 595.0, "end": 596.64, "text": "它另外還有第二個", "chunk": 1, "language": "zh", "avg_logprob": -0.10514810350206164, "no_speech_prob": 1.2908204886918906e-11, "compression_ratio": 1.4386617100371748, "source": "whisper" }, { "start": 596.64, "end": 599.56, "text": "就是日本國內", "chunk": 1, "language": "zh", "avg_logprob": -0.10514810350206164, "no_speech_prob": 1.2908204886918906e-11, "compression_ratio": 1.4386617100371748, "source": "whisper" }, { "start": 599.56, "end": 601.74, "text": "它的個人投資免稅的賬戶", "chunk": 1, "language": "zh", "avg_logprob": -0.10514810350206164, "no_speech_prob": 1.2908204886918906e-11, "compression_ratio": 1.4386617100371748, "source": "whisper" }, { "start": 601.74, "end": 602.78, "text": "叫NISA", "chunk": 1, "language": "zh", "avg_logprob": -0.10514810350206164, "no_speech_prob": 1.2908204886918906e-11, "compression_ratio": 1.4386617100371748, "source": "whisper" }, { "start": 602.78, "end": 604.94, "text": "那它現在日本政府", "chunk": 1, "language": "zh", "avg_logprob": -0.10514810350206164, "no_speech_prob": 1.2908204886918906e-11, "compression_ratio": 1.4386617100371748, "source": "whisper" }, { "start": 604.94, "end": 606.86, "text": "它這個腦筋還動到免稅賬戶上", "chunk": 1, "language": "zh", "avg_logprob": -0.10514810350206164, "no_speech_prob": 1.2908204886918906e-11, "compression_ratio": 1.4386617100371748, "source": "whisper" }, { "start": 606.86, "end": 609.2, "text": "根據它官方的資料呢", "chunk": 1, "language": "zh", "avg_logprob": -0.09286843813382663, "no_speech_prob": 1.2441877389468559e-11, "compression_ratio": 1.2366666666666666, "source": "whisper" }, { "start": 609.2, "end": 610.92, "text": "截至2025年底", "chunk": 1, "language": "zh", "avg_logprob": -0.09286843813382663, "no_speech_prob": 1.2441877389468559e-11, "compression_ratio": 1.2366666666666666, "source": "whisper" }, { "start": 610.92, "end": 614.86, "text": "日本的NISA的賬戶突破了2800萬戶", "chunk": 1, "language": "zh", "avg_logprob": -0.09286843813382663, "no_speech_prob": 1.2441877389468559e-11, "compression_ratio": 1.2366666666666666, "source": "whisper" }, { "start": 614.86, "end": 617.54, "text": "資產規模達到71兆日元", "chunk": 1, "language": "zh", "avg_logprob": -0.09286843813382663, "no_speech_prob": 1.2441877389468559e-11, "compression_ratio": 1.2366666666666666, "source": "whisper" }, { "start": 617.54, "end": 618.5, "text": "所以也很龐大", "chunk": 1, "language": "zh", "avg_logprob": -0.09286843813382663, "no_speech_prob": 1.2441877389468559e-11, "compression_ratio": 1.2366666666666666, "source": "whisper" }, { "start": 618.5, "end": 621.04, "text": "但是這裡面過去它的制度呢", "chunk": 1, "language": "zh", "avg_logprob": -0.09286843813382663, "no_speech_prob": 1.2441877389468559e-11, "compression_ratio": 1.2366666666666666, "source": "whisper" }, { "start": 621.04, "end": 622.32, "text": "有一個困難之處", "chunk": 1, "language": "zh", "avg_logprob": -0.09286843813382663, "no_speech_prob": 1.2441877389468559e-11, "compression_ratio": 1.2366666666666666, "source": "whisper" }, { "start": 622.32, "end": 626.04, "text": "就是日本的散戶拿到了免稅額度之後", "chunk": 1, "language": "zh", "avg_logprob": -0.09286843813382663, "no_speech_prob": 1.2441877389468559e-11, "compression_ratio": 1.2366666666666666, "source": "whisper" }, { "start": 626.04, "end": 627.16, "text": "絕大多數呢", "chunk": 1, "language": "zh", "avg_logprob": -0.09286843813382663, "no_speech_prob": 1.2441877389468559e-11, "compression_ratio": 1.2366666666666666, "source": "whisper" }, { "start": 627.16, "end": 628.84, "text": "它都是買S&P500", "chunk": 1, "language": "zh", "avg_logprob": -0.09286843813382663, "no_speech_prob": 1.2441877389468559e-11, "compression_ratio": 1.2366666666666666, "source": "whisper" }, { "start": 628.84, "end": 630.66, "text": "或者是全球的股票基金", "chunk": 1, "language": "zh", "avg_logprob": -0.09286843813382663, "no_speech_prob": 1.2441877389468559e-11, "compression_ratio": 1.2366666666666666, "source": "whisper" }, { "start": 630.66, "end": 632.2, "text": "那這形成了說", "chunk": 1, "language": "zh", "avg_logprob": -0.09286843813382663, "no_speech_prob": 1.2441877389468559e-11, "compression_ratio": 1.2366666666666666, "source": "whisper" }, { "start": 632.2, "end": 634.08, "text": "你這個部分是免稅的嘛", "chunk": 1, "language": "zh", "avg_logprob": -0.09286843813382663, "no_speech_prob": 1.2441877389468559e-11, "compression_ratio": 1.2366666666666666, "source": "whisper" }, { "start": 634.08, "end": 635.36, "text": "日本政府給你免稅", "chunk": 1, "language": "zh", "avg_logprob": -0.09286843813382663, "no_speech_prob": 1.2441877389468559e-11, "compression_ratio": 1.2366666666666666, "source": "whisper" }, { "start": 635.36, "end": 637.2, "text": "可是散戶的錢呢", "chunk": 1, "language": "zh", "avg_logprob": -0.09426167590469964, "no_speech_prob": 1.1892661334889087e-11, "compression_ratio": 1.3858520900321543, "source": "whisper" }, { "start": 637.2, "end": 638.38, "text": "他是把這個資本", "chunk": 1, "language": "zh", "avg_logprob": -0.09426167590469964, "no_speech_prob": 1.1892661334889087e-11, "compression_ratio": 1.3858520900321543, "source": "whisper" }, { "start": 638.38, "end": 640.32, "text": "就是這個NISA的賬戶", "chunk": 1, "language": "zh", "avg_logprob": -0.09426167590469964, "no_speech_prob": 1.1892661334889087e-11, "compression_ratio": 1.3858520900321543, "source": "whisper" }, { "start": 640.32, "end": 641.26, "text": "他去投海外", "chunk": 1, "language": "zh", "avg_logprob": -0.09426167590469964, "no_speech_prob": 1.1892661334889087e-11, "compression_ratio": 1.3858520900321543, "source": "whisper" }, { "start": 641.26, "end": 642.88, "text": "尤其大部分是到美國去", "chunk": 1, "language": "zh", "avg_logprob": -0.09426167590469964, "no_speech_prob": 1.1892661334889087e-11, "compression_ratio": 1.3858520900321543, "source": "whisper" }, { "start": 642.88, "end": 644.46, "text": "所以這是為什麼他覺得", "chunk": 1, "language": "zh", "avg_logprob": -0.09426167590469964, "no_speech_prob": 1.1892661334889087e-11, "compression_ratio": 1.3858520900321543, "source": "whisper" }, { "start": 644.46, "end": 645.9, "text": "有點矛盾的地方", "chunk": 1, "language": "zh", "avg_logprob": -0.09426167590469964, "no_speech_prob": 1.1892661334889087e-11, "compression_ratio": 1.3858520900321543, "source": "whisper" }, { "start": 645.9, "end": 647.64, "text": "同時日本的家戶呢", "chunk": 1, "language": "zh", "avg_logprob": -0.09426167590469964, "no_speech_prob": 1.1892661334889087e-11, "compression_ratio": 1.3858520900321543, "source": "whisper" }, { "start": 647.64, "end": 649.38, "text": "持有JGB的比例呢", "chunk": 1, "language": "zh", "avg_logprob": -0.09426167590469964, "no_speech_prob": 1.1892661334889087e-11, "compression_ratio": 1.3858520900321543, "source": "whisper" }, { "start": 649.38, "end": 651.84, "text": "就是日本國債的比率低於2%", "chunk": 1, "language": "zh", "avg_logprob": -0.09426167590469964, "no_speech_prob": 1.1892661334889087e-11, "compression_ratio": 1.3858520900321543, "source": "whisper" }, { "start": 651.84, "end": 653.04, "text": "相比之下", "chunk": 1, "language": "zh", "avg_logprob": -0.09426167590469964, "no_speech_prob": 1.1892661334889087e-11, "compression_ratio": 1.3858520900321543, "source": "whisper" }, { "start": 653.04, "end": 653.94, "text": "美國散戶", "chunk": 1, "language": "zh", "avg_logprob": -0.09426167590469964, "no_speech_prob": 1.1892661334889087e-11, "compression_ratio": 1.3858520900321543, "source": "whisper" }, { "start": 653.94, "end": 656.26, "text": "他持有美債的比例是9%", "chunk": 1, "language": "zh", "avg_logprob": -0.09426167590469964, "no_speech_prob": 1.1892661334889087e-11, "compression_ratio": 1.3858520900321543, "source": "whisper" }, { "start": 656.26, "end": 657.6, "text": "其實很可以理解啦", "chunk": 1, "language": "zh", "avg_logprob": -0.09426167590469964, "no_speech_prob": 1.1892661334889087e-11, "compression_ratio": 1.3858520900321543, "source": "whisper" }, { "start": 657.6, "end": 659.22, "text": "因為日本你這麼低的利率", "chunk": 1, "language": "zh", "avg_logprob": -0.09426167590469964, "no_speech_prob": 1.1892661334889087e-11, "compression_ratio": 1.3858520900321543, "source": "whisper" }, { "start": 659.22, "end": 661.08, "text": "我放在你這個公債上面", "chunk": 1, "language": "zh", "avg_logprob": -0.09426167590469964, "no_speech_prob": 1.1892661334889087e-11, "compression_ratio": 1.3858520900321543, "source": "whisper" }, { "start": 661.08, "end": 662.08, "text": "不是很傻嗎", "chunk": 1, "language": "zh", "avg_logprob": -0.09426167590469964, "no_speech_prob": 1.1892661334889087e-11, "compression_ratio": 1.3858520900321543, "source": "whisper" }, { "start": 662.08, "end": 664.58, "text": "那所以我把錢放到海外去", "chunk": 1, "language": "zh", "avg_logprob": -0.09426167590469964, "no_speech_prob": 1.1892661334889087e-11, "compression_ratio": 1.3858520900321543, "source": "whisper" }, { "start": 664.58, "end": 665.64, "text": "也比較合理", "chunk": 1, "language": "zh", "avg_logprob": -0.09087439205335535, "no_speech_prob": 1.6318736292819658e-11, "compression_ratio": 1.4092409240924093, "source": "whisper" }, { "start": 665.64, "end": 667.06, "text": "我即使買美國國債", "chunk": 1, "language": "zh", "avg_logprob": -0.09087439205335535, "no_speech_prob": 1.6318736292819658e-11, "compression_ratio": 1.4092409240924093, "source": "whisper" }, { "start": 667.06, "end": 668.68, "text": "也比收益也比你", "chunk": 1, "language": "zh", "avg_logprob": -0.09087439205335535, "no_speech_prob": 1.6318736292819658e-11, "compression_ratio": 1.4092409240924093, "source": "whisper" }, { "start": 668.68, "end": 669.84, "text": "這個日本國債要高", "chunk": 1, "language": "zh", "avg_logprob": -0.09087439205335535, "no_speech_prob": 1.6318736292819658e-11, "compression_ratio": 1.4092409240924093, "source": "whisper" }, { "start": 669.84, "end": 671.94, "text": "所以這個長期都形成", "chunk": 1, "language": "zh", "avg_logprob": -0.09087439205335535, "no_speech_prob": 1.6318736292819658e-11, "compression_ratio": 1.4092409240924093, "source": "whisper" }, { "start": 671.94, "end": 673.46, "text": "這樣的一個做法", "chunk": 1, "language": "zh", "avg_logprob": -0.09087439205335535, "no_speech_prob": 1.6318736292819658e-11, "compression_ratio": 1.4092409240924093, "source": "whisper" }, { "start": 673.46, "end": 675.52, "text": "這個是非常合理的安排", "chunk": 1, "language": "zh", "avg_logprob": -0.09087439205335535, "no_speech_prob": 1.6318736292819658e-11, "compression_ratio": 1.4092409240924093, "source": "whisper" }, { "start": 675.52, "end": 677.6, "text": "那現在也因為這樣", "chunk": 1, "language": "zh", "avg_logprob": -0.09087439205335535, "no_speech_prob": 1.6318736292819658e-11, "compression_ratio": 1.4092409240924093, "source": "whisper" }, { "start": 677.6, "end": 678.32, "text": "所以日本", "chunk": 1, "language": "zh", "avg_logprob": -0.09087439205335535, "no_speech_prob": 1.6318736292819658e-11, "compression_ratio": 1.4092409240924093, "source": "whisper" }, { "start": 678.32, "end": 679.86, "text": "因為它要吸收資源", "chunk": 1, "language": "zh", "avg_logprob": -0.09087439205335535, "no_speech_prob": 1.6318736292819658e-11, "compression_ratio": 1.4092409240924093, "source": "whisper" }, { "start": 679.86, "end": 680.68, "text": "它資源不夠", "chunk": 1, "language": "zh", "avg_logprob": -0.09087439205335535, "no_speech_prob": 1.6318736292819658e-11, "compression_ratio": 1.4092409240924093, "source": "whisper" }, { "start": 680.68, "end": 682.82, "text": "所以它要腦筋動到", "chunk": 1, "language": "zh", "avg_logprob": -0.09087439205335535, "no_speech_prob": 1.6318736292819658e-11, "compression_ratio": 1.4092409240924093, "source": "whisper" }, { "start": 682.82, "end": 684.5, "text": "日本個人的賬戶上面", "chunk": 1, "language": "zh", "avg_logprob": -0.09087439205335535, "no_speech_prob": 1.6318736292819658e-11, "compression_ratio": 1.4092409240924093, "source": "whisper" }, { "start": 684.5, "end": 685.36, "text": "所以財務省", "chunk": 1, "language": "zh", "avg_logprob": -0.09087439205335535, "no_speech_prob": 1.6318736292819658e-11, "compression_ratio": 1.4092409240924093, "source": "whisper" }, { "start": 685.36, "end": 686.92, "text": "它現在在做什麼事情", "chunk": 1, "language": "zh", "avg_logprob": -0.09087439205335535, "no_speech_prob": 1.6318736292819658e-11, "compression_ratio": 1.4092409240924093, "source": "whisper" }, { "start": 686.92, "end": 687.98, "text": "它全力推動", "chunk": 1, "language": "zh", "avg_logprob": -0.09087439205335535, "no_speech_prob": 1.6318736292819658e-11, "compression_ratio": 1.4092409240924093, "source": "whisper" }, { "start": 687.98, "end": 691.5, "text": "把JGB納入了NISA的免稅範圍", "chunk": 1, "language": "zh", "avg_logprob": -0.09087439205335535, "no_speech_prob": 1.6318736292819658e-11, "compression_ratio": 1.4092409240924093, "source": "whisper" }, { "start": 691.5, "end": 693.06, "text": "就是你投資日本的國債", "chunk": 1, "language": "zh", "avg_logprob": -0.09087439205335535, "no_speech_prob": 1.6318736292819658e-11, "compression_ratio": 1.4092409240924093, "source": "whisper" }, { "start": 693.06, "end": 694.54, "text": "我也讓你免稅", "chunk": 1, "language": "zh", "avg_logprob": -0.09087439205335535, "no_speech_prob": 1.6318736292819658e-11, "compression_ratio": 1.4092409240924093, "source": "whisper" }, { "start": 694.54, "end": 696.54, "text": "這也是配合高市掃描政府", "chunk": 1, "language": "zh", "avg_logprob": -0.10044377108654344, "no_speech_prob": 1.221993513322861e-11, "compression_ratio": 1.297945205479452, "source": "whisper" }, { "start": 696.54, "end": 697.38, "text": "他的目標", "chunk": 1, "language": "zh", "avg_logprob": -0.10044377108654344, "no_speech_prob": 1.221993513322861e-11, "compression_ratio": 1.297945205479452, "source": "whisper" }, { "start": 697.38, "end": 699.32, "text": "希望在2040年之前", "chunk": 1, "language": "zh", "avg_logprob": -0.10044377108654344, "no_speech_prob": 1.221993513322861e-11, "compression_ratio": 1.297945205479452, "source": "whisper" }, { "start": 699.32, "end": 702.04, "text": "將加戶金融資產中的股票", "chunk": 1, "language": "zh", "avg_logprob": -0.10044377108654344, "no_speech_prob": 1.221993513322861e-11, "compression_ratio": 1.297945205479452, "source": "whisper" }, { "start": 702.04, "end": 703.92, "text": "基金和債券的比例", "chunk": 1, "language": "zh", "avg_logprob": -0.10044377108654344, "no_speech_prob": 1.221993513322861e-11, "compression_ratio": 1.297945205479452, "source": "whisper" }, { "start": 703.92, "end": 706.72, "text": "有23%提升到40%", "chunk": 1, "language": "zh", "avg_logprob": -0.10044377108654344, "no_speech_prob": 1.221993513322861e-11, "compression_ratio": 1.297945205479452, "source": "whisper" }, { "start": 706.72, "end": 708.06, "text": "就是讓他更多的", "chunk": 1, "language": "zh", "avg_logprob": -0.10044377108654344, "no_speech_prob": 1.221993513322861e-11, "compression_ratio": 1.297945205479452, "source": "whisper" }, { "start": 708.06, "end": 709.5, "text": "這個日本人手上的錢", "chunk": 1, "language": "zh", "avg_logprob": -0.10044377108654344, "no_speech_prob": 1.221993513322861e-11, "compression_ratio": 1.297945205479452, "source": "whisper" }, { "start": 709.5, "end": 711.06, "text": "可以為盡到", "chunk": 1, "language": "zh", "avg_logprob": -0.10044377108654344, "no_speech_prob": 1.221993513322861e-11, "compression_ratio": 1.297945205479452, "source": "whisper" }, { "start": 711.06, "end": 712.66, "text": "還是留在日本國內", "chunk": 1, "language": "zh", "avg_logprob": -0.10044377108654344, "no_speech_prob": 1.221993513322861e-11, "compression_ratio": 1.297945205479452, "source": "whisper" }, { "start": 712.66, "end": 713.84, "text": "所以日本政府呢", "chunk": 1, "language": "zh", "avg_logprob": -0.10044377108654344, "no_speech_prob": 1.221993513322861e-11, "compression_ratio": 1.297945205479452, "source": "whisper" }, { "start": 713.84, "end": 714.64, "text": "其實講白了", "chunk": 1, "language": "zh", "avg_logprob": -0.10044377108654344, "no_speech_prob": 1.221993513322861e-11, "compression_ratio": 1.297945205479452, "source": "whisper" }, { "start": 714.64, "end": 717.68, "text": "他就是推動把民間散戶的", "chunk": 1, "language": "zh", "avg_logprob": -0.10044377108654344, "no_speech_prob": 1.221993513322861e-11, "compression_ratio": 1.297945205479452, "source": "whisper" }, { "start": 717.68, "end": 720.82, "text": "這些老百姓的荷包裡面的錢", "chunk": 1, "language": "zh", "avg_logprob": -0.10044377108654344, "no_speech_prob": 1.221993513322861e-11, "compression_ratio": 1.297945205479452, "source": "whisper" }, { "start": 720.82, "end": 721.8, "text": "賬戶裡面的錢", "chunk": 1, "language": "zh", "avg_logprob": -0.10044377108654344, "no_speech_prob": 1.221993513322861e-11, "compression_ratio": 1.297945205479452, "source": "whisper" }, { "start": 721.8, "end": 724.04, "text": "以及國家的主權債務", "chunk": 1, "language": "zh", "avg_logprob": -0.10044377108654344, "no_speech_prob": 1.221993513322861e-11, "compression_ratio": 1.297945205479452, "source": "whisper" }, { "start": 724.04, "end": 725.06, "text": "他強行繫結", "chunk": 1, "language": "zh", "avg_logprob": -0.0749917189280192, "no_speech_prob": 1.8180602856521233e-11, "compression_ratio": 1.3259493670886076, "source": "whisper" }, { "start": 725.06, "end": 725.9, "text": "換句話說", "chunk": 1, "language": "zh", "avg_logprob": -0.0749917189280192, "no_speech_prob": 1.8180602856521233e-11, "compression_ratio": 1.3259493670886076, "source": "whisper" }, { "start": 725.9, "end": 727.16, "text": "老百姓的儲蓄呢", "chunk": 1, "language": "zh", "avg_logprob": -0.0749917189280192, "no_speech_prob": 1.8180602856521233e-11, "compression_ratio": 1.3259493670886076, "source": "whisper" }, { "start": 727.16, "end": 729.58, "text": "他面對未不保的政府官僚", "chunk": 1, "language": "zh", "avg_logprob": -0.0749917189280192, "no_speech_prob": 1.8180602856521233e-11, "compression_ratio": 1.3259493670886076, "source": "whisper" }, { "start": 729.58, "end": 731.18, "text": "因為他開的支票越來越多", "chunk": 1, "language": "zh", "avg_logprob": -0.0749917189280192, "no_speech_prob": 1.8180602856521233e-11, "compression_ratio": 1.3259493670886076, "source": "whisper" }, { "start": 731.18, "end": 732.56, "text": "那怎麼辦呢", "chunk": 1, "language": "zh", "avg_logprob": -0.0749917189280192, "no_speech_prob": 1.8180602856521233e-11, "compression_ratio": 1.3259493670886076, "source": "whisper" }, { "start": 732.56, "end": 733.62, "text": "他沒有錢了", "chunk": 1, "language": "zh", "avg_logprob": -0.0749917189280192, "no_speech_prob": 1.8180602856521233e-11, "compression_ratio": 1.3259493670886076, "source": "whisper" }, { "start": 733.62, "end": 735.22, "text": "所以就來動老百姓的錢", "chunk": 1, "language": "zh", "avg_logprob": -0.0749917189280192, "no_speech_prob": 1.8180602856521233e-11, "compression_ratio": 1.3259493670886076, "source": "whisper" }, { "start": 735.22, "end": 736.64, "text": "就等於是在收拾", "chunk": 1, "language": "zh", "avg_logprob": -0.0749917189280192, "no_speech_prob": 1.8180602856521233e-11, "compression_ratio": 1.3259493670886076, "source": "whisper" }, { "start": 736.64, "end": 739.34, "text": "不但收拾過去幾十年的爛攤子", "chunk": 1, "language": "zh", "avg_logprob": -0.0749917189280192, "no_speech_prob": 1.8180602856521233e-11, "compression_ratio": 1.3259493670886076, "source": "whisper" }, { "start": 739.34, "end": 740.2, "text": "另外呢", "chunk": 1, "language": "zh", "avg_logprob": -0.0749917189280192, "no_speech_prob": 1.8180602856521233e-11, "compression_ratio": 1.3259493670886076, "source": "whisper" }, { "start": 740.2, "end": 741.28, "text": "他還要面對政府", "chunk": 1, "language": "zh", "avg_logprob": -0.0749917189280192, "no_speech_prob": 1.8180602856521233e-11, "compression_ratio": 1.3259493670886076, "source": "whisper" }, { "start": 741.28, "end": 743.7, "text": "他現在在搞的AI軍備競賽", "chunk": 1, "language": "zh", "avg_logprob": -0.0749917189280192, "no_speech_prob": 1.8180602856521233e-11, "compression_ratio": 1.3259493670886076, "source": "whisper" }, { "start": 743.7, "end": 746.12, "text": "其實我自己在寫這個研究報告", "chunk": 1, "language": "zh", "avg_logprob": -0.0749917189280192, "no_speech_prob": 1.8180602856521233e-11, "compression_ratio": 1.3259493670886076, "source": "whisper" }, { "start": 746.12, "end": 747.06, "text": "寫到這裡的時候", "chunk": 1, "language": "zh", "avg_logprob": -0.0749917189280192, "no_speech_prob": 1.8180602856521233e-11, "compression_ratio": 1.3259493670886076, "source": "whisper" }, { "start": 747.06, "end": 748.36, "text": "我就想到我", "chunk": 1, "language": "zh", "avg_logprob": -0.0749917189280192, "no_speech_prob": 1.8180602856521233e-11, "compression_ratio": 1.3259493670886076, "source": "whisper" }, { "start": 748.36, "end": 750.28, "text": "很多年前我看", "chunk": 1, "language": "zh", "avg_logprob": -0.0749917189280192, "no_speech_prob": 1.8180602856521233e-11, "compression_ratio": 1.3259493670886076, "source": "whisper" }, { "start": 750.28, "end": 752.76, "text": "大陸拍的那個走向共和", "chunk": 1, "language": "zh", "avg_logprob": -0.0749917189280192, "no_speech_prob": 1.8180602856521233e-11, "compression_ratio": 1.3259493670886076, "source": "whisper" }, { "start": 752.76, "end": 754.3, "text": "那個電視劇", "chunk": 1, "language": "zh", "avg_logprob": -0.09247977608128598, "no_speech_prob": 2.4491252775815653e-11, "compression_ratio": 1.4466019417475728, "source": "whisper" }, { "start": 754.3, "end": 755.3, "text": "它裡面有一段", "chunk": 1, "language": "zh", "avg_logprob": -0.09247977608128598, "no_speech_prob": 2.4491252775815653e-11, "compression_ratio": 1.4466019417475728, "source": "whisper" }, { "start": 755.3, "end": 756.46, "text": "就是在講到", "chunk": 1, "language": "zh", "avg_logprob": -0.09247977608128598, "no_speech_prob": 2.4491252775815653e-11, "compression_ratio": 1.4466019417475728, "source": "whisper" }, { "start": 756.46, "end": 758.12, "text": "它包含日本明治維新", "chunk": 1, "language": "zh", "avg_logprob": -0.09247977608128598, "no_speech_prob": 2.4491252775815653e-11, "compression_ratio": 1.4466019417475728, "source": "whisper" }, { "start": 758.12, "end": 758.98, "text": "還有之後", "chunk": 1, "language": "zh", "avg_logprob": -0.09247977608128598, "no_speech_prob": 2.4491252775815653e-11, "compression_ratio": 1.4466019417475728, "source": "whisper" }, { "start": 758.98, "end": 761.04, "text": "它到要打二戰", "chunk": 1, "language": "zh", "avg_logprob": -0.09247977608128598, "no_speech_prob": 2.4491252775815653e-11, "compression_ratio": 1.4466019417475728, "source": "whisper" }, { "start": 761.04, "end": 762.72, "text": "日本要打二戰的時候", "chunk": 1, "language": "zh", "avg_logprob": -0.09247977608128598, "no_speech_prob": 2.4491252775815653e-11, "compression_ratio": 1.4466019417475728, "source": "whisper" }, { "start": 762.72, "end": 763.76, "text": "當時的軍政府", "chunk": 1, "language": "zh", "avg_logprob": -0.09247977608128598, "no_speech_prob": 2.4491252775815653e-11, "compression_ratio": 1.4466019417475728, "source": "whisper" }, { "start": 763.76, "end": 765.46, "text": "其實日本也是資源有限", "chunk": 1, "language": "zh", "avg_logprob": -0.09247977608128598, "no_speech_prob": 2.4491252775815653e-11, "compression_ratio": 1.4466019417475728, "source": "whisper" }, { "start": 765.46, "end": 767.56, "text": "它也是徵用很多民間的資源", "chunk": 1, "language": "zh", "avg_logprob": -0.09247977608128598, "no_speech_prob": 2.4491252775815653e-11, "compression_ratio": 1.4466019417475728, "source": "whisper" }, { "start": 767.56, "end": 768.68, "text": "甚至老百姓", "chunk": 1, "language": "zh", "avg_logprob": -0.09247977608128598, "no_speech_prob": 2.4491252775815653e-11, "compression_ratio": 1.4466019417475728, "source": "whisper" }, { "start": 768.68, "end": 770.42, "text": "其實窮的都沒飯吃", "chunk": 1, "language": "zh", "avg_logprob": -0.09247977608128598, "no_speech_prob": 2.4491252775815653e-11, "compression_ratio": 1.4466019417475728, "source": "whisper" }, { "start": 770.42, "end": 771.44, "text": "都把家裡面的", "chunk": 1, "language": "zh", "avg_logprob": -0.09247977608128598, "no_speech_prob": 2.4491252775815653e-11, "compression_ratio": 1.4466019417475728, "source": "whisper" }, { "start": 771.44, "end": 772.42, "text": "等於說賣鍋賣鐵", "chunk": 1, "language": "zh", "avg_logprob": -0.09247977608128598, "no_speech_prob": 2.4491252775815653e-11, "compression_ratio": 1.4466019417475728, "source": "whisper" }, { "start": 772.42, "end": 774.0, "text": "所以他就請進老百姓", "chunk": 1, "language": "zh", "avg_logprob": -0.09247977608128598, "no_speech_prob": 2.4491252775815653e-11, "compression_ratio": 1.4466019417475728, "source": "whisper" }, { "start": 774.0, "end": 774.98, "text": "所有的資源", "chunk": 1, "language": "zh", "avg_logprob": -0.09247977608128598, "no_speech_prob": 2.4491252775815653e-11, "compression_ratio": 1.4466019417475728, "source": "whisper" }, { "start": 774.98, "end": 776.38, "text": "他為了去打這一戰", "chunk": 1, "language": "zh", "avg_logprob": -0.09247977608128598, "no_speech_prob": 2.4491252775815653e-11, "compression_ratio": 1.4466019417475728, "source": "whisper" }, { "start": 776.38, "end": 778.14, "text": "所以我自己寫到這邊", "chunk": 1, "language": "zh", "avg_logprob": -0.09247977608128598, "no_speech_prob": 2.4491252775815653e-11, "compression_ratio": 1.4466019417475728, "source": "whisper" }, { "start": 778.14, "end": 778.74, "text": "我就覺得", "chunk": 1, "language": "zh", "avg_logprob": -0.09247977608128598, "no_speech_prob": 2.4491252775815653e-11, "compression_ratio": 1.4466019417475728, "source": "whisper" }, { "start": 778.74, "end": 780.36, "text": "我還是覺得政府", "chunk": 1, "language": "zh", "avg_logprob": -0.09247977608128598, "no_speech_prob": 2.4491252775815653e-11, "compression_ratio": 1.4466019417475728, "source": "whisper" }, { "start": 780.36, "end": 782.68, "text": "其實是必須要做剋制", "chunk": 1, "language": "zh", "avg_logprob": -0.09247977608128598, "no_speech_prob": 2.4491252775815653e-11, "compression_ratio": 1.4466019417475728, "source": "whisper" }, { "start": 782.68, "end": 784.18, "text": "你不能讓政府", "chunk": 1, "language": "zh", "avg_logprob": -0.09837950107663176, "no_speech_prob": 3.345666105269984e-11, "compression_ratio": 1.471875, "source": "whisper" }, { "start": 784.18, "end": 786.26, "text": "政府變成一個胃不保的巨獸", "chunk": 1, "language": "zh", "avg_logprob": -0.09837950107663176, "no_speech_prob": 3.345666105269984e-11, "compression_ratio": 1.471875, "source": "whisper" }, { "start": 786.26, "end": 788.12, "text": "它一直在吸收資源", "chunk": 1, "language": "zh", "avg_logprob": -0.09837950107663176, "no_speech_prob": 3.345666105269984e-11, "compression_ratio": 1.471875, "source": "whisper" }, { "start": 788.12, "end": 791.18, "text": "日本現在就有點往這個方向去", "chunk": 1, "language": "zh", "avg_logprob": -0.09837950107663176, "no_speech_prob": 3.345666105269984e-11, "compression_ratio": 1.471875, "source": "whisper" }, { "start": 791.18, "end": 792.02, "text": "今天在講", "chunk": 1, "language": "zh", "avg_logprob": -0.09837950107663176, "no_speech_prob": 3.345666105269984e-11, "compression_ratio": 1.471875, "source": "whisper" }, { "start": 792.02, "end": 793.88, "text": "我們看資料的第三點", "chunk": 1, "language": "zh", "avg_logprob": -0.09837950107663176, "no_speech_prob": 3.345666105269984e-11, "compression_ratio": 1.471875, "source": "whisper" }, { "start": 793.88, "end": 794.68, "text": "我們來看", "chunk": 1, "language": "zh", "avg_logprob": -0.09837950107663176, "no_speech_prob": 3.345666105269984e-11, "compression_ratio": 1.471875, "source": "whisper" }, { "start": 794.68, "end": 795.58, "text": "我們一直在講", "chunk": 1, "language": "zh", "avg_logprob": -0.09837950107663176, "no_speech_prob": 3.345666105269984e-11, "compression_ratio": 1.471875, "source": "whisper" }, { "start": 795.58, "end": 796.88, "text": "日本有一個carry trade", "chunk": 1, "language": "zh", "avg_logprob": -0.09837950107663176, "no_speech_prob": 3.345666105269984e-11, "compression_ratio": 1.471875, "source": "whisper" }, { "start": 796.88, "end": 798.7, "text": "就是日元的套利交易", "chunk": 1, "language": "zh", "avg_logprob": -0.09837950107663176, "no_speech_prob": 3.345666105269984e-11, "compression_ratio": 1.471875, "source": "whisper" }, { "start": 798.7, "end": 799.58, "text": "所以我們來看", "chunk": 1, "language": "zh", "avg_logprob": -0.09837950107663176, "no_speech_prob": 3.345666105269984e-11, "compression_ratio": 1.471875, "source": "whisper" }, { "start": 799.58, "end": 801.1, "text": "它在做這件事情", "chunk": 1, "language": "zh", "avg_logprob": -0.09837950107663176, "no_speech_prob": 3.345666105269984e-11, "compression_ratio": 1.471875, "source": "whisper" }, { "start": 801.1, "end": 802.82, "text": "日本政府在做這件事情的時候", "chunk": 1, "language": "zh", "avg_logprob": -0.09837950107663176, "no_speech_prob": 3.345666105269984e-11, "compression_ratio": 1.471875, "source": "whisper" }, { "start": 802.82, "end": 804.88, "text": "它動用它的年金GPIF", "chunk": 1, "language": "zh", "avg_logprob": -0.09837950107663176, "no_speech_prob": 3.345666105269984e-11, "compression_ratio": 1.471875, "source": "whisper" }, { "start": 804.88, "end": 805.96, "text": "還有要把它的", "chunk": 1, "language": "zh", "avg_logprob": -0.09837950107663176, "no_speech_prob": 3.345666105269984e-11, "compression_ratio": 1.471875, "source": "whisper" }, { "start": 805.96, "end": 807.54, "text": "日本的加戶資金迴流", "chunk": 1, "language": "zh", "avg_logprob": -0.09837950107663176, "no_speech_prob": 3.345666105269984e-11, "compression_ratio": 1.471875, "source": "whisper" }, { "start": 807.54, "end": 809.04, "text": "對國際投資人來講", "chunk": 1, "language": "zh", "avg_logprob": -0.09837950107663176, "no_speech_prob": 3.345666105269984e-11, "compression_ratio": 1.471875, "source": "whisper" }, { "start": 809.04, "end": 810.54, "text": "我們要怎麼看這件事情", "chunk": 1, "language": "zh", "avg_logprob": -0.09837950107663176, "no_speech_prob": 3.345666105269984e-11, "compression_ratio": 1.471875, "source": "whisper" }, { "start": 810.54, "end": 812.28, "text": "所以這是我今天要談的", "chunk": 1, "language": "zh", "avg_logprob": -0.09837950107663176, "no_speech_prob": 3.345666105269984e-11, "compression_ratio": 1.471875, "source": "whisper" }, { "start": 812.28, "end": 814.22, "text": "第三點就是Carrie Trade", "chunk": 1, "language": "zh", "avg_logprob": -0.10728423400495038, "no_speech_prob": 1.6961579710206287e-11, "compression_ratio": 1.318032786885246, "source": "whisper" }, { "start": 814.22, "end": 818.18, "text": "Carrie Trade它現在看起來是有要動搖了", "chunk": 1, "language": "zh", "avg_logprob": -0.10728423400495038, "no_speech_prob": 1.6961579710206287e-11, "compression_ratio": 1.318032786885246, "source": "whisper" }, { "start": 818.18, "end": 819.06, "text": "甚至要瓦解", "chunk": 1, "language": "zh", "avg_logprob": -0.10728423400495038, "no_speech_prob": 1.6961579710206287e-11, "compression_ratio": 1.318032786885246, "source": "whisper" }, { "start": 819.06, "end": 822.04, "text": "因為日本的套利交易就是Japan Yen", "chunk": 1, "language": "zh", "avg_logprob": -0.10728423400495038, "no_speech_prob": 1.6961579710206287e-11, "compression_ratio": 1.318032786885246, "source": "whisper" }, { "start": 822.04, "end": 824.7, "text": "Carrie Trade它的結構性已經開始轉折", "chunk": 1, "language": "zh", "avg_logprob": -0.10728423400495038, "no_speech_prob": 1.6961579710206287e-11, "compression_ratio": 1.318032786885246, "source": "whisper" }, { "start": 824.7, "end": 826.56, "text": "因為過去長達數十年", "chunk": 1, "language": "zh", "avg_logprob": -0.10728423400495038, "no_speech_prob": 1.6961579710206287e-11, "compression_ratio": 1.318032786885246, "source": "whisper" }, { "start": 826.56, "end": 829.92, "text": "全世界最受歡迎的交易之一就是借日元", "chunk": 1, "language": "zh", "avg_logprob": -0.10728423400495038, "no_speech_prob": 1.6961579710206287e-11, "compression_ratio": 1.318032786885246, "source": "whisper" }, { "start": 829.92, "end": 831.66, "text": "然後投海外的資產", "chunk": 1, "language": "zh", "avg_logprob": -0.10728423400495038, "no_speech_prob": 1.6961579710206287e-11, "compression_ratio": 1.318032786885246, "source": "whisper" }, { "start": 831.66, "end": 834.16, "text": "因為海外資產利息比較高", "chunk": 1, "language": "zh", "avg_logprob": -0.10728423400495038, "no_speech_prob": 1.6961579710206287e-11, "compression_ratio": 1.318032786885246, "source": "whisper" }, { "start": 834.16, "end": 835.08, "text": "收益比較高", "chunk": 1, "language": "zh", "avg_logprob": -0.10728423400495038, "no_speech_prob": 1.6961579710206287e-11, "compression_ratio": 1.318032786885246, "source": "whisper" }, { "start": 835.08, "end": 838.14, "text": "可是日元是利息成本非常的低", "chunk": 1, "language": "zh", "avg_logprob": -0.10728423400495038, "no_speech_prob": 1.6961579710206287e-11, "compression_ratio": 1.318032786885246, "source": "whisper" }, { "start": 838.14, "end": 840.42, "text": "甚至有一段時間它是負利率", "chunk": 1, "language": "zh", "avg_logprob": -0.10728423400495038, "no_speech_prob": 1.6961579710206287e-11, "compression_ratio": 1.318032786885246, "source": "whisper" }, { "start": 840.42, "end": 842.32, "text": "但是我們看當GPIF", "chunk": 1, "language": "zh", "avg_logprob": -0.11273520333426339, "no_speech_prob": 1.22207842803701e-11, "compression_ratio": 1.3052959501557633, "source": "whisper" }, { "start": 842.32, "end": 844.64, "text": "它減少海外資產的投資", "chunk": 1, "language": "zh", "avg_logprob": -0.11273520333426339, "no_speech_prob": 1.22207842803701e-11, "compression_ratio": 1.3052959501557633, "source": "whisper" }, { "start": 844.64, "end": 846.06, "text": "而且日本的散戶", "chunk": 1, "language": "zh", "avg_logprob": -0.11273520333426339, "no_speech_prob": 1.22207842803701e-11, "compression_ratio": 1.3052959501557633, "source": "whisper" }, { "start": 846.06, "end": 847.5, "text": "它也透過NISA", "chunk": 1, "language": "zh", "avg_logprob": -0.11273520333426339, "no_speech_prob": 1.22207842803701e-11, "compression_ratio": 1.3052959501557633, "source": "whisper" }, { "start": 847.5, "end": 849.64, "text": "迴流到它日本的國債的時候", "chunk": 1, "language": "zh", "avg_logprob": -0.11273520333426339, "no_speech_prob": 1.22207842803701e-11, "compression_ratio": 1.3052959501557633, "source": "whisper" }, { "start": 849.64, "end": 851.66, "text": "日元在結構上的賣壓", "chunk": 1, "language": "zh", "avg_logprob": -0.11273520333426339, "no_speech_prob": 1.22207842803701e-11, "compression_ratio": 1.3052959501557633, "source": "whisper" }, { "start": 851.66, "end": 853.26, "text": "就會稍微消停一些", "chunk": 1, "language": "zh", "avg_logprob": -0.11273520333426339, "no_speech_prob": 1.22207842803701e-11, "compression_ratio": 1.3052959501557633, "source": "whisper" }, { "start": 853.26, "end": 856.24, "text": "那靠日元單向貶值來躺賺的", "chunk": 1, "language": "zh", "avg_logprob": -0.11273520333426339, "no_speech_prob": 1.22207842803701e-11, "compression_ratio": 1.3052959501557633, "source": "whisper" }, { "start": 856.24, "end": 858.66, "text": "Carrie Trade的時代就走向終結", "chunk": 1, "language": "zh", "avg_logprob": -0.11273520333426339, "no_speech_prob": 1.22207842803701e-11, "compression_ratio": 1.3052959501557633, "source": "whisper" }, { "start": 858.66, "end": 860.34, "text": "那我們對投資人來講", "chunk": 1, "language": "zh", "avg_logprob": -0.11273520333426339, "no_speech_prob": 1.22207842803701e-11, "compression_ratio": 1.3052959501557633, "source": "whisper" }, { "start": 860.34, "end": 861.68, "text": "我們要注意什麼呢", "chunk": 1, "language": "zh", "avg_logprob": -0.11273520333426339, "no_speech_prob": 1.22207842803701e-11, "compression_ratio": 1.3052959501557633, "source": "whisper" }, { "start": 861.68, "end": 863.0, "text": "就是第一個我們還是要注意", "chunk": 1, "language": "zh", "avg_logprob": -0.11273520333426339, "no_speech_prob": 1.22207842803701e-11, "compression_ratio": 1.3052959501557633, "source": "whisper" }, { "start": 863.0, "end": 864.88, "text": "外匯避險的這個成本", "chunk": 1, "language": "zh", "avg_logprob": -0.11273520333426339, "no_speech_prob": 1.22207842803701e-11, "compression_ratio": 1.3052959501557633, "source": "whisper" }, { "start": 864.88, "end": 866.32, "text": "現在這個情況之下", "chunk": 1, "language": "zh", "avg_logprob": -0.11273520333426339, "no_speech_prob": 1.22207842803701e-11, "compression_ratio": 1.3052959501557633, "source": "whisper" }, { "start": 866.32, "end": 868.82, "text": "海外的低值利率的債券的", "chunk": 1, "language": "zh", "avg_logprob": -0.11273520333426339, "no_speech_prob": 1.22207842803701e-11, "compression_ratio": 1.3052959501557633, "source": "whisper" }, { "start": 868.82, "end": 871.64, "text": "它的實質收益已經轉為負向", "chunk": 1, "language": "zh", "avg_logprob": -0.0755802985676174, "no_speech_prob": 1.6500297655985818e-11, "compression_ratio": 1.394904458598726, "source": "whisper" }, { "start": 871.64, "end": 873.3, "text": "等於說日本的它的動向", "chunk": 1, "language": "zh", "avg_logprob": -0.0755802985676174, "no_speech_prob": 1.6500297655985818e-11, "compression_ratio": 1.394904458598726, "source": "whisper" }, { "start": 873.3, "end": 875.26, "text": "對我們確實是有一些影響", "chunk": 1, "language": "zh", "avg_logprob": -0.0755802985676174, "no_speech_prob": 1.6500297655985818e-11, "compression_ratio": 1.394904458598726, "source": "whisper" }, { "start": 875.26, "end": 877.26, "text": "對於我們一般的投資人來講", "chunk": 1, "language": "zh", "avg_logprob": -0.0755802985676174, "no_speech_prob": 1.6500297655985818e-11, "compression_ratio": 1.394904458598726, "source": "whisper" }, { "start": 877.26, "end": 877.92, "text": "你要審", "chunk": 1, "language": "zh", "avg_logprob": -0.0755802985676174, "no_speech_prob": 1.6500297655985818e-11, "compression_ratio": 1.394904458598726, "source": "whisper" }, { "start": 877.92, "end": 879.04, "text": "我們可能審視一下", "chunk": 1, "language": "zh", "avg_logprob": -0.0755802985676174, "no_speech_prob": 1.6500297655985818e-11, "compression_ratio": 1.394904458598726, "source": "whisper" }, { "start": 879.04, "end": 880.94, "text": "我們手上的全球型的股票", "chunk": 1, "language": "zh", "avg_logprob": -0.0755802985676174, "no_speech_prob": 1.6500297655985818e-11, "compression_ratio": 1.394904458598726, "source": "whisper" }, { "start": 880.94, "end": 882.34, "text": "還有美股的ETF", "chunk": 1, "language": "zh", "avg_logprob": -0.0755802985676174, "no_speech_prob": 1.6500297655985818e-11, "compression_ratio": 1.394904458598726, "source": "whisper" }, { "start": 882.34, "end": 884.48, "text": "如果我們不做外匯避險的話", "chunk": 1, "language": "zh", "avg_logprob": -0.0755802985676174, "no_speech_prob": 1.6500297655985818e-11, "compression_ratio": 1.394904458598726, "source": "whisper" }, { "start": 884.48, "end": 887.54, "text": "未來可能會面臨說賺了股價", "chunk": 1, "language": "zh", "avg_logprob": -0.0755802985676174, "no_speech_prob": 1.6500297655985818e-11, "compression_ratio": 1.394904458598726, "source": "whisper" }, { "start": 887.54, "end": 889.14, "text": "會賠了日元", "chunk": 1, "language": "zh", "avg_logprob": -0.0755802985676174, "no_speech_prob": 1.6500297655985818e-11, "compression_ratio": 1.394904458598726, "source": "whisper" }, { "start": 889.14, "end": 890.62, "text": "所以這個要注意一下", "chunk": 1, "language": "zh", "avg_logprob": -0.0755802985676174, "no_speech_prob": 1.6500297655985818e-11, "compression_ratio": 1.394904458598726, "source": "whisper" }, { "start": 890.62, "end": 891.66, "text": "今天這一集呢", "chunk": 1, "language": "zh", "avg_logprob": -0.0755802985676174, "no_speech_prob": 1.6500297655985818e-11, "compression_ratio": 1.394904458598726, "source": "whisper" }, { "start": 891.66, "end": 892.8, "text": "我們談到的是", "chunk": 1, "language": "zh", "avg_logprob": -0.0755802985676174, "no_speech_prob": 1.6500297655985818e-11, "compression_ratio": 1.394904458598726, "source": "whisper" }, { "start": 892.8, "end": 894.32, "text": "日本政府動用了", "chunk": 1, "language": "zh", "avg_logprob": -0.0755802985676174, "no_speech_prob": 1.6500297655985818e-11, "compression_ratio": 1.394904458598726, "source": "whisper" }, { "start": 894.32, "end": 896.06, "text": "日本的吃老本的賬戶", "chunk": 1, "language": "zh", "avg_logprob": -0.0755802985676174, "no_speech_prob": 1.6500297655985818e-11, "compression_ratio": 1.394904458598726, "source": "whisper" }, { "start": 896.06, "end": 897.42, "text": "來為國家的經濟", "chunk": 1, "language": "zh", "avg_logprob": -0.0755802985676174, "no_speech_prob": 1.6500297655985818e-11, "compression_ratio": 1.394904458598726, "source": "whisper" }, { "start": 897.42, "end": 899.12, "text": "還有它的債務來背書", "chunk": 1, "language": "zh", "avg_logprob": -0.07716757910592216, "no_speech_prob": 1.2855683531598494e-11, "compression_ratio": 1.506896551724138, "source": "whisper" }, { "start": 899.12, "end": 901.68, "text": "那公開市場的日元和國債", "chunk": 1, "language": "zh", "avg_logprob": -0.07716757910592216, "no_speech_prob": 1.2855683531598494e-11, "compression_ratio": 1.506896551724138, "source": "whisper" }, { "start": 901.68, "end": 904.44, "text": "其實我們看到的只是第一個層面", "chunk": 1, "language": "zh", "avg_logprob": -0.07716757910592216, "no_speech_prob": 1.2855683531598494e-11, "compression_ratio": 1.506896551724138, "source": "whisper" }, { "start": 904.44, "end": 906.42, "text": "那下一期呢我想要來談一下", "chunk": 1, "language": "zh", "avg_logprob": -0.07716757910592216, "no_speech_prob": 1.2855683531598494e-11, "compression_ratio": 1.506896551724138, "source": "whisper" }, { "start": 906.42, "end": 907.34, "text": "其實這個是", "chunk": 1, "language": "zh", "avg_logprob": -0.07716757910592216, "no_speech_prob": 1.2855683531598494e-11, "compression_ratio": 1.506896551724138, "source": "whisper" }, { "start": 907.34, "end": 909.92, "text": "我覺得是更深一層的思考", "chunk": 1, "language": "zh", "avg_logprob": -0.07716757910592216, "no_speech_prob": 1.2855683531598494e-11, "compression_ratio": 1.506896551724138, "source": "whisper" }, { "start": 909.92, "end": 912.06, "text": "就是因為日本它現在也要允許", "chunk": 1, "language": "zh", "avg_logprob": -0.07716757910592216, "no_speech_prob": 1.2855683531598494e-11, "compression_ratio": 1.506896551724138, "source": "whisper" }, { "start": 912.06, "end": 913.3, "text": "它的GPIF", "chunk": 1, "language": "zh", "avg_logprob": -0.07716757910592216, "no_speech_prob": 1.2855683531598494e-11, "compression_ratio": 1.506896551724138, "source": "whisper" }, { "start": 913.3, "end": 916.16, "text": "投資日本本土的私募基金", "chunk": 1, "language": "zh", "avg_logprob": -0.07716757910592216, "no_speech_prob": 1.2855683531598494e-11, "compression_ratio": 1.506896551724138, "source": "whisper" }, { "start": 916.16, "end": 917.3, "text": "那這個私募基金", "chunk": 1, "language": "zh", "avg_logprob": -0.07716757910592216, "no_speech_prob": 1.2855683531598494e-11, "compression_ratio": 1.506896551724138, "source": "whisper" }, { "start": 917.3, "end": 919.1, "text": "其實不只是日本的GPIF", "chunk": 1, "language": "zh", "avg_logprob": -0.07716757910592216, "no_speech_prob": 1.2855683531598494e-11, "compression_ratio": 1.506896551724138, "source": "whisper" }, { "start": 919.1, "end": 920.64, "text": "就是它的退休基金", "chunk": 1, "language": "zh", "avg_logprob": -0.07716757910592216, "no_speech_prob": 1.2855683531598494e-11, "compression_ratio": 1.506896551724138, "source": "whisper" }, { "start": 920.64, "end": 922.72, "text": "被允許去投私募基金", "chunk": 1, "language": "zh", "avg_logprob": -0.07716757910592216, "no_speech_prob": 1.2855683531598494e-11, "compression_ratio": 1.506896551724138, "source": "whisper" }, { "start": 922.72, "end": 924.96, "text": "其實全球市場也在往這樣發展", "chunk": 1, "language": "zh", "avg_logprob": -0.07716757910592216, "no_speech_prob": 1.2855683531598494e-11, "compression_ratio": 1.506896551724138, "source": "whisper" }, { "start": 924.96, "end": 927.26, "text": "那這樣發展有哪些好處", "chunk": 1, "language": "zh", "avg_logprob": -0.07716757910592216, "no_speech_prob": 1.2855683531598494e-11, "compression_ratio": 1.506896551724138, "source": "whisper" }, { "start": 927.26, "end": 929.16, "text": "還有哪些潛在的風險呢", "chunk": 1, "language": "zh", "avg_logprob": -0.07776957035064697, "no_speech_prob": 1.3570033985388363e-11, "compression_ratio": 1.2169811320754718, "source": "whisper" }, { "start": 929.16, "end": 930.56, "text": "所以我想要來探討一下", "chunk": 1, "language": "zh", "avg_logprob": -0.07776957035064697, "no_speech_prob": 1.3570033985388363e-11, "compression_ratio": 1.2169811320754718, "source": "whisper" }, { "start": 930.56, "end": 931.56, "text": "我是魔王", "chunk": 1, "language": "zh", "avg_logprob": -0.07776957035064697, "no_speech_prob": 1.3570033985388363e-11, "compression_ratio": 1.2169811320754718, "source": "whisper" }, { "start": 931.56, "end": 932.96, "text": "頻道命名魔王想兩下", "chunk": 1, "language": "zh", "avg_logprob": -0.07776957035064697, "no_speech_prob": 1.3570033985388363e-11, "compression_ratio": 1.2169811320754718, "source": "whisper" }, { "start": 932.96, "end": 934.26, "text": "提醒自己多想一層", "chunk": 1, "language": "zh", "avg_logprob": -0.07776957035064697, "no_speech_prob": 1.3570033985388363e-11, "compression_ratio": 1.2169811320754718, "source": "whisper" }, { "start": 934.26, "end": 935.68, "text": "直面恐懼與貪婪", "chunk": 1, "language": "zh", "avg_logprob": -0.07776957035064697, "no_speech_prob": 1.3570033985388363e-11, "compression_ratio": 1.2169811320754718, "source": "whisper" }, { "start": 935.68, "end": 937.58, "text": "如果你喜歡這樣的分析方式", "chunk": 1, "language": "zh", "avg_logprob": -0.07776957035064697, "no_speech_prob": 1.3570033985388363e-11, "compression_ratio": 1.2169811320754718, "source": "whisper" }, { "start": 937.58, "end": 938.66, "text": "對於今天的題目", "chunk": 1, "language": "zh", "avg_logprob": -0.07776957035064697, "no_speech_prob": 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