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      "text": "掌管著將近300兆日元的龐大資產",
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      "text": "折合美金大約一兆8,000億",
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      "text": "這只巨獸將將近一半的資金全部",
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      "text": "砸向了海外的債券與股票市場",
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      "text": "這代表你我持有的美股指數基金背後",
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      "text": "都有日本資金在默默",
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      "id": 56,
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      "end": 139.0,
      "text": "很多普通人一定覺得非常不合理",
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      "end": 140.866,
      "text": "一個國家怎麼可能一邊在",
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      "id": 59,
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      "end": 142.9,
      "text": "國內欠下天文數字的債務",
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      "end": 144.666,
      "text": "另一邊卻又像個超級",
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      "end": 146.7,
      "text": "富豪一樣把錢撒向全世界",
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      "text": "我們必須穿越回30年前的日本",
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      "end": 152.666,
      "text": "自從經濟泡沫破裂之後",
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      "text": "日本陷入了現代經濟史",
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      "id": 66,
      "start": 154.533,
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      "text": "上最漫長的通貨緊縮",
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      "id": 67,
      "start": 156.666,
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      "text": "為解救這灘死水",
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      "text": "日本央行直接把基準利率砍到零",
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      "text": "在一個負債率超過200%的國家裡",
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      "text": "不會產生額外的資金成本",
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      "id": 73,
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      "text": "再加上國債幾乎都是國內機構買下",
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      "text": "整個國家的財政就能在",
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      "id": 75,
      "start": 174.6,
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      "text": "危險的鋼索上維持平衡",
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      "text": "同時這套0利率政策也催生出了一個",
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      "id": 77,
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      "end": 182.5,
      "text": "全球金融圈最肥美的灰色產業鏈",
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    },
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      "id": 78,
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      "end": 184.733,
      "text": "我們來想象一個極度荒謬",
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      "id": 79,
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      "end": 186.733,
      "text": "卻真實存在的商業場景",
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    },
    {
      "id": 80,
      "start": 187.133,
      "end": 189.066,
      "text": "跨國機構走進日本的銀行",
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    },
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      "id": 81,
      "start": 189.566,
      "end": 191.266,
      "text": "幾乎不用付出任何利息",
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    },
    {
      "id": 82,
      "start": 191.266,
      "end": 192.566,
      "text": "借出一大筆日元",
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      "id": 83,
      "start": 192.6,
      "end": 193.933,
      "text": "然後轉頭就把這些",
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      "id": 84,
      "start": 193.933,
      "end": 195.766,
      "text": "日元換成強勢的美元",
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      "id": 85,
      "start": 196.066,
      "end": 198.0,
      "text": "拿去購買每年可以穩定",
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      "timing_uncertain": false
    },
    {
      "id": 86,
      "start": 198.0,
      "end": 200.733,
      "text": "配發4%到5%利息的美國國債",
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    },
    {
      "id": 87,
      "start": 200.8,
      "end": 203.466,
      "text": "或者是投入不斷創新高的美國股市",
      "source": "source_caption",
      "timing_uncertain": false
    },
    {
      "id": 88,
      "start": 203.766,
      "end": 205.933,
      "text": "這種空手套白狼的把戲",
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    {
      "id": 89,
      "start": 205.933,
      "end": 208.8,
      "text": "在金融界被稱為日元套息交易",
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      "timing_uncertain": false
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      "start": 209.066,
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      "text": "只要海外投資的報酬率大於0",
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      "id": 92,
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      "end": 215.666,
      "text": "狂歡的無風險套利派對",
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      "end": 221.266,
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      "start": 226.133,
      "end": 227.166,
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      "id": 99,
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      "end": 231.2,
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      "end": 234.466,
      "text": "但最保守的估計也高達2,600億美元",
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      "id": 102,
      "start": 237.1,
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      "id": 103,
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      "end": 242.866,
      "text": "起來權威機構的推算數字甚至",
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      "id": 104,
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      "end": 245.266,
      "text": "達到了令人咋舌的9兆美元",
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      "text": "這揭示了一個極度殘酷的真相",
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      "id": 106,
      "start": 248.6,
      "end": 249.866,
      "text": "過去這十幾年來",
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      "id": 107,
      "start": 249.866,
      "end": 252.166,
      "text": "全球股市與房地產市場的狂飆",
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      "id": 108,
      "start": 252.4,
      "end": 255.166,
      "text": "很大一部分的基石其實是建立在",
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    {
      "id": 109,
      "start": 255.2,
      "end": 258.4,
      "text": "日本央行免費提供的廉價資金之上",
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    },
    {
      "id": 110,
      "start": 258.5,
      "end": 261.7,
      "text": "這就是推動全球資產泡沫的隱形引擎",
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      "id": 111,
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      "end": 264.566,
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      "id": 112,
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    {
      "id": 113,
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      "end": 270.6,
      "text": "在2020年後迎來了致命的轉折點",
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      "id": 114,
      "start": 270.866,
      "end": 273.266,
      "text": "隨著全球大印鈔的後遺症爆發",
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      "id": 115,
      "start": 273.5,
      "end": 276.7,
      "text": "沈睡已久的通貨膨脹巨獸徹底蘇醒",
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    },
    {
      "id": 116,
      "start": 277.466,
      "end": 279.1,
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    },
    {
      "id": 117,
      "start": 279.3,
      "end": 281.266,
      "text": "美國聯邦會從2022年開始",
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    },
    {
      "id": 118,
      "start": 281.266,
      "end": 283.2,
      "text": "啓動了史詩級的暴力升息",
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    },
    {
      "id": 119,
      "start": 283.4,
      "end": 284.9,
      "text": "將基準利率一路拉升",
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    },
    {
      "id": 120,
      "start": 284.9,
      "end": 287.2,
      "text": "到5%以上的歷史高位",
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      "id": 121,
      "start": 287.666,
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      "text": "歐洲央行與英國央行也",
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    {
      "id": 122,
      "start": 289.5,
      "end": 291.266,
      "text": "紛紛跟進升息的腳步",
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      "id": 123,
      "start": 291.4,
      "end": 293.533,
      "text": "就在全世界都在享受高息",
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    },
    {
      "id": 124,
      "start": 293.533,
      "end": 295.5,
      "text": "貨幣帶來的豐厚利潤時",
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    },
    {
      "id": 125,
      "start": 295.8,
      "end": 299.6,
      "text": "日本卻因為身上背著236%的沈重債務",
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    },
    {
      "id": 126,
      "start": 299.866,
      "end": 301.7,
      "text": "完全不敢輕舉妄動",
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    },
    {
      "id": 127,
      "start": 301.866,
      "end": 304.166,
      "text": "只能繼續死守著0利率底線",
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    },
    {
      "id": 128,
      "start": 304.533,
      "end": 306.3,
      "text": "導致巨大的利差出現",
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    },
    {
      "id": 129,
      "start": 306.466,
      "end": 308.733,
      "text": "當世界上最安全的資產美債",
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    {
      "id": 130,
      "start": 308.733,
      "end": 311.466,
      "text": "能提供超過5%的無風險報酬",
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    {
      "id": 131,
      "start": 311.7,
      "end": 313.333,
      "text": "而日元卻連一毛錢",
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      "id": 132,
      "start": 313.333,
      "end": 314.966,
      "text": "利息都生不出來的時候",
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    {
      "id": 133,
      "start": 315.5,
      "end": 318.666,
      "text": "資本市場展現出了最冷血的逐利本能",
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      "id": 134,
      "start": 318.9,
      "end": 321.566,
      "text": "全球資金開始瘋狂拋售日元",
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      "id": 135,
      "start": 321.766,
      "end": 323.333,
      "text": "導致日元對美元的",
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      "id": 136,
      "start": 323.333,
      "end": 325.2,
      "text": "匯率一路雪崩式暴跌",
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    {
      "id": 137,
      "start": 325.366,
      "end": 328.133,
      "text": "最慘烈的時候甚至跌破了160的防線",
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      "id": 138,
      "start": 328.333,
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      "text": "貶值幅度接近1/3",
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    {
      "id": 139,
      "start": 330.533,
      "end": 332.366,
      "text": "對於日本這個能源與糧食",
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      "id": 140,
      "start": 332.366,
      "end": 334.933,
      "text": "幾乎完全仰賴進口的島國來說",
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      "id": 141,
      "start": 335.2,
      "end": 337.0,
      "text": "匯率崩盤直接引爆了最",
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      "id": 142,
      "start": 337.0,
      "end": 339.333,
      "text": "可怕的輸入型通貨膨脹",
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      "id": 143,
      "start": 339.333,
      "end": 340.933,
      "text": "老百姓去超市買東西",
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      "id": 144,
      "start": 341.1,
      "end": 343.566,
      "text": "發現所有生活必需品的價格都",
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      "id": 145,
      "start": 343.566,
      "end": 346.566,
      "text": "在以肉眼可見的速度瘋狂飆漲",
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      "id": 146,
      "start": 347.1,
      "end": 350.366,
      "text": "30年來首度突破了2%的警戒線",
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      "id": 147,
      "start": 350.766,
      "end": 353.566,
      "text": "物價的失控終於打破了日本社會",
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      "id": 148,
      "start": 353.566,
      "end": 356.466,
      "text": "長達30年不漲薪水的恐怖僵局",
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      "id": 149,
      "start": 356.733,
      "end": 358.2,
      "text": "當吃一碗拉麵",
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      "id": 150,
      "start": 358.2,
      "end": 360.866,
      "text": "繳一次電費的成本都大幅增加時",
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      "id": 151,
      "start": 361.0,
      "end": 363.933,
      "text": "日本勞工再也無法忍受停滯的收入",
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      "id": 152,
      "start": 364.133,
      "end": 366.166,
      "text": "開始強硬要求企業加薪",
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      "id": 153,
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      "end": 368.733,
      "text": "根據最新的勞資談判結果",
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      "text": "日本全國平均薪資漲幅高達5.37%",
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      "id": 155,
      "start": 372.3,
      "end": 374.733,
      "text": "這不僅是半個世紀以來的最大漲幅",
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      "id": 156,
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      "end": 377.866,
      "text": "更是連續第三年薪資成長突破5%",
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      "id": 157,
      "start": 378.333,
      "end": 381.466,
      "text": "當薪資上漲與物價上漲開始互相追逐",
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      "id": 158,
      "start": 381.7,
      "end": 383.9,
      "text": "形成典型的通脹螺旋時",
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      "id": 159,
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      "end": 386.966,
      "text": "日本維持了30年的零利率經濟地基",
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      "id": 160,
      "start": 387.366,
      "end": 389.933,
      "text": "已經在不知不覺中徹底崩塌了",
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    },
    {
      "id": 161,
      "start": 390.066,
      "end": 391.866,
      "text": "逼迫日本政府必須立刻",
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    {
      "id": 162,
      "start": 391.866,
      "end": 393.933,
      "text": "做出痛苦的生死抉擇",
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      "id": 163,
      "start": 394.366,
      "end": 396.4,
      "text": "此刻的日本政府被逼到了",
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      "id": 164,
      "start": 396.4,
      "end": 398.9,
      "text": "一個充滿絕望的十字路口",
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      "id": 165,
      "start": 399.1,
      "end": 402.733,
      "text": "如果選擇強勢升息來保衛日元匯率",
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    {
      "id": 166,
      "start": 403.066,
      "end": 405.366,
      "text": "那麼日本央行手中持有的天量",
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    {
      "id": 167,
      "start": 405.366,
      "end": 408.333,
      "text": "國債將會面臨毀滅性的賬面虧損",
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    {
      "id": 168,
      "start": 408.533,
      "end": 410.3,
      "text": "甚至可能直接引爆國內",
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      "id": 169,
      "start": 410.3,
      "end": 412.166,
      "text": "債券市場的全面崩盤",
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      "timing_uncertain": false
    },
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      "id": 170,
      "start": 412.7,
      "end": 415.066,
      "text": "但如果選擇繼續裝死不升息",
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    },
    {
      "id": 171,
      "start": 415.333,
      "end": 417.666,
      "text": "日元就會像斷了線的風箏一樣",
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    {
      "id": 172,
      "start": 417.666,
      "end": 419.366,
      "text": "繼續深不見底的貶值",
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    },
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      "id": 173,
      "start": 419.6,
      "end": 421.2,
      "text": "老百姓的財富就會被",
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      "id": 174,
      "start": 421.2,
      "end": 423.0,
      "text": "通膨無情的吃乾抹淨",
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      "id": 175,
      "start": 423.566,
      "end": 425.533,
      "text": "日本曾經試圖砸下高達",
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    },
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      "id": 176,
      "start": 425.533,
      "end": 428.6,
      "text": "860多億美元的外匯儲備進場護盤",
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      "timing_uncertain": false
    },
    {
      "id": 177,
      "start": 428.766,
      "end": 430.6,
      "text": "甚至與美國聯手出擊",
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      "id": 178,
      "start": 430.9,
      "end": 434.1,
      "text": "結果這筆天文數字的資金丟進市場里",
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    },
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      "id": 179,
      "start": 434.166,
      "end": 435.866,
      "text": "連幾天的安寧都買不到",
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    },
    {
      "id": 180,
      "start": 435.866,
      "end": 438.5,
      "text": "對衝基金就在對面等著逢高做空",
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    },
    {
      "id": 181,
      "start": 438.933,
      "end": 440.666,
      "text": "經歷了慘痛的教訓後",
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      "id": 182,
      "start": 440.7,
      "end": 442.5,
      "text": "日本高層終於意識到",
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      "id": 183,
      "start": 442.5,
      "end": 444.133,
      "text": "在國際熱錢面前",
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      "id": 184,
      "start": 444.266,
      "end": 447.1,
      "text": "單純砸錢買日元根本沒有任何作用",
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      "id": 185,
      "start": 447.8,
      "end": 450.166,
      "text": "於是他們做出了一個震撼",
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      "id": 186,
      "start": 450.166,
      "end": 452.533,
      "text": "全球金融圈的戰略轉向",
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      "id": 187,
      "start": 452.733,
      "end": 454.266,
      "text": "放棄被動防守",
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      "text": "公開引導國內的養老",
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      "text": "將存放在海外的資金全面撤回",
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      "text": "轉向投資日本本土的資產",
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      "text": "向全球收賬了",
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      "start": 491.266,
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      "text": "已經悄悄逼近了4%的關卡",
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      "start": 504.2,
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      "text": "日本大型壽險公司來說",
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      "text": "這是一個決定性的瞬間過去",
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      "text": "他們冒著匯率波動的風險去買美債",
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      "id": 212,
      "start": 513.5,
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      "start": 514.966,
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      "text": "只要把錢留在自己的國家買國債",
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      "text": "就能安穩的賺取將近4%的無風險利息",
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      "text": "於是他們開始毫不猶豫的倒貨美債",
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      "id": 216,
      "start": 524.7,
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      "text": "將換回來的美元瘋狂",
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      "start": 528.4,
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      "text": "為了讓這場資金回流",
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      "text": "日本政府甚至祭出了一套",
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      "id": 221,
      "start": 533.466,
      "end": 535.4,
      "text": "極具顛覆性的軟性武器",
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      "text": "那就是全面擁抱加密貨幣",
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      "start": 538.133,
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      "text": "2026年3月",
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      "text": "日本金融廳向國會提交了",
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      "id": 225,
      "start": 541.7,
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      "text": "一份極具歷史意義的修正案",
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      "id": 226,
      "start": 544.133,
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      "id": 227,
      "start": 546.733,
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      "text": "傳統金融資產的監管框架內",
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      "id": 228,
      "start": 549.566,
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      "start": 551.066,
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      "text": "他們提議將加密貨幣的稅率",
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      "start": 553.5,
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      "text": "從原本令人望之卻步的55%",
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      "id": 232,
      "start": 558.3,
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      "text": "股票投資相同的20%",
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      "start": 562.0,
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      "text": "官員突然迷上了炒幣",
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      "text": "而是他們精心設計了",
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      "id": 236,
      "start": 565.666,
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      "text": "一條低稅率的黃金通道",
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      "id": 237,
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      "text": "準備將海外財富合法吸回本土體系",
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      "start": 571.3,
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      "text": "這套數位金融戰略中最精妙的一環",
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      "id": 239,
      "start": 574.333,
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      "start": 575.9,
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      "text": "日本不僅推動加密貨幣降稅",
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      "id": 241,
      "start": 578.5,
      "end": 580.133,
      "text": "更直接開放機構發行",
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      "id": 242,
      "start": 580.133,
      "end": 581.9,
      "text": "與日元掛鈎的穩定幣",
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      "text": "其中 一項最震撼的規定是",
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      "start": 584.766,
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      "text": "允許這些新發行的日元",
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      "text": "穩定幣將高達50%的底層",
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      "id": 246,
      "start": 589.733,
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      "text": "儲備金直接用來購買日本國債",
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      "start": 592.6,
      "end": 594.266,
      "text": "大家仔細想想這個邏輯",
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      "id": 248,
      "start": 594.4,
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      "text": "這等於是日本政府利用區塊鏈的技術",
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    },
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      "id": 249,
      "start": 597.333,
      "end": 599.2,
      "text": "憑空在數位世界里創造",
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      "id": 250,
      "start": 599.2,
      "end": 601.3,
      "text": "出了一個永遠不會背叛",
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      "id": 251,
      "start": 601.466,
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      "text": "且擁有龐大資金實力的國債買家",
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      "id": 252,
      "start": 605.066,
      "end": 606.366,
      "text": "這招借力打力",
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      "id": 253,
      "start": 606.366,
      "end": 608.133,
      "text": "不僅為國內搖搖欲墜的",
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      "id": 254,
      "start": 608.133,
      "end": 610.466,
      "text": "債券市場注入了一劑強心針",
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      "id": 255,
      "start": 611.0,
      "end": 612.466,
      "text": "更完美的消化了資金",
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    },
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      "id": 256,
      "start": 612.466,
      "end": 614.6,
      "text": "回流過程中的流動性問題",
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      "id": 257,
      "start": 614.8,
      "end": 616.266,
      "text": "手法極度高明",
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      "id": 258,
      "start": 616.7,
      "end": 618.533,
      "text": "除了這些精密的金融工程",
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      "id": 259,
      "start": 618.533,
      "end": 619.866,
      "text": "市場上還流傳著一種",
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      "id": 260,
      "start": 619.866,
      "end": 621.6,
      "text": "更為粗暴的硬派手段",
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      "id": 261,
      "start": 621.766,
      "end": 623.933,
      "text": "近期網絡上頻繁出現自稱是",
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      "id": 262,
      "start": 623.933,
      "end": 625.933,
      "text": "日本央行內部人士的發文",
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      "id": 263,
      "start": 626.333,
      "end": 628.333,
      "text": "他們搬出了1896年定定",
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      "id": 264,
      "start": 628.333,
      "end": 630.7,
      "text": "的日本民法第589條",
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      "id": 265,
      "start": 630.966,
      "end": 632.933,
      "text": "揚言日本政府將不惜",
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      "id": 266,
      "start": 632.933,
      "end": 634.933,
      "text": "動用這條古老的法規",
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    },
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      "id": 267,
      "start": 635.166,
      "end": 638.6,
      "text": "強制收回所有流落在海外的日元貸款",
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      "timing_uncertain": false
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      "id": 268,
      "start": 638.866,
      "end": 641.866,
      "text": "雖然日本的法律專家立刻出面澄清",
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    },
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      "id": 269,
      "start": 642.066,
      "end": 643.733,
      "text": "這條合約法根本不能",
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    },
    {
      "id": 270,
      "start": 643.733,
      "end": 645.9,
      "text": "用來強制干預跨境借貸",
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    },
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      "id": 271,
      "start": 646.3,
      "end": 648.166,
      "text": "但這種言論能夠在極短時間",
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      "id": 272,
      "start": 648.166,
      "end": 650.533,
      "text": "內獲得上百萬的轉發與閱讀",
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    },
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      "id": 273,
      "start": 650.666,
      "end": 652.766,
      "text": "本身就已經向全世界的投資人",
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      "id": 274,
      "start": 652.766,
      "end": 655.2,
      "text": "傳遞了一個極度危險的情緒訊號",
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    },
    {
      "id": 275,
      "start": 655.5,
      "end": 657.5,
      "text": "那就是日本要拿回自己的錢",
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      "id": 276,
      "start": 657.5,
      "end": 659.1,
      "text": "而且態度無比堅決",
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      "id": 277,
      "start": 659.4,
      "end": 660.966,
      "text": "當我們把視角拉高",
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      "timing_uncertain": false
    },
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      "id": 278,
      "start": 660.966,
      "end": 663.1,
      "text": "回顧過去30年的金融史",
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      "id": 279,
      "start": 663.3,
      "end": 664.766,
      "text": "就會發現一個令人",
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      "timing_uncertain": false
    },
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      "id": 280,
      "start": 664.766,
      "end": 666.6,
      "text": "毛骨悚然的鐵證規律",
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      "timing_uncertain": false
    },
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      "id": 281,
      "start": 667.1,
      "end": 668.866,
      "text": "歷史上每一次日元出現",
      "source": "source_caption",
      "timing_uncertain": false
    },
    {
      "id": 282,
      "start": 668.866,
      "end": 671.333,
      "text": "急速不正常的強勢升值",
      "source": "source_caption",
      "timing_uncertain": false
    },
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      "id": 283,
      "start": 671.366,
      "end": 674.333,
      "text": "背後都必定伴隨著全球性的金融災難",
      "source": "source_caption",
      "timing_uncertain": false
    },
    {
      "id": 284,
      "start": 674.733,
      "end": 676.0,
      "text": "回到1998年",
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      "id": 285,
      "start": 676.0,
      "end": 679.366,
      "text": "當時日元在短短三天內瘋狂升值了15%",
      "source": "source_caption",
      "timing_uncertain": false
    },
    {
      "id": 286,
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      "end": 681.4,
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      "id": 289,
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      "text": "經濟學家坐鎮的超級基金",
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      "text": "差點把整個美國金融",
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      "id": 292,
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      "text": "不得不破例出手進行緊急疏困",
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      "id": 296,
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      "id": 306,
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      "id": 309,
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      "id": 310,
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      "text": "就在日本央行剛宣佈升息的瞬間",
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      "id": 312,
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      "id": 313,
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      "text": "恐慌指數一天暴漲72%",
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      "id": 320,
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      "id": 323,
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      "id": 324,
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      "text": "根據美國監管機構的數據",
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      "text": "的投機部位依然龐大的嚇人",
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      "id": 329,
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      "id": 330,
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      "id": 332,
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      "text": "都更狂暴的連鎖斷頭潮",
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      "id": 333,
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      "id": 334,
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      "id": 335,
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      "text": "日本把錢叫回家",
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      "id": 338,
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      "text": "命脈的達摩克利斯之劍",
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      "id": 340,
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      "text": "30年的廉價資金地基開始崩解",
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      "id": 343,
      "start": 816.7,
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      "id": 344,
      "start": 818.733,
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      "text": "財富的轉移從來不是",
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      "text": "因為你做錯了什麼",
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      "text": "遊戲規則已經被人悄悄改寫",
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      "id": 349,
      "start": 828.533,
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      "text": "記住當全球最大債主開始暴力收賬",
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      "id": 350,
      "start": 831.7,
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      "text": "能保住本金的人才是這場",
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    },
    {
      "id": 351,
      "start": 834.366,
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      "text": "世紀風暴中最後的贏家",
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}