株価と経済

岸田首相「株主資本主義からの転換を重視する」 https://t.co/lxYXgOqnPT
この人が口を開く度に日経平均は下がるので、明日もあきまへんなー🤦‍♂️

— H.S. Kim (@xcvbnm67890) January 25, 2022

ただ、 株式市場と実体経済の関係については

大恐慌並みの景気悪化なのに｢株価上昇｣のなぜ

  株価と実体経済が連動しなくなってきた

Repeat After Me: The Markets Are Not the Economy

The two have been intertwined in the American psyche since the 1929 stock crash and the onset of the Great Depression. But stocks are not a reliable gauge of overall economic health.

The stock market looks increasingly divorced from economic reality.

Part of the reason is the makeup of the stock market, and the fact that the giant companies that make up the S&P 500 operate under very different circumstances than the nation’s small businesses, workers and cities and states. 

Rather, stock ownership is heavily skewed to the richest segments of the population, who are least likely to feel the pain of an economic downturn.

Economists who have studied the performance of stock markets over time say there’s relatively little evidence that economic growth matters to the outcome of the market at all.

With little quality economic information, many Americans saw the 1929 market collapse — the S&P fell an astounding 86 percent before bottoming in 1932 — as the event that caused the Great Depression. The close connection between the health of the economy and the health of the markets, in the minds of many Americans, had been forged.

全く関係ないとは言わないが、かなりゆるゆるの関係ともいわれる。

１）株価を牽引しているのは一握りの巨大企業　それ以外の企業の実績が反映されない

２）多くの人が株式を持っているアメリカでも、中産階級の株式保有率はかなり低い

心理的には、株価暴落が大恐慌を後に来たので前者が後者の原因じゃないか、と深く心に刻まれた、と。

Robert Reichなんかは企業が自社株買って株価引き上げているので実体と株価の乖離はますます激しくなる、と指摘をしていた。