diff -ur v40/ezmd.py v41/ezmd.py
--- v40/ezmd.py	2019-10-17 01:03:00.000000000 +0900
+++ v41/ezmd.py	2019-10-17 06:07:00.000000000 +0900
@@ -776,7 +776,7 @@
 
 	return f_o( outbuf.lst_get() )
 
-def ezmd(lst):
+def ezmd(lst, rec_exp=False):
 	lst = ['p'] + lst
 	(buf, hd_names) = ( [], [] )
 
@@ -785,7 +785,7 @@
 			r = do_macro( [e.s] )
 			(e.s, e.buf) = ( r[0], r[1:] + e.buf )
 
-		if outbuf.name == 'org':
+		if rec_exp:
 			macro_exp.append( e.s.replace('\n', '\\\n') )
 
 		next_mode_switch(e)
@@ -835,22 +835,24 @@
 		o.v = rm_nl_tag(o.v)
 	return o
 
-def s_to_tag_lst(s):
+def s_to_tag_lst(s, rec_exp=False):
 	lst = pre_split_esc_join(s, '\n')
 	lst = list( map( strip_tail, lst ) )
-	lst = ezmd(lst)
+	lst = ezmd(lst, rec_exp)
 	lst = list( map( rm_nl_tag, lst) )
 	return lst
 
 if __name__ == "__main__":
+	opt_E = '-E' in sys.argv
+
 	b = nkf.get_stdin()
 	(s, nkf_opt) = nkf.to_str(b)
 
-	lst = s_to_tag_lst(s)
+	lst = s_to_tag_lst(s, opt_E)
 	lst = flat_map( tag_to_dic, lst )
 
 	u8 = yaml_dump(lst)
-	if '-E' in sys.argv:
+	if opt_E:
 		s = '\n'.join(macro_exp)
 		u8 = nkf.str_to(s, '-u')
 	b = nkf.cvt(u8, nkf_opt) if nkf_opt != '-u' else u8