{"id":38733,"date":"2026-02-20T05:32:22","date_gmt":"2026-02-20T05:32:22","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/%ec%9d%bc%eb%b3%b8%ec%9d%98-1%ec%9b%94-%ec%8b%a0%ec%84%a0%ec%8b%9d%ed%92%88%ec%9d%84-%ec%a0%9c%ec%99%b8%ed%95%9c-%ea%b7%bc%ec%9b%90-%ec%86%8c%eb%b9%84%ec%9e%90%eb%ac%bc%ea%b0%80%ec%a7%80%ec%88%98cpi\/"},"modified":"2026-02-20T05:32:22","modified_gmt":"2026-02-20T05:32:22","slug":"%ec%9d%bc%eb%b3%b8%ec%9d%98-1%ec%9b%94-%ec%8b%a0%ec%84%a0%ec%8b%9d%ed%92%88%ec%9d%84-%ec%a0%9c%ec%99%b8%ed%95%9c-%ea%b7%bc%ec%9b%90-%ec%86%8c%eb%b9%84%ec%9e%90%eb%ac%bc%ea%b0%80%ec%a7%80%ec%88%98cpi","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/%ec%9d%bc%eb%b3%b8%ec%9d%98-1%ec%9b%94-%ec%8b%a0%ec%84%a0%ec%8b%9d%ed%92%88%ec%9d%84-%ec%a0%9c%ec%99%b8%ed%95%9c-%ea%b7%bc%ec%9b%90-%ec%86%8c%eb%b9%84%ec%9e%90%eb%ac%bc%ea%b0%80%ec%a7%80%ec%88%98cpi\/","title":{"rendered":"\uc77c\ubcf8\uc758 1\uc6d4 \uc2e0\uc120\uc2dd\ud488\uc744 \uc81c\uc678\ud55c \uadfc\uc6d0 \uc18c\ube44\uc790\ubb3c\uac00\uc9c0\uc218(CPI)\ub294 \uc2dc\uc7a5 \uc608\uc0c1\uc5d0 \ubd80\ud569\ud558\uba70 \uc804\ub144 \ub3d9\uc6d4 \ub300\ube44 2% \uc0c1\uc2b9\ud588\ub2e4."},"content":{"rendered":"\uc77c\ubcf8\uc758 \uc804\uad6d \uc18c\ube44\uc790\ubb3c\uac00\uc9c0\uc218(CPI, Consumer Price Index: \uc18c\ube44\uc790\uac00 \uc0ac\ub294 \ubb3c\uac74\uacfc \uc11c\ube44\uc2a4\uc758 \ud3c9\uade0 \uac00\uaca9 \ubcc0\ud654\ub97c \ubcf4\uc5ec\uc8fc\ub294 \uc9c0\ud45c)\uc5d0\uc11c **\uc2e0\uc120\uc2dd\ud488\uc744 \uc81c\uc678\ud55c \uc9c0\uc218**\uac00 1\uc6d4\uc5d0 \uc804\ub144 \ub300\ube44 2% \uc0c1\uc2b9\ud588\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uc608\uc0c1\uce58\uc640 \uac19\uc558\uc2b5\ub2c8\ub2e4.\n\n\uc774 \uc218\uce58\ub294 **\uadfc\uc6d0 CPI(core CPI: \ubcc0\ub3d9\uc774 \ud070 \uc2e0\uc120\uc2dd\ud488 \uac00\uaca9\uc744 \ube7c\uc11c, \ub2e8\uae30\uc801\uc778 \ucd9c\ub801\uc784\uc744 \uc904\uc774\uace0 \ubb3c\uac00 \ud750\ub984\uc744 \ub354 \uc798 \ubcf4\ub824\ub294 \uc9c0\ud45c)**\ub97c \ub73b\ud569\ub2c8\ub2e4. \uc774 \uc9c0\ud45c\ub294 \ub2e8\uae30 \ubcc0\ub3d9\uc774 \uc801\uc740 \uc0c1\ud0dc\uc5d0\uc11c **\ubb3c\uac00 \uc0c1\uc2b9(\uc778\ud50c\ub808\uc774\uc158: \uc804\ubc18\uc801\uc778 \uac00\uaca9 \uc218\uc900\uc774 \uc624\ub974\ub294 \ud604\uc0c1)** \ud750\ub984\uc744 \ucd94\uc801\ud558\ub294 \ub370 \uc0ac\uc6a9\ub429\ub2c8\ub2e4.\n\n

\uc77c\ubcf8\uc740\ud589(BoJ) \uc815\ucc45\uc5d0 \ubbf8\uce58\ub294 \uc601\ud5a5<\/h3>\n\uc77c\ubcf8\uc758 \uadfc\uc6d0 \ubb3c\uac00\uac00 \uc77c\ubcf8\uc740\ud589\uc758 **2% \ubaa9\ud45c**\uc5d0 \ub3c4\ub2ec\ud55c \uac83\uc740 \uc911\uc694\ud55c \uc804\ud658\uc810\uc774\ub77c\uace0 \ubd05\ub2c8\ub2e4. \uc608\uc0c1\uce58\uc640 \uac19\ub2e4\ub294 \uc810\uc740 \ub2f9\uc7a5\uc758 \ud070 \ucda9\uaca9\uc740 \uc5c6\ub2e4\ub294 \ub73b\uc774\uc9c0\ub9cc, \uc77c\ubcf8\uc740\ud589\uc774 **\ub9c8\uc774\ub108\uc2a4 \uae08\ub9ac \uc815\ucc45(negative interest rate policy: \ub3c8\uc744 \ub9e1\uae30\uba74 \uc774\uc790\ub97c \ubc1b\ub294 \ub300\uc2e0 \ube44\uc6a9\uc744 \ub0b4\ub294 \uc218\uc900\uc758 \ub9e4\uc6b0 \ub0ae\uc740 \uae08\ub9ac \uc815\ucc45)**\uc5d0\uc11c \uacb0\uad6d \ubc97\uc5b4\ub0a0 \uadfc\uac70\ub97c \ub354 \uac15\ud558\uac8c \ub9cc\ub4ed\ub2c8\ub2e4. 3\uc6d4\uc774\ub098 4\uc6d4 \ud68c\uc758\uc5d0\uc11c \uc758\ubbf8 \uc788\ub294 \uc815\ucc45 \ubcc0\ud654\uac00 \ub098\uc62c \uac00\ub2a5\uc131\uc5d0 \ub300\ube44\ud574\uc57c \ud569\ub2c8\ub2e4.\n\n\uc774 \ubcc0\ud654\ub294 **\uc5d4\ud654 \uac15\uc138(\uc5d4 \uac00\uce58 \uc0c1\uc2b9)**\ub85c \uc774\uc5b4\uc9c8 \uc218 \uc788\uace0, \uadf8 \uacb0\uacfc **USD\/JPY(\ub2ec\ub7ec\/\uc5d4 \ud658\uc728: \ub2ec\ub7ec 1\ub2ec\ub7ec\ub97c \uc0ac\ub294 \ub370 \ud544\uc694\ud55c \uc5d4\ud654 \uae08\uc561)**\uc5d0\ub294 \ud558\ub77d \uc555\ub825\uc774 \uc0dd\uae38 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ucd5c\uadfc \uc2dc\uc7a5\uc5d0\uc11c\ub294 **JPY \ucf5c\uc635\uc158(call option: \uc815\ud574\uc9c4 \uac00\uaca9\uc5d0 \uc0b4 \uc218 \uc788\ub294 \uad8c\ub9ac) \uc218\uc694**\uac00 \ud06c\uac8c \ub298\uc5c8\ub294\ub370, \uc774\ub294 \uc5d4\ud654\uac00 \ub354 \uac15\ud574\uc9c8 \uac83\uc774\ub77c\ub294 \uae30\ub300\uac00 \ucee4\uc9c0\uace0 \uc788\uc74c\uc744 \uc2dc\uc0ac\ud569\ub2c8\ub2e4. **140~142 \uc218\uc900**\uc73c\ub85c\uc758 \uc6c0\uc9c1\uc784\uc5d0 \ub300\ube44\ud574 **USD\/JPY \ud48b\uc635\uc158(put option: \uc815\ud574\uc9c4 \uac00\uaca9\uc5d0 \ud314 \uc218 \uc788\ub294 \uad8c\ub9ac)**\uc744 \ub9e4\uc218\ud558\uac70\ub098 **\uc120\ubb3c(futures: \ubbf8\ub798\uc758 \ud2b9\uc815 \uc2dc\uc810\uc5d0 \ubbf8\ub9ac \uc815\ud55c \uac00\uaca9\uc73c\ub85c \uc0ac\uace0\ud30c\ub294 \uacc4\uc57d)**\uc744 \ub9e4\ub3c4\ud558\ub294 \uc804\ub7b5\uc744 \uac80\ud1a0\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n**\uc218\uc775\ub960\uace1\uc120\ud1b5\uc81c(Yield Curve Control, YCC: \uc7a5\uae30 \uae08\ub9ac\uac00 \ud2b9\uc815 \uc218\uc900\uc744 \ub118\uc9c0 \uc54a\ub3c4\ub85d \uc911\uc559\uc740\ud589\uc774 \uad6d\ucc44\ub97c \uc0ac\uace0\ud314\uc544 \uae08\ub9ac\ub97c \uad00\ub9ac\ud558\ub294 \uc815\ucc45)**\uc758 \uc885\ub8cc\ub294 \u201c\ud560\uc9c0 \ub9d0\uc9c0\u201d\uac00 \uc544\ub2c8\ub77c \u201c\uc5b8\uc81c \ud560\uc9c0\u201d\uc758 \ubb38\uc81c\ub85c \ubcf4\uc785\ub2c8\ub2e4. \uc774\ub294 **\uc77c\ubcf8 \uad6d\ucc44(JGB, Japanese Government Bond: \uc77c\ubcf8 \uc815\ubd80\uac00 \ubc1c\ud589\ud558\ub294 \ucc44\uad8c) \uae08\ub9ac(\uc218\uc775\ub960: \ucc44\uad8c\uc774 \uc8fc\ub294 \uc774\uc775\ub960)**\uac00 \uc624\ub97c \uac00\ub2a5\uc131\uc744 \ub73b\ud569\ub2c8\ub2e4. \uc774\ubc88 \uc8fc \uae30\uc900\uc73c\ub85c **\uc624\ubc84\ub098\uc774\ud2b8 \uc778\ub371\uc2a4 \uc2a4\uc651(OIS: \ud558\ub8e8\uc9dc\ub9ac \uae30\uc900\uae08\ub9ac\uc5d0 \uc5f0\ub3d9\ub41c \uae08\ub9ac \uad50\ud658 \uacc4\uc57d\uc73c\ub85c, \uc2dc\uc7a5\uc774 \ubbf8\ub798 \uae08\ub9ac\ub97c \uc5b4\ub5bb\uac8c \uc608\uc0c1\ud558\ub294\uc9c0 \ubcf4\uc5ec\uc8fc\ub294 \uc9c0\ud45c)**\uc740 2026\ub144 4\uc6d4\uae4c\uc9c0 **10bp(\ubca0\uc774\uc2dc\uc2a4 \ud3ec\uc778\ud2b8: \uae08\ub9ac 0.01%p)** \uc778\uc0c1 \ud655\ub960\uc744 70%\ub85c \ubc18\uc601\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uae08\ub9ac \uc0c1\uc2b9(=\ucc44\uad8c \uac00\uaca9 \ud558\ub77d)\uc5d0 \ubca0\ud305\ud558\ub294 \uac00\uc7a5 \uc9c1\uc811\uc801\uc778 \ubc29\ubc95\uc73c\ub85c **JGB \uc120\ubb3c \ub9e4\ub3c4(\uc1fc\ud2b8: \uac00\uaca9 \ud558\ub77d\uc5d0 \ubca0\ud305\ud558\ub294 \uac70\ub798)**\ub97c \ub4e4 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uc8fc\uc2dd\uc758 \uacbd\uc6b0, \uc5d4\ud654 \uac15\uc138\ub294 \ubcf4\ud1b5 \uc218\ucd9c \ube44\uc911\uc774 \ud070 **\ub2db\ucf00\uc774 225 \uc9c0\uc218(Nikkei 225: \uc77c\ubcf8 \ub300\ud45c \uc8fc\uac00\uc9c0\uc218)**\uc5d0 \ubd88\ub9ac\ud558\uac8c \uc791\uc6a9\ud569\ub2c8\ub2e4. 2025\ub144 \ud558\ubc18\uae30\uc5d0\ub3c4 \uc5d4\ud654\uac00 \uac15\ud574\uc9c0\uba74\uc11c \uc9c0\uc218\uac00 \ud55c\ub54c 5% \ubc00\ub9b0 \uc0ac\ub840\uac00 \uc788\uc5c8\uc2b5\ub2c8\ub2e4. \uc55e\uc73c\ub85c \uba87 \uc8fc \ub3d9\uc548 \ud3ec\ud2b8\ud3f4\ub9ac\uc624\ub97c \ubcf4\ud638\ud558\ub824\uba74 **\ub2db\ucf00\uc774 \ud48b\uc635\uc158**\uc73c\ub85c \ubc29\uc5b4\ud558\uac70\ub098 **\uc9c0\uc218 \uc120\ubb3c \ub9e4\ub3c4**\ub85c \uc704\ud5d8\uc744 \uc904\uc774\ub294 \ubc29\ubc95\uc744 \uace0\ub824\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uc774\ubc88 \ubb3c\uac00 \uc0c1\uc2b9\uc774 2024~2025\ub144\uc5d0 \ubd24\ub358 \uc77c\uc2dc\uc801 \uae09\ub4f1\uacfc \ub2e4\ub978 \uc810\uc740 **\uc784\uae08 \uc0c1\uc2b9**\uc774 \ub4b7\ubc1b\uce68\ub41c\ub2e4\ub294 \uac83\uc785\ub2c8\ub2e4. \uc774\ubc88 \ub2ec **\ucd98\ud22c(shunto: \uc77c\ubcf8\uc758 \ubd04\ucca0 \uc784\uae08 \ub2e8\uccb4 \ud611\uc0c1)** \uad00\ub828 \ucd08\uae30 \ubcf4\uace0\uc5d0 \ub530\ub974\uba74 \ud3c9\uade0 \uc784\uae08 \uc778\uc0c1\ub960\uc774 3.5%\ub97c \ub118\uc744 \uc218 \uc788\uc73c\uba70, \uc774\ub294 \uc218\uc2ed \ub144 \ub9cc\uc5d0 \uac00\uc7a5 \ub192\uc740 \uc218\uc900\uc785\ub2c8\ub2e4. \uc774\ub294 \ubb3c\uac00 \uc0c1\uc2b9\uc774 \uc77c\uc2dc\uc801\uc774 \uc544\ub2c8\ub77c \ub354 \uc624\ub798\uac08 \uac00\ub2a5\uc131\uc744 \ubcf4\uc5ec\uc8fc\uace0, \uc77c\ubcf8\uc740\ud589\uc774 \uc815\ucc45 \ubcc0\ud654\ub97c \uc815\ub2f9\ud654\ud558\ub294 \ub9c8\uc9c0\ub9c9 \uadfc\uac70\ub97c \uc5bb\ub294 \ub370 \ub3c4\uc6c0\uc774 \ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n

\ubcc0\ub3d9\uc131(Volatility)\uacfc \ud3ec\uc9c0\uc154\ub2dd<\/h3>\n\ud575\uc2ec\uc740, \uc77c\ubcf8\uc740\ud589 \uc815\ucc45\uc73c\ub85c \uc624\ub7ab\ub3d9\uc548 \ub20c\ub824 \uc788\ub358 \uc77c\ubcf8 \uc2dc\uc7a5\uc5d0 **\ubcc0\ub3d9\uc131(volatility: \uac00\uaca9\uc774 \uc624\ub974\ub0b4\ub9ac\ub294 \ud3ed)**\uc774 \ub2e4\uc2dc \ucee4\uc9c8 \uc218 \uc788\ub2e4\ub294 \uc810\uc785\ub2c8\ub2e4. **\uc2a4\ud2b8\ub798\ub4e4(straddle: \uac19\uc740 \ub9cc\uae30\uc640 \uac19\uc740 \ud589\uc0ac\uac00\uc758 \ucf5c\uc635\uc158\uacfc \ud48b\uc635\uc158\uc744 \ud568\uaed8 \uc0ac\uc11c, \uac00\uaca9\uc774 \ud06c\uac8c \uc6c0\uc9c1\uc774\uba74 \uc774\uc775\uc744 \ub178\ub9ac\ub294 \uc804\ub7b5)**\ucc98\ub7fc \uac00\uaca9 \ubcc0\ub3d9\uc5d0\uc11c \uc774\uc775\uc744 \ub178\ub9ac\ub294 \uc635\uc158 \uc804\ub7b5\uc774 \uc720\uc6a9\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ub610\ud55c \uc77c\ubcf8\uc740\ud589 \uad00\uacc4\uc790 \ubc1c\uc5b8\uc758 **\ud1a4 \ubcc0\ud654**\ub97c \uba74\ubc00\ud788 \ubcfc \ud544\uc694\uac00 \uc788\uc2b5\ub2c8\ub2e4. \uc774\uc81c\ub294 \ub9d0 \ud55c\ub9c8\ub514\uac00 \uc2dc\uc7a5\uc5d0 \ud070 \uc601\ud5a5\uc744 \uc904 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\n

VT Markets \ub77c\uc774\ube0c \uacc4\uc815\uc744 \ub9cc\ub4e4\uace0 \uc9c0\uae08 \ubc14\ub85c \uac70\ub798<\/a>\ub97c \uc2dc\uc791\ud558\uc138\uc694.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

\uc77c\ubcf8 \ubb3c\uac00\uac00 BOJ \ubaa9\ud45c 2% \ub3c4\ub2ec\u2014\uc774\uc81c \uae08\ub9ac \uc815\uc0c1\ud654 \uc2dc\uc791? 1\uc6d4 \uadfc\uc6d0 CPI 2%\ub85c \uc804\ub9dd\uce58 \ubd80\ud569. \ub9c8\uc774\ub108\uc2a4 \uae08\ub9ac\u00b7YCC \uc885\ub8cc \uae30\ub300\uc5d0 \uc5d4 \uac15\uc138, USD\/JPY \ud558\ub77d, JGB \uae08\ub9ac \uc0c1\uc2b9, \ub2db\ucf00\uc774 \ubd80\ub2f4\u00b7\ubcc0\ub3d9\uc131 \ud655\ub300. – vtmarkets.com<\/p>\n","protected":false},"author":62,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-38733","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/38733","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/comments?post=38733"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/38733\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=38733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=38733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=38733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}