{"id":48874,"date":"2026-06-16T18:23:53","date_gmt":"2026-06-16T18:23:53","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/boj-%ed%9a%8c%ec%9d%98-%ed%9b%84-%eb%8b%ac%eb%9f%ac-%ec%97%94-%eb%b3%b4%ed%95%a9%ec%8b%9c%ec%84%a0%ec%9d%80-fed-%ea%b8%88%eb%a6%ac%ea%b2%b0%ec%a0%95%c2%b7%ec%9b%8c%ec%8b%9c%ec%9d%98-%ed%86%b5\/"},"modified":"2026-06-16T18:23:53","modified_gmt":"2026-06-16T18:23:53","slug":"boj-%ed%9a%8c%ec%9d%98-%ed%9b%84-%eb%8b%ac%eb%9f%ac-%ec%97%94-%eb%b3%b4%ed%95%a9%ec%8b%9c%ec%84%a0%ec%9d%80-fed-%ea%b8%88%eb%a6%ac%ea%b2%b0%ec%a0%95%c2%b7%ec%9b%8c%ec%8b%9c%ec%9d%98-%ed%86%b5","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/boj-%ed%9a%8c%ec%9d%98-%ed%9b%84-%eb%8b%ac%eb%9f%ac-%ec%97%94-%eb%b3%b4%ed%95%a9%ec%8b%9c%ec%84%a0%ec%9d%80-fed-%ea%b8%88%eb%a6%ac%ea%b2%b0%ec%a0%95%c2%b7%ec%9b%8c%ec%8b%9c%ec%9d%98-%ed%86%b5\/","title":{"rendered":"BOJ \ud68c\uc758 \ud6c4 \ub2ec\ub7ec\/\uc5d4 \ubcf4\ud569\u2026\uc2dc\uc120\uc740 Fed \uae08\ub9ac\uacb0\uc815\u00b7\uc6cc\uc2dc\uc758 \ud1b5\ud654\uc815\ucc45 \ud504\ub808\uc784\uc6cc\ud06c \uc2e0\ud638\ub85c \uc774\ub3d9"},"content":{"rendered":"<p>\ubbf8 \ub2ec\ub7ec\/\uc5d4(USD\/JPY)\uc740 \uc77c\ubcf8\uc740\ud589(BOJ) \ud68c\uc758 \uc774\ud6c4 \ud070 \ubcc0\ub3d9 \uc5c6\uc774 \uc6c0\uc9c1\uc600\uc73c\uba70, \uc2dc\uc7a5\uc758 \uad00\uc2ec\uc740 \ub2e4\uc74c \uc5f0\ubc29\uc900\ube44\uc81c\ub3c4(Fed) \uc815\ucc45 \uacb0\uc815\uacfc \uc0c8\ub85c \ud569\ub958\ud558\ub294 \uc6cc\uc2dc(Warsh) \uc5f0\uc900 \uc758\uc7a5(\ub610\ub294 \uc5f0\uc900 \uc218\uc7a5)\uc5d0\uac8c\ub85c \uc774\ub3d9\ud558\uace0 \uc788\ub2e4. BOJ\ub294 \uc815\ucc45\uae08\ub9ac\ub97c 1%\ub85c \uc778\uc0c1\ud558\uace0 \uc77c\ubcf8\uad6d\ucc44(JGB) \ub9e4\uc785 \uacc4\ud68d\uc744 \uc870\uc815\ud588\uc73c\uba70, \uc7a5\uae30\uae08\ub9ac\uac00 \uae09\ub4f1\ud560 \uacbd\uc6b0 \ub9e4\uc785\uc744 \ud655\ub300\ud560 \uc218 \uc788\ub2e4\ub294 \uac00\uc774\ub358\uc2a4\ub3c4 \ud3ec\ud568\ud588\ub2e4. \ub2e4\ub9cc \uc2dc\uc7a5\uc740 \uc5ec\uc804\ud788 \uc81c\ud55c\uc801\uc778 \ud6c4\uc18d \uc6c0\uc9c1\uc784\uc744 \ubc18\uc601\ud558\uace0 \uc788\ub2e4. \ub0b4\uc7ac\uae08\ub9ac\ub294 \ud5a5\ud6c4 6\uac1c\uc6d4 \ub3d9\uc548 \ucd94\uac00 \uae34\ucd95\uc774 15bp\uc5d0 \uadf8\uce60 \uac83\uc744 \uc2dc\uc0ac\ud55c\ub2e4.<\/p>\n<p>\ub77c\ubcf4\ubc45\ud06c(Rabobank)\uc758 \ud504\ub808\uc784\uc6cc\ud06c\ub294 BOJ\uac00 \ub354 \ube60\ub978 \uae34\ucd95 \uacbd\ub85c\uc5d0 \ub300\ud55c \ubcf4\ub2e4 \uba85\ud655\ud55c \uc2e0\ud638\ub97c \uc81c\uc2dc\ud560 \uacbd\uc6b0 \uc5d4\ud654\uac00 \uc9c0\uc9c0\ub97c \ubc1b\uc744 \uac83\uc73c\ub85c \ubcf8\ub2e4. \ub3d9\ud589\uc758 USD\/JPY 3\uac1c\uc6d4 \uc804\ub9dd\uc740 \uc5f0\ub9d0 \uc774\uc804 \ucd94\uac00 BOJ \uae34\ucd95\uc774 \ucee4\ubba4\ub2c8\ucf00\uc774\uc158\ub420 \uac83\uc744 \uc804\uc81c\ub85c \ud558\uba70, \uc774\ub294 \ud574\ub2f9 \uae30\uac04 USD\/JPY \ud558\ub77d(\uc5d4\ud654 \uac15\uc138) \uc2dc\ub098\ub9ac\uc624\uc640 \ubd80\ud569\ud55c\ub2e4. \ub2e8\uae30\uc801\uc73c\ub85c\ub294 \uc5f0\uc900\uc774 \ub2f9\ubd84\uac04 \uc815\ucc45\uc744 \ub3d9\uacb0\ud560 \uac83\uc774\ub780 \uc804\ub9dd \uc18d\uc5d0\uc11c \uc6cc\uc2dc\uac00 \ucee4\ubba4\ub2c8\ucf00\uc774\uc158 \uc2a4\ud0c0\uc77c\uacfc \uc815\ucc45 \ud504\ub808\uc784\uc6cc\ud06c\uc640 \uad00\ub828\ud574 \uc5b4\ub5a4 \ub2e8\uc11c\ub97c \ub0b4\ub193\ub294\uc9c0\uac00 \ud1b5\ud654\uc30d \ubc29\ud5a5\uc131\uc744 \uc88c\uc6b0\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub41c\ub2e4.<\/p>\n<h3>\uc2dc\uc7a5 \ud3ec\uc9c0\uc154\ub2dd\uacfc BOJ \uc804\ub9dd<\/h3>\n<p>\uc9c0\ub09c\uc8fc BOJ \ud68c\uc758 \uc774\ud6c4 USD\/JPY\ub294 \ub192\uc740 \uc218\uc900\uc744 \uc720\uc9c0\ud558\uace0 \uc788\uc73c\uba70, \ud604\uc7ac 159.50 \ubd80\uadfc\uc5d0\uc11c \uac70\ub798\ub418\uace0 \uc788\ub2e4. BOJ\uac00 \uc815\ucc45\uae08\ub9ac\ub97c 1%\ub85c \uc778\uc0c1\ud588\uc9c0\ub9cc, \ucd08\uc810\uc740 \uc774\uc81c \uc0c8\ub85c\uc6b4 \uc5f0\uc900 \ub9ac\ub354\uc2ed\uc774 \ub0b4\ub193\uc744 \uc2e0\ud638\ub85c \uc62e\uaca8\uac00\uace0 \uc788\ub2e4. \uc774\ub294 \ud5a5\ud6c4 \uc218\uc8fc \ub0b4 \uc5d4\ud654\uc5d0 \uc7a0\uc7ac\uc801\uc778 \uc804\ud658\uc810\uc774 \ub420 \uc218 \uc788\ub294 \ud658\uacbd\uc744 \uc870\uc131\ud55c\ub2e4.<\/p>\n<p>\uc2dc\uc7a5 \ub0b4\uc7ac\uae08\ub9ac\ub294 \ud2b8\ub808\uc774\ub354\ub4e4\uc774 BOJ\uc758 \ucd94\uac00 \uacf5\uaca9\uc801 \uae34\ucd95\uc744 \uc644\uc804\ud788 \ud655\uc2e0\ud558\uc9c0 \ubabb\ud558\uace0 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc900\ub2e4. OIS(\uc624\ubc84\ub098\uc774\ud2b8 \uc778\ub371\uc2a4 \uc2a4\uc651)\ub294 2026\ub144 \ub9d0\uae4c\uc9c0 \ucd94\uac00 25bp \uc778\uc0c1 1\ud68c\uc5d0 \ub300\ud574 \uc57d 60% \uc218\uc900\uc758 \ud655\ub960\ub9cc\uc744 \ubc18\uc601\ud558\uace0 \uc788\ub2e4. \uc774\ub294 \ud2b9\ud788 \uc778\ud50c\ub808\uc774\uc158\uc774 \uacac\uc870\ud55c \uc0c1\ud669\uc5d0\uc11c BOJ\uc758 \uc758\uc9c0\ub97c \uacfc\uc18c\ud3c9\uac00\ud55c \uac83\uc774\ub77c\uace0 \ubcf8\ub2e4.<\/p>\n<p>\uc77c\ubcf8\uc758 5\uc6d4 \uadfc\uc6d0\ubb3c\uac00(Core inflation)\ub294 2.9%\ub85c \uc9d1\uacc4\ub3fc \ub9e4\ud30c\uc801 \uc815\ucc45 \uae30\uc870\ub97c \ub4b7\ubc1b\uce68\ud558\ub294 \ud750\ub984\uc744 \uc774\uc5b4\uac14\ub2e4. \uc5ed\uc0ac\uc801\uc73c\ub85c \uad6d\ub0b4 \uc778\ud50c\ub808\uc774\uc158\uc774 \uc774\ucc98\ub7fc \ub048\uc9c8\uae30\uac8c \uc720\uc9c0\ub420 \ub54c \uc911\uc559\uc740\ud589\uc740 \uc2dc\uc7a5\uc758 \ucd08\uae30 \uc608\uc0c1\ubcf4\ub2e4 \uacb0\uad6d \ub354 \ub2e8\ud638\ud558\uac8c \ud589\ub3d9\ud558\ub294 \uacbd\uc6b0\uac00 \ub9ce\uc558\ub2e4. \uc774\ub294 \ud65c\uc6a9 \uac00\ub2a5\ud55c \uc7a0\uc7ac\uc801 \uac00\uaca9 \uc65c\uace1(mispricing)\uc744 \ub9cc\ub4e4\uc5b4\ub0bc \uc218 \uc788\ub2e4.<\/p>\n<h3>\uc5d4\ud654 \uac15\uc138\ub97c \uc704\ud55c \uc804\ub7b5<\/h3>\n<p>\uc774\ub294 \ud5a5\ud6c4 3\uac1c\uc6d4 \ub3d9\uc548 \uc5d4\ud654 \uac15\uc138\uc5d0 \ubca0\ud305\ud560 \uae30\ud68c\uac00 \uc788\uc74c\uc744 \uc2dc\uc0ac\ud55c\ub2e4. USD\/JPY \ud558\ub77d(\uc5d4\ud654 \uac15\uc138)\uc5d0\uc11c \uc774\uc775\uc744 \ubcf4\ub294 \uc635\uc158 \uc804\ub7b5, \uc608\ucee8\ub300 \uc5d4\ud654 \ucf5c(JPY call) \ub9e4\uc218 \ub610\ub294 \ub2ec\ub7ec \ud48b(USD put) \ub9e4\uc218 \uac19\uc740 \ud3ec\uc9c0\uc158\uc744 \uac80\ud1a0\ud558\uace0 \uc788\ub2e4. \uc774\ub7ec\ud55c \ud3ec\uc9c0\uc158\uc740 BOJ\uac00 \uc608\uc0c1\ubcf4\ub2e4 \uc774\ub978 \uc2dc\uc810\uc5d0 \ucd94\uac00 \uae34\ucd95 \uc2e0\ud638\ub97c \uc904 \uacbd\uc6b0 \uc774\ub97c \ud65c\uc6a9\ud560 \uc218 \uc788\ub294 \uc81c\ud55c\uc190\uc2e4(defined-risk) \ubc29\uc2dd\uc774\ub2e4.<\/p>\n<p>\ubbf8\uad6d \uc5f0\ubc29\uae30\uae08\uae08\ub9ac\uac00 4.75%\ub85c \ud6e8\uc52c \ub192\uc740 \uc218\uc900\uc5d0 \uc788\uae34 \ud558\uc9c0\ub9cc, \uc0c8 \uc5f0\uc900 \uc218\uc7a5\uc774 \ube44\ub458\uae30\ud30c\uc801(dovish) \uc2dc\uadf8\ub110\uc744 \uc904 \uacbd\uc6b0 USD\/JPY \ud558\ub77d\uc744 \uac00\uc18d\ud560 \uc218 \uc788\ub2e4. \uc9c0\ub09c 2\ub144\uac04 \ud070 \uae08\ub9ac \uaca9\ucc28\uac00 \uc5d4\ud654 \uc57d\uc138\ub97c \uc720\ub3c4\ud574\uc654\uc9c0\ub9cc, \uadf8 \ud750\ub984\uc774 \ubcc0\uace1\uc810\uc5d0 \uc811\uadfc\ud558\uace0 \uc788\uc744 \uc218 \uc788\ub2e4. \ud575\uc2ec\uc740 \uc2dc\uc7a5\uc758 \uc2dc\uc120\uc774 \uc5f0\uc900\uc5d0 \uc3e0\ub824 \uc788\ub294 \ubc18\uba74, \uc2e4\uc81c \u2018\uc11c\ud504\ub77c\uc774\uc988\u2019\ub294 \ub3c4\ucfc4\uc5d0\uc11c \ub098\uc62c \uc218 \uc788\ub2e4\ub294 \uc810\uc774\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ub2ec\ub7ec\/\uc5d4 159.5\uc120, BOJ \uae08\ub9ac 1% \uc778\uc0c1\uc5d0\ub3c4 \u2018\uc870\uc6a9\u2019. \ub0b4\uc7ac\uae08\ub9ac \ucd94\uac00 15bp\ub9cc \ubc18\uc601\ud574 \uc5d4 \uc800\ud3c9\uac00 \uac00\ub2a5. \ub2e4\uc74c \ubcc0\uc218\ub294 \uc6cc\uc2dc \uc5f0\uc900 \uc2e0\ud638, BOJ \ub9e4\ud30c \uc7ac\ud655\uc778 \uc2dc \uc5d4 \uac15\uc138\u00b7\uc635\uc158 \uc804\ub7b5 \ubd80\uac01.<\/p>\n","protected":false},"author":87,"featured_media":47701,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-48874","post","type-post","status-publish","format-standard","has-post-thumbnail","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\/48874","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\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/comments?post=48874"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/48874\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media\/47701"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=48874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=48874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=48874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}