{"id":29976,"date":"2026-03-10T10:16:22","date_gmt":"2026-03-10T10:16:22","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/nakamura-ongorulebilir-tahvil-alimi-azaltiminin-boja-uygun-oldugunu-soyledi-haziran-politika-toplantisi-oncesinde-piyasadan-gorus-toplanacak\/"},"modified":"2026-03-10T10:16:22","modified_gmt":"2026-03-10T10:16:22","slug":"nakamura-ongorulebilir-tahvil-alimi-azaltiminin-boja-uygun-oldugunu-soyledi-haziran-politika-toplantisi-oncesinde-piyasadan-gorus-toplanacak","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/nakamura-ongorulebilir-tahvil-alimi-azaltiminin-boja-uygun-oldugunu-soyledi-haziran-politika-toplantisi-oncesinde-piyasadan-gorus-toplanacak\/","title":{"rendered":"Nakamura, \u00f6ng\u00f6r\u00fclebilir tahvil al\u0131m\u0131 azalt\u0131m\u0131n\u0131n BOJ\u2019a uygun oldu\u011funu s\u00f6yledi; Haziran politika toplant\u0131s\u0131 \u00f6ncesinde piyasadan g\u00f6r\u00fc\u015f toplanacak"},"content":{"rendered":"Japonya Merkez Bankas\u0131 (BoJ) \u0130cra Direkt\u00f6r\u00fc Koji Nakamura, tahvil al\u0131mlar\u0131n\u0131 **\u00f6ng\u00f6r\u00fclebilir (piyasay\u0131 \u015fa\u015f\u0131rtmayacak) bir \u015fekilde** azaltman\u0131n uygun oldu\u011funu s\u00f6yledi. Nakamura, **Haziran** ay\u0131ndaki para politikas\u0131 toplant\u0131s\u0131 i\u00e7in yeni bir **tahvil al\u0131m\u0131n\u0131 kademeli azaltma plan\u0131** haz\u0131rlanaca\u011f\u0131n\u0131 belirtti.\n\nNakamura, plan\u0131 olu\u015ftururken farkl\u0131 piyasa kat\u0131l\u0131mc\u0131lar\u0131n\u0131n g\u00f6r\u00fc\u015flerini dinleyece\u011fini s\u00f6yledi. \u015eimdiye kadarki **tahvil al\u0131m azalt\u0131m\u0131n\u0131n** piyasan\u0131n i\u015fleyi\u015fini iyile\u015ftirmeye yard\u0131mc\u0131 oldu\u011funu, ancak BoJ\u2019un tahvil piyasas\u0131ndaki a\u011f\u0131rl\u0131\u011f\u0131n\u0131n h\u00e2l\u00e2 b\u00fcy\u00fck kald\u0131\u011f\u0131n\u0131 ifade etti.\n\nYaz\u0131m s\u0131ras\u0131nda USD\/JPY g\u00fcn i\u00e7inde %0,08 d\u00fc\u015f\u00fc\u015fle 157,55 seviyesindeydi.\n\nBoJ\u2019un kademeli s\u0131k\u0131la\u015fmas\u0131 (faizleri yava\u015f art\u0131rmas\u0131) **devlet tahvili faizlerini** yukar\u0131 itmeye devam ediyor. **10 y\u0131ll\u0131k Japon devlet tahvili (JGB) faizi** son d\u00f6nemde %1,10\u2019a \u00e7\u0131kt\u0131. Piyasada, bu e\u011filimin s\u00fcrmesi beklentisiyle baz\u0131 yat\u0131r\u0131mc\u0131lar **JGB vadeli i\u015flemlerinde \u201ck\u0131sa\u201d pozisyon** al\u0131yor. Bu, tahvil fiyat\u0131 d\u00fc\u015ft\u00fc\u011f\u00fcnde kazan\u00e7 hedefleyen bir pozisyon; \u00e7\u00fcnk\u00fc **tahvil faizi y\u00fckselirken fiyat\u0131 d\u00fc\u015fer**. Ama\u00e7, faizlerin bu y\u0131l %1,25\u2019e do\u011fru y\u00fckselmesi.\n\nGelecekte at\u0131lacak ad\u0131mlar\u0131n h\u0131z\u0131na dair belirsizlik, d\u00f6viz piyasas\u0131nda oynakl\u0131\u011f\u0131 art\u0131r\u0131yor. USD\/JPY **opsiyonlar\u0131nda** (belirli fiyattan al\u0131m\/sat\u0131m hakk\u0131 veren s\u00f6zle\u015fmeler) **1 ayl\u0131k ima edilen oynakl\u0131k** (opsiyon fiyatlar\u0131ndan \u00e7\u0131kan beklenen dalgalanma) son haftalarda %9,5\u2019e y\u00fckseldi; 2025\u2019in son \u00e7eyre\u011findeki %7,8 ortalamas\u0131n\u0131n \u00fczerinde. Bu ortamda **straddle** (ayn\u0131 vade ve kullan\u0131m fiyat\u0131yla hem al\u0131m hem sat\u0131m opsiyonu alma; kur hangi y\u00f6ne sert giderse gitsin kazan\u00e7 hedefler) gibi stratejiler \u00f6ne \u00e7\u0131k\u0131yor.\n\nBoJ i\u00e7in temel belirleyici, kal\u0131c\u0131 g\u00f6r\u00fcnen **yurti\u00e7i enflasyon**. Son ulusal **\u00e7ekirdek T\u00dcFE** (enerji ve taze g\u0131da gibi oynak kalemler hari\u00e7 enflasyon g\u00f6stergesi) %2,2\u2019de g\u00fc\u00e7l\u00fc kal\u0131rken, daha kararl\u0131 ad\u0131m atma bask\u0131s\u0131 art\u0131yor. \u00d6n\u00fcm\u00fczdeki haftalarda enflasyonun beklentiyi a\u015fmas\u0131, bir sonraki faiz art\u0131\u015f\u0131n\u0131n takvimini \u00f6ne \u00e7ekebilir.\n\nBizim i\u00e7in ana risk, tarihi **yen carry trade** i\u015flemlerinin (d\u00fc\u015f\u00fck faizli yenden bor\u00e7lan\u0131p daha y\u00fcksek faizli varl\u0131klara yat\u0131r\u0131m yapma) **d\u00fczensiz \u00e7\u00f6z\u00fclmesi**. 2025 sonundaki ilk \u00e7\u00f6z\u00fclme kontroll\u00fc olsa da, BoJ\u2019un beklenmedik \u015fekilde daha \u015fahin (faiz art\u0131rmaya daha yatk\u0131n) bir \u00e7izgiye ge\u00e7mesi yende h\u0131zl\u0131 de\u011ferlenmeyi tetikleyebilir. Bu nedenle, **out-of-the-money USD\/JPY put opsiyonu** (kullan\u0131m fiyat\u0131 mevcut kurun alt\u0131nda olan sat\u0131m opsiyonu; ani yen de\u011ferlenmesine kar\u015f\u0131 sigorta) ta\u015f\u0131mak, politika y\u00f6n\u00fcnde ani de\u011fi\u015fime kar\u015f\u0131 makul bir korunma arac\u0131 olarak g\u00f6r\u00fcl\u00fcyor.\n<p>\n\n<p><strong>Hemen i\u015flem yapmaya ba\u015flay\u0131n &#8211; Ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in <a href=\"https:\/\/www.vtmarkets.com\/tr\/trade-now\/\">buraya<\/a> t\u0131klay\u0131n <\/strong> <\/p>\n<!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>\u015eok edebilir mi? BoJ\u2019dan Nakamura, tahvil al\u0131mlar\u0131n\u0131n \u00f6ng\u00f6r\u00fclebilir azalt\u0131lmas\u0131n\u0131 savundu; Haziran\u2019da yeni plan geliyor. JGB faizleri %1,10\u2019da, carry trade \u00e7\u00f6z\u00fclmesi ve USD\/JPY oynakl\u0131\u011f\u0131 y\u00fckseliyor.<\/p>\n","protected":false},"author":87,"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-29976","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\/tr-mena\/wp-json\/wp\/v2\/posts\/29976","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=29976"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/29976\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=29976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=29976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=29976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}