{"id":30485,"date":"2026-03-17T06:10:02","date_gmt":"2026-03-17T06:10:02","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/ueda-cekirdek-enflasyonun-yuzde-2ye-dogru-yaklastigini-soyledi-merkez-bankasi-da-bunu-kalici-bicimde-guvence-altina-almak-icin-politikayi-yonlendiriyor\/"},"modified":"2026-03-17T06:10:02","modified_gmt":"2026-03-17T06:10:02","slug":"ueda-cekirdek-enflasyonun-yuzde-2ye-dogru-yaklastigini-soyledi-merkez-bankasi-da-bunu-kalici-bicimde-guvence-altina-almak-icin-politikayi-yonlendiriyor","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/ueda-cekirdek-enflasyonun-yuzde-2ye-dogru-yaklastigini-soyledi-merkez-bankasi-da-bunu-kalici-bicimde-guvence-altina-almak-icin-politikayi-yonlendiriyor\/","title":{"rendered":"Ueda, \u00e7ekirdek enflasyonun y\u00fczde 2\u2019ye do\u011fru yakla\u015ft\u0131\u011f\u0131n\u0131 s\u00f6yledi; merkez bankas\u0131 da bunu kal\u0131c\u0131 bi\u00e7imde g\u00fcvence alt\u0131na almak i\u00e7in politikay\u0131 y\u00f6nlendiriyor"},"content":{"rendered":"BoJ Ba\u015fkan\u0131 Kazuo Ueda, \u00e7ekirdek (altta yatan) enflasyonun kademeli olarak %2 hedefine yakla\u015ft\u0131\u011f\u0131n\u0131 s\u00f6yledi. Ueda, bankan\u0131n politikay\u0131 hedefe istikrarl\u0131 ve kal\u0131c\u0131 \u015fekilde ula\u015facak bi\u00e7imde y\u00f6netece\u011fini belirtti.\n\nBoJ, \u00e7ekirdek enflasyonun 2026 mali y\u0131l\u0131n\u0131n ikinci yar\u0131s\u0131ndan 2027 mali y\u0131l\u0131na kadar %2\u2019ye yak\u0131nsayaca\u011f\u0131n\u0131 \u00f6ng\u00f6r\u00fcyor. Yaz\u0131n\u0131n haz\u0131rland\u0131\u011f\u0131 s\u0131rada USD\/JPY %0,11 art\u0131\u015fla 159,21 seviyesindeydi.\n\n

Japonya Merkez Bankas\u0131\u2019n\u0131n G\u00f6revi<\/h3>\nJaponya Merkez Bankas\u0131 (BoJ), Japonya\u2019n\u0131n merkez bankas\u0131d\u0131r ve para politikas\u0131n\u0131 belirler. G\u00f6revleri aras\u0131nda banknot bas\u0131m\u0131 ve fiyat istikrar\u0131n\u0131 sa\u011flamak bulunur; enflasyon hedefi yakla\u015f\u0131k %2\u2019dir.\n\nBoJ, 2013\u2019te b\u00fcy\u00fcmeyi desteklemek ve enflasyonu art\u0131rmak i\u00e7in \u00e7ok gev\u015fek bir politika ba\u015flatt\u0131. \u201cNiceliksel ve Niteliksel Gev\u015feme (QQE)\u201d uygulad\u0131; bu, piyasaya para vererek devlet ve \u015firket tahvilleri gibi varl\u0131klar\u0131 sat\u0131n almas\u0131d\u0131r.\n\n2016\u2019da negatif faiz (bankalar\u0131n Merkez Bankas\u0131\u2019nda tuttu\u011fu paradan faiz \u00f6demesi) uygulamas\u0131na ge\u00e7ti ve 10 y\u0131ll\u0131k devlet tahvili getirisini kontrol etmeye ba\u015flad\u0131. Mart 2024\u2019te faizleri art\u0131rarak \u00e7ok gev\u015fek duru\u015ftan uzakla\u015ft\u0131.\n\nB\u00fcy\u00fck \u00f6l\u00e7ekli te\u015fvikler, yenin ba\u015fl\u0131ca para birimleri kar\u015f\u0131s\u0131nda de\u011fer kaybetmesine yol a\u00e7t\u0131. 2022 ve 2023\u2019te di\u011fer merkez bankalar\u0131n\u0131n faiz art\u0131rmas\u0131yla bask\u0131 artt\u0131. BoJ\u2019un gev\u015femeyi geri almaya ba\u015flamas\u0131n\u0131n ard\u0131ndan 2024\u2019te yen kayb\u0131n\u0131n bir k\u0131sm\u0131 telafi edildi.\n\nPolitika de\u011fi\u015fimi; zay\u0131f yen ve k\u00fcresel enerji fiyatlar\u0131ndaki art\u0131\u015f sonras\u0131 enflasyonun %2\u2019nin \u00fczerine \u00e7\u0131kmas\u0131n\u0131 izledi. \u00dccretlerde art\u0131\u015f bekleyi\u015fi de bu ad\u0131m\u0131 destekledi.\n\n

Yen ve Yat\u0131r\u0131mc\u0131lar \u0130\u00e7in Anlam\u0131<\/h3>\nUeda\u2019n\u0131n a\u00e7\u0131klamalar\u0131, BoJ\u2019un temkinli yakla\u015f\u0131m\u0131n\u0131 s\u00fcrd\u00fcrece\u011fine i\u015faret ediyor. Enflasyon do\u011fru y\u00f6ne gitse de faiz art\u0131r\u0131mlar\u0131n\u0131n yava\u015f ve kademeli olaca\u011f\u0131, k\u0131sa vadede belirgin bir s\u0131k\u0131la\u015fma beklenmemesi gerekti\u011fi mesaj\u0131 veriliyor. Bu da yenin zay\u0131fl\u0131\u011f\u0131n\u0131n temel nedeni olan \u201cfaiz fark\u0131n\u0131n\u201d (Japonya ile ABD gibi b\u00fcy\u00fck ekonomiler aras\u0131ndaki faiz oran\u0131 fark\u0131) yak\u0131n vadede korunabilece\u011fi anlam\u0131na geliyor.\n\nPiyasadaki ana dinamik \u201ccarry trade\u201dtir: Japonya\u2019daki \u00e7ok d\u00fc\u015f\u00fck faize yak\u0131n maliyetle yen bor\u00e7lan\u0131p, daha y\u00fcksek faiz veren \u00fclkelerin varl\u0131klar\u0131na (\u00f6r. dolar varl\u0131klar\u0131) yat\u0131r\u0131m yapma stratejisi. Japonya\u2019n\u0131n s\u0131f\u0131ra yak\u0131n faizleri ile ABD Merkez Bankas\u0131\u2019n\u0131n mevcut %4,0 politika faizi aras\u0131ndaki fark s\u00fcrd\u00fck\u00e7e yen \u00fczerinde bask\u0131 devam edebilir ve USD\/JPY gibi pariteler y\u00fcksek kalabilir. 159,21 seviyesi, piyasada yen bor\u00e7lan\u0131p dolar varl\u0131klar\u0131na yat\u0131r\u0131m yapman\u0131n h\u00e2l\u00e2 kazan\u00e7l\u0131 g\u00f6r\u00fcld\u00fc\u011f\u00fcn\u00fc yans\u0131t\u0131yor.\n\nMart 2024\u2019teki tarih\u00ee faiz art\u0131\u015f\u0131 da yol g\u00f6sterici. Bu ad\u0131m sonras\u0131 yen kal\u0131c\u0131 bi\u00e7imde g\u00fc\u00e7lenemedi; \u00e7\u00fcnk\u00fc BoJ k\u0131sa vadede yeni ve g\u00fc\u00e7l\u00fc bir s\u0131k\u0131la\u015fma sinyali vermedi. Bu tablo 2025 boyunca da devam etti. Bu ge\u00e7mi\u015f, tek bir ad\u0131m\u0131n, net ve agresif bir faiz art\u0131r\u0131m\u0131 d\u00f6ng\u00fcs\u00fc olmadan uzun vadeli trendi tersine \u00e7evirmeye yetmeyebilece\u011fini g\u00f6steriyor.\n\nSon veriler BoJ\u2019un sab\u0131rl\u0131 duru\u015funu desteklerken ilerisi i\u00e7in bask\u0131y\u0131 da art\u0131r\u0131yor. \u015eubat 2026 verilerine g\u00f6re \u00fclke genelinde \u00e7ekirdek enflasyon %2,5 ile iki y\u0131l\u0131 a\u015fk\u0131n s\u00fcredir hedefin \u00fczerinde. Ayr\u0131ca ilkbahardaki \u201cshunto\u201d \u00fccret g\u00f6r\u00fc\u015fmeleri (Japonya\u2019da sendikalarla \u015firketler aras\u0131nda yap\u0131lan toplu \u00fccret pazarl\u0131klar\u0131) tamamland\u0131; b\u00fcy\u00fck \u015firketler ortalama %4,5 \u00fccret art\u0131\u015f\u0131nda uzla\u015ft\u0131. Bu da enflasyon bask\u0131lar\u0131n\u0131n daha kal\u0131c\u0131 h\u00e2le gelebilece\u011fine i\u015faret ediyor.\n

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Hemen i\u015flem yapmaya ba\u015flay\u0131n – Ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in buraya<\/a> t\u0131klay\u0131n <\/strong> <\/p>\n","protected":false},"excerpt":{"rendered":"

BoJ Ba\u015fkan\u0131 Ueda: \u00c7ekirdek enflasyon %2\u2019ye kademeli yakla\u015f\u0131yor; politika \u201ckal\u0131c\u0131 hedef\u201d odakl\u0131. Ancak s\u0131k\u0131la\u015fma temkinli. Carry trade ve faiz fark\u0131 bask\u0131s\u0131 s\u00fcrerken USD\/JPY 159,21\u2019e \u00e7\u0131kt\u0131.<\/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-30485","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\/30485","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=30485"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/30485\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=30485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=30485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=30485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}