{"id":44216,"date":"2026-04-10T04:00:26","date_gmt":"2026-04-10T04:00:26","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/reutersin-haberine-gore-ueda-japonyada-reel-faizlerin-negatif-kalmaya-devam-ettigini-ulke-genelindeki-finansal-kosullarin-destekleyici-seyrini-korudugunu-soyledi\/"},"modified":"2026-04-10T04:00:26","modified_gmt":"2026-04-10T04:00:26","slug":"reutersin-haberine-gore-ueda-japonyada-reel-faizlerin-negatif-kalmaya-devam-ettigini-ulke-genelindeki-finansal-kosullarin-destekleyici-seyrini-korudugunu-soyledi","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/reutersin-haberine-gore-ueda-japonyada-reel-faizlerin-negatif-kalmaya-devam-ettigini-ulke-genelindeki-finansal-kosullarin-destekleyici-seyrini-korudugunu-soyledi\/","title":{"rendered":"Reuters\u2019\u0131n haberine g\u00f6re Ueda, Japonya\u2019da reel faizlerin negatif kalmaya devam etti\u011fini, \u00fclke genelindeki finansal ko\u015fullar\u0131n destekleyici seyrini korudu\u011funu s\u00f6yledi"},"content":{"rendered":"

Japonya Merkez Bankas\u0131 (BoJ) Ba\u015fkan\u0131 Kazuo Ueda, Reuters\u2019in Per\u015fembe g\u00fcn\u00fc bildirdi\u011fine g\u00f6re reel faiz oranlar\u0131n\u0131n (enflasyondan ar\u0131nd\u0131r\u0131lm\u0131\u015f faiz) a\u00e7\u0131k \u015fekilde negatif oldu\u011funu s\u00f6yledi. Ueda, k\u0131sa ve orta vadeli faizlerin de a\u00e7\u0131k \u015fekilde negatif oldu\u011funu belirtti.<\/p>\n

Ueda, Japonya\u2019daki finansal ko\u015fullar\u0131n h\u00e2l\u00e2 destekleyici (para politikas\u0131n\u0131n ekonomiyi s\u0131kmayan, kredi ve fonlamay\u0131 g\u00f6rece ucuz tutan) seviyede kald\u0131\u011f\u0131n\u0131 ifade etti. Bu durumun \u015firket yat\u0131r\u0131mlar\u0131nda (sermaye harcamalar\u0131) \u0131l\u0131ml\u0131 art\u0131\u015fa yol a\u00e7t\u0131\u011f\u0131n\u0131 s\u00f6yledi.<\/p>\n

Negatif Reel Faizler ve Zay\u0131f Yen Ortam\u0131<\/h3>\n

Haberin yaz\u0131ld\u0131\u011f\u0131 s\u0131rada USD\/JPY paritesi g\u00fcn i\u00e7inde %0,10 y\u00fckseli\u015fle 158,73 seviyesindeydi.<\/p>\n

Bu negatif reel faiz yorumlar\u0131n\u0131n 2024\u2019te, para ko\u015fullar\u0131n\u0131n a\u015f\u0131r\u0131 gev\u015fek oldu\u011fu d\u00f6nemde yap\u0131ld\u0131\u011f\u0131n\u0131 hat\u0131rl\u0131yoruz. Bu ortam, USD\/JPY\u2019yi 160\u2019a yak\u0131n tarihi zirvelere ta\u015f\u0131m\u0131\u015f ve bug\u00fcnk\u00fcnden farkl\u0131 bir piyasa d\u00fczeni yaratm\u0131\u015ft\u0131. O d\u00f6nemde temel sorun, kal\u0131c\u0131 bi\u00e7imde zay\u0131f seyreden yenin y\u00f6netilmesiydi.<\/p>\n

Bu destekleyici ko\u015fullar, \u201cyen carry trade\u201dini (d\u00fc\u015f\u00fck faizli para biriminden bor\u00e7lan\u0131p daha y\u00fcksek faizli varl\u0131klara yat\u0131r\u0131m yapma i\u015flemi) b\u00fcy\u00fctt\u00fc. \u00c7\u00fcnk\u00fc ABD Merkez Bankas\u0131 (Fed) ile BoJ aras\u0131ndaki faiz fark\u0131 5 puan\u0131n \u00fczerindeydi. \u0130\u015flem yapanlar, neredeyse s\u0131f\u0131r maliyetle yen bor\u00e7lan\u0131p daha y\u00fcksek getiri sunan dolar varl\u0131klar\u0131na y\u00f6neliyordu. Bu tek y\u00f6nl\u00fc pozisyonlanma fiyat hareketini h\u0131zland\u0131r\u0131rken, tersine d\u00f6n\u00fc\u015f riskini de b\u00fcy\u00fctt\u00fc.<\/p>\n

2024\u2019te USD\/JPY\u2019nin 160 seviyesine yakla\u015fmas\u0131 piyasada belirgin tedirginlik yaratm\u0131\u015f, kur oynakl\u0131\u011f\u0131n\u0131 (fiyat\u0131n k\u0131sa s\u00fcrede sert dalgalanmas\u0131) art\u0131rm\u0131\u015ft\u0131. Opsiyon (belirli tarihe kadar belirli fiyattan alma\/satma hakk\u0131 veren s\u00f6zle\u015fme) i\u015flemi yapanlar, piyasan\u0131n olas\u0131 kamu m\u00fcdahalesine haz\u0131rland\u0131\u011f\u0131 d\u00f6nemde 1 ayl\u0131k ima edilen oynakl\u0131\u011f\u0131n (opsiyon fiyatlar\u0131ndan hesaplanan beklenen dalgalanma) %10\u2019un \u00fczerine \u00e7\u0131kt\u0131\u011f\u0131n\u0131 hat\u0131rlamal\u0131. Bu, ani ve sert hareket riskini y\u00f6netmek i\u00e7in opsiyonlar\u0131n \u00f6nemini g\u00f6steriyor.<\/p>\n

T\u00fcrev \u00dcr\u00fcnlerle M\u00fcdahale Riskini Y\u00f6netmek<\/h3>\n

Maliye Bakanl\u0131\u011f\u0131 piyasaya do\u011frudan m\u00fcdahale etti\u011finde, yen satman\u0131n (yenin zay\u0131flamas\u0131na oynayan pozisyonlar\u0131n) ne kadar riskli oldu\u011funu g\u00f6rd\u00fck. Nisan ve May\u0131s 2024\u2019te yetkililer yakla\u015f\u0131k 9,8 trilyon yen harcayarak yen ald\u0131; bu da USD\/JPY\u2019de h\u0131zl\u0131 ve sert d\u00fc\u015f\u00fc\u015flere yol a\u00e7t\u0131. Para birimi belirgin zay\u0131flad\u0131\u011f\u0131nda, her t\u00fcrl\u00fc t\u00fcrev \u00fcr\u00fcn (de\u011feri d\u00f6viz kuru\/ faiz gibi ba\u015fka bir varl\u0131\u011fa ba\u011fl\u0131 s\u00f6zle\u015fmeler) stratejisi bu t\u00fcr resm\u00ee ad\u0131m olas\u0131l\u0131\u011f\u0131n\u0131 hesaba katmal\u0131.<\/p>\n

BoJ, Mart 2024\u2019te 17 y\u0131l aradan sonra ilk faiz art\u0131\u015f\u0131n\u0131 yaparak negatif faiz politikas\u0131ndan resmen uzakla\u015fmaya ba\u015flad\u0131. Enflasyonun (fiyat art\u0131\u015f h\u0131z\u0131) %2 hedefinin \u00fczerinde kalmas\u0131 nedeniyle 2025 boyunca temkinli \u015fekilde birka\u00e7 \u00e7eyrek puanl\u0131k art\u0131\u015f daha geldi. Politika y\u00f6n\u00fc, yava\u015f da olsa, de\u011fi\u015fmeye ba\u015flad\u0131.<\/p>\n

\u00d6n\u00fcm\u00fczdeki haftalarda yat\u0131r\u0131mc\u0131lar\u0131n, BoJ politikas\u0131nda ani bir \u015foktan ziyade kademeli normalle\u015fmeye (ola\u011fan politika seviyelerine d\u00f6n\u00fc\u015f) g\u00f6re konumlanmak i\u00e7in t\u00fcrev \u00fcr\u00fcnleri kullanmas\u0131 gerekir. Piyasan\u0131n \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrek i\u00e7in fiyatlad\u0131\u011f\u0131 bir sonraki BoJ faiz art\u0131\u015f\u0131n\u0131n zamanlamas\u0131na pozisyon almak amac\u0131yla faiz swaplar\u0131na (taraflar\u0131n faiz \u00f6demelerini de\u011fi\u015f toku\u015f etti\u011fi s\u00f6zle\u015fmeler) bak\u0131labilir. Bu nedenle, yen lehine pozisyonu al\u0131m opsiyonlar\u0131 (yenin g\u00fc\u00e7lenmesinden fayda sa\u011flayan opsiyonlar) \u00fczerinden ta\u015f\u0131mak, uzun zamand\u0131r olmad\u0131\u011f\u0131 kadar uygulanabilir bir strateji h\u00e2line geliyor.<\/p>\n","protected":false},"excerpt":{"rendered":"

BoJ Ba\u015fkan\u0131 Ueda, reel ve k\u0131sa-orta vadeli faizlerin h\u00e2l\u00e2 net negatif oldu\u011funu vurgulad\u0131: destekleyici ko\u015fullar zay\u0131f yeni ve carry trade\u2019i besliyor. USD\/JPY 158,73; m\u00fcdahale riski i\u00e7in opsiyon\/swap \u00f6ne \u00e7\u0131k\u0131yor.<\/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-44216","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\/44216","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=44216"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/44216\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=44216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=44216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=44216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}