Japonya Maliye Bakanl\u0131\u011f\u0131\u2019n\u0131n s\u0131n\u0131r \u00f6tesi (yurt d\u0131\u015f\u0131) i\u015flem verileri, Japon yat\u0131r\u0131mc\u0131lar\u0131n mart ay\u0131nda yabanc\u0131 tahvillerde g\u00fc\u00e7l\u00fc \u015fekilde **net sat\u0131c\u0131** oldu\u011funu g\u00f6sterdi. Bu hareket, o ayki genel tahvil piyasas\u0131 sat\u0131\u015f dalgas\u0131yla ba\u011flant\u0131l\u0131yd\u0131.<\/p>\n
Japon yat\u0131r\u0131mc\u0131lar mart ay\u0131nda **3.757 milyar JPY** tutar\u0131nda yabanc\u0131 tahvil satt\u0131. \u015eubatta sat\u0131\u015f **3.422 milyar JPY** olmu\u015ftu. B\u00f6ylece iki ayda toplam sat\u0131\u015f **7.179 milyar JPY**\u2019ye ula\u015ft\u0131; bu tutar, s\u00f6z konusu d\u00f6nem i\u00e7in \u201crekor net sat\u0131\u015f\u201d olarak tan\u0131mland\u0131.<\/p>\n
Sat\u0131\u015flar\u0131n b\u00fcy\u00fck b\u00f6l\u00fcm\u00fc bankalar ve hayat sigortas\u0131 \u015firketlerine ba\u011fland\u0131. \u00d6ne \u00e7\u0131kan etkenler; **mali y\u0131l sonu pozisyon ayarlamalar\u0131** (y\u0131l kapan\u0131\u015f\u0131 \u00f6ncesi bilan\u00e7oyu ve riskleri d\u00fczenleme) ve beklenenden y\u00fcksek **USD\/JPY kuru** (ABD dolar\u0131\/Japon yeni paritesi) ile g\u00fc\u00e7l\u00fc y\u00fckseli\u015fin k\u00e2r realizasyonunu (k\u00e2r\u0131 nakde \u00e7evirme) desteklemesiydi.<\/p>\n
Yeni mali y\u0131l ba\u015flarken oda\u011fa, yabanc\u0131 tahvil al\u0131mlar\u0131n\u0131n geri d\u00f6n\u00fcp d\u00f6nmeyece\u011fi yerle\u015fiyor. \u00d6n\u00fcm\u00fczdeki haftalarda a\u00e7\u0131klanacak i\u015flem ak\u0131\u015f\u0131 (flow) verileri, talebin Japonya i\u00e7 tahvil piyasas\u0131na\u2014\u00f6zellikle **JGB\u2019lere**\u2014kay\u0131p kaymad\u0131\u011f\u0131n\u0131 anlamak i\u00e7in izlenecek. **JGB (Japanese Government Bonds)**, Japonya devlet tahvilleridir. Ancak o a\u015famada JGB\u2019lere belirgin bir y\u00f6neli\u015fe dair s\u0131n\u0131rl\u0131 kan\u0131t oldu\u011fu belirtildi.<\/p>\n
Japon yat\u0131r\u0131mc\u0131lar\u0131n \u015fubat ve martta mali y\u0131l\u0131 kapat\u0131rken rekor miktarda yabanc\u0131 tahvil satarak pozisyon azaltt\u0131\u011f\u0131 g\u00f6r\u00fcld\u00fc. Bu sat\u0131\u015flar\u0131n, \u00e7ok y\u00fcksek **USD\/JPY** seviyesinde k\u00e2r alma ve portf\u00f6yleri yeniden dengeleme (varl\u0131k da\u011f\u0131l\u0131m\u0131n\u0131 hedefe d\u00f6nd\u00fcrme) ihtiyac\u0131ndan kaynakland\u0131\u011f\u0131 d\u00fc\u015f\u00fcn\u00fcl\u00fcyor. Yeni mali y\u0131l\u0131n ba\u015f\u0131nda kritik soru, bu paran\u0131n yeniden yabanc\u0131 piyasalara d\u00f6n\u00fcp d\u00f6nmeyece\u011fi ya da \u00fclkede kal\u0131p kalmayaca\u011f\u0131.<\/p>\n
Bu tablo \u00f6nceki y\u0131llardan farkl\u0131; \u00e7\u00fcnk\u00fc art\u0131k i\u00e7 piyasadaki se\u00e7enekler daha cazip. Japonya Merkez Bankas\u0131 ge\u00e7en ay **negatif faiz politikas\u0131n\u0131** resmen bitirdi (faizin s\u0131f\u0131r\u0131n alt\u0131nda tutulmas\u0131 uygulamas\u0131). Ayr\u0131ca **\u00e7ekirdek enflasyon** (enerji ve g\u0131da gibi oynak kalemler \u00e7\u0131kar\u0131larak hesaplanan enflasyon) %2\u2019nin \u00fczerinde diren\u00e7li seyrederken, Japon devlet tahvillerinde faizler y\u00fckseliyor. Mevcut **10 y\u0131ll\u0131k JGB faizi** yakla\u015f\u0131k %1 civar\u0131nda; bu seviye 10 y\u0131l\u0131 a\u015fk\u0131n s\u00fcredir g\u00f6r\u00fclmemi\u015fti ve yabanc\u0131 tahvillere y\u0131llar sonra ilk kez ger\u00e7ek bir alternatif sunuyor.<\/p>\n
**T\u00fcrev** (dayanak varl\u0131\u011fa ba\u011fl\u0131 fiyatlanan finansal s\u00f6zle\u015fmeler) i\u015flemi yapanlar i\u00e7in bu durum yen a\u00e7\u0131s\u0131ndan \u00f6nemli bir d\u00f6n\u00fcm noktas\u0131 olabilir. Japon fonlar\u0131 ABD Hazine tahvilleri yerine JGB almay\u0131 tercih ederse, bu **JPY talebinin kal\u0131c\u0131** olaca\u011f\u0131 anlam\u0131na gelebilir ve **USD\/JPY\u2019yi a\u015fa\u011f\u0131** \u00e7ekebilir. Bu olas\u0131 de\u011fi\u015fimin en \u00f6nemli g\u00f6stergesi, Maliye Bakanl\u0131\u011f\u0131\u2019n\u0131n **haftal\u0131k ak\u0131m verileri** olacak.<\/p>\n
Bu ortam, **opsiyon** piyasas\u0131nda da f\u0131rsat yarat\u0131yor; \u00e7\u00fcnk\u00fc bu b\u00fcy\u00fck para hareketleri konusundaki belirsizlik art\u0131yor. **\u0130ma edilen oynakl\u0131k (implied volatility)**, opsiyon fiyatlar\u0131ndan \u00e7\u0131kar\u0131lan ve piyasan\u0131n bekledi\u011fi kur dalgalanmas\u0131n\u0131 g\u00f6steren \u00f6l\u00e7\u00fcd\u00fcr; USD\/JPY\u2019de ima edilen oynakl\u0131k kademeli y\u00fckseliyor. Bu da piyasan\u0131n \u00f6n\u00fcm\u00fczdeki haftalarda normalden daha b\u00fcy\u00fck bir hareketi fiyatlad\u0131\u011f\u0131na i\u015faret ediyor. Yat\u0131r\u0131mc\u0131lar, belirgin bir y\u00f6n de\u011fi\u015fiminden fayda sa\u011flayabilecek stratejileri (\u00f6r. g\u00fc\u00e7l\u00fc hareket beklentisine g\u00f6re konumlanma) de\u011ferlendirebilir; uzun s\u00fcredir devam eden kademeli yen zay\u0131flamas\u0131 e\u011filimi sorgulanabilir.<\/p>\n
VT Markets canl\u0131 hesab\u0131n\u0131z\u0131 olu\u015fturun<\/a>\u00a0ve\u00a0hemen i\u015flem yapmaya ba\u015flay\u0131n<\/a>. <\/b><\/p>\n","protected":false},"excerpt":{"rendered":" Japon yat\u0131r\u0131mc\u0131lar martta 3,76 trilyon JPY\u2019lik rekor yabanc\u0131 tahvil sat\u0131\u015f\u0131 yapt\u0131; mali y\u0131l sonu ayar\u0131 ve y\u00fcksek USD\/JPY etkili. BoJ sonras\u0131 y\u00fckselen JGB getirileri, ak\u0131mlar\u0131n i\u00e7 piyasaya kay\u0131p kaymayaca\u011f\u0131n\u0131 belirleyecek.<\/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-44238","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\/44238","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=44238"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/44238\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=44238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=44238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=44238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}