Japonya\u2019n\u0131n yerli hisse senetlerine y\u00f6nelik **yabanc\u0131lar\u0131n net yat\u0131r\u0131m\u0131** (yabanc\u0131lar\u0131n al\u0131mlar\u0131 ile sat\u0131\u015flar\u0131 aras\u0131ndaki fark) May\u0131s 2022\u2019de **1 milyar yen**e geriledi. \u00d6nceki d\u00f6nemde bu tutar **949,6 milyar yen**di. Bu geli\u015fme, ay boyunca Japon hisselerine y\u00f6nelik yabanc\u0131 talebinde belirgin bir so\u011fumaya i\u015faret ediyor.<\/p>\n
Veriler, daha \u00f6nceki g\u00fc\u00e7l\u00fc giri\u015fe k\u0131yasla net al\u0131mlar\u0131n neredeyse durma noktas\u0131na geldi\u011fini ve May\u0131s ay\u0131nda hisse ak\u0131mlar\u0131n\u0131n (al\u0131m-sat\u0131m kaynakl\u0131 para giri\u015f-\u00e7\u0131k\u0131\u015f\u0131) **neredeyse yatay** kald\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Al\u0131nt\u0131lanan rakamlarda fon t\u00fcr\u00fc (\u00f6r. emeklilik fonu) veya piyasa b\u00f6l\u00fcm\u00fc (\u00f6r. b\u00fcy\u00fck\/k\u00fc\u00e7\u00fck \u00f6l\u00e7ekli hisseler) baz\u0131nda ek bir k\u0131r\u0131l\u0131m payla\u015f\u0131lmad\u0131.<\/p>\n
Yabanc\u0131 yat\u0131r\u0131mda endi\u015fe verici bir d\u00fc\u015f\u00fc\u015f g\u00f6r\u00fcl\u00fcyor; yabanc\u0131lar tarihsel olarak Japon hisseleri i\u00e7in \u00f6nemli bir itici g\u00fc\u00e7 oldu. Benzer bir sert geri \u00e7ekilme May\u0131s 2024\u2019te de ya\u015fanm\u0131\u015f ve ard\u0131ndan piyasan\u0131n **yatay-dalgal\u0131 seyretti\u011fi** bir d\u00f6nem gelmi\u015fti. Fon ak\u0131mlar\u0131ndaki bu ani tersine d\u00f6n\u00fc\u015f, b\u00fcy\u00fck yat\u0131r\u0131mc\u0131lar\u0131n k\u0131sa vadeli g\u00f6r\u00fcn\u00fcme kar\u015f\u0131 daha temkinli davrand\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n
Bunun temel nedeni, muhtemelen yenin kal\u0131c\u0131 zay\u0131fl\u0131\u011f\u0131; yen yeniden dolar kar\u015f\u0131s\u0131nda \u00e7ok uzun y\u0131llar\u0131n en d\u00fc\u015f\u00fck seviyelerini test ediyor. Maliye Bakanl\u0131\u011f\u0131 verilerine g\u00f6re yabanc\u0131 yat\u0131r\u0131mc\u0131lar ge\u00e7en hafta Japon hisselerinde net **890 milyar yen** sat\u0131\u015f yapt\u0131. Yen\/dolar kurunun 160\u2019a do\u011fru gerilemesi, **kur riskini kapatmayan fonlar** (kur dalgalanmas\u0131na kar\u015f\u0131 korunma yapmayan yat\u0131r\u0131mc\u0131lar) i\u00e7in hisse kazan\u00e7lar\u0131n\u0131n \u00f6nemli k\u0131sm\u0131n\u0131 kur kayb\u0131yla silebiliyor. Bu nedenle, k\u00e2r realizasyonunun (k\u00e2r\u0131 cebe koymak i\u00e7in sat\u0131\u015f) kurdaki oynakl\u0131k (sert ini\u015f-\u00e7\u0131k\u0131\u015f) y\u00fcksek kald\u0131k\u00e7a s\u00fcrmesi bekleniyor.<\/p>\n
Japonya Merkez Bankas\u0131\u2019n\u0131n (BoJ) bir sonraki ad\u0131m\u0131 konusunda belirsizlik de art\u0131yor. Piyasalar art\u0131k \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrekte **faiz art\u0131\u015f\u0131** olas\u0131l\u0131\u011f\u0131n\u0131 daha y\u00fcksek fiyatl\u0131yor. Tarihsel olarak daha s\u0131k\u0131 para politikas\u0131 beklentisi (faizlerin artmas\u0131 ve likiditenin azalmas\u0131), Nikkei\u2019de k\u0131sa s\u00fcreli sert sat\u0131\u015flara yol a\u00e7abiliyor. Bu beklenti yat\u0131r\u0131mc\u0131lar\u0131 huzursuz ederek risklerini azaltmalar\u0131na neden oluyor.<\/p>\n
Bu fakt\u00f6rler nedeniyle \u00f6n\u00fcm\u00fczdeki haftalarda oynakl\u0131\u011f\u0131n artmas\u0131 ve a\u015fa\u011f\u0131 y\u00f6nl\u00fc riskin (d\u00fc\u015f\u00fc\u015f ihtimali) g\u00fc\u00e7lenmesi bekleniyor. Uzun (al\u0131\u015f y\u00f6nl\u00fc) pozisyonlar\u0131 korumak i\u00e7in Temmuz vadeli **Nikkei 225 satma opsiyonlar\u0131 (put)** al\u0131n\u0131yor. Put opsiyonu, belirli bir tarihe kadar belirli fiyattan satma hakk\u0131 vererek d\u00fc\u015f\u00fc\u015fe kar\u015f\u0131 sigorta i\u015flevi g\u00f6r\u00fcr. Ayr\u0131ca yenin g\u00fc\u00e7lenmesinden kazan\u00e7 sa\u011flayan stratejiler de de\u011ferlendiriliyor; \u00f6rne\u011fin **USD\/JPY put opsiyonu** (dolar\/yen kurunun d\u00fc\u015fmesine, yani yenin g\u00fc\u00e7lenmesine oynayan opsiyon). Olas\u0131 bir devlet m\u00fcdahalesi veya BoJ ad\u0131m\u0131, kurda h\u0131zl\u0131 bir ters hareket (ani y\u00f6n de\u011fi\u015fimi) yaratabilir.<\/p>\n","protected":false},"excerpt":{"rendered":"
Alarm zilleri: Yabanc\u0131lar\u0131n Japon hisse net al\u0131m\u0131 May\u0131s 2022\u2019de 949,6 milyar yenden 1 milyar yene indi. Zay\u0131f yen, kur riski, BoJ faiz belirsizli\u011fi sat\u0131\u015flar\u0131 tetikledi. Hedge talebi art\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-47537","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\/47537","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=47537"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/47537\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=47537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=47537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=47537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}