Japonya\u2019n\u0131n yerel hisse senetlerine y\u00f6nelik yabanc\u0131 yat\u0131r\u0131m ak\u0131\u015f\u0131, en son verilere g\u00f6re 12 Haziran ile biten haftada zay\u0131flad\u0131. Net al\u0131mlar daha da negatif b\u00f6lgeye kayarak \u00f6nceki d\u00f6nemdeki \u00a5-701 milyardan \u00a5-785,1 milyara geriledi.<\/p>\n
Veriler, son raporlama d\u00f6neminde yabanc\u0131 kat\u0131l\u0131mc\u0131lar\u0131n net sat\u0131\u015flar\u0131n\u0131n h\u0131zland\u0131\u011f\u0131na i\u015faret ediyor. Bu de\u011fi\u015fim, \u00f6nceki a\u00e7\u0131\u011f\u0131 derinle\u015ftirerek haftal\u0131k dengeyi daha da eksiye ta\u015f\u0131d\u0131.<\/p>\n
12 Haziran haftas\u0131nda Japon hisse senetlerinde yabanc\u0131 sat\u0131\u015flar\u0131n\u0131n h\u0131zland\u0131\u011f\u0131n\u0131, net \u00e7\u0131k\u0131\u015flar\u0131n \u00a5785,1 milyar seviyesine ula\u015ft\u0131\u011f\u0131n\u0131 g\u00f6r\u00fcyoruz. Bu, d\u00fc\u015f\u00fc\u015f y\u00f6nl\u00fc bir sinyal; zira bu \u00f6l\u00e7ekte ve s\u00fcreklilik arz eden sat\u0131\u015flar Nikkei 225 ve Topix endeksleri \u00fczerinde do\u011frudan a\u015fa\u011f\u0131 y\u00f6nl\u00fc bask\u0131 yarat\u0131yor. Bu e\u011filim, \u00f6zellikle Japonya\u2019ya y\u00f6nelik riskten ka\u00e7\u0131\u015f (risk-off) e\u011filiminin g\u00fc\u00e7lendi\u011fine i\u015faret ediyor.<\/p>\n
Yat\u0131r\u0131mc\u0131 temkininin, Japonya Merkez Bankas\u0131\u2019n\u0131n (BoJ) ultra gev\u015fek para politikas\u0131ndan uzakla\u015fma y\u00f6n\u00fcndeki son pivotu ve yenin g\u00fc\u00e7lenmesiyle ba\u011flant\u0131l\u0131 oldu\u011fu g\u00f6r\u00fcl\u00fcyor. USD\/JPY, y\u0131l\u0131n ba\u015flar\u0131nda 155\u2019in \u00fczerindeki zirvelerinden gerileyerek \u015fu s\u0131ralar 149 civar\u0131nda seyrediyor; bu da Japonya\u2019n\u0131n ihracat a\u011f\u0131rl\u0131kl\u0131 b\u00fcy\u00fck \u015firketlerinin yurtd\u0131\u015f\u0131 k\u00e2rlar\u0131n\u0131 a\u015fa\u011f\u0131 \u00e7ekiyor. Bu kur kaynakl\u0131 r\u00fczg\u00e2r\u0131n, yabanc\u0131 sermaye \u00e7\u0131k\u0131\u015flar\u0131n\u0131n temel nedenlerinden biri oldu\u011funa inan\u0131yoruz.<\/p>\n
Buna kar\u015f\u0131l\u0131k, \u00f6n\u00fcm\u00fczdeki haftalarda olas\u0131 a\u015fa\u011f\u0131 y\u00f6nl\u00fc risklere veya artan dalgalanmaya kar\u015f\u0131 pozisyon al\u0131yoruz. Bu kapsamda, piyasada d\u00fc\u015f\u00fc\u015f beklentisine do\u011frudan oynayan ya da mevcut uzun pozisyonlar\u0131 hedge eden bir ara\u00e7 olarak Nikkei 225 \u00fczerinde put opsiyonu al\u0131m\u0131 \u00f6ne \u00e7\u0131k\u0131yor. Nikkei Volatilite Endeksi bu ay \u015fimdiden %10\u2019un \u00fczerinde y\u00fckseldi ve bu e\u011filimin s\u00fcrmesini bekliyoruz; bu da uzun volatilite stratejilerini cazip k\u0131l\u0131yor.<\/p>\n
Bu tablo, 2018 gibi ge\u00e7mi\u015f d\u00f6nemleri hat\u0131rlat\u0131yor: k\u00fcresel b\u00fcy\u00fcmeye dair endi\u015feler ve yenin g\u00fc\u00e7lenmesi belirgin yabanc\u0131 \u00e7\u0131k\u0131\u015flar\u0131n\u0131 tetiklemi\u015f ve piyasada bir d\u00fczeltmeye yol a\u00e7m\u0131\u015ft\u0131. Tarihsel olarak, bu \u00f6l\u00e7ekte yabanc\u0131 sat\u0131\u015flar\u0131 Japon hisse senetlerinde d\u00fc\u015f\u00fc\u015f i\u00e7in \u00e7o\u011fu zaman g\u00fcvenilir bir \u00f6nc\u00fc g\u00f6sterge niteli\u011fi ta\u015f\u0131yor. Bu nedenle mevcut verileri yak\u0131n vade i\u00e7in net bir uyar\u0131 i\u015fareti olarak g\u00f6r\u00fcyoruz.<\/p>\n
Ana strateji temkinli olsa da, kapit\u00fclasyon (teslimiyet) sinyallerini de izleyece\u011fiz. Hacimli ve sert bir sat\u0131\u015f dalgas\u0131, panik primlerinin \u015fi\u015fti\u011fi seviyelerden put opsiyonu sat\u0131\u015f\u0131 yapma (en k\u00f6t\u00fc senaryonun geride kald\u0131\u011f\u0131na oynama) f\u0131rsat\u0131 yaratabilir. Ancak \u015fimdilik, uzun pozisyonlar\u0131m\u0131z\u0131 azalt\u0131yor ve temmuz ay\u0131na do\u011fru zay\u0131fl\u0131\u011f\u0131n s\u00fcrmesine haz\u0131rlan\u0131yoruz.<\/p>\n","protected":false},"excerpt":{"rendered":"
Japonya hisselerinde yabanc\u0131 \u00e7\u0131k\u0131\u015f\u0131 h\u0131zland\u0131: 12 Haziran haftas\u0131nda net sat\u0131\u015flar \u00a5785,1 milyara derinle\u015fti. BoJ pivotu ve g\u00fc\u00e7lenen yen risk-off\u2019u besliyor; Nikkei\/Topix\u2019te bask\u0131 artarken put opsiyonu \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n","protected":false},"author":87,"featured_media":47734,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-49069","post","type-post","status-publish","format-standard","has-post-thumbnail","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\/49069","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=49069"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/49069\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media\/47734"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=49069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=49069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=49069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}