Japonya\u2019n\u0131n \u00fcretici fiyat endeksi May\u0131s ay\u0131nda y\u0131ll\u0131k bazda %6,3 artarak %5,5\u2019lik beklentinin \u00fczerinde ger\u00e7ekle\u015fti. Veri, s\u00f6z konusu ay i\u00e7in piyasalar\u0131n \u00f6ng\u00f6rd\u00fc\u011f\u00fcnden daha h\u0131zl\u0131 bir \u00fcretici fiyat enflasyonuna i\u015faret ediyor.<\/p>\n
Beklentilere k\u0131yasla 0,8 puanl\u0131k yukar\u0131 sapma, May\u0131s ay\u0131nda imalat\u00e7\u0131lar \u00fczerindeki temel maliyet bask\u0131lar\u0131n\u0131n y\u00fcksek seyrini korudu\u011funu g\u00f6steriyor. Bu g\u00f6stergeler, boru hatt\u0131 enflasyonu ve t\u00fcketici fiyatlar\u0131na olas\u0131 yans\u0131ma a\u00e7\u0131s\u0131ndan ipucu verdi\u011fi i\u00e7in yak\u0131ndan izlenir.<\/p>\n
May\u0131s \u00fcretici fiyat endeksi %6,3 ile %5,5\u2019lik tahmini belirgin bi\u00e7imde a\u015ft\u0131. Bu, Japon \u015firketleri \u00fczerindeki enflasyonist bask\u0131lar\u0131n piyasan\u0131n \u00f6ng\u00f6rd\u00fc\u011f\u00fcnden daha g\u00fc\u00e7l\u00fc oldu\u011funa i\u015faret ediyor. Bu verinin \u00f6n\u00fcm\u00fczdeki haftalarda Japonya Merkez Bankas\u0131 (BoJ) taraf\u0131ndan g\u00f6z ard\u0131 edilemeyecek kadar \u00f6nemli oldu\u011funu d\u00fc\u015f\u00fcn\u00fcyoruz.<\/p>\n
Beklentinin \u00fczerindeki bu enflasyon verisi, BoJ\u2019u bir sonraki politika toplant\u0131s\u0131 \u00f6ncesinde do\u011frudan bask\u0131 alt\u0131na al\u0131yor. Y\u0131llarca s\u00fcren a\u015f\u0131r\u0131 gev\u015fek politikan\u0131n ard\u0131ndan, ileriye d\u00f6n\u00fck y\u00f6nlendirmede \u015fahin bir kayma ya da tahvil al\u0131mlar\u0131nda azalt\u0131m sinyali ar\u0131yoruz. Tonda olas\u0131 bir de\u011fi\u015fim, piyasalar\u0131 ciddi \u015fekilde hareketlendirebilecek bir geli\u015fme olacakt\u0131r.<\/p>\n
Bu \u00e7er\u00e7evede, yenin dolar kar\u015f\u0131s\u0131nda g\u00fc\u00e7lenmesi i\u00e7in yeniden bir zemin olu\u015ftu\u011funu g\u00f6r\u00fcyoruz. USD\/JPY paritesi yak\u0131n d\u00f6nemde 157 seviyesi \u00e7evresinde oynakl\u0131k sergilerken, a\u015fa\u011f\u0131 y\u00f6nl\u00fc harekete fayda sa\u011flayan opsiyon stratejilerine bak\u0131yoruz. Bu kapsamda JPY al\u0131m opsiyonlar\u0131 (call) veya USD\/JPY paritesinde sat\u0131m spread\u2019leri (put spread) de\u011ferlendirilebilir.<\/p>\n
Hisse senetleri taraf\u0131nda, daha s\u0131k\u0131 para politikas\u0131 olas\u0131l\u0131\u011f\u0131 Nikkei 225 i\u00e7in kar\u015f\u0131 r\u00fczg\u00e2r yaratabilir. Tarihsel olarak, faiz art\u0131r\u0131m\u0131 d\u00f6ng\u00fcs\u00fcn\u00fcn ba\u015flang\u0131c\u0131 \u00e7o\u011fu zaman hisse piyasas\u0131nda oynakl\u0131\u011fa yol a\u00e7ar; ABD piyasalar\u0131n\u0131n 2022\u2019de ya\u015fad\u0131klar\u0131na benzer \u015fekilde. Bu nedenle, olas\u0131 a\u015fa\u011f\u0131 y\u00f6nl\u00fc risklere kar\u015f\u0131 korunmak amac\u0131yla Nikkei 225 endeksi \u00fczerinde koruyucu sat\u0131m opsiyonlar\u0131n\u0131 (protective put) de\u011ferlendiriyoruz.<\/p>\n
Sabit getirili tarafta ise bu veri, Japon Devlet Tahvili (JGB) getirilerinin daha da y\u00fckselme e\u011filiminde oldu\u011fu g\u00f6r\u00fc\u015f\u00fcm\u00fcz\u00fc destekliyor. 10 y\u0131ll\u0131k JGB faizi, 2013\u2019ten bu yana g\u00f6r\u00fclmeyen %1,0 seviyesinin \u00fczerine zaten \u00e7\u0131kt\u0131 ve bu enflasyon verisi faizi daha da yukar\u0131 itebilir. Bu do\u011frultuda JGB vadeli kontratlar\u0131nda k\u0131sa pozisyon se\u00e7eneklerini de\u011ferlendirerek pozisyon al\u0131yoruz.<\/p>\n","protected":false},"excerpt":{"rendered":"
S\u00fcrpriz veri BoJ\u2019u k\u00f6\u015feye s\u0131k\u0131\u015ft\u0131rd\u0131: Japonya \u00dcFE May\u0131s\u2019ta %6,3\u2019le %5,5 beklentiyi a\u015ft\u0131. Yen g\u00fc\u00e7lenebilir, Nikkei\u2019de bask\u0131 artabilir; JGB getirileri y\u00fckseli\u015fini s\u00fcrd\u00fcrebilir.<\/p>\n","protected":false},"author":87,"featured_media":47648,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-49629","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\/49629","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=49629"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/49629\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media\/47648"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=49629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=49629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=49629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}