{"id":54028,"date":"2026-09-15T08:30:53","date_gmt":"2026-09-15T08:30:53","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr-mena\/uncategorized\/japonya-vergi-indirimleri-icin-acik-finansmani-tahvillerini-devre-disi-birakiyor-usd-jpy-yukari-yonlu-seyrini-surdururken-siki-denetim-sozu-veriyor\/"},"modified":"2026-09-15T08:30:53","modified_gmt":"2026-09-15T08:30:53","slug":"japonya-vergi-indirimleri-icin-acik-finansmani-tahvillerini-devre-disi-birakiyor-usd-jpy-yukari-yonlu-seyrini-surdururken-siki-denetim-sozu-veriyor","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/japonya-vergi-indirimleri-icin-acik-finansmani-tahvillerini-devre-disi-birakiyor-usd-jpy-yukari-yonlu-seyrini-surdururken-siki-denetim-sozu-veriyor\/","title":{"rendered":"Japonya, vergi indirimleri i\u00e7in a\u00e7\u0131k finansman\u0131 tahvillerini devre d\u0131\u015f\u0131 b\u0131rak\u0131yor; USD\/JPY yukar\u0131 y\u00f6nl\u00fc seyrini s\u00fcrd\u00fcr\u00fcrken s\u0131k\u0131 denetim s\u00f6z\u00fc veriyor"},"content":{"rendered":"

Japonya Maliye Bakan\u0131 Satsuki Katayama, g\u0131da sat\u0131\u015f vergisindeki indirim de dahil planlanan vergi kesintisini finanse etmek i\u00e7in b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131n\u0131 kapatmaya y\u00f6nelik tahvil ihra\u00e7lar\u0131na ba\u015fvurmayacaklar\u0131n\u0131 s\u00f6yledi. Bunun yerine bakanl\u0131k, piyasa g\u00fcvenilirli\u011fini korumak amac\u0131yla hem harcamalar\u0131 hem de gelirleri g\u00f6zden ge\u00e7irecek; vergi d\u0131\u015f\u0131 gelirleri art\u0131rmaya d\u00f6n\u00fck \u00f6nlemlerle yeterli kayna\u011f\u0131n sa\u011flanmas\u0131n\u0131 hedefleyecek. Katayama ayr\u0131ca vergi tahsilatlar\u0131n\u0131n anlaml\u0131 \u00f6l\u00e7\u00fcde beklentilerin \u00fczerine \u00e7\u0131kmas\u0131n\u0131n beklendi\u011fini ifade etti.<\/p>\n\n

Harcamalar taraf\u0131nda ise bakan, bundan b\u00f6yle israf niteli\u011findeki harcamalar\u0131n k\u0131s\u0131laca\u011f\u0131n\u0131 ve gelecek mali y\u0131l\u0131n b\u00fct\u00e7e taleplerinin daha s\u0131k\u0131 incelemeye tabi tutulaca\u011f\u0131n\u0131 belirtti. Piyasalarda USD\/JPY, yaz\u0131m s\u0131ras\u0131nda g\u00fcn\u00fc %0,26 art\u0131\u015fla 154,75 seviyesinde s\u00fcrd\u00fcr\u00fcyordu.<\/p>\n\n

Piyasa Etkileri ve T\u00fcrev \u00dcr\u00fcn F\u0131rsatlar\u0131<\/h3>\n\n

Maliye Bakan\u0131 Satsuki Katayama\u2019n\u0131n yakla\u015fan vergi indirimleri i\u00e7in b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131n\u0131 kapatmaya y\u00f6nelik tahvil ihrac\u0131n\u0131 devre d\u0131\u015f\u0131 b\u0131rakmas\u0131yla, Japon Yeni\u2019ni yak\u0131ndan izliyoruz; bu, s\u0131k\u0131 mali disipline do\u011fru bir y\u00f6n de\u011fi\u015fimine i\u015faret ediyor. Bu disiplinli mali duru\u015fa kar\u015f\u0131n USD\/JPY paritesi bug\u00fcn 154,75 civar\u0131nda i\u015flem g\u00f6rerek yukar\u0131 y\u00f6nl\u00fc hareket etti. K\u0131sa vadede kurdaki de\u011fer kayb\u0131 ile s\u0131k\u0131 maliye politikas\u0131 aras\u0131ndaki bu ayr\u0131\u015fma, \u00f6n\u00fcm\u00fczdeki haftalarda t\u00fcrev yat\u0131r\u0131mc\u0131lar\u0131 i\u00e7in elveri\u015fli bir zemin olu\u015fturuyor.<\/p>\n\n

H\u00fck\u00fcmetin yeni bor\u00e7lanma ihrac\u0131n\u0131 s\u0131n\u0131rlamas\u0131yla Japon Devlet Tahvilleri\u2019nde (JGB) getiri e\u011frisinin yatayla\u015fmas\u0131na y\u00f6nelik pozisyon al\u0131nmas\u0131n\u0131 \u00f6neriyoruz. Tarihsel olarak, Japonya tahvil arz\u0131n\u0131 frenledi\u011finde uzun vadeli getiriler istikrar kazanma e\u011filiminde oluyor; bu \u00e7er\u00e7evede 10 y\u0131ll\u0131k JGB getirisinin mevcut %1,0 e\u015fi\u011fi civar\u0131nda ankore kalmas\u0131n\u0131 bekliyoruz. Yat\u0131r\u0131mc\u0131lar, daralan risk priminden yararlanmak i\u00e7in tahvil vadeli i\u015flemleri ve faiz swaplar\u0131n\u0131 kullanabilir.<\/p>\n\n

FX ve Faiz Piyasalar\u0131nda \u0130\u015flem \u00d6nerileri<\/h3>\n\n

D\u00f6viz opsiyonlar\u0131 piyasas\u0131nda, Yen\u2019de olas\u0131 bir toparlanmay\u0131 yakalamak amac\u0131yla bir ay vadeli USD\/JPY sat\u0131m (put) opsiyonlar\u0131n\u0131n al\u0131nmas\u0131n\u0131 \u00f6neriyoruz. USD\/JPY opsiyonlar\u0131nda cari ima edilen volatilite, ge\u00e7mi\u015fteki kamu m\u00fcdahaleleri d\u00f6nemlerinde g\u00f6r\u00fclen a\u015f\u0131r\u0131 s\u0131\u00e7ramalara k\u0131yasla g\u00f6rece d\u00fc\u015f\u00fck ve \u201cucuz\u201d seviyelerde. \u015eimdi a\u015fa\u011f\u0131 y\u00f6nl\u00fc koruma almak, piyasan\u0131n Katayama\u2019n\u0131n taahh\u00fct etti\u011fi vergi d\u0131\u015f\u0131 gelir art\u0131\u015f\u0131n\u0131 ve beklenen vergi tahsilat\u0131 sapmalar\u0131n\u0131 fiyatlamaya ba\u015flamas\u0131 halinde kazan\u00e7 sa\u011flamam\u0131za imk\u00e2n tan\u0131r.<\/p>\n\n

Disiplinli bir b\u00fct\u00e7e, Japonya Merkez Bankas\u0131 \u00fczerindeki bask\u0131y\u0131 azaltarak politika yap\u0131c\u0131lara mevcut %0,25 seviyesinden ilave faiz art\u0131\u015flar\u0131n\u0131 de\u011ferlendirmek i\u00e7in daha fazla alan sa\u011flar. Merkez bankas\u0131n\u0131n yakla\u015fan toplant\u0131lar\u0131nda bir faiz art\u0131\u015f\u0131na daha i\u015faret etmesi halinde USD\/JPY\u2019nin h\u0131zla 150,00 destek b\u00f6lgesine do\u011fru geri \u00e7ekildi\u011fini g\u00f6rebiliriz. Bariyer opsiyonlar\u0131 veya put spread\u2019leri \u00fczerinden USD\/JPY\u2019de k\u0131sa pozisyonda kalman\u0131n \u015fu a\u015famada cazip bir risk-getiri sundu\u011fu kanaatindeyiz.<\/p>\n\n\n\n

Hemen i\u015flem yapmaya ba\u015flay\u0131n \u2014 ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in buraya<\/a> t\u0131klay\u0131n.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"

Japonya, vergi indirimi i\u00e7in tahvil ihrac\u0131n\u0131 reddediyor: Katayama harcama k\u0131s\u0131nt\u0131s\u0131, vergi d\u0131\u015f\u0131 gelir art\u0131\u015f\u0131 ve g\u00fc\u00e7l\u00fc tahsilatla a\u00e7\u0131\u011f\u0131 kapatacak. USD\/JPY 154,75; JGB yatayla\u015fma, USD\/JPY put f\u0131rsat\u0131.<\/p>\n","protected":false},"author":87,"featured_media":50081,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-54028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t