{"id":7172,"date":"2024-03-20T13:40:45","date_gmt":"2024-03-20T10:40:45","guid":{"rendered":"https:\/\/es-exchange.com\/haberler\/?p=7172"},"modified":"2024-03-20T13:40:45","modified_gmt":"2024-03-20T10:40:45","slug":"dunyada-negatif-faiz-donemi-japonyanin-da-politikasini-degistirmesiyle-sonlandi","status":"publish","type":"post","link":"https:\/\/es-exchange.com\/haberler\/?p=7172","title":{"rendered":"D\u00fcnyada negatif faiz d\u00f6nemi Japonya’n\u0131n da politikas\u0131n\u0131 de\u011fi\u015ftirmesiyle sonland\u0131"},"content":{"rendered":"
\n

\n\tBoJ, 2016’da \u00e7o\u011funlukla g\u00fc\u00e7lenen yenin ihracat a\u011f\u0131rl\u0131kl\u0131 ekonomisine zarar vermesini \u00f6nlemek ve deflasyonla m\u00fccadele kapsam\u0131nda ba\u015flad\u0131\u011f\u0131 negatif faiz politikas\u0131na, b\u00fcy\u00fck \u015firketlerdeki \u00f6nemli \u00fccret art\u0131\u015flar\u0131n\u0131n ard\u0131ndan son verme karar\u0131 ald\u0131.<\/p>\n

\n\tBanka, k\u0131sa vadeli faiz oranlar\u0131n\u0131 y\u00fczde eksi 0,1’den y\u00fczde 0 ila y\u00fczde 0,1 aral\u0131\u011f\u0131na y\u00fckseltti. B\u00f6ylece, BoJ, 17 y\u0131l sonra yapt\u0131\u011f\u0131 ilk faiz art\u0131r\u0131m\u0131yla, d\u00fcnyan\u0131n \u00f6nde gelen merkez bankalar\u0131 aras\u0131nda negatif faiz politikas\u0131n\u0131 terk eden son banka oldu.<\/p>\n

\n\tBoJ, negatif faiz politikas\u0131na son vermenin yan\u0131nda, 10 y\u0131ll\u0131k Japon devlet tahvillerine ili\u015fkin getiri e\u011frisi kontrol\u00fcn\u00fc de sona erdirdi.<\/p>\n

\n\tBa\u015fkan Kazuo Ueda, di\u011fer merkez bankalar\u0131 gibi k\u0131sa vadeli faiz oranlar\u0131n\u0131 hedefleyen “normal para politikas\u0131”na d\u00f6n\u00fc\u015ften s\u00f6z etti.<\/p>\n

\n\tFaiz oranlar\u0131ndaki geri d\u00f6n\u00fc\u015f hisse senedi piyasalar\u0131n\u0131 desteklerken, Japon yeni \u015fa\u015f\u0131rt\u0131c\u0131 \u015fekilde bask\u0131 alt\u0131na girdi. Dolar\/yen paritesi 150 seviyesinin \u00fczerine \u00e7\u0131kt\u0131.<\/p>\n

\n\tAnalistler, yenin tepkisinin muhtemelen belirsiz g\u00f6r\u00fcn\u00fcm\u00fcn bir sonucu oldu\u011funu belirterek, Ba\u015fkan Ueda’n\u0131n ba\u015fka ad\u0131mlar at\u0131l\u0131p at\u0131lmayaca\u011f\u0131 ve ne \u00f6l\u00e7\u00fcde ad\u0131mlar beklenebilece\u011fi konusunda bir i\u015faret vermedi\u011fini an\u0131msatt\u0131.<\/p>\n

\n\tK\u00fcresel finansal kriz sonras\u0131nda parasal geni\u015fleme uygulamas\u0131na ba\u015fland\u0131<\/strong><\/p>\n

\n\tABD’de mortgage krizi sonras\u0131nda 2008’de ya\u015fanan k\u00fcresel finansal krizin ard\u0131ndan, d\u00fcnyan\u0131n \u00f6nde gelen merkez bankalar\u0131 Fed, ECB ve BoJ, faiz oranlar\u0131n\u0131 da “s\u0131f\u0131ra yak\u0131n” seviyelere indirerek, parasal geni\u015fleme d\u00f6nemine ge\u00e7ti.<\/p>\n

\n\tFed, 2008 sonundan 2015 y\u0131l\u0131 sonunda kadar politika faizi oran\u0131n\u0131 y\u00fczde 0-0,25 aral\u0131\u011f\u0131nda tutarken, di\u011fer merkez bankalar\u0131 deflasyonun ekonomilerini resesyona s\u00fcr\u00fckleyebilece\u011fi endi\u015fesiyle faiz oranlar\u0131n\u0131 s\u0131f\u0131r\u0131n alt\u0131na \u00e7ekmeye karar verdi.<\/p>\n

\n\tECB, bor\u00e7 vermeyi te\u015fvik etmek ve b\u00f6lgede ekonomik faaliyeti canland\u0131rmak amac\u0131yla Avro B\u00f6lgesi’ndeki bankalar\u0131n tuttu\u011fu rezervler i\u00e7in negatif faiz oranlar\u0131 uygulad\u0131.<\/p>\n

\n\tAvrupa Merkez Bankas\u0131, 2014’te bankalar\u0131n merkez bankas\u0131nda tuttuklar\u0131 mevduat i\u00e7in \u00f6denen faiz oran\u0131n\u0131 y\u00fczde eksi 0,1’e indirerek negatif para politikas\u0131 rejimine ge\u00e7erken, Banka Eyl\u00fcl 2019’da da mevduat faizini y\u00fczde eksi 0,5’e kadar \u00e7ekti. ECB, negatif faiz politikas\u0131na Temmuz 2022’de son verdi.<\/p>\n

\n\tSermaye ak\u0131\u015flar\u0131n\u0131 b\u00fcy\u00fck \u00f6l\u00e7\u00fcde etkilemesi beklenmiyor<\/strong><\/p>\n

\n\tBoJ’un karar\u0131 \u00f6ncesinde, Japonya’daki y\u00fcksek faiz oranlar\u0131n\u0131n \u00fclkedeki sigorta \u015firketleri ve emeklilik fonlar\u0131 gibi b\u00fcy\u00fck yat\u0131r\u0131mc\u0131lar\u0131n yurt d\u0131\u015f\u0131na yat\u0131rd\u0131klar\u0131 ve ge\u00e7en y\u0131l sonu itibar\u0131yla 4 trilyon dolar\u0131n \u00fczerinde bulunan sermayelerini \u00e7ekmelerine yol a\u00e7abilece\u011fi ve bunun da piyasa istikrar\u0131 a\u00e7\u0131s\u0131ndan olumsuz sonu\u00e7lar do\u011furabilece\u011fi endi\u015fesi ortaya \u00e7\u0131km\u0131\u015ft\u0131.<\/p>\n

\n\tAnalistler, BoJ’un karar\u0131n\u0131 bir d\u00f6n\u00fcm noktas\u0131 olarak g\u00f6r\u00fcrken, bu ad\u0131m\u0131n \u00e7ok k\u00fc\u00e7\u00fck olmas\u0131 ve ba\u015fka h\u0131zl\u0131 faiz art\u0131\u015flar\u0131n\u0131n olas\u0131 g\u00f6r\u00fclmemesi nedeniyle, ba\u015flang\u0131\u00e7ta k\u00fcresel sermaye piyasalar\u0131 \u00fczerinde \u00e7ok az etki yapaca\u011f\u0131n\u0131 belirtti.<\/p>\n

\n\t\u015eu an i\u00e7in sermaye ak\u0131\u015flar\u0131nda b\u00fcy\u00fck bir de\u011fi\u015fim beklemeyen analistler, b\u00fcy\u00fck bir k\u0131sm\u0131 yurt d\u0131\u015f\u0131nda ba\u011flanm\u0131\u015f durumda olan Japon sermayesinin geri d\u00f6nmesi i\u00e7in \u00fclkede faizlerin \u00e7ok daha fazla artmas\u0131 gerekece\u011fini kaydetti.<\/p>\n

\n\tToplu i\u015f s\u00f6zle\u015fmeleri daha fazla fiyat bask\u0131s\u0131na i\u015faret ediyor<\/strong><\/p>\n

\n\tJaponya’da \u00fccretlerde g\u00f6zle g\u00f6r\u00fcl\u00fcr bir b\u00fcy\u00fcme, faiz oranlar\u0131n\u0131n y\u00fckselmesinin ko\u015fuluydu. Ancak, son 33 y\u0131l\u0131n en y\u00fcksek seviyesine ula\u015fan \u00fccret art\u0131\u015flar\u0131n\u0131n ard\u0131ndan baz\u0131 analistler, enflasyonist bask\u0131n\u0131n artmas\u0131 tehlikesine dikkati \u00e7ekerek, artan \u00fccret ve fiyatlar\u0131n potansiyel olarak tehlikeli bir enflasyonist spirale yol a\u00e7ma olas\u0131l\u0131\u011f\u0131n\u0131 an\u0131msatt\u0131.<\/p>\n

\n\tAnalistler, faiz oranlar\u0131ndaki geri d\u00f6n\u00fc\u015fe ra\u011fmen Japonya’da finansman ko\u015fullar\u0131n\u0131n son derece gev\u015fek kalmaya devam etti\u011fine vurgu yaparak, bunun da enflasyonu daha da g\u00fc\u00e7lendirebilece\u011fini kaydetti.<\/p>\n

\n\tBoJ, asl\u0131nda canland\u0131rmak istedi\u011fi i\u00e7 talebi baltalama riskiyle de kar\u015f\u0131 kar\u015f\u0131ya. Japonya’da ev sahiplerinin y\u00fczde 80’i m\u00fclklerini piyasa faiz oranlar\u0131na dayanan kredilerle finanse ediyor. Bu nedenle faiz oranlar\u0131ndaki keskin bir y\u00fckseli\u015fin hane halklar\u0131n\u0131n geri \u00f6demelerini h\u0131zla art\u0131rmas\u0131 ve dolay\u0131s\u0131yla t\u00fcketimi azaltmas\u0131 muhtemel g\u00f6r\u00fcl\u00fcyor.<\/p>\n

\n\tBir\u00e7ok uzman ve yat\u0131r\u0131mc\u0131ya g\u00f6re BoJ temmuz ay\u0131na kadar yeni faiz ad\u0131mlar\u0131 atmayacak. Analistler, \u00fccret g\u00f6r\u00fc\u015fmelerinden iyi bir sonu\u00e7 \u00e7\u0131kmas\u0131n\u0131n iyi bir haber olsa bile t\u00fcketimde keskin bir art\u0131\u015f\u0131n beklenmemesi gerekti\u011fini belirterek, BoJ’un bir dizi h\u0131zl\u0131 faiz art\u0131r\u0131m\u0131 yapmas\u0131n\u0131n olas\u0131 olmad\u0131\u011f\u0131n\u0131 ifade ediyor.<\/p>\n

\n\tFaiz oranlar\u0131ndaki geri d\u00f6n\u00fc\u015fe ra\u011fmen Japonya’da finansman ko\u015fullar\u0131 son derece gev\u015fek kalmaya devam ederken, bunun da enflasyonu daha da g\u00fc\u00e7lendirebilece\u011fi aktar\u0131l\u0131yor.<\/p>\n

\n
ET\u0130KETLER<\/div>\n
\n Japonya
\n Faiz
\n ABD\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

BoJ, 2016’da \u00e7o\u011funlukla g\u00fc\u00e7lenen yenin ihracat a\u011f\u0131rl\u0131kl\u0131 ekonomisine zarar vermesini \u00f6nlemek ve deflasyonla m\u00fccadele kapsam\u0131nda…<\/p>\n","protected":false},"author":1,"featured_media":7173,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[6772,2695,2868,287,6754,1909,6,6773],"class_list":["post-7172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ekonomi-haberleri","tag-degistirmesiyle","tag-donemi","tag-dunyada","tag-faiz","tag-japonyanin","tag-negatif","tag-politikasini","tag-sonlandi"],"yoast_head":"\nD\u00fcnyada negatif faiz d\u00f6nemi Japonya'n\u0131n da politikas\u0131n\u0131 de\u011fi\u015ftirmesiyle sonland\u0131 - Es-Exchange Ekonomi Haberleri<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/es-exchange.com\/haberler\/?p=7172\" \/>\n<meta property=\"og:locale\" content=\"tr_TR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"D\u00fcnyada negatif faiz d\u00f6nemi Japonya'n\u0131n da politikas\u0131n\u0131 de\u011fi\u015ftirmesiyle sonland\u0131 - 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