{"id":8358,"date":"2026-08-10T12:00:00","date_gmt":"2026-08-10T09:00:00","guid":{"rendered":"https:\/\/fxknews.com\/?p=8358"},"modified":"2026-08-10T10:28:05","modified_gmt":"2026-08-10T07:28:05","slug":"8358","status":"publish","type":"post","link":"https:\/\/fxknews.com\/?p=8358","title":{"rendered":""},"content":{"rendered":"\n

Goldman Sachs’\u0131n notu, ABD Hazine Bakan\u0131 Bessent’in Japonya’n\u0131n Yabanc\u0131 ve Uluslararas\u0131 Para Otoriteleri (FIMA) repo tesisi ad\u0131 verilen bir Fed bor\u00e7lanma olana\u011f\u0131ndan yararlanmas\u0131 \u00f6nerisini ele al\u0131yor. Konuyu biraz daha a\u00e7\u0131klamak gerekirse, bu tesis, yabanc\u0131 merkez bankalar\u0131n\u0131n gerekirse Hazine tahvillerini do\u011frudan satmak yerine k\u0131sa s\u00fcreli\u011fine \u00f6d\u00fcn\u00e7 vermelerine olanak tan\u0131yor. T\u00fcm bunlar\u0131n amac\u0131, tahvil piyasas\u0131nda b\u00fcy\u00fck bir aksakl\u0131\u011f\u0131 \u00f6nlemek ve daha da \u00f6nemlisi, Hazine tahvil getirilerinin daha da y\u00fckselmesi durumunda her iki taraf i\u00e7in de siyasi ve ekonomik sorunlardan ka\u00e7\u0131nmakt\u0131r.<\/p>\n\n\n\n

Bessent ge\u00e7en hafta yapt\u0131\u011f\u0131 a\u00e7\u0131klamalarda buna de\u011finmi\u015fti: “Fed’in sahip oldu\u011fu imkanlar\u0131n, ister FIMA imkan\u0131 olsun ister takas hatlar\u0131, amac\u0131 ABD ekonomisini korumak ve her t\u00fcrl\u00fc oynakl\u0131\u011f\u0131 yurt d\u0131\u015f\u0131nda tutmakt\u0131r.”<\/em><\/p>\n\n\n\n

Peki, Japonya kendi para birimini savunmak i\u00e7in m\u00fcdahale etmeye karar verdi\u011finde neden b\u00f6yle bir yola ba\u015fvurmak zorunda kal\u0131yor? Japonya’n\u0131n bol miktarda d\u00f6viz rezervi yok mu? Teknik olarak evet, en az\u0131ndan ka\u011f\u0131t \u00fczerinde. Bunu May\u0131s ay\u0131nda burada belirtmi\u015ftim:<\/p>\n\n\n\n

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“\u015eimdi herkes biliyor ki Tokyo, d\u00f6viz rezervleri a\u00e7\u0131s\u0131ndan en b\u00fcy\u00fck sava\u015f sand\u0131klar\u0131ndan birine sahip. Kullanabilecekleri tam 1,2 trilyon dolar var. Ancak, bunun tamam\u0131n\u0131n likit nakit mevduat\u0131nda olmad\u0131\u011f\u0131n\u0131 belirtmek \u00f6nemlidir. Asl\u0131nda, bunun %80’inden fazlas\u0131, ba\u015fta ABD Hazine tahvilleri olmak \u00fczere di\u011fer yabanc\u0131 devlet tahvillerinden olu\u015fan menkul k\u0131ymetlerde bulunuyor.”<\/em><\/p>\n<\/blockquote>\n\n\n\n

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Yani, nakit rezervlerini t\u00fckettikleri takdirde s\u0131n\u0131rs\u0131z bir kayna\u011fa sahip olduklar\u0131 s\u00f6ylenemez. E\u011fer durum bu noktaya gelirse, ABD Hazine tahvillerinin sat\u0131lmas\u0131, ABD tahvil getirilerini y\u00fckseltme gibi istenmeyen bir etkiye sahip olabilir ve bu da dolayl\u0131 olarak dolar i\u00e7in bir destek anlam\u0131na gelir. Dolay\u0131s\u0131yla, bu durum Tokyo’nun istedi\u011finin tam tersi bir etki yarat\u0131r; yani daha d\u00fc\u015f\u00fck bir USD\/JPY kuru elde edilir.”<\/em><\/p>\n<\/blockquote>\n\n\n\n

Esasen, m\u00fcdahale likiditesi o kadar bol de\u011fil ki Japonya tahvilleri nakde \u00e7evirmenin yollar\u0131n\u0131 bulmak zorunda kal\u0131yor. Ve ABD tahvil piyasas\u0131 i\u00e7in risk de burada yat\u0131yor.<\/p>\n\n\n\n

Goldman Sachs’\u0131n notunda bu konuya de\u011finiliyor ve FIMA mekanizmas\u0131n\u0131n yard\u0131mc\u0131 olabilece\u011fi ancak sonu\u00e7ta s\u00fcrecin sadece kolayla\u015ft\u0131r\u0131lmas\u0131na y\u00f6nelik oldu\u011fu savunuluyor. Ne olursa olsun, Japonya’n\u0131n m\u00fcdahale \u00e7abalar\u0131n\u0131 s\u00fcrd\u00fcrmek i\u00e7in yine de ABD Hazine tahvilleri satmas\u0131 gerekecek.<\/p>\n\n\n\n

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“E\u011fer Hazine Bakanl\u0131\u011f\u0131, Japonya’n\u0131n g\u00fcvenilir yen g\u00fcc\u00fcn\u00fc sa\u011flamak i\u00e7in m\u00fcdahaleye devam etmek istedi\u011fini ve piyasada istikrars\u0131zla\u015ft\u0131r\u0131c\u0131 bir g\u00fcc\u00fc \u00f6nlemek istedi\u011fini kabul ederse, FIMA mekanizmas\u0131 piyasa \u00fczerindeki etkiyi yumu\u015fatabilir. Ancak, FIMA’n\u0131n kullan\u0131lmas\u0131 zaman kazand\u0131rsa da, Japonya’n\u0131n ABD Hazine tahvillerini satmas\u0131n\u0131 engellemez. Sonu\u00e7ta, Maliye Bakanl\u0131\u011f\u0131 m\u00fcdahaleyi finanse etmek i\u00e7in Hazine tahvillerini satmak ve\/veya bilan\u00e7osundan yeterli miktarda menkul k\u0131ymeti \u00e7\u0131karmak zorunda kalacakt\u0131r.”<\/em><\/p>\n<\/blockquote>\n\n\n\n

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Bessent’in Maliye Bakanl\u0131\u011f\u0131’n\u0131n FIMA arac\u0131l\u0131\u011f\u0131yla m\u00fcdahale etmesi y\u00f6n\u00fcndeki talebini, Japonya veya di\u011fer rezerv y\u00f6neticilerinin Hazine tahvillerini satmas\u0131n\u0131 engelleme giri\u015fimi olarak g\u00f6rm\u00fcyoruz. Bu, \u00f6ncelikle Hazine piyasas\u0131 \u00fczerinde y\u0131k\u0131c\u0131 etkileri olabilecek b\u00fcy\u00fck \u00f6l\u00e7ekli d\u00f6viz m\u00fcdahalesinin potansiyel etkilerini yumu\u015fatman\u0131n bir yoludur.”<\/em><\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Goldman Sachs’\u0131n notu, ABD Hazine Bakan\u0131 Bessent’in Japonya’n\u0131n Yabanc\u0131 ve Uluslararas\u0131 Para Otoriteleri (FIMA) repo tesisi ad\u0131 verilen bir Fed<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[8],"tags":[182],"class_list":["post-8358","post","type-post","status-publish","format-standard","hentry","category-son-dakikalar","tag-goldman-sachs"],"_links":{"self":[{"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/posts\/8358","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fxknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8358"}],"version-history":[{"count":1,"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/posts\/8358\/revisions"}],"predecessor-version":[{"id":8359,"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/posts\/8358\/revisions\/8359"}],"wp:attachment":[{"href":"https:\/\/fxknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fxknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fxknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}