Finans
Japon Yeni (Japanese Yen, JPY)
İngilizce: Japanese yen
Türkçe Tanım
Japonya'nin resmi para birimi olup, kuresel piyasalarda dusuk faizli fonlama para birimi olarak carry trade islemlerinin ve capraz kur swap'larinin merkezinde durur. Uzun sureli gevsek para politikasi, yeni tipik olarak dolar ve euroya kiyasla ucuz fonlama kaynagina donusturmus; bu da yen bazli finansmani, kur riskinden korunma maliyeti icsellestirildiginde cekici kilmistir. Ancak proje nakit akislari dolar ya da yerel para cinsindenken yen borc tasiyan bir yapida, capraz kur baz swap'inin fiyati ve yenin ani deger kazanma egilimi, gorunurdeki faiz avantajini hizla eritebilecek gizli bir maliyet kalemidir.
English Definition
The official currency of Japan, sitting at the center of carry trades and cross-currency swaps as a low-yielding funding currency in global markets. A long stretch of accommodative monetary policy has generally made the yen a cheap funding source relative to the dollar and euro, which renders yen-based financing attractive once hedging cost is internalized. Yet where a structure carries yen debt against dollar or local-currency project cash flows, the price of the cross-currency basis swap and the yen's tendency to appreciate abruptly form a hidden cost line that can quickly erode the apparent rate advantage.