A senior analyst at the Japan Credit Rating Agency said Thursday that recent economic measures by Türkiye were having a positive effect on market confidence. Yoshihiko Tamura, who focuses on Türkiye for the agency, made the remarks in an interview with the Anadolu Agency.
Tamura attributed the broader instability in emerging markets primarily to inflation pressures in the United States, expectations of rising global interest rates, and elevated oil prices. He disagreed with investor George Soros, who had argued that Japan's monetary tightening was the principal cause of the slide in emerging-market assets since early May.
On Türkiye specifically, Tamura said the lira's decline began after a sharp jump in April inflation triggered a bond sell-off. Domestic factors, including new political tensions, mounting inflation, and a widening current account deficit, compounded the pressure alongside the global environment. Higher oil prices, rising food costs, and seasonal price swings all contributed to the April inflation surge, he said.
Despite the turbulence, Tamura expressed cautious confidence, noting that structural reforms had improved economic resilience and made a full-blown crisis less likely. He urged the Turkish government to maintain its reform agenda, including IMF-backed social security changes, to restore and sustain market stability.
Historical summary. TurkishPress restated this wire report, first published in June 2006, in its own words.