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The correspondence isn't direct; if 位相幾何学 were loan translated into English it would be 位相 (topological) 幾何学 (geometry).
Interestingly, though, 位相 means phase (i.e. of a sinusoidal function) as well as topology, and that means that the term 位相空間 is ambiguous between phase space (in physics) and topological space (in mathematics).
EDIT: To clarify the etymology:
The first morpheme in topology is Gk. τόπος 'place', which corresponds to 位 (position). I would suggest that 相 in this context means 'aspect', 'behaviour', and not 'mutual' (its other sense). In Chinese, the two senses of 相 have different readings (xiang4 vs xiang1). Putting it all together, the term 位相 refers to the disposition of place -- that is, how the place is arranged; in other words, its topology.