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Markets  |  January 25, 2013 14:10:00

Weekly summary of the major political and economic events


iPoint.cz Japan

The Bank of Japan (BoJ) on Tuesday after a two-day meeting of the board resolved to achieve the ambitious inflation target of 2 percent. Therefore planning to run from 2014 unlimited purchase of assets. By the end of 2013 the economy would already be pumped $ 1.1 trillion (USD). In 2014, until further notice, then the economy will be added another 144 a month, $ 4 billion

The basic difference between what makes the U.S. central bank (Fed) and the Bank of Japan is that the Fed buys bonds to support the labor market at the current 2.1 percent inflation and public debt of 103% of GDP.

Unlike the U.S., Japan struggles with deflation and its debt is now equal to 212 percent of GDP. If we add to the already huge amount of debt unlimited ECB bond purchases, which will further deepen the debt, may be designed to combat inflation for the country of the Rising Sun disastrous. BoJ will therefore have to use printed money to buy a lot of assets to achieve its inflation target. Decision of the Bank of Japan is the result of pressure from the new liberal democratic government, which calls for greater bank intervention in the economy. The new Prime Minister Shinzo Abe has had in its election program, resolved to increase inflation and trigger economic growth. The land BoJ is whispering about the impact on the premiere of her policy and also that he wanted to put his forehead governor who would be afraid to take more aggressive action.Appointment of the prime minister's men likely to come in April, when mandate ends Shirakowi governor.

The International Monetary Fund lowered global economic outlook

On Wednesday, the International Monetary Fund (IMF) upgraded its global economic outlook for 2013 and 2014. He said that the recession in the euro area and Japan weakness this year will hamper global economic growth. In the year 2014, but should be a recovery that could be nejsvižnější from 2010.

IMF lowered forecasts economic growth of the world economy (GDP) in 2013 to 3.5 percent from 3.6 percent reported in October. In 2014, the expected expansion of 4.1 percent, provided that there is recovery in the eurozone. Healthy growth rates above 4 percent were last seen in 2010. In 2012, the world economy is estimated by the IMF increased by 3.2 percent.

Germany - the economic powerhouse of the euro area

Although over eurozone crisis still far failed to win the confidence of financial professionals in the German economy grows in January. Tuesday's ZEW economic sentiment index reached its highest level since the summer of 2010, and 31.5 points. Values ??less than zero indicate pessimism about the future development of the German economy and greater than zero indicate the contrary optimism. ZEW German company is an acronym for European Economic Research, which changes every month asking experts how they see the current situation and future direction of the German economy.

The good news on Tuesday, followed by the dates of Thursday and Friday. First in order were published purchasing managers indices of manufacturing and service sector.Since the documents to calculate these indices provide themselves purchasing managers from different companies who have the best overview of the plan for future production and orders in the industry, these indices are very trustworthy indicator of future economic development.

The German economy was successful week ended with the index of business confidence. This is the index of the Ifo Institute in Munich, which is based on a survey of about 7,000 German companies and is seen as a harbinger of economic trends in Germany and throughout the euro area.

Euro due to positive outlook for the German economy this week strengthened against the dollar by more than 1 percent.

Great Britain

On Wednesday, British Prime Minister David Cameron in a speech in London's financial district, said that if he wins the next parliamentary elections, gives the British the opportunity to comment on the issue in a referendum on staying in the countryEuropean Union (EU), and no later than 2017.

"It will be a referendum on whether to stay or leave," said the Prime Minister with the fact that if the UK decided to withdraw from the European Union, it would be a "one-way ticket, not the reverse."

Britain, as is well known, one of the major steps of integration of some critics of the EU. Brits in denial that this decision could somehow diplomatically or economically at risk. Cameron added that the reason for his decision is that the degree of disillusionment with the European Union have reached a peak in England, and therefore is forced to take action.

Other members of the European Union, of course, access to the Union not like London. They argue that British Prime Minister behaves as if Union was a restaurant menu, from which you can choose what he likes and what is not. The U.S. position, the faithful ally Britain to leave the EU is also negative.

United Kingdom on Friday released preliminary GDP figures for the last quarter of 2012. GDP compared to the previous quarter, fell as much as 0.3 percent. Compared to the third quarter is not entirely accurate, because in that period the British economy experienced growth mainly due to the Olympic Games. Economics but do not look for excuses and Britain is in danger of recession in the third period of four years. The report mainly hit David Cameron's Conservative government, which still saving steps yesterday defended his government, for which he was criticized by the International Monetary Fund (IMF).

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