{"id":93311,"date":"2025-11-28T06:31:10","date_gmt":"2025-11-28T05:31:10","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=93311"},"modified":"2025-11-28T06:31:10","modified_gmt":"2025-11-28T05:31:10","slug":"vyviji-japonska-menova-politika-tlak-na-dolar","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2025\/11\/28\/vyviji-japonska-menova-politika-tlak-na-dolar\/","title":{"rendered":"Vyv\u00edj\u00ed japonsk\u00e1 m\u011bnov\u00e1 politika tlak na dolar?"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n<p><strong><span dir=\"auto\">Kapit\u00e1l sleduje v\u00fdnos. Vzhledem k slab\u00e9mu jenu a rostouc\u00edm \u00farokov\u00fdm sazb\u00e1m v Japonsku by mohl zmizet v\u00fdznamn\u00fd kupec americk\u00fdch st\u00e1tn\u00edch dluhopis\u016f, co\u017e by refinancov\u00e1n\u00ed americk\u00e9ho dluhu je\u0161t\u011b v\u00edce prodra\u017eilo.<\/span><\/strong><\/p>\n<p><span dir=\"auto\">Po cel\u00e1 desetilet\u00ed mnoho japonsk\u00fdch investor\u016f nakupovalo americk\u00e9 st\u00e1tn\u00ed dluhopisy, proto\u017ee byly pova\u017eov\u00e1ny za bezpe\u010dn\u00e9 a na rozd\u00edl od japonsk\u00fdch dluhopis\u016f (kter\u00e9 byly st\u00e1le kupov\u00e1ny z vlasteneck\u00fdch d\u016fvod\u016f) slibovaly alespo\u0148 n\u011bjak\u00fd v\u00fdnos. Nyn\u00ed v\u0161ak dom\u00e1c\u00ed \u00farokov\u00e9 sazby rostou, m\u00edsto deflace doch\u00e1z\u00ed k inflaci a jen ztr\u00e1c\u00ed hodnotu v\u016f\u010di americk\u00e9mu dolaru. To vede k posun\u016fm v kapit\u00e1lov\u00fdch toc\u00edch.<\/span><\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<div class=\"twitter-tweet twitter-tweet-rendered\"><iframe id=\"twitter-widget-0\" class=\"\" title=\"X P\u0159\u00edsp\u011bvek\" src=\"https:\/\/platform.twitter.com\/embed\/Tweet.html?dnt=true&amp;embedId=twitter-widget-0&amp;features=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%3D%3D&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=1992174173373042940&amp;lang=cs&amp;origin=https%3A%2F%2Freport24.news%2Fsetzt-japans-geldpolitik-den-dollar-unter-druck%2F&amp;sessionId=9e65c552e4ddb40d38dca2746397fe7b5b7e3e4c&amp;theme=light&amp;widgetsVersion=2615f7e52b7e0%3A1702314776716&amp;width=550px\" frameborder=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\" data-tweet-id=\"1992174173373042940\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/div>\n<\/figure>\n<p><span dir=\"auto\">Proto\u017ee pokud japonsk\u00e9 cenn\u00e9 pap\u00edry za\u010dnou op\u011bt generovat v\u00fdznamn\u00e9 v\u00fdnosy, hlavn\u00ed institucion\u00e1ln\u00ed investo\u0159i v zemi, jako jsou penzijn\u00ed fondy, poji\u0161\u0165ovny a banky, budou ve st\u00e1le v\u011bt\u0161\u00ed m\u00ed\u0159e realokovat sv\u00e9 pod\u00edly. Vzhledem k tomu, \u017ee Japonci dr\u017e\u00ed americk\u00e9 st\u00e1tn\u00ed dluhopisy v hodnot\u011b p\u0159ibli\u017en\u011b 1,2 bilionu dolar\u016f a pat\u0159\u00ed mezi nejv\u011bt\u0161\u00ed zahrani\u010dn\u00ed kupce, je to kritick\u00fd v\u00fdvoj i pro Ameri\u010dany. Pokud popt\u00e1vka klesne a nab\u00eddka bude nad\u00e1le r\u016fst, \u00farokov\u00e9 sazby se tak\u00e9 zv\u00fd\u0161\u00ed.<\/span><\/p>\n<p><span dir=\"auto\">Japonsk\u00e1 centr\u00e1ln\u00ed banka se v\u0161ak ocitla v dilematu. Pokra\u010dov\u00e1n\u00ed znamen\u00e1 tisknout je\u0161t\u011b v\u00edce jen\u016f, slab\u0161\u00ed m\u011bnu, vy\u0161\u0161\u00ed dovozn\u00ed ceny a politick\u00e9 \u0161kody. Zastaven\u00ed znamen\u00e1 nechat v\u00fdnosy r\u016fst, viditeln\u00e9 zv\u00fd\u0161en\u00ed \u00farokov\u00e9 z\u00e1t\u011b\u017ee st\u00e1tn\u00edho dluhu (ohromuj\u00edc\u00edch 250 procent HDP) a rozbit\u00ed m\u00fdtu o trvale udr\u017eiteln\u00e9m dluhov\u00e9m financov\u00e1n\u00ed. Ob\u011b mo\u017enosti podkop\u00e1vaj\u00ed d\u016fv\u011bru a zp\u016fsobuj\u00ed vedlej\u0161\u00ed \u0161kody.<\/span><\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<div class=\"twitter-tweet twitter-tweet-rendered\"><iframe id=\"twitter-widget-1\" class=\"\" title=\"X P\u0159\u00edsp\u011bvek\" src=\"https:\/\/platform.twitter.com\/embed\/Tweet.html?dnt=true&amp;embedId=twitter-widget-1&amp;features=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%3D%3D&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=1993610650946256982&amp;lang=cs&amp;origin=https%3A%2F%2Freport24.news%2Fsetzt-japans-geldpolitik-den-dollar-unter-druck%2F&amp;sessionId=9e65c552e4ddb40d38dca2746397fe7b5b7e3e4c&amp;theme=light&amp;widgetsVersion=2615f7e52b7e0%3A1702314776716&amp;width=550px\" frameborder=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\" data-tweet-id=\"1993610650946256982\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/div>\n<\/figure>\n<p><span dir=\"auto\">Nejedn\u00e1 se o finan\u010dn\u00ed \u010dasovanou bombu, kter\u00e1 m\u00e1 brzy explodovat, ale o dal\u0161\u00ed z\u00e1t\u011b\u017eov\u00fd test pro glob\u00e1ln\u00ed finan\u010dn\u00ed syst\u00e9m, kter\u00fd profituje z vl\u00e1dn\u00edho dluhu. Jde o postupnou korekci finan\u010dn\u00edch tok\u016f, kter\u00e1 by v\u0161ak mohla zp\u016fsobit nov\u00e9 naru\u0161en\u00ed. Pro novou japonskou vl\u00e1du to tak\u00e9 znamen\u00e1, \u017ee pokud se j\u00ed nepoda\u0159\u00ed naj\u00edt n\u011bjakou rovnov\u00e1hu, sm\u011b\u0159uje bu\u010f k dluhov\u00e9, nebo m\u011bnov\u00e9 krizi. Ani jeden ze sc\u00e9n\u00e1\u0159\u016f by nebyl ide\u00e1ln\u00ed pro ji\u017e tak napjatou glob\u00e1ln\u00ed ekonomickou situaci, vzhledem k pokra\u010duj\u00edc\u00ed d\u016fle\u017eit\u00e9 roli Japonska.<\/span><\/p>\n<p><span dir=\"auto\">Pro americk\u00fd dolar by v\u0161ak sta\u017een\u00ed japonsk\u00e9ho kapit\u00e1lu mohlo b\u00fdt \u0161patnou zpr\u00e1vou a vystavit ho tlaku. Je to proto, \u017ee dal\u0161\u00edch velk\u00fdch kupc\u016f americk\u00fdch st\u00e1tn\u00edch dluhopis\u016f bude tak\u00e9 m\u00e9n\u011b. Rusko se ji\u017e za\u010dalo od dolaru odkl\u00e1n\u011bt a \u010c\u00edna tak\u00e9 projevuje zdr\u017eenlivost. A \u010d\u00edm intenzivn\u011bji Washington dolar \u201evyzbrojuje\u201c, t\u00edm men\u0161\u00ed je pravd\u011bpodobnost, \u017ee se ostatn\u00ed zem\u011b stanou na americk\u00e9 m\u011bn\u011b p\u0159\u00edli\u0161 z\u00e1visl\u00fdmi a budou hledat alternativy.<\/span><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-1185\" src=\"http:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2021\/04\/kuryr-podpis.png\" alt=\"\" width=\"84\" height=\"24\" \/><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kapit\u00e1l sleduje v\u00fdnos. Vzhledem k slab\u00e9mu jenu a rostouc\u00edm \u00farokov\u00fdm sazb\u00e1m v Japonsku by mohl&#8230;<\/p>\n","protected":false},"author":2,"featured_media":93312,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[1324,45,105],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/93311"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=93311"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/93311\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/93312"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=93311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=93311"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=93311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}