posted at 00:50
Author Name: Mike Bird
Japan Just Boosted QE And The Nikkei Exploded To A Seven Year High
The Nikkei closed up 4.83%, hitting a seven-year high after the Bank of Japan unexpectedly announced it was expanding its monetary easing policy Friday morning. In a tight vote, the BoJ backed an 80 trillion yen target for expanding the monetary base. That's up from a 60-70 trillion yen target before. Just as the Fed this week announced the final tapering of QE3, the Bank of Japan is hitting the gas. This was a major unexpected move by Haruhiko Kuroda, the Bank of Japan's governor, and a big new chapter in the country's 'Abenomics' experiment, named after Prime Minister Shinzo Abe. The dollar and yen are reacting pretty much as you'd expect too. Here the dollar is is, up 1.76% against the dollar. Gold is getting smashed again.

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