Monday, April 8, 2013

Nikkei soars anew as BOJ gets busy.

 The Nikkei (NKY) jumped 2.8% to 13,192.59, its highest close since August 2008, while the yen-dollar rate dropped below 99 for the first time in four years, as the Bank of Japan began its grand stimulus experiment in its attempt to pull the country out of deflation. The BOJ said it would acquire ¥1T ($10.3B) of Japanese government bonds with maturities of 5-10 years and ¥200B of bonds with maturities exceeding 10 years. At the time of writing, the yen was -1.1% at 98.53 to the dollar.