The Bank of Japan (BoJ) sent shockwaves through the market today as it unleashed a hefty round of additional stimulus – sending the Nikkei to a seven-year high and the yen plunging.
Governor Haruhiko Kuroda won a narrow majority in a 5–4 vote that will see the BoJ expand the money supply by ¥80 trillion ($716 billion) a year, an increase of ¥10 trillion–20 trillion a year on the original stimulus unveiled last April.
It will achieve this in part by increasing its outstanding holdings of Japanese
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