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Bank of Japan Turns the Dial to Unlimited
The big story today was the Bank of Japan's decision overnight to raise its inflation target to 2% from its previous target of 1% in an effort to combat the recurring deflation in the Japanese economy. The one surprise was the central bank's decision to hold off on unlimited open-ended purchases of Japanese government bonds and other assets until 2014. Previously newswires had reported that the central bank would pursue a purchase plan of up to 13 trillion yen in assets. Divergences showed themselves in the market today as both equities and bonds rallied. In stocks defensive sectors like ...
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