The Bank of Japan became the first G7 nation to act following the US Fed’s unexpected weekend interest rate cut with a massive increase in purchases of equities and other assets to counter the economic blow from the coronavirus outbreak.
In an easing move that echoed the shock-value of the Fed’s decision, the BoJ’s measures also appeared to be designed to far exceed market expectations.
The BoJ said that it would increase its annual purchasing pace of exchange traded funds (ETFs) from the previous level of ¥6tn ($56bn) per year to ¥12tn. The market had expected an increase of just ¥3tn.
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