• US, global stocks get big boost from Bank of Japan
    Seattle Post-Intelligencer, 10/31/2014 - 7:51am

    Stocks in the U. S. and across the globe rose sharply Friday after the Bank of Japan unexpectedly announced a new stimulus package to boost the country's struggling economy. The announcement came after economic data showed that Japan's economy remained in the doldrums following a sales tax hike in April. Investors have been hopeful that the European Central Bank might also start buying bonds to stimulate that region's economy by keeping interest rates low and injecting cash into the financial system. "The Japanese central bank has taken the QE baton from the Fed, and equity traders couldn't be happier," said David Madden, market analyst at IG. European stock markets rose broadly following the Bank of Japan's announcement on hopes that the European Central Bank could be tempted to follow Japan's lead in stepping up stimulus measures. "The willingness of the Bank of Japan to ease further in the fight against deflation will encourage those who think the ECB should be doing the same," said Julian Jessop, chief global economist at Capital Economics.

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