Yen Soars, Asia Stocks Hit As Bank Of Japan Frustrates

Yen soars, Asia stocks hit as Bank of Japan frustrates

HONG KONG,(UrduPoint / Pakistan Point News - 29th july,2016) - The Yen soared Friday as the Bank of Japan's small adjustments to its stimulus programme disappointed traders who had expected a huge boost to its arsenal. However, Japan's Nikkei index ended higher, with financials cheered that the bank did not cut borrowing costs further into negative territory, but most other regional markets retreated. After weeks of anticipation that the central bank would pump fresh cash into the economy, policymakers said only that they would boost its exposure to riskier investments, leaving a massive 80 trillion yen annual asset-buying programme unchanged.

"The BoJ decision failed to meet the market's high expectations," Khoon Goh, head of Asia research at Australia & New Zealand Banking Group in Singapore, told Bloomberg news. He added that while governor Haruhiko Kuroda indicated the bank could unveil fresh measures at its September meeting, "overall this is a huge disappointment for markets".