Yen Soars, Markets Wobble As Bank Of Japan Frustrates

LONDON, (UrduPoint / Pakistan Point News - 29th july,2016) - The Yen soared Friday after the Bank of Japan only tweaked its stimulus programme, disappointing traders who had expected a huge boost to lift global markets. Although Tokyo stocks ended higher, with the financial sector cheered that the bank did not cut borrowing costs further into negative territory, most other Asian indices retreated. European equities diverged, with Frankfurt and Paris lifted by economic growth data, while London slid as oil prices hit three-month lows. Investors were meanwhile bracing for the outcome of the European Banking Authority's latest round of stress tests on 51 banks across Europe, amid concern over Italy's lenders.

The EBA will post its results at 2000 GMT. In Asia on Friday, Bank of Japan policymakers said only that they would boost its exposure to riskier investments, leaving its massive 80 trillion yen annual asset-buying programme unchanged. The news came despite weeks of fervent speculation that the BoJ would pump fresh cash into the nation's sluggish economy.