In the 19th century, Britain was “the empire on which the sun never sets.” In the present day, that moniker more aptly describes the reign of stimulative central bank policies. And that has stock market bulls shouting “Tally-ho!”
In the same week that the Federal Reserve ended its asset purchasing program, the Bank of Japan delighted markets with the announcement that it will increase purchases of Japanese government bonds and other assets. The central bank signaled its intention to continue its strenuous effort to improve Japan’s economy and quash deflation expectations.
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