Japanese stocks sold off and the yen strengthened after the Bank of Japan unveiled long-awaited plans to sell hundreds of billions of exchange traded funds and revealed a divide over its decision not to raise interest rates.
The BoJ’s decision came against a backdrop of deep political uncertainty in Japan, as the ruling Liberal Democratic party prepares for an emergency leadership vote that will determine the country’s next prime minister.
The Japanese central bank said it would begin selling its stash of about $250bn worth of ETFs, accumulated over the course of 13 years, into the market at a pace of about ¥330bn ($2.bn) per year.
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