by Martin Armstrong
Armstrong Economics
Many market players were expecting further measures from the BOJ overnight but was not to be! It was widely expected that further details of asset purchases would support both the Nikkei and JGB markets whilst leaving the JPY to weaken. However, a lack of action by the BOJ resulted in a 3.5% decline in stocks and a 3% rally in the currency. Things did not finish there as they continued to sell throughout the western day and by late New York trading Nikkei futures had fallen a further 3.1%. Shanghai and Hang Seng were little changed. NZ$ rallied 1.3% as a result of no action by the RBNZ.