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Bank of Japan Doubles Down on QE   
Fri, 31 Oct 11:16 AM EST/03:16 PM GMT
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Economic Data
- (RU) Russia Central Bank (CBR) raised main rate by 150bps to 9.50%
- (IT) Italy Sept PPI M/M: 0.1% v 0.0% prior; Y/Y: -2.0% v -2.0% prior
- (BR) Brazil Sept PPI Manufacturing M/M: 0.9% v 0.5% prior; Y/Y: 2.9% v 2.5% prior
- (US) Sept Personal Income: 0.2% v 0.3%e; Personal Spending: -0.2% v +0.1%e
- (US) Sept PCE Deflator M/M: 0.1% v 0.1%e; Y/Y: 1.4% v 1.5%e
- (US) Sept PCE Core M/M: 0.1% v 0.1%e; Y/Y: 1.5% v 1.5%e
- (US) Q3 Employment Cost Index: 0.7% v 0.5%e
- (CA) Canada Aug GDP M/M: -0.1% v 0.0%e; Y/Y: 2.2% v 2.3%e
- (US) Oct ISM Milwaukee: 65.6 v 60.0e
- (US) Oct Chicago Purchasing Manager: 66.2 v 60.0e
- (US) Oct Final University of Michigan Confidence: 86.9 v 86.4e
- (MX) Mexico Central Bank (Banxico) left Overnight Rate unchanged at 3.00%

Just two days after the Fed ended its QE program, the BoJ surprised everybody this morning by greatly expanding its existing QE program, rocking global markets. The Nikkei gained 4.8% on the session and Nikkei futures continued rising after the close of cash trading. European indices surged higher and look to close at their highs, with both the CAC and the DAX up more than 2% a piece. The S&P500 retook 2000 in the premarket and the DJIA is at fresh all-time highs. As of writing, the DJIA is up 0.97%, the S&P500 is up 0.96% and the Nasdaq is up 1.34%.

Compounding the impact of the BoJ's big QE move, the Japanese public pension fund (GPIF) confirm that it would reduce its domestic debt allocation to 35% and hike its domestic stock allocation to 25%, and also raise its holdings of foreign bonds and equities. Note that the BoJ said it would i ...
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