Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Lost in the Spanish debt downgrade and U.S. GDP was “more QE ma’am” from the Bank of Japan announced overnight:
- The Bank of Japan added monetary stimulus for a second time in three months amid mounting calls from lawmakers to redouble efforts to spur economic growth. The central bank expanded its asset-purchase fund to 40 trillion yen ($494 billion) from 30 trillion yen, according to a statement released in Tokyo today. It also extended the maturity of bonds it buys to 3 years from a two-year limit.
In U.S. dollar terms its a measly $60 Billion but the global race to devalue/debase currency continues at break neck pace.
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