Friday, October 31, 2014

Party In Tokyo!

First, a trip to the liquor store.
(T)he BOJ (Bank of Japan) said it would expand its annual asset purchases—its main tool to spur higher inflation—to ¥80 trillion from the previous target range of ¥60 trillion to ¥70 trillion. The central bank aims to achieve the new target mostly by buying more Japanese government bonds, cementing its status as the single largest investor in JGBs. The BOJ also said it would triple the pace of its purchases of stock and property funds.
Then, the wild binge at the BOJ's house.

Japan Mega-Pension Shifts to Stocks
Government Makes Bold Bet on Inflation, Higher Equity Returns
Afterwards, a really bad hangover.
TOKYO— Sony Corp. reported a hefty net loss of ¥136.0 billion ($1.2 billion) for the July-September period as it wrote down the ¥180 billion book value of its struggling smartphone business.

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