Nikkei Jumps, Yen Drops After Japan Approves ¥10 Trillion Stimulus (NKY, JPY)
From Business Insider: Economy
January 10, 2013 - 7:52pm
Japan just approved a ¥10.3 trillion fiscal stimulus package. That translates to around $116 billion dollars.
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Japan's Nikkei stock market index is up 1.2 percent as the yen tumbles.
Speaking at a press conference, Japan's Shinzo Abe said that rebuilding the economy is the main aim of his administration.
Earlier this morning, Shinzo reportedly said that an employment target could be used to guide monetary policy.
Abe, the born-again Prime Minister of Japan, recently ran on the platform that he would push for aggressive easy monetary policy in an effort to stave off deflation and stimulate the economy.
The prospect of an Abe administration in Japan had currency strategist slashing their targets on the yen and investors like Jeff Gundlach announcing short yen, long Japanese stock trades.
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