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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