Japanese Yen Soars as Abe Disappoints; BOE Awaited: Rate Cut and QE Expansion Expected

Japanese yen soared while Nikkei plunged as Abe disappoints. Japanese government unveiled details of the 28 trillion yen (5.6% of annual GDP) stimulus package which includes 13.5 trillion yen of fiscal measures (7.5 trillion yen in new spending and 6 trillion yen in low-cost loans). The market judges that the measures would hardly revive the country's economy and inflation.

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Japanese Yen Soars as Abe Disappoints; BOE Awaited: Rate Cut and QE Expansion Expected